Economy and Finance ministers from seven South American countries are scheduled to meet Friday in Buenos Aires to advance in the creation of the Bank of the South, a financial institution to fund infrastructure and development projects in the region.
Business journal América Economía last week ranked Santiago as the second best city in Latin America for business, just behind Sao Paulo and ahead of Miami, Mexico City, and Buenos Aires.
Argentina produced 37,262 cars in April which is 1.7% less than the previous month and down 31.8% from a year ago, the automotive manufacturers association, Adefa, reported Wednesday. April exports dropped 23.8% compared to April 2008, totaling 23,249 cars, but increased 12.6% from March. Brazil was by far the leading export market, taking about 84% of exports.
Many businesses in Mexico have re-opened after a five-day shutdown caused by the A/H1N1 influenza outbreak that killed 44 people, including two in the US. From Thursday, all businesses in Mexico City can re-open, so long as they follow hygiene guidelines, including masks for all workers and customers.
Uruguay and Brazil expect to have bilateral trade operations in their respective local currencies in place in a few months time, according to the Uruguayan Central Bank. The system is similar to that implemented between Brazil and Argentina and which is beginning to be operational.
Chile, more precisely the Magallanes region in the extreme south of the country, could play a major role in the global lamb and wool markets? Yes says Jose Marin a Magallanes sheep farmer who has a flock of 135.000, mostly Merino, Corriedale and Meat Merino and thirty years experience and innovation in the industry, reports El Mercurio.
Uruguay will suffer a mild recession in 2009 which could extend until 2010, according to the latest report from private Consultants Oikos. Growth is forecasted to be in the range of 0.5% to 1% this year which is associated to at least two running quarters with falling economic activity.
The European Union is forecasted to contract 4% in 2009, which is double what was announced at the beginning of the year. Average unemployment is set to rise to 9.4% this year and could reach 10.9% in 2010, while government deficits inside the 27-member union will average 6% of GDP, twice the figure allowed for Euro area countries and used as a marker for the rest of the union.
President Barack Obama has proposed outlawing offshore tax-avoidance techniques in a move that could hit US corporations with overseas divisions. His proposals would axe some tax deductions for firms that earn profits in countries with low tax rates.
Argentina’s cereals and oil seeds exports are forecasted to drop to 13.8 billion US dollars in this 2008/09 crop which means 56% less compared to the 31.9 billion of the 2007/08 crop according to a paper from the Argentine Agrarian Federation, FAA.