Current boom copper demand has catapulted the value of the metal to its highest price in more than 40 years. The Chilean Copper Commission reported that the average copper price through September this reached 3.27 US dollar per pound, highest average price since 1966, when the commodity averaged US$3.63 for the year.
Seven South American countries agreed to establish Banco del Sur, a regional development bank championed by Venezuelan President Hugo Chavez, in an effort to expand regional trade and growth with their own resources.
The US dollar continued on Tuesday its rapid erosion and closed at 498 Chilean pesos, its lowest value against the local currency since 1999. So far this year the Chilean peso has appreciated 6.41% against the US dollar compared to 3.95% for the twelve months of 2006.
Argentine Senator Cristina Fernandez de Kirchner said if elected president her administration would discard monetarist and neo-liberal solutions to combat any outbreak of inflation, which has become the main campaign issue of those opposing her husband President Nestor Kirchner.
The European Union may resort to a ban on Brazilian meat imports if the country does not improve food safety standards, the European Union's health chief said on Tuesday addressing members of the European Parliament.
Alan Greenspan, who served for 19 years as chairman of the Federal Reserve and has made a new splash with a memoir critical of Republicans and the Bush White House for not getting better control over federal spending, says today that the odds of a recession in coming months are less than 50-50.
Economy and Finance ministers from all South American countries, except for Peru and Colombia, are meeting Monday in Brazil to discuss final details of a regional development financial institution sponsored by Venezuela's President Hugo Chavez.
The credit squeeze will force governments worldwide to make substantial changes to their budget plans, Rodrigo Rato, outgoing managing director of the International Monetary Fund, has warned. He said that the credit squeeze was a serious crisis that was not over yet and would curtail growth worldwide.
Farmers from Argentina's dairy belt, one of the most productive in the world are considering converting into cereals and oil seeds given the low reference prices imposed by the Argentine government.
Because of high copper prices, Chilean treasury officials now believe that they will end the year with a historic budget surplus of 8.1% of the Gross Domestic Product (GDP).