Economy

• Friday, February 22nd 2008 - 21:00 UTC

  Euro zone forecast: less growth and higher inflation

  Economic growth across the Euro zone will be lower in 2008 than estimated, while inflation will stay high, the European Commission has said. Brussels expects growth of 1.8% this year in the 15-nation Euro zone which is lower than its November estimate of 2.2%, and below the growth rate of 2.7% recorded in 2007.

• Thursday, February 21st 2008 - 21:00 UTC

  Fed forecasts less US growth and higher unemployment

  The US Federal Reserve has slashed its growth forecast for the US economy and raised its forecast for unemployment. The Fed cut its growth forecast for this year by half a percent to a new range of between 1.3% and 2%. The US central bank also said the jobless rate could be as high as 5.3% by the end of the year.

• Wednesday, February 20th 2008 - 21:00 UTC

  OECD GDP growth slips from 0.9% to 0.5% in last quarter

  

  Global economic growth is going to be lower than the OECD (Organization for Economic Co-operation and Development) and many other forecasting organizations were predicting just a few months ago, OECD chief Angel Gurria said on Wednesday.

• Wednesday, February 20th 2008 - 21:00 UTC

  Whiffs of global economic slowdown reach Latinamerica

  

  The Latinamerica economic climate dropped to its lowest level since July 2005 because of the United States mortgage and banking situation according to the joint indicator from the University of Munich Economics Research Institute, Ifo and the Getulio Vargas Foundation from Brazil, FGV.

• Tuesday, February 19th 2008 - 21:00 UTC

  Soaring food prices contribute to China's record Jan inflation

  Chinese inflation hit an 11-year high in January after rising price pressures were exaggerated by fierce snow storms, official figures show. Soaring food prices were largely blamed for pushing consumer inflation up to 7.1% last month, from 6.5% in December.

• Monday, February 18th 2008 - 21:00 UTC

  Argentina's 2007 foreign trade reached 100.7 billion dollars

  Argentina's foreign trade last year reached a record 100.7 billion US dollars with a surplus of 11.154 billion US dollars according to the latest release from the Statistics and Census Institute, Indec.

• Monday, February 18th 2008 - 21:00 UTC

  Northern Rock PLC quagmire brings back nationalization oldie

  

  Struggling bank Northern Rock PLC will be nationalized after the British government rejected two private takeover bids, Chancellor of the Exchequer Alistair Darling said Sunday. Darling told a news conference that the ailing mortgage lender would be placed under temporary public ownership because both private proposals had failed to meet the government's criteria for protecting taxpayers.

• Monday, February 18th 2008 - 21:00 UTC

  Subprime blues: Qatar sovereign fund buys into Credit Suisse

  

  The Qatar Investment Authority purchases shares from Credit Suisse and is planning to invest up to 15 billion US dollars in European and US banks in the next twelve months, announced Monday Qatar Prime Minister according to Bloomberg News.

• Monday, February 18th 2008 - 21:00 UTC

  Far East steelmakers agree to pay 65% more for iron ore

  

  Japanese and South Korean steel mills have agreed to pay Brazilian miner Vale do Rio Doce 65% more for iron ore this year. Japan's Nippon Steel and South Korea's Posco said they would pay Vale 78.90 US dollars a ton from April.

• Sunday, February 17th 2008 - 21:00 UTC

  Soy displaces cattle as main farm activity in Argentina

  

  Soy beans has become the main commodity of Argentina's rich farmland displacing other traditional industries such as cattle breeding and dairy farming, according to studies and statistics from the country's main breeders organization the Rural Society.