The region with the largest increase in military expenditure in 2010 was South America, with a 5.8% increase in real terms, reaching a total of 63.3 billion US dollars according to the latest report from the Stockholm International Peace Research Institute, SIPRI.
With stronger local currencies Mercosur main beef exporters, Brazil and Uruguay are finding it more profitable to supply their domestic markets than exporting, in spite of growing international demand.
Colombian President Juan Manuel Santos and Venezuela’s Hugo Chavez agreed over the weekend to temporarily extend the bilateral trade pact within the framework of the Andean Community, or CAN, despite Venezuela’s pending withdrawal from that regional organization on April 21.
An estimated 17 million people will suffer unemployment in Latin America well into 2012 according to latest estimates from the Economic Commission for Latin America and the Caribbean, ECLAC.
Bolivia has fallen from second to sixth place in the ranking of largest holder of proven natural gas reserves in South America, with Peru behind Venezuela as the two leading countries, admitted a Bolivian Hydrocarbons Association, or CBH, report.
China on Sunday reported a surprise quarterly trade deficit of 1.02 billion US dollars, the first in six years as it settles to rebalance its export oriented economy to boost domestic consumption in the next five years.
Oil prices have surged to a two-and-a-half-year high on concerns about supply and a weaker dollar. Brent crude topped $126, while US crude was at $112.79.
United States congressional leaders have agreed on a budget deal to fund the US government for the rest of the fiscal year, just before a midnight deadline. It will reportedly cut 39 billion USD from the budget over last year's levels between now and 30 September.
Brazil’s currency climbed again on Friday trading at its best levels in more than two years, as investors brushed aside another Brazilian government measure to limit credit consumption in an attempt to tame inflation.
Argentina plans to extend the equivalent of 750 million US dollars in subsidized loans to meat producers to spur increased production of beef, chicken and pork.