Argentine farmers protesting higher grain and oilseeds export taxes have decided to extend their two days strike until next Wednesday because there has been no signals or reply from the government to their request to meeting authorities. Dairy farmers announced they were joining the strike.
Brazil levied a new tax on foreign capital and announced tax breaks for exporters Wednesday in an effort to slow the Brazilian Real's gains against the US dollar which has appreciated 62% against the greenback in three years.
Brazil's economy expanded a greater-than-expected 6.2% in the fourth quarter, the fastest year-on-year quarterly expansion since June 2004, helping the overall 2007 expansion to reach 5.4%, boosted by consumer spending and business investment.
Argentina's GDP expanded 8.7% in 2007, after having grown 9.1% in the fourth quarter, up 1.9% from the previous quarter announced Thursday in Buenos Aires the country's Statistics and Census Office, Indec.
The world's largest central banks have launched their latest coordinated action to calm jittery credit markets. The US Federal Reserve, the European Central Bank and central banks in the UK, Canada and Switzerland will inject billions of dollars into money markets.
Argentina hiked export taxes on soy and sunflower seed products by between seven and nine percentage points and decreased levies on corn and wheat exports by one point to expand supplies of key food staples in the domestic market.
European Central Bank President Jean Claude Trichet said he's concerned about the Euro appreciation after the currency kept hovering on record rates against the US dollar. It's the first time Trichet has specifically expressed worry about the Euro vis-ÃÂ -vis other currencies since November.
The United States Foreign Agricultural Service forecasts China's 2008 beef imports to increase nearly four-fold to 30.000 tons boosted by strong domestic demand and the Olympic Games peak next August and an overall domestic short supply.
Argentina's mineral exports in 2007 fell 9.6% on the year in terms of volume but rose 22.2% in terms of value, according to a report from IES Consultores published in the Buenos Aires press. Exports last year were valued at 2.8 billion US dollars, with copper making up 62.6% of shipments, IES said.
China's consumer prices index jumped in February to an 11-year high of 8.7%, presenting Beijing's leaders with a big economic headache in the run-up to the Olympic Games. Twelve months inflation in January was 7.1% and economists had expected a February figure in the range of 8 percent.