China dismisses Brazil currency proposal at WTO, criticizes QE

GENEVA (Reuters) – China blamed quantitative easing for damaging emerging economies and rejected Brazil’s proposal of using world trade rules to compensate for currency misalignments, during a debate at the WTO yesterday.

“We, together with many other countries, have been critics of this irresponsible and beggar-thy-neighbour policy,” China’s deputy permanent representative to the World Trade Organization, Zhu Hong, said, referring to the monetary stimulus policy often shortened to QE.

“It has a lingering negative impact on developing, emerging economies in particular,” Zhu said during a debate on currency fluctuations at the WTO in Geneva, according to a transcript provided by a Chinese official.

The meeting was called to discuss Brazil’s proposal that WTO rules should include a system for dealing with currency misalignments.

Brazil’s Ambassador Roberto Azevedo, who some trade diplomats say is a contender to replace WTO chief Pascal Lamy when he steps down next year, has gradually hardened up his demands on the issue.

After getting WTO members to agree to examine the available literature on the subject last year, Brazil circulated a proposal on Nov 5, explaining that WTO rules contained language about dealing with currency-related trade distortions but no adequate instruments to act directly.

Cristina Fernandez

Former Argentina leader slams corruption probes as political plot

EL CALAFATE, Argentina (Reuters) – Facing corruption probes that threaten to land her behind bars, former Argentine President Cristina Fernandez described her growing legal troubles as part of a “persecution” of progressive Latin American leaders that has boosted the right in the region.

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Venezuela opposition leader Lopez awaits appeal verdict

CARACAS (Reuters) – An appeal hearing into Venezuela’s most prominent jailed opposition leader Leopoldo Lopez ended yesterday, with he and supporters saying the nearly 14-year sentence for inciting violence should be immediately overturned.

Christine Lagarde

IMF’s Lagarde to stand trial in Tapie case

PARIS, (Reuters) – France’s highest appeals court ruled yesterday that International Monetary Fund chief Christine Lagarde must stand trial for her role in a 400 million euros ($440 million) state payout in 2008 to businessman Bernard Tapie.

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Sagicor moving from Barbados to Bermuda

(Barbados Nation) Sagicor Financial Corporation has officially moved its headquarters to the British oversees territory of Bermuda after more than 100 years in Barbados in its previous incarnation as The Mutual.

Health Minister Terrence Deyalsingh

Dengue strikes T&T health minister

(Trinidad Express) Health Minister Terrence Deyalsingh revealed yesteday that his recent and sudden hospitalisation was due to dengue. Deyalsingh was admitted to the Port of Spain General Hospital (POSGH) on July 13 after experiencing a two-day history of fever and fatigue.

Al Miller

Judge says pastor facilitated desires of ‘Dudus’ Coke

(Jamaica Gleaner) Parish Judge Simone Wolfe Reece said that based on evidence presented by prosecutors in the corruption trial of Al Miller, she is convinced that the clergyman’s “behaviour facilitated the desires” of Christopher ‘Dudus’ Coke.

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