Brazil's central bank surprised financial markets on Wednesday night with its first interest rate cut in seven months, strengthening investor confidence in an economic rebound this year and easing fears of economic contagion in the region from Argentina.

The bank's monetary policy committee reduced its overnight lending rate (Selic) by 25 basis points to 18.75 per cent. It said the reduction was "compatible with the convergence of the inflation rate to its target". The government's year-end inflation target is 5.5 per cent. The bank maintained a "neutral bias", meaning it is unlikely to change rates before its next monthly meeting in March.

A typical central bank strategy in past crises in the region has been to lift interest rates to attract investment in the fixed rate market. This is what countries did in 1999, when Brazil was forced to devalue the Real While Wednesday's rate cut is modest and leaves inflation-adjusted interest rates above 13 per cent, it could help accelerate a recovery in consumer confidence, which has
been battered by last year's power crisis and Argentina's economic turmoil.

Lower interest rates, one of the principal demands of Brazil's business sector, could also increase the popularity of the government ahead of presidential elections in October. According to the latest consensus forecast published by the central bank, the market expects interest rates to fall to 17 per cent by year - end and to 14.1 per cent by the end of 2003. According to the same forecast, gross domestic product is expected to grow 2.4 per cent this year, up from an estimated 1.7 per cent last year.

The writer comments that the interest rate cut may

No balancete de 30 de junho, a firma Zimbra Comercial Ltda., apresentava um estoque de mercadorias no valor de R$ 75.000,00.

Durante o mesmo mês, o movimento de entradas e saídas demonstrou: estoque inicial de R$ 60.000,00, com compras de R$ 120.000,00 e vendas de R$ 100.000,00.

As operações foram tributadas em 10% com IPI nas compras; em 12% com ICMS nas compras; e em 17% com ICMS nas vendas.

No mês seguinte, ao acertar as contas com o fisco, a empresa demonstrará, em relação ao movimento de junho passado,

Dados (fatores de valor atual):

a_18-4% = 12,659297
a_12-4% = 9,385074
a_6-4% = 5,242137

El secretario general de la Organización de Países Exportadores de Petróleo (OPEP), el venezolano Alí Rodríguez, ha advertido de que se producirá una bajada en la demanda de crudo para el segundo semestre del año e indicó que el declive puede evitarse si los productores de crudo acuerdan un recorte en la producción.

El dirigente venezolano confirmó que negocia con Rusia y Noruega, los dos mayores exportadores de petróleo fuera de la OPEP, para que mantengan los recortes, que han posibilitado un incremento del 6% en el precio del petróleo este año. Rodríguez señaló que el precio medio del punto de referencia (al contado y sin plazos) de la OPEP ha sido superior a los 19 dólares por barril, cifra que se sitúa muy por encima de los precios medios para noviembre y diciembre, que cayeron hasta los 15,85 dólares después de los ataques terroristas el pasado 11 de septiembre en Estados Unidos.

Las acciones de la OPEP, apoyadas por otros productores, han sido útiles para poner freno a la caída del precio del crudo y para estabilizar el mercado, subrayó el venezolano.

Según Rodríguez, la OPEP vaticina que la demanda mundial de petróleo, que se sitúa en unos 76 millones de barriles diarios, se incrementará hasta 91 millones en el 2010 y hasta 106 en el 2020. De este total, la OPEP producirá 39 millones de barriles diarios en el 2010 y unos 53 en el 2020. A finales del año pasado, la OPEP acordó reducir sus cuotas de producción en 1,5 millones de barriles diarios, mientras que otros productores independientes se comprometieron a rebajar otro medio millón.


Según el texto, el secretario general de la OPEP

Ils s'estiment lésés par rapport à la restauration rapide. Le mouvement ne fait que commencer, mais il pourrait déboucher sur une véritable révolte fiscale. Des restaurateurs et cafetiers de Lille, Bordeaux et Caen ont décidé, en fin de semaine dernière, de lancer une «grève illimitée du paiement de la Taxe sur la Valeur Ajoutée (TVA)». Avec l'appui de l'Union des métiers et des industries de l'hôtellerie (Umih), qui représente 80000 adhérents, ils annoncent qu'ils refusent de payer le taux légal à 19,6 %. Ils n'appliqueront que celui de 5,5 %, en vigueur pour la vente à emporter et la restauration collective. Demande officielle. Pour ne pas subir de recouvrement forcé, les participants à la grève enverront une lettre officielle de contestation aux services fiscaux. Et ils
déposeront sur un compte la différence. L'Umih, qui «soutient et encourage cette action», doit lancer demain un appel pour étendre la révolte. Depuis plusieurs années, les restaurateurs se battent contre cette différence de taux, qu'ils considèrent comme une «injustice».


D'après le texte de Nicolas Cori, "il pourrait déboucher sur une véritable révolte fiscale", marquez la réponse fausse.

Brazil's central bank surprised financial markets on Wednesday night with its first interest rate cut in seven months, strengthening investor confidence in an economic rebound this year and easing fears of economic contagion in the region from Argentina.

The bank's monetary policy committee reduced its overnight lending rate (Selic) by 25 basis points to 18.75 per cent. It said the reduction was "compatible with the convergence of the inflation rate to its target". The government's year-end inflation target is 5.5 per cent. The bank maintained a "neutral bias", meaning it is unlikely to change rates before its next monthly meeting in March.

A typical central bank strategy in past crises in the region has been to lift interest rates to attract investment in the fixed rate market. This is what countries did in 1999, when Brazil was forced to devalue the Real While Wednesday's rate cut is modest and leaves inflation-adjusted interest rates above 13 per cent, it could help accelerate a recovery in consumer confidence, which has
been battered by last year's power crisis and Argentina's economic turmoil.

Lower interest rates, one of the principal demands of Brazil's business sector, could also increase the popularity of the government ahead of presidential elections in October. According to the latest consensus forecast published by the central bank, the market expects interest rates to fall to 17 per cent by year - end and to 14.1 per cent by the end of 2003. According to the same forecast, gross domestic product is expected to grow 2.4 per cent this year, up from an estimated 1.7 per cent last year.

According to the text, the recent cut in the Brazilian interest rate was