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US-Russia political tensions will speed up demise of dollar

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An American economist says the political tensions between Washington and Moscow will speed up the demise of the US dollar in international transactions. “The political tensions between the United States and Russia has increased or speeded up the process of which nations are doing business between countries instead of dollars and doing it with their local... 

Argentina Congress OKs law restructuring debt payments

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The Argentinean Congress has adopted a new law enabling Buenos Aires to pay back the country’s debts to US creditors, sidestepping an earlier US court ruling in favor of the bondholders. On Thursday, the lower house of Argentina’s Congress unanimously voted in favor of the new debt restructuring plan which allows the government to make debt payments inside... 

EU poverty conference held in Brussels

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A conference to discuss the status of poverty in the European Union has been held in the Belgian capital Brussels, Press TV reports. The conference gathered over 700 politicians, academics and rights campaigners to discuss the EU’s ongoing economic crisis focusing on unemployment and social exclusion. EU governments, institutions and structures were criticized... 

Australia’s Qantas airline reports $2.6 billion loss

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Australia’s national carrier Qantas has posted an annual net loss of 2.6 billion dollars last year. The airliner on Thursday posted the full-year net loss of 2.64 billion US dollars in 2013-2014 in its worst performance. The figure is much worse than expectations as analysts initially predicted the company to report an underlying pre-tax loss of about 700... 

Australian students rally against education budget cuts

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Hundreds of Australian students and union members have held nationwide protests against the government’s proposed plans to cut higher education budget. Student protesters descended on the streets of Sydney’s city center on Wednesday, setting fire to an effigy of Australian Education Minister Christopher Pyne as a sign of protest against the government’s... 

US company may face terrorism charges in Argentina

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The government of Argentina is ready to use an anti-terrorism law to seek criminal charges against a US-based international printing company, which unexpectedly closed its plant on the outskirts of Buenos Aires. Workers of RR Donnelley in the Argentinian capital came to work on Monday to be informed of the plant’s closure due to an “insurmountable crisis,”... 

Argentina economy not in default – Economy Minister

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Argentina’s Economy Minister Axel Kicillof says his country is not in default amid an ongoing debt row with US hedge funds. Ratings agency Fitch declared Argentina in “restrictive default” on Thursday after Buenos Aires failed to clinch a deal with representatives from the funds. Kicillof, however, said his country has not defaulted and that the Argentinean... 

Argentina placed into ‘default’ rating as debt deal deadline expires

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Argentina’s credit rating was downgraded to “selective default” by Standard & Poor’s as the South American country missed Wednesday’s deadline for a grace period during ongoing negotiations with holdout debt holders. Wednesday is the cutoff for Argentina to make good on a $539 million payment to bondholders, which was placed on hold by US judge... 

Italy’s unemployment at critical rate

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A recent study has shown that less than one out of two working-age Italians held a job last year, amid a decade-long employment crisis, Press TV reports. The study conducted by Bruno Trentin Association, linked to the Italian General Confederation of Labour (CGIL), found that Italy’s employment rate stood at almost 49 percent in 2013. The report also found... 

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... 

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... 

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... 

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... 
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