Economy

Friday, July 20th 2007 - 21:00 UTC
China hikes rates to curb inflation and cool economy

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.
Friday, July 20th 2007 - 21:00 UTC
Poor earnings and housing slump push US markets down

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.
Thursday, July 19th 2007 - 21:00 UTC
Brazil Central Bank lowers benchmark interest rate to 11.50%

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.
Thursday, July 19th 2007 - 21:00 UTC
Energy shortages impact on Argentine industrial activities

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.
Thursday, July 19th 2007 - 21:00 UTC
Bernanke: US housing slump “a drag on growth” well into 2008

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.
Thursday, July 19th 2007 - 21:00 UTC
Brazil's worst aviation disaster unveils “chaotic air system”

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.
Thursday, July 19th 2007 - 21:00 UTC
Brazil and US not willing to yield in the global trade talks

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.
Wednesday, July 18th 2007 - 21:00 UTC
US/Brazil call for a Yuan that reflects China's vigorous growth

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.
Wednesday, July 18th 2007 - 21:00 UTC
Brazil jet lands and crashes into fuel depot: 176 feared dead

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.
Tuesday, July 17th 2007 - 21:00 UTC
Brazil: 0.75% of population dominates 50% of GDP

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.