Fourteen million hectares are affected by floods in Argentina’s prime farm land provinces and the presence of water jeopardizes the harvest of grains, according to farming sector leaders.
Argentine Economy Minister Hernán Lorenzino and Central Bank Governor Mercedes Marcó del Pont are leading the country’s delegation in the technical G20 meeting in Mexico, where they are expected to insist on the government’s criticisms against ‘vulture funds’ and credit rating agencies.
An International Monetary Fund (IMF) mission headed by Ulric Erickson von Allmen visited Uruguay from October 22 to November 2 to conduct the country’s annual Article IV consultation. At the conclusion of the visit, Mr. Erickson von Allmen division chief in the IMF’s Western Hemisphere Department issued the following statement in Montevideo:
Governance of the Bank of England is defective, according to the chairman of the Treasury Committee following the publication of three independent reviews into the Bank's performance. Andrew Tyrie said the reviews were too little, too late.
Peru is considering the anticipated cancelling of public debt to drain ‘dollars’ from the market and impede the sustained appreciation of the local currency, Sol, said Economy minister Luis Castilla. This would be the first step for a new liabilities management approach to extend in time the maturing of Peruvian bonds and other debt papers.
The Falkland Islands government has granted a one year extension for Rockhopper Exploration’s production licences PL023 and PL024. The licences, in which Rockhopper has a 40% interest, have been extended until November 2013, with no requirement for the operator to perform further work on the licences in that time.
Brazil's trade ministry said the country's exports of corn and ethanol rose in October as foreign buyers turned to Brazil after the worst drought in 50 years ravaged US crops.
Brazil granted a tax exemption to foreigners who buy mortgage-backed securities or invest in funds that purchase them after sales of new debt supported by real estate loans fell almost 50% this year.
The US dollar suffered in Uruguay during October its greatest fall since January 2009 following on the increase of the Central bank basic rate to 9% at the end of September, which turned Uruguayan bonds far more attractive for foreign investors.
Uruguay’s central bank said that consumer prices, excluding the most volatile items, have increased almost 11% in the last twelve months to September. Fresh fruit and vegetables, cigarettes and public utility rates are considered ‘volatile prices’.