The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% for the 14th consecutive month, as widely expected.
Interest rates are expected to remain on hold until at least 2011, as a result of uneven growth and low inflation.
The news comes after the Bank of England elected [...]
The International Monetary Fund (IMF) has today lifted its global growth forecast for 2010 to 4.6%, up from the 4.2% forecast in April.
However, it maintained its 2011 growth forecast at 4.%.
The upward revision for 2010 comes despite ongoing financial turmoil in the euro zone, triggered by Greece’s debt crisis that threatened to spread across [...]
Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), has said that China’s yuan was still too low, despite a pledge by the People’s Bank of China to make its exchange rate more flexible.
The US has previously expressed dissatisfaction that China is keeping the value of the yuan low to help its exporters [...]
There are fears that the debt crisis in the euro zone could hit the global economy but Australia believes its economy will be unaffected.
According to the Reserve Bank of Australia (RBA) governor, Glenn Stevens, the country’s strong trade connections with East Asia means it will be relatively unaffected by the events in the euro zone.
The [...]
Fitch Ratings cut Spain’s credit rating from the maximum AAA to AA+ on Friday and the news comes just a week after one of the country’s banks, CajaSur, was bailed out.
Standard & Poor’s cut Spain’s credit rating a month ago and comes as the country has been forced to implement tough austerity measures in order [...]
Stock markets across the world fell sharply today over ongoing fears about the debt crisis in the euro zone.
London’s FTSE fell below the crucial 5,000 mark today to 4,939.6 points – its lowest level for eight months.
Germany’s Dax index lost 2.7%, while France’s Cac 40 index fell 3.2%.
Earlier in the day, Asian markets [...]