The United States is experiencing an “economic collapse” because major powers like China and Russia have decided not to use US dollar in trade, a political analyst says. “The American economy is just beginning to collapse. China, Russia and many other countries are moving away from using the US dollar in trade,” Linh Dinh said in an interview with Press TV on Tuesday. “So when the US dollar... 

The US government ended up losing $10.5 billion on the General Motors bailout. Taxpayers lost a whopping $10.5 billion on the federal government bailout of General Motors – but officials insisted another course of action would have been even worse. After selling its remaining shares of the Detroit-based automaker Monday, the US Department of the Treasury said it had recouped $39 billion of the... 

The Islamic Republic of Iran Shipping Lines (IRISL) says the European Union has imposed fresh sanctions against the country by banning Iranian vessels from using its ports and shipping lines despite the recent nuclear deal in Geneva. “Despite the deal reached during recent Geneva talks [between Iran and the six major world powers], in which it was agreed that no new sanctions would be imposed on... 

City Hall building in central London, which St Martins, the property investment arm of the Kuwaiti government, had been considering to buy for the More London development alongside Tower Bridge. A Kuwaiti company has reportedly bought More London, a premier real estate asset in London, for approximately 1.7 billion British pounds. London Bridge Holdings sold More London to Kuwaiti firm St Martins Property... 

The White House warns that a fresh effort by some US senators to impose new sanctions against Iran will send the signal that Washington negotiates in bad faith. “If we pass sanctions now, even with a deferred trigger which has been discussed, the Iranians, and likely our international partners, will see us as having negotiated in bad faith,” White House spokesman Jay Carney said on Tuesday. Key... 

Britain’s Chancellor of the Exchequer George Osborne says the country’s gross domestic product (GDP) fell by 7.2 percent from 2008 to 2009, adding that the drop wiped £112 billion off the UK’s economy. Making his Autumn Statement before lawmakers at the House of Commons, Osborne stressed that the country could not stop fighting for its recovery as a reassessment by the Office for National Statistics... 

The yuan has replaced the euro to become the second most widely used currency in global trade in 2013, according to the SWIFT network responsible for international financial transactions. The share of the yuan in global trade finance has jumped from 1.89 percent in January 2012 to 8.66 percent in the form of letters of credit and collections in October 2013, the Society for Worldwide Interbank Financial... 

Country with largest oil reserves in the world can’t provide rudimentary service. It is said Benito Mussolini, Italy’s former socialist turned fascist, made the trains run on time. But his modern day counterpart, Nicholas Maduro, can’t keep the lights on in Venezuela. The South American country was pitched into darkness for a second time this year as a power outage struck the oil-rich country.... 

In another blow to the Constitution, the Supreme Court on Monday declined to hear a case by Amazon and Overstock.com challenging a law that requires online retailers to collect sales tax in states where they have no physical presence. The Supreme Court refusal to hear the case will allow state governments to tax online retailers and turn online retailers into de facto tax collection agencies. The... 

British Prime Minister David Cameron The European Union has described British Prime Minister David Cameron’s bid for a free trade deal between China and the 28-nation bloc as “premature.” “We believe that it is premature at this stage to discuss a free trade agreement with China,” said Alexandre Polack, a spokesman for the EU executive, on Monday. The spokesman added that the EU and... 

A federal judge ruled Tuesday that Detroit, Michigan is indeed eligible for bankruptcy protection, giving the go-ahead to the once booming Motor City to move forward with plans to restructure more than $18 billion in debt. Amid reading excerpts from a lengthy decision of more than 140 pages, United States Bankruptcy Judge Steven Rhodes announced during Tuesday morning’s historic hearing that he... 

The decision by the Central Bank of China to no longer accumulate foreign exchange reserves in dollar has infuriated the United States, an analyst says. Finian Cunningham made the remark in a Sunday column for Press TV amid escalation of tensions between US and China over Beijing’s enforcement of an Air Defense Identification Zone (ADIZ). “The escalation of military tensions between Washington... 

Health officials in Greece have voiced alarm over a dramatic rise in HIV infection amid steep healthcare cuts in the austerity-stricken country. Official data released by the Greek Health Ministry showed on Friday that 1,058 new HIV infection cases were reported in the first 10 months of this year. Greek officials have warned against dangers from austerity cuts in the country’s healthcare system. Meni... 

The multitudes of Americans who brave the freezing cold and the rampaging mobs in the belief it’s all worth it to get a great ‘deal’ on electronic goods they don’t really need and can’t afford are victims of a gigantic scam. Black Friday is a hoax. While believing that they are paying far less for high-end consumer products, shoppers who throw themselves on the altar of Black Friday madness... 

The rising unemployment rate in Germany has forced an increasing number of people to permanently move to campgrounds in an attempt to save money. According to a report published by Spiegel Online International on Wednesday, thousands of people have transformed campsites from holiday spots to residential communities. They say they cannot afford living in urban areas. “Over the last 10 years, more...