Japan has suspended funding for UNESCO. This was confirmed on Friday by Foreign Minister Fumio Kishida. Tokyo’s decision is associated with the inclusion of documents on events of 1937 in the Chinese city of Nanjing in the World Heritage List of UNESCO. Then Japanese soldiers killed, according to Beijing, about 300 thousand Chinese. The Israeli authorities added fuel to the fire. The country...

Globalization is losing its popularity all over the world. Political instability and growing nationalist movements are impeding conclusion of new international trade agreements. Now, all attention is drawn to Brexit consequences after 2019. However, despite the general trend, trade tariffs between the developed economies remain relatively low. The World Economic Forum has published its Global...

On Tuesday, environmental activists caused a disruption in supply of millions of barrels of oil from Canada to the US. This was a rare example of a coordinated action simultaneously aimed at several key pipelines. The police in four US states arrested activists who chained themselves to equipment at remote pumping stations. The environmentalists blocked valves to stop delivery of crude oil on...

Nobel Peace Prize for 2016 went to President of Colombia Juan Manuel Santos. The Nobel Committee rewarded his efforts to end of war between the country's government and the FARC guerrillas. President of Colombia Juan Manuel Santos won the Nobel Peace Prize for 2016. On Friday, 7 October, the Committee declared the Nobel Peace prize taker in Oslo. The prize was awarded for resolution of a...

We live in a world with very low interest rates in most developed countries. This means that debts are less expensive to governments and private individuals. Moreover, this state of affairs encourages spending. Global Competitiveness Survey examines financial health and risks of the world’s countries. WEF Global Competitiveness Index includes 12 indicators. The rating composed annually on the...

Wealth inequality in the world fell after the financial crisis, according to new study by the World Bank (WB). In addition, far fewer people are now living below the poverty line. Results of WB analysis contradict the popular belief that rapid economic growth in developing countries has been achieved due to growth of social inequality within different countries. "Between 2008 and 2013, number of...

US PIRG Education Fund and Citizens for Tax Justice consumer group published a new research. The paper shows that the vast majority of the largest corporations in the United States hold a portion of their assets in offshore locations. The document’s authors believe that the US budget has missed more than $ 718 billion in tax revenues due to this practice. The study reports that 367 of the Fortune...

Hungarian Prime Minister Viktor Orban said that he will amend constitution to toughen national migration legislation. Prime Minister announced this decision in spite of failure of a referendum held on Sunday. The Hungarians were invited to comment on the system of distribution of migrants across the EU countries. The referendum was officially declared invalid because voter turnout was 43% at...

Nicolas Sarkozy is going to propose Britain to change results of the Brexit referendum through a new contract with Germany. He intends to do it as soon as he wins the presidential elections in France in 2017. Speaking to business leaders in Paris, the former president of France, said that if elected, he will visit Berlin with the project of a new EU treaty to win tsupport of German Chancellor...