Economy

• Thursday, July 11th 2013 - 06:43 UTC

  IMF: US pull-back from stimulus could trigger reversal in capital flows and hurt developing countries

  

  The International Monetary Fund trimmed its global growth forecast for the fifth time since early last year due to a slowdown in emerging economies and the woes in recession-struck Europe. In its mid-year health check of the world economy, IMF also warned global growth could slow further if the pull-back from massive monetary stimulus in the United States triggers reversals in capital flows and crimps growth in developing countries.

• Thursday, July 11th 2013 - 06:34 UTC

  China’s June fall in exports and imports anticipate grim outlook for world trade

  

  China has warned of a grim outlook for trade as the world's second-largest economy surprised financial markets by reporting a fall in exports and imports when both had been expected to rise. The June data showed that exports fell 3.1% from a year earlier and imports dropped 0.7%, according to customs officials.

• Thursday, July 11th 2013 - 01:41 UTC

  Falklands receives €4.13 million in development funds from EU and praise for good governance

  

  Falklands Islands received €4.13 million from the European Union to support sustainable growth through economic diversification under the European Development Fund (EDF) through mid-2013 to early 2016.

• Wednesday, July 10th 2013 - 17:35 UTC

  Brazil’s research company which turned the country into world breadbasket turns 40

  

  Embrapa (Empresa Brasileira de Pesquisas Agropecuarias) created tropical agriculture in Brazil, thus allowing the country to become the giant food producer it is today. Hailed for the work done in adapting soybeans to the hot, humid, acidic climes of the Cerrado savannah, where nearly 17% of the world's beans are now cultivated, the state-run research company is a national treasure.

• Wednesday, July 10th 2013 - 17:32 UTC

  “Evita” 100-Peso bill are legal tender and must be accepted, warns Argentine central bank

  

  Argentina's central bank has warned businesses to stop rejecting commemorative bank notes bearing the image of Eva Peron to mark the 60th anniversary of the iconic former first lady's death. President Cristina Fernandez, whose fiery speaking style often prompts comparisons with that of “Evita” unveiled the 100-peso bills emblazoned with her profile a year ago.

• Wednesday, July 10th 2013 - 06:01 UTC

  Storm clouds ahead for Chilean economy as world copper prices continue to fall

  

  Chile cut its copper output forecast for the year to 5.53 million tons due to setbacks at certain mines, though production is still expected to jump from 2012 as a new deposit comes online, the mining ministry said this week.

• Wednesday, July 10th 2013 - 05:57 UTC

  Global Euro use slips in 2012; Dollar remains king; Canada and Australian currencies emerge

  

  International use of the Euro slipped last year because of the debt crisis in Europe, but the US dollar held its own as the world’s leading currency for reserves held by central banks, according to the European Central Bank.

• Wednesday, July 10th 2013 - 05:50 UTC

  NYSE takes control of LIBOR setting, following collusion from leading banks

  

  The owner of the New York Stock Exchange is set to take control of a key scandal-hit bank interest rate. NYSE Euronext has won the contract for setting the London Inter-bank Offered Rate (Libor), a government-backed committee announced. Libor is used to set trillions of dollars of financial contracts.

• Wednesday, July 10th 2013 - 05:42 UTC

  Chile inflation spikes in June but ends in the first half year at 1.9%

  

  Chile's consumer inflation was up 0.6% in June, the biggest increase in eight months and slightly above expectations as costs jumped for accommodation, electricity, fuel products and water, the government said on its latest stats report.

• Wednesday, July 10th 2013 - 05:39 UTC

  IMF anticipates slower growth for Chile’s export dependent economy

  

  Growth in Chile's export-dependent economy will slow to 4.6% this year due to softer copper prices, investment and domestic demand, the IMF said in a report posted on the central bank's website earlier this week. In April, the IMF projected the economy of the world's leading copper producer would expand by 4.9% in 2013.