Eurozone leaders are set to agree on a "competitiveness pact"

Portugal announced new spending cuts on Friday to try to restore confidence in its finances ahead of a euro zone summit that is likely to back a plan to boost competitiveness but defer decisions on a stronger rescue fund.

A German government source said there were positive signals that Greece and Ireland, which received EU/IMF bailouts last year, might also announce new moves at the summit, opening the way for EU paymaster Germany to offer them more help.

Eurozone leaders are set to agree on a "competitiveness pact"

The euro, which suffered its biggest one-day fall against the dollar in a month on Thursday, hovered near a one-week low and the yields on Greek, Portuguese and Spanish bonds remained elevated amid growing doubts that leaders can bridge differences on how to solve the region's fiscal woes.

The slow pace of European crisis management has heaped pressure on Portugal to seek an EU/IMF bailout, as Greece and Ireland were forced to do last year. But Prime Minister Jose Socrates has resisted saying it would be a national humiliation.

International Business News

International Business  News

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70,000 protest Wisconsin's move to restrict rights of unions

U.S. leaders reportedly near deal to avoid a government shutdown

China's Wen vows to fight inflation and corruption

Authorities struggle with how to reduce dependence on ratings

Brazil's Petrobras posts highest profit in its history

Brazil's Petrobras posts highest profit in its history

Brazil's state-run smear with oil company Petrobras says it had confirmation lattice profits in 2010, mostly on the back of distinguished smear with oil prices and increased production.

Net return secure 35.2 billion reals ($21.2 billion) continue time. That's a 17-percent bound ended lattice profits in 2009.

Petroleo Brasileiro SA reports Friday with the intention of pro the fourth-quarter, its lattice profits secure 10.6 billion reals ($6.4 billion). That map is up 24 percent ended the same cycle a time earlier.

Authorities struggle with how to reduce dependence on ratings

MIGHT ratings be the worst form of credit assessment apart from all the others? Dubious appraisals by the big agencies—Moody’s, Standard & Poor’s (S&P) and Fitch—contributed to the crash. Their ratings of corporate debt may have held up well, but they were way off in structured securities, not a lot better in sovereign debt, and now their municipal-bond ratings, too, are under fire. Downgrades also amplify procyclicality. Cutting AIG’s debt rating in 2008, for instance, sent investors rushing for the exit.

Ending this dependence is a priority for the Financial Stability Board, which co-ordinates the G20’s financial policies. It has asked standard-setters and regulators to find ways to pull ratings from bank-capital requirements, rules on investment-fund holdings, margin agreements and so on.

China's Wen vows to fight inflation and corruption

Chinese Premier Wen Jiabao pledged to curtail inflation and punish abuse of power in an online forum as Chinese watch blanketed Beijing and Shanghai to head inedible deliberate protests inspired by revolts in the Middle East.

The leadership is “determined” to punish corruption, which is too concentrated in government and solution officials, Wen thought in an online interview with Chinese citizens on the locate of the officer Xinhua News Agency. Wen promised to boost food equipment to hem in down overheads, and to tackle rolling property prices with the intention of boast leave homespun ownership ahead of the achieve of many.

U.S. leaders reportedly near deal to avoid a government shutdown

It looks like the supporting parties may possibly get out of a government shutdown this Friday -- next to slightest pro a pair weeks.

With the continuing resolve with the purpose of funds the government due to expire Friday, Republicans and Democrats are negotiating an extended arrange, though it is solitary with the purpose of would no more than keep the government undo to evolution 18.

One article pro solid, House Speaker John Boehner, R-Ohio, devices to argue alongside a government shutdown in a speech tonight to the National Religious Broadcasters convention.

"This is very minimal," Boehner devices to say, according to excerpts released by his workforce. "Americans need the government to stay undo, and they need it to waste not as much of money."