Magallanes Region in the extreme south of Chile is targeted to suffer a significant budget support cut in the coming fiscal year. Local officials have been informed by Santiago authorities that according to national budget estimates, in 2004 Magallanes Region will be receiving almost 15 million US dollars less.
U.S. President George W. Bush signed free trade agreements with Chile and Singapore Wednesday, saying that they would contribute to the economic growth of the three countries.
Brazil's president, a former Marxist firebrand-turned-pragmatist, is allying himself with his country's biggest party, one to the right of center, promising it a share of government power and a united front in next year's local elections.