Asian finance ministers have agreed plans to pool the region's vast financial reserves to protect their currencies from speculative attack. The agreement, reached at a meeting in Japan, comes almost 10 years after speculators triggered an economic crisis across the region in 1997.
Copper prices rose to a ten-month record high Friday of US$ 3.73 per pound at the London Metal Exchange. This helped push the value of the U.S. dollar in Chilean money markets to new lows and led speculation about the effects this might have in the country's economy.
Alarm bells are ringing in Uruguay following the release of April's Consumer Prices Index, 1.22% totaling 4.58% in the first four months of 2007 and 8.11% in the last twelve months, when the overall target for this year was established in the range of 4.5% to 6.5%.
Brazilian stocks climbed Thursday to a new record pushing the benchmark Bovespa index above 50,000 for the first time. The index of most-traded shares on the Sao Paulo exchange rose 746.68 or 1.5% to 50,218.22.
The Finance and Economy ministers from Argentina, Brazil, Bolivia, Ecuador, Paraguay and Venezuela decided Thursday in Quito the creation in parallel of a development bank and a macroeconomic stabilization fund to support financially the region.
S&P has raised its outlook on Uruguay's B+ sovereign credit rating to positive from stable to reflect expectations of a sustained implementation of the economic policy agenda.
The FAO and other specialists of the Dairy Industry predict that, by year 2027, world demand for dairy products will have increased 20% while the price of milk will maintain the same and South American countries will become the key players of the world market for supply of dairy products.
United States Deputy Secretary of State John D. Negroponte warned Wednesday that rejection by the Democrat controlled Congress of free trade agreements with Colombia, Peru and Panama would mean a serious blow for Washington's interests in the region.
The trade honeymoon between China and Latin America cannot last forever, experts warn: sooner or later, the Asian giant will reduce its need for raw materials, and countries across the Americas will then have to offer value-added, higher-tech goods.
Latin American governments should increase social spending while maintaining sound fiscal policies to reduce poverty and growing political dissatisfaction in the region, IMF Managing Director Rodrigo de Rato said at a conference in Boston.