Chinese buyers may default on a further 1.2 million tons of soybeans worth about 900 million dollars being shipped from the United States and South America, to avoid incurring huge losses in a depressed local market, the country’s top soy buyer said.
The US government will stand before the Supreme Court on Monday in support of Argentina's position in its ongoing legal fight with bond investors over a ruling which forces banks in New York, with which Argentina does business, to disclose information about the country's non US assets, as investors seek repayment.
Argentina's Hector Timerman and Paraguay's Eladio Loizaga will be meeting Monday in Asunción to address among other issues the three times delayed Mercosur summit, which should take place in Venezuela, and must be decided before next June when the group's six-month chair again rotates.
Brazil's economy grew at a 0.24% rate in February, compared to the previous month, the Central Bank said Wednesday. The Central Bank's Index of Economic Activity indicates that the economy grew 1.63% in February, compared to February 2013, while year-on-year growth was 2.41%, up from the 2.29% figure reported in the previous month.
Food prices in Brazil have started to ease and should bring inflation down in coming months, central bank chief Alexandre Tombini said on Wednesday, reinforcing views that policymakers are ready to wrap up their year-long campaign of rate hikes. He reiterated that a significant part of the impact of past rate increases on inflation has yet to be felt.
United States has told China its currency must be allowed to rise if it and the global economy are to see stable growth. The US Treasury's twice-yearly report to policymakers says the Yuan is significantly undervalued.
China's economy expanded by 7.4% in the first quarter of the year, better than what many were expecting, but it is a slowdown from 7.7% growth in the final quarter of last year. Other data released with the gross domestic product (GDP) figure showed industrial output rising 8.8% in March from one year ago.
The UK inflation rate as measured by the Consumer Prices Index (CPI) fell to 1.6% in March from 1.7% in February, according to the Office for National Statistics (ONS). It is the third consecutive month inflation has been below the Bank of England's 2% target rate, and the lowest rate since October 2009.
Chilean President Michelle Bachelet vowed to reconstruct Valparaíso, utilizing a new plan that would prevent many of the 11,000 victims of devastating wildfires from rebuilding on hills that cannot be protected from disasters. But she faces a battle to convince evacuees to relocate, with many wishing to return to what remains of their previous homes.
As protests in Ukraine's eastern region turned violent on Sunday leading to the death of a Ukrainian security officer in a shootout with pro-Russian militia, Kiev threatens military action while Moscow flexes its geo-economic warfare muscles.