Brazil’s economy shrank in the third quarter, prompting the government to slash its growth forecast for the year, one week after announcing stimulus measures to contain the spillover from Europe’s debt crisis.
The potential of India for Latinamerican exports and investment opportunities was underscored during the presentation of a report “India and Latin America and the Caribbean, opportunities and challenges in trade and investment relations” sponsored by the UN Economic Commission for Latin America and the Caribbean, ECLAC.
Brazil is going through a wind power boom as production prices fall and government incentives attract a growing number of foreign suppliers. The wind power sector has a current capacity of around 1,400 megawatts, and is expected to grow nearly eight-fold by 2014, according to the Brazilian Association of Wind Energy ABEEolica.
Uruguay announced on Monday filed to issue up to two billion dollars in new global bonds maturing in 2028 and to conduct a series of liability management transactions designed to further improve its external debt profile, including an exchange offer and a cash tender offer for certain of its outstanding debt securities.
Uruguay’s Vice-president Danilo Astori blasted Argentina’s protectionist and foreign exchange policies because they damage Mercosur, which is currently living its “worst possible moment”.
The Executive Secretary from the UN Economic Commission for Latinamerica and the Caribbean, ECLAC, Alicia Barcena said that the European crisis is beginning to be felt but nevertheless growth in the region will continue this year and in the coming twelve months at levels above 3.5%.
Cuba plans to enlarge to 40,000 hectares a Vietnamese-aided test farm to expand production of rice, official media said on Monday.
LAN Airlines, Chile’s flag carrier made the official launching of its fourth affiliate under the name of Lan Colombia, becoming the second largest airline in the country with 22 domestic destinations, including Cartagena, Cali and Medellín.
The Spanish government has expressed ‘concern’ about claims from the Vigo-based fleet operating in the south-west Atlantic which has come under continuous harassment from Argentine naval patrols claiming they are fishing ‘illegally’ in ‘Argentine waters’ in spite of having licences awarded by the Falkland Islands government.
French President Nicolas Sarkozy and German Chancellor Angela Merkel met in Paris on Monday to align their positions on centralizing control of Euro zone budgets to stem a debt crisis that threatens Europe's currency union.