2012 Economy & Business Events — Verified Historical Highlights

2012 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to

01 Jan Nigeria ends fuel subsidy program: On January 1, 2012, Nigeria officially ended its fuel subsidy program, leading to significant increases in fuel prices. This decision sparked widespread protests and debates about economic policy in the country. source: bbc.com
09 Jan Obama Administration Orders Long-Term Grand Canyon Mining Ban: On January 9, 2012, U.S. Interior Secretary Ken Salazar announced a 20-year ban on new mining claims across nearly 1 million acres of public land surrounding Grand Canyon National Park to protect its watershed from potential adverse effects of uranium and other hardrock mining. source: pew.org
10 Jan UK Approves High-Speed Rail Project HS2: Justine Greening, Secretary of State for Transport, approved the £33 billion HS2 high-speed rail project, which will connect major UK cities with London, promising significantly reduced travel times and improved transportation infrastructure.
11 Jan Obama Meets Jobs and Competitiveness Council: President Obama convenes a meeting with the President's Council on Jobs and Competitiveness, reviewing the 2011 'Road Map to Renewal' report and discussing strategies for manufacturing and energy competitiveness.
12 Jan Romanian economic protests against austerity measures: On January 12, 2012, Romania witnessed significant protests against austerity measures imposed by the government. Thousands of citizens took to the streets, expressing their dissatisfaction with cuts to public spending and rising living costs. The protests highlighted widespread discontent with economic policies during a period of financial crisis. source: bbc.com
13 Jan European credit rating downgrade: On January 13, 2012, major credit rating agencies downgraded the credit ratings of several European countries, reflecting concerns over their financial stability amid the ongoing eurozone crisis. This downgrade raised fears of increased borrowing costs and further economic instability in the region. source: reuters.com
14 Jan Power Outage in Turkey: A significant power transformer failure in Bursa, Turkey, caused widespread electricity disruption, affecting millions of people, including residents of Istanbul. The incident exposed potential vulnerabilities in the national power infrastructure.
16 Jan Sean Quinn Declared Bankrupt: Sean Quinn, formerly Ireland's wealthiest individual in 2008, is officially declared bankrupt by the High Court, symbolizing the dramatic economic downturn in Ireland.
17 Jan Jerry Yang Resigns from Yahoo!: Jerry Yang, co-founder of Yahoo!, steps down from his position as chief executive officer, marking a significant leadership transition in the tech industry.
19 Jan Kodak files for Chapter 11 bankruptcy protection: On January 19, 2012, Eastman Kodak Company filed for Chapter 11 bankruptcy protection, seeking to reorganize its business and address debts totaling $6.75 billion. The company secured $950 million in financing from Citigroup to maintain operations during the bankruptcy process. Kodak's decline was attributed to its failure to adapt to the digital photography era. source: money.cnn.com
24 Jan Apple reports record-breaking revenue: On January 24, 2012, Apple Inc. announced record-breaking revenue for the first quarter of 2012, driven by strong sales of the iPhone and iPad. The company's financial performance highlighted its dominance in the technology sector. source: bbc.com
27 Jan African Economy Faces Serious Threats: The Economic Commission for Africa warned that the continent's economy is facing significant challenges due to the Eurozone crisis and the ongoing Arab Spring.
01 Feb American Airlines Workforce Reduction: On February 1, 2012, American Airlines announced plans to reduce its workforce as part of a restructuring effort to improve financial performance. source: nytimes.com
03 Feb Malev Airlines Ceases Operations: Malev, Hungary's national airline, shut down operations due to accumulated unpaid debts, marking the end of the country's flag carrier.
08 Feb Greek Government Negotiations Collapse: Political leaders in the Greek government failed to reach an agreement on economic cuts recommended by the European Union, European Central Bank, and International Monetary Fund, signaling continued economic instability in the Eurozone.
09 Feb Greek Debt Crisis Negotiations: Ongoing negotiations to resolve the Greek government debt crisis continue with efforts to reach a tentative agreement.
10 Feb US mortgage settlement reached with major banks: On February 10, 2012, a landmark settlement was reached between the U.S. government and major banks over mortgage practices that contributed to the financial crisis. The agreement aimed to provide relief to homeowners and reform banking practices. source: nytimes.com
11 Feb Portuguese Austerity Protests: Thousands marched in Lisbon, Portugal, protesting against government austerity measures, reflecting widespread economic discontent and resistance to fiscal constraints.
12 Feb Greek parliament approves austerity bill: On February 12, 2012, the Greek parliament approved a deeply unpopular austerity bill to secure a second bailout from the European Union and International Monetary Fund, aiming to avoid national bankruptcy. The bill included €3.3 billion in wage, pension, and job cuts for that year. source: aljazeera.com
13 Feb Japan's Economic Contraction: Japan experienced its third consecutive quarter of economic decline in the fourth quarter of 2011, signaling persistent economic challenges and potential recession risks.
15 Feb Kellogg Acquires Pringles: Kellogg Company completed a significant business acquisition by purchasing the Pringles snack brand from Procter & Gamble for US$2.7 billion, marking a strategic expansion in the global snack food market.
16 Feb Air Australia Collapses: Budget airline Air Australia went into administration, leaving numerous passengers stranded and disrupting travel plans.
17 Feb France and UK Nuclear Cooperation: France and the United Kingdom sign an agreement to enhance collaboration in nuclear energy, demonstrating strategic international partnership.
19 Feb Iran suspends oil exports to EU countries: Iran halted oil exports to European Union nations in response to EU sanctions targeting its nuclear program. This move aimed to pressure the EU into lifting the sanctions.
20 Feb Thai Economy Contracts Significantly: The Thai economy experienced a substantial contraction of 7 percentage points in the third quarter, primarily attributed to widespread flooding that disrupted economic activities.
21 Feb Eurozone agrees on second Greek bailout package: Eurozone finance ministers approved a €130 billion bailout for Greece, aiming to prevent default and reduce debt-to-GDP ratio to 120.5% by 2020. The package includes private sector involvement, with bondholders accepting a 53.5% loss on Greek government bonds. source: dw.com
24 Feb Air Zimbabwe Suspends Operations: Air Zimbabwe announced the indefinite suspension of all flights, indicating severe operational and financial challenges for the national carrier.
25 Feb G-20 Finance Ministers Discuss Eurozone Bailout: Mexico City hosted a crucial meeting of G-20 finance ministers to discuss progress on the Eurozone bailout, reflecting ongoing global economic challenges.
08 Mar Sara Blakely Becomes Youngest Female Self-Made Billionaire: In March 2012, Sara Blakely, founder of Spanx, was named the youngest self-made female billionaire by Forbes magazine. At 41, she achieved this status with a company valued at $1 billion. source: forbesindia.com
13 Mar Jaguar Land Rover Expansion: Jaguar Land Rover announced plans to hire 1,000 additional workers at its Halewood plant in Merseyside, England, signaling growth in the automotive manufacturing sector.
20 Mar India's Poverty Rate Decline: India's official poverty rate decreased to 29.8% according to the 2009-2010 survey, indicating significant progress in economic development and social welfare.
21 Mar Greece Approves International Bailout: The Greek parliament voted in favor of an international bailout deal, a critical step in addressing the country's ongoing economic crisis and potential financial instability.
22 Mar Ireland Officially Enters Recession: Ireland was officially declared to be in an economic recession, reflecting significant challenges in the country's financial landscape.
28 Mar Mega Millions Lottery Hits World Record: The Mega Millions lottery in the United States reaches an unprecedented jackpot of $500 million, establishing a new world record in lottery history and capturing national attention.
29 Mar BRICS Summit in New Delhi: On March 29, 2012, the BRICS summit was held in New Delhi, India, bringing together leaders from Brazil, Russia, India, China, and South Africa. The summit focused on enhancing economic cooperation, addressing global challenges, and promoting sustainable development among the member nations.
30 Mar Major Credit Card Security Breach: On March 30, 2012, a significant security breach was reported involving major credit card companies, compromising sensitive customer data. The breach led to widespread concerns about data security and prompted investigations into the vulnerabilities within the payment processing systems.
31 Mar Household Fee Controversy in Ireland: Less than half of Irish households had paid the household fee by the deadline, leading to significant public protests at the Fine Gael party conference in Dublin, reflecting growing economic discontent.
02 Apr Express Scripts and Medco Health Solutions Merger: The U.S. Federal Trade Commission approved the merger of Express Scripts and Medco Health Solutions, two major pharmacy benefit management companies. Despite concerns about market concentration, the merger was allowed to proceed, potentially reshaping the healthcare and pharmaceutical services landscape.
03 Apr Spain's Economic Crisis: Spain experienced record-high unemployment levels, with youth unemployment reaching an alarming 50%, reflecting the severe economic challenges facing the country.
09 Apr Facebook Acquires Instagram: On April 9, 2012, Facebook announced its acquisition of Instagram, a popular photo-sharing app, for approximately $1 billion in cash and stock. This strategic move aimed to enhance Facebook's mobile presence and photo-sharing capabilities. source: en.wikipedia.org
12 Apr Google Reports Strong Q1 Earnings: Google announces impressive first-quarter financial results, with earnings increasing by over 24% and net profit reaching $8.14 million, demonstrating the company's robust financial performance.
15 Apr China's Yuan Trading Reforms: China relaxes currency controls, allowing the Yuan to trade against the US dollar with an expanded range, signaling economic liberalization.
16 Apr Jim Yong Kim elected World Bank president: On April 16, 2012, Jim Yong Kim was elected as the president of the World Bank, becoming the first Asian-American to hold the position. His election was seen as a significant step towards reforming the institution and addressing global poverty. source: bbc.com
17 Apr Apple and Samsung Agree to Patent Litigation Talks: Apple Inc. and Samsung Electronics initiated settlement discussions regarding pending smartphone patent litigation, mediated by U.S. District Court Judge Lucy Koh.
21 Apr Japan Forgives Burmese Debt: Japan agreed to forgive over US$3.7 billion of Burmese debt and resume development assistance, signaling improved diplomatic and economic relations between the two countries.
24 Apr Ford Motor Co. Investment Grade Status: Fitch Ratings upgraded Ford Motor Company to investment-grade status, signaling improved financial health and investor confidence in the automotive company.
25 Apr UK enters economic recession: In April 2012, the United Kingdom officially entered a double-dip recession, marking the second economic downturn since 2008. source: bbc.com
26 Apr Argentina Nationalizes YPF Oil Company: The Argentine Senate passed a bill to nationalize 51% of YPF, a major energy company, signaling a significant shift in the country's economic policy and approach to resource management.
01 May Global Protests Against Austerity Measures: Tens of thousands of people across Asia, Europe, and North America participated in coordinated protests, demonstrating against job cuts, economic inequality, and austerity measures.
03 May Argentina Nationalizes YPF Oil Company: The Argentine Chamber of Deputies approved President Cristina Fernandez de Kirchner's bill to nationalize 51% of YPF, with 207 votes in favor and 32 against.
12 May Eurozone debt crisis deepens: The Eurozone debt crisis intensifies as several member countries face escalating financial challenges, leading to increased economic instability and concerns over the future of the euro.
14 May Air India Pilots' Strike: Air India experiences significant disruption as the pilots' strike enters its seventh day, leading to the cancellation of 13 international flights. This industrial action highlights labor tensions in the national airline.
18 May G8 Summit addresses Eurozone crisis: On May 18, 2012, the Group of Eight (G8) summit convened at Camp David, focusing on the Eurozone crisis. Leaders emphasized the need for a balanced approach, combining fiscal consolidation with growth-promoting policies. U.S. President Barack Obama highlighted the importance of a 'strong growth agenda' alongside efforts to manage the Eurozone's fiscal challenges. source: gov.uk
22 May Morgan Stanley subpoenaed in Facebook IPO investigation: On May 22, 2012, Morgan Stanley was subpoenaed by regulators as part of an investigation into its handling of Facebook's initial public offering. This raised questions about the transparency and practices surrounding the IPO process. source: reuters.com
23 May HP Announces Major Workforce Reduction: Hewlett-Packard announces a significant workforce reduction, planning to eliminate 27,000 jobs, representing approximately 8% of its total workforce, as part of a strategic restructuring effort.
24 May UK Economic Contraction Revised: Revised economic data revealed that the United Kingdom's economy contracted by 0.3% during the first quarter of 2012, a more significant decline than initially reported, signaling ongoing economic challenges.
27 May IMF Chief Faces Controversy in Greece: Christine Lagarde, head of the International Monetary Fund, was accused of insulting the Greek people after making controversial remarks about the country's economic situation.
29 May Facebook IPO Financial Fallout: Four Wall Street market makers experienced substantial financial losses, estimated around US$115 million, due to technical complications during Facebook's problematic initial public offering.
31 May India's Economic Challenges: The Indian government faced significant criticism over its economic management following a nationwide strike protesting rising petrol prices.
01 Jun Direct Trading of Japanese Yen and Chinese Yuan: Direct trading between the Japanese yen and Chinese yuan commenced, signaling closer financial ties.
07 Jun Fitch downgrades Spain's credit rating: On June 7, 2012, Fitch Ratings downgraded Spain's credit rating to 'BBB' from 'A', citing concerns over the country's economic outlook and banking sector. This downgrade reflected the ongoing financial crisis in Europe and raised fears about Spain's ability to manage its debt. source: reuters.com
09 Jun Spain secures bank bailout: On June 9, 2012, Spain secured a bailout for its struggling banks, amounting to up to €100 billion. This move was aimed at stabilizing the financial sector amid the ongoing European debt crisis and restoring investor confidence. source: bbc.com
14 Jun Nokia announces global workforce reduction: On June 14, 2012, Nokia announced plans to cut up to 10,000 jobs worldwide by the end of the following year. This decision was part of an accelerated cost reduction program aimed at enhancing the company's long-term competitive strength. The cuts were expected to impact research and development facilities in Germany and Canada. source: money.cnn.com
15 Jun Canada-US Bridge Project Announced: Canada and the United States jointly announced a partnership to construct a new bridge connecting Detroit, Michigan and Windsor, Ontario, enhancing cross-border infrastructure.
16 Jun Coca-Cola Returns to Myanmar: Coca-Cola resumes business in Myanmar after a 60-year absence, leaving North Korea and Cuba as the only countries where the company does not operate.
18 Jun 2012 G-20 Mexico summit: The 2012 G-20 summit was held in Los Cabos, Mexico, on June 18-19, 2012. Leaders from the world's major economies gathered to discuss global economic issues, including the Eurozone crisis and sustainable development. source: bbc.com
19 Jun Spanish miners' protest turns violent: On June 19, 2012, protests by Spanish miners against austerity measures turned violent in several regions. The miners were demonstrating against cuts to subsidies and the impact on jobs in the coal industry. source: bbc.com
20 Jun Murdoch's Media Acquisition Bid: Media mogul Rupert Murdoch launched a surprise bid to purchase billionaire James Packer's share in Consolidated Media Holdings, a major stakeholder in Foxtel and Fox Sports Australia.
21 Jun Global bank credit downgrade: On June 21, 2012, several major global banks faced credit downgrades due to concerns over their exposure to the European debt crisis and other financial risks. This development raised alarms about the stability of the global financial system. source: reuters.com
23 Jun Greece seeks bailout extension: On June 23, 2012, Greece formally requested an extension of its bailout program from the European Union and the International Monetary Fund. The request aimed to provide Greece with more time to implement economic reforms and avoid default. source: reuters.com
25 Jun Cyprus Seeks Financial Assistance: Cyprus announced plans to request a loan of 1.8 billion euros from European partners, potentially becoming the fifth European country to seek financial assistance during the ongoing economic crisis.
26 Jun Stockton, California declares bankruptcy: Stockton, California, filed for bankruptcy, becoming the largest U.S. city at the time to do so, citing financial difficulties and a $26 million budget deficit. source: nytimes.com
27 Jun Barclays Bank Fined for Interest Rate Manipulation: Barclays Bank plc was fined £290 million for manipulating interbank interest rates. CEO Bob Diamond also forfeits his bonus as a result of the scandal.
28 Jun Eurozone emergency meeting on Spain and Italy: On June 28, 2012, Eurozone finance ministers held an emergency meeting to address the financial crises in Spain and Italy. The meeting aimed to discuss measures to stabilize the economies and prevent further economic turmoil within the Eurozone. source: reuters.com
29 Jun European Union agrees on bank bailout and economic reforms: On June 29, 2012, the European Union reached an agreement on a bank bailout for Spain and economic reforms aimed at stabilizing the Eurozone. This decision was part of broader efforts to address the financial crisis affecting several member states. source: bbc.com
30 Jun Barclays Libor Scandal Escalates: Bob Diamond, Chief Executive of Barclays, was summoned to appear before British MPs to address the ongoing Libor interest rate manipulation scandal.
01 Jul Barclays Chairman Marcus Agius resigns over Libor scandal: On July 1, 2012, Marcus Agius, the chairman of Barclays Bank, resigned following the revelation that the bank had manipulated the London Interbank Offered Rate (Libor). The scandal involved traders at Barclays colluding to submit false information to influence the benchmark interest rate, leading to significant financial penalties and reputational damage for the bank. source: theguardian.com
02 Jul Airbus Expands Manufacturing in United States: Airbus announced plans to establish a $600 million assembly plant in Mobile, Alabama, marking a significant investment in U.S. manufacturing and aerospace infrastructure.
03 Jul Barclays CEO Bob Diamond resigns amid Libor scandal fallout: On July 3, 2012, Bob Diamond, the CEO of Barclays Bank, resigned following the Libor scandal that had previously led to the resignation of Chairman Marcus Agius. The scandal involved the manipulation of the London Interbank Offered Rate by Barclays traders, leading to significant financial penalties and reputational damage for the bank. source: theguardian.com
04 Jul Libor Rate Manipulation Scandal: On July 4, 2012, it was revealed that several major banks, including Barclays, had been manipulating the London Interbank Offered Rate (Libor), leading to significant financial penalties and regulatory scrutiny.
05 Jul Libor Scandal Impacts Barclays' Credit Rating: On July 5, 2012, following the revelation of the Libor rate manipulation scandal, Barclays' credit rating was downgraded by major rating agencies, reflecting the financial and reputational damage caused by the scandal.
09 Jul PFGBest Founder's Suicide Attempt Reveals Major Financial Fraud: Russell Wasendorf, founder of U.S. Futures Broker PFGBest, attempted suicide at his Iowa headquarters, revealing the disappearance of more than $200 million from company accounts.
12 Jul PSA Peugeot Citroen announces job cuts: On July 12, 2012, PSA Peugeot Citroen, the French automotive company, announced plans to cut 8,000 jobs in France as part of a restructuring effort to improve profitability. source: reuters.com
13 Jul China's economic growth slows to 7.6% in Q2 2012: China's economy grew by 7.6% in the second quarter of 2012, marking the slowest pace in over three years. This slowdown was attributed to declining export growth amid weak global demand and reduced domestic consumer spending. In response, the government implemented measures such as cutting interest rates and launching stimulus programs to stimulate the economy. source: aljazeera.com
15 Jul Middle East oil route tensions: On July 15, 2012, tensions rose in the Middle East concerning key oil transportation routes. Disputes over the Strait of Hormuz and other strategic passages impacted global oil markets and international relations. source: en.wikipedia.org
17 Jul Marissa Mayer becomes Yahoo CEO: Marissa Mayer was appointed as the CEO of Yahoo, making headlines as one of the few women to lead a major tech company. Her appointment was seen as a pivotal moment for the company as it sought to revitalize its brand and business strategy. source: nytimes.com
19 Jul UK Austerity Measures Continued: British Prime Minister David Cameron suggested in an interview that government spending cuts should continue until the end of the decade, reflecting the ongoing economic challenges facing the United Kingdom.
21 Jul Russia joins World Trade Organization: On July 21, 2012, Russia officially became a member of the World Trade Organization (WTO) after 18 years of negotiations. This membership aimed to integrate Russia into the global economy and improve trade relations. source: bbc.com
23 Jul New Train Service Challenges Deutsche Bahn: Hamburg-Koln-Express launched a new open-access train route connecting Hamburg in the north with Cologne in the west, representing a significant challenge to market leader Deutsche Bahn AG's long-distance transportation monopoly.
25 Jul UK Enters Recession: On July 25, 2012, the United Kingdom officially entered a double-dip recession, as reported by the Office for National Statistics. The economy contracted by 0.7% in the second quarter of 2012, following a 0.3% contraction in the previous quarter. source: bbc.com
26 Jul CEO Resignation at Nomura Holdings: Kenichi Watanabe resigns as CEO of Nomura Holdings following a series of insider trading scandals, reflecting corporate governance challenges.
30 Jul India's massive power grid failure: On July 30, 2012, India experienced a massive power grid failure, affecting over 600 million people across the country. The blackout was caused by a combination of factors, including overdrawn power and inadequate infrastructure. source: bbc.com
31 Jul Northern India power grid failure: On July 31, 2012, northern India experienced a massive power grid failure, affecting over 600 million people. The blackout was caused by a combination of factors, including overdrawn power and inadequate infrastructure. source: bbc.com
01 Aug Saudi Aramco Tops Global Oil Companies: Forbes ranked Saudi Aramco as the world's largest oil company, underscoring the company's significant role in the global energy market.
02 Aug Sharp Corporation Job Cuts: Japanese media reported that Sharp Corporation, a major electronics manufacturer, planned to eliminate 5,000 jobs worldwide as part of a restructuring effort.
09 Aug Barclays Names New Chairman: Following the Libor scandal, Barclays bank appoints Sir David Walker as its new chairman in an effort to restore institutional credibility.
12 Aug Qatar Supports Egyptian Economy: Qatar commits to depositing US$2 billion into the Egyptian Central Bank to support the country's economy during a period of significant political instability.
13 Aug Mark Thompson appointed New York Times CEO: On August 13, 2012, Mark Thompson, former director-general of the BBC, was appointed as the new CEO of The New York Times Company. source: nytimes.com
22 Aug Russia Joins World Trade Organization: On August 22, 2012, Russia officially became a member of the World Trade Organization (WTO) after 18 years of negotiations. This membership was expected to integrate Russia more fully into the global economy and enhance its trade relations.
24 Aug Apple-Samsung patent lawsuit: On August 24, 2012, the ongoing patent lawsuit between Apple and Samsung reached a pivotal moment with a jury verdict. The case highlighted the intense competition in the smartphone market and the legal battles over intellectual property. source: reuters.com
29 Aug Nord Stream Pipeline Expansion: Gazprom completed construction of the second leg of the Nord Stream natural gas pipeline, strengthening energy connections between Russia and Germany.
30 Aug Pemex Discovers Significant Oil Deposits: Pemex, Mexico's state-owned oil company, discovers substantial crude oil deposits in northern Tamaulipas, potentially containing 250 to 400 million barrels of oil, representing nearly one-third of the company's annual production.
31 Aug Apple Loses Patent Dispute in Japan: In a significant legal development, Apple was defeated in a patent dispute against Samsung Electronics regarding tablets and smartphones in a Tokyo court.
03 Sep Moody's Downgrades EU Credit Outlook: On September 3, 2012, Moody's Investors Service downgraded the European Union's credit outlook from stable to negative, citing concerns over the eurozone debt crisis and its potential impact on the EU's financial stability. source: reuters.com
04 Sep Airbus Global Aircraft Demand Projection: Airbus forecasts a global demand for 28,200 civil aircraft by 2031, which is more than double the current fleet size, indicating significant potential growth in the aviation industry.
10 Sep South African Miners' Protest: Nearly 10,000 miners protested at the Lonmin mines in Marikana, North West province, with an additional 15,000 miners on strike at the Gold Fields KDC West Driefontein Mine, signaling significant labor unrest.
13 Sep Federal Reserve launches QE3: On September 13, 2012, the Federal Reserve announced the third round of quantitative easing (QE3), committing to purchase $40 billion in mortgage-backed securities monthly. This decision aimed to stimulate the U.S. economy by lowering long-term interest rates and encouraging investment and spending. source: federalreserve.gov
17 Sep Panasonic Suspends China Operations Due to Territorial Dispute: As a result of the Senkaku Islands dispute, Panasonic has suspended operations at three of its factories in the People's Republic of China.
20 Sep AU Optronics Antitrust Penalty: AU Optronics was fined $500 million for participating in a global LCD screen price-fixing conspiracy, highlighting corporate accountability in international markets.
25 Sep Olympus Scandal: Corporate Fraud Admission: Tsuyoshi Kikukawa, former President of Japan's Olympus Corporation, pleads guilty to his role in a significant corporate fraud case, marking a crucial moment in Japanese corporate accountability.
30 Sep Major Corporate Merger in Steel Industry: Nippon Steel & Sumitomo Metal Corporation made their stock market debut on the Tokyo Stock Exchange, marking the completion of a significant merger that created the world's second-largest steelmaker. This strategic consolidation represents a major development in the global industrial landscape.
03 Oct UK Rail Franchise Bidding Controversy: The United Kingdom government canceled the rail franchise award to FirstGroup for the West Coast Main Line due to what were described as "significant technical faults" in the bidding process.
05 Oct Anglo American Platinum dismisses 12,000 striking miners: On October 5, 2012, Anglo American Platinum, the world's largest platinum producer, dismissed 12,000 workers who had been on an unofficial strike for three weeks at its Rustenburg facilities in South Africa. The company cited the workers' failure to attend disciplinary hearings as the reason for their dismissal. source: abc.net.au
08 Oct Haiti Introduces Sin Tax for Education: Prime Minister Laurent Lamothe announced a new sin tax on gambling, alcohol, and cigarettes to fund a national education initiative.
10 Oct Major Defense Industry Merger Collapse: BAE Systems and EADS (European Aeronautic Defence and Space Company) terminated their proposed merger talks due to significant political and regulatory differences, marking a major setback in the European defense industry consolidation efforts.
11 Oct Niger Delta Farmers Sue Shell Oil: Farmers in the Niger Delta initiated a lawsuit against Shell Oil, alleging destruction of their livelihoods and property damage. Shell claimed that local insecurity complicated repair efforts, highlighting environmental and economic tensions.
12 Oct S&P Downgrades South Africa's Credit Rating: Standard & Poor's downgraded South Africa's long-term foreign currency sovereign credit rating from 'BBB' to 'BBB+' and local currency rating from 'A' to 'A', signaling potential economic challenges.
13 Oct Google faces antitrust challenge: Google was facing an antitrust challenge from the European Commission, which was investigating the company's practices in the online search and advertising markets. The inquiry raised concerns about competition and consumer choice. source: reuters.com
15 Oct Portugal Releases 2013 Budget Amid Austerity Protests: The Portuguese government releases its 2013 budget draft while ongoing protests against austerity measures continue to challenge economic policies.
18 Oct Google Stock Trading Suspended: Following a significant 20% drop in profits, Google's stock was temporarily suspended from trading on NASDAQ after an inadvertent early release of its quarterly financial report, causing market volatility.
22 Oct Ben Bernanke's Federal Reserve Exit: Federal Reserve Chairman Ben Bernanke signaled his intention to leave his position after his term expires in January 2014, regardless of the presidential election outcome, marking a significant transition in U.S. economic leadership.
25 Oct UK economy exits recession with Olympic boost: On October 25, 2012, the UK economy emerged from a double-dip recession, posting a 1% growth in the third quarter, the strongest quarterly growth in five years. This recovery was partly attributed to the London Olympics, which contributed to increased economic activity during the period. source: cnbc.com
29 Oct Penguin Random House merger: The merger between Penguin and Random House was officially announced, creating one of the largest publishing companies in the world. This consolidation raised discussions about the future of the publishing industry and its impact on authors and readers. source: nytimes.com
31 Oct New York Stock Exchange Reopens After Hurricane Sandy: Following a two-day shutdown caused by Hurricane Sandy, the New York Stock Exchange resumed trading, with stocks initially trending lower.
05 Nov Ninth Asia-Europe Meeting in Laos: The Ninth Asia-Europe Meeting convened in Vientiane, Laos, with 51 foreign leaders, including Chinese Premier Wen Jiabao and Laotian President Choummaly Sayasone, to discuss global issues including the financial crisis.
08 Nov Euro Banknotes Redesign Confirmed: Mario Draghi, president of the European Central Bank, announced plans to redesign euro banknotes, beginning with the €5 note as part of a broader currency modernization effort.
16 Nov Hostess Brands files for bankruptcy: On November 16, 2012, Hostess Brands, the maker of Twinkies and other baked goods, filed for bankruptcy due to labor disputes and financial difficulties. The company sought to restructure its debts and operations amid declining sales. source: nytimes.com
19 Nov Hostess Brands Labor Dispute Enters Mediation: U.S. Bankruptcy Court Judge Robert Drain orders Hostess Brands and the baker's union to negotiate through mediation, temporarily halting the company's planned shutdown and preventing potential corporate takeovers.
20 Nov UBS rogue trader sentenced: Kweku Adoboli, a former trader at UBS, was sentenced on November 20, 2012, to seven years in prison for unauthorized trading that resulted in a loss of $2.3 billion for the bank. This case highlighted issues of risk management in financial institutions. source: bbc.com
22 Nov Glencore's Xstrata Acquisition Approved: The European Commission endorsed Glencore's $31 billion bid to acquire mining company Xstrata, a significant merger in the global mining industry that would create one of the world's largest commodity trading and mining companies.
23 Nov Black Friday Shopping Frenzy: Millions of Americans participated in the annual Black Friday shopping event, with retailers across the country offering significant price reductions to attract customers eager to begin their holiday shopping.
26 Nov Mark Carney Appointed as Bank of England Governor: Mark Carney, the Governor of the Bank of Canada, was selected to become the next Governor of the Bank of England, set to replace Mervyn King in June 2013. This significant appointment marks a notable transition in international financial leadership.
27 Nov Eurozone and IMF agree on Greek debt relief package: Eurozone finance ministers and the International Monetary Fund (IMF) reached an agreement to release €43.7 billion in bailout funds to Greece. The deal aimed to reduce Greece's debt-to-GDP ratio to 124% by 2020 and below 110% by 2022, through measures including debt buybacks and extending loan maturities. source: aljazeera.com
28 Nov EPA suspends BP from new federal contracts: The U.S. Environmental Protection Agency (EPA) temporarily suspended BP from new federal contracts due to the company's conduct related to the 2010 Deepwater Horizon oil spill. This suspension was imposed after BP pleaded guilty to multiple charges, including manslaughter and environmental violations. source: epa.gov
04 Dec Germany Blocks EU Banking Union Progress: German Finance Minister Wolfgang Schauble has stated he will not support a single system of financial supervision without fundamental treaty changes, presenting a significant setback to the European Union's efforts to establish a comprehensive banking union.
05 Dec Citigroup Announces Major Job Cuts: American banking giant Citigroup revealed plans to eliminate 11,000 jobs worldwide, reflecting ongoing restructuring in the global financial sector.
07 Dec US Airways-American Airlines Merger Proposal: US Airways presented a formal merger proposal for American Airlines' parent company, valuing the combined entity at $8.5 billion. This strategic move aimed to create a stronger, more competitive airline in the challenging aviation market.
11 Dec European Union Uniform Patent Scheme: The European Parliament adopted a groundbreaking uniform patent scheme, streamlining intellectual property regulations across all EU member states and potentially simplifying innovation processes.
13 Dec European Union Grants New Banking Supervision Powers: On December 13, 2012, the European Union granted the European Central Bank new powers to supervise eurozone banks, marking a significant step towards banking union. source: bbc.com
15 Dec Turkmenistan Conducts National Census: Turkmenistan initiates a comprehensive population and housing census to gather critical demographic data.
19 Dec UBS fined $1.5 billion for LIBOR rate manipulation: On December 19, 2012, Swiss bank UBS was fined $1.5 billion by U.S. and UK regulators for manipulating the London Interbank Offered Rate (LIBOR). The fine was part of a broader crackdown on financial institutions involved in rate manipulation, aiming to restore integrity to global financial markets. source: reuters.com
20 Dec NYSE Sold to IntercontinentalExchange: The New York Stock Exchange, the world's largest stock exchange, was acquired by Atlanta-based IntercontinentalExchange, signaling a significant shift in global financial infrastructure.
24 Dec Steve Jobs' Yacht Released: After settling final estate bills, the high-tech yacht Venus, valued at £85 million, was released from Port Amsterdam, marking a final chapter in Steve Jobs' legacy.
29 Dec France Rejects 75% Wealth Tax: France's Constitutional Council rejected the government's proposal to impose a 75 percent marginal income tax rate on wealthy citizens, a controversial economic policy that sparked significant debate about taxation and income inequality.
30 Dec US fiscal cliff negotiations continue: Negotiations in the U.S. Congress regarding the fiscal cliff were ongoing, with lawmakers attempting to reach an agreement to avoid significant tax increases and spending cuts. The discussions were critical for the economic stability of the country and drew national attention. source: nytimes.com
31 Dec U.S. Fiscal Cliff Negotiations: On December 31, 2012, President Obama addressed the nation regarding the fiscal cliff negotiations, expressing optimism that an agreement to prevent tax hikes was within reach but not yet finalized. He emphasized the urgency of resolving the issue to prevent tax increases on middle-class families. source: obamawhitehouse.archives.gov

What happened in 2012?

Discover what the world looked like in 2012:

Discover 2012 2012 Historical Events 2012 Nobel Prize Winners 2012 Most Popular Baby Names 2012 Chinese Horoscope 2012 Movies 2012 TV Series 2012 Academy Awards 2012 Books 2012 VideoGames