Panel calls for steep cuts in US nukes
16 May 2012 - An influential panel is calling for an 80 per cent reduction of US nuclear weapons and an elimination of all nuclear armed intercontinental ballistic missiles. The report argues that such drastic cuts in nuclear forces by the United States and Russia could open the way for the two countries to open arms control talks with other countries, including China. 'There is no conceivable situation in the contemporary world in which it would be in either country's national security interest to initiate a nuclear attack against the other side,' the report says. (more)

Germany, France to cooperate on growth strategy
16 May 2012 - New French President Francois Hollande and German Chancellor Angela Merkel acknowledged differences on Tuesday over how to boost growth in recession-plagued Europe, but pledged to forge a joint approach in time for an EU summit next month. 'Growth has to feed through to the people. And that's why I'm happy that we'll discuss different ideas on how to achieve growth,' Merkel said. (more)

Haiti's new Prime Minister: Mining laws being drafted
16 May 2012 - The Haitian government is drafting legislation for the newly emerging mining industry to help the impoverished Caribbean nation reap benefits, the new Prime Minister said Tuesday. The legislation will lay out rules apportioning royalties for the government and setting protections for the people and environment that could be affected by mines. (more)

Switzerland, the land that time begot
16 May 2012 - A growing number of people are attracted to a career in horology as Swiss watch firms vie for staff to meet buoyant Asian demand for high-end timepieces. Exports of Swiss timepieces soared 19 per cent to a record 19.3 billion Swiss francs ($20.8 billion) last year, rebounding from the 13.2 billion low hit in 2009 in the depths of the financial crisis. (more)

A fall to cheer: For the first time ever, the number of poor people is declining everywhere
16 May 2012 - Global poverty in 2010 -- the most recent report -- was half its 1990 level. The world reached the United Nations 'millennium development goal' of halving world poverty between 1990 and 2015 five years early. This implies that the long-term rate of poverty reduction -- slightly over one percentage point a year -- continued unabated in 2008-10. A lot of the credit goes to China. Half the long-term rate of decline is attributable to that country alone, which has taken 660 million people out of poverty since 1981. (more)

Canadian factory sales rebound in March
16 May 2012 - Canada's manufacturing sales blew past expectations to grow 1.9 per cent in March from February. Analysts surveyed by Reuters had forecast, on average, a 0.3 per cent increase in sales at the factory gate in the month. New orders for manufactured goods rose for the second straight month in March, up 2 per cent. (more)

UK: Joblessness falls unexpectedly, pointing to economic resilience
16 May 2012 - The number of Britons out of work fell at the fastest pace in nearly a year in the three months to March, official data showed on Wednesday, pointing to some underlying resilience in the economy. The number of people claiming jobless benefit unexpectedly fell last month by 13,700 -- the largest drop since July 2010. Analysts had forecast an increase of 5,000 on the month. Chiming with the better data, a senior executive at John Lewis, Britain's biggest department store, told Reuters a slow, steady recovery of the British economy was on course, and the group was optimistic about its own business. (more)

US: Housing starts, industrial output rise
16 May 2012 - Groundbreaking for US homes rebounded in April and factory activity gained steam, suggesting the economy remains on a steady, if unspectacular recovery course. Sentiment among home builders touched a five-year high in May, a survey showed on Tuesday, amid growing optimism about current sales and buyer traffic over the next six months. (more)

US factory output rose in April on stronger autos
16 May 2012 - US factory output increased in April, helped by a gain in auto production. Busier factories have driven stronger hiring this year and helped the economy grow. Factory output has risen 18.3 per cent since it hit a low in June 2009, the month the recession ended. Through the first three months of the year, it was growing at an annual rate of nearly 10 per cent. (more)

Foreclosed Americans find way back to homeownership
16 May 2012 - Data is not available, but interviews with more than 30 lenders, builders, Realtors, and consumers suggest that a growing number of Americans are getting back into the housing market, even though they went through a foreclosure, bankruptcy, or short sale in recent years. Much of the comeback wouldn't be possible without help from the US government, namely the Federal Housing Agency. (more)

Maternal deaths continue to decline - UN report
16 May 2012 - The number of women dying of pregnancy and childbirth related complications has almost halved in 20 years, according to new estimates released today [16 May] by the United Nations, which stressed that greater progress is still needed in significantly reducing maternal deaths. The Millennium Development Goal (MDG) is to reduce maternal deaths by 75 per cent from 1990 to 2015. Ten countries have already reached the MDG target: Belarus, Bhutan, Equatorial Guinea, Estonia, Iran, Lithuania, Maldives, Nepal, Romania, and Viet Nam. (more)

Scottish scientists say: Bright future for solar power in space
16 May 2012 - Solar power gathered in space could be set to provide the renewable energy of the future thanks to innovative research being carried out by engineers at the University of Strathclyde, Glasgow. Last month, a team of science and engineering students at Strathclyde developed an innovative 'space web' experiment, which was carried on a rocket from the Arctic Circle to the edge of space. The experiment, known as Suaineadh -- or 'twisting' in Scots Gaelic, was an important step forward in space construction design and demonstrated that larger structures could be built on top of a light-weight spinning web, paving the way for the next stage in the solar power project. (more)

South Africa: Government to help boost manufacturing sector
16 May 2012 - The manufacturing sector is to get a R5.75 billion injection over six years from the Department of Trade and Industry to help factories become more competitive. The programme, which would borrow on lessons from the successful Clothing and Textile Competitiveness Improvement Programme, includes six incentive grants. These will help improve firms' competitiveness in capital investment, green technology and resource efficiency improvement, enterprise-level competitiveness improvement, cluster competitiveness improvement, and funding for feasibility studies. (more)

Thailand: Government to launch proactive campaign against corruption
16 May 2012 - The Government is stepping efforts to launch a serious campaign against corruption. It will organize a workshop on anti-corruption strategies on 18 May 2012, when Prime Minister Yingluck Shinawatra is scheduled to announce the Government's strategies and its proactive plan to fight corruption. The workshop will take place at the Government Complex Commemorating His Majesty the King's 80th Birthday Anniversary on Chaeng Watthana Road in Bangkok. It will be joined by representatives from the public and private sectors and members of the media. (more)

UK: Small business fund looks to fill bank gap
16 May 2012 - A fund set up to support small and medium-sized businesses aims to make around 25 investments this year, its chief executive said, as it looks to fill a gap left by banks cutting funding for thousands of growth companies. The Business Growth Fund made its first investments in October last year, and has already put money into six companies since the start of 2012. Any returns made from the investments, which have no set exit timetables, will be put back into the fund, with the expectation it could become self-financing. (more)

US: Business tycoon Buffett's firm buys 10 million share stake in General Motors
16 May 2012 - Warren Buffett's company is apparently bullish on the US auto industry. His company, Berkshire Hathaway Inc took a new 10 million-share stake in General Motors Co in the first quarter. The investment comes as the Detroit automaker continues to rebound from bankruptcy three years ago. It posted a first-quarter net income of $1 billion, fueled by US vehicle sales. (more)

Germany economy grows strong 0.5 per cent in Q1
15 May 2012 - Germany's economy grew by a greater than expected 0.5 per cent in the first three months of the year as strong exports helped offset the impact of Europe's debt crisis. Compared to the same quarter a year ago, Germany grew 1.7 per cent. (more)

Ghana aims to almost double oil revenues in 2012 - interview
15 May 2012 - Ghana expects to almost double its oil revenues to $650 million in 2012 as it ramps up production, a senior energy ministry official said on Wednesday. (more)

India's 2012 monsoon rains to arrive on time
15 May 2012 - India's 2012 monsoon rains are likely to hit the southern coast on time on 1 June, the weather department said on Tuesday, brightening farm output prospects as farmers can plant crops like cotton and paddy on time and reap good yields. (more)

Iran talks to continue, both sides see progress
15 May 2012 - UN nuclear negotiators seeking to probe Tehran's nuclear programme for signs of secret work on atomic-weapons technology spoke of a good exchange of views Tuesday after talks with Iranian officials, who described the meeting as having made progress. Neither side elaborated on the substance of their talks. But they stood together as they talked to reporters and in another indication that some common ground had been found after more than four years of stalled discussions, both said the talks would resume Monday. (more)

Kenya's Housing Finance to develop houses
15 May 2012 - Kenya's sole specialist mortgage lender Housing Finance will develop a housing project in the next two years to create additional income from properties aimed at low and middle income earners, it said on 9 May. The east African nation of 40 million people has a massive housing deficit with annual demand at 250,000 units against supply of around 60,000 units. It plans to sell the houses at 15 per cent below market value to attract low and middle income earners faced with high credit costs. (more)

Middle East investors slowly wake up to Africa
15 May 2012 - Flush with cash from oil and stuck with few options for growth in developed markets, Middle East investors are increasingly looking to nearby Africa. The World Economic Forum on Africa, held this week in the Ethiopian capital of Addis Ababa, highlighted Africa's attractions: it is home to some of the world's fastest growing economies and rapidly rising disposable incomes. (more)

Myanmar halting arms purchases from North Korea, says South Korea
15 May 2012 - Myanmar's President has confirmed that his country bought weapons from North Korea during the past 20 years and assured his South Korean counterpart that it will no longer do so. South Korean President Lee Myung-bak is on an official two-day visit to Myanmar. A statement from President Lee's office said he agreed to expand South Korean financial assistance to Myanmar. It said South Korea agreed to help Myanmar develop human resources, build a think tank, and invite Myanmar students to South Korea in an effort to share its successful experience in economic development. (more)

South Africa: GIBS scoops top honours as Africa's best business school
15 May 2012 - The University of Pretoria's Gordon Institute of Business Science (GIBS) has taken the top ranking among South African and African business schools in the annual UK Financial Times Executive Education rankings announced yesterday. (more)