Italy’s Fiat Industrial, through its affiliate CNH, will set up a plant in Argentina to manufacture powerful combines and specialty tractors destined for the Latin American market. The plant will create some 600 direct and 1,500 indirect jobs, CNH said in a statement on Tuesday.
Soaring food and fuel prices are threatening to derail growth in Asian economies, according to a report by the Asian Development Bank (ADB). The bank has warned that if food and fuel prices continue to surge, economic growth in the region could be reduced by up to 1.5% this year.
Toyota executives in Brazil and Argentina announced they are cutting production at two assembly plants for three days because they don’t have enough parts from Japan due to the recent earthquake and tsunami.
Paraguay is experiencing a boom in corn with an area planted of over a million hectares compared to 600.000 hectares a year ago, according to the country’s Soybean Farmers’ Association president agronomist Francisco Regis Mereles.
The average price for a hectare of farmland in Uruguay during 2010 increased 13% and reached 2.650 US dollars. The average farmland hectare in 2009 was 2.239 USD.
Japan's cabinet approved almost US$50 billion of spending for post-earthquake rebuilding, the country's biggest public works effort in six decades. The emergency budget of 4 trillion Yen, which is likely be followed by more reconstruction spending packages, is still dwarfed by the overall cost of damages caused by the March 11 earthquake and tsunami, estimated at US$300 billion.
Canada's Barrick Gold Corp said on Tuesday it would take a wait and see approach if a higher bid emerges for its offer to pay 7.3 billion Canadian dollars for Equinox Minerals.
Jaguar Land Rover expects China to become its largest market in the next few years, according to Bob Grace, president of Jaguar Land Rover China, who said that the company aims to sell over 40,000 vehicles in China this year, which will be a significant growth of 54% over last year's 26,000 units.
The pro-business block initiative that will be signed this week by Pacific countries leaders from Chile, Peru, Mexico and Colombia presents no potential conflict for Brazil or Mercosur said on Monday the Brazilian Foreign Affairs ministry.
It is not possible to control the value of Brazil's currency through taxes on foreign capital, former President Fernando Cardoso told the US network Consumer News and Business Channel, CNBC.