
The Australian Senate has pushed through into law a 30% tax on iron ore and coal mining companies. The tax will raise A$10.6bn (11.2bn dollars) over three years from major companies including BHP Billiton, Rio Tinto and Xtrata.

“As of this year Brazil will follow the US example giving a 25% margin of preference to local goods in government procurement”, said Fernando Pimentel, Minister for Development, Industry and Foreign Trade.

Drought over Brazil's southern soy growing states prompted analysts Agroconsult to strike 2.8 million tons from its forecast of the 2011/12 crop to 67.1 million tons from 69.9 million previously.

Argentina’s truckers called Monday an indefinite strike to demand higher pay rates, parking their rigs in protest just as exporters were counting on them to haul freshly harvested soybeans to port.

China and the Inter-American Development Bank said on Monday they are starting a 1-billion US dollars fund to invest in Latin America, though the Asian giant’s latest push to expand its influence in the region prompted words of caution from Brazil.

Measures taken by Uruguay to deter smokers have drawn a legal challenge by one of the world’s largest tobacco companies under a treaty designed to protect foreign investors, according to the Centre for Trade and Sustainable Development.

The FAO Food Price Index rose 1% or 2.4 points from January to February. The Index climbed nearly 2% in January – its first increase in six months. The February increase was mostly driven by higher prices of sugar, oils and cereals while dairy prices fell slightly after a marked rise in January.

FAO forecasts that 2012 world wheat production will be the second highest on record at 690 million tonnes. According to FAO quarterly Crop prospects and food situation report forecast a 2012 wheat crop 10 million tons or 1.4% down from the record 2011 harvest but still well above the average of the past five years.

The economy of Latin America and the Caribbean should grow 3.6% this year, down from recent rates above 5% as slower expansion in China, a soft recovery in the US and debt woes in Europe weigh on the global economy.

Uruguay is likely to be the next Latin American country to win an investment grade rating from Moody's Investors Service, with a review likely late this year, a senior officer from the ratings agency said on Sunday.