Category archives: Business

London Property Has Become A New Global Reserve Currency

London house prices rose 7.1% from a year earlier in August, significantly higher than the 1.3% year-over-year rise in prices across the rest of England and Wales. In a weekend New York Times opinion piece, London-based journalist Michael Goldfarb describes a trend of neighbors relocating from London to other metropolitan areas in Great Britain due to soaring housing prices. “This is what happens when property in your city becomes a […]

Iran nuclear stand-off: Key talks to begin in Geneva

World powers are set to begin two days of talks in Geneva with Iran on its controversial nuclear programme, but no major breakthrough is expected. Iran’s foreign minister said he hoped a “roadmap” could be reached, describing the process as “time-consuming”. Iran’s new President Hassan Rouhani, who is seen as a relative moderate, has said he wants a deal within six months. The West suspects Iran is seeking to achieve […]

US borrowing crisis 'days away' from danger, says World Bank head

The president of the World Bank, Jim Yong Kim, has warned that the United States is just “days away from a very dangerous moment” because of the government’s borrowing crisis. He urged US policymakers to reach a deal to raise the government’s debt ceiling before Thursday’s deadline. The US Treasury will start to run short of funds if no agreement is reached for it to borrow on financial markets. Mr […]

How the world sees the U.S. shutdown

As the U.S. government shutdown enters its second week, it is not just Americans wondering when the stalemate will be over – around the world, politicians and commentators have been weighing in with their take on how the U.S. got here, what happens next, and whether their own countries should be worried. GPS Digital Producer Jason Miks selects some of the highlights. U.S. has been living far beyond its tax […]

Q&A: What is the US debt ceiling?

The debt ceiling is a cap on the total amount the US government can borrow, set by US lawmakers. The current debt limit of $16.699 trillion was reached in May. Since then the US Treasury has been using what are called extraordinary measures to keep paying the bills. Why does the US government need to borrow so much? If you compare borrowing to the size of the US economy, it […]


Fake orphanages. Bogus animal sanctuaries. And crooks growing rich on Western gullibility... why do-gooding gap year holidays may be a horrifyingly callous con

Caroline Green, 45, from London, volunteered at an orphanage in Thailand Turned out children there were not orphans They had been sent their by families on promise of better life But were actually mistreated while money was made through volunteers Responsibletravel.com no longer offers orphanage volunteering trips Matthew Butler paid to volunteer at animal sanctuary in Costa Rica In fact it was a poorly run zoo and money wasn’t spent […]

Nigeria's Dangote signs deal to build oil refinery

Africa’s wealthiest man, Aliko Dangote, has signed a multi-billion dollar deal with banks to finance the building of an oil refinery in Nigeria. The refinery would be the largest in Africa, turning Nigeria into a petroleum exporter, he told the BBC. Nigeria is Africa’s biggest oil producer but lacks refining capacity and has to import most of its fuel. The West African state is often hit by fuel shortages, and […]

The volatile journey of Indian rupee since independence

The Indian rupee, which was at par with the American currency at the time of independence in 1947, hit a record low of 63.30 against a dollar Monday. This means the Indian currency has depreciated by more than 63 times against the greenback in the past 66 years. The currency has witnessed a large volatility in the past two years. This volatility became acute in the past three months affecting […]

China's underdog market surges

Weighed down by a slowing economy and worries over structural reforms, China stocks have been left in the dust this year by their international competitors. The Shanghai Composite, considered to be the mainland’s benchmark, is down 5% on the year. Stocks in Hong Kong haven’t performed much better. But there is one index that has bucked the trend. In Southern China, the tiny Shenzhen Composite has spiked 16% since January, […]