With a growing perception that US interests rates will be cut this week while UK interest rates will remain unchanged next week, the pound sterling hit its highest level against the US dollar in 26 years.
The United States Federal Reserve by a clear majority voted on Wednesday to cut US interest rates 25 basis points from 4.75% to 4.5%. The widely expected decision was taken to help revive the country's faltering housing and credit markets.
The subprime lending crisis in the United States recently forced Chile's Celulosa Arauco (CELCO), the forestry arm of the Angelini group, to close the La Araucana sawmill located in Los Álamos in Arauco province. The decision left 130 people unemployed.
Chile fell nine spots in the 2007 Globalization Index, compiled by Foreign Policy magazine and the management consulting firm AT Kearney. Additionally, Chile is no longer the most globalized Latin American country, as Panama and Costa Rica jumped to higher spots on the list
Argentina's 2007/08 corn crop could surpass last season's record output by more than 10% but analysts had mixed views on soybeans' potential due to concerns about yields. The country produced 21.8 million tons of corn last season and a record 47.6 million tons of soybeans.
Argentines expect 20% inflation in the next year, double the official rate and consumer confidence has shed 21% after hitting an all-time high in January, according to a survey done this month by Torcuato Di Tella University.
Australian wool broker Lanoc Wool has recently initiated a 'transition to organics' course with the help of TM Organics and a group of ten woolgrowers who collectively produce around 3000 bales per annum.
The United Kingdom remains vulnerable to further fallout from the recent credit crunch that has gripped world markets, a Bank of England report warns. BoE said British sub-prime borrowers could encounter problems obtaining credit because banks faced higher borrowing costs.
China's booming economy has grown by 11.5 percent in the third quarter, slightly less that the 11.9% of the previous quarter. Beijing efforts to slow the rapid expansion. The continued growth has put China on track to surpass Germany as the world's third largest economy, by as early as December.
The Finnish-Swedish forest products group Stora Enso reported Thursday a third quarter loss and announced plans to cut production by closing mills in Finland and Sweden which will mean the loss of 1.700 jobs.