The European Central Bank (ECB) has held the benchmark Euro zone interest rate at the record low of 0.75%, as had been expected. The rate has been at this level for four months, after July's cut from 1%.
The FAO Food Price Index fell 1% in October 2012, and for the first ten months of the year food prices were on average 8% lower than in the same period in 2011. The Index dipped two points to 213 points from September's revised level of 215 points. The decline was largely due to lower international prices of cereals and oils and fats, which more than offset increases in dairy and sugar prices.
The Bank of England has decided not to extend its quantitative easing (QE) stimulus program, which has injected £375bn into the UK financial system. Under QE, the Bank creates money and uses it to buy government bonds to try to stimulate the economy.
The European Union and ten Latinamerican countries signed an agreement on Thursday settling the longest running series of disputes in the history of the multilateral trading system, better known as the ‘banana dispute’.
China’s outgoing leader has warned corruption could destroy the Communist Party but stepped up plans to double the size of the economy and build a powerful maritime force. President Hu Jintao unveiled an ambitious target to double per-capita incomes and implied the economy would achieve annual growth of about 7% over the next eight years.
UK Defence Secretary Phillip Hammond signalled Thursday morning that members of the Territorial Army will be deployed to the Falkland Islands. Addressing the House of Commons Secretary Hammond said that reserve forces will be expected to fulfill new roles including contributing to standing commitments such as the Falklands.
World Travel Market 2012, the leading global event for the travel industry, became the hub of the world's tourism trade this week in London when more than 100 ministers attended the sixth UNWTO (World Tourism Organization)&Ministers' Summit.
Brazilian companies are moving into Africa amid a government drive to build closer economic ties with the continent. A year ago Vale, the Brazilian mining giant, exported its first overseas coal shipment from Mozambique.
Global meat production rose to 297 million tons in 2011, an increase of 0.8% over 2010 levels, and is projected to reach 302 million tons by the end of 2012, according to new research conducted by the Worldwatch Institute.
While the mantle of the world largest beef exporting nation has traditionally been a three-way race between Australia, Brazil and the US, 2012 has seen India race ahead of the pack, with expectations for Indian beef exports to grow again in 2013.