The People's Bank of China (PBC) ordered Friday an increase of 0.27% of a point in commercial banks' benchmark one-year deposit and lending rates to keep inflation in check. The increases will take effect on 21 July and is the fifth since April 2006.
United States stocks fell sharply on Friday following disappointing earnings from Caterpillar and Google. Worries over the impact of the housing slump and losses from risky mortgages also weighed on stocks.
Brazil's Central Bank Monetary Policy Committee, Copom, announced Wednesday a half percentage cut in the basic interest rate or Selic, which dropped from 12% to 11.50% on an annual basis.
For the first time since Argentina begun its strong recovery in 2003, industrial production contracted apparently because of the escalating energy problems and restrictions, according to the Buenos Aires think-tank FIEL which regularly releases monthly reports on economic and other activities.
Federal Reserve chairman Ben Bernanke revived fears Wednesday that the housing slump could derail a pick-up in the US economy. In his semiannual testimony before the US Congress, Bernanke predicted moderate economic growth through the second half with a bit of strengthening in 2008.
Investigations are continuing into what caused Brazil's worst air disaster, as attention turns to the plane's landing speed and the general safety conditions of the country's busiest airport which could end being closed down.
Brazil signaled this week it would take a tough stance in talks to save a global trade deal saying last-ditch compromise proposals were too weighted in favor of rich-country interests.
The Yuan needs to adapt to the vigor and strength of the Chinese economy, reflecting the spectacular growth of the country, said United States Treasury Secretary Henry Paulson in the latest edition of Veja, Brazil's leading magazine.
A passenger jet crashed and burst into flames after skidding off a runway at Brazil's busiest airport Tuesday and barreling across a highway, officials said. All 176 people on board were feared dead in what would be Brazil's deadliest air disaster, and at least 15 people were killed on the ground.
An estimated 130.000 Brazilians have financial assets valued at over a million US dollars which totals 573 billion US dollars, well above half the country's GDP, according to a report published Sunday in Folha de Sao Paulo.