Wednesday News Roundup
Lost in all the attention oil is receiving, reports from around the world indicate that 100 or more countries may be suffering, many acutely, from shortages of electricity. Given who is in trouble, both the economic and the political danger of this growing global power crisis are starting to look greater than oil’s.
While not facing shortages, many developed countries on whose consumers the world economy depends are increasingly facing what is called “fuel poverty,” a combination of rising electricity and home heating oil costs. The problem is already acute in
The "price fall of crude oil will help China to tame inflation, which is one of the country's biggest pressures currently," said Tang Min, the China Development Research Foundation deputy secretary general.
Because of booming economic development and severe natural disasters this year, the country's consumer price index (CPI), a main gauge of inflation, rose 7.9 percent in the first half over the same period last year.
Amid jitters about the future of Fannie Mae and Freddie Mac,
European Investment, Consumer Spending Drop as Economy Shrinks
European consumer spending, company investment and exports declined in the second quarter, dragging the economy into a 0.2 percent contraction and pushing it to the brink of a recession.
The hedge fund manager Ospraie Management has said that it will close its flagship fund after it plunged 27 percent in August on losses in energy, mining and natural resources equity holdings, in one of the biggest ever closures of a commodities-focused hedge fund.
Preliminary figures show that Australian gold production fell 7% to a 19 year low in the year to June.
Purchases were about 98-100 metric tons, compared with 64 tons in the year-ago month, according to provisional data from the Bombay Bullion Association Ltd., a grouping of 230 traders.