Rice prices are set to keep rising as demand is outstripping production according to the Philippines-based International Rice Research Institute (IRRI). In its Rice Today publication IRRI calls for more research on how to increase rice productivity and face the rice prices crisis.
Economic growth in Latinamerica will slow this year and next because of a mild recession in the US and turmoil in global financial markets, according to the International Monetary Fund World Outlook report released Wednesday
The Bank of England on Thursday lowered interest rates to 5% from 5.25% in an attempt to spur the UK economy. This is the third rate cut since early December.
BoE argued that concern over the slowing down of the economy was more immediate that inflation, which should fall back to 2% in the mid term.
The European Central Bank left interest rates on hold at 4% highlighting concern about accelerating short-term inflation pressures and the acknowledgement of a protracted period of economic uncertainty stemming from the global credit crisis.
The Chinese currency broke this week the psychological benchmark of seven Yuan to the US dollar which could signal a change of policy in Beijing since a stronger currency should help fight inflation and makes food and energy prices cheaper.
Brazilian corporations from 21 different business sectors doubled their profits in the five years of President Lula da Silva administrations (2003/2007), according to information disclosed by Economatica consultants in Sao Paulo.
World Bank President Robert Zoellick called Thursday for a New Deal on global food policy to address hunger and emergency situations in developing countries such as Haiti because of rising food prices.
International Monetary Fund (IMF) has said that the world economy will grow much more slowly in the next two years as a result of the credit crunch. In its latest economic forecast, the IMF says that world economic growth will slow to 3.7% in 2008 and 2009, 1.25% lower than growth in 2007.
Brazil has become the world's second exporter of soy beans totaling 25.6 million tons in 2006/07 and one of the country's main sources of international income. But as in Argentina and other countries soy expansion is becoming controversial in spite of the fact the government expects the volume of production to keep expanding.
Chinese banks may now invest their clients' money in United States stocks and mutual funds, China's banking regulator has said allowing them to diversify their portfolios at a time of increasing market volatility. The decision announced this week is also expected to help ease inflationary pressures in the world's fastest growing economy.