United Kingdom prices have risen by 8.3%t since the beginning of the year amid fears that Britain is facing the worst economic conditions in decades, a report said Friday.
The Bank of England Monetary Policy Committee (MPC) decided on Thursday to keep interest rates on hold at 5% for a fifth month as it struggles to deal with a slowing economy and soaring inflation.
With annual inflation rates likely to remain well above levels consistent with stability and the latest data confirming the weakening of real GDP growth in mid 2008, the European Central Bank, ECB, has left interest rates unchanged at 4.25%.
The Doha round global trade negotiations will resume at senior official level next Tuesday announced World Trade Organization Director General Pascal Lamy on Thursday in Oslo.
Two years of negotiations have resulted in the adoption of new international guidelines to limit the impact of fishing on fragile deep sea fish species and habitats, the United Nations Food and Agriculture Organization, FAO, announced on Wednesday.
The global airline industry is expected to post losses of 5.2 billion US dollars this year and another 4.1 billion in 2009, according to the International Air Transport Association (IATA). This year's losses are based on an average crude oil price of 113 US dollars per barrel and 140 US dollars for jet fuel.
The International Monetary Fund (IMF) has agreed a voluntary code of conduct with sovereign wealth funds (SWF). The deal with 26 countries that run investment funds will be put to the IMF members at its October meeting.
The Euro zone economy (EU-15) contracted 0.2% in the second quarter compared to the previous three months according to the latest release from the Eurostat statistics office. As a consequence the Euro fell to its lowest in eight months to 1.4386 US dollars.
Coca Cola the world's largest beverage maker is to buy China's main fruit juice company for 2.4 billion US dollars, the biggest foreign acquisition of a Chinese company. The offer is three times the market value.
The original artwork for The Rolling Stones' iconic lips and tongue symbol has been bought by London's Victoria and Albert Museum.