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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

China slows less badly, Russia gets even more say in oil

In all the mess, at least China seems to be doing betterAfter six quarters of downturn in the economy, the slowing continues in a much more positive fashion. Q3 GDP growth came in at 7.4%, as predicted by a Bloomberg poll, but lower than Q2 growth of 7.6%. Earlier this month, the World Bank cut its growth forecast for China from 8.2% to 7.7%. China’s national bureau of statistics expects full-year GDP growth to come in at 7.5%. But this wasn’t going to be just as bad, remember? Retail sales grew faster than ever (since March) and industrial production and fixed asset investments grew as well, both 0.3% from August. This is giving the PBOC some time to hold off on more QE.

Meanwhile in New York, someone tried to blow up the Fed with a 450kg car bomb. The bomb didn’t detonate, as its components were “never in working condition”. The FBI arrested a 21-year old man from Bangladesh, who had been in the US since the beginning of the year. The US Department of Justice stated that he will face charges over the attempted use of a weapon of mass destruction and providing information to al Quaeda. read article

After many rumors and much planning, BP is getting closer to completing the sale of its Russian oil business TNK. BP owns 50% of the shares in the company, which has been underperforming. The buyer, state-backed Russian oil company OAO Rosneft will pay $25m in cash and shares and create the largest publicly traded oil producer in the world. According to rumors, Rosneft is also looking to buy the remaining shares in the company for around $28m. read article

Back in the UKStarbucks is facing a parliamentary tax investigation. For all the revenue accumulated from your guilty-pleasure-purchases of super-diet-caramel-and-whipped-cream-non-fat-syrup-frappacinos in 2009, the coffee giant managed to avoid a tax bill totalling £1.2bn. And what was the master plan behind this scheme? As simple as this:

Starbucks had been telling investors its British unit was highly profitable while telling authorities the unit was loss-making, and thereby not liable for tax

Ha! MPs were not amused, as they fear public trust in the tax system (there is such a thing?) being undermined. read article

Otherwise, Greece has called for another 24-hour strike against austerity measures to commemorate the 700th EU summit for the saving of the union’s periphery that is taking place in Brussels today.

The same Greece which demands a 2 year, €30 billion extension from Europe to comply with reform, a move which Europe has not agreed to as while the core have said yes to more time, all have refused to fund Greece with any more money.

Hm. Awkward. More from that front tomorrow.

So long.

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2 Responses

  1. princess1960 says:

    hello
    chine debt slow grow ..ok one day we all feeling the same pain chine can not be out ..
    Russia have the same system politice with chine but they working underwater deal ..(allways for the good of Russia)…
    GR is not just to day we don’t work is ready 5 y
    FBI (about the young man from bangalesh (muslim)for sure
    you know i have started to worry about what thay is ready to do ( kill him/her self for allah..)and what is bad they are everywere ..why we have to leave tham free.in USA EU ..we have to stop really..
    Starbucks (i never go )this company have long time is in bad economice problem
    tax –i dont like (because is not fair)..for noone .
    thank you i am waiting for tomorrow
    very intristing and really usefull for me
    1+1=2 or 1
    enjoy this day

  2. […] is joining Starbucks in facing a parliamentary tax inquiry in the UK. Google is channelling most of its corporate sales through its headquarters in […]

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