business and finance

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Iran’s Rial Hits All-Time Low

Iran’s currency the rial has fallen 20% in value over the last two weeks in trade against the US dollar. The devaluation indicates the Islamic Republic of Iran is increasingly struggling against international sanctions that have limited its ability to obtain foreign currency. The sanctions placed on Iran are intended to reduce its […]

Netherlands Bank SNS Reaal Nationalized

After receiving a bailout of €750 million in 2008, SNS Reaal was thought to be profitable but its capital limits left it below legal solvency amounts, forcing the Dutch state to take a stake in the troubled financial concern. The Netherlands’ Finance Minister Jeroen Dijsselbloem said the move was to insure financial stability, especially after […]

Samsung’s Dominance and the Economy of South Korea

It isn’t hard to argue that South Korean chaebol Samsung is a dominant force in electronics: In spite of litigation with US-based giant Apple, Samsung’s annual operating profit was 85.8% higher in 2012 than in 2011 with record sales of smart phone handsets making Samsung’s market capitalization equal to the next 9 Korean companies underneath it combined. Nonetheless, […]

China National Petroleum Corporation (CNPC) May Purchase Exxon Mobil’s Iraq West Qurna 1 Field

Current CNPC holdings in Iraq include three fields in the south producing more than 1.4 million barrels of oil per day. The largest foreign players in Iraq’s emerging oil industry are China and Malaysia. China National Petroleum Corporation has sought to expand its presence by acquiring the West Qurna 1 Field which holds reserves estimated to be […]

AIG May Join Shareholder Class Action Lawsuit Against US Federal Government After Emerging from Bailout

AIG, recovering from its $182 billion bailout from the United States federal government, is now considering joining its shareholders in a class action lawsuit against its corporate savior. Because of the fifth amendment to the United States Constitution preventing public use of private property without due compensation, former CEO Maurice “Hank” Greenberg brought forward his […]

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Greek Rage at the Polls Results in Seats in the Parliament for Nationalist, Neo-Nazi Party the Golden Dawn

The start of voting in an early general election in Greece has not gone well for proponents of the European idea: After two years of austerity and financial crisis, the Greek public is turning away from the traditional conservative New Democracy party and the socialist Pasok, the two poles of Greek political life for decades. […]

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The Rise of South Korea: How Economic Success is Transforming the Republic of Korea into Asia’s Newest Power Broker

The Economy of South Korea: How the “Miracle on the Han” Transformed the Republic of Korea into an Economic Superpower South Korea’s chaebol: Economy at a crossroads – Counting the Cost from Al Jazeera English The rise of the Republic of Korea’s economy has placed South Korea on the world map as a leader in […]