Argentina's Central Bank in 2006 obtained nearly 1.4 billion dollars out of investing its foreign currency reserves at a yearly yield of 5.7 percent ÃÂ¢€ the highest since a crippling five-year recession ended in 2002 ÃÂ¢€ and close to the 1.47 billion dollars the country reportedly spent last year in subsidies to keep inflation under two digits.
President Hugo Chavez announced plans on Monday to nationalize Venezuela's electrical and telecommunications companies, pledging to create a socialist state in the spirit of the Bolivarian revolution.
Evolution of trade among Mercosur members in the last few years shows unexpected surpluses for Brazil and a lesser dependency on the group's intra trade than in the nineties, according to recent data from ALADI, Latinamerican Integration Association.
The Uruguay Argentina pulp mills controversy took another turn this week when the Argentine province of Entre Rios said it would ban all wood sales to Uruguayan pulp mills and picketers announced a complete land blockade of Uruguay sometime in mid January.
The international investment group which is capitalizing Uruguay's flag air carrier PLUNA plans to balance the deficit ridden company by the end of this year with a five to six months restructuring plan to be implemented once the incorporation of the group is signed at the end of January.
Argentina managed in 2006 to keep inflation below the two digits (9.8%) as promised earlier in the year, but the Buenos Aires press reveals the cost of such an achievement: the equivalent of 1.47 billion US dollars in Treasury handouts to keep the most sensitive items in the consumers and wholesales indexes in line with the target.
A new accord between Argentina and Mexico has come in force as from January 1st whereby they increased to about 1,500 the number of bilateral trade products with a sliding scale that will lead to zero tariff in ten years time, Argentina's Foreign Affairs ministry said.
Brazil's manufacturing production accumulated 3.1% growth in the first eleven months of 2006 compared to the same period in 2005, which happened to be exactly the same as 2005 over 2004, reported the Brazilian Geography and Statistics Institute, IBGE.
Controversy erupted in Britain following reports in the London press that the Royal Navy will experience a drastic cut to its surface fleet and promotion for RN officers is to be frozen for five years as a result of cost cutting measures.
Five years after the melting of the Argentine economy and one of the country's major financial setbacks including a massive devaluation, Argentina has the least valued currency against the US dollar, according to a panel of economists from J P Morgan investment bank.