Where world economy is concerned, August 16, 2010 will go down history as a significant date. On this day, Japan quietly ceded to China the coveted title as the world's second largest economy which it had held for four decades.
Brazil has overtaken Canada and Spain to become the world’s eighth largest economy, relegating Spain to ninth place, Spanish newspaper Expansión reported Wednesday.
Business climate in Latin America reached in July its highest level in a decade according to the joint report from Brazil’s Getulio Vargas Foundation and Germany’s Economic Research Institute (IFO) from the University of Munich.
Argentina’s economic activity expanded 11.1% last June compared to the same month a year ago, anticipated President Cristina Fernandez de Kirchner during the celebration of the 126th anniversary of the Rosario Chamber of Commerce.
President Barack Obama has said an over-supply of homes is hindering the US economic recovery. Obama also said the US had to find a way to curb its budget deficit without further slowing economic growth.
French gruyere producers have given up trying to win the coveted appellation d'origine controlée (AOC) certification, ceding the official label to the Swiss. They had been planning to take the matter to the European Commission, but decided against the risk: if their demand for the label had been rejected, they would have lost the right to call their cheese gruyere at all.
The Governor of the Bank of England warned of the dangers of ‘destructive’ high inflation after admitting his surprise that the rise in the UK cost of living continues to overshoot targets, according to a report in the Daily Mail.
Spanish fishing vessel owners have warned Uruguayan port authorities that they are considering leaving the port of Montevideo because of the costly labour disputes with crew members when the vessels dock, taking advantage of a very ‘misbalanced’ legislation.
This week’s news that China had overtaken Japan to become the world's second-largest economy in the second quarter of this year made headlines around the world. The economic milestone was seen as a telling confirmation of the shifting balance of economic power in Asia, and as a culmination of China's stunning three-decade economic resurgence.
Wheat futures advanced for the first time in four sessions in Chicago trading after Ukraine, the second-largest exporter in the former Soviet Union last year, said it will probably limit overseas sales, following Russia’s restrictions on trade.