Economy

Friday, August 20th 2010 - 02:40 UTC
China diversifying forex reserves to Asian currencies (South Korea and Japan)

China is increasingly looking to its Asian neighbours' currencies to lessen its reliance on the US dollar, both for investment and trade. Slowing the pace at which it amasses US Treasury papers, China has started buying more South Korean and Japanese government bonds.
Friday, August 20th 2010 - 02:36 UTC
A wealthy nation made up mostly of poor people overtaking Japan?

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.
Friday, August 20th 2010 - 02:20 UTC
Brazil overtakes Canada and Spain to become world’s eighth largest economy

Brazil has overtaken Canada and Spain to become the world’s eighth largest economy, relegating Spain to ninth place, Spanish newspaper Expansión reported Wednesday.
Thursday, August 19th 2010 - 03:11 UTC
Latam’s business climate in July reached highest level in a decade

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.
Thursday, August 19th 2010 - 02:57 UTC
Argentine economic activity expands 11.1% in June over a year ago

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.
Thursday, August 19th 2010 - 02:54 UTC
Over-supply of homes hindering US economic recovery says Obama

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.
Wednesday, August 18th 2010 - 19:26 UTC
Swiss win the “gruyere-war” certification over French cheese producers

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.
Wednesday, August 18th 2010 - 19:11 UTC
Bank of England warns about high inflation; rate won’t drop to 2% until mid 2012

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.
Wednesday, August 18th 2010 - 04:50 UTC
Spanish fishing vessels threatening to abandon the port of Montevideo

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.
Wednesday, August 18th 2010 - 04:28 UTC
China points out: second-largest economy but not second largest economic power

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.