Latin AmericaLatin America
Venezuelan President Hugo Chavez ordered Sunday the expropriation of more than 10.000 hectares (24.710 acres) of arable lands belonging to six farms and mixed farming industries in the state of Barinas, south-western Venezuela arguing that farms “are not weekend resorts for the rich
Stockholm International Peace Research Institute, SIPRI latest data on global arms transfers published this week reveal that Russia remains the second largest arms exporter in the world, accounting for a quarter of global exports of major conventional arms.
Chilean state-owned mining company CODELCO announced last week its discovery of a new mine site near its existing División Andina site (Region V), some 80 kilometres north of Santiago.
Mexico will experience losses of up to 5.5 billion US dollars this year because of the influenza A/H1N1 virus outbreak which has scared foreign tourists anticipated the Mexican National Tourism Confederation.
Peru’s main private business confederation believes the current economic crisis “has reached the bottom” in the country and forecasts the economy will experience an annual expansion of 3.5%.
Finance ministers from Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela reached Friday in Buenos Aires the definitive agreement for the launching of the Bank of the South, a multilateral organization to help fund development and infrastructure projects.
Visiting Paraguayan president Fernando Lugo and his counterpart host Brazil’s Lula da Silva ended Thursday evening their first private meeting with out any statements or having signed several bilateral agreements which were ready to be stamped.
Ternium, Latin America’s second- largest steelmaker, agreed to sell its Sidor unit to the Venezuelan government for 1.97 billion US dollars, ending a yearlong price dispute. The government holding company, Corp. Venezolana de Guayana, or CVG, paid 400 million in cash today for Ternium’s 59.7% stake in Sidor, the Luxembourg-based company said Thursday in a statement. CVG said it will pay the rest in two separate payments.
State owned Petróleos de Venezuela S.A. PDVSA, will begin Friday taking over control of some oil-field services currently being provided by private firms, President Hugo Chávez said.
Economic activity in Latin America and the Caribbean (LAC), sharply affected by the global economic crisis, is expected to contract by 1.5% in 2009, from about 4.5% growth in 2008, before rebounding next year, according to the latest forecast for the region by the International Monetary Fund.