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Microsoft to cut 18K jobs worldwide

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The US software giant Microsoft has announced plans to slash 18,000 jobs from its global workforce in 2015, the largest cuts in the company’s 39-year history. In a statement on Thursday, the company described the shakeup as part of its strategy to streamline business under new CEO Satya Nadella. Layoffs represent about 14 percent of the company’s workforce... 

Bulgaria’s Prime Minister resigns as banking crisis unfolds

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The Prime Minister of Bulgaria Plamen Oresharski has resigned his post. His decision came after accusations by opponents of failing to cope with the worst banking crisis in 17 years. The decision was supported by 180 lawmakers in the parliament, only 8 voted against, and 8 abstained, reports Bloomberg. The Oresharski government lasted for only 16 months of... 

Russia to introduce new ‘solidarity’ tax on rich

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State Duma deputies want to levy an additional tax on people with high personal incomes in order to finance the development of the new federation areas of Sevastopol and Crimea. The motion has been prepared by a group of MPs led by the Andrey Krutov of the center-left Fair Russia party. At the moment the group is completing consultations with legal experts... 

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... 
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