Stories for May 27th 2011

Friday, May 27th 2011 - 22:42 UTC
Brazil/Argentina relations not contaminated by trade spat, in spite of industry worries

Robert da Fonseca, director of the Sao Paolo Industry Federation, FIESP admitted on Friday that Brazilian businessmen are “worried” with the commercial conflict that Argentina and Brazil face.
Friday, May 27th 2011 - 22:37 UTC
Chile’s pulp giant Arauco trebles profits in first quarter of 2011

Chile’s Arauco the forestry and pulp unit belonging to the Copec group, trebled profits in the first quarter boosted by higher international prices and sale volumes particularly pulp, according to the company’s latest financial report.
Friday, May 27th 2011 - 22:21 UTC
Brazilian government promises tax breaks in support of industry

Brazil will respond to the requests from industry and unions to reduce taxes to help boost local manufacturing and thus cut into the growing impetus of imports, promised Vice-President Michel Temer during a seminar sponsored by the powerful São Paulo Federation of Industries, FIESP, together with the two main organized labour unions.
Friday, May 27th 2011 - 22:07 UTC
Air France flight 447 stalled and in three and a half minutes crashed into the Atlantic

The Air France jet which crashed into the Atlantic en route from Rio in 2009 stalled and fell in three and a half minutes, French investigators report. The air accident investigations bureau (BEA) found the crew had struggled with contradictory speed readings just before the plane crashed.
Friday, May 27th 2011 - 22:03 UTC
Unasur Defence Council has to protect the region’s vast and strategic resources

The Union of South American Nations, Unasur, has among the objectives of the recently created South American Defence Council protecting the natural resources of the region which include 25% of the world’s drinking water and proven oil reserves estimated in 123 billion barrels of oil.
Friday, May 27th 2011 - 18:37 UTC
Lagarde too committed to the Euro to be nominated IMF chief, says top economist

Finance Minister Christine Lagarde is the wrong choice to head the International Monetary Fund as it gets deeper into the Euro-zone rescue, a former IMF chief economist said this week.
Friday, May 27th 2011 - 12:38 UTC
Impact investment fund targeting low-cost housing in Brazil launches in London

Origen Private Equity Ltd., a boutique investment firm headquartered in London, is launching in June what is set to be the first impact investment fund developing low-cost housing in north-east Brazil in conjunction with the Brazilian government's Minha Casa Minha Vida programme.
Friday, May 27th 2011 - 09:26 UTC
Defence minister denies Argentina is “obstructing” the Falklands economy

Defence minister Arturo Puricelli denied Thursday that Argentina was obstructing the economy of the Malvinas Islands as claimed by Falklands’ governor Nigel Haywood in his state of the nation speech to the elected Legislative Assembly of the Islands.
Friday, May 27th 2011 - 09:24 UTC
Pimentel anticipates more ‘active measures’ to defend Brazil’s industry

The Brazilian Government announced that it is considering additional import restrictions on top of the ones already applied to vehicles, as a measure to defend their national industry.
Friday, May 27th 2011 - 09:15 UTC
Lamy calls G20 not to fall prey of protectionism; points to Russia and Argentina

World Trade Organization Director General Pascal Lamy warned world leaders that adopting protectionist measures can have “devastating effects” on the global economy. Addressing the G 20 group Lamy called on the leaders to resist “the temptations of protectionism”.