Venezuelan president Hugo Chavez faces a major power shortage that could severely damage the country’s economy and plunge his popularity, but he is confident sufficient rainfall is on the way to fill the lake of a crucial dam because “God is Bolivarian”.
Chinese inflation hit a 16-month high in February, causing economists to call for the government to tighten the economy to prevent overheating. The annual rate of consumer price inflation rose to 2.7% in February, up from 1.5% in January, and ahead of analysts' expectations of 2.3%.
The US government recorded a budget deficit of 221 billion US dollars in February - the largest monthly deficit in its history. The total deficit since the beginning of the fiscal year in October now stands at 651.6 billon according to US Treasury figures.
China's exports jumped by 46% in February compared with a year ago, raising hopes of a strong recovery in global trade. The increase was higher than analysts' expectations of a rise of between 35% and 40%.
Brazilian government managed corporation Petrobras, Repsol-YPF and BG Group found more evidence of oil in the same offshore Brazilian sub-salt block where the companies’ Guara field holds as much as 2 billion barrels of crude.
China mainland carriers plan to order as many as 218 commercial aircraft this year in order to cope with an expected surge in demand for air travel in the coming years, state media reported this week.
Visiting US Commerce Secretary Gary Locke said Tuesday that Washington was seeking talks with Brazil before it imposes retaliatory trade tariffs for US cotton subsidies the WTO ruled as discriminatory.
Argentine-Spanish oil company YPF said on Tuesday that it plans to import 50 million litres of gasoline as demand outstrips supply. Argentina, an oil-producing country where fuel is subject to government price controls, has not imported gasoline in 30 years.
Brazil will harvest a grain crop of 145.1 million tons this year, a volume very close to the record 145.8 million tons of 2008, said the government’s statistics office, IBGE on the basis of February field data.
Chilean Public Works Minister Sergio Bitar estimated that the reconstruction and reparation of sidewalks, airports, canals, and other infrastructure works will cost around 1.2 billion US dollars, after the earthquake that devastated the nation. The quake was an 8.8 on the Richter scale.