China to exit Fiat Stock Market

China is reported to be planning to exit the Fiat Stock Market system and is paving way for a return to a financial system that is backed up with a basket of tangible sovereign currencies, e.g. gold, silver, natural gas, high quality export products.

Geopolitics believe that the move seems in line with the global wide movement to get rid of the organized crime group from controlling all economies solely for its own whims and delusions of grandeur.

It may be recalled that China recently dumped $100 billion of its $1 trillion of U.S. Treasuries this month and will continue to sell.  

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US Senate takes over to avert a federal debt default

The issue of US debt ceiling is getting grave with the passage of time and now in a grim situation to avert a federal debt default, the US Senate takes over to find a solution to the problem.

Upper chamber leaders resumed work overnight on a deal to raise the US borrowing limit and end a partial government shut-down.

Amid the congressional disarray, a top ratings agency warned of a possible downgrade in US creditworthiness.

It may be added that the US must raise its $16.7tn (£10.5tn) debt limit by Thursday or risk default.

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Spain to miss deficit targets in 2012, 2013: says IMF

As per IMF, Spain will miss its deficit targets in 2012 and 2013 and its debt will jump to more than 90 percent of gross domestic product next year as it recapitalizes its banking sector.

The International Monetary Fund said in its fiscal monitor report that the country's deficit would reach 7 percent of GDP in 2012 and 5.7 percent in 2013, compared with European Union-agreed targets of 6.3 percent of GDP this year and 4.5 percent of GDP next year.

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Spain replaced Greece, Portugal and Ireland as the epicenter of the euro zone debt crisis after it missed its budget targets by a wide margin in 2011.

Read details: Business Recorder

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Apple sells 2 million iPhones in 24 hours

The euphoria of iPhone 5 has smashed all previous sale records for Apple as people are vying to get a set no matter how.

And that is not just a statement as Apple today announced that it had sold more than 2 million of the new iPhone 5 in 24 hours. That’s more than twice Apple’s previous record, set last October, when 1 million iPhone 4S units were sold in one day.

Technology research firm IDC has estimated that Apple will sell 51 million iPhone 5 units in the Christmas quarter, 35% more than the previous corresponding period. That number could be at serious risk of being beaten, if sales continue at the current clip.

Read more: 9 News

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