Brazil’s nominal budget deficit for the first half of 2009 widened to 43.7 billion Reais (23 billion US dollars), the largest since 2001, according to the latest release from the Central Bank.
Brazil and Argentina reached “relatively productive” results following the Sao Paulo meeting of the bilateral trade monitoring committee to address the ongoing restrictions imposed by Argentina to Brazilian exports, according to diplomatic sources from both sides.
The gap between the rich and poor in the United Kingdom remained at a high level in 2007-8, official statistics have shown. The richest fifth of the population had an income, before tax and benefits, 16 times greater than the poorest fifth.
The IMF has announced a new framework for loans to the world’s poorest nations, including increased resources, a doubling of borrowing limits, zero interest rates until the end of 2011, and more flexible terms.
NZ Farming Systems Uruguay Ltd has raised 30 million US dollars by selling a first tranche of bonds in Uruguay. The non-convertible bonds have an expected maturity of about 15 years, and pay a fixed interest rate of 5% until September 30, 2010.
The Chilean wine industry produced more wine, and of better quality, in 2009 than any previous year, according to a recent report by the Office of Agriculture and Livestock (SAG).
Capital flight from Argentina has reached proportions similar to those of 2001, according to economist Rodrigo Alvarez from consultants Ecolatina. He warned it was imperative for the government to restore confidence given the overall perception that “there is a limited capacity to solve problems”.
Uruguay’s Finance minister Alvaro García for the third time in eight months downgraded the country’s growth estimate for 2009. At a press conference following the regular Monday cabinet meeting, Gracía said that the economy will expand 0.7% this year, down from the April estimate of 2% and 3% from last December.
China overtook the United States as the principal consumer of Chilean goods in the first half of 2009, reaching its highest percentage share of Chilean exports yet. China’s continued appetite for Chilean copper, among other commodities, has helped cushion Chile’s overall drop off in exports.
The relationship between United States and China will shape the 21st Century, said President Barack Obama as top officials met Monday in Washington for talks. Co-operation, not confrontation was the way forward, he said, with climate change, security and the economy all areas where common ground existed.