World Bank President to G8: Economy Still Dangerous; Service Sector Improves for Third Straight Month; Rio Sells Packaging Business to Bemis for $1.2 Billion; Crude Prices Drop Again; Report: Bank of America Writeoffs to Rise; Brazil’s Credit Rating Could Increase; DOJ Investigating Telecoms; Father of Web Browser Starts New Tech Venture Capital Firm

Volcker Appointed to Overhaul Tax Code; Ken Lewis Sees Recession Bottoming; Ford’s Volvo Sales Moving Along; Romania Receives $27 Billion IMF Loan; IBM Transfers Jobs to India; Durable Goods Orders Rise; Brazil’s Stock Market Surges to Six Week High; Bank of America to Repay TARP Funds

Yesterday Brazil’s central bank cut its benchmark interest rate from 13.75% to 12.75%, its first rate cut in 16 months and a move to guard the country’s economy from the global financial crisis.

Riddle me this: When is it good news when an analyst slashes his price target for a stock by 55%? Answer: When that “reduced” target price still represents a 59% gain. That’s precisely the scenario facing Companhia Vale do Rio Doce (ADR: RIO), the world’s biggest iron-ore producer.