Washington has reportedly decided to ease restrictions on the sale of medicine to Iran in fear that it may lose global support for anti-Iran sanctions, the Los Angeles Times reported. Though US rules have not imposed any bans on American firms to sell medicine and medical supplies to Iran, exporters have been required to apply for special licenses. Besides, as the aftermath of the sanctions, the impossibility... 

Panasonic Corp., Japan’s second largest TV maker, saw its credit rating cut by two levels by Standard & Poor’s after it forecast a $9.5 bn loss 30 times bigger than analyst estimates. ­S&P said it has downgraded long-term debt to BBB, down from A-, as “huge losses for the second year in a row weaken the company’s financial profile and could further slow its recovery in the next... 

The worst of Superstorm Sandy may be over, but it’s left a trail of extensive – and expensive – devastation behind. Lost business and damages will cost up to $60 billion to fix, says forecasting firm HIS Global Insight. The costs include an estimated $20 billion in property damages and $10 billion to $30 billion in lost business, AP reports. What’s worse is that most homeowners will have to... 

In the wake of the destruction caused by hurricane Sandy the people of Iran are reaching out in a variety of ways, by offering help and emergency aid relief. Even the Red Crescent Organization of Iran has offered to send an emergency response team to help with the rescue and clean up effort. Mahmud Mozaffar, the leader of the Red Crescent Organization told the Fars News Agency that: “We are ready... 

Last year, the smallest wages in Europe were paid in Ukraine, Moldova and Albania. The most highly paid professionals live in Switzerland, Denmark and Norway. However, the “low-income” Ukraine lives on labor migration. The Ukrainian citizens working in other countries, send billions of dollars to their home country every year. In Ukraine, the State Statistics Committee reported a decline... 

Thousands of people hold a demonstration outside the Portuguese parliament in the capital Lisbon on October 31, 2012. Thousands of people have gathered outside the Portuguese parliament in Lisbon to protest against the assembly’s approval of the government’s 2013 draft austerity budget. The demonstration was staged on Wednesday after the parliament approved the draft bill, which proposes substantial... 

A new agency is about to appear in the rating business that will be created by the Russians, Chinese and Americans. The agency Universal Credit Rating Group that claims to be a global player, came into being in Beijing and is the joint brainchild of the Chinese rating agency Dagong Global, the American Egan-Jones, and Russian RusRating. Earlier, AFP reported that the Chinese rating agency Dagong planned... 

Swiss banking giant UBS has announced plans to slash some 10,000 jobs worldwide. The largest bank in Switzerland, UBS AG, has announced plans to cut about 10,000 jobs worldwide, as the economic crisis in the European country continues to worsen. “This decision has been a difficult one, particularly in a business such as ours that is all about its people. Some reductions will result from natural... 

Two years ago, Greece missed the chance to extricate from the crisis with Russia’s help. Nowadays, Russian investments in the country grow and give air to breathe to economies of several regions of Greece, such as the north-east. Russian investors are especially attracted by cheap real estate, tourism and the property that they can buy from the state. “Greece should only give Russia the... 

We were recently given the news that over 30 retail shops close every day – suggesting that the demise of the High Street is gaining momentum. Many reasons are put forward for this demise but the reason we see so many empty shops is really very simple – and the reason incidentally, I got out of retailing many years ago. That reason being Value Added Tax. VAT is an accountant’s tax and as such,... 

Switzerland’s Foreign Minister Didier Burkhalter (L) and his Russian counterpart, Sergei Lavrov, met in Moscow on October 25, 2012. Switzerland’s Foreign Minister Didier Burkhalter says his country does not support any unilateral sanctions imposed against Iran over its nuclear energy program. Burkhalter told reporters after a Thursday meeting with his Russian counterpart Sergei Lavrov in... 

People wait in line at a government employment office in the center of Madrid on September 4, 2012. Official data show that Spanish unemployment rate has exceeded 25 percent in the third quarter of 2012 as the country continues to grapple with economic woes. New figures released by Spain’s National Statistics Institute on Friday showed that the country’s unemployment rate climbed to 25.02 percent... 

American CEOs call the Congress to ‘stabilize the debt’ Chief executives of more than 80 major US corporations, including Aetna, Goldman Sachs, Macy’s and Boeing are joining forces to pressure Congress to bring down the federal deficit by raising taxes and cutting spending. ­The CEOs call on the policymakers to prepare a fiscal plan that would “stabilize the debt as a share of the... 

Workers in Argentina have staged a massive protest to voice their anger at the new labor risk legislation which they say protects only the insurance companies, Press TV reports. The demonstrators gathered outside the National Congress in the capital city, Buenos Aires, to protest a bill submitted by President Cristina Fernandez last week which the workers say seeks to defend profits of Labor Risk... 

Standard & Poor’s (S&P) Ratings Services has downgraded the credit ratings for three French banks, including BNP Paribas, citing growing risks facing the banks from potential prolongation of the eurozone recession. “In our view, the economic risks, under which French banks operate, are increasing, leaving French banks moderately more exposed to the potential of a more protracted...