Brazil's central bank slashed its key interest rate this week by a full percentage point to 8.25%, the eighth consecutive cut as the country slowly exits a painful recession. The one percentage point fall in the base Selic rate had been predicted by markets and matched a previous cut in July.
Venezuela's recently ousted chief prosecutor accused President Nicolas Maduro and several allies on Wednesday of participating in acts of corruption, saying she would turn over proof that would help other countries prosecute. Venezuela's government quickly fired back, accusing Luisa Ortega Diaz of grave moral and ethical infractions.
Beef will be back on the menu this October as the European Union seeks to finalise a trade deal with Mercosur. The European Commission will offer Mercosur new beef import quotas at reduced tariff rates during a formal round of trade talks in the first week of October in Brussels, EU sources confirmed.
The technical tie for the Senate seat in the province of Buenos Aires is being closely followed by the business community and potential investors in Argentina, fearing that a victory by ex president Cristina Fernandez over the candidate sponsored by president Mauricio Macri, could be interpreted as a longing for the hand-out and subsidies policies of Kirchnerism and rejection of the current economic reforms which have yet to deliver enough jobs and stable prices.
Brazilian farmers are in the midst of collecting their biggest corn harvest ever, and American supplies are also plentiful -- setting the stage for a stiff battle to win world buyers in the second half of the year.
Mercosur foreign ministers meeting on Saturday in Brazil suspended Venezuela indefinitely for failing to uphold democratic norms amid an intensifying crackdown on dissent in the country. The bloc previously suspended Venezuela in December for failing to uphold commitments it made when it joined the group in 2012.
Mercosur foreign ministers are scheduled to meet this Saturday in Sao Paulo to decide on to how to address latest events in Venezuela, the fifth member of the group which remains suspended, and so far has not replied to calls to cancel the constituent assembly procedure and attempt some form of dialogue with the political opposition.
Mercosur inked a trade deal with Colombia last Friday to allow limited quantities of tariff-free trade in products including automobiles, textiles and agrochemicals, Argentina's and Colombia's governments said.
The members of Mercosur trade bloc called for an end to violence in Venezuela in a joint statement on Friday. However again opinions were divided: while Brazil and Argentina sponsored a more explicit warning to President Nicolas Maduro and his regime, Uruguay had it redrafted in a more conciliatory tone and Paraguay finally came out with a compromise option.
Mercosur Federation of Rural Associations consider inconvenient that the region should cease to vaccinate cattle against foot and mouth disease.