By Muriel Boselli
PARIS – Oil consumer nations are set to pay a record $2 trillion this year for oil imports if crude prices do not fall, the International Energy Agency (IEA) said on Tuesday, undermining economic recovery.
Crude hit $128 a barrel this month, only $20 short of its 2008 peak, and is up more than 15 percent since January, largely because of sanctions against oil producer Iran.
“For the first time [...]
Lenders would strip all remaining assets and cash off the Greek corpse. The Greeks could refuse of course, but that would only plunge them in a long legal battle, and in the meantime, there’s no chance for them to return to the international bond market. After all, who is ever going to borrow to them again if there’s a high risk of never getting your money back? And despite popular [...]
(Reuters) - Japan first annual trade deficit in more than 30 years calls into question how much longer the country can rely on exports to help finance a huge public debt without having to turn to fickle foreign investors.
The aftermath of the March earthquake raised fuel import costs while slowing global growth and the yen’s strength hit exports, data released on Wednesday showed, swinging the 2011 trade balance into deficit.
Few analysts expect [...]
Hyperinflation has struck again, this time at ground zero of the most sensitive geopolitical conflict in ages: Iran. EA WorldView reports:
An EA source reports that a relative in Tehran ordered a washing machine for 400,000 Toman (about $240) this week. When he went to the shop the next day, he was told that — amidst the currency crisis and rising import costs — the price was now 800,000 Toman (about $480). Another EA [...]
Many crops – including cereal crops – are on target for record production, but prices will stay high
Global food prices will remain high and volatile throughout this year and into next despite record food production.
The United Nations Food and Agriculture Organisation (FAO) twice yearly Food Outlook analysis says rising demand will absorb most of the higher output.
It says its index of food prices in May was at [...]
While two months ago the IMF said that “Oil price rise not threat to global recovery”, we now get an FT article with the following title: “Oil price â€˜threat to recoveryâ€™” based on a quote from the IEA.” H.M.M.M.M. we wonder whose opinion is more accurate: an organization run by idiots (who subsequently matriculate into modestly coherent people whose only job is to bash their [...]