"What I want to emphasize is that regional or systemic financial crisis will not happen in China, and the Chinese economy will not head for a hard landing," Chinese Premier Li Keqiang said last January. Roughly seven months later, China finds itself at the epicenter of a global stock market rout that has vaporized $8 trillion in wealth.
LONDON – European and U.S. shares rebounded on bargain-hunting Tuesday as China cut interest rates after fears of a slowdown in the world's second-biggest economy sparked a "Black Monday" rout across global markets.
Latin America's second-largest economy will grow between 2 and 2.8 percent this year, the Finance Ministry predicted, lowering its previous forecast of 2.2 to 3.2 percent.
Venezuela had 68 percent of its international reserves in bullion as of August, according to the World Gold Council. That's a big worry because the price of the precious metal has tumbled 15 percent from this year's high in January as the global slump in commodities deepened.
OTTAWA, Canada – Canadian Prime Minister Stephen Harper on Sunday called general elections for Oct. 19, kicking off a campaign for a fourth straight term in power amid a sluggish economy. Harper, in power since 2006, dissolved parliament after meeting with Governor General David Johnston, the representative of Queen Elizabeth II, Canada's nominal head of state in this Commonwealth country.
"The economic recovery has lasted six years and shows no signs of old age. Most notably job growth is strong and broad-based, and wage increases are set to accelerate more significantly as the economy approaches full employment," said Scott Hoyt of Moody's Analytics.
SANTIAGO, Chile – The economy of Latin America and the Caribbean will grow just 0.5 percent this year, half the previous forecast and the lowest level in six years, the United Nations said Wednesday.
Brazilian President Dilma Rousseff has lost support from Senate Chief Renan Calheiros and his lower-house counterpart, Eduardo Cunha, amid growing discontent with a recession and a corruption probe into legislators.
Moody's Investors Service, Standard & Poor's and Fitch Ratings have dished out 93 corporate downgrades since Jan. 1, already more than in any full year since 2002, and they may not be done. Speculation is mounting that Moody's -- which met with officials in Brazil last week -- will lower the country's rating.
