"The US Postal Service has reported an annual loss of a $15.9bn (£10bn), ending a year in which it defaulted on payments twice to avert bankruptcy." Source: BBC News - US Postal Service in $16bn loss …
Banks may shrink for good as layoffs near 160,000
"Major banks have announced some 160,000 job cuts since early last year and with more layoffs to come as the industry restructures, many will leave the shrinking sector for good as redundancies …
Continue Reading about Banks may shrink for good as layoffs near 160,000
Hostess Brands closing for good due to bakers strike
"Hostess Brands -- the maker of such iconic baked goods as Twinkies, Devil Dogs and Wonder Bread -- announced Friday that it is asking a federal bankruptcy court for permission to close its …
Continue Reading about Hostess Brands closing for good due to bakers strike
Obama says tax hike has to come first in fiscal cliff deal
"President Barack Obama said on Wednesday that Republicans would have to agree to raise taxes on the wealthy as the first step in a budget deal that would prevent a dysfunctional Washington from …
Continue Reading about Obama says tax hike has to come first in fiscal cliff deal
Euro zone falls into second recession since 2009
"The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday." Source: Euro zone falls into …
Continue Reading about Euro zone falls into second recession since 2009
EU ‘approves $6.4bn Egypt financial aid package’
"The European Union has approved a 5bn-euro ($6.4bn) financial support package for Egypt, Egyptian officials say." Source: BBC News - EU 'approves $6.4bn Egypt financial aid package' …
Continue Reading about EU ‘approves $6.4bn Egypt financial aid package’
US budget deficit rises to $120 billion in October
"The budget deficit rose in October, the first month of fiscal year 2013, as looming negotiations over expiring tax cuts and imminent spending reductions dominated the post-election political …
Continue Reading about US budget deficit rises to $120 billion in October
U.S. to overtake Saudi as top oil producer
"The United States will overtake Saudi Arabia and Russia as the world's top oil producer by 2017, the West's energy agency said on Monday, predicting Washington will come very close to achieving a …
Continue Reading about U.S. to overtake Saudi as top oil producer
Yemen’s main oil export pipeline shut after bombings
"Flows through Yemen's main oil export pipeline were stopped after the line was blown up in two places on Sunday night, the state news agency and local government sources said." Source: Yemen's main …
Continue Reading about Yemen’s main oil export pipeline shut after bombings
Iraq cancels $4.2bn Russian arms deal over ‘corruption’
"Iraq has cancelled a $4.2bn (£2.6bn) deal to buy arms from Russia because of concerns about 'corruption', an Iraqi government advisor has said." Source: BBC News - Iraq cancels $4.2bn Russian arms …
Continue Reading about Iraq cancels $4.2bn Russian arms deal over ‘corruption’