{DAILY GLOBAL BUSINESS POINT}

The Italian government has approved austerity measures worth 24 billion euros (£20bn; $29bn) for the years 2011-2012.
The announcement makes Italy the latest eurozone country to announce cuts in an effort to reduce the gap between spending and earnings.
The UK and Danish governments also this week announced plans to curb spending.
Italy will take measures to reduce [...]

The European common currency has hit an all time low only last week, and ever since , it has been hitting a new low almost every day. This is despite the 800 billion dollars aid plan announced by IMF and the European Union last week to stem the fall of the common currency.
The latest [...]

When problems come , even countries seem to be absolutely vulnerable. As if the European financial crisis is not enough for pulling down the zone, the mother nature also seems to be in a bad mood against the European zone
The Iceland Volcanic eruption has been hitting beyond danger zone once again in the last few [...]

Mumbai in India is the fourth costliest place in the world for office space. Mumbai holds this position after London, Hong Kong and Tokyo. Its move upwards in the league of world’s expensive office markets have clearly indicated signs of commercial real estate revival. The survey was conducted by global realty consultant CB Richard Ellis. [...]

The European Zone has been seen in bad light for the last few months after Greece and Portugal indicated higher than estimated budget deficits. These countries and few more like Spain and Ireland were getting into over debt situation with no solution in sight.
That forced the Euro currency into multi-year low against the US dollar [...]

The US 30 year home Mortgage loans are now available at a record rate of below 5% per annum, thanks to excessive low cost funding by the US government. The two major mortgage lenders Fannie Mae and Freddie Mac are reporting billions of dollars of loss every quarter and are yet continuing with their liberal [...]

The European Union zone has been badly hit in the last few months due to the bulging debt across countries. Specifically, the PIGS countries, namely, Portugal / Italy / Greece / Spain, have been facing huge cost of new borrowings which were unsustainable.
That forced the EU to come out with a 140 billion dollars Greece [...]

Every third worker in Greece is a civil serviceman / servicewomen, and they are all expected to take major cuts in their salaries / bonuses / pensions / medical benefits / service terms etc.,
Needless to say most of these workers are not mentally prepared to accept the drastic cut in their salaries and perks expected [...]

The European PIGS countries namely, Portugal / Ireland / Greece / Spain collectively need over 90 billion dollars in the coming two months to repay their maturing debts. The cost of borrowing for these four countries are now over three times the cost of borrowing for UK and Germany.
And the downgrading by Standard & Poors [...]

Standard and Poors is the leading rating agency of the world, and it shook the global markets yesterday by downgrading Greece sovereign rating to Junk status. The rating downgrade made it almost impossible for Greece to borrow any money from the market, even at very high cost of interest.
Now Greece is expected to push through [...]