Argentina farmland dedicated to wheat is forecasted to fall to a minimum, with a crop barely sufficient for the domestic market and no surplus to export to its main market Brazil, according to Santiago Cameron president of the country’s Wheat farmers association.
Japanese Prime Minister Taro Aso announced a fresh spending plan of 100 billion US dollars to rescue the world's second-biggest economy from its deepest recession since the Second World War. The figure amounts to more than 2% of Japan's GDP, Finance Minister Kaoru Yosano told reporters Monday after meeting with Aso.
Ford Motor Co said on Monday it has slashed automotive debt by 38%, 9.9 billion US dollars, bolstering its finances amid a deep auto industry downturn. Markets reacted with Ford shares up over 15%.
The G-20 summit decision to inject 1.1 trillion US dollars to the global economy to prop trade and overcome the financial collapse can be beneficial for Latinamerica but measures have to be implemented and proven efficient, according to experts from the region.
Mexico asked the International Monetary Fund for a 47 billion US dollars credit line which is to be added to the 30 billion swap line with the Federal Reserve to help shore up the economy and end market volatility.
Latin American financial markets recorded their best monthly performance during March in more than 15 years, as signs of stabilization in the global financial system encouraged investors to take on risk.
Britain’s HSBC bank shareholders have bought 96.6% of the new shares they were offered. Unlike many of its rivals, HSBC has not received government support, but it still needed some extra funding as a result of the credit crunch.
The Japanese government is planning to combat unemployment by sending back to their countries of origin 400.000 South American immigrants of Japanese stock. The idea is to pay them a small subsidy and a one way ticket to South America, an initiative that has generated some controversy in the Japanese press.
Brazil is prepared to support the International Monetary Fund, IMF, with ten billion US dollars, --5% of its international reserves--, with the purpose of boosting its position in the multilateral financial organizations, --votes and veto power--, in the framework of what was decided last week at the G20 summit in London.
British Chancellor Alistair Darling admitted that he failed to foresee the severity of the recession and warned recovery was unlikely before the end of the year. He also warned that the deal struck by PM Gordon Brown and other world leaders at London's G20 summit last week would only be effective if countries stuck to their promises.