Brazilian state-run development bank BNDES will receive at least 45 billion Real or 27 billion US dollars from the government to extend its program of low-cost loans for supporting company investments in capital goods, local media reported this week.
Imports restrictions imposed this week by the Argentine government with the purpose of “preserving the re-industrialization process” cover approximately 200 products totalling annual imports of a billion US dollars, according to preliminary reports.
Brazil reiterated opposition to a French plan to impose regulation on commodity prices, saying it could have negative effects on major suppliers such as itself. Brazil is totally opposed to a mechanism of control or regulation of commodity prices, Finance Minister Guido Mantega told reporters, reiterating a position he gave last week.
Canadian credit rating agency DBRS maintained Uruguay’s debt at BB (two steps below investment grade) but elevated prospect from stable to positive. The latest release from DBRS means Uruguay in the next 6 to 12 months could advance to one step below investment grade if “current fiscal discipline is sustained and levels of debt continue the descending trend”.
The European Central Bank is not surrendering its price stability objective for crisis management policy, the bank's President Jean-Claude Trichet said. He also argued that the recent spike in Euro zone inflation is due to the current rapid economic recovery in emerging markets and not due to the currency bloc's sovereign debt crisis.
Anglo Australian mining giant BHP Billiton chief executive Marius Kloppers confirmed reports that he is fearful of espionage from China, competitors like Rio Tinto and the Australian government, saying it is one reason why he lobbied furiously for short-term pricing of key commodities.
Brazil's government will cut 4,2 billion Brazilian Real (approximately 2.4 billion USD) from its 15.17 billion defense budget this year under proposed fiscal tightening, Defense Minister Nelson Jobim announced this week.
Argentine Judge Ezequiel Berón de Astrada requested on Tuesday Foreign Minister Héctor Timerman; Security Minister Nilda Garré; and the US Embassy “all the information they have” on the incident regarding the US Air Force plane seized in Ezeiza international airport.
The Brazilian government confirmed on Tuesday that US President Barak Obama will make an official visit to Brazil on March 19 and 20.
Bolivia prepared to tap its record 10 billion US dollars in central bank reserves to help boost agricultural production and stockpile food staples as a hedge against a looming global “food crisis” Finance Minister Luis Arce said.