September 1st, 2011
10:54 AM GMT
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As the final day of the summer transfer market came to a frantic close late Wednesday, European football’s aristocracy again demonstrated its apparent immunity to the economic gloom affecting everyone else.

The continent’s wealthiest leagues, in England, Spain, Italy and Germany, spent almost $1.8 billion on acquiring new talent.

The English Premier League led the way, parting with $665 million. The most expensive deal being Sergio Aguero’s $62-million move to Manchester City from Atletico Madrid. FULL POST



September 1st, 2011
09:23 AM GMT
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Beijing, China (CNN) – About 60 million people today in China will no longer have to pay income taxes. Beijing raised the minimum levels for taxation, reflecting the growing paychecks – and prices - for average Chinese.

Rather than rejoice, Chinese netizens are howling about new tax regulations that impact couples seeking to marry. More galling is a new interpretation of tax law that says employees must now pay taxes on gifts of seasonal cakes – popular boxes of “mooncakes” traditionally given out for China’s mid-Autumn Festival in September – from their employers.

China raised the minimum income-tax threshold to 3500 yuan (USD 541) after pension, insurance and housing costs are deducted. The minimum taxable income was 2,000 yuan (USD 307). The move is aimed to help lower income families and boost consumption.

But latest version of China’s Marriage Law, which took effect Aug. 13, stirred much controversy across the nation as many complain the new law favors men over women.
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Filed under: BusinessChina


September 1st, 2011
04:28 AM GMT
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(CNN) – It has been about a year since BP sealed the oil well that had been gushing oil into the Gulf of Mexico.

Renewed exploration and drilling is in the news this week with deals being discussed in Russia, Alaska, India, and even off the shores of Cuba. But has the international business community learned enough from the Gulf oil spill one year later.

A U.S. biochemist and scholar says no way, and argues that more protections and protocols must be put in place.
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