With the end of commodities prices 'super-cycle', UN panel lowers Latin American growth forecast to 1%
The Economic Commission for Latin America and the Caribbean (ECLAC) has revised downward its economic growth projection for the region in 2015, forecasting a 1.0% increase in the regional Gross Domestic Product (GDP), the United Nations organization said today in a press release.
Consumer prices in Brazil picked up in March, putting the 12-month rate at the highest level in more than eleven years, highlighting one of the main challenges facing Latin America's largest economy in the year ahead. The rolling 12-month IPCA was up 8.13% through March, up from 7.70% in February, remaining well above the central bank's 6.5% ceiling. In the first quarter of the year, prices have risen 3.83%, while the 12-month figure marked the highest level since December 2003, when it reached 9.30%.
Brazil’s soy exports will likely slow because a six-day fire at a nearby fuel-storage facility has restricted access to Brazil’s largest port, Santos, a port official and the soy industry association Abiove said. Authorities have agreed to restrict truck access to some terminals at the port at least through Wednesday while flames are extinguished.
Argentina's most southern province identified as Tierra del Fuego, Antarctica and South Atlantic islands is redesigning its internal political limits with the purpose of contributing to the territorial sovereignty of the Nation, according to a bill sent to the provincial legislative by governor Fabiana Ríos and drafted with help from the Malvinas Question Advisory Observatory.
Argentina's few friends in the world; China and Russia, Cristina Fernandez foreign policy priorities
Argentina's foreign policy, under president Cristina Fernández, has new priorities, China and Russia, according to columnist Joaquin Morales Solá, one of the outstanding political analysts of Argentina. This means a radical change from democratic Argentina (since 1983) when the interests of the country were targeted in Latin America, particularly Brazil, Europe and the US, although the importance of the short list varied according to the different elected presidents.
Spanish construction company Sacyr joined Uruguay's Grinor in a consortium bidding for a contract to recover and maintain highways in the Mercosur member country.
Mercosur is being left out of the main global trade flows since it only belongs to 1% of free trade treaties or tariff preference agreements, which actually represent half of world trade, said Uruguay's foreign minister Rodolfo Nin Novoa during a conference on Education and regional integration.
Uruguay's Economy minister Danilo Astori warned about the new regional and international context, not so favorable to his country's interests as in recent years, and underlined that Mercosur is going through one of its worst moments since foundation in 1991.
Argentina’s central bank governor Alejandro Vanoli said that despite the continued erosion of the Brazilian currency against the US dollar, which ended the week trading at 3.28 Real to the greenback, monetary policy will continue to manage the foreign exchange to avoid volatility and ensure economic growth.
Fresh from an incident with Venezuela which delayed and displaced a Unasur meeting, the Uruguayan government is looking for closer relations with the conservative administration of Paraguay, putting the emphasis on regional integration but also in making Mercosur a more open and dynamic trade and cooperation block.