Cuba’s government, trying to save money and eliminate subsidies announced this week it will remove soap, toothpaste and detergent from the monthly ration of food and consumer products it has handed out since the early days of the Cuban revolution.
Chancellor Angela Merkel stressed Germany's commitment to the Euro in her New Year message to the country last week.
China and Spain signed this week business deals worth 7.5 billion US dollars, a welcome boost for Spain's recession-hit economy. Visiting Vice-Premier Li Keqiang also vowed to help Europe overcome its debt crisis (and support the Euro), as he started his three-nation European tour.
The year 2011 will be economically challenging and painful, European Commission President Jose Manuel Barroso warned this week. After two years of economic recession, Barroso expects a difficult year ahead and underlined the need for Europe to make progress on economic governance and policy coordination.
Brazil’s trade surplus fell 19.8% in 2010 to 20.28 billion USD, the smallest in eight years. Exports grew 31.4% to 201.9 billion, a new record, but imports surged 41.6% to 181.64 billion, the Ministry of Development, Industry and Commerce said this week.
Brazil on Tuesday threatened tougher capital controls and other measures to keep its currency from rising against the dollar, a day after Chile's central bank unveiled its own $12 billion plan to buy greenbacks.
International economic coordination is as necessary as it is elusive. During the global financial crisis, the G-20 became the primary forum to agree on basic principles in areas such as the fiscal-policy response and the role of the International Monetary Fund.
Venezuelan government devalued its bolivar currency for the second time in 12 months on Thursday, abolishing the lowest exchange rate as the Opec member fights to revive its economy. Intended to spur local production in the largely import-dependent nation, the announcement followed a central bank estimate that the economy contracted 1.9 percent during 2010 - Venezuela's second straight year of recession.
The Inter-American Development Bank (IDB) approved a record number of 170 projects in 2010 totaling an estimated 12.9 billion USD, as the IDB continues to boost its efforts to help Latin American and Caribbean combat poverty and inequality, and promote sustainable growth.
Chinese Premier Wen Jiabao vowed again to step up efforts to keep consumer inflation in check in 2011, state media reported on Sunday.