Economy

Tuesday, September 10th 2013 - 01:11 UTC
Brazil’s 124 billionaires own 12.3% of GDP and half the population lives on 130 dollars per month

The 124 richest people in Brazil hold assets totalling 544 billion Reais equivalent to 238.6bn dollars or 12.3% of the country’s GDP, which is considered one of the most unequal in the world. The 124 are included in Forbes magazine latest publication that brings together all those Brazilians with fortunes over a billion Reais (approx 438 million dollars).
Tuesday, September 10th 2013 - 00:52 UTC
Global trade growth estimates down to 2.5% this year and 4.5% in 2014, says Azevedo

World trade is expected to grow by 2.5% this year and 4.5% in 2014, the World Trade Organisation's new chief, Roberto Azevedo, said on Monday, revising down previous estimates of 3.3% and 5%.
Tuesday, September 10th 2013 - 00:42 UTC
BRICS agree on a 100bn ‘financial firewall’ in anticipation of ‘currency shocks’

BRICS nations (Brazil, Russia, India, China and South Africa) have agreed to a 100 billion dollars currency reserve pool as a “financial firewall” in anticipation of liquidity strains and ‘currency shocks’ as the United States Federal Reserve moves to reduce monetary stimulus.
Monday, September 9th 2013 - 02:36 UTC
Argentina, Uruguay and Venezuela fall dramatically in WEF Competitiveness ranking

The World Economic Forum Competitiveness report published last week shows Latinamerica is loosing ground in the world economy and the three countries which most plunged in the ranking in the last twelve months were: Venezuela, Argentina and Uruguay.
Monday, September 9th 2013 - 02:29 UTC
Cristina Fernandez now refers to the IMF chief as “Madame (Christine) Lagarde”

IMF Managing Director ‘Madame (Christine) Lagarde’ had words of support for Argentina’s position in the dispute with ‘vulture’ (hedge) funds during an informal encounter with Argentine officials on the sidelines of the recent G20 summit in Russia.
Monday, September 9th 2013 - 02:04 UTC
Falklands (1901) 5 shillings and (1899) £1 bills on sale at London’s Spink’s

Two Falkland Islands bills will go on sale at Spink’s London World Bank Notes next October 2-4, which are considered to be of great interest for British Empire and/or low serial number enthusiasts.
Monday, September 9th 2013 - 01:36 UTC
Mercedes plans to build a compact cars factory in Brazil

German carmaker Daimler plans to build a new Mercedes factory in Brazil to benefit from growing demand for compact cars in the country, its chief executive told a German newspaper.
Sunday, September 8th 2013 - 00:38 UTC
Argentina before the NY appeals court hoping ‘vulture’ funds litigation extends into 2014/15

Argentina filed two appeals before the New York Appeals Court over the dispute with the so called ‘vulture (hedge) funds’. The presentation was made a few moments before the Friday deadline and in the petition Argentina requests the revision of the 23 August ruling which orders Argentina to make effective the full payment of 1.4bn dollars (full face value of defaulted sovereign bonds plus interests) to the claimants.
Sunday, September 8th 2013 - 00:13 UTC
China’s 2014 growth target remains at 7%; this year could reach 7.5%

China’s government may cut the country’s annual growth target to 7% next year, although the actual pace of expansion will be higher, said Fan Jianping, chief economist at a state research institute. The drop would be in line with the goal set in the country’s 2011-2015 five-year plan for annual average expansion of 7%.
Saturday, September 7th 2013 - 17:19 UTC
Olympics return to Japan despite Fukushima; in final vote Tokyo defeated Istanbul

Tokyo was awarded the 2020 Olympics on Saturday, capitalizing on its reputation as a “safe pair of hands” and defying concerns about the Fukushima nuclear crisis. Tokyo defeated Istanbul 60-36 in the final round of secret voting Saturday by the International Olympic Committee. Madrid was eliminated earlier after an initial tie with Istanbul.