Singapore's GIC, one of the biggest sovereign wealth funds, warned on Monday the world could be facing its worst recession in 30 years and that financial markets would be highly volatile.
US banks continue in turmoil reporting lower profits, write-downs and hunting for fresh funds Bank of America reported a 77% drop in profits in the first three months of 2008, hit by trading losses and a 6 billion write-down to cover bad loans. National City Corporation from the Midwest admitted it was looking for 7 billion US dollars.
Britain's second largest bank, Royal Bank of Scotland, is to ask shareholders for about £10 billion of extra cash to improve its financial position, reports BBC.
New York based Citigroup has suffered a second massive loss and is cutting 9,000 jobs as the credit crisis continues to take its toll on the biggest US bank.
The Spanish tourism operator Marsans which has a majority stake in Aerolineas Argentinas announced in Buenos Aires the intention of making the flag air carrier ever more Argentine, and simultaneously taking advantage of the expertise and opportunities the Spanish group can offer.
Inflation expectations among Argentine consumers for the next twelve months reached 32.8%, the worst since the strong recovery of the country's economy begun in 2002/03, according to the monthly report from the Di Tella University released Wednesday.
The governments of Latin America must act to prevent high global food prices from increasing malnutrition in the region, officials from the UN Food and Agriculture Organization warned this week in Brasilia.
China overtook United States as the world's second exporter of goods in 2007, while Germany remains top of the ranking according to the latest data from the World Trade Organization, WYO.
Merrill Lynch posted its third straight quarterly loss, its first of 2008, after more write-downs linked to the embattled credit markets. The world's largest brokerage lost 6.5 billion US dollars in write downs on subprime mortgages and other risky assets.
Brazil's president Luiz Inacio Lula da Silva made an impassioned defense of bio-fuels rejecting that they are responsible for the recent rise in global food prices during the opening ceremony of a United Nations Food and Agriculture Organization, FAO, conference in Brasilia.