Soft drink baron of China has topped the list of richest people in China released by country’s Forbes equivalent, Hurun rich list.Zong Qinghou is now the wealthiest man in China having a personal fortune of $12bn among the 1363 yuan billionaires of the country.
Fears of currency war deepens as U.S. prepares to take on China over latter’s so called unfair currency exchange policy.
U.S. House of Representatives finally passed the bill Wednesday which allows U.S Commerce Department to impose duties on the goods from countries having undervalued currency.
Not only U.S. alone but most of the Europe is also passing through the aftershocks of recession forcing government to take some tough decision at economy level making people and workers unhappy though.
President Obama achieved a needed political victory getting the small business aid bill of $42 billion been passed by Senate on Monday.
U.S. people still don’t believe that recession is over though announcement has been made by economists that recession was already over last year.
Bill Gates has again topped the list of richest men in America release by Forbes on Wednesday. Founder of world’s largest software making company Microsoft ,Bill gates had stood at no.1 spot last year also with fortunes worth $ 50billion.This year he has become more wealthier with his fortune reaching $54 billion ,that means he earned $4 billion in the year of 2010.
Great recession came to an end in June 2009 according to a report by an highly credible independent body of economists in U.S. Report will give great relief to those who fear second wave of recession in U.S. if economy didn’t get stable now.
LG Electronics of South Korea has also decided to change its leadership after Nokia.
Existing Chief Executive of LG, Mr. Nam Yong offered his resignation from the top post accepting his responsibility for sharp down fall in company’s market share in mobile hand set business.
Japan took steps to make its currency Yen weak against dollar to improve their export profits. Bank of Japan came in to action directly for first time in last six years buying dollars and selling yen in order to make yen weaker.
Obama administration is again putting its all focus on economy of the country with mid-term elections falling nearby now.