International

Monday, May 12th 2008 - 21:00 UTC
HSBC writes off U$S 3.2 billion, totaling 15.6 billion

Europe's biggest bank HSBC has written off 3.2 billion US dollars in the first three months of 2008 as a result of its exposure to the US sub-prime market. The write downs, which are lower than the total written off in the final quarter of 2007, are in line with what the bank had predicted.
Monday, May 12th 2008 - 21:00 UTC
World record rice production in 2008, but prices climbing

Rice production in Asia, Africa and Latin America will reach record highs in 2008, but prices could also continue to soar in the short term, the United Nations Food and Agriculture Organization (FAO) reported on Monday.
Monday, May 12th 2008 - 21:00 UTC
China faces strongest inflation is almost 12 years

China's consumer prices increased to a 12 year high in April pushed by food prices and in spite of government pledges to tackle inflation. Annual inflation rose to 8.5% from 8.3% in March with food costs 22.1% higher in April from a year earlier, driven mainly by demand for pork.
Sunday, May 11th 2008 - 21:00 UTC
Airbus and Boeing have a Chinese competitor

China launched a company to manufacture jumbo passenger aircrafts to challenge the dominance of commercial jet giants Airbus and Boeing in the market for aircrafts with more than 150 seats.
Saturday, May 10th 2008 - 21:00 UTC
Madrid “certain” Odyssey treasure is Spanish

Spanish experts who analysed samples of the controversial treasure raised by Odyssey Marine Exploration last summer have concluded that it came from a Spanish galleon. At a press conference in the Ministry of Culture in Madrid yesterday, Spain's US lawyer, James Goold, said Spain was “absolutely certain” that the treasure came from the 19th century warship Nuestra Señora de las Mercedes.
Friday, May 9th 2008 - 21:00 UTC
Billiton-Rio Tinto merger could help Falklands' oil plans

In the event of a successful takeover by BHP Billiton of Rio Tinto the new merged giant would consider selling a 1.5 billion potash project in Argentina which would facilitate developing Billiton oil and gas exploration off shore the Falkland Islands, according to reports in the Australian press.
Friday, May 9th 2008 - 21:00 UTC
Euro zone and Bank of England leave rates unchanged

The European Central Bank kept on Thursday interest rates for the 15-nation Euro bloc steady at 4% amid increasing signs that economic growth is winding down. ECB signaled that it was not in a rush to cut rates, as it forecast inflation would stay “high for a protracted period of time”.
Friday, May 9th 2008 - 21:00 UTC
IMF warns inflation risks have become a global challenge

Prospects for continued relatively strong growth in emerging and developing economies suggests that demand growth for energy and commodities will remain solid, even as global growth is slowing, according to the International Monetary Fund, IMF, First Deputy Managing Director John Lipsky.
Thursday, May 8th 2008 - 21:00 UTC
Top UN economist blasts EU for promoting bio-fuels

European efforts to promote bio-fuels should be rethought because of the contribution they have made to rising food prices, according to Jeffrey Sachs, a top economic advisor to the United Nations.
Thursday, May 8th 2008 - 21:00 UTC
Probes into France's Alstom for alleged bribing in S. America

The French engineering giant Alstom, famous for its high speed trains and power stations is under investigation by Swiss and French officials for alleged briberies to gain contracts in Asia and South America between 1995 and 2003.