Latin America

• Saturday, May 9th 2009 - 07:22 UTC

  Bank of the South takes off with 7 billion USD initial capital

  

  Finance ministers from Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela reached Friday in Buenos Aires the definitive agreement for the launching of the Bank of the South, a multilateral organization to help fund development and infrastructure projects.

• Friday, May 8th 2009 - 10:59 UTC

  Lula da Silva and Lugo suspend signing of bilateral agreements

  

  Visiting Paraguayan president Fernando Lugo and his counterpart host Brazil’s Lula da Silva ended Thursday evening their first private meeting with out any statements or having signed several bilateral agreements which were ready to be stamped.

• Friday, May 8th 2009 - 10:26 UTC

  Chavez agrees to pay 1.97 billion USD for nationalized steelmaker

  

  Ternium, Latin America’s second- largest steelmaker, agreed to sell its Sidor unit to the Venezuelan government for 1.97 billion US dollars, ending a yearlong price dispute. The government holding company, Corp. Venezolana de Guayana, or CVG, paid 400 million in cash today for Ternium’s 59.7% stake in Sidor, the Luxembourg-based company said Thursday in a statement. CVG said it will pay the rest in two separate payments.

• Friday, May 8th 2009 - 10:22 UTC

  Chavez to begin taking over oil industry contractors

  

  State owned Petróleos de Venezuela S.A. PDVSA, will begin Friday taking over control of some oil-field services currently being provided by private firms, President Hugo Chávez said.

• Friday, May 8th 2009 - 04:46 UTC

  IMF forecasts “relatively good” performance for Latam economy

  

  Economic activity in Latin America and the Caribbean (LAC), sharply affected by the global economic crisis, is expected to contract by 1.5% in 2009, from about 4.5% growth in 2008, before rebounding next year, according to the latest forecast for the region by the International Monetary Fund.

• Thursday, May 7th 2009 - 13:49 UTC

  Ministers meet to advance creation of South American development bank

  

  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.

• Thursday, May 7th 2009 - 13:44 UTC

  Sao Paulo, Santiago best cities for business in Latinamerica

  

  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.

• Thursday, May 7th 2009 - 11:40 UTC

  Businesses in Mexico City reopen; masks for workers and customers

  

  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.

• Thursday, May 7th 2009 - 08:48 UTC

  Paraguay and Bolivian Indians plight in the limelight

  

  The director of the British-based organization Survival this week urged the Paraguayan government not to authorize a Brazilian livestock company to operate on lands of the Ayoreo-Totobiegosode Indians while in Bolivia a UN mission discovered Indian communities subjected to forced labour.

• Thursday, May 7th 2009 - 05:33 UTC

  Chile can become a major player in the global lamb and wool markets

  

  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.