LONDON - UNEMPLOYMENT in Britain rose to 6.5 per cent in January, with the number of people out of work reaching its highest in 12 years, the government said on Wednesday.
The unemployment rate rose from 6.3 per cent for the three months ending in December, leaving more than 2 million people jobless for the first time since 1997 across the country, the Office for National Statistics said.
CANBERRA - AUSTRALIA will outlaw excessive 'golden handshake' payments to company executives, the government said on Wednesday, amid outrage over bonuses collected by bosses of troubled US insurer AIG.
Treasurer Wayne Swan and Corporate Law Minister Nick Sherry announced the crackdown, under which termination payouts worth more than a year's base pay would require shareholder approval.
SHANGHAI - A SHANGHAI villa has sold for 205 million yuan, or US$30 million (S$45.9 million), in the most costly residential real estate deal yet for mainland China, the property's developer said on Wednesday.
But despite the stunning size of the transaction, the outlook for the market remains murky, those working in the industry say.
WASHINGTON - THE Internal Revenue Service issued guidelines on Tuesday that will allow tax relief and refunds for some Bernard Madoff victims who were levied for investment earnings that turned out to be nonexistent.
IRS Commissioner Douglas Shulman told Congress the new guidelines are for taxpayers who have suffered losses from pyramid investment schemes such as the massive Madoff swindle.
