Standard & Poor's has downgraded the credit ratings of several European nations. Standard & Poor’s has downgraded the credit ratings of France, Italy, and Spain, as the European debt crisis continues to intensify. According to French government sources, the ratings agency has downgraded the country’s Triple-A credit rating, while downgrading Italy and Spain’s ratings as... 

Unemployment in the European Union states has reached a record-high level of 9.8 percent, a new report says. A quarterly report released by the European Commission shows that unemployment has reached a historically high level across Europe. The report, issued on Tuesday, says 9.8 percent of all formerly-employed Europeans are currently jobless, with unemployment having steadily escalated since last... 

An Iranian Warship Tehran’s leadership has decided to order a blockade of the strategic Strait of Hormuz if the country’s oil exports are blocked, a senior Revolutionary Guard Commander said as reported by Iranian press. ­The strategic decision was made by Iran’s top authorities, Ali Ashraf Nouri said, as cited by the Iranian Khorasan daily. “The supreme authorities … have insisted... 

France is satisfied with its contract with Russia for the supply of helicopter carriers of Mistral type and is ready to continue the cooperation in military-technical sphere. In particular, the French party promises this year to issue a contract to build the third and fourth helicopter. “After selling the Mistral our country is ready to offer Russia the most advanced weapons and military equipment,... 

Nigerian lawyers carry a banner and placards as they march on the streets to protest against soaring fuel prices, Lagos, Nigeria, January 5, 2012. Nigerians have begun a nationwide walkout over the removal of fuel subsidies in Africa’s largest oil-producing nation with labor unions set to join the strike. The strike follows union objections to a government decision to cut fuel subsidies, which... 

US State Department spokeswoman Victoria Nuland The US has warned Latin American states against a further expansion of diplomatic and business ties with the Islamic Republic of Iran. “We are making absolutely clear to countries around the world that now is not the time to be deepening ties, not security ties, not economic ties, with Iran,” US State Department spokeswoman Victoria Nuland said... 

South Korean President Lee Myung-Bak (L) igreets Japanese Prime Minister Yoshihiko Noda. Both countries have expressed their intentions to disregard US-led sanctions on Iranian oil. Japan has become the latest country to hint at its intention to ignore US-led oil sanctions on Iran, after South Korea’s recent dismissal of Washington’s bid to boycott the Iranian crude. “We are not considering... 

Insolvency is threatening heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain. Official figures show the rate of unemployment in the eurozone reached an all-time high of 10.3 percent in November 2011. According to the Eurostat statistics agency, by November more than 16.3 million people were unemployed in the 17 nations that use the euro as their currency. Eurostat figures... 

Italy's unemployment rate increased in November Italy’s youth unemployment has reached a new record high of over 30 percent, as it confirms that the euro-zone’s third-largest economy is already in recession. According to seasonally adjusted figures released by ISTAT on Thursday, the unemployment rate for young people aged 15 to 24 years have reached 30.1 percent in November, while the... 

Long gone are the days of Cinderella stories in America. Rags-to-riches tales may have at one point been part of the American Dream for those aspiring for success in the states. New statistics show that moving up the social ladder is no longer a dream as obtainable as before. According to recent studies, the New York Times reveals this week that economic mobility in America is nowhere near as easy... 

Energy experts believe the new US sanctions on Iran could lead to a major hike in crude oil prices. South Korea has announced that it will buy around 10 percent of its needed crude from Iran in 2012, which will be slightly higher than last year. Seoul’s demand for more Iranian oil follows the approval of a new act by the US Senate for imposing tougher sanctions on Iran’s financial and energy... 

The collapse of the Soviet Union and its daunting military machine spelled the beginning of a process of decay for Russia’s armed forces. Now, major reforms are underway to put the military back on track. ­Russia has revealed details of ambitious plans to spend over US $600 billion on upgrading its army over the next 10 years. And there’s a new man in charge as well – Russia’s... 

A man waits for a train at Santa Apolonia train station during a strike in Lisbon, Portugal, December 23, 2011. Train drivers in Portugal have begun the New Year with industrial action, as they continued their strike in protest at disciplinary measures. Most national rail services have remained cancelled on Sunday, the last day of a four-day strike. Drivers were disciplined for allegedly failing to... 

German Chancellor Angela Merkel (L), President of France Nicolas Sarkozy (C) and European Commission President Jose Manuel Barroso Eurozone leaders have used their New Year’s messages to warn of more economic crisis for the year ahead, as many eurozone countries expect recession in 2012. German Chancellor Angela Merkel said on Sunday she expects more difficulty in 2012, but she does “everything”... 

The Government of Japan on December 27 made a significant step toward the abolition of voluntary restrictions on arms exports that had been in effect since 1967. The Japanese news agency Kyodo reported that the decision was taken by the government’s Security Council, based on national needs in developing their own military-industrial complex and intent to ensure adequate supplies of “military...