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Brazil's state-run oil company Petrobras will have to agree to extract at least 900 million barrels more of oil and natural gas equivalent from its Marlim and Voador offshore oil fields to win early renewal of its concession rights, oil regulator ANP said.
A Brazilian federal court has ordered BHP Billiton and Vale to set aside US$ 491.5 million, with the possibility of billions more, has frozen the mining giants' assets in the country, and ordered it to carry out extensive environmental and social work in the region hit by a dam burst at its joint venture.
The Argentine government of president Mauricio Macri started a round of negotiations with big price setters as part of its bid to keep prices under control despite the recent devaluation of the peso. Domestic Trade Secretary Miguel Braun and Central Bank Governor Federico Sturzenegger met with the top representatives of the Argentine Chamber of Commerce (CAC) and representatives from medium-sized companies, who asked for cheap credit in exchange for the government’s goal of keeping prices in check.
Brazil's economy will shrink 3.6% this year and inflation will come in at 10.8%, according to a Central Bank report released Wednesday. The bank expects a continued recession in 2016, albeit with a less severe contraction of 1.9%, and an inflation rate of 6.2%.
In another attempt to display unity and consensus on 'State objectives' policy, Argentina's foreign minister Susana Malcorra welcomed six of her predecessors for lunch and a “frank” exchange of points of view on Argentina’s foreign policy.
After Spain's elections on Sunday left the ruling Popular Party and president Mariano Rajoy well short of an absolute majority, Italian Prime Minister Matteo Renzi argued this showed Europe does not want austerity, and those who apply them, even successful, are knocked out politically.
Spanish Prime Minister Mariano Rajoy suffered a first major setback in his bid to stay in office as the Socialists refused Wednesday to back his attempt to form a new government following an inconclusive general election. Rajoy's conservative Popular Party won the most ballots in Sunday's vote but lost its absolute majority in the 350-seat lower house of parliament, taking just 123.