The US Federal Reserve has slashed its growth forecast for the US economy and raised its forecast for unemployment. The Fed cut its growth forecast for this year by half a percent to a new range of between 1.3% and 2%. The US central bank also said the jobless rate could be as high as 5.3% by the end of the year.
Global economic growth is going to be lower than the OECD (Organization for Economic Co-operation and Development) and many other forecasting organizations were predicting just a few months ago, OECD chief Angel Gurria said on Wednesday.
The Latinamerica economic climate dropped to its lowest level since July 2005 because of the United States mortgage and banking situation according to the joint indicator from the University of Munich Economics Research Institute, Ifo and the Getulio Vargas Foundation from Brazil, FGV.
Chinese inflation hit an 11-year high in January after rising price pressures were exaggerated by fierce snow storms, official figures show. Soaring food prices were largely blamed for pushing consumer inflation up to 7.1% last month, from 6.5% in December.
Argentina's foreign trade last year reached a record 100.7 billion US dollars with a surplus of 11.154 billion US dollars according to the latest release from the Statistics and Census Institute, Indec.
Struggling bank Northern Rock PLC will be nationalized after the British government rejected two private takeover bids, Chancellor of the Exchequer Alistair Darling said Sunday. Darling told a news conference that the ailing mortgage lender would be placed under temporary public ownership because both private proposals had failed to meet the government's criteria for protecting taxpayers.
The Qatar Investment Authority purchases shares from Credit Suisse and is planning to invest up to 15 billion US dollars in European and US banks in the next twelve months, announced Monday Qatar Prime Minister according to Bloomberg News.
Japanese and South Korean steel mills have agreed to pay Brazilian miner Vale do Rio Doce 65% more for iron ore this year. Japan's Nippon Steel and South Korea's Posco said they would pay Vale 78.90 US dollars a ton from April.
Soy beans has become the main commodity of Argentina's rich farmland displacing other traditional industries such as cattle breeding and dairy farming, according to studies and statistics from the country's main breeders organization the Rural Society.
United States Federal Reserve chief Ben Bernanke told Congress on Thursday that the US economic outlook had deteriorated but pointed out that the Fed will act in a timely manner.