Argentina's sunflower crop was greater than forecasted totalling 4.52 million tons, the largest of the last six seasons, according to Buenos Aires Grain Exchange. The total area planted was 2.636.000 hectares, with an average yield of 1.720 kilos per hectare, which is 2.5% over last year's crop.
Uruguay announced a package of measures to contain the effects of a collapsing US dollar in the local money market and to combat inflation. The local currency, Uruguayan peso, has appreciated almost 7% against the US dollar in the first four months of 2008 and has dropped to June 2002 levels which has caused concern among the country's exporters.
Two Argentine provinces, which are out of the Kirchners' political influence, have reported monthly inflation almost four times the official percentage, according to the latest releases from the Statistics and Census Office in Buenos Aires and its branches in Santa Fe and San Luis.
Latin America's economy will grow at 4.7% in 2008 compared with 5.7% last year, the United Nations Latin American and Caribbean Economic Commission, CEPAL, estimated this week, reaffirming growth targets trimmed in March.
Rice prices have ballooned to fresh heights in Asian trade amid concern that export bans by key producing countries will hit supply. Curbs are in place in India and Vietnam to protect domestic supply and there are fears that Thailand, the world's largest producer, could follow suit.
British Chancellor of the Exchequer Alistair Darling supported on Monday the Bank of England's £50bn plan to help prevent the credit crisis causing more damage to the UK banking system.
Singapore's GIC, one of the biggest sovereign wealth funds, warned on Monday the world could be facing its worst recession in 30 years and that financial markets would be highly volatile.
US banks continue in turmoil reporting lower profits, write-downs and hunting for fresh funds Bank of America reported a 77% drop in profits in the first three months of 2008, hit by trading losses and a 6 billion write-down to cover bad loans. National City Corporation from the Midwest admitted it was looking for 7 billion US dollars.
Britain's second largest bank, Royal Bank of Scotland, is to ask shareholders for about £10 billion of extra cash to improve its financial position, reports BBC.
New York based Citigroup has suffered a second massive loss and is cutting 9,000 jobs as the credit crisis continues to take its toll on the biggest US bank.