Australia and Canada said they support Mexican central bank Governor Agustin Carstens for the top job at the International Monetary Fund over his rival Christine Lagarde, the French finance minister.
Global rice production is expected to touch 476 million tons in 2011, on the back of improved weather conditions, as the influence of La Niña is expected to neutralize by June, United Nation’s body FAO said.
The inflation for food items in Latin America and the Caribbean reached 7.4% in May, according to FAO. The sharp rise in the regional prices was attributed to an even sharper increase in food prices which on a world wide basis rose 37% in May compared to world food prices in May 2010, the FAO said in a report from its regional headquarters in Chile.
Soy export taxes for the 2010/2011 crop will represent 8 billion US dollars for the Argentine Treasury compared to 6.3bn in the previous season, according to estimates from the country’s Ministry of Agriculture and Livestock.
Central banks need to start raising interest rates to control inflation and may have to act faster than in the past according to the Bank of International Settlements.
Hedge funds are behind land grabs in Africa to boost their profits in the food and bio-fuel sectors, a US think-tank says. In a report, the Oakland Institute said hedge funds and other foreign firms had acquired large swathes of African land, often without proper contracts. It said the acquisitions had displaced millions of small farmers.
German finance minister Wolfgang Schaeuble warned that a veto of the Greek government's austerity plans by parliament this week could mean Athens will not receive a bailout tranche it needs to remain solvent.
Fitch Ratings raised Colombia to investment grade last week, becoming the third Wall Street agency to elevate the country this year to the coveted status, opening the door to a broader range of investors.
Ecuador’s bonds are rewarding investors with the best performance in Latin America as Chinese loans and higher oil prices boost confidence in the economy two years after the country defaulted on 3.2 billion US dollars in debt.
Canada and Mercosur agreed on Friday to hold exploratory talks to strengthen their relationship, Canadian Trade Minister Ed Fast said on Friday. Fast is currently in Asunción to promote bilateral trade and investments, and Paraguay currently holds the Mercosur chair.