China and the Inter-American Development Bank said on Monday they are starting a 1-billion US dollars fund to invest in Latin America, though the Asian giant’s latest push to expand its influence in the region prompted words of caution from Brazil.
Measures taken by Uruguay to deter smokers have drawn a legal challenge by one of the world’s largest tobacco companies under a treaty designed to protect foreign investors, according to the Centre for Trade and Sustainable Development.
The FAO Food Price Index rose 1% or 2.4 points from January to February. The Index climbed nearly 2% in January – its first increase in six months. The February increase was mostly driven by higher prices of sugar, oils and cereals while dairy prices fell slightly after a marked rise in January.
FAO forecasts that 2012 world wheat production will be the second highest on record at 690 million tonnes. According to FAO quarterly Crop prospects and food situation report forecast a 2012 wheat crop 10 million tons or 1.4% down from the record 2011 harvest but still well above the average of the past five years.
The economy of Latin America and the Caribbean should grow 3.6% this year, down from recent rates above 5% as slower expansion in China, a soft recovery in the US and debt woes in Europe weigh on the global economy.
Uruguay is likely to be the next Latin American country to win an investment grade rating from Moody's Investors Service, with a review likely late this year, a senior officer from the ratings agency said on Sunday.
Uruguay’s Economy minister Fernando Lorenzo called on other members of Unasur, Union of South American Nations, to ensure free trade in the region as a safeguard and guarantee for the sustained growth of country-members in time.
The Paraguayan government called for “reflection and dialogue” from the Argentine government in order to find a solution to the commercial restrictions in place on imported products, “we don’t need any more walls”.
Former Argentine Cabinet Chief Alberto Fernández assured on Sunday today that “the Government has difficulties understanding what is going on, and gives fallacious speeches that are far from reality,” and blasted the cutback of subsidies on public services and the bill that seeks to reform the Central Bank's charter
A Brazilian court barred 17 executives from Chevron and Transocean from leaving Brazil, pending criminal charges related to a high-profile oil spill last November. A second oil spill detected last week further complicated the situation.