Economy News - part 10
ECONOMY April 15, 2011 | 11:32 AM
- Consumer prices in March rose over 5% compared to 2010, with a 12% increase in food prices
- Retail sales jump over 16% with demand for oil 10% higher
- Chinese government taking measures to limit lending and inflation
China’s economy continued its rapid expansion in the first quarter of 2011, growing by 10%.
Inflation jumped to a three-year high in March, despite the government’s efforts to tackle the rising cost of living. Consumer prices jumped over 5% year-on-year, compared to nearly 5% in February, with a 12% hike in food prices the main cause, the National Bureau of Statistics said.Read more »
ECONOMY April 14, 2011 | 4:22 PM
- Walt Disney Parks generate $18.2 billion in economic activity in Florida; 2.5% of state GDP
- Walt Disney World Resort generates 2% of all jobs statewide
- Disney’s worldwide success is heading to China for first time, with a $4.4 billion theme park planned for 2015
Walt Disney Parks and Resorts generates $18.2 billion in economic activity in the state of Florida, according to a study by Arduin, Laffer & Moore Econometrics.
The report, commissioned by Disney, showed that the Florida-based theme park accounted for 2.5% of the state’s gross domestic product.Read more »
ECONOMY April 11, 2011 | 5:13 PM
- Global biofuel production is set to grow 8% annually over the next five years
- Highest production growth rates: Sweden (32%), Colombia (24%) and India (20%)
- EU leads for regional biodiesel production; USA leads for ethanol
Global biofuel production will increase at an annual rate of 8% over the next five years, according to a report by research firm MarketsandMarkets. Production levels of bioethanol and biodiesel are expected to rise from around 103 billion liters in 2011 to over 151 billion liters in 2016.
Countries with especially high growth rates include Sweden (32%), Colombia (24%), India (20%), and Thailand (16%), with the United States, Brazil, France, Spain, Belgium and the Netherlands also indicating a rise in production.Read more »
ECONOMY March 28, 2011 | 5:41 PM
- Bailout plan worth €75 billion in the works after Portugal’s Prime Minister resigns
- Portugal has launched three rounds of tax increases and spending cuts
- Analysts expect Portuguese economy to shrink 2% in 2011
European Union leaders have begun putting together a financial bailout plan for Portugal following last week’s resignation of the nation’s Prime Minister Jose Socrates, whose request for backing on more financial measures was rejected by parliament.
Jean-Claude Juncker, Prime Minister of Luxembourg and President of the Euro Group Finance Ministers, estimates that financial aid for Portugal could reach close to €75 billion, which would help support the nation for several years.Read more »
ECONOMY March 28, 2011 | 3:18 PM
- 77% of voters - over 14 million Egyptians - said yes to a presidential election
- New parties need approval of 5,000 members from at least 10 Egyptian provinces
- Military council will oversee the country until a new government is elected
After a 30-year reign under Mubarak, Egypt is moving forward with the rejuvenation of its political landscape, confirming a presidential election will take place in September. Over 77% of eligible voters – or more than 14 million Egyptians – gave the go-ahead for an election earlier this month during a constitutional change referendum.
Relaxed restrictions are in place to welcome new political parties, which require approval of 5,000 members from a minimum of 10 of Egypt's 29 provinces. Participating parties have just over five months to prepare for what is said to be Egypt's first free and fair polling election in decades.Read more »