After Greece, Now it is Hungary’s economy that is in trouble. There has been a fear in the market that Hungary is facing a debt crisis and hence its currency has devalued considerably against euro. According to spokesman of Viktor Orban, Hungary’s Prime Minister, the earlier government of Hungary falsified the data. Apparently, Hungary’s currency, the Forint, has devalued by 5.6% against the Euro. Read the rest of this entry »
Archive for the ‘News’ Category
Hungary’s economy crisis
On June - 5 - 2010
Chinese Loans – Pathway to another Recession?
On November - 16 - 2009
With the whole world yet stuck in recession, China is probably the only one that is unaffected by this global trauma. With the growth rate of 8.9% in the last quarter, china’s economy is booming and is expected to improve more during the rest of the year. As stated by Mr. Xiaochao, spokesman for National Bureau of Statistics, the condition of the Chinese economy is very stable and good at the moment.
With everything going great with the Chinese economy, many experts believe that China is creating what is called a “bubble” economy, the economy that will burst for sure one day. The American economy burst happened because of them providing very easy credit. In the case of China, they are giving loans to just about everyone. From the beginning of this year till now, 1.27 trillion dollar has been given by China as loans to Americans.
Europe out of Recession
On November - 16 - 2009
The European economy is improving and seems to have come out of recession. This conclusion is based on the fact that between July and September, the economy has grown. For all the countries that use the Euro, there was a combined growth of 0.4 %. This has happened after shrinking for 0.2% between the month of April and June. The French and German economies both grew consecutively for the second quarter indicating that both of them, which also happen to be the biggest economy of the eurozone, are out of recession. But a point of concern has been that the growth hasn’t been as much as expected.
Also, the whole of Europe including the countries not using Euro grew 0.2% in 3rd quarter and hence coming out of the recession. While others have grown, UK’s economy has gone down by 0.4% in the 3rd quarter. The economy has been going down for six consecutive quarters.
IMF loan of $500 million for Zimbabwe
On September - 4 - 2009
Zimbabwe has been very economically troubled in recent times. Now, IMF (International Monetary Fund) has come forward to help Zimbabwe. IMF has decided to give a loan of 500 million dollars to Zimbabwe. This is the first time in a decade when IMF is giving loan to Zimbabwe. This loan will be used to rebuild the shattered economy of the African nation.
The loan comes with certain terms and conditions. One of them being that the finance minister of the country ensures that money isn’t invested in other projects. The country is really suffering to get foreign currency. Zanu-PF party of President Mugabe has blamed the opposition, MDC, for not trying to get donor funding for Zimbabwe. MDC attacked back by accusing Zanu – PF for the human right abuses. This loan also puts an end to speculations that the Zimbabwean dollar will soon be restored and it seems that U.S. dollar will remain the official currency. Read the rest of this entry »
Disney buying Marvel
On August - 31 - 2009
Walt Disney Corporation has announced to the world that they will be buying Marvel Entertainment. The comic book and action hero company will be sold for about 4 billion dollars. As of now, the wait is for the approval of the shareholders of Marvel. The shareholders will get 30 dollars for every share in cash and also 0.745 share of Disney for each share of Marvel which the shareholder owns. Marvel owns the rights of many action hero characters and will be an important buy for Disney.
In a statement made by The Chief Executive, Robert Iger, Disney believes that the addition of Marvel in the list of unique brands of Disney will create opportunities for growth and productivity in future. Marvel is a strong player in the action hero and comic book department with the characters like Spider-Man, X-Men, Fantastic Four and many more. Marvel last summer financed Iron Man which turned out to be a mega success.
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GM fights hard to save Opel
On August - 25 - 2009
According to recent news, General Motors might decide not to sell its European car firm Opel which has been struggling for quite some time now. Bids for Opel have been arriving from everywhere including German Government which said that it will lend Opel 6.4 billion dollars given the condition that Magna is chosen to take Opel over. But it seems that the U.S. car maker, GM, is trying to raise funds with the help of US and European governments to save Opel.
The leading suitors for the car firm are Magna, Belgian financial group RHJ etc. Magna has already promised to keep the job loss to minimum in Germany where around 25,000 people are employees of Opel. The chief negotiator of GM, John Smith, will soon be talking to deputy economy minister Jochen Homann regarding the whole Opel matter on Tuesday.
