China surprised international markets Tuesday by raising key interest rates for the first time in three years. The move sparked a worldwide sell-off on worries that it could cause the Chinese economy to slow down.
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Besides the unemployed, nobody is getting hurt worse in this economy than seniors. Prices on many commodities are skyrocketing, but the Consumer Price Index, which is the yardstick used to adjust Social Security for inflation,…
BHP Billiton (BHP) and Rio Tinto (RIO) gave up on plans to form the world’s biggest iron-ore exporter, citing regulatory requirements.
Regulators in Asia and Europe wanted the companies to implement changes, including asset sales, that the companies could not accept, Bloomberg News said. The regulators were worried that the deal would limit competition.
BHP and Rio, the world’s…
Continue reading BHP, Rio Scrap Plans to Form World’s Biggest Iron Ore Exporter
BHP, Rio Scrap Plans to Form World’s Biggest Iron Ore Exporter originally appeared on DailyFinance on Mon, 18 Oct 2010 07:00:00.
Filed Under: Company News, Technology
Cotton prices jumped to a record high on Friday on strong Chinese demand and the prospect of reduced supply.
In New York, ICE December cotton futures touched 119.80 cents a pound, the highest price since 1995, The Financial Times reported.
Rising cotton prices will mean higher clothing prices, especially in low-cost items such as t-shirts and underwear. Jeans-maker Levi Strauss has…
Continue reading Cotton Prices Jump to Record High
Cotton Prices Jump to Record High originally appeared on DailyFinance on Fri, 15 Oct 2010 06:26:00.
Filed Under: Green, Retail, Market News
Mining company Rio Tinto (RIO) produced record quantities of iron ore in the third quarter on rampant demand from China.
The company produced a whopped a 47.6 million tons of iron ore in the three months to September, BBC News said.
China is importing huge amounts of iron ore to make steel for its fast-growing economy. China, now the world’s second-largest quarter, grew at an annual…
Continue reading Rio Tinto Produced Record Amount of Iron Ore on China Demand
Rio Tinto Produced Record Amount of Iron Ore on China Demand originally appeared on DailyFinance on Thu, 14 Oct 2010 08:51:00.
Filed Under: Company News, Economy