Latin America prepares for economic downturn
Tom Ramstack – AHN News Legal Correspondent
Washington, DC, United States (AHN) – Latin American finance ministers are trying to shield their countries from disaster amid predictions U.S. government budget cutbacks could hurt the region’s economies. Economic ministers from the 11-nation Unasur organization met last week in Buenos Aires, Argentina, to discuss defensive strategies. They are working on an agreement that would create a roughly $12 billion emergency fund to bail out collapsing economies. They also seek to reduce their dependence on the U.S. dollar for international trade and to develop policies to balance their trade deficits. Unasur consists of Brazil, Colombia, Bolivia, Chile, Ecuador, Guyana, Paraguay, Peru, Surinam, Uruguay and Venezuela. So far, Latin America’s [...] Continue Reading…
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Aussie dollar reaches record highs against U.S. dollar
Linda Young – AHN News Writer
Sydney, Australia (AHN) – The Australian dollar continued to surge higher in currency trading on Thursday reaching an all-time high in value against the U.S. dollar. Trading saw the Australian dollar reach $1.0764 against the dollar with predictions it will climb to $1.10. The $1.0764 figure was the highest value against the U.S. dollar that the Australian dollar has reached since it was allowed to float in value in 1983. Trading has pushed the Australian dollar up 10 cents in currency pair trading against the dollar since mid-March. In the meantime, the U.S. dollar has fallen in value against most of the world’s major currencies since Wednesday when Standard and [...] Continue Reading…
Winklevoss twins end legal battle with Facebook
The legal battle of the Winklevoss twins with the largest social networking site ended on Wednesday after the former Harvard University classmates of Facebook founder Mark Zuckerberg dropped their appeal of a settlement they filed with the U.S. Supreme Court.
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High food prices do not mean a bigger supply
Contrary to popular perception, the current high food prices will not see more money flowing into agriculture in the long term, warned a new forecast released ahead of a critical meeting of agriculture ministers in Paris on 22 and 23 June.
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ExxonMobil hits oil field in Gulf of Mexico with potential yield of 700 M barrels
Vittorio Hernandez – AHN News
Irving, TX, United States (AHN) – ExxonMobil announced that it struck oil in the Gulf of Mexico with a potential yield of 700 million barrels. Aside from oil, ExxonMobil also found natural gas in its first deep water exploration after the moratorium placed by the U.S. government. ExxonMobil President Steve Greenlee said on Wednesday that the oil find is one of the largest discoveries in the Gulf in the last 10 years. ExxonMobil spent $7.8 billion in the first quarter of 2011 developing new energy supplies. An oil trader commented that ExxonMobil’s new discovery would provide sufficient oil to power the country for 28 days. The trader’s estimate is based on a daily [...] Continue Reading…
US slashes estimate for world corn stocks
US officials cut hopes for the domestic corn harvest, and make huge revisions to Chinese data, heightening concerns over world supplies
[...] Continue Reading…
Russia grain losses exaggerated by up to 6m tonnes
Russia’s grain stocks may be far bigger than many observers believe, after farmers overestimated drought damage last year to claim compensation
[...] Continue Reading…
Gulf Becomes Fault Line for Sunni –Shiite Tensions
The Media Line Staff
Riyadh, Saudi Arabia (TML) – Being a Saudi soccer fan is no fun these days. The reason has little to do with the players’ sportsmanship, but with the abuses fans have been forced to put up with in recent matches in Iran. “Death to Saudi Arabia,” shouted the Iranian fans during a game between the Iranian club of Piroozi and the Saudi club of Al-Ittihad May 3, as they tried to burn a Saudi flag. On both sides of the Gulf – a body of water whose name is even a source of contention with a debate on whether it should be the Persian or Arab Gulf – tensions have risen both in the corridors [...] Continue Reading…
British Labour Party seeks curb to spending cuts
Vittorio Hernandez – AHN News
London, England, United Kingdom (AHN) – Britain’s Labour Party called on Chancellor George Osborne to curb the coalition spending cuts because of the economic slowdown the austerity measures caused. The party cited the major dip in manufacturing and mortgage approvals as proofs of the threat of a double-dip recession. Britain’s purchasing managers’ index went down to 52.1 in May from 54.4 in April. The May figure is the weakest month in about two years, which indicates modest expansion only by the manufacturing sector. For April, the Bank of England reported that mortgage approvals went down to a four-month low, amid a dip in business lending. Mortgage approvals decreased to 45,166 while consumer credit [...] Continue Reading…
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