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Greek Official: 'Grexit' Would Cost Europe A Trillion Euros

Greece's finance minister has accused his nation's creditors of "terrorism" for trying to "instill fear in people" ahead of a referendum on whether to accept the harsh terms of an international bailout designed to keep Athens in the Eurozone.

Yanis Varoufakis, in an interview with the Spanish daily …

EU Referendum

Government faces burden in proving airlines worked together

WASHINGTON (AP) — As the Justice Department launches an investigation into possible collusion in the airline industry, experts say the government faces the burden of proving that carriers were deliberately signaling business decisions to each other.

Airlines routinely increase flights based on …

Air Travel

Greek Finance Minister Accuses Creditors of Terrorism

ATHENS — Europe will lose a trillion euros if it allows Greece to go under, the country's finance minister said on Saturday, accusing creditors of "terrorizing" Greeks into accepting austerity in a referendum on bailout terms.

After a week in which Greece defaulted, closed its banks and began …


BP set to pay largest environmental fine in US history for Gulf oil spill

BP has agreed to pay a record environmental fine of $18.7bn to settle legal actions brought by the US and several states over the fatal 2010 Gulf of Mexico oil spill.

The US justice department, along with the states of Louisiana, Mississippi, Alabama and Florida, all sued BP for damages not covered …

Oil Spills

U.S. adds 223,000 jobs in June as unemployment falls to 7-year low

WASHINGTON (MarketWatch) — The U.S. created 223,000 new jobs in June and the unemployment rate fell to the lowest level in more than seven years, but the latest employment report also showed the economy is still laboring the break out of a slow-growth rut that characterized the six-year old …


Shell Arctic oil drilling to commence within weeks

Oil and gas giant Shell is expected to begin drilling for oil in the Arctic within the next two weeks.

Thirty ships left Dutch Harbor in Alaska on …

Oil & Gas Industry

US Court issues papers to Russia over Yukos affair

If successful, bank accounts and property belonging to the Russian government in America could be seized

Russian government property in the United States could be seized after former shareholders of the Yukos oil company sought recognition of a multi-billion dollar compensation award in US …


Greece faces running out of essential food on Monday

Greece's supermarkets are being bled dry after the the government announced last week that the country's bailout conditions would be put to a vote on Sunday July 5 – and now it's set to get worse.

The announcement led to massive queues for ATMs across the country because Greece's government …


India's Real Poverty Wages: At $1.66 An Hour There's No Such Poverty In America

One of the things that it is really terribly difficult to get over to an American audience is the simple fact that there’s no real poverty in the United States at all. There is most certainly relative poverty, what we might and probably should call inequality, but of the real, absolute poverty …


Britain's government is planning to raid wealthy people's pension pots

High earners could lose as much as £13,500 in tax relief in the budget as signs suggest the chancellor is planning a raid on the pension pots of those earning over £150,000 a year.

At the moment, anyone making pension contributions gets tax relief on them at their marginal rate (between 20% and …

Personal Finance (UK)

Airbus and Mahindra to make military choppers in India

New Delhi (AFP) - European aerospace giant Airbus and India's Mahindra group have inked a deal to jointly build helicopters as the Indian government moves to upgrade the country's ageing military hardware, the companies said.

The joint venture will be set up in the coming months, "aiming to become …


A Greek challenge for 'Mr Europe' Juncker

BRUSSELS (Reuters) - It's sultry early July and an emotional Jean-Claude Juncker is on the stump, calling for a 'Yes' vote in a referendum on which he says hangs the future of Europe - and his own career.

"A 'Yes' ... would have a significance ... well beyond Europe," he tells voters. "We can show …


Japan pledges $6.1 bln aid to 'Mekong Five' in bid for influence

Tokyo (AFP) - Japan on Saturday pledged $6.1 billion in financial aid to the "Mekong Five" countries as it pushes infrastructure exports and courts influence in a region where rival China has an increasing presence.

Prime Minister Shinzo Abe unveiled the pledge at a summit with his counterparts from …


Government faces burden in proving leading airlines worked together on pricing, other business

WASHINGTON – As the Justice Department launches an investigation into possible collusion in the airline industry, experts say the government faces the burden of proving that carriers were deliberately signaling business decisions to each other.

Airlines routinely increase flights based on demand. A …

Air Travel

With eye on growing clout of Latinos, Univision files for IPO

Univision, the largest Spanish-language broadcaster in the U.S., is going public at a time when Wall Street is salivating over the growing clout of Latino consumers.

The New York media titan filed for an initial public offering with the Securities and Exchange Commission without disclosing the …


Inheritance tax to be scrapped on homes worth up to £1m

Chancellor George Osborne's Budget is to confirm the end of inheritance tax on family homes worth up to £1m.

He is expected to tell MPs on Wednesday that the threshold at which the tax is levied will rise for couples from £650,000 after April 2017.

Writing in The Times, PM David Cameron and Mr …

George Osborne

China brokerages pledge to buy at least $19.3 billion in shares to stabilize market

BEIJING (Reuters) - China's top 21 securities brokerages said on Saturday that they would collectively invest at least 120 billion yuan ($19.3 billion to help stabilize the country's stock markets after a slump of nearly 30 percent since mid-June.

A flurry of official policy moves over the past …


China stocks tumble yet again, down 6%

Stocks on China’s main stock benchmark plunged 6% Friday.

U.S. stocks are closed for the Independence Day holiday weekend.

The Shanghai composite index has tumbled in recent weeks as investors panic over China’s slowing economy and what have been seen as ineffective measures introduced by Beijing to …


Campaigns halt as Greeks face tough referendum choice; polls suggest tie

ATHENS, Greece – Campaigns halt in Greece on Saturday on the eve of a closely watched bailout referendum — with voters in a dead heat over whether to defy creditors and push for better repayment terms or essentially seek new political leadership to find a compromise.

Political rallies and …


Armenians protest against electricity price rise

Anger continues to spread across Armenia against plans to raise energy prices.

Russia has cautioned against any attempt to spark a new so-called colour revolution in the country by exploiting the protests for political ends.

Armenia hosts a Russian military base.

Moscow has been wary of unrest near …


It's hard to explain why prime working-age American women are leaving the labor force

The US' prime working age labor force participation rate has been in decline, and that decline began long before the recent recession.

By definition, the labor force consists of those currently working or looking for work. A falling labor force participation rate suggests more and more people …

Labor Force

Dollar Tree wins antitrust clearance for Family Dollar takeover

WASHINGTON — Dollar Tree won U.S. antitrust approval for its plan to buy Family Dollar Stores after reaching a settlement to sell 330 stores to Sycamore Partners.

The Federal Trade Commission required the discount retailer to sell the locations to maintain competition for consumers after the $9.2 …

Dollar Tree

Strap In: Summer of Turmoil Likely for Financial Markets

It's approaching that time of year where market activity typically slows, as traders and central bankers alike depart for long holidays.

But this summer is shaping up to be anything but quiet for markets, with Greece at a cross roads, stocks in China nose diving and rising uncertainty about the …


Aetna to buy Humana for $35 billion

Aetna will spend about $35 billion to buy rival Humana and become the latest health insurer bulking up on government business as the industry adjusts to the federal healthcare overhaul.

The proposed cash-and-stock deal, announced early Friday, would make Aetna a sizable player in the rapidly growing …


DuPont spinoff spurs anxiety over pollution cleanups

WILMINGTON, Del. — Lisa J. Riggiola wasn't among those cheering DuPont's official spinoff of the Chemours chemical company this week.

Riggiola, a Pompton Lakes, N.J., resident who grew up in the borough and served on its council, worries Chemours could be crippled by the weight of nationwide …


CBI says UK economic growth slowed in second quarter

Surveys for business lobby group the CBI suggest that manufacturing, retail and services growth slowed in the second quarter of the year.

This was largely due to a fast pace of growth in business and professional services in the first quarter not being sustained.

However, the CBI expects solid growth …

United Kingdom

John Whitman, Investment Banker and Husband of Governor, Dies at 71

John R. Whitman, an investment banker and the husband of former Gov. Christie Whitman of New Jersey, died on Thursday in Morristown, N.J. He was 71.

The cause was a catastrophic brain injury he suffered in a fall on June 19, said Heather Grizzle, a spokeswoman for Mrs. Whitman.

Mr. Whitman was a …

Harvard Business School

Boomers and the bust in Muskoka's vacation land

Peter Freed is sitting in the back of a golf cart that’s trundling across his Doug Carrick-designed championship golf course set against the dramatic rolling hills of Muskoka, a region more than one major travel magazine has called one of the prettiest places on Earth.

It has been 13 years since Mr. …

Northern Ontario

How Greece Created Hades For Entrepreneurs And Crippled Its Economy: Lessons For The US

Greece provides an object lesson in how bad government can ravage an economy and consequently, a country. Over the last 20 years governments have steered the Greek economy 180º away from the direction that increases growth and productivity, and they have stifled entrepreneurs. U.S. leaders are …


The Newest Weapon Against Credit Card Theft Is…a Selfie


3 Things Wells Fargo Wants You to Know

In the middle of last month, one of Wells Fargo's top executives took part in the Morgan Stanley Financial Services Conference in New York City. Here are three of the most notable things, from the perspective of an individual investor, that he shared with the assembled analysts.

1. Relationship


Health Insurance Companies Seek Big Rate Increases for 2016

WASHINGTON — Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more, saying their new customers under the Affordable Care Act turned out to be sicker than expected. Federal officials say they are determined to see that the requests are scaled …


Loblaw union delays strike after receiving new offer

Loblaw and the union representing 26,000 of its employees have reached a breakthrough in the impasse that prompted a strike at nine stores and imposed a deadline for a strike at another 60.

After two days of negotiations, the United Food and Commercial Workers union said Friday evening that it …

Worker's Rights

Natural Gas Extends Gains As U.S. Supplies Climb 69 Billion Cubic Feet

Natural-gas futures on Thursday extended their gains after the U.S. Energy Information Administration reported that supplies of natural gas rose by 69 billion cubic feet for the week ended June 26. Analysts polled by Platts forecast a climb of 68 billion cubic feet to 72 billion cubic feet. Total …

Natural Gas

Town That Chased Away Starbucks Sees Its Identity Being Endangered Again

KATONAH, N.Y — A hamlet that looks as though it would fit neatly into a model-train layout at Christmastime is battling once again to sustain its small-town character against the relentless march of the large chain stores.

Twenty years ago, Katonah, 45 miles north of New York City in Westchester …


Two Ways To Become An Entrepreneur

Do you want to enjoy the financial freedom and the professional satisfaction that comes with the discovery and exploitation of new business opportunities? Do you want to be an entrepreneur?

There’re two business models for doing that.

First is the slow, and high-risk, business model. Do it on your …