Brazilian President Jair Bolsonaro delivered his proposed pension overhaul to Congress on Wednesday, aiming to save over 1 trillion reais (US$270 billion) in a decade by changing tax rates, delaying retirement and creating individual savings accounts.
China's economic growth slowed in the quarter ending in June, adding to challenges for Beijing amid a mounting tariff battle with Washington. The world's second-largest economy expanded by 6.7%, down from the previous quarter's 6.8%, the government reported Monday.
Ratings agency Standard & Poor’s cut Brazil’s credit rating further below investment grade on Thursday as doubts grew about a presidential election in October and a push to trim its costly pension system, seen as vital to closing a huge fiscal deficit. S&P lowered its long-term rating for Brazil sovereign debt to BB- from BB previously, with a stable outlook, citing less timely and effective policymaking. S&P also cited a risk of greater policy uncertainty after this year’s elections.
Britain must cut its budget deficit and fix its economy or face long-term decline, Conservative Prime Minister David Cameron will say on Wednesday, seeking to convince voters that his austerity plan is the only way forward.
Standard and Poor's Corp said Thursday it was upgrading the credit rating of Brazil by one notch to BBB, adding that the upgrade reflected the country’s increasing capacity to hold up against the overall deterioration in the global economic outlook.
Brazil local-currency credit rating is being reviewed for an upgrade by Standard & Poor’s, which cited the country’s economic stability. The rating was affirmed at BBB+, the third-lowest investment grade, S&P said in a statement.
One of the top credit rating agencies, Standard & Poor's, has downgraded the United States' top-notch AAA rating for the first time ever. S&P cut the long-term US rating by one notch to AA+ with a negative outlook, citing concerns about budget deficits.
US Treasury Secretary Timothy Geithner said he is not sure whether the bitterly fought debt agreement to be considered by the US Senate will avoid a downgrade of the U.S. top-tier credit rating.
The credit rating agency Standard & Poor’s upgraded on Monday Uruguay’s rating by one notch to BB-plus, only one notch below investment grade, praising years of “prudent and consistent” economic policies in the country.
European Commission strongly criticised international credit ratings agencies following the downgrade of Portugal by Moody's. The Commission said the timing of the downgrade was questionable and raised the issue of the appropriateness of behaviour of the agencies in general.