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Rio needs planning, not Games- US economist RIO DE JANEIRO: Rio de Janeiro needs proper planned investment, rather than rush through improvements tailored to a three-week Olympic Games in August next year, a top US authority on major sports events planning said Tuesday."The Olympics are not the investment you need, or maybe 20 percent. Why not spend 80 percent of your money on the stuff you do need? Resources are scarce," Andrew Zimbalist, professor of economics at Smith College, told AFP.Zimbalist, whose recent book Circus Maximus is a study in the benefits -- or otherwise - of staging World Cups and Olympics, noted the London Games of 2012 had required less in terms of infrastructure investment than Rio, which is spending roughly $11.8 billion a mix of private and public cash on the event."Rio is much more dislocating and expensive and more of a strain on the system. There's much more commotion" in displacing people from some ...

Chile declares red alert as forest fires rage SANTIAGO: Chile has declared a red alert for three national parks and reserves where massive wildfires are threatening forests that are thousands of years old, officials said Tuesday.The fires have been raging for more than a week in the southern region of La Araucania, which has been hit by a severe drought.The National Emergency Office (ONEMI) warned they would likely spread and intensify."It's going to be difficult to contain this fire today and tomorrow, but ...
Support plummets for Brazil's Rousseff: poll SAO PAULO: Public support for Brazil's President Dilma Rousseff plunged to 13 percent after mass protests over the weekend against government corruption, a new poll published on Wednesday found.The Datafolha poll underscored the swiftness of Rousseff's fall from grace since her re-election to a second term as leader of the South American powerhouse less than three months ago.The poll, taken Monday and Tuesday, showed a 10-point drop in Rousseff's already low approval ratings to 13 ...
Brazil's Rousseff's popularity slumps on economy, poll shows SAO PAULO: Brazilian President Dilma Rousseff's popularity fell to a new low in a poll released on Wednesday, with nearly two-thirds of respondents giving her bad marks due to a worsening economy and a corruption scandal at state-run oil company Petr?leo Brasileiro SA.Thirteen percent of respondents rated Rousseff's leftist government as "great" or "good" in the nationwide poll by Datafolha, down from 23 percent in a survey last month. About 62 percent said her government ...
Brazil's annual inflation likely rose near 8pc in mid-March BRASILIA: Brazil's annual inflation rate probably approached 8 percent in mid-March as prospects of energy rationing pushed up electricity rates, a Reuters poll showed on Tuesday. Consumer prices likely rose 7.88 percent in the 12 months to mid-March, up from a 7.36 percent increase in mid-February, according to the median of 20 market forecasts for the IPCA-15 index due on Friday. If confirmed, it would be the highest mid-month inflation rate since May 2005. On ...
Brazil's Rousseff pledges talks after mass protests BRASÍLIA: Brazilian President Dilma Rousseff pledged on Monday to hold talks with her growing number of critics and said her embattled government needed to show humility, a day after massive protests erupted across the country.Rousseff was narrowly re-elected less than six months ago in a bitterly fought runoff but is already facing pressure to quit over a snowballing $3.8 billion graft scandal at state oil firm Petrobras which has dragged in her ruling coalition and ...
US, Cuba resume talks amid Venezuela tensions HAVANA: US and Cuban officials met on Monday in Havana for new talks on restoring diplomatic ties, but their historic rapprochement was strained by tensions over Venezuela.The top US diplomat for Latin America, Roberta Jacobson, met her Cuban counterpart Josefina Vidal behind closed doors for a third round of talks on normalizing relations, but the atmosphere of reconciliation was marred by protests over Washington's stance on Venezuela.As Jacobson touched down in the Cuban capital late ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln