A grim Ministry of Finance (MOF) report circulating in the Kremlin today warns that Venezuela’s “nuclear option” crashing of its currency yesterday is a “clear signal” that the Western banking systems “house of cards”, erected in the aftermath of the 2007-2008 Global Economic Crisis, is in “total collapse” with the expected final outcome to be an “apocalyptic” crash of the US... 

US President Obama on Sunday insisted that the nation needs additional tax revenue, some of which the government could acquire by closing or reducing loopholes and deductions. “There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit,” the president said in an interview aired on CBS. “And we can do it in a gradual way so that it... 

The International Monetary Fund (IMF) has issued Argentina with a ‘declaration of censure’ for providing inaccurate inflation and GDP data and has given it until September 29th to amend the problems or will impose sanctions. The IMF Friday called on Argentina to fix its statistics “without further delay” “The fund has issued a declaration of censure against Argentina in connection... 

Did you know that the percentage of the U.S. labor force that is employed has continually been falling since 2006 according to the Bureau of Labor Statistics? Did you know that the increase in the number of Americans “not in the labor force” during Barack Obama’s first four years in the White House was more than three times greater than the increase in the number of Americans “not in the labor... 

An analyst says the European Union members will not reach an agreement on the bloc’s next seven-year budget, paving the way for its breakup, Press TV reports. “…When we’re moving into a triple dip recession all around, when top of the agenda for most of the countries is austerity measures, budget cuts and trying to pay off the national debt, the likely of getting people to agree to a trillion... 

Switzerland will now assist international tax authorities in disclosing information on bank accounts held by foreigners who avoid taxation at home. Joint efforts by the EU, the US and number of other countries have led to Switzerland introducing new banking laws on February 1. The new regulation now allows foreign tax services to send group requests for bank account information of their citizens.... 

Labor Minister of France Michel Sapin called his country a “bankrupt,” which inflicted considerable damage to the already tarnished reputation of President Hollande. The Minister later explained that he meat it ironically, but his black humor was not appreciated. The more so that bankruptcy (due to the situation in Mali and financial problems) may become a reality for France in the near... 

A Japanese electronics manufacturer Panasonic showroom in Tokyo. Embattled Japanese consumer electronics giants Panasonic and Sharp have posted more than USD11 billion in combined losses over the nine-month period ending in December. On Friday, Sharp announced its losses had doubled in the nine months leading to December to USD4.6 billion. Panasonic, meanwhile, said it had lost about USD6.77 billion... 

Spainards protesting against austerity cuts on November 15, 2012. While Spanish Prime Minister is set to present new measures to help the economic recovery, the National Statistics Institute (INE) has reported that the country’s gross national product (GDP) has contracted by 1.37 percent in 2012. According to the report released by the INE on Wednesday, the Spanish GNP fell 0.7% from the third quarter... 

The logo of French car maker PSA Peugeot is seen on a car parked in front of French Economy minstry in Paris, September 11, 2012. French auto-giant Peugeot has reported a 16.5 percent drop in sales of cars and spare parts worldwide as Europe’s financial crisis takes its toll on the country. The business, known fully as PSA Peugeot Citroen, recorded worldwide unit sales in 2012 of “assembled vehicles... 

The British government’s decision to slash services at a London hospital has turned into an unexpected headache that saw 25,000 people march in the city in protest. The protest, on Saturday, was organized by Save Lewisham Hospital campaign group to prevent a planned closure of its new A&E department, Intensive Care, maternity and children’s services. The proposals to cut the services have... 

An Iranian cancer patient who like millions of other patients with intractable diseases, is victim of anti-Iran sanctions imposed by US and EU to block financial transactions for the purchase of medications. Despite its claims of easing the restrictions on the sales of medicine to Iran, Washington has launched an investigation into the transactions of Switzerland’s biggest pharmaceutical company,... 

A sobering “Critical Alert” issued by the Ministry of Foreign Affairs (MFA) this afternoon is warning all Russian diplomatic personal and civilian workers currently residing in the United States that an “imminent terror attack” should be expected to occur during the next fortnight, up to and including 12 February. The three-level alarm system of terrorism threats issued in this report was... 

Top managers of the global automotive industry interviewed by KPMG consultancy unanimously agreed that redistribution in the auto market is to be expected within the next five years. They believe that in the stagnating traditional markets, markets of developing countries, in particular, Asian ones, will have increasingly more weight. This will give an additional impetus to the development of the Chinese... 

The House voted on legislation Wednesday that will raise the debt ceiling for three months and delay a US default. Even though this is just a short term fix, the Obama administration said it supports it. The legislation prevented a devastating default of US debt and payments next month and instead give Congress three more months to come up with an agreement on the budget, taxes, spending and the deficit....