A truck manufactured by Germany’s MAN SE. The company has decided to lay off 1,800 jobs. Germany’s MAN SE has decided to lay off as many as 1,800 jobs in the next two years as part of its cost-cutting policies. The respected truck maker said in a statement that it plans to “realign” some its divisions in Germany, Austria and Poland “avoiding duplication of work … streamlining its indirect... 

A child playing in the streets in Brierfield in Lancashire where nearly 35% of children live in poverty. Child poverty rate in Britain is reportedly heading towards its largest increase in a generation, reversing over a decade of progress that began in the late 1990s, leading independent experts say. The bleak projection emerged Saturday just before the release of government statistics that are expected... 

As the stock market surged close to all-time highs and the Federal Reserve hinted it wouldn’t raise interest rates, former Rep. Ron Paul (R-Texas) reiterated his fears that the US economy is not sustainable, predicting a huge crash in the near future. “I look at the markets as being unstable, which means some days they go up a lot and some days they go down rapidly, but they don’t advance... 

McDonald’s will close 700 restaurants worldwide this year for the first time in four decades. Faced with declining sales and increased market competition, the company says it also intends to streamline management positions. In the US, the closings will be a mix of franchises and company-owned restaurants, McDonald’s spokesperson Becca Hary told the Associated Press. She said the closings are part... 

Athens is likely to leave the eurozone and the EU if it fails to reach an agreement to unlock a €7.2 billion bailout installment, said a statement from the Bank of Greece. “Failure to reach an agreement would, …, mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country’s exit from the euro area and – most likely – from the... 

European countries, international creditors and the Greek opposition have declared a war on Greece (resembling the one on Yugoslavia) but the government will stay true to its election promises, Labor Minister Panos Skourletis of Syriza said. “The months following the elections were extremely hard. Never before has the government, which received a clear popular mandate, faced such a war waged... 

International Monetary Fund representatives have cut short negotiations with Greek officials in Brussels, after they failed to present a viable reform plan. The move has left Athens, due to repay €1.6 billion by the end June, on the edge of default. “The ball is very much in Greece’s court,” IMF spokesman Gerry Rice told the media during a specially scheduled announcement, before his team... 

Greek anti-austerity activists have occupied the Finance Ministry building in the capital, Athens, in protest of new austerity measures dictated by international creditors. The protesters took down the European Union (EU) flag waving over the building and put up a banner with portrays of Prime Minister Alexis Tsipras alongside his predecessors, George Papandreou and Antonis Samaras, reading “We... 

Stocks traditionally show weakness from May through October. Stocks hit their lowest point of the year on October 27th. Moreover, the Dow Jones Industrial Average began plunging right at this time of the year just prior to the financial crisis of 2008. Most people do remember the huge stock crash that happened in the fall of that year, but the market actually started to slide in May. Throughout the... 

Greece will not be able to make next tranche of debt repayment to the International Monetary Fund (IMF), as the country has no money to pay, the Interior Minister said. “The four installments for the IMF in June are 1.6 billion euros ($1.8 billion), this money will not be given and is not there to be given,” Nikos Voutsis told Greek Mega TV’s weekend show on Sunday. Asked about the... 

A new report shows that the economy of Greece under SYRIZA has slipped back into recession after having contracted by 0.2 percent during the first quarter of the current year. The report was released by the national statistics agency, ELSTAT, on Wednesday, showing the second consecutive quarterly fall in Greece’s national output, after it had grown for most of 2014, AFP reported. The downturn, the... 

Moody’s rating agency downgrades Greece’s debt to junk. Moody’s rating agency has downgraded Greece’s credit rating further into junk territory over growing uncertainty about the country’s ability to make its debt payments. On Thursday, Moody’s slashed Athens’ rating to Caa2 from Caa1 and assigned it a “negative” outlook. The rating is just two steps away from the level signaling... 

Historically, when a nation’s debt exceeds its ability to repay even the interest, it can be assumed that the currency will collapse. Typically, governments exacerbate the situation by printing large amounts of currency notes in an effort to inflate the problem away, or at least postpone it. The greater the level of debt, the more dramatic the inflation must be to counter it. The more dramatic the... 

US car maker Ford is cutting 700 jobs at its Michigan plant to compensate for declining of sales. It was said in the statement of the carmaker issued on Thursday. First 200 workers will fired in June at the Michigan Assembly Plant, in the Detroit suburb of Wayne, other 200 at the end of July and the remainder at the end of September. Low gasoline prices have hurt the sales of the plant, which produces... 

For the first three months of this year Mcdonald’s closed 350 stores and is planning to close other 350 by the end of the year. Fast food giant recently announced of closure of 350 poorly performing stores this year and added that 350 stores were already closed this year in the US, Japan and China. Earlier in its statement Mcdonald’s reported 11% decrease in revenue and 30% drop in profit...