Economy

• 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”.

• Thursday, April 10th 2008 - 21:00 UTC

  IMF forecasts 4.4% growth for 2008 in “resilient” Latam

  

  Economic growth in Latinamerica will slow this year and next because of a “mild recession” in the US and turmoil in global financial markets, according to the International Monetary Fund World Outlook report released Wednesday

• Thursday, April 10th 2008 - 21:00 UTC

  UK cuts rate 0.25%; expects inflation to fall back in mid term

  

  The Bank of England on Thursday lowered interest rates to 5% from 5.25% in an attempt to spur the UK economy. This is the third rate cut since early December.
  
  BoE argued that concern over the slowing down of the economy was more immediate that inflation, which should fall back to 2% in the mid term.

• Thursday, April 10th 2008 - 21:00 UTC

  Targeting short-term inflation ECB leaves Euro rates on hold

  

  The European Central Bank left interest rates on hold at 4% highlighting concern about accelerating short-term inflation pressures and the acknowledgement of a protracted period of economic uncertainty stemming from the global credit crisis.

• Thursday, April 10th 2008 - 21:00 UTC

  Yuan up 4.3% against US dollar in 2008; 18.3% since Jul 05

  

  The Chinese currency broke this week the psychological benchmark of seven Yuan to the US dollar which could signal a change of policy in Beijing since a stronger currency should help fight inflation and makes food and energy prices cheaper.

• Thursday, April 10th 2008 - 21:00 UTC

  Brazilian companies doubled profits under Pte. Lula da Silva

  

  Brazilian corporations from 21 different business sectors doubled their profits in the five years of President Lula da Silva administrations (2003/2007), according to information disclosed by Economatica consultants in Sao Paulo.

• Thursday, April 10th 2008 - 21:00 UTC

  World Bank warns about rising food prices and poverty

  World Bank President Robert Zoellick called Thursday for a “New Deal” on global food policy to address hunger and emergency situations in developing countries such as Haiti because of rising food prices.

• Wednesday, April 9th 2008 - 21:00 UTC

  IMF forecasts one in four chance of global recession

  

  International Monetary Fund (IMF) has said that the world economy will grow much more slowly in the next two years as a result of the credit crunch. In its latest economic forecast, the IMF says that world economic growth will slow to 3.7% in 2008 and 2009, 1.25% lower than growth in 2007.