South Korea and Bolivia agreed to deepen discussions for a possible joint venture on developing lithium deposits in the South American nation.
The UK economy grew by more than initially thought in the second quarter of 2010, boosted by a strong performance by the construction sector. The economy grew by 1.2% in the quarter, the Office for National Statistics (ONS) said, revising up its initial estimate of 1.1% growth.
Federal Reserve Chairman Ben Bernanke said the economic recovery has softened more than expected and the Fed is ready to take further steps if needed to spur the stumbling economy.
Argentina’s hotel building boom can be held up as a symbol of South America’s climb back from the global downturn. The country has 15 projects in the development pipeline representing 1,700 rooms, according to STR Global. Of those 1,700 rooms, 68.9% or 1,172 are currently in the in-construction phase of development.
Peru’s central bank will raise the reserve requirement for foreign banks depositing local currency in the domestic banking system after the Sol rose to a two- year high.
Cuba's elderly will no longer be entitled to state-subsidised cigarettes, the government has said. All Cubans 55 or older are allocated four packs of cigarettes a month for about 25% the normal price, but this privilege is being ended in September.
Paraguay raised its 2010 economic growth forecast to 9% from 6% on an improved agricultural production outlook, the central bank said this week. This would be the Paraguayan economy largest annual expansion in almost three decades.
Orange growers in Brazil, the world’s biggest producer, will harvest the smallest crop in at least eight years after rains hindered flowering, said Margarete Boteon, a University of Sao Paulo researcher.
While Uruguay supports the regional trade group Mercosur, “we are also trying to diversify the economy more to other parts of the world” said central bank president Mario Bergara during his recent visit to meet investors in New York.
Organization of American States (OAS) chief José Miguel Insulza, said that the violence in some Latin American countries with high homicide rates can be compared to an “epidemic.”