According to the Big Mac index from The Economist which measures purchasing power parity, Argentina continues to climb and is rapidly becoming one of the most expensive countries in the world.
Fearing that inflation will fail to moderate as expected the United States Federal Reserve Open Market Committee left on Tuesday interest rates unchanged. Analysts had widely predicted the Federal Reserve would leave rates at 5.25% for a 13th month, and that was the unanimous verdict of the Fed panel.
The Free Trade Agreement between Chile and Japan, which comes into effect next month, will increase Chilean exports to that Asian nation by as much as 400 million US dollars a year, according to newly released Chilean government estimates.
Mexican telecom tycoon Carlos Slim, who is estimated by some calculations to be the world's richest man, said that he shook aside those comments and was more interested in making his business life compatible with his family and personal life.
With less than three months for next October presidential election the Nestor Kirchner administration is going through one of its worst moments since he first took office in May 2003, according to the Confidence Index from the Torcuato Di Tella University.
The European Central Bank (ECB) left Eurozone interest rates on hold at 4% for the second month in a row. The Thursday decision however also anticipated that the ECB will be hiking rates next September or October
The Bank of England decided Thursday to leave the cost of borrowing at 5.75%. The Monetary Policy Committee (MPC) had been widely expected to keep rates on hold this month, as it waits to see the impact of the rises so far, but many economists predict rates will go up to 6% later this year.
Argentina' cabinet chief Alberto Fernandez confirmed Thursday that the coming week Venezuela will again purchase Argentine sovereign bonds for which we Argentines should, and must be fully acknowledged to President Hugo Chavez for the financial help extended.
Faced with the growing turbulence of global financial markets and Senator Cristina Fernandez October 28 presidential bid Argentine President Nestor Kirchner has instructed his advisors to promote domestic consumption and ensure economic expansion, but as of next November fiscal revenue must be higher than expenditure according to reliable political sources in Buenos Aires.
Chilean Episcopal Conference president Monsignor Alejandro Goic who played a leading mediation role in a labor conflict in the copper mines, said that one of the causes for labor strife are low salaries and suggested that the minimum salary should really be converted into an ethical salary.