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...which oversees the common currency in the 15-nation Euro zone, slashed its main lending rate three quarters of a percentage point to 2.5%, following two half percentage point cuts in October. Since credit markets are all but locked up in the wake of the collapse of Lehman Brothers in September, the ECB has ratcheted down its main lending rate by a total of 1.75 percentage points. (Read " Will Europe's Bank Bailout Plan Really Work...
...means inflation is a non-issue at the moment and that Europe's monetary czars are now focused on ensuring that there is enough liquidity in circulation to keep the economy moving. With prices for oil and other major commodities falling, Trichet predicts a sharp drop in the inflation rate to between 1.1% and 1.7% next year from 3.2% to 3.4% this year. "This is a very significant rejection of everything that they've said before," said Jörg Krämer, chief economist at Commerzbank. "There will be a further interest rate cut in January. The main refinancing...
Maybe so. But given the much steeper cuts that other central banks are making, the ECB move still seems modest in the face of the economic erosion under way. The Bank of England cut its key rate by one percentage point to 2% today, while Sweden's central bank cut its key rate by 1.75 percentage points. The U.S. Federal Reserve's main lending rate now stands at 1%, the lowest level in five decades...
Advocates have been busy refining avoided deforestation to answer early criticisms. Because firms investing in carbon credits need to estimate how much deforestation would have happened without a scheme, REDD projects can only work in countries with high rates of deforestation. That alleviates concerns that money will be spent to protect forests under no threat. To address fears that protected forests might be lost through a fire or logging, brokers build in reserves - selling, for example, only 80% of the carbon actually contained within a forest, and tapping the remainder if some part of the protected area should be lost...
...parched Las Vegas, Mulroy knows price is one of the best tools at her disposal to control the city's growing thirst. In the spring, officials approved a staggered rate hike that increased prices for low-volume users 17% and for the highest-volume users more than 30%. The city has also unleashed its water cops--officials like Dennis Walker who ride around sprawling new housing developments looking for violations of outdoor-water-use laws. Sprinklers are illegal during the daylight hours, and homeowners have to use a misting system rather than simply hose down the grass. Through ignorance...