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Fri, 25 October 2013 01:22:41

Luxembourg at crossroads over financial model

Well-heeled Luxembourg, seen as the wealthiest European Union nation per capita, is desperately seeking a new economic model as it prepares to shed banking secrecy. As the world's 13th biggest financial centre and the second international investment hub after the United States, Luxembourg harvested almost half of its fiscal revenue from the financial sector before the crisis hit in 2008. Now its banks are seeking to discard the image of Luxembourg as an offshore financial haven or sanctuary f..


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Thu, 24 October 2013 00:17:20

Boy, 13, fatally shot by police holding toy rifle

Two sheriff’s deputies in Northern California shot and killed 13-year-old boy who they thought was carrying an assault rifle, only to find out that the gun the teen was holding was a toy, police and family members have said. The officers, on patrol Tuesday in Sonoma County, reported seeing the boy carrying what appeared to be a black AK-47, reports the AP. A photo made public after the tragedy show a toy weapon with a black magazine cartridge and brown butt.  Sheriff’..


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Wed, 23 October 2013 02:15:24

American CEOs get record payments in 2012

As the U.S. economy continues to chug along to slow growth reports, America’s CEOs are becoming richer than ever before. The 10 highest-paid executives in the United States all took home over $100 million in pay during 2012. Two of them even broke the billion-dollar barrier. The data, released on Tuesday, was calculated by GMI Ratings, which found that the total amount of cash earned by the country’s top 10 CEOs in 2012 totaled more than $4.7 billion, the highest number the firm ha..


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Wed, 23 October 2013 01:38:07

Russia and China strengthen trade ties with $85 billion oil deal

The world’s fastest-growing energy market China and world’s biggest oil producer Russia have strengthened their business ties on Tuesday after signing 21 trade agreements, including a new 100 million ton oil supply deal with China’s Sinopec. Under the new energy deal, Rosneft, the world’s largest-listed oil producer, will supply China with up to 100 million tons of crude oil over 10 years. The agreement is testimony the neighbors have "reached a higher and a brand ..


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