The public sector debt in France soared to over 90 percent of the GDP in the second quarter of 2012. New figures show that France’s public sector debt soared to over 90 percent of the crisis-hit country’s gross domestic product (GDP) in the second quarter of 2012. According to official figures released by France’s National Statistics Institute (INSEE) on Friday, the debt has increased by 43.2... 

Argentinean President Cristina Fernandez addresses world leaders at the United Nations General Assembly on September 25, 2012 in New York City. Argentine president has blasted the International Monetary Fund after the financial institution warned the Latin American country could get ‘a red card’ for failing to provide reliable data on its economy. The head of the IMF Christine Lagarde on Monday... 

Madrid riot police have cleared Plaza de Neptune of protesters, with about 200 officers securing the surrounding blocks. At least 60 people have been injured and 26 arrested as police used batons and rubber bullets to disperse the crowd. ­Local emergency services have confirmed that at least 60 people, including eight policemen, were injured in clashes between police and protesters, El Pais reports.... 

Nokia is desperately trying to reestablish itself as a major contender in the mobile phone space, but it’s no easy task going up against the likes of Apple and Samsung. There’s also a lot riding for company CEO Stephen Elop, who could find himself looking for a new job if the Lumia 920 fails to excite customers the way he envisioned. Elop has bet the farm and possibly his job on Microsoft’s... 

The EU and Spain are trying to come to terms over a rescue plan for the debt ridden European economy. The government remains unwilling to apply for international aid, but analysts say asking for a bailout is essential. A new Spanish rescue programme to be announced next Thursday will be focused on the measures international lenders would ask in return for a bailout. As the ECB money always comes with... 

Major US financial services corporation Bank of America plans to slash 16,000 jobs by the end of the year as part of an extensive cost-cutting measure to make the institution more profitable. Following the planned reduction in the Bank’s workforce, the multinational US company would no longer hold its current title as the American banking industry’s largest employer, the Wall Street Journal reported... 

Russia and North Korea signed an agreement to settle the debt of $11 billion. 90 percent of the debt is forgiven, and the remaining amount will be used in exchange for aid. Russia made it clear that it was ready for partnership. But will the courage of Moscow return North Korea into the ranks of the allies? The DPRK debts stem from the loans granted by the former Soviet Union, said Deputy Finance... 

A US Air Force B-2 Spirit nuclear-capable bomber The United States is to treat its nuclear arsenal to the costliest modernization process ever, with the projected expenditure estimated to stand at USD hundreds of billions. The Washington Post reported the prospect of the wholesale overhaul on Saturday, saying the country’s 5,113-strong arsenal of nuclear warheads is to undergo an upgrade and maintenance... 

German Defence Minister Thomas de Maiziere addresses a press conference in Berlin on October 26, 2011. German government has dismissed Israeli pressure to obstruct the probable sale of two attack submarines to Egypt, saying no country is entitled to ‘veto’ Berlin’s decisions. “No country in the world has the right of veto to decisions taken by the German government,” Defence Minister... 

Russia must agree to European Union requirements for an open natural gas market, the EU Energy Commissioner said, specifying that this implies that the price for imported Russian gas should be identical across the European Union. “Our Russian partner understands our rules but doesn’t accept them,” Guenther Oettinger said at an energy conference in Lithuania. “It can’t... 

Euro zone finance ministers want a clear cut answer from Spain whether it will seek financial support after Madrid’s borrowing costs sharply lowered following the European Central Bank decision to buy bonds last week. Will Spain ask for its bailout, so that the ECB’s unlimited bond buying project can be launched? This question has recently been number 1 in Europe. The ECB has made it clear... 

The sales of iPhone 5 in the fall could be a tangible help to the economy of the United States of America. Retail sales of the device have long surpassed all bold predictions and made a positive impact on the overall profit of the retail segment of the market. According to experts, the American economy will get additional $3.2 billion in the fourth quarter of 2012. Analysts give very bold predictions... 

People wait in line with boxes to carry food from a food bank in northern New York in June. New official data show that the US government has failed to reduce the level of poverty in the country amid weak economic growth. The US Census Bureau said in an annual report on Wednesday that 46.2 million Americans are still living below the poverty line. The overall poverty rate stood at 15 percent in 2011,... 

Germany’s Constitutional Court has ruled that the €500-billion bailout is legal under German law. The verdict comes as Greece’s coalition government hesitates on the further austerity cuts required by its creditors. The verdict ruled that the German government will not be liable for sums over 190 billion euros without approval of the Bundestag, and that both houses of parliament would be informed,... 

Hewlett-Packard (HP) is planning to cut 2,000 more jobs, expanding total job cuts to nearly 29,000 in its latest reorganization efforts, the company said in a document Monday. In a regular filing with the U.S. Securities and Exchange Commission, the world’s largest personal computer maker said it expects to “eliminate approximately 29,000 positions in connection with the 2012 Plan through...