British council leaders are attending a creditors’ meeting in Iceland to fight for more of their money back from one of the country’s ruined banks, Glitnir.
The local authorities had almost £900m ($1.5bn) of deposits in the country when a trio of its banks closed.
Most of the money was in Landsbanki, which granted the councils priority [...]
The Month of November 2009 has seen a sharp reversal in the fortunes of exports from India after a gap of over 12 months. The month of November 2009 has seen a massive 12% jump in exports in dollar terms , in spite of the US dollar strengthening against the Indian currency.
The exports have been [...]
US retail sales in November again rose by more than expected, according to official figures.
Sales rose 1.3%, the biggest gain in four months, the Commerce Department said, after retail sales in October climbed 1.1%.
Petrol sales jumped 6% and sales of cars, building materials and other goods helped push up the data.
Separate data also provided a [...]
The UK’s trade deficit with the rest of the world widened in October. Imports rose more than exports, an unexpected move given the weakness of the pound, which makes foreign-made goods more expensive in the UK. The deficit in goods and services was £3.2bn compared with £3.1bn in September, the Office for National Statistics said. [...]
The Dubai World is still in serious negotiations with the top bankers for rescheduling of over 25 billion dollars worth loans. The Dubai government controlled reality major is set to default on nearly four billion dollars of payments due on December 14th.
Standard and Poor’s has already downgraded four of the leading Dubai companies as part [...]
The foreign exchange problem for Brazil seems to be never ending. The country which was facing acute shortage of US dollars just three quarters back to pay for basic imports for the country, is now facing the other extreme stage of the problem.
Yes it is unable to manage the massive inflow of cheap US dollars [...]
The month of October 2009 has turned out to be wonderful for China, with all the key parameters showing fantastic strength. The trade surplus has doubled from 12 billion dollars in September to nearly 24 billion dollars in October.
Also the retail sales and industrial production have grown by 16% year on year , indicating a [...]
The Australian central bank has once again raised the interest rates by 25 basis points, due to increasing fears of a spike up in inflation. There are enough signs of a strong recovery in the Australian economy, and hence the central bank has got into the act of withdrawing the excess liquidity pumped into the [...]
The US unemployment rate is not showing any signs of abatement, if you go by the latest data released by the US labor department. The September 2009 unemployment rate has touched a 26 year high of 9.8%, due to more than expected job cuts by employers.
The continuing economic crisis coupled with no clear indication of [...]
The year 2009 might bring back 9% GDP Growth for the Chinese economy, in spite of exports continuing to decline for eight months in a row. The key drivers for the Chinese economic recovery in the massive stimulus spending by the government, coupled with healthy two digit consumer spending.
The Industrial production has surged by 10.8% [...]
