Economy

Sunday, April 13th 2008 - 21:00 UTC
G7 ministers target financial sector and credit rating agencies

The G7 group of most industrialized nations, meeting in Washington, approved a plan Saturday aimed at easing the continuing crisis in the global credit markets.

Including calls for more oversight of financial firms and greater financial transparency, G7 members have committed themselves to its implementation
Sunday, April 13th 2008 - 21:00 UTC
Bankers acknowledge “weakness in business practices”

The credit crisis is still sending shockwaves around the world and leading banks have now accepted much of the blame for the current turbulence in the financial markets. At a meeting of the Institute of International Finance in Frankfurt, senior bankers acknowledged that “weaknesses in business practices”, including bankers' pay and the management of risk, may have contributed to the crisis, reports the BBC.
Sunday, April 13th 2008 - 21:00 UTC
Haiti's Congress sacks Prime Minister over food riots

Haiti Parliament voted on Saturday to oust Prime Minister Jacques Edouard Alexis following widespread anger over rising food prices that led to days of deadly protests and looting.
Sunday, April 13th 2008 - 21:00 UTC
Indian president begins strategic tour of Latam countries

India's President Pratibha Patil left on Saturday for a Latinamerican tour of Brazil, Mexico and Chile with the purpose of strengthening trade, investment and political ties with the region.
Sunday, April 13th 2008 - 21:00 UTC
World Bank grant for Haiti to prop social safety net programs

The World Bank announced Sunday a 10 million US dollar grant for Haiti to help the Government respond to the increasing, unaffordable prices of food for poor families.

In Haiti, the prices of rice, corn, beans, cooking oil and other foodstuffs have increased significantly in the last few months.
Sunday, April 13th 2008 - 21:00 UTC
Zoellick warns food prices will push millions to poverty

The rapid rise in food prices could push 100m people in poor countries deeper into poverty, the head of the World Bank, Robert Zoellick, has said.

His warning follows that from the leader of the International Monetary Fund, who said hundreds of thousands of people are at risk of starvation.
Friday, April 11th 2008 - 21:00 UTC
Record copper prices and record budget surpluses in Chile

The Chilean government said Thursday that the record high copper price reached on the London Metal Exchange, over 4 US dollars a pound, is “good news” but also demands prudence.
Friday, April 11th 2008 - 21:00 UTC
Global financial crisis brings together IMF and Stiglitz

Economy Nobel Prize Joseph Stiglitz, a fierce critic of the International Monetary Fund said that “this time” the fund's experts “have it right” in their assessment of the current global financial and credit crisis, which many economists however consider as to harsh and pessimistic.
Friday, April 11th 2008 - 21:00 UTC
Chile intervenes foreign exchange mart to weaken Peso

Chile's central bank, under pressure from Congress and exporters to weaken the peso, announced Thursday it will buy 8 billion US dollars in currency markets this year to increase reserves and in response to the sharp appreciation against the dollar.
Friday, April 11th 2008 - 21:00 UTC
“Rice prices crisis” has become a global challenge, says IRRI

Rice prices are set to keep rising as demand is outstripping production according to the Philippines-based International Rice Research Institute (IRRI). In its Rice Today publication IRRI calls for more research on how to increase rice productivity and face the “rice prices crisis”.