Monthly Archives: July 2013

EU plan to cut credit and debit card fees is confirmed

"Plans to cut transaction fees on debit and credit cards in the European Union have been published - but there is disagreement over the potential impact. The European Commission estimates that the EU payment market is worth 130bn euros (£112bn) but is 'fragmented and expensive'. It wants to cap 'interchange fees' to a maximum of 0.3% of a transaction. The fees involved are paid by shops and businesses to banks, every time a consumer uses his or her card. But banks argue that consumers will instead end up paying higher charges to use debit and credit cards." Continue reading →

Continue ReadingEU plan to cut credit and debit card fees is confirmed

One-Third Of Europe’s Unemployed Are Spanish

"Spain has been in recession for seven quarters in a row and survey indicators suggest it will extend to eight. House prices continue to collapse. Government revenue to GDP is among the worst in the union. But unemployment is where Spain has its peers beat - at 6.2 million unemployed, Spain accounts for almost one-third of the entire unemployed population of Europe. With expectations that the unemployment rate will break above 28% next year and a government embroiled in scandal, Rajoy's planned address to discuss the politicial and economic situation to his nation in August may just be the catalyst for the social unrest that has laid relatively dormant for so long." Continue reading →

Continue ReadingOne-Third Of Europe’s Unemployed Are Spanish

CNY Challenges EUR For Second Largest Bitcoin Exchange Volume

"Since the beginning of this year, China has played an increasingly important role in the digital currency universe. After state-run CCTV ran a documentary about bitcoin in May, Chinese adoption grew dramatically. At the time it was unknown whether the interest spike would be a mere blip in bitcoin’s history or a trend that would continue into the future. Since beginning the year at just over one percent of total bitcoin trading volume, CNY trading has recently ballooned to 10% of the total market, claiming the title of second largest bitcoin trading volume for 13 out of 23 days so far in July." Continue reading →

Continue ReadingCNY Challenges EUR For Second Largest Bitcoin Exchange Volume

China launches longest-ever manned space mission

"China Tuesday began its longest manned space mission with the launch of the Shenzhou-10 rocket, state television showed, as the country steps up an ambitious exploration programme symbolising its growing power. The crew are due to spend 15 days in orbit. Beijing sees the multi-billion-dollar space programme as a marker of its rising global stature and mounting technical expertise, as well as the ruling Communist Party’s success in turning around the fortunes of the once poverty-stricken nation. China's programme is highly ambitious and includes plans to land a man on the moon and build a station orbiting earth by 2020." Continue reading →

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Bribery keeps Chinese public hospitals running

"China is an appealing market for pharmaceutical firms and medical-equipment makers, with spending in the industry expected to nearly triple to $1 trillion by 2020 from $357 billion in 2011, according to consulting firm McKinsey. The corruption stems largely from doctors’ low base salaries, which are set in line with a pay scale for government workers. Hospitals can pay bonuses but, given public hospitals are strapped for cash, compensation is usually low, say doctors and industry experts. A doctor fresh out of medical school in Beijing earns about 3,000 yuan ($490) a month including bonuses — roughly the same as a taxi driver." Continue reading →

Continue ReadingBribery keeps Chinese public hospitals running

Chinese airline passengers face worst travel delays

"Air passengers in China experience the world’s most disrupted travel plans, according to a report which names two of the country’s major airports and its leading airlines among the most delayed. Beijing International Airport is the world’s most delayed airport, with just 18.3 percent of commercial passenger flights leaving on schedule, the report claims. Shanghai Hongqiao International Airport reported the second worst departure record with 23.5 percent leaving on time, according to the study by FlightStats, a US-based air travel information service. About 42 percent of flights from Beijing and 40 percent of flights from Shanghai suffered delays of 45 minutes or longer." Continue reading →

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Chinese man kills two ‘one-child’ policy officials

"A knife-wielding man stormed an office enforcing China’s one-child policy on Tuesday, stabbing two officials to death and injuring four people after a row over his offspring, state media said. Bureau staff had earlier refused to give the man, surnamed He, the papers he needed to obtain a residency permit for his fourth child, the official Xinhua news agency said, as he had not paid a 'social compensation fee' for having it in violation of the family planning policy. Outrage spread online last year after a woman who had been forced to undergo an abortion seven months into her pregnancy was pictured alongside the bloody foetus." Continue reading →

Continue ReadingChinese man kills two ‘one-child’ policy officials

Pennsylvania county to issue same-sex marriage licenses despite ban

"Officials in Montgomery County have agreed to issue marriage licenses to same-sex couples, though the state has a ban on same-sex marriage. The county’s register of wills, D. Bruce Hanes, said he wants to come down 'on the right side of history and the law.' A lesbian couple contacted him last week to apply for a marriage license. The two women later changed their minds after talking to the American Civil Liberties Union. They feared their license would be invalidated. But Hanes is still prepared to issue same-sex marriage licenses." Continue reading →

Continue ReadingPennsylvania county to issue same-sex marriage licenses despite ban