G-20 Economy ministers will be meeting May 18/19 in Argentina to address commodity prices’ variations, according to Argentine sources. The meeting was agreed during the recent IMF/World Bank spring assemblies in Washington, following on Argentina’s deep concern about the “volatility” of commodity prices.
Peruvian president Alan Garcia will be hosting this week his peers from Colombia, Chile and Mexico to subscribe the so-called Pacific (Ocean) Agreement with the purpose of integrating the four countries economies.
Coffee prices topped 3 US dollars a pound in New York for the first time since 1977, as prospects of another production deficit combined with a sliding dollar to encourage fund buying.
India is working on “upgrading” the tariffs agreement with Mercosur, which could translate in more items of trade being included in the Preferential Trade Agreement (PTA) or move to free trade agreement with the LATAM countries.
Gary Garrabrant, CEO and co-founder (with Sam Zell) of Equity International, has confirmed his presence at ADIT Invest, Brazil's biggest event in the field of real estate and tourism investment, to be held in Fortaleza from 10 – 12 May.
Former British Prime Minister Gordon Brown has been appointed as an unpaid advisor to the World Economic Forum. He is to be the chairman of a new policy and initiatives co-ordination board.
France considers Bank of Italy Governor Mario Draghi the leading candidate to succeed Jean-Claude Trichet at the helm of the European Central Bank. However the key decision maker, German Chancellor Angela Merkel, has yet to tip her hand. Merkel’s aides have indicated that Germany, Europe’s biggest economy, no longer insists on a German to succeed Trichet.
Gold advanced to a record, set for the best run since November 2006 after rising for nine days, as investors sought to protect their wealth against a weaker dollar, faster inflation and geopolitical tension in the Middle East. Silver climbed to a 31-year high.
Venezuelan President Hugo Chavez hiked an oil windfall tax in a move that raises government income ahead of the 2012 presidential election, but puts a heavy load on oil companies.
The head of the World Trade Organization warned the decade-old Doha Round talks on a new global commerce deal involving billions of dollars are at serious risk because of differences over cutting tariffs on industrial goods.