The Economist Intelligence Unit is predicting that in 2011 Brazil would move ahead of Italy into seventh place in the ranking of the largest world economies with a GDP of 2 trillion US dollars.
Brazil’s central bank kept its benchmark overnight rate unchanged Wednesday as policy makers gauge whether a peak in inflation is temporary. The policy committee, led by bank President Henrique Meirelles in a unanimous decision, left the rate at 10.75% for a second straight meeting.
Banco Santander SA, Spain’s biggest bank, said this week that it will sell 5% of its Brazilian unit to Qatar Holding LLC for 1.95 billion Euros (Approx. 2.7 billion US dollars).
Some companies in Chile have recently become involved in a movement to measure the impact of businesses on freshwater resources.
Brazil’s Lula da Silva said that the G-20 group must address the issue of the “currencies war” in direct reference to the forced depreciation by some rich countries of their currencies which negatively affects the competitiveness of its trade partners, particularly in the developing world.
The TV licence fee, which funds Britain’s BBC, is to be frozen for six years at £145.50, the Chancellor has confirmed. The BBC will also take over the cost of the Foreign Office-funded World Service, BBC Monitoring and some of the costs of Welsh language TV channel S4C.
Chancellor George Osborne has unveiled the biggest UK spending cuts for decades, with welfare, councils and police budgets all hit. The pension age will rise sooner than expected, some incapacity benefits will be time limited and other money clawed back through changes to tax credits and housing benefit.
Argentina will soon declare wine “a national drink” given its growing quality production and long rooted consumption dating back to the time of the colony several centuries ago.
The governments of Uruguay and Switzerland agreed a Double Taxation Agreement (DTA) on October 18. The document was signed by the Uruguay’s Economy Minister, Fernando Lorenzo, and his Swiss counterpart, Hans-Rudolf Merz.
With many Latin American and Caribbean economies recovering faster than anticipated, the challenge for policymakers is ensuring a moderation in domestic demand to avoid overheating, the IMF said.