Argentina's July primary surplus jumps 23 pct yr/yr
August 22 2007 5:09 PM EDT
Argentina's July primary budget surplus widened 23 percent to 2.58 billion pesos ($804 million), due in part to pension contributions shifted to the state system, the government said on Wednesday.
Fed optimistic it has bought time
August 22 2007 4:39 PM EDT
The Federal Reserve is hopeful it has bought enough time with moves to soothe jittery credit markets to hold off any cut to the benchmark federal funds rate before a September meeting, if any easing is necessary at all.
Investors gauge Fed's plans as ECB acts again
August 22 2007 12:44 PM EDT
Investors weighed up on Wednesday the prospects of a near-term U.S. rate cut to calm a financial storm stemming from America's faltering home loan sector, as the European Central Bank moved to soothe money markets again. Indicating liquidity problems were far from over, the ECB said it would hold a tender to add 40 billion euros in 91-day funds to the euro money market on Thursday -- a technical measure aimed at supporting the normalisation of the market.
FDIC eyeing big banks as troubled home loans rise
August 22 2007 12:38 PM EDT
The Federal Deposit Insurance Corporation, which insures bank deposits, said on Wednesday it is closely monitoring credit markets and the biggest U.S. banks' balance sheets as troubled real estate loans rose 36 percent in the quarter ended June 30.
China warns on U.S. soy as Chinese goods under scrutiny
August 22 2007 10:02 AM EDT
China, the world's top soy importer, has accused the United States of exporting substandard soybeans even as its own exports come under growing scrutiny abroad over safety concerns.
Japan omits China, asks Asian democracies to unite
August 22 2007 9:46 AM EDT
Japanese Prime Minister Shinzo Abe called on Wednesday for a broader Asia partnership of democracies that would include India, the United States and Australia but leave out the region's superpower, China.
Russia bans Italian poultry to stop bird flu
August 22 2007 9:42 AM EDT
Russia banned poultry imports from Italy starting Monday to prevent the spread of the bird flu virus after outbreaks in the EU member state, but Italy said the strain was not dangerous and the ban impact was negligible.
Coal dependency seen braking China's climate drive
August 22 2007 9:35 AM EDT
China will have trouble cutting its dependence on coal despite growing pressures to fight global warming, a leading Chinese official said.
Indian left ponders how far to push nuclear row
August 22 2007 9:17 AM EDT
Indian communists sought to forge a consensus on Wednesday over whether to end support to Prime Minister Manmohan Singh's coalition government over a controversial nuclear deal with the United States.
China mine safety slammed as hopes fade for 181
August 22 2007 9:14 AM EDT
Desperate efforts to save 181 Chinese coal miners from two shafts flooded with water and mud faced near impossible odds on Wednesday, as a safety official said mine owners had failed to anticipate the threat of disaster.
Nicaragua embargoes Esso assets in tax dispute
August 22 2007 9:07 AM EDT
A Nicaraguan judge has embargoed assets of U.S. oil company Esso Standard Oil in a tax payment dispute between the government of leftist President Daniel Ortega and the unit of giant ExxonMobil Corp, a government aide said on Tuesday.
Investors strive to read Fed's intentions
August 22 2007 8:54 AM EDT
Investors sought to gauge on Wednesday the prospects of a near-term U.S. rate cut to calm a financial storm stemming from America's faltering home loan market, as some experts said the world economy would take a hit.
U.S. money funds seen safe from subprime problems
August 21 2007 8:08 PM EDT
Experts are reassuring investors that U.S. money market mutual funds, which have gathered about $165 billion in new assets over an eight-week period, are safe from the subprime mortgage problems that have caused steep losses at several hedge funds.
ABC/Washington Post Consumer Comfort Index tumbles to -20
August 21 2007 6:40 PM EDT
A confluence of negative factors struck a blow to the confidence of American consumers in the latest week, with a weekly survey registering its biggest decline ever.
Mexico foreign investment up 39.2 pct in 1st half
August 21 2007 4:52 PM EDT
Foreign direct investment in Mexico was $13.244 billion in the first half of the year, up 39.2 percent from the same period in 2006, the government said on Tuesday.
Foreign banks wary of loans to German banks-WestLB
August 21 2007 2:33 PM EDT
German banks face a critical situation because foreign banks are reluctant to lend to them after the joint rescue of small-company lender IKB, state-backed lender WestLB's chief executive said.
China, eyeing inflation, raises rates yet again
August 21 2007 1:50 PM EDT
China raised interest rates on Tuesday for the fourth time this year, aiming to counter expectations of accelerating inflation after consumer prices rose in July at the fastest pace in more than a decade.
China's emissions drop but situation grim: report
August 21 2007 1:39 PM EDT
China, the world's top emitter of sulphur dioxide, has managed to cut emissions of the acid-rain causing pollutant in first half of 2007, but the government said on Tuesday that meeting national targets would be tough.
Canada July inflation steady, rates seen on hold
August 21 2007 1:15 PM EDT
Canada's annual inflation rate held unchanged at 2.2 percent in July and the core rate fell to 2.3 percent from 2.5 percent in June, a steady performance that analysts said makes an interest rate rise in September highly unlikely.
Senator urges expanded Fannie, Freddie caps
August 21 2007 11:38 AM EDT
Senate Finance Committee Chairman Christopher Dodd on Tuesday said he asked the Bush administration to lift the portfolio caps on housing finance giants Fannie Mae and Freddie Mac, but Treasury Secretary Henry Paulson expressed reluctance to do so.