Negotiators have failed to agree targets to reduce global economic imbalances on the first day of the two-day G20 meeting in Paris. The countries want to better coordinate economic policies to avoid a repeat of the 2008 global financial crisis.
Argentina and Brazil agreed Friday to set up a Monitoring Committee in order to exclude Brazilian products from being affected by the imports non-automatic licence system announced this week by the administration of President Cristina Fernandez de Kirchner.
Brazil’s proven oil reserves rose 10.65% in 2010 to nearly 14.25 billion barrels, the biggest annual increase in the past eight years, the ANP oil regulator announced this week. Total reserves, overwhelmingly offshore, which also include probable and possible reserves, soared 34.57% to 28.47 billion barrels.
Chile’s white wine grapes slated for harvest at the end of the month may not find enough hands to pick them. The grape harvest is the most labour-intensive period of the year for vineyards, but this year, vineyards having trouble tracking down temporary workers to work the harvest season.
The chairman of the Uruguayan Chamber of Industry, Washington Burghi, warned that Argentina’s decision to restrict imports could be “the beginning of the end” for the Mercosur. However Argentine ambassador in Montevideo said decisions are targeted against Asian imports with the purpose of defending Argentine jobs.
China’s central bank raised reserve requirements for lenders 10 days after boosting interest rates as Premier Wen Jiabao tackles accelerating inflation and the risk of asset bubbles in the fastest-growing major economy.
The Central Bank of Chile (CBC) hiked interest rates by 25bps to 3.5% on Thursday night targeting growing economic imbalances and the threat of higher inflation, reports Capital Economics latest update.
Members from the European Parliament representing rural constituencies have come out strongly against a possible trade deal between Europe and Mercosur arguing that an influx of meat imports could have a devastating impact on the EU beef industry.
United States prices rose 0.4% in January compared with the previous month, mostly due to rising food and fuel prices. The rate of change was the same as seen in December.
Having pushed through a strong safeguard clause to protect European industry and received guarantees from Seoul that the new Korean legislation on car CO2 emission limits would not be detrimental to European car makers, the Parliament on gave its consent to the most ambitious trade agreement the EU has ever negotiated.