Economy
EconomyChina says “no need for more aggressive control” of inflation
China policies in support of small and labor intensive enterprises are taking effect and there is “no need for more adjustment measures”, said on Monday a high ranking Chinese member of the Communist party.
Uruguay July inflation eases, but above 2008 target
Uruguay's July consumer prices index CPI marked 0.45%, the lowest since last April, accumulating 5.91% in the first seven months of 2008 which, according to analysts makes it difficult to keep to the original Central Bank estimates of 3 to 7% for the twelve months.
Appreciation of the Real threatens Brazilian economy
Brazil's Minister of Economy warned Tuesday that the sustained appreciation of the local currency Real against the US dollar has reached “a limit” and if the Real continues to advance, “it could ruin our external accounts”.
Falling crude prices drive commodities to sharp fall
Commodities fell sharply Monday as another big drop in crude prices prompted traders to shed copper, corn and other hard assets as alternative investments.
Argentine president tough stance scares investors
Investors are bailing out of Argentine assets in response to tough talking President Cristina Fernández de Kirchner who since a press conference on Saturday has been defending her government's actions over a now defeated agricultural tax and inflation statistics.
Fed admits high inflation but leaves rates unchanged, 2%
The Federal Reserve decided on Tuesday to keep the key interest rate unchanged at 2% in support of a slowing economy threatened by inflationary pressures and the ongoing housing contraction and high fuel prices.
Car industry downturn: GM reports losses of 15.5 b USD
General Motors reported on Friday a net three-month loss of 15.5 billion US dollars as North American sales fell by 20%. GM took a 3.3 billion charge for buying out the contracts of 19,000 hourly workers who left at the end of June.
US unemployment rising hits four year high in July: 5.7%
The United States unemployment rate increased to a four-year high in July according to a Labor Department report issued Friday which shows 5.7% of the US workforce is out of a job, a slight increase from June.
Oracles turned sour: credit rating agencies on the bench
Credit rating agencies could be banned or prosecuted under a draft European Union law aimed at making them more accountable for the advice they give. Firms that rate debt investments, such as Fitch, Moody's and Standard & Poor's, have been criticized for their role in the sub-prime mortgage crisis.
The new law would replace a voluntary code of conduct.
Russia plans trading company to control cereal exports
Russia is to form a state grain trading company that will control the majority of the country's cereal exports, it has been reported.
