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 […]
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 […]
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 […]
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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 […]
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, […]
The eurozone has emerged from recession after a record 18 months of economic contraction. The bloc’s GDP grew by 0.3% in the second quarter of 2013, slightly ahead of forecasts, the Eurostat agency said. The growth was widely expected after the German economy rose 0.7% between April and June. However, the overall figure masks the mixed economic fortunes among the countries that make up the 17-country eurozone area. Germany and […]
As cattle roam outside in the scorching heat, Sapni Surin perches on a stool inside a sunlit workshop fixing parts onto a small circuit board. Colorful wires, tiny resistors and tools are scattered around. “I think everything is right,” she quietly says as she holds the circuit board above her head. Ms. Surin is among 20 women who have traveled to Tilonia – a small village two hours’ drive from […]
India’s top court Tuesday overturned an eight-year ban on dance bars in Mumbai by the Maharashtra state government, which said they were degrading and exploited women. The Supreme Court’s decision upheld a 2006 ruling by the Bombay High Court that said the ban was discriminatory. The groups contesting the ban also said it violated their constitutional right to earn a living. The government of Maharashtra in 2005 prohibited performances in […]
Some of the largest economies in Asia have seen big movements in the value of their currencies in recent months. Other than domestic factors, the potential tapering off of the US Federal Reserve’s cheap cash injections is partly responsible for the volatility. The US central bank’s moves had allowed billions of dollars of inflows into emerging economies, and now that money is leaving and it is having an impact on […]
