The number of US home foreclosures, and the rate of homes entering the process, reached record highs in the fourth quarter of 2007, according to the US Mortgage Bankers Association.
Gibraltar will benefit from over 9 million Euros in EU funding over the next six years to invest in projects aimed at fostering sustainable and diversified economic growth reports the Gibraltar Chronicle.
Brazil economy grew more than 5% in 2007 on high global demand for agricultural products, ethanol and iron ore and a booming domestic market, Finance Minister Guido Mantega said Friday in a press conference.
The United Nations food agency has asked wheat-producing nations in Asia, including India and Pakistan to be on high alert following a report that a new virulent wheat fungus has moved to major wheat-growing areas in Iran.
World fertilizer production is expected to outstrip demand over the next five years and will support higher levels of food and bio-fuel production, FAO said in a new report entitled Current world fertilizer trends and outlook to 2011/12, published this week.
The United States State Department 2008 International Narcotics Control Strategy Report makes a link and describes Spain as the grand European centre for money laundering, according to the Gibraltar Chronicle.
Colombia is assessing the economic impact of the current diplomatic conflict with Ecuador and Venezuela which represented 9 billion US dollars in trade last year and a significant boost for the country's economic expansion.
Some of Europe's leading banks are also facing problems as a consequence of the downfall from the US credit crisis and for having possibly breached US rules banning banks from doing business with countries on a terrorist blacklist.
France's biggest retail bank Credit Agricole made a loss in the last three months of 2007, hit by a hefty charge at its Calyon investment banking arm.
The European Central Bank (ECB) kept interest rates unchanged at 4% on Thursday as concerns about inflation persist. Earlier in London the Bank of England's Monetary Policy Committee adopted a similar decision keeping interest rates on hold at 5.25%.
The chairman of the US Federal Reserve, Ben Bernanke, has said more should be done to prevent homeowners facing foreclosures unnecessarily. Bernanke warned there had been a 50% rise in foreclosures in 2007 to one and a half million, and this is expected to worsen as mortgage repayments rise.
The Fed chairman told a meeting of US bankers that the situation called for a vigorous response. This would help communities and the wider economy, he said.