Economy

• Thursday, May 15th 2008 - 21:00 UTC

  Farmers' conflict begins to impact growth indexes

  The Argentine economy expanded at an annual 7.9% in April closing the first four months of 2008 with at an annual growth rate of 7.5%. This would be the sixth year running that the Argentine economy has been expanding vigorously after five years averaging 8.5%.

• Wednesday, May 14th 2008 - 21:00 UTC

  US food prices in April soar at fastest rate in 18 years

  United States food prices jumped at the fastest pace for 18 years in April, but consumer price inflation still eased. Consumer prices increased 0.2% in the month, down from March's figure of 0.3%, even though food costs jumped by 0.9%, according to Labor Department figures.

• Wednesday, May 14th 2008 - 21:00 UTC

  Tough competition and fuel prices knock Iberia red

  Spanish airline Iberia reported a loss in the first quarter of the year compared with a 12.9 million Euro net profit last year. Soaring fuel prices and stiff competition forced the company to a loss of 441.000 Euros.

• Tuesday, May 13th 2008 - 21:00 UTC

  French banks take their toll from the subprime crisis

  France's biggest retail bank Credit Agricole, is contemplating asking shareholders for an estimated 9.1 billion US dollars to help its financial position after further subprime losses. The move comes after more write-downs at its Calyon investment banking unit as a result of the credit squeeze.

• Tuesday, May 13th 2008 - 21:00 UTC

  Inflation “rapidly raveling” Kirchner's economic model

  

  Former Argentine Economy minister Roberto Lavagna and considered the architect of the spectacular recovery of the Argentine economy following the 2001/02 melting and default said that former president Nestor Kirchner “does not understand economics” and his economic model is “rapidly raveling”.

• Tuesday, May 13th 2008 - 21:00 UTC

  Erupting volcano imperils two million sheep in Patagonia

  Two million sheep in the Argentine Patagonia province of Chubut are suffering the consequences of the ash blanket spewed by the eruption of the volcano Chaiten in neighboring Chile according to primary estimates from local authorities.

• Tuesday, May 13th 2008 - 21:00 UTC

  US Fed member formally puts inflation as a “key risk”

  The president of the US Federal Reserve Bank in Cleveland Sandra Pianalto said Tuesday in Paris that inflation remains a top risk to the economic outlook, but that the Federal Reserve's rate-cutting strategy was likely not to stoke inflationary pressures.

• Monday, May 12th 2008 - 21:00 UTC

  HSBC writes off U$S 3.2 billion, totaling 15.6 billion

  Europe's biggest bank HSBC has written off 3.2 billion US dollars in the first three months of 2008 as a result of its exposure to the US sub-prime market. The write downs, which are lower than the total written off in the final quarter of 2007, are in line with what the bank had predicted.

• Monday, May 12th 2008 - 21:00 UTC

  World record rice production in 2008, but prices climbing

  Rice production in Asia, Africa and Latin America will reach record highs in 2008, but prices could also continue to soar in the short term, the United Nations Food and Agriculture Organization (FAO) reported on Monday.

• Monday, May 12th 2008 - 21:00 UTC

  China faces strongest inflation is almost 12 years

  China's consumer prices increased to a 12 year high in April pushed by food prices and in spite of government pledges to tackle inflation. Annual inflation rose to 8.5% from 8.3% in March with food costs 22.1% higher in April from a year earlier, driven mainly by demand for pork.