Stories for August 20th 2010
US Jobless benefits jump to highest since November; markets tumble
Claims for United States jobless benefits jumped to the highest level since November and Philadelphia-area manufacturing shrank for the first time in a year, indicating the US economy may be slowing faster than forecast.
Twelve months inflation expectations in Argentina steady at 25%
Argentines expect prices to rise 25% over the next twelve months, according to the median estimate in a monthly survey by Buenos Aires-based Torcuato Di Tella University. Expectations in August remained unchanged from last month’s report, the university said in an e-mailed report.
Chile, Brazil, Bolivia to open next November Mercosur bi-oceanic corridor
Presidents from Chile, Brazil and Bolivia will be inaugurating next November a Mercosur bi-oceanic corridor that will link the three countries, connecting the Atlantic with the Pacific oceans.
Slower job creation and lower inflation indicate Brazilian economy cooling
Brazil reported the third straight month of slower job creation in July, reflecting the slowdown of the economy in the second quarter after a massive 9% year-on-year growth in the first quarter of the year. Traders say this increases the likelihood central bank policy makers may leave interest rates unchanged in their next meeting.
Giant “Terror Birds” Used Their Heads Like Hatchets
Phorusrhacids have been extinct for millions of years, yet the so-called terror birds just got a bit more frightening. The flightless birds stood up to three meters tall and had hook-beaked heads the size of horse heads. Now a new study has apparently deciphered how the birds used those fearsome skulls—employing a fighting style like that of legendary boxer Muhammad Ali.
Argentina shuts down Internet service provided by the Clarin media group
Argentina’s government shut down the Internet service provided by Grupo Clarín SA Fibertel unit, saying the company’s merger with Cablevision SA was illegal. The move is the latest in a fight between the media group Clarin and President Cristina Fernandez de Kirchner.
China diversifying forex reserves to Asian currencies (South Korea and Japan)
China is increasingly looking to its Asian neighbours' currencies to lessen its reliance on the US dollar, both for investment and trade. Slowing the pace at which it amasses US Treasury papers, China has started buying more South Korean and Japanese government bonds.
A wealthy nation made up mostly of poor people overtaking Japan?
Where world economy is concerned, August 16, 2010 will go down history as a significant date. On this day, Japan quietly ceded to China the coveted title as the world's second largest economy which it had held for four decades.
Brazilian presidential candidate “completely cured” of the lymphoma
The Brazilian presidential candidate for the Workers’ Party ruling coalition, Dilma Rousseff underwent this week a battery of exams and tests at Sao Paulo’s most advanced hospital confirming she has overcome the lymphoma detected last year.
Brazil overtakes Canada and Spain to become world’s eighth largest economy
Brazil has overtaken Canada and Spain to become the world’s eighth largest economy, relegating Spain to ninth place, Spanish newspaper Expansión reported Wednesday.
