Goldman Sachs staff to receive bumper bonus

US banking giant, Goldman Sachs, has reported a net profit of $3.44 billion (£2.1bn) for April to June and says it has set aside $6.5bn to pay out in bonuses. It attributed a less volatile stock market, together with a rise in global share prices to its success. The bonuses average approximately $226,000 per employee and has raised eyebrows over whether these sorts of bonuses should be paid out so soon after the bank received government loans to help it stay afloat. Analyst William Smith however said the bank should be congratulated for performing so well given the economic climate.

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Strike could affect Indian tea production

A strike has been called by the Gorkha Janmukti Morcha (GJM), a regional political party, in the Indian tea region of Darjeeling. The GJM is demanding a separate state and fairer treatment for Darjeeling’s Nepali-speaking Gorkha community, and the campaign has already resulted in bouts of violence. The strike has hit tourism, and could affect tea production.

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Africans use text messages to communicate to Obama

US President Barack Obama was inundated with text messages from Africans, after he asked people to send questions before his recent visit to Ghana. The messages were mixed with sentiments of both support and criticism. It was Obama’s first visit to sub-Saharan Africa since his inauguration, and he had received a degree of condemnation from Nigerians who said it should have been the target of his visit as Africa’s most populous country.

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UK backs Blair as EU President

Baroness Kinnock has apparently confirmed that Tony Blair will be the UK’s official candidate for EU President, a role which will only be created if the Lisbon Treaty is approved by all EU states. Lady Kinnock discussed the nomination at a briefing in Strasburg and commented that Mr Blair had the “strength of character” required. The Conservative’s William Hague, however, said he should be let nowhere near the job. 

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Chinese miners survive 25 days underground

Following a flood in an illegally operated Chinese coal mine, three miners have been rescued alive after spending 25 days buried in a blocked tunnel. The men had survived the ordeal by licking moisture from the walls in order to stay alive, though rescuers say when they found them they were emaciated and barely able to speak, requiring immediate medical attention before they could be moved to a hospital.

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Visa-free travel for Western Balkan citizens

The European Commission has put a proposal together to allow residents of Serbia, Montenegro and Macedonia, to travel through Europe without a visa. If approved, the changes would begin in January 2010, and for the first time, would allow travellers to visit any country within the Schengen zone ^[6]. The three countries had either already met, or would need to meet certain EU conditions such as the introduction of biometric passports.  

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9/11 accused boycott court hearing

Five men accused of planning the 9/11 attacks on the US have boycotted a hearing at a US military prison in Guantanamo Bay. The alleged mastermind behind the bomb attacks, Khalid Sheikh Mohammed and his four other co-conspirators did not appear in the high security courtroom for the start of the hearing. Sheikh was understood to be the number three al-Qaeda leader before his capture. A US prosecutor said the defendants would be brought to court by all means possible. 

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British backpacker found in Australian bush

Missing British backpacker Jamie Neale was found alive and well in Australia’s Blue Mountains reserve this week after being missing for 12 days. The 19-year-old’s disappearance was alerted to police in Katoomba – a small town west of Sydney – after he failed to turn up for an organised cave tour. Mr Neale had not taken his mobile phone as he planned to return after a 10 hour round trip. After a massive man hunt, two walkers found him. He had survived by drinking rain water and eating berries and nettles.

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Iceland MPs vote to join the EU

The Icelandic parliament has voted this week to set in motion an application to join the European Union (EU). MPs in support of the application won by a narrow margin after five days of debate. The EU will now be tasked with approving the bid, with a referendum to follow, which will allow Icelandic voters to decide. Opponents of the application fear EU fishing quotas could damage livelihoods; however, the global economic crisis has persuaded some of the merits of membership.

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McGraw-Hill cuts jobs

The New York-based publishing and financial services company, McGraw-Hill, has announced it is to make 500 job cuts as it struggles with a lower demand for textbooks and credit ratings. It said that 340 jobs will go from its education division, while 85 jobs will go from financial services and 125 from its information and media section.

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