News from Latin America and Mercosur

Brazil exceeded budget primary target last year and is optimistic about 2012

Treasury Secretary Arno Augustin confident about this year’s target

Brazil’s central government exceeded its budget target for 2011 by posting a primary surplus (excluding interest payments) of 93.5 billion Reais (53.7 billion dollars) for the year.

Published in: Economy, Brazil. 1 comment

Maximo Kirchner, the ‘favourite son’ with ever growing influence in her mother’s administration

Born to two presidents, living in politics since a child, Maximo has the gaze of his late father

The French newspaper Le Monde dedicated last week ample coverage to the son of Argentine President Cristina Fernandez, Maximo Kirchner, 34, who has a growing influence in her mother’s administration given his double condition as ‘favourite son’ and leader of a youth group La Campora which he founded and is moving full steam ahead.

Published in: Politics, Argentina. 5 comments

Drought in Argentina and Brazil cuts significantly corn crops’ volumes

Temperatures are exceeding 40 degrees Celsius in some of Argentina’s corn-growing areas

Corn advanced heading for the biggest weekly gain in five as concerns that a renewed heat wave in Argentina and south Brazil may damage crops boosted demand for US grain. Soybeans were little changed.

Published in: Agriculture, Economy, Argentina, Brazil. 1 comment

UK praises naming of Argentine ambassador to London, calls for “strengthened cooperation”

Alicia Castro played an important role as head of the Caracas office, a close ally of the Kirchner couple

The British government acknowledged on Friday the naming of the new Argentine ambassador to the United Kingdom, and stated that they hoped the coverage of the long-vacant position will permit “the strengthening of cooperation” between the two countries.

Published in: Politics, Argentina, Falkland Islands, International. 9 comments

Fitch downgrades Italy and Spain ratings; Milan police raid agencies offices

Trani prosecutor Michele Ruggiero investigating alleged market manipulation by the three leading credit rating agencies

The credit ratings of Italy, Spain and three other Euro-area countries were cut by Fitch Ratings, which said the five nations lack financing flexibility in the face of the regional debt crisis.

Mexico inaugurates Latam’s second supercomputer by size and speed

The “serpent of fire” can process 24.9 trillion operations per second

Mexican scientists inaugurated Latin America's No. 2 supercomputer by size and speed, with the ability to process 24.9 trillion operations per second, authorities said.

Argentina has “phenomenal” tight natural-gas prospects and “explosive output” is forecasted

Guimar Vaca Coca, managing director of Americas Petrogas

Exxon Mobil Corp and Americas Petrogas Inc have “phenomenal” tight natural-gas prospects in Argentina and expect “explosive” output growth in 5 years, said Guimar Vaca Coca, managing director of Americas Petrogas.

‘King Leo’makes the cover of this week’s TIME magazine but not in the US

Argentine born Lionel Messi, three-time FIFA player of the year, is on the cover of this week's Time, but only if you buy it in Europe, Asia or the South Pacific. The United States cover is actually devoted to “The Power of Shyness”.

US economy expands 2.8% in fourth quarter but with too much inventory building

“Recovery is reasonably well established” but not the jobs market says Larry Summers

The US economy grew at its fastest pace in one and a half years in the fourth quarter of 2011, but a strong rebuilding of stocks by businesses and a slower pace of spending on capital goods hinted at softer growth early this year.

Costa Concordia company offers 11.000 Euros compensation for each passenger

Passengers injured while abandoning the ship will be dealt with individually

Several of Italy's consumer groups signed an agreement with Costa Cruises to offer about 11,000 Euros to each of the more than 3,000 passengers aboard the Costa Concordia when it hit a rock and capsized near the Italian island of Giglio on January 13, a statement from the consumer groups said.

US was aware of Argentine military “systematic plan to steal babies born in captivity”

Elliott Abrams: babies were handed to reliable (non communist) thankful couples

The administration of US President Ronald Reagan was aware of the “planned” stealing of babies born in captivity from jailed political prisoners, during the Argentine military dictatorship (1976/1983), since there was a “clear decision” to hand them to families considered faithful and reliable to the regime, said a former top US official.