A consortium of five Chinese companies has acquired a 15% stake in Brazil's Companhia Brasileira de Metalurgia e Mineracao (CBMM), the world's biggest niobium producer, for 1.95 billion dollars in cash.
Brazil’s inflation accelerated for the 12th straight month in August to its fastest annual rate since 2005. Consumer prices, as measured by the IPCA index, rose 0.37% in August from the previous month, the national statistics agency reported on Tuesday. Prices rose 7.23% from a year ago, the highest since June 2005.
Metalworkers at a General Motors factory in Brazil decided to go on strike on Tuesday to demand a 17.45% wage increase just as the industry is scaling back production amid rising inventories.
Big US banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported Tuesday.
The Swiss central bank announced Tuesday a ceiling on the currency by setting an exchange rate minimum against the Euro. The Swiss National Bank (SNB) boldest move states that the exchange rate between the Swiss franc and the Euro must not drop below 1.20 Euros. And if it does, the Swiss bank is prepared to enforce the minimum by selling francs and buying up euros in unlimited quantities.
A free trade agreement, (FTA), between China and Mercosur could be “something extraordinary”, said Argentine Foreign Affairs minister Hector Timerman who next Thursday begins a political and business mission in Beijing.
Argentine car makers set a new record for production in August, cranking out 84,655 vehicles amid brisk economic growth, an ongoing consumption boom and soaring exports to Brazil.
The growing Chinese middle class which could reach 500 million people by 2025 will be the great locomotive for commodities demand in the coming decades benefiting countries such as Argentina according to an Asian affairs and trade expert.
The current and incoming head of the European Central Bank demanded that European governments quickly implement a strengthening of a regional bailout fund and press ahead with wider reforms.
ECB President Jean-Claude Trichet kept up warnings over Italy's strained public finances telling the struggling centre-right government it must act quickly to reassure nervous markets.