Budget Cuts

Long Hair is endangering K9 unit!

Photo shows a K9 unit at work. Photo: AFP

The endless filibustering in our legislature has turned up snippets of fascinating information, like how "Long Hair" Leung Kwok-hung is putting our already overworked sniffer dogs at risk.

Saturday, 11 May, 2013, 9:53am 12 comments

Budget cuts deal blow to growth in US, IMF says

Christine Lagarde

US gross domestic product will expand 1.7 per cent this year, lower than a previously forecast 2 per cent advance, according to the draft report, which was presented to the IMF board last week and may be subject to revisions before its scheduled April 16 release. The fiscal tightening that took effect in the US last month will restrain consumption in the country's economy temporarily, the report said.

13 Apr 2013 - 4:51am

Obama orders ‘deeply destructive’ spending cuts

US President Barack Obama. Photo: Xinhua

President Barack Obama formally ordered broad cuts in US government spending on Friday night after he and congressional Republicans failed to reach a deal to avert automatic reductions that could dampen economic growth and curb military readiness.

2 Mar 2013 - 5:18pm 1 comment

Obama blames Republicans for ‘dumb’ budget cuts

Obama speaks about the sequester in Washington. Photo: Reuters

President Barack Obama on Friday branded the automatic budget cuts about to slam into the US economy as “dumb” and “unnecessary” but blamed Republicans for the failure to avert them.

2 Mar 2013 - 4:45am 2 comments

UNHCR axes all aid for HK refugees in budget cuts

Philip Karani. Photo: K. Y. Cheng

In a shock move, the Office of the United Nations High Commissioner for Refugees in Hong Kong (UNHCR) has announced that it will cut all financial aid to recognised refugees living here.

There are 132 people with official refugee status in Hong Kong. Each one receives HK$500 from the UNHCR per month. But this will now be stopped from June.

27 Feb 2013 - 4:29am

Threat of spending cuts a sign of Washington's political impasse

US President Barack Obama has thrown down the gauntlet to Republicans again not to let budget cuts derail the US economy. Photo: AP

The White House and independent analysts fear the so-called sequester could cost hundreds of thousands of jobs and crimp already slow economic growth. There is little hope in Washington that it can be averted.

22 Feb 2013 - 2:48am

EU leaders warn budget deal far off

French President  Francois Hollande gives a press conference at the EU Headquarters on November 23, 2012 in Brussels, during a two-day European Union leaders summit called to agree a hotly-contested trillion-euro budget through 2020. Photo: AFP

European leaders voiced doubts Friday on reaching agreement on a trillion-euro EU budget for 2014-2020, as gruelling talks pushed into a second day with a deal to bridge bitter divisions seeming increasingly distant.

23 Nov 2012 - 11:14am

Congress, White House start 7-week quest to avoid fiscal cliff

US lawmakers return to Capitol Hill this week with a seven-week deadline to prevent the nation careering over a so-called 'fiscal cliff'. Photo: AP

Amid global stock-market jitters over Washington's political brinkmanship, United States lawmakers return to the capital this week with a seven-week deadline to prevent the nation careering over a so-called fiscal cliff into another recession.

14 Nov 2012 - 3:52am

London police HQ Scotland Yard set to be sold in cost-cutting move

The iconic sign outside Scotland Yard's current base. Photo: AP

Scotland Yard has fallen victim to the economic slump and plans to sell off its famous office tower with the iconic revolving sign outside.

The well-known landmark has been seen in countless cutaway movie shots and tourist photo albums.

But London's crimefighters are now hoping to move into new digs in a smaller building around the corner to save money.

1 Nov 2012 - 4:35am

IMF changes policy on troubled economies

The IMF meeting in Tokyo heard details of a new approach to addressing the problems of troubled nations' economies. Photo: AFP

It is hard for a leopard to change its spots. How much harder for the International Monetary Fund, prime deviser of the ABCD - austerity, budget cuts, conditionality, deficit reduction - regimen forcing indebted countries to swallow bitter economic medicine, to change its mind and suggest that sometimes it might be better to build up the strength of sickly countries than resort to blood-letting.

17 Oct 2012 - 3:31am