HSBC has retained its place as the most valuable banking brand in the world. This is the third year in a row The Banker magazine and Brand Finance have awarded the self-styled World's Local Bank the title. The giant has increased its brand value by 12% to 28.5 billion US dollars.
Australia's central bank Tuesday left interest rates on hold at 3.75%, surprising analysts by ending a sequence of three consecutive rises, but hinted at further hikes to come.
The Yuan needs to appreciate to reduce China's dependence on exports for growth, says the Organisation for Economic Co-operation and Development. OECD argues that more exchange rate flexibility and targeting inflation would help economic stability in China.
The dispute between Argentine president Cristina Fernandez de Kirchner and the governor of the Central Bank over who is entitled to use the international reserves triggered a legal and political battle that is ongoing.
The Asia-Pacific region has now become the world's biggest aviation market. With 647 million passengers in 2009, it overtook the North American market by about nine million passengers and according to the International Air Transport Association, IATA, Asia's market share will grow further to almost one third by 2013.
Argentina's currency may weaken against the US dollar in the next few weeks, but by March there will be a flood of dollars into the local economy, Economy Minister Amado Boudou was quoted in an interview in the Sunday edition of La Nacion.
United States President Obama's new budget proposal is set to leave the US with a record-breaking deficit of 1.56 trillion US dollars. The figure is almost 11% of the country’s GDP. Economists generally consider annual deficits of more than 3% to be unsustainable.
The Roman Catholic Church warned Sunday that Cuba is on the verge of an economic collapse that can only be prevented if President Raul Castro institutes sweeping economic and social reforms.
Argentina’s former president Nestor Kirchner purchased two million US dollars just a few days after the collapse of Lehman Brothers in September 2008 which triggered the current world downturn and when the government of President Cristina Fernandez de Kirchner (his wife) was under extreme pressure to devalue the currency.
Argentina’s meat processing group, Quickfood belonging to the giant Brazilian corporation Marfrig has purchased 150 hectares in the province of Cordoba to establish one of the largest feedlots in the country.