Latinamerica’s largest power company Eletrobras, managed by the Brazilian government reported losses equivalent to 3.4bn dollars last year which were mostly attributed to a bill promoted by the administration of President Dilma Rousseff ro reduce electricity bills both for industry, agriculture and home consumption.
Chile, Peru, Colombia and Mexico plan to sign an accord liberalizing 90% of trade among the group when they meet at the coming Pacific Alliance summit scheduled for May 23 in Colombia announced Chilean Foreign minister Alfredo Moreno.
With insistent rumours of imminent measures to try and control the value of the US dollar in Argentina, Central Bank Governor Mercedes Marcó del Pont, stressed that the country has more than 40 billion dollars in reserves to manage the foreign exchange market avoiding sharp changes.
Paraguay’s president Federico Franco has arrived in Madrid, a special guest of his peer Mariano Rajoy with whom he will be holding talks at the Moncloa Palace. Rajoy is particularly interested in showing his support for President Franco and Paraguay that have been suspended from Mercosur and Unasur because of the removal by Congress, following political impeachment of Fernando Lugo.
Germany is keen to boost its already substantial investment in Brazil ahead of the 2014 World Cup and the 2016 Rio summer Olympics, the new president of the Brazil-Germany Chamber of Commerce said.
Venezuelan government foreign currency auction for local importers has triggered de-facto currency devaluation, the second in less than 50 days, analysts said. Venezuela has had strict currency exchange controls since 2003 in an attempt to halt capital flight, under which the government sold limited amounts of foreign currency at an official rate.
Bank of Cyprus depositors with more than 100.000 Euros could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move, officials say. The central bank says 37.5% of holdings over 100.000 Euros will become shares.
International Monetary Fund Managing Director Christine Lagarde, whose Paris apartment was searched by police March 20 in a case involving businessman Bernard Tapie, retains the backing of the board of directors, an IMF spokesman said.
Germany's two main opposition parties traded warnings against joining forces with Chancellor Angela Merkel's conservatives after September's election if they fail to win their own left-of-centre majority.
Italian President Giorgio Napolitano ruled out standing down early to make way for new parliamentary elections, following the failure of attempts to form a government this week. He stressed that Prime Minister Mario Monti retained full authority at the head of a caretaker administration until a new government can be formed