The price of oil on world markets jumped again Friday amid growing tensions over the West’s attempt to halt oil-producing Iran’s nuclear program. U.S. crude oil on the New York market rose for the seventh straight trading session, ending the week at $109.77 a barrel, a nine-month high. Brent crude sold on the London market […]
Iran Nuclear Tensions Boosting World Oil Prices
Posted February 24th, 2012 at 4:25 pm (UTC-5)
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World Bank Starts Formal Process of Seeking New President
Posted February 17th, 2012 at 4:35 pm (UTC-5)
Top World Bank officials say they intend to name a new president for the global lender by April. Current World Bank President Robert Zoellick is not seeking renomination when his term ends at the end of June, and must be replaced. Bank officials have praised the American economic expert for coping with a global food […]
World Bank Chief Zoellick to Leave in June
Posted February 15th, 2012 at 12:00 pm (UTC-5)
The president of the World Bank, American Robert Zoellick, says he will leave his post when his five-year term expires June 30. Zoellick announced his resignation Wednesday, saying that he was pleased that the Washington-based organization had expanded its programs during his tenure, lending $247 billion to developing countries to boost their economic growth and […]
WFP: Food Prices Rise Between December & January
Posted February 10th, 2012 at 1:57 pm (UTC-5)
The U.N. Food and Agriculture Organization says global food prices rose by nearly two percent between December and January. The FAO tracks a collection of key food commodities and says poor weather in key growing regions played a roll in the rising costs. Thursday’s report says prices rose for all major types of cereals, except […]
IMF Slashes Its Global Economic Growth Forecast
Posted January 24th, 2012 at 12:05 pm (UTC-5)
The International Monetary Fund has slashed its 2012 global economic forecast, saying Europe’s debt crisis threatens to plunge the world economy into a recession. Just three months ago, the IMF projected a 4 percent advance in global growth for the year, but on Tuesday cut that to 3.3 percent. It forecast growth strengthening to 3.9 […]
Report: Global Oil Demand Grows More Slowly
Posted January 18th, 2012 at 6:40 am (UTC-5)
The International Energy Agency says a slowing global economy means demand for oil will not grow as much as earlier thought. In Wednesday’s report, IEA experts say demand for crude oil fell 300,000 barrels a day in the last few months of 2011, the first such drop since 2009, during the financial crisis. The agency […]
World Bank Cuts Forecasts for Global Economic Growth
Posted January 18th, 2012 at 12:05 am (UTC-5)
Experts at the World Bank have issued a glum assessment of prospects for global economic growth, and say if the downturn becomes serious it could affect every nation and region. They say the world’s economy will grow more slowly that previously predicted this year due to Europe’s debt crisis, and efforts elsewhere to fight inflation. […]
OECD: Most Global Economies Could Slow Further
Posted January 12th, 2012 at 1:35 pm (UTC-5)
A new report says that most of the world’s major economies are likely to slow further, but that U.S., Japanese and Russian economic fortunes are showing signs of improving. The Paris-based Organization for Economic Cooperation and Development said Thursday that the leading economic indicators for China show that the world’s second largest economy have dropped […]
IMF Set to Cut Its 2012 Global Economic Forecast
Posted January 6th, 2012 at 12:45 pm (UTC-5)
With continuing fears about the European debt crisis, the International Monetary Fund says it is set to lower its global economic growth forecast for 2012. Last September, the IMF projected a 4 percent advance this year. But on Friday IMF chief Christine Lagarde told reporters in the South African capital, Pretoria, that later this month […]
World Bank to Send Up to $5.5 Billion to Pakistan
Posted December 22nd, 2011 at 7:10 pm (UTC-5)
The World Bank says it will send as much as $5.5 billion in financial aid to Pakistan over the next two years. A new bank report Thursday said the bank’s strategy to help Pakistan’s economy return to high sustained growth is consistent with Pakistani government priorities. The $5.5 billion will support Pakistan’s poverty reduction and […]
