Governor of the Bank of Italy warns on recession
July 23, 2005
According to the governor of the Bank of Italy, the Italian economy will shrink in 2005 for the first time since 1993 before growing just slightly in 2006. Antonio Fazio told the upper house of Italys parliament on Friday that the nations gross domestic product will decline by 0.1 percent this year and then […]
UN condemns Zimbabwe bulldozings
July 22, 2005
The United Nations has broken their silence on the practice in Zimbabwe of bulldozing urban slums, telling that nation in a report that it must stop the practice that has left 700,000 people homeless or jobless or both and has affected up to 2.4 million more. The report, commissioned by UN Secretary-General Kofi Annan […]
World Bank seeks progress on climate change
July 20, 2005
The World Bank has expressed a willingness to take a leading role in the effort to make progress on the issue of climate change. The banks top environmental official, Ian Johnson, said on Wednesday that it can assume such a role because of the effect global warming will have on its largest clients in […]
Greenspan tells of healthy economy
July 20, 2005
Making his last semi-annual presentation before Congress today, Federal Reserve chairman Alan Greenspan painted a generally healthy picture of the US economy. However, he issued warnings on housing prices and oil prices that he said could slow economic growth, and especially expressed concern that oil prices could keep rising for the next few years. […]
Greece buys fighters from US
July 19, 2005
Greece announced on Tuesday that it will purchase 30 F-16 fighter jets from the United States while retaining an option to buy 10 more later, renouncing a previous deal to buy 60 Eurofighter planes from EADS. The decision comes after the Greek Prime Ministers May meeting with President George W. Bush in the United […]
Brazil to buy fighter aircraft from France
July 15, 2005
Brazil and France issued a joint announcement on Friday that Brazil will purchase 12 used Dassault Mirage fighter aircraft from France. The announcement came from French President Jacques Chirac and Brazilian President Luiz Inacio Lula da Silva, at a joint news conference. Brazil has been looking to acquire new military aircraft for several […]
British Chamber of Commerce reports UK growth falling
July 15, 2005
The quarterly economic survey issued by the British Chamber of Commerce says that all indicators point to a slowdown coming in the service sector in the UK, which accounts for two-thirds of the economy. The survey also indicated that gross domestic product growth in the second quarter was 0.5 percent, only slightly above the […]
Energy product imports close on Canadian trade surplus
July 13, 2005
Canadas trade surplus dropped to C$4.0 billion in May, well below the expected figure of C$4.9 billion. Statistics Canada said that the unexpected drop had to do with higher energy imports and the importation of heavy equipment to cope with a higher construction rates in western Canada. Imports of machinery and heavy equipment […]
Inflation reaches seven year high in UK
July 12, 2005
Inflation in the UK hit a seven-year high of 2.0 percent in June, right on the Bank of Englands target, up from 1.9 percent in May. Food, especially fruit and meat, clothing, and shoe prices helped the rate of inflation to this seven-year high, while higher prices for furniture and household goods and a […]
Singapore economy grows
July 11, 2005
Singapores economic growth in the second quarter of 2005 was much better than had been expected, according to early estimates. Preliminary data shows that Singapores economy grew by 3.9 percent in the quarter after having retracted by 5.5 percent in the first quarter when compared to the last quarter of last year. The […]
Jobs boom threatens inflation in Australia
July 8, 2005
Job growth is booming in Australia, good news that is also bringing some worries along with advantages. The number of new jobs have some analysts worrying that more people having more money to spend will spark inflation and lead to higher interest rates to keep inflation under control. Other analysts are skeptical that […]
G8 promises doubling of aid
July 8, 2005
The G8 leaders issued a communiqu from their meeting in Scotland on Friday in which the pledge a doubling of aid to Africa to $50 billion per year. They also announced an aid package of $3 billion over the next few years to go to the Palestinian authority. There are conditions attached to […]
US moves to comply with WTO over cotton
July 6, 2005
A week after the European Union said that it will cut sugar subsidies after Brazil brought a case objecting to the effect those subsidies have on the developing nations, the Bush administration said on Tuesday that it would propose to Congress that legislation be enacted to cut a subsidy program that paid over $2.4 billion […]
Oil prices hit African inflation
July 1, 2005
With a number of other problems facing them, African nations are also having to deal with the consequences of increasing oil prices. This is true in different ways of non-oil producing nations and for the nations that do have oil resources, although the problems are different from the two groups of countries. In […]