Nov. 1, 2009 (Xinhua News Agency) -- Xinhua world economic news summary at 0440 GMT, Nov. 1
BRASILIA -- Brazil's Central Bank plans to authorize the opening of bank accounts in foreign currency in a bid to slow the sharp rise of the national currency real against dollar, officials said.
The opening of foreign currency bank accounts would avoid the appreciation of real which resulted from the strong inflow of foreign capital into Brazil's robust emerging economy, Brazilian newspaper O Globo quoted officials of the Brazilian monetary authority as saying on Saturday.(Brazil-Currency)
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WASHINGTON -- U.S. President Barack Obama said Saturday the U.S. economic recovery is moving "in the right direction" with a million jobs created or saved thanks to the government's stimulus policies.
"Today, I am pleased to offer some better news that -- while not cause for celebration -- is certainly reason to believe that we are moving in the right direction," the president said in his weekly radio address. (US-Obama-Economy)
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RIO DE JANEIRO -- Brazil's public sector registered a primary deficit of 5.76 billion reais (3.31 billion U.S. dollars) in September, reversing a surplus of 5.04 billion reais (2.89 billion dollars) in the previous month, the Central Bank said Friday.
This year's figure is the worst for the month of September in the past eight years and contrasts sharply with the same period in 2008 when the public sector posted a primary surplus of 6.61 billion reais (3.80 billion dollars). (Brazil-Deficit)
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LOS ANGELES -- In what was the fourth largest takeover by regulators in the United States this year, the Los Angeles-headquartered California National Bank was acquired by regulators Friday night. However, its business will go on as usual.
The acquisition took place as the 68-branch fourth biggest bank in California suffered from hefty loss in buying preferred shares issued by mortgage giants Fannie Mae (NYSE:FNM) and Freddie Mac. (NYSE:FRE) It was taken over by the U.S.Bank (NYSE:USB) unit of Minneapolis-based U.S. Bancorp, the Federal Deposit Insurance Corp. said. (US-Bank-Takeover)
