Category Archives: ECONOMY

Macroeconomic Policy, Growth and Income Distribution in the Brazilian Economy in the 2000s

June 2011, Franklin Serrano and Ricardo Summa

The Brazilian economy grew by 4.2 percent annually from 2004-2010, more than double its annual growth from 1999-2003 or indeed its growth rate over the prior quarter century. This growth was accompanied by a significant reduction in poverty and extreme poverty, especially after 2005, as well as reduced inequality. This paper looks at the combination of external changes and changes in macroeconomic policy that contributed to these results. Report – PDF  pdf_small     brazil-2011-06

Cuba Saves Over 16,000 tons of Oil by Mid 2011

Havana, Jun 25 (Prensa Latina) The Office for the Rational Use of Energy announced that a total of 35,383 megawatts/hour were saved in the country from January to May, meaning a decrease by 16,088 tons of oil consumption.

Office’s director Tatiana Amaran Bogachova told Granma newspaper that among the factors leading to the decrease in energy consumption was the improvement of the work of Energy Councils, groups created in 2009 to oversee the fulfillment of energy saving plans in the business sector. Continue reading

IEA to Release 60 Million Oil Barrels

Paris, Jun 24 (Prensa Latina) The International Energy Agency (IEA) will release 60 million barrels of oil from its strategic reserve in July to compensate for the interruption of Libyan exports, said CEO Nobuo Tanaka.

Mr. Tanaka said the 28-member IEA agreed to contribute two million barrels daily over a 30-day period, enabling the council to measure the impact and adopt measures. Continue reading

Tourism Growing in Cuba

Havana, Jun 22 (Prensa Latina) The National Statistics Office (NSO) reported that the number of tourists visiting Cuba in May amounted to 11.3 percent so far in 2011.

The latest newsletter of the NSO indicates that the increase of visitors in the period was 137, 930 from Canada, Europe and other regions. Continue reading

Venezuela, China Boost Trade

Caracas, Jun 17 (Prensa Latina) The governments of Venezuela and China opened on Thursday the Third Binational Industrial and Commercial Exhibit aimed at increasing trade between the two countries, which exceeded $10 million USD in 2010.

Running through Sunday, June 19, the event shows samples of agricultural machinery, cars, spare parts, electrical installations, computers, construction equipment and materials, light industry goods and technology for several sectors. Continue reading

IMF Narrows Field of Candidates for Top Spot

The International Monetary Fund has narrowed the list of candidates for its top position.

The IMF board says French Finance Minister Christine Lagarde and Mexican Central Bank Chief Agustin Carstens are the remaining contenders to lead the global lender.

The move eliminates the bid of Israeli Central Bank chief Stanley Fischer, whose selection would have required the IMF to extend its age limit of 65 for first-time directors. Fischer said on Tuesday he regrets being disqualified, believing the age limit to be “irrelevant.”

The European Union-backed Lagarde is considered by many to be the favorite for the position, although Carstens has the support of a dozen Latin American countries.

The position became vacant after former head Dominique Strauss-Kahn was charged with sexual assault in May. The IMF plans to choose a new chief by the end of June.

Mexico’s Carstens Takes IMF Bid to India

Mexican Central Bank Governor Agustin Carstens is due in India Friday to press his case to become the next head of the International Monetary Fund.

Carstens is expected to hold series of meetings in New Delhi similar to his rival, France’s Christine Lagarde. She met Tuesday with Indian Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee in New Delhi but failed to win their support. Continue reading