A hierarchical “Gothenburg Spirit” among politicians and civil servants contributed to a culture of corruption in the past decade, concluded a report into Sweden’s second largest city. …
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The bank expects the economy to grow slightly below last year’s 2.3 percent. In its last forecast in January, the World Bank estimated the world economy would expand 2.4 percent this year. In 2014 the growth rate is expected to accelerate to 3 percent and reach 3.3 percent in 2015. “Growth is not slower because of inadequate demand but rather because, in our view, the very strong growth we saw in the pre-crisis period was due to that bubble phenomenon,” the lead author of the report Andrew Burns explains. Countries like Brazil, India, Russia and China will grow at their slowest pace in a decade, at 5.1 percent as commodities prices moderate and countries rebalance their economies, the World Bank said. Growth in these countries should slowly pick up in the future, to 5.6 percent next year and 5.7 percent in 2015, according to the report. The bank warned that large developing economies, which have driven global growth in recent years, will not experience the same boom as they did before the global financial crisis and will have to focus on structural reforms to keep expanding. “What we’re seeing now is more in line with the underlying growth potential,” Andrew Burns says. “Therefore, this is a case of moving towards the new normal of the post crisis.” China’s economy that was booming at an annual rate of 10 percent before the crisis is now expected to grow 7.7 percent in 2013, down from its earlier projection of 8.4 percent, according to the report. Economists are abandoning their rosy recovery forecasts and bracing for what could be the country’s slowest growth rate in 23 years, Reuters reports. China’s rapid expansion would moderate as its economy rebalanced away from investment-led growth to focus more on consumption, Reuters quotes Andrew Burns. The World Bank is warning developing nations to watch out for the side effects from the massive monetary expansion in advanced nations like the US and Japan. Among major risks to the global economy are the recession in the Eurozone, and fiscal uncertainty in the US, the World Bank reports. The World Bank has slashed Russia GDP growth forecast in 2013 to 2.3 percent from 3.6 percent. …
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A jobless bus driver in the US has pleaded not guilty to charges of kidnap and rape over the decade-long abduction of three young women in Ohio.
Ariel Castro appeared in court in Cleveland but did not speak. He is also accused of aggravated murder relating to an accusation that he provoked one woman to miscarry by hitting her.
His lawyer Craig Weintraub hinted at a possible plea deal.
“Mr Castro currently faces hundreds of years in prison with the current charges and it is our hope that we can continue to work toward a resolution to avoid having an unnecessary trial about aggravated murder and the death penalty,” he said.
The prosecution case details how the three young women were allegedly raped and chained up.
Castro was arrested last month after one of them, Amanda Berry, escaped from the house where they were being held and raised the alarm.
They were welcomed home by their families who had not seen them in years. Two were teenagers when they were abducted.
Copyright © 2013 euronews
As long as you haven’t been living under a rock for the past year you have undoubtedly heard the one liner “Obama is the gun salesman of the year!” …
http://www.youtube.com/v/_OOu6BEtq6E?version=3&f=videos&app=youtube_gdata Link - Afghanistan: The price of revenge
Bill Black: Operation involving drug money carried on for almost a decade
before being charged; much bigger crimes on Wall St. go unpunished …