Stories for July 16th 2008

Wednesday, July 16th 2008 - 21:00 UTC
Oil in biggest one-day drop in 17 years: closes at 138.69

Oil prices fell sharply Tuesday on concerns that a slowing US economy will decrease demand for oil. The price of crude oil in New York at one point fell more than 9 US dollars a barrel in New York trading, the biggest one-day drop in dollar terms in 17 years.
Wednesday, July 16th 2008 - 21:00 UTC
Black Tuesday for the US economy plagued with bad news

Tuesday was a particularly black day for the US with a rainfall of bad news including Federal Reserve chairman Ben Bernanke forecast of “numerous difficulties” ahead for the US economy plus reports of the highest inflation since 1981.
Wednesday, July 16th 2008 - 21:00 UTC
Financial crisis and inflation fears plunge global markets

Global shares fell sharply during Tuesday on fears over the state of the US economy, with the Dow Jones index closing at its lowest level in two years.
Wednesday, July 16th 2008 - 21:00 UTC
Argentine Senate vote: end of debate or another battle?

Hundreds of thousands of Argentines took to the streets of Buenos Aires in support of two rival rallies on the eve of a Wednesday crucial Congressional vote on farm export taxes which has triggered a four month stand off between the government and protesting farmers.
Wednesday, July 16th 2008 - 21:00 UTC
Wife of Moscow mayor buys £ 48 m London mansion

Witanhurst, a 90-room Grade-II Queen Anne listed mansion in Highgate, sold for £23 million last year, only to see its value soar 56% in the last 12 months despite worries of falling house prices.
Wednesday, July 16th 2008 - 21:00 UTC
Uribe admits Red Cross symbol used in rescue operation

Colombian President Alvaro Uribe admitted one Red Cross symbol was used in a daring and successful hostage rescue mission that took place two weeks ago.
Wednesday, July 16th 2008 - 21:00 UTC
Buenos Aires “fed up” with Kirchner farmers' conflict

A majority of Buenos Aires City residents are “fed up” with political rallies stemming from the ongoing stand off between the Argentine government and the protesting farmers over grains and oilseeds export taxes, according to a survey released on Wednesday.
Wednesday, July 16th 2008 - 21:00 UTC
US inflation in June at its fastest pace in 17 years

United States inflation accelerated at its fastest pace in 17 years in June driven higher by surging energy prices. Consumer prices were 5% higher than a year ago and rose 1.1% on a monthly basis, the Labor Department said on Wednesday.
Wednesday, July 16th 2008 - 21:00 UTC
Higher rates expected as Euro inflation doubles ECB target

Surging fuel food prices drove Euro zone inflation in June to 4%, (from 3.7% in May) more than double the European Central Bank target and the highest since measurements began in 1997, according to the latest release from the EU statistics office Eurostat.
Wednesday, July 16th 2008 - 21:00 UTC
Argentina faces complicated horizon, says Wall Street

Wall Street analysts forecast a complicated horizon for Argentina fueled by the government's political problems, slower economy, rising inflation and the ongoing dispute with farmers over taxes which some anticipate will find its way to the courts, according to reports in the Buenos Aires press.