The global economic recovery now gathering pace is deepening income inequalities in both advanced and emerging nations, threatening to undermine policy makers’ efforts to repair their finances and fix currency misalignments.
Bank of England Governor Mervyn King’s successor will have to limit involvement in the bank’s daily activities to cope with the breadth of new powers, said Stephen Lewis, an economist at Monument Securities Ltd.
Canadian lawmakers approved a bill aiming to ease the process that lets generic drug manufacturers produce patented medicines for export to poor nations at cheaper prices in a move the pharmaceutical industry says could undermine intellectual property rights.
British Prime Minister David Cameron hosted his top aides for a Sunday lunch at his country retreat as they ended 23 weeks of infighting that resulted in the deepest budget reductions the U.K. has ever seen.
Italy may struggle to sell 5 billion euros ($6.8 billion) of Treasury bills tomorrow, after bond yields surged to euro-era records on Prime Minister Silvio Berlusconi’s resignation offer and LCH Clearnet SA demanded more collateral on the country’s bonds.
Italy’s main political parties are holding their fire on the government’s 30 billion-euro ($40 billion) austerity and growth plan, suggesting they won’t derail measures Prime Minister Mario Monti says are needed to save the nation and the euro.