‘$10 trillion’ credit crunch cost
The IMF says that rich countries have provided $9.2tn in government support for the financial sector, while emerging economies spent $1.6 tn. More
Euro rises vs dollar in European morning trading
The 16-nation euro bought $1.4125 in European morning trading, up from the euro1.4078 late Thursday in New York. The British pound bought $1.6541, up from $1.6489 the night before. The dollar slipped to purchase 95.20 Japanese yen from 95.60 in New York. More
Eurozone jobless at 10-year high
Eurozone unemployment hit 9.4% in June – the highest in 10 years and another sign of the economic slowdown.
The number of jobless grew by 158,000 during the month, taking the total number of unemployed in the area using the euro to 14.9 million. More
China Hopes For “Reasonable” Result in Iron Ore Talks
The China Iron and Steel Association (CISA) vowed on Friday to keep pressing for a “reasonable” result in annual iron ore price negotiations, saying that excess imports had hindered this year’s marathon talks.
China’s talks with BHP Billiton, Rio Tinto and Vale were clouded this year by Rio’s rejection of a further tie-up with Chinese aluminium firm Chinalco, and the country’s detention of four Shanghai-based Rio employees for allegedly stealing state secrets. More
Canadian Currency Appreciates on ‘Anticipation’ of Recovery
The currency increased to near the highest level in almost 10 months as a government report showed a gain in crude oil prices this year pushed Canadian factory prices and raw-material costs higher in June. More
Japan Logs Record Deflation as Demand Stays Weak
Japanese core consumer prices fell a record 1.7 percent in the year to June, with weak consumer demand for goods playing an increasing part in pushing the country deeper into its second spell of deflation this decade. More
US ‘cash for clunkers’ scheme gives out $1bn in less than a week
The US government’s $1bn (£604m) “cash for clunkers” programme aimed at reviving stagnant car sales has been so popular that the money has nearly run out after less than a week. More
U.S. economy likely contracted in Q2, recovery seen
The U.S. economy probably contracted again in the second quarter, pressured by a huge inventory liquidation, but the pace of decline likely slowed from previous periods, according to a Reuters survey. More
Japan: Unemployment hits six-year high
The number of people out of work has risen 31% in the last year to 3.48 million, pushing the jobless rate up to 5.4% in June from 5.2% a month earlier. Job availability also fell to a record low of 43 positions for every 100 job seekers, the government said today. More
