‘The American Dream is a Myth’

The finance industry must take the blame for the growing divide between the rich and poor in the United States, says Nobel Prize-winning economics professor Joseph Stiglitz. In an interview with SPIEGEL, he accuses the industry of preying on the … Read the rest

Microsoft evaded $6,5 billion in US taxes

Large multinational companies such as Microsoft and Hewlett Packard have used tax loopholes to avoid billions of dollars in income taxes over the last three years, according to a Senate committee report issued Thursday.

The report says multinationals dodge taxes … Read the rest

Persisting Divides in Global Competitiveness as Switzerland, Singapore and Finland Top Competitiveness Rankings in 2012

  • Competitiveness gap widening among European countries
  • US remains world’s innovation powerhouse despite decline in overall ranking
  • People’s Republic of China most competitive among large emerging markets; India, Russia fall
  • Download the full report profiling 144 economies, highlights, rankings and more
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Barclays, ABSA combine banks for ‘One Africa strategy’

Banking institutions Barclays and its subsidiary Absa are discussing combining to operate as one bank in Africa.

“This is expected to involve the combination of Barclays interests in Botswana, Ghana, Kenya, Tanzania, Uganda, Zambia and the Indian Ocean with Absa, … Read the rest

$54,8m fine for South Africa’s Telkom

The Competition Tribunal of South Africa has fined Telkom, the one-time monopoly state telephone company, with a $54.8 million fine over unfair competition, according to an Associated Press report this morning.

The tribunal issued the fine Tuesday morning as part … Read the rest

Shares fall on European debt worries

(Reuters) – Asian shares fell on Thursday after a weak Spanish bond sale heightened concerns about funding difficulties for weaker euro zone countries, further undermining sentiment hurt by fading expectations of more stimulus from the U.S. Federal Reserve.

MSCI’s broadest … Read the rest

Banks make millions out of breaking metals storage rules

LONDON, Feb 6 (Reuters) – Banks and trading houses have found a way to beat the ravages of economic downturn, storing millions of tonnes of metal with a business model that outsmarts new rules put in place following widespread concern … Read the rest

Glencore and Xstrata agree $90 billion merger

(Reuters) – Glencore and Xstrata agreed an all-share merger worth $90 billion (56 billion pounds) on Tuesday in the industry’s largest ever deal, creating a commodities powerhouse spanning mining, agriculture and trading.

Glencore, the world’s largest diversified commodities trading house, … Read the rest