Argentina's economy grew at its fastest pace in nearly two years in April, expanding 9.7% percent from a year earlier, the government announced on Friday. Increased consumer spending and demand for Argentina industrial products, particularly automobiles, from Mercosur partner Brazil helped to boost the economy.
Nobel laureate Paul Krugman said China’s pledge to make the Yuan more flexible was an “exercise in bad faith” intended to fend off international pressure for a stronger currency at this week’s Group of 20 leaders’ summit.
Top Chinese financial officials defended the country’s current economic policy and stated there was no need for a major appreciation of the currency or an increase in interest rates since inflation was declining.
Argentina has reached an agreement with China to end the freeze on Argentine soy-oil imports, the government said on Friday. However given the cumbersome negotiation process some Argentine traders are waiting for an official confirmation from Beijing.
British Petroleum, BP, is actively considering the sale of its stake in Pan American Energy LLC, Argentina's fastest growing oil and gas company, according to oil industry sources quoted in the Buenos Aires press.
An Argentine multinational company dedicated to providing solutions in the field of alternative energy sources will open a Wind Farm Service Centre in Uruguay. IMPSA is considered a leader in wind power investment and generation in Latinamerica.
Brazilian President Lula da Silva has cancelled plans to attend the G-20 economic summit in Toronto, Canada after flooding in the northeast of the country left at least 51 people dead and 120,000 others homeless.
Between January and May of 2010, Chile shipped approximately 12.7 billion US dollars in commodities to Asia; in this five-month span, 83% of Asia-bound exports were sent to China, Japan, and South Korea.
Venezuela will nationalize a fleet of oil rigs belonging to US Company Helmerich and Payne, the latest takeover in a push to XXI century Socialism announced President Hugo Chávez as he struggles with lower oil output and a recession.
Argentina’s newly appointed Foreign Affairs minister Hector Timerman begins next Tuesday a round of regional contacts which will take him to Uruguay, Brazil and Chile.