The Bank of England’s Monetary Policy Committee (MPC) has decided to retain the United Kingdom’s interest rate at 0.5%. The rate, the lowest in the Bank of England’s history, has now been unchanged for over two years despite speculation that higher rates may help combat inflation.
Euro-zone interest rates have been raised to 1.25% from the record low of 1% by the European Central Bank (ECB). Interest rates had been held at 1% for just under two years following the financial crisis and global recession.
Global commerce will grow 6.5% this year after expanding a record 14.5% in 2010 as economies from China to Brazil recover from the worst recession in six decades, the World Trade Organization said on Thursday.
Portugal's caretaker government said on Wednesday it had decided to seek financing from the European Union in an abrupt turnaround after resisting a bailout for months despite sharply deteriorating financial conditions.
Spain’s Instituto Cervantes for the promotion of Spanish language and culture opened this week its doors at Cloister Building in Gibraltar. The local director of the institute, Francisco Oda said that the centre was ready to welcome everyone now that it had moved to its home in Market Lane.
The UK Government has announced it is to increase funds for South Georgia and the other UK Overseas Territories. On March 10th the UK Secretary of State for Foreign and Commonwealth Affairs, William Hague, announced the increase of the Overseas Territories Programme Fund to £7m per year and a special one off payment of £1 million to GSGSSI this year, reports the March edition of South Georgia Newsletter.
Spain’s official unemployment advanced for a third month in March, deepening the divide between peripheral economies struggling to recover from the financial crisis and Germany’s booming labour market. It was the worst record for Spain since 1996.
High levels of radioactive iodine and cesium were detected by Japan’s Fisheries Ministry in fish caught near the Fukushima nuclear power plant this week. Japan has responded to the findings by announcing its first legal limits for radiation in fish and said it is considering a ban on exports of some marine products.
An IMF staff proposal to endorse capital controls in limited circumstances aroused opposition from Brazil and other nations seeking greater freedom to stem inflows of money from overseas.
China’s central bank announced Tuesday it would raise the benchmark one-year borrowing and lending interest rates by 25 basis points beginning Wednesday. This is the second time that The People’s Bank of China raises the benchmark interest rate this year and the fourth such increase since the start of last year.