Economy

Thursday, December 20th 2007 - 20:00 UTC
Peru is planning not to renew loan agreements with IMF

Peru, one of the International Monetary Fund, IMF, clients has announced it has no intention of renewing the stand by agreement that extends until February 2009.
Thursday, December 20th 2007 - 20:00 UTC
Inflation, ECB target; no Euro interest rate cut on sight

The European markets fell for the consecutive third day on Wednesday after European Central Bank President Jean-Claude Trichet signaled that faster inflation will prevent policy makers from cutting interest rates to ease the continuing crunch in the credit markets.
Thursday, December 20th 2007 - 20:00 UTC
Record investment boosts Brazilian growth 5.2% in 2007

Brazil's GDP is forecasted to expand 5.2% in 2007, up from the original 4.5%, said the Applied Economics Research Institute, IPEA, an office from the Brazilian Executive. The quarterly report indicates that the industrial sector is estimated to grow 6% this year, up 0.8 percentage points above the first estimate.
Thursday, December 20th 2007 - 20:00 UTC
Japan leaves rates unchanged on fears of global debt crunch

The Bank of Japan has kept interest rates on hold at 0.5% amid worries over the global credit crisis and dips in domestic business confidence. The expected move came as the central bank revised down its economic growth forecast for Japan for the year to March 2008.
Thursday, December 20th 2007 - 20:00 UTC
China raises interest rates and subsidizes pork farmers

China's People's Bank (central bank) has raised interest rates for the sixth time this year, adding to its efforts to cool the country's surging inflation. The benchmark lending rate will rise to 7.47% from 7.29% with effect from Friday, while the main deposit rate will increase to 4.14% from 3.87%.
Thursday, December 20th 2007 - 20:00 UTC
W. Bank “downsized” India's economy to fifth world largest

The World Bank says India and China are not what they are pumped up to be. The Bank has “downsized” the economies of the two Asian giants by nearly 40% under new metrics, which it says are more reliable and accurate than previous estimates
Wednesday, December 19th 2007 - 20:00 UTC
US Congress approves “historic” energy efficiency bill

The U.S. Congress has approved a “historic” energy bill that increases U.S. fuel efficiency standards in cars and trucks. President George Bush is expected to sign the measure into law.
Wednesday, December 19th 2007 - 20:00 UTC
EU Central Bank ready to pump 348 billion Euro liquidity

The European Central Bank has allocated 348.7 billion Euros, (502 billion US dollars) to banks at a below-market rate in a refinancing move to ease tightened credit markets.
Wednesday, December 19th 2007 - 20:00 UTC
Federal Reserve tough new rules for mortgage lenders

The US Federal Reserve approved Tuesday measures to give mortgage holders far more protection to prevent the current housing crisis from worsening further. Tough new regulations will ensure lenders take into account a borrower's ability to repay a loan and would not penalize those making early repayments.
Wednesday, December 19th 2007 - 20:00 UTC
Mexico and Chile most expensive countries in Latam

Chile is the second most expensive country in Latin America, according to a preliminary report released Monday by the World Bank's International Comparison Program (ICP). Of the 11 Latin American countries included in the study, only Mexico was found to be more expensive than Chile.