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Gavel Media brings you a weekly brief recap of important worldwide events and where to get more information.
AFRICA
Morsi assumes power in Egyt, instability continues
President Mohamed Morsi, Egypt’s first democratically-elected leader, declared on Nov. 22 that the constitution he seeks to draft be immune from court interference. This declaration of self-immunity led Egyptians to revolt in Tahrir Square on Nov. 27.
Mining strikes have paralyzed the South African economy in which economic growth slid from 3.4 percent in the second quarter to 1.2 percent in the third. The strikes between July and September left 50 dead.
ASIA
Asian markets take a hit due to fiscal cliff
Asian stock fell on Nov. 27 as a response to the fiscal crisis in the U.S. Asian markets are fearful that, if the consequences of the “fiscal cliff” come to fruition, the world economy will be thrown back into deep recession.
Greater cooperation in China-Indian relations
A Nov. 28 summit on China-India business relations promised cooperation between the markets instead of competition for mutual growth.
North Korea missile test in 3 weeks
Satellite images provide evidence that North Korea will likely seek to launch its second long-range missile this year, marking the first time North Korea has endeavored two launches in one year.
EUROPE
Europe internalizes US fiscal crisis
Europeans are also concerned about the fiscal cliff the U.S. faces, expressing fear for its effects on international markets.
France supports Palestine’s UN bid
European milk board protests at EP
The European Milk Board protested what it views to be unfair milk quotas and low prices by spraying thousands of liters of milk at the building of the European Parliament in Brussels.
Portugal passes tough tax hikes
Portugal passed unpopular tax increases in its 2013 budget due in accordance with the conditions agreed upon while receiving EU bailout money.
LATIN AMERICA
Argentina likely to default on debt
Argentina’s credit rating was downgraded due to the likelihood of defaulting on debt due in mid-December.
