The 8.8-magnitude quake tore up highways and bridges, knocked out power that feeds mines and factories, and shook apart scores of buildings, killing more than 700 people. With details of the extent of the destruction still emerging, economists said it was hard to estimate the degree to which Latin America’s most advanced economy would be…
India will increase market borrowing by 1.3 percent in the next fiscal year, disappointing bond investors, as it counts on a surging economy and a partial rollback of stimulus measures to cut its fiscal deficit. Bond markets reversed earlier gains on worries over the government budget’s plans to increase market borrowing, and some watchers said…
In its second reading of fourth-quarter GDP, the Commerce Department said the economy grew at a 5.9 percent annual rate, rather than the 5.7 percent pace it estimated in January. It was still the fastest pace since the third quarter of 2003. The economy expanded at a 2.2 percent annual rate in the third quarter….
Toyota Motor Corp President Akio Toyoda apologised to US lawmakers probing the automaker’s safety record and ended the day in tears, in what Japanese politicians hoped was a first step towards rebuilding trust in the country’s most valuable company. Toyoda, peppered with questions about a massive recall that has rocked Toyota’s reputation, told lawmakers he…
Background: Land investors discover Brazil in early 2000In the early years of the 2000 millennium, the Brazilian economy was still a question mark, and was perceived by many as a risky country for real estate investments. In these years, a majority of property investors focused on other markets. Many European markets were witnessing a real…
“If all these elements that are being discussed under the Basel III umbrella are put in place… it would be very onerous, a heavy burden on the profitability of the banking system and the banking industry,” Alfredo Saenz, chief executive of Santander, told UK lawmakers recently. He said it was impossible to accurately predict the…
The effects of post-election violence, a drought and the global economic crisis pushed Kenya’s economic growth to 1.7 percent in 2008, after expansion of 7.1 percent in the previous year. “Last year, the recovery in tourism, and in some other key sectors, mitigated effects of the severe drought that caused food, water and energy shortages,”…
Pakistani Finance Minister Shaukat Tarin is to step down this week to focus on his private banking interests, according to reports, following speculation that he would resign. Tarin, who negotiated an IMF loan in 2008, was not immediately available for comment. In March 2008, a consortium comprising the International Finance Corporation, Bank Muscat, Nomura and…
The world economy is in a very delicate phase and the effects of the financial crisis will continue to be seen for some time to come. Despite the high degree of uncertainty, the most recent forecasts offer hope that the worst has passed and that the conditions for recovery are strengthening, partly thanks to the…
The head of the central bank heads to Capitol Hill on Wednesday and Thursday for twice-yearly testimony, fulfilling a long-time practice. Normally, the main topic is the state of the economy. This time, Bernanke will also have to answer why he decided to spring a surprise on financial markets last week by raising the interest…
