Stories for August 6th 2010
Chilean company and US associate to develop mining project in Minnesota
Jean Paul Luksic, executive president of Chilean company Antofagosta PLC, met this week with authorities and the press at the Minnesota Twins’ Target Field in Minneapolis to present the joint mining project developed with Duluth Metals – a venture now estimated to cost 2 billion US dollars.
Bolivia’s gas reserves ‘comfortably’ sufficient for the next twenty years
Bolivia’s proven gas reserves stand at 19 trillion cubic feet, which means the country can address domestic and foreign demand comfortably during the next 20 years announced Friday by Energy and Hydrocarbons minister Fernando Vincenti.
UK minister Browne at inauguration of Colombian president-elect Santos
UK Minister Jeremy Browne is visiting Colombia and Chile to boost British business. Minister Jeremy Browne arrived in Bogotá Friday on the first leg of a visit to South America. He will spend three days in Colombia before travelling to Chile.
Argentine businessmen demand strong institutions and respect for private sector
Argentina’s most powerful business organizations and personalities made a strong presentation in support of the legal system and the private sector as indispensable conditions for a sustained and continued economic development that includes all Argentines.
Euro zone benchmark rate unchanged, but ECB needs to absorb extra liquidity
European Central Bank President Jean Claude Trichet said Europe is recovering faster than forecast and money markets are improving, paving the way for the ECB to phase out liquidity tools used to fight the financial crisis.
Bank of England leaves rate on hold at 0.5%; concerns over recovery strength
The Bank of England has voted to keep interest rates on hold at 0.5% amid concerns over the strength of the economic recovery. The decision by the bank's Monetary Policy Committee (MPC) means rates will stay at their current record low for an 18th month. It suggests the committee does not see high inflation as a serious concern.
Gualeguaychú pulp-mill activists to meet again with minister Timerman
Argentine Foreign Affairs minister Hector Timerman said he held a “very important meeting” with Gualeguaychú Assembly members after the group of activists requested to be given an explanation of the upcoming joint monitoring of the River Uruguay recently agreed by Argentina and neighbouring Uruguay.
Wheat futures soar as drought-stricken Russia halts grain exports
Wheat futures soared on Thursday after the world’s number three exporter the Russian Federation said it would temporarily halt grain shipments. The worst drought on record have devastated crops in parts of Russia and caused international grain prices to spike as markets anticipate a drop in global supplies.
Paraguay Senate waiting for political deal, postpones vote on Unasur membership
The Paraguayan Senate under opposition control postponed the consideration of Paraguay’s incorporation to Unasur, Union of South American Nations, without any mediate timetable to review the issue. The Senate also has it its “frozen” agenda a vote on Venezuela’s incorporation to Mercosur as full member.
IMF praises Brazil’s “carefully calibrated” policies and forecasts 7.1% growth
The International Monetary Fund reiterated its forecast for Brazil’s economy to expand 7.1% this year, as result of capital inflows and the expansion of credit. However the IMF also cautioned about the official credit policy of the country’s development bank.
