November 5th – The BESA Times
Fifty-Sixth Edition - Monday, 5th Every week, a complete snapshot of what happened around the world in the past seven days
The Russian energy minister Novak announced the country will keep trading Iranian oil and consequently will not back the US for what concerns the sanctions, claiming illegitimacy resulting from the lack of the UN consent to them. Hence, in compliance with the 2014 deal, the trade between Iranian oil and Russian goods and services will still take place, however the volume of it might be adjusted in the following weeks.
Paulo Guedes, the new Brazilian finance minister declared publicly his will to end the country’s 7% fiscal deficit by allowing the privatization of state-owned enterprises. However, it is thorny whether Mr. Bolsonaro, known for his nationalist ideas, would be prone to leave the adequate leeway for the implementation of this kind of policy.
After the 13th request of bailout from the IMF, Pakistan is seeking for help from its neighbor countries. Differently from Saudi Arabia, which gave the country a 6 billion cheque, China pleaded to help Pakistan out of the current adverse economic conditions by avoiding the country’s default on foreign payments.
What to remember from last week’s news?
Berkshire Hathaway Inc managed to double its quarterly operating profit. Indeed, the insurance underwriting income skyrocketed to 441 million, implying a substantial increase from last year’s 1.4 billion loss. Moreover, the company was able to reduce its effective tax rate to 19.2% thanks to President Trump’s tax reform.
The People’s Bank of China announced that monetary policy will be kept prudent by controlling money-supply growth and maintaining sensible expansion of credit. However, the current country’s trade war with the US is expected to affect the economic outlook significantly due to a worrying degree of uncertainty amid investors. Hence, the monetary policy outlook might be once more reasonably adjusted.
Understand in pictures:
Storms in Northern Italy brought about plenty of damages to yachts and cities on the coast.
Did you know:
Uber Technologies Inc. is developing a reward program in order to retain its top employees. This policy will involve both extra pay and the possibility to attend online college education at Arizona State University.
What to expect from the coming week:
Next week’s US midterm elections will be crucial for the Trump presidency. Indeed, if the Democratic party were to win in one chamber, room would be made to the possibility of investigation on the current administration.
WRITTEN BY DANIELE GOFFI PLEASE DIRECT ANY INQUIRY TO AS.BESA@UNIBOCCONI.IT
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