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European Union agrees on tougher Russia sanctions

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European Union (EU) foreign ministers have agreed on imposing tougher sanctions against Russian entities and individuals nearly one week after the downing of a Malaysian Airlines plane in Ukraine. On Wednesday, the ministers agreed to draft a new list of Russian entities and individuals by July 24 to be added to the 63 names already targeted by sanctions. The... 

UK to seek tighter bans on Russia

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The UK will tighten sanctions against Russia if Moscow does not help in investigating a Malaysian airliner crash in Ukraine, British Foreign Secretary Philip Hammond said. On July 17, Malaysian Airline flight MH17, which was travelling to Kuala Lumpur from Amsterdam, crashed, killing all 298 people on board. There is speculation that the Boeing 777 was shot... 

Japan child poverty rate hits record high

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A boy sifting through floating garbage as he collects recyclable items to sell. A new report shows that child poverty in Japan is at its highest level in the last three decades as critics rap Tokyo for failing to address the crisis. The child poverty rate increased to over 16 percent in 2012, Japan’s Welfare Ministry said in a report published on Tuesday. The... 

Microsoft announces biggest layoff in history, cutting 18,000 jobs

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Microsoft will cut a record 18,000 jobs next year, as the company’s new CEO Satya Nadella seeks to boost efficiency, according to a company memo on Thursday. “The first step to building the right organization for our ambitions is to realign our workforce. With this in mind, we will begin to reduce the size of our overall workforce by up to 18,000 jobs in... 

BRICS establish Development Bank to rival IMF and World Bank

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The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar. The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike... 

Australia jobless rate jumps to 6% in June

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New figures show that Australia’s unemployment rate relapsed to a decade-high of six percent in June. Data released by the Australian Bureau of Statistics (ABS) on Thursday showed a 0.1-percentage-point increase in the unemployment rate in June, matching the highest since July 2003. This is while economists had expected the jobless rate to stay at the revised... 

Canada lost 9400 jobs in June alone, unemployment rising

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Canada’s unemployment rate has edged up to 7.1 percent as government data showed the economy unexpectedly shed thousands of jobs in June. Canada’s jobless rate increased to 7.1 percent from 7.0 percent in May, marking the highest record in six months, Statistics Canada reported on Friday. Economic growth also fell below expectations as the country shed... 

Russia writes off 90% of Cuba’s debt

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Russia has written down $32 billion of Cuba’s Soviet era debt. Russian President Vladimir Putin signed the law ahead of his official visit to Latin America, with Havana as his first stop. The agreement was first signed in October 2013 and draws a line under a twenty-year dispute. Cuba is now required to pay back $3.2 billion over the next 10 years. The first... 

The deteriorating economic outlook

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The third and final estimate (until the annual GDP revisions) of first quarter 2014 real GDP growth released June 25 by the US Bureau of Economic Analysis was a 2.9% contraction in GDP growth, a 5.5 percentage point difference from the January forecast of 2.6% growth. Apparently, the first quarter contraction was dismissed by those speculating in equities as... 

Germany Races To Stop US-Backed July Terror Attack

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A chilling new report prepared by the Federal Security Service (FSB) says that Russian intelligence experts were contacted earlier today by Germany’s foreign secret service agency Bundesnachrichtendienst (BND) and warned that the Obama regime is planning a “catastrophic 9/11-type false flag terror attack” to occur on or about 28 July in order to “mask”... 

Australians hold rallies to slam budget cuts

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Australian demonstrators have taken to the streets across the country to protest against the government’s budget cuts. The Sunday protest, dubbed Bust the Budget, saw over 6,000 people show up in Sydney. The ralliers were waving trade union flags and holding budget-protest placards. As many as 30,000 people, including union members, lawyers and nurses,... 

Greece faces massive power cuts

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Graffiti is painted on walls and the entrance of an electric station of Public Power Corporation (PPC) in Athens, July 2, 2014. Greece faces massive power cuts as unions have threatened to disrupt the country’s power supply in row over government plans to break up the country’s main electricity provider. Workers of Greece’s Public Power Corporation... 

1 mn more working Brits plunged into poverty, trade unions outraged

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A million more working Britons have been pushed into poverty because of soaring housing costs and stagnant wages. That’s according to a new UK government report attacked bitterly by unions and rights groups. New figures published by the UK government reveal that the number of working Britons below the poverty line has risen by at least 1 million. The... 

US economy shrinks 2.9% in first quarter of 2014

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The US economy shrank at a much faster pace in the first quarter of 2014 than previously estimated, marking its worst performances since 2009. The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, instead of the 1.0 percent rate it had reported last month. Most economists had expected the revision to show the economy... 

Inflation Getting Severe in the US, All Prices Going Up

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Have you noticed that prices are going up rapidly? If so, you are certainly not alone. But Federal Reserve chair Janet Yellen, the Obama administration and the mainstream media would have us believe that inflation is completely under control and exactly where it should be. Perhaps if the highly manipulated numbers that they quote us were real, everything would... 
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