Word: australia
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Three days after the Reserve Bank of Australia unexpectedly raised interest rates, the monetary policy committee of South Korea's central bank held a meeting. The Oct. 9 gathering was closely followed because the Australian move raised expectations that other central banks would also tighten. Korea held the line. Citing "uncertainty as to the economic growth path," the Bank of Korea kept interest rates at an ultra-low 2%, the result of six rate cuts over the past year...
...Still, it is only a matter of time before Korea follows Australia's lead. So will the People's Bank of China, the Reserve Bank of India, the Reserve Bank of New Zealand, the Monetary Authority of Singapore - and perhaps several months down the road, the European Central Bank. As economies recover and jobless rates fall, most policymakers will raise interest rates to head off the inflation that could result from the massive fiscal stimulus spending launched by governments around the world to combat the global recession. (See pictures of the global financial crisis...
...news for the flagging dollar, and investors everywhere should pay attention. It now makes more sense to get out of the greenback and park money in higher-yielding currencies, since foreign-currency deposits will earn more in interest and could make additional foreign-exchange gains. Interest rates in Australia last week were raised a quarter point to 3.25%, and could go higher still. The unemployment rate Down Under recently fell to 5.7%, leading economists to expect another rate rise on Nov. 3. Meanwhile, the target range for the U.S. federal funds rate...
Accounts of his latest expedition in March were published in 50 U.S. newspapers and broadcast to schoolchildren in 15 other nations, including China, Taiwan, Australia, Italy, and Argentina...
...reason that it's been four decades since a Latin American country, or any Third World country, has hosted the games. That was the Mexico City Olympiad of 1968, when Mexico convinced the IOC that it was a modern republic ready to stand alongside Britain and Japan and Australia - only to have its army massacre hundreds of pro-democracy demonstrators 10 days before the opening ceremonies. The bar was set much higher for Latin America after that, meaning that a country would have to persuade the IOC that it could be a showcase for development as well as decathletes...