
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.

Brazilian President Dilma Rousseff, angered by a recent report that the US government spied on her communications, said on Friday that President Barack Obama had taken responsibility for what happened and that she may proceed with a planned visit to Washington next month.

Angered by recent revelations that the United States spied on its emails and phone calls and even its president, Brazil's government is speeding up efforts to improve the security of its communications - and hopefully keep more of its secrets under wraps.

The US economy grew at an annualised pace of 2.5% in the second quarter of the year, the Commerce Department said in revised figures. That was more than double the pace recorded in the previous three months, and above estimates of 2.2%.

Brazil will probe telecommunications companies to see if they illegally shared data with the United States National Security Agency after it was found the US had been spying on President Dilma Rousseff. Brazil’s government has accused the US of lying about the NSA’s activities in the country.

Ratings agency Standard and Poor's (S&P) has claimed the lawsuit filed against it by the US Justice Department was retaliation against its decision to downgrade the US's credit rating.

Advanced economies led by the United States will increasingly drive global growth while emerging countries are at risk of slowing due to tighter US monetary policy, the IMF said in a note according to Reuters news agency.

The US National Security Agency also intercepted text messages by Mexico’s Enrique Peña Nieto in which the then-presidential front-runner discusses two possible cabinet picks, journalist Glenn Greenwald said on Sunday night’s show ‘Fantastico’, citing a 24-slide presentation. Peña Nieto assumed office in December 2012.

Brazilian president Dilma Roussef is considering at least three reactions to the US government following allegations that the US National Security Agency, NSA, spy program targeted the president, her ministers and advisors as revealed by the O Globo television program ‘Fantastico’. Earlier on Monday US Ambassador Thomas Shannon was summoned by Foreign minister Luiz Alberto Figuereido.

Suriname opposition legislators have called on President Desi Bouterse to resign as well as to clarify the circumstances surrounding the arrest of his son by United States law enforcement authorities in Panama earlier this week.