Stories for May 2011

Tuesday, May 3rd 2011 - 17:24 UTC
US printing press is flooding the world with dollars, claims Mantega

Testifying before Congress Brazilian Finance Minister Guido Mantega said that international commodity prices are behind much of the country’s rising inflation, but insisted the government will take action to keep prices in check and prevent the currency from strengthening too far too fast.
Tuesday, May 3rd 2011 - 17:08 UTC
Petrobras earmarks 73 billion USD for investment in Santos pre-salt basin

Petrobras announced the increased investment plans for the emerging Santos basin pre-salt assets, earmarking 73 billion US dollars for the 2011-2015 period. The vast sum is a 63% increase compared with the company’s 2010-2014 plan said a company statement.
Tuesday, May 3rd 2011 - 17:03 UTC
Brazil’s industrial output expands for third consecutive month

Brazil’s industrial output increased a seasonally adjusted 0.5% from February although it fell 2.1% compared with March 2010, the Brazilian Census Bureau, or IBGE, said Tuesday.
Tuesday, May 3rd 2011 - 16:55 UTC
EU farm lobbies increase campaign against trade agreement with Mercosur

European Union beef prices would be cut by more than 8% and meat production across the EU would fall in value by more than €3bn if a trade deal were agreed with Mercosur, according to preliminary assessments from an agriculture advisory body to the European Commission.
Tuesday, May 3rd 2011 - 08:22 UTC
Uruguay: overturning amnesty law could cost ruling coalition ‘dearly’

Uruguayan Vice-president Danilo Astori acknowledged that overturning the “Expired Crimes” or amnesty bill for human rights violators during the military dictatorship (1973/1985) could cost the ruling coalition ‘dearly’ and said he voted following ‘party discipline’.
Tuesday, May 3rd 2011 - 08:20 UTC
Argentina supports bill requiring companies to distribute 10% of profits to workers

A day before Tuesday’s round of talks between Argentina’s organized labour (CGT) and the Industrial Union (UIA) to consider the possibility of a ‘social pact’ to help contain prices (inflation), the government expressed support for a law sponsored by unions that requires companies to distribute 10% of profits to workers.
Tuesday, May 3rd 2011 - 08:09 UTC
Food prices threaten Latam countries; urban poor need protection, says IDB

Rising international food prices could trigger an acceleration of inflation in several countries in Latin America and the Caribbean this year, highlighting the need for policies to protect the urban poor, according to a new study from the Inter American Development Ban (IDB).
Tuesday, May 3rd 2011 - 05:20 UTC
FAO estimates 2011 rice world production up 3%; Latam to rebound 9.2%

Rice production is expected to rise to 480 million tons in 2011, which is 3% higher than a year earlier, due to improved weather conditions, the United Nations Food and Agriculture Organisation said on Monday.
Tuesday, May 3rd 2011 - 05:16 UTC
Brazil’s trade surplus in April soars pushed by commodities prices

The trade surplus rose to 1.86 billion USD last month from 1.55 billion in March, the ministry said. The figure compares with a 1.28 billion surplus in April last year. In the first four months of 2011 Brazil’s trade surplus totalled 5.03 billion USD which is up 132% over the same period a year ago.
Tuesday, May 3rd 2011 - 05:05 UTC
Argentine economy forecasted to grow 6.5% according to Central bank

The Argentine economy is poised to expand by 6.5% or more this year, and unemployment may hover at the lowest level in two decades, the central bank said.