1 UK interest rates stay at 0.25% (BBC) UK interest
rates have been kept unchanged at 0.25% by the Bank of England's rate setting
committee. However, one of the nine who sit on the Monetary Policy Committee
(MPC), Kristin Forbes, expressed concern about inflation and voted to raise
rates.
It was the first time since July last year that the
vote to maintain rates had not been unanimous. Analysts said it indicated the
Bank of England could be closer to raising interest rates than they had
thought.
The Bank of England, led by governor Mark Carney,
expects the UK economy to grow fairly briskly this year, at a rate of 2%. However,
it then predicts a slowdown amid uncertainty surrounding the conditions of the
country's withdrawal from the European Union. Against that uncertain
background, many economists have predicted that the Bank will leave rates
unchanged until at least 2019.
2 Greece unemployment up at 24% (San Francisco
Chronicle) Greece's unemployment rate is rising again, reaching 23.6 percent in
the last quarter of 2016 — up one percentage point on the quarter.
Greece's statistical authority said that the number of
jobless was 1.12 million in October-December, compared with 1.09 million in the
third quarter of 2016. Greece's unemployment rate is the highest in the
European Union and hit record levels during the country's seven-year financial
crisis, reaching 27.8 percent in early 2014.
The economy has suffered amid long delays in the
government's talks with international creditors on getting the latest batch of
bailout loans. Economic output fell 1.2 percent on the quarter in
October-December. The statistical authority said 72 percent of Greece's jobless
have been out of work for at least a year.
3 Venezuela’s ‘bread war’ (The Guardian) Venezuela
this week arrested four bakers making illegal brownies and other pastries as
President Nicolás Maduro’s socialist government threatens to take over bakeries
in Caracas as part of a new “bread war”.
Maduro has sent inspectors and soldiers into more than
700 bakeries around the capital this week to enforce a rule that 90% of wheat
must be destined to loaves rather than more expensive pastries and cakes. It
was the latest move by the government to combat shortages and long lines for
basic products that have characterised Venezuela’s economic crisis over the
last three years.
The ruling Socialist party says pro-opposition
businesses are sabotaging the nation’s economy by hoarding products and hiking
prices. Critics say the government is to blame for persisting with failed
polices of price and currency controls. Breadmakers blame the government for a
national shortage of wheat, saying 80% of establishments have none left in
stock.
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