Economy

• Friday, September 9th 2011 - 09:33 UTC

  US trade deficit drops significantly in July as exports climb and oil prices fall

  

  The U.S. trade deficit in goods and services dropped 13.1% in July to 44.8 billion dollars, the Commerce Department said Thursday.

• Friday, September 9th 2011 - 02:53 UTC

  OECD urges from G7 and G20 strong signals of leadership and confidence

  

  The outlook for economic growth in developed countries has got much worse in the last three months, the OECD said Thursday, urging leaders of G7 and G20 countries to send strong signals to restore flagging confidence.

• Friday, September 9th 2011 - 01:03 UTC

  Trichet anticipates EU flat growth next 18 months; falls short of ‘new recession’

  

  The Euro fell to a two-month low against the dollar on Thursday after the European Central Bank signalled a pause in its interest-rate tightening cycle that began just five months ago.

• Thursday, September 8th 2011 - 22:24 UTC

  World food prices hold steady at near record; cereals climb further, says FAO

  

  World food prices remained virtually unchanged between July and August 2011 according to the FAO Food Price Index published Thursday. The Index averaged 231 points last month compared to 232 points in July. It was 26% higher than in August 2010 but seven points below its all-time high of 238 points in February 2011.

• Thursday, September 8th 2011 - 22:21 UTC

  Fitch warns it might downgrade China and Japan ratings, but who rates Fitch?

  

  Fitch Ratings warned that it might downgrade China's credit rating within two years as the country's banks struggle with debt loads following a lending surge to help lift the economy during the 2008 financial crisis.

• Thursday, September 8th 2011 - 22:17 UTC

  China and UK to develop offshore trading hub for the Yuan in London

  

  China and the UK are to develop an offshore trading hub for the Yuan based in London. UK Chancellor George Osborne confirmed the agreement after meeting with Chinese vice-premier Wang Qishan in London.

• Thursday, September 8th 2011 - 22:13 UTC

  Bank of England won’t extend liquidity program; leaves rates at minimum

  

  UK interest rates have been held at a record low of 0.5% by the Bank of England's Monetary Policy Committee (MPC). Concerns about the strength of the UK economic recovery meant economists had expected rates to remain unchanged as they have been since March 2009.

• Thursday, September 8th 2011 - 06:00 UTC

  S&P met privately large bond investors suggesting the US debt downgrade, says WSJ

  

  Ratings agency Standard & Poor's officials privately met with large bond-investors weeks before the firm's US debt downgrade, leaving some believing the chance of a rating downgrade was higher than they had previously thought, the Wall Street Journal said.

• Thursday, September 8th 2011 - 05:58 UTC

  Italy and Spain pass austerity measures to control budgets and debts

  

  Italy and Spain have passed new austerity measures as they battle to control their debts. Italy's upper house of parliament approved an austerity package which should cut its deficit by some 54 billion Euros over three years.

• Thursday, September 8th 2011 - 05:43 UTC

  Argentine prepared to let the Peso and central bank reserves slide

  

  Argentina's international reserves have been declining for weeks as the central bank tries to stem the peso's slide against the US dollar, but policymakers have signaled that they intend to keep dipping into reserves to prevent an even swifter depreciation.