A look at the economic developments in the world (AP)

A look at economic developments and activity in key markets stock around the world Thursday:

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LONDON - The European Central Bank raised its interest rates and refers more to come, the latest sign that it will not be derailed by the debt crisis in its mission to fight inflation.

The quarter-point hike, to 1.5%, was the second this year and largely expected by the markets despite an economic slowdown and the debt crisis, which almost caused the Greece default this month.

The Bank also agreed to extend the liquidity of emergency Portuguese banks, as it did with the Greece and the Ireland, even if one of the main agencies rating downgraded to junk status, the obligations of the country.

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LONDON - stronger than expected figures U.S. pushed stocks higher investors European jobs and helped to brush off the coast of the increase in rates of interest in China and Europe.

Hope in the markets, it is that the recent soft patch in U.S. economic dataflow arrived at the end, giving a new impetus to the global economy.

Germany of DAX closed up to 0.5%, the CAC 40 in France increased by 0.5% and the FTSE 100 of leading British shares increased by 0.9%.

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TOKYO - Earlier in Asia, stocks were mixed. Japanese Nikkei 225 fell by 0.1%, Composite index of Shanghai China lost 0.6%, Hang Seng Hong Kong closed marginally while Nestle South Korea was 0.4% higher index.

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MADRID - Spain had to pay a large increase in two auctions of bonds interest rates, reflecting renewed market pressure on the country's capacity to manage its debt.

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BERLIN - Eurogroup Chief Jean-Claude Juncker called for "more responsible behaviour" of rating agencies in the wake of a much-criticized downgrade for the Portugal.

European officials were scathing about the downgrading by Moody this week, as the newly elected Portuguese Government pushes through austerity plans.

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ROME - Probing Rising sugar prices up prices of the food world again in June, after a brief lull. The Nations United Food and Agriculture Organization, said its index of food prices rose 1 percent. Food prices are 4 percent below the record high registered in February.

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WASHINGTON - Trade house and Senate leaders, said they were looking for a compromise solution to expand worker assistance program which has become the main obstacle to approval of the Congress of the trade agreements with the South Korea, the Colombia and the Panama.

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NEW DELHI--Boeing provides a market of $ 150 billion for aircraft passengers in India over the next 20 years, driven by a booming economy.

Indian airlines will have to buy some new 1.320 had to meet the demand for an expansion of the aviation sector, said Boeing India President Dinesh Keskar.

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LONDON - The Bank of England kept interest rates at an all-time low of 0.5%, while the economic recovery warm in Britain continues to outweigh concerns about inflation.

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Singapore - Singapore investment company Temasek says that its investments reached a record profit of solid tire of Asian companies.

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LONDON - Making British production increased by 1.8% in may, reversing a decline a month earlier.

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NEW DELHI - A Minister of the Indian Government has offered to resign after investigators said they were probing his alleged involvement in a scandal of telecommunications, the media, said.

The allegations against Dayanidhi Maran more Terni the Government of Prime Minister Manmohan Singh, who was beaten by a second telecoms scandal and other cases of large-scale corruption.

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TALLINN, Estonia - in June consumer prices have been 4.9% more that a year ago. It is the highest rate in the eurozone 17 members.

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Copenhagen--The Denmark Central Bank raised its lending rate key by a quarter of a percentage to 1.55% point follow a similar approach by the Central Bank European.

The Denmark is a member of the European Union but is not one of the 17 countries that use the euro.

COME Shirakawa, said world growth slows but intact recovery

By Leika Kihara

TOKYO. Sun, July 3, 2011 9 pm EDT

TOKYO (Reuters) - the Japan Bank Governor Masaaki Shirakawa said that slightly more cautious on global growth as signs of slowdown in the global economy continues to recover albeit at a slower pace, a point of view to spread to emerging economies.

But he upheld the assessment of the Central Bank, while the Japanese economy remains under pressure downward, mainly on the production, he shows signs of pick up.

"The Japanese economy resumed probably a moderate recovery as more ease constraints supply and output activity picks up," Shirakawa said in a speech at a quarterly meeting of managers of the branch of the Bank of the Japan Monday.

The Bank of Japan is growing more and more convinced that will go the Japanese economy back after the devastation of the 11 March earthquake and the tsunami at the end of this year that the restoration of the supply chain companies more quickly than expected.

Dans in factory output jumped by most dans almost 60 years, while the latest Central Bank's quarterly tankan survey showed that companies expect an improvement in the sense of business in the coming months and plan to increase capital expenditures.

The Bank of the Japan should maintain distance on political relaxation more in his review of rates, the next week and tone up its optimism on the output and the economy, even if it strikes a note of caution about signs of an economic slowdown.

Some members of the Bank of the Japan became more more worry softening of world growth which, if prolonged, will hurt exports just at the moment where Japan undermines the constraints of supply in the fall.

Acknowledgement of Shirakawa of the slowdown follows a warning by the BOJ Yoshihisa Morimoto Commission Member last month that the global economic risks have heightened somewhat after a sweep of weak US data.

But many of the Central Bank did not expect even the global slowdown turn into a recession which would adversely affect export quite seriously threaten the recovery of the Japan.

"Output and private domestic demand showed signs of picking up, as supply constraints begin to ease and household and business sentiment improved somewhat" Shirakawa said in the speech Monday.

The Bank of the Japan should cut its economic forecasts for the current fiscal year which began in April when it conducts a quarterly review of its long-term projections in the rate review next week, sources familiar with the thinking of the Bank said.

But this would be a technical revision reflecting the sharp contraction in the January-March GDP and revisions in the figures of last year and would not affect monetary policy and the opinion of the Bank of Japan that growth will resume towards the end of this year, they said.

(Editing by Edmund Klamann)

World Bank to the balance sheet as the remains of the Egypt IMF ready (Reuters)

WASHINGTON (Reuters) - the World Bank, said Sunday that should be the balance of the plans to lend to the Egypt after the International Monetary Fund confirmed that the authorities wanted to is no longer a loan with IMF-backed program.

The Minister of finance Egyptian Samir Radwan, said Saturday Egypt would not borrow from the World Bank and the IMF after the revision of its budget and the deficit target of cutting to 8.6% of the gross domestic product of 11%.

A spokesman for the World Bank said that he was not informed of the decision.

"All that we are aware that these discussions are ongoing and we have heard nothing from the Government to suggest the contrary," said a spokesman for the World Bank.

"If there is no program of the IMF, we will have to make the point", added the spokesman.

The IMF said Egypt had scrapped plans for a loan of $ 3 billion IMF agreed last month. The World Bank and other international donors have generally look at the IMF as a seal of approval to the Governments.

On 24 may, the World Bank President Robert Zoellick said that the institution of fight against poverty would be $ 4.5 billion over the next 24 months for the Egypt. Funding included $ 1 billion this year in the budgetary support and $ 1 billion next year to cover a deficit huge budget after the economy has plunged into a crisis by mass demonstrations led Hosni Mubarak's Office on 11 February.

The program of the World Bank was also to the improvement of transparency and boost employment, which were part of the requirements of demonstrators.

Radwan said Qatar had provided the Egypt with $ 500 million for budgetary support in the week, and Saudi Arabia had offered a similar amount.

(Reporting by Lesley Wroughton; editing by Anthony Boadle)

World Bank to make the point in Egypt ready scraps IMF

World Bank President Robert Zoellick (L) meeting Prime Minister Egyptian Essam Sharaf (R) at the Summit of the G8 in Deauville on May 27, 2011.

Credit: Reuters/Kevin Lamarque

WASHINGTON. Sun June 26, 2011 6: 12 am EDT

WASHINGTON (AFP) - the World Bank, said Sunday that should be the balance of the plans to lend to the Egypt after the International Monetary Fund confirmed that the authorities wanted to is no longer a loan with IMF-backed program.

The Minister of finance Egyptian Samir Radwan, said Saturday Egypt would not borrow from the World Bank and the IMF after the revision of its budget and the deficit target of cutting to 8.6% of the gross domestic product of 11%.

A spokesman for the World Bank said that he was not informed of the decision.

"All that we are aware that these discussions are ongoing and we have heard nothing from the Government to suggest the contrary," said a spokesman for the World Bank.

"If there is no program of the IMF, we will have to make the point", added the spokesman.

The IMF said Egypt had scrapped plans for a loan of $ 3 billion IMF agreed last month. The World Bank and other international donors have generally look at the IMF as a seal of approval to the Governments.

On 24 may, the World Bank President Robert Zoellick said that the institution of fight against poverty would be $ 4.5 billion over the next 24 months for the Egypt. Funding included $ 1 billion this year in the budgetary support and $ 1 billion next year to cover a deficit huge budget after the economy has plunged into a crisis by mass demonstrations led Hosni Mubarak's Office on 11 February.

The program of the World Bank was also to the improvement of transparency and boost employment, which were part of the requirements of demonstrators.

Radwan said Qatar had provided the Egypt with $ 500 million for budgetary support in the week, and Saudi Arabia had offered a similar amount.

(Reporting by Lesley Wroughton; editing by Anthony Boadle)

2 Non-conventional sources of retirement income (U.S. News & World Report)

You can have access to retirement funds that you are unaware of. I don't mean accounts retirement pension or savings. I am referring to tap into your home equity or sell life insurance, who many people elderly access to. Here is how to best use these unconventional sources of retirement income.

[See 10 keys to Plan retirement ages for.]

Reverse mortgages. Many retirees their homeowners. Home ownership reduces your monthly cost of living, but there is not much in line with the addition of cash flow. If you are owner of your home and need access to equity, there are a few ways that you can enjoy your home equity without having to sell your home and move. One method is to take an equity home line of credit, which requires a good credit score and gives you a small line of credit, but does nothing to improve your cash flow.

Another option is to make a mortgage loan reversed, which is a good way to access the equity in your House still property and be able to live. Unlike other mortgages, regardless which score range that you get credit or your income level. If you're 62 or older and live in a House which is paid, you may qualify for a reverse mortgage.

[See 5 shots of year-end retirement plan.]

A reverse mortgage works almost exactly the opposite of a conventional mortgage. Instead of a monthly payment as you would with a conventional mortgage, you receive money against the value of your home, often in the form of a lump sum payment, monthly payments, line of credit to use as you wish or any combination of these factors. A reverse mortgage loan doesn't have to be paid back until the owner dies, sells the House or moves to a nursing home or installation of the assisted living.

Who can benefit from a reverse mortgage: the benefits of reverse mortgages include flexible payment structures and the ability to use money but you want to. A reverse mortgage could be a useful tool for people who need extra cash a little each month or who need access to a cash lump sum. However, the reverse mortgages can be a little complicated and owners are required to sit in a financial consultation session to participate in a reverse mortgage to ensure that they are appropriate for the owner.

Sell your life insurance policy. Life is good for survivors, but benefit generally from the policyholder. However, you can indeed perhaps to sell your life insurance policy for accessing some of that money now. There is a secondary market for life insurance policies where investors purchase policies of life insurance for seniors for less than the nominal value of the policy. Living institutions offer people the chance of the money on life insurance policy while they are still alive.

[See 10 retirement myths.]

Who can benefit from a life settlement: the people who need a lump sum of money now could benefit from the sale of their investors life insurance policy. However, you should keep in mind that needed you to edit recipients for investors to purchase your policy, so that would not be an option for someone who has of survivors who are based on life insurance settlement for their livelihood. Schools of life also pay less than par value, and the product is taxable.

These non-conventional ways to finance retirement may or may not be appropriate for your needs. If in doubt, reach a professional financial planner to help understand or a reverse mortgage or life settlement is appropriate for your situation.

Ryan guina is a U.S. military veteran, writer and professional in the business world. He blogs on life of cash and military portfolio.

Venezuela claims he enjoys oil world reserves (AFP)

CARACAS (AFP) - Venezuela exceeded the Saudi Arabia to become the nation with the largest proved reserves of crude oil worldwide to 297 billion barrels, oil Minister Rafael Ramirez said Wednesday.

"At the end of 2010, we had a level of 217 billion barrels of oil, and now we can certify 297 billion barrels at the beginning of this year", said the Minister during a press conference.

Saudi Arabia, long first world producer and exporter of crude oil, has some 266 billion barrels of oil, according to the Organization of the countries exporting oil.

Member of OPEC to Venezuela, first Latin America of crude oil exporting countries stated regularly increase proved oil reserves in recent years, including a 23% increase a year earlier, due largely to the Venezuela oil-rich Orinoco Belt.

Southeast of the Venezuela region saw a boon in domestic and foreign investments in recent years, Caracas is looking to exploit reserves vanished and heavy oil Orinoco Belt.

For years experts believed that it was too expensive to extract and refine vanished and heavy oil in the region. But the increase in world oil - prices currently about 100 dollars per barrel, against $ 20 per barrel during the 1990s, has reignited interest among foreign companies who are committed to tens of billions of dollars in investments.

Last year, some 30 companies from over 20 different countries were operating in the Orinoco Belt a few square kilometers 55,314 (21,360 square miles) oil reserve in the Orinoco region.

But Orinoco oil has been a point of contention in the world of oil.

Last July, Prince Turki al-Faisal, a Chief of intelligence Saudi former claims rejected by President Hugo Chavez, who says Venezuela perhaps more proven reserves of the Saudi Arabia.

"These claims are completely on unproved reserves, so that they are completely hypothetical and, in my view, entirely without merit," prince said at the time.

"Were Saudi Arabia down the path to claim non-proved reserves, is there still no competition," he added, saying that the Kingdom of desert perhaps more 700 billion barrels underground.

Sneaky new retirement costs 10 (U.S. News & World Report)

Many people think that they will be able to live on less money in retirement. Some people say that they need only to 70-80% of their earnings home after leaving their employment. You may have to less expenses of travel, no more retirement contributions and mortgage payments and theoretically more need for a second car. But not all costs to descend.

[See 10 keys to Plan retirement ages for.]

PAS for all couples want to give a second car. When the husband is to play golf or the wife is out shopping or vice versa, the other spouse may go elsewhere. And if you have not been diligent to repay your mortgage, you could not free debt retirement. For many people, retirement spending soars, not down. Here are 10 fees that could stealthily on you at retirement.

Live longer than expected. You could live longer than you originally planned. And it's a good thing. But the more you live, your assets will need to last. Make sure that you are a bit conservative in your retirement longevity of estimates, because you do not want to celebrate your 100th birthday with a pension plan which was not living up to 95.

Moving costs. With jobs scarce, your children and grandchildren may move in different States or the country to find work. If the family life is an essential part of your pension plan, this may mean moving and absorbing the costs that go along with relocation.

Gifts or financial assistance for the children. Don't automatically offer money to members of the family and would do if you are financially. But as it matures, and your family increases, the number of people you want to offer gifts to increases. When is your anniversary grandson or nephew graduates, are happy moments when you want to chip.

[See 9 ways to save more money for retirement.]

The increase in the prices of health insurance. The fact that you are getting older means higher health costs. Just need to take over only drugs mean more money spent on your health. See these ways to save on insurance and, most importantly, be ready.

Travel. With more time on your hands, you can go to some of the places you've always wanted to go. Holiday in Italy, what you've put off the coast 20 years may seem like a good idea, but make sure you have this in your budget.

Long term care. If you go to a retirement home or planning comes to hire help, you will be eventually need someone to help take care of you.

Maintenance of your home. I strongly encourage retirees to downsize for financial reasons only. However, there will come a time when you are able or willing to climb up to the roof to replace broken tiles. You can love gardening, but mow your lawn a wet Saturday might not be high on your priority list.

An increase in taxes. However, it is likely that tax cuts are extended, there comes a time in the near future where we can put no longer offshore raise taxes to cover the enormous deficit in our country. Wait less learned and high taxation rates.

[See 5 reasons to work in retirement]

Home repairs. Like you, your home is aging too and maintenance bills will gradually increase over time.

Inflation. Retirement planners are getting better at including inflation in the calculation of retirement. But, in reality, nobody knows what inflation will be in the future. Being a millionaire retreat would have been super, 20 years ago and it is still good now, but who knows how long $ 1,000,000 lasts 50 years.

David ning runs MoneyNing, a site of personal finance to help others to change their habits to a brighter financial future. He suggests that everyone to sign up for an online savings account get more of our hard earned money.

World Bank: growth of rich countries lags need for jobs (Reuters)

WASHINGTON (Reuters) - economic growth in the richer countries is still too slow to create enough jobs for tens of millions of people who have lost their during the worst global recession since the second world war, the World Bank said Wednesday.

In a report detailing its prospects for 2011, the multilateral lender provides that the world economy would expand 3.3% this year, softer than the observed expansion of 3.9% in 2010.

Growth in developing countries is far exceeding the growth in mature economies. The World Bank expects growth in emerging economies by 6 per cent in 2011, lower than the rate of 7 percent from last year. Rich countries, however, will spend only 2.4%, down from 2.8% for 2010.

"Recovery in many high-income countries was not strong enough to have key entering the high rate of unemployment in the ability of reserve, said the report."

In the United States, the largest economy in the world, is a good example. Economy is out of its worst recession in generations in summer 2009. But 2.6% on the latest estimates, growth has been too soft to put a significant dent in stubbornly high unemployment - now at 9.4%.

The World Bank provides the U.S. economy will increase by 2.8% in 2011, in large part to a median forecast of 2.7 per cent in the private sector economists Reuters survey.

In Europe, recovery has been hampered by persistent concerns over countries highly indebted as the Greece and Portugal, which have kept the high borrowing costs and leads to serious disruption of the market.

Eurozone growth should slow down 1.4 percent this year by 1.7% in 2010, said the World Bank. The report cited the collapse of debt in the continent as a significant threat to the global recovery.

Given a context of uncertainty, monetary authorities on both sides of the Atlantic have adopted a policy of low interest rates, which World Bank criticized rising exchange rates in the developing world.

"The influx of capital in some middle-income countries have placed pressure undue and potentially damaging upward on the currency," said the World Bank.

The US Federal Reserve, in particular, was the subject intense critical of officials in emerging economies to its policy of purchasing Government bonds to cut rates in the long term.

The American Central Bank argues he must concentrate on the domestic economy, saying that other countries have their own ways of dealing with an increase of capital.

A number of countries have adopted measures such as tariffs and the capital controls to stem the influx, which some fear could quickly reverse if travel conditions.

(Pedro Nicolaci reports da Costa.) (Editing by Leslie Adler)

Bank world leader set to welcome India (AFP)

WASHINGTON (AFP) - the World Bank President Robert Zoellick opens a four day visit to India Monday where he was welcomed efforts by the countries emerging big on its increasing role in the global economy.

«Return to higher levels of growth India help global economy recover from the crisis, "Zoellick said Washington Saturday.

"The India is a player on the world stage." Status of the country as a rising economic tide is closely linked with how it handles the next phase of growth, balance with the environment and, most important rapid development, the need to ensure that all persons have the opportunity. »

He supported the World Bank "Strategy India stimulate growth while helping the most vulnerable people to be able to seize the opportunities offered by a growing economy".

His visit, Mr Zoellick will meet leaders of Government, including Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee.

«Discussions with the Prime Minister and the Government will also cover cooperation on global issues, including preparations for the next meetings of the G-20,» says Zoellick Office.

She added "the work of the World Bank and the India closely on climate change, including save them wild tiger, trade and regional integration of biodiversity".

The World Bank has strengthened its support in India year last to offset the impact of the global financial crisis. He 11.1 billion in commitments in India, in the fiscal year ending in June 2010.

MBNA debt relations "must improve" (Nike world)

14 December 2010 update at 11: 32 GMT the OFT has the power to fine companies who fail to treat customers fairly MBNA credit card company was forced to improve the way it deals with customers faced with debts after the intervention of a regulatory agency.

The move comes after the Office of Fair Trading (OFT) has studied debt internal collection arm the firm.

The study found that customers were not aware if partial payments to begin to pay back debts had been accepted, and MBNA circumvented debt counsellors.

MBNA said it had agreed to "transparent".

Agreement

The investigation began after notice of citizens have raised concerns with the OFT. He was concerned about how MBNA treated with clients in financial difficulty.

In the investigation, the lender has agreed that - in January - he would clearly in letters to clients if she would accept rebates at a level that they could afford.

It would also ensure that it should deal with a debt counselor appointed to act on behalf of the client, instead to bypass this representative and deal directly with the client.

Direct contact only happen if the Advisor had given the permission is no longer, they acted for the client, or a payment had not been taken and representative could not be contacted.

"Our survey found problems with how MBNA communicates with clients in financial difficulties," said Ray Watson, Director of the consumer credit OFT group.

If MBNA fails to comply with the new agreement, it may be fine up to a maximum of £ 50,000 per infringement.

A spokesman for MBNA said: "as a result of ongoing dialogue with the OFT, we have agreed to provide greater transparency in some communications that we have with our customers in financial difficulties."

"We believe that these changes are enhancements to our existing strong practices." We are now updating.

Corruption Nigeria "a monster" (Nike world)

The Kenya Government revealed that close to one-third of the budget annual is lost to corruption.

Will Ross reports from Nairobi on the fight to end corruption in the country.

Get in touch with today via email, Twitter, Facebook or text us on 84844.

UK interest rates remain at 0.5% (Nike world)

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9 December 2010 Last updated at 12: 41 GMT One MPC member favoured a rate rise to combat inflation in the past six monthly meetings The Bank of England's Monetary Policy Committee (MPC) has kept UK interest rates on hold at 0.5%, and unveiled new No. quantitative easing (QE) measures.

Both decisions were expected, but it will not be clear whether they were unanimous until the minutes of the meeting are released.

At the MPC's November and October meetings, there was a three-way split among its nine members.

In those meetings, one member voted for a rate rise, another for more QE.

The most recent figures showed that Consumer Prices Index (CPI) inflation rose to 3.2% in October, well above the target rate of 2%.

Continue reading the main story

Despite positive economic news recently, risks of a setback will inevitably increase in the first half of 2011 "

End Quote David Kern British Chambers of Commerce However, most MPC members continue to favour keeping rates on hold to aid the UK's economic recovery.

This comes ahead of rising to 20% from 17.5% VAT on 1 January, and the possible negative economic impact of the government's spending cuts.

Since June, MPC member Andrew Sentance has been voting in favour of raising interest rates from 0.5% to 0.75%.

Meanwhile, at the MPC's meetings in October and November, Adam Posen voted in favour of £ 50bn of extra QE.

QE involves the Bank putting fresh money into the financial system in an attempt to stimulate the economy.

'Minimizes risk'

The British Chambers of Commerce said interest rates should remain on hold into 2011 to help the economic recovery, and that the Bank should consider restarting the EQ program.

David Kern, chief economist at the British Chambers of Commerce, said: "Despite positive economic news recently, risks of a setback will inevitably increase in the first half of 2011"

"While we support the painful tax measures needed to stabilize Britain's public finances, every effort must be made to minimise the risk of a downturn."

Recent official UK economic data showed that manufacturing output grew by 0.6% in October, the fastest pace since March.

Meanwhile, the overall UK economy grew by 0.8% between July and September.

EU backs bid Russia WTO (Nike world)

December 7, 2010 20: 43 GMT updated Russia is set at the end a 17-year wait to join the club free trade, the European Union (EU) has thrown his weight behind the Russia offers to join the world trade (WTO).
The European Union gave its official support after the Russia has agreed to cut timber export tariffs and costs of rail freight.
The Russia is the only large economy which is not yet a member of the club of world trade.
"After the signing of the agreements. "WTO accession for the Russia becomes a reality", said the Russian President Dmitry Medvedev.
The agreement was signed by the European Commissioner Karel De Gucht and economic Russian Trade Minister Elvira Nabiullina, meeting a European bilateral trade Summit and the Russia.
From Brussels to waive his right of veto on the accession of Moscow is supposed to pave the way for the Russia to join next year.
It ends at a wait 17 years for the Russia first asked to join predecessor organization - the General Agreement on tariffs and trade (Gatt) - under President Boris Yeltsin.