Economy

• Tuesday, March 20th 2012 - 05:02 UTC

  WB backs selective use of capital controls when faced with massive inflows

  

  The World Bank’s new Latin America chief backed selective use of capital controls when inflows were creating asset bubbles or distorting foreign exchange markets. Hasan Tuluy, the Bank’s new vice-president for Latin America and the Caribbean, said while trade protectionism should be avoided, there was space for macro prudential measures.

• Tuesday, March 20th 2012 - 04:55 UTC

  Brazil is fastest growing travel and tourism economy in Latam; 7.8% in 2012

  

  Brazil is Latin America’s fastest-growing travel and tourism economy and direct contribution to GDP is forecast to grow at 7.8% in 2012.

• Tuesday, March 20th 2012 - 04:46 UTC

  Australian Senate approves law to tax 30% iron ore and coal mining companies

  

  The Australian Senate has pushed through into law a 30% tax on iron ore and coal mining companies. The tax will raise A$10.6bn (11.2bn dollars) over three years from major companies including BHP Billiton, Rio Tinto and Xtrata.

• Tuesday, March 20th 2012 - 01:24 UTC

  Rousseff administration will promote “buy Brazilian” policy to defend industry

  

  “As of this year Brazil will follow the US example giving a 25% margin of preference to local goods in government procurement”, said Fernando Pimentel, Minister for Development, Industry and Foreign Trade.

• Tuesday, March 20th 2012 - 01:19 UTC

  Drought punishing soy crops and yields in southern Brazil

  

  Drought over Brazil's southern soy growing states prompted analysts Agroconsult to strike 2.8 million tons from its forecast of the 2011/12 crop to 67.1 million tons from 69.9 million previously.

• Tuesday, March 20th 2012 - 01:16 UTC

  Argentine truckers call for indefinite strike as soy bean crop was taking off

  

  Argentina’s truckers called Monday an indefinite strike to demand higher pay rates, parking their rigs in protest just as exporters were counting on them to haul freshly harvested soybeans to port.

• Monday, March 19th 2012 - 23:28 UTC

  China and IADB agree on one billion investment fund; warnings from Brazil

  

  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.

• Monday, March 19th 2012 - 23:23 UTC

  Philip Morris sues Uruguay cigarette-labeling claiming violation of investment treaty

  

  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.

• Monday, March 19th 2012 - 15:44 UTC

  FAO Food price index rose 1% in February but is 10% below a year ago

  

  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.

• Monday, March 19th 2012 - 15:41 UTC

  FAO forecasts second highest on record wheat crop for 2012 with 690 million tons

  

  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.