The Bank of England has indicated that the pace of interest rate increases could accelerate if the economy remains on its current track. Bank policymakers voted unanimously to keep interest rates on hold at 0.5% at their latest meeting. However, they said rates would need to rise earlier and by a somewhat greater extent than they thought at their last review in November. Economists think the next rate rise could come as soon as May.
Lower power tariffs pulled Brazil's inflation rate below the official target range and even the lowest of forecasts in January. Consumer prices tracked by the benchmark IPCA index rose 2.86% in the twelve months through January, government statistics agency IBGE said on Thursday.
Japan's ambassador to the UK has said Brexit is a high stakes issue and that no company would be able to stay in the UK if it was not profitable. Koji Tsuruoka was speaking outside Number 10 after a meeting between Prime Minister Theresa May and 19 top Japanese bosses.
The United States Dow Jones industrial average nosedived more than 1,000 points on Thursday, registering another eye-popping loss for the closely-followed index, as wild trading and fears of rising interest rates around the world took hold of traders. The Dow as well as the S&P 500, a broader stock index, are now down more than 10% from their all-time highs, passing an important psychological barrier known as a “correction” for the first time in two years.
Brazil’s central bank cut its benchmark interest rate on Wednesday to a new low of 6.75%, but hinted it was now done with a historic easing cycle. The bank lowered the Selic rate by 0.25 percentage point, its 11th consecutive cut aimed at helping Latin America’s largest economy emerge from a stifling two-year recession.
The Falkland Islands government and the Ministry of Defense have agreed to address the challenge of rotor winds, which have become a serious problem for the operations at the Mount Pleasant Complex.
Mexico believes it can conclude a new free-trade agreement with the European Union before the end of February, Mexican officials have said. The EU and Mexico intend to update a trade deal agreed 21 years ago that largely covers industrial goods. They want to add farm products, more services, investment and government procurement, and include provisions on labor standards and environmental protection.
Jerome Powell was sworn as the 16th chairman of the Federal Reserve on what turned out to be a turbulent day for Wall Street, with the Dow Jones industrial average plunging by more than 1,100 points. Powell, 65, was given the oath of office by Randal Quarles, the Fed's vice chairman for supervision, in a ceremony that took place before stock trading opened on Wall Street.
By Nick Cunningham of Oilprice.com
Oil prices fell back suddenly over the last few trading sessions, dragged down by some forces beyond the oil market.
Banco Bradesco SA, Brazil's second-largest private-sector lender, appointed a new chief executive who told journalists that demand for credit has already improved in the first month of 2018. Octavio Lazari, 54, head of Bradesco's insurance unit, was appointed as the bank's next CEO amid a broader management shakeup with younger executives joining the board and upper management ranks to tackle increasing competition from all-digital banks.