In international press, a lot of ink has been devoted to the BRICS. Without a doubt the participation of the five-party in the world economy block has increased over the course of the last years, competing directly with the United States and the European Union. However, the details about the New Development Bank and the Contingent Reserve Arrangement make it clear that its members resist to abandoning the orbit of the dollar in order to destroy the shell of the Bretton Woods institutions.
Venezuelan President Nicolas Maduro today announced measures against the Federation of Chambers of Commerce and Production of Venezuela (FEDECAMARAS), which he accused of being behind an economic war, aiming to destabilize the country.
In a ceremony held in the state of Anzoategui (east), Maduro also accused the Fedecdmaras of causing misery, by provoking high inflation and commodity shortages.
The Senate approved with 53 votes in favor and two against the government initiative of Cristina Fernández, which has already been backed by the Chamber of Deputies.
With the enactment of the law on Wednesday, the Argentine State recovered control of the freight and passenger rail system, privatized in the 1990s.
In fact the State has regained control over most of the country’s railway lines because of failure of the companies that controlled them to provide the services.
Brazilian President Dilma Rousseff, acknowledged today that there is an "economic problem" in the country, although she hopes that the recovery will come later this year thanks to fiscal adjustments, made by the government.
"Without a shadow of doubt, there is an economic problem in the country. We had a very difficult economic situation," said Rousseff during a meeting with bloggers and journalists from several Brazilian news portals.
The China Development Bank (CDB), one of the two banks of Chinese development, and Brazil's Petrobras today announced an agreement to open a credit line of 3,5 billion dollars for the oil company.
In a brief statement, without specifying the details of the agreement, Petrobras reported that "the parties confirmed the intention to develop a new partnership in the future."
Faced with the collapse of the Ukrainian economy, the West only offers promises, says US expert.
"We have lost a quarter of the national economy," said Yatseniuk at a meeting with governors.
He further stated that hundreds of companies had to close, although Ukraine has collected more in taxes this year than in 2014 and there were no delays in social payments.
If we take into account the February inflation rate of 1.22%, Brazil has accumulated over the last twelve months 7.7%, exceeding the fiscal target set by the government of Rousseff and has reached the worst figures in the last ten years.
Gasoline rose 8.42% last month, ethanol 7.19% and diesel 5.32%, these increases have helped to push overall inflation. Public transport and education have also risen last month. In the regular courses, the monthly rise has accounted to an average of 7%.
The month of January was a taste of what awaits us this year in terms of revenue. The 47 percent drop in oil exports, which amounts to a loss of 812 million dollars, could not be compensated by the 15.3 percent increase of automobile exports in the first month of 2015.
MOSCOW -- Russia, holder of the world's fifth largest stash of foreign currencies, is increasing its gold purchases. One reason for this is the country's increasing wariness of the dollar and euro now that Russia has come under U.S. and European sanctions over the Ukraine crisis. Another reason is that these currencies are becoming increasingly risky to hold due to the swelling debts of the governments that back them.
Counsellor of the Russian Embassy in Mexico for Economic Affairs Nikolai Shkolyar: 'Development of the export support strategy is necessary for effective promotion of Russian products abroad'