Rebel News - Independent News and Analysis

Global markets have climbed after key service and manufacturing data encouraged investors over the continuation of the world economic recovery.

The Arizona-based Institute for Supply Management released the data for Purchasing Managers Index (PMI) showing that the index jumped to 56.7 in July from 56 in June, BBC reported on Thursday.

Millions of people around the world have been driven into poverty by the global economic downturn, says World Bank President Robert Zoellick.

Speaking to reporters in Mexico on Wednesday, Zoellick estimated the economic crisis has impoverished 60 million people, the Associated Press reported.

Oil prices have neared $77 a barrel as the fourth weekly drop in US crude inventories has boosted investors' hope of the improvement of global economic situation.
US crude for August delivery rose 61 cents to reach $77.15 a barrel. The August US crude contract expires on Tuesday. The more liquid September contract traded 57 cents higher at $77.47.

The Group of Eight Developing Countries (D8) has wrapped up its latest summit in Nigerian capital Abuja, urging more trade and investment between its member states.

The seventh summit of D8 drew to a close on Thursday with the circulation of a final resolution, the Abuja Declaration 2010, which stipulates the need to boost investment amongst the member states — namely Iran, Indonesia, Malaysia, Turkey, Egypt, Bangladesh, Nigeria and Pakistan — in order to deepen economic relations, a Press TV correspondent reported.

The IMF has raised its global growth forecast for this year despite renewed financial turbulence rising from a European debt crisis that has sharply raised potential risks.

The fund projected the world will grow by 4.6 per cent, up from  its 4.2 per cent forecast in April, reflecting "stronger activity" during the first half of 2010 and expectations of fiscal action,  especially in Europe.

Iran's foreign minister has called on the developing countries to present new patterns of cooperation to turn the threat of economic crisis into opportunities.

This ministerial meeting is a valuable opportunity to strengthen the Group of Eight Developing Countries (D8), Manouchehr Mottaki said in his speech at the council meeting of the D8 foreign ministers in the Nigerian capital of Abuja on Tuesday.

Iran's representative to the Organization of Petroleum Exporting Countries (OPEC) says the Gulf of Mexico oil slick will have costly repercussions for the industry.

Mohammad Ali Khatibi said Sunday that the oil disaster off the US coast is bound to swell crude oil drilling costs, while making license acquisition for offshore drilling difficult.

Economic moves by major investment firms like Goldman Sachs, Merrill Lynch, and Deutsche Bank may cause a rise in hunger, according to a leading economist.

Professor Jayati Ghosh of the Centre for Economic Studies in New Delhi made the remarks on the sidelines of the G20 summit in Toronto last week, The Independent reported on Friday.