Stories for August 13th 2008
US surprises: trade deficit down; budget shortfall up
Good and bad news from United States: while the June trade deficit helped by strong farm and manufacture goods exports fell to an unexpected 56.8 billion US dollars, the July federal budget deficit soared to 102.8 billion pushed by the economic stimulus payments and more outlays to protect depositors from failed banks.
China targets stable growth with moderate higher inflation
A major Chinese government think-tank in Shanghai has proposed raising the country's inflation target for this year and next to 5 to 7%, from the current official target for this year of 4.8%, the official China Securities Journal said on Wednesday.
IMF to focus country surveillance on exchange rates impacts
The International Monetary Fund said on Tuesday it will enter talks with countries whose exchange rates do not reflect economic fundamentals and cause problems for other nations and the global economy.
Paraguay's new government, a test for Taiwan diplomacy
Taiwan's president Ma Ying-jeou begins this week his first overseas visit to three Latinamerican countries some of the very few left in the world that still recognise the Republic of China (Taipei).
License for Amazon dam triggers controversy in Brazil
Brazil's environment minister Carlos Minc announced he had granted a license for an Amazon hydroelectric dam but attached stringent conditions to protect Indian reservations and nature preserves. However environmental groups anticipated a long legal battle.
UN proposes plant mutation to tackle food crisis
Plant mutation, a scientific technique that dramatically improves crop productivity, could be part of the solution to the current food and energy crisis that threatens to plunge millions worldwide into hunger, according to a United Nations expert on the subject.
Food prices in the UK soared 13.7% in the last twelve months
UK's annual rate of inflation rose to 4.4% in July, its highest level since records began in 1997. The 0.6% rise was also the biggest monthly change since records began and took the figure to more than twice the government's target.
Argentina's official inflation: even most faithful misbelieve
Enough is enough. Even the most loyal of Argentine President Cristina Fernandez de Kirchner officials are rebelling against the latest consumer prices index released on Monday by the Statistics and Census Office, Indec.
Energy short Chile looks for potential alternative sources
As global temperatures and energy prices soar, scientists, policymakers and environmentalists throughout the world are scrambling for solutions. For its part, Chile could meet as much as half its electricity demands with clean energy, according to a report released Friday by energy experts from the Universidad de Chile and Universidad Tecnica Federico Santa Maria.
Brazilian mining giant orders 12 largest class ore carriers
Brazilian iron ore miner Vale has ordered a dozen of the largest class of ore carriers from a Chinese shipbuilder for 1.6 billion US dollars, aiming to boost business with fast-growing Asian customers.
