Republican presidential candidate Donald Trump said the United States economy is in a bubble he fears will burst and he does not want to deal with a financial collapse if he is elected to the White House.
Brazil will release 83 billion reais (US$20.4 billion) in new credit from state-run banks for farmers, builders and other businesses suffering in a shrinking economy, resuming stimulus efforts it had largely eschewed in last year's austerity drive.
Brazil’s Finance Minister Nelson Barbosa is expected to announce as much as 60bn Reais (US$15bn) in loans as the government seeks to revive growth amid the worst economic downturn in over a century.
The United States Federal Reserve said it was closely monitoring global economic conditions, but would not raise interest rates in a decision widely expected by most analysts. The central bank said US economic growth had slowed as exports fell because of the strengthening dollar.
The former CEO of World Sailing says he was fired for pushing to get rid of polluted Guanabara Bay as the sailing venue for this year’s Olympics in Rio de Janeiro. Peter Sowrey tried to change the venue, or at least have a “B plan” but says “I was told to gag myself on the subject.”
Generating economic growth in the Middle East is crucial to defeating extremism, Iranian President Hassan Rouhani said putting forward his country as a regional trade hub and pillar of stability. Rouhani is on a four-day trip to Italy and France, looking to rebuild Iranian relations with the West some two weeks after financial sanctions on Tehran were rolled back following the implementation of its nuclear deal with world powers.
The soaring US dollar and Brazil’s slumping economy led to a weaker demand for imported goods and services in 2015. As a result, Brazil’s current account deficit reached USD 58.942 billion, equivalent to 3.32% of GDP. The result is the smallest amount since 2010. In 2014, the current account deficit reached USD 104.181 billion, or 4.31% of GDP.
The World Bank is lowering its 2016 forecast for crude oil prices to $37 per barrel in its latest Commodity Markets Outlook report from $51 per barrel in its October projections.
European Central Bank President Mario Draghi has fought back against critics, insisting the bank's policies will help to raise inflation. Eurozone inflation is currently 0.2%, way below the ECB's target of near 2%. But Mr Draghi insisted that the central bank would meet its obligations.
The new chairman of the Permanent Council of the Organization of American States (OAS) Sir Ronald Sanders says the institution is now facing a “serious existential threat”, with its coffers virtually empty. OAS currently has Uruguay's Luis Almagro as Secretary General.