After two years of negotiations, Chile and the US have agreed a broad bilateral agreement which has been hailed in Santiago as the finest moment in more than a decade of aggressive pursuit of trade deals.
Elected Brazilian president Luiz Inacio Lula da Silva relieved markets when he officially announced the nomination of Deputy Henrique Meirelles, belonging to outgoing president Fernando Cardoso party and a former extremely successful CEO of Bank Boston, as the country's next president of the Central Bank.
Venezuelan President Hugo Chavez said Friday that his administration has asked for a special meeting of Organization of American States (OAS) foreign minister to denounce what the president labeled another coup attempt. ”My government has requested an extraordinary meeting of OAS foreign ministers to denounce with evidence, videos (and) documents, the running roughshod over the Venezuelan people and another coup attempt,” Chavez said in an impromptu press conference.
Argentina's government said it would default on more than $700 million due to the World Bank on Friday, a second missed payment that cuts the bankrupt country off from any aid from the bank.
The Argentine judiciary issued an injunction Thursday blocking increases in gas and electricity rates imposed last month by presidential decree, court sources reported.
Headlines: Köhler in Chile; Aninat's party; Free trade agreement breakthrough; US interest rates unchanged; US interest rates unchanged; A meeting beyond expectations; Red tide alert in Argentina; Menem-Duhalde truce?
Brazilian oil company Petrobras made a new discovery in the Campos Basin this time 76 kilometres offshore the state of Spirito Santo just to the north of Rio do Janeiro. The new well 1-EES-116 was drilled seven kilometres from the Jubarte area that has proved reserves of 600 million barrels of oil.
According to reports in the leading US newspapers Monday edition, President George Bush has appointed John Snow from the freight transportation business as the new Treasury Secretary. Mr. Snow will replace Mr. Paul O'Neill who resigned last week together with White House Economic Advisor Lawrence Lindsay.
Headlines: Close friend of Wall Street in Argentina's Central Bank; Highest unemployment in two decades; Free trade talks remain locked; Chavez willing to talk elections; Mr. Lula in the White House.