The Federal Reserve has cut its growth forecast for the US economy in the face of the impact of higher energy prices. It now estimates that the US economy will expand between 2.7% and 2.9% this year, down from its April forecast of 3.1% to 3.3%.
World food prices that rose 37% in a year, driving 44 million more people into poverty, are a “plague” that needs action from world leaders now, said French President Nicolas Sarkozy during the two-day Group of 20 agriculture ministers in Paris.
Millionaires in Latin America fared better than their compatriots in other regions during the global recession. A combination of a conservative investing streak and Latin America's brisk recovery helped millionaires in the region minimize losses in the last four years, according to the latest annual Merrill Lynch-Capgemini World Wealth Report.
The head of PIMCO, the world's biggest bond fund, predicted that Greece and other European economies would default on their debts to resolve their problems as the Euro area deals with its debt crisis.
Luxembourg is by far the richest country in the European Union in terms of GDP per capita, more than six times more affluent than the 27-nation bloc's poorest member Bulgaria, data showed.
British Deputy Prime Minister Nick Clegg arrives Tuesday in Brazil with a numerous delegation of business leaders, academics and sports figures to promote bilateral trade with Latin America’s largest economy.
Petrobras oil and gas corporation needs to control costs in its investment program, Brazil's Finance minister said on Monday, days after he and other board members told the company to revise an update of its 224 billion US dollars spending plan.
Brazil’s Embraer announced Monday at the Paris Air Show it had won orders for 39 E-190 regional jets and estimates is has good chances of firm orders from US carrier Delta Air Lines, which will likely make a decision to renew its fleet by October.
Brazilian president Dilma Rousseff announced an agriculture support plan of approximately 67 billion US dollars with the purpose of increasing by 5% the 2011/2012 harvest of grains and oil-seeds
Ecuadorian president Rafael Correa said China has one of the largest liquid international reserves in the world and could with “a few drops” finance the development of his country and the whole of Latin America.