Economy

Sunday, August 17th 2008 - 21:00 UTC
Russian tycoon pays 300 million Euros for French Riviera villa

Russian tycoon Mikhail Prokhorov paid 300 million Euros for a villa in the French Riviera built in 1902, so grand that it takes a reputed 50 gardeners to tend its gardens, according to the Paris daily Le Monde.
Friday, August 15th 2008 - 21:00 UTC
Relief: USDA hikes world grains production estimates

The US Department of Agriculture corrected upwards its estimate of world production of grains for 2008/09 which should total 2.190,61 million tons, up from the previous 2.164,97 million tons.
Friday, August 15th 2008 - 21:00 UTC
Contradicting data about Magallanes economic activity

Economic activity in Magallanes Region, extreme south of Chile, has fallen dramatically during the second quarter of this year compared to the same period a year ago according to the latest data from the country's official Statistics Office.
Thursday, August 14th 2008 - 21:00 UTC
Venezuela: price rises of up to 50% for 15 basic foods

Venezuela raised regulated prices of 15 basic foods ranging from bread to beef by up to 50% and removed price controls from other goods in an attempt to ease sporadic shortages in supermarkets.
Thursday, August 14th 2008 - 21:00 UTC
Argentine farmers attracted by the allure of fail-safe soy

Despite the recent dip in prices soybeans keep attracting Argentine farmers who for the coming 2008/09 season are expected to dedicate a record area to the oilseed crop.
Thursday, August 14th 2008 - 21:00 UTC
Argentina: Moody downs debt 6 levels below invest grade

Argentina's foreign debt rating outlook was cut on Thursday to stable from positive by Moody's Investors Service, which cited “heightened political volatility”. This means Argentina's rating stands at B3, six levels below investment grade.
Thursday, August 14th 2008 - 21:00 UTC
Euro zone economies contract in second quarter by 0.2%

The 15 economies of the Euro zone contracted by 0.2% between April and June heightening fears the Euro area is sliding towards recession. The first decline since the Euro zone was created in 1999 was driven by a slowdown in exports and consumer spending.
Thursday, August 14th 2008 - 21:00 UTC
US July inflation soars to highest in almost two decades

United States consumer prices rose by 5.6% in the year to July, the fastest inflation rate for almost two decades figures show. US Labor Department reported consumer prices rose 0.8% last month after jumping 0.6% in May and 1.1% in June. The July number was double what economists had predicted.
Wednesday, August 13th 2008 - 21:00 UTC
US surprises: trade deficit down; budget shortfall up

Good and bad news from United States: while the June trade deficit helped by strong farm and manufacture goods exports fell to an unexpected 56.8 billion US dollars, the July federal budget deficit soared to 102.8 billion pushed by the economic stimulus payments and more outlays to protect depositors from failed banks.
Wednesday, August 13th 2008 - 21:00 UTC
China targets stable growth with moderate higher inflation

A major Chinese government think-tank in Shanghai has proposed raising the country's inflation target for this year and next to 5 to 7%, from the current official target for this year of 4.8%, the official China Securities Journal said on Wednesday.