Economy

Tuesday, February 27th 2007 - 21:00 UTC
China's black Tuesday spills to the global economy

Stock markets round the world slumped Tuesday to record lows of 2001 and 2004, with the US Dow Jones index plummeting by more than 400 points and Latinamerican markets posting sharp losses averaging 4%.
The sell-off was sparked by a near 9% down slide on the Shanghai Composite Index, (the worst in a decade) as investors worried that China may pass rules to limit demand for stocks. Banks, automobiles and steel companies were hardest hit.
Tuesday, February 27th 2007 - 21:00 UTC
El Niño subsides: fishermen celebrate, farmers fear drought

By next May the “El Niño” phenomenon, which warms the Pacific Ocean by an average of 1.5 degrees Celsius (3.5 degrees Fahrenheit), will have completely disappeared.
While Chile's fishing industry utters a loud sigh of relief ÃÂ¢€“ cooler water means larger catches ÃÂ¢€” the departure of El Niño could cause severe problems for the agricultural sector, which may be facing drought.
Monday, February 26th 2007 - 21:00 UTC
Euro zone concerned with falling Yen and US dollar

European finance ministers meeting in Brussels opened their monthly meeting Monday with European Central Bank President Jean-Claude Trichet, downplaying fears of inflation and calling for exchange rates to stabilize
Monday, February 26th 2007 - 21:00 UTC
Greenspan forecasts “possible” US recession end of 2007

Former Federal Reserve Chairman Alan Greenspan said Monday in a video conference with Hong Kong businessmen that a recession in the United States economy was “possible” at the end of the year because the economy has grown since 2001.
Sunday, February 25th 2007 - 21:00 UTC
US severe poverty reached 32-year high: 16 million people

The gap between the “haves” and “have-nots” in United States keeps widening and the percentage of US citizens who are living in deep or severe poverty has reached a 32-year high, 16 million, according to a report from McClatchy Newspapers.
Friday, February 23rd 2007 - 20:00 UTC
Impact of corn prices boom on other farming activities

Corn grain prices have reached a historical level of 123 Chilean pesos, approximately 25 US cents per kilogram, a 73% rise from 2006 figures. This significant leap is a result of the growing ethanol production in the U.S. for which the cereal is essential.
Friday, February 23rd 2007 - 20:00 UTC
Brazil could begin to relax its strict monetary policy

Brazil has named a strong critic of the country's Central Bank strict (and controversial) monetary policy as representative before the International Monetary Fund, IMF, according to a release from the Finance Ministry.
Thursday, February 22nd 2007 - 20:00 UTC
Venezuela offers financial support to Ecuador

Venezuela has set aside 500 million US dollars for cooperation with Ecuador although how the financing would be extended has still not been decided, said Thursday Venezuelan Finance minister Rodrigo Cabezas.
Wednesday, February 21st 2007 - 20:00 UTC
Japan doubles interest rates signaling end of deflation

Japan's central bank doubled interest rates to 0.5% on Thursday following signs of steady growth in the economy and indicating the end of deflation that has plagued the country for years.
Wednesday, February 21st 2007 - 20:00 UTC
US inflation surprises with 0.2% increase in January

United States consumer prices increased 0.2% in January pushed by rising medical and food costs despite a fall in energy prices, reports the US Department of Labor