Latin America

Financial News

Codelco Increases Japan, South Korea Copper Charges to $74 a Ton for 2010 Codelco, the world’s biggest copper producer, will raise the surcharge on sales to Japan and South Korea by as much as 16 percent next year as demand from China lifts metal prices.

Geithner, Brown Split on Transaction Tax as G-20 Seeks Rebalanced Economy Group of 20 governments split on whether to tax financial trading as part of a broader strategy to ensure the global economy’s expansion is less crisis-prone.

Mexico's Largest Companies Say Calderon Budget Will Avert Rating Downgrade Executives from Mexico’s largest companies said tax increases President Felipe Calderon pushed through Congress will likely allow the country to avert a credit-rating downgrade.

Brazil Real Posts Best Weekly Gain in 3 Months as Tax Fails to Stem Rally Brazil’s currency posted its biggest weekly gain in three months, heightening speculation the government may be planning measures to curb dollar inflows after a tax on stocks and bonds failed to reduce gains in the real.

Venezuela Allows Central Bank to Trade PDVSA Bonds to Help Prop Up Bolivar Venezuela’s government authorized the central bank to buy and sell bonds issued by state-run oil company Petroleos de Venezuela, setting the stage for increased intervention to strengthen the bolivar.

Brazil Stocks Drop, Pare Weekly Gain, as U.S. Data Sparks Recovery Concern Brazil’s Bovespa index fell for the first time in four days as a jump in the U.S. unemployment rate hurt the export outlook for commodity producers, overshadowing a surge in profits at Lojas Americanas SA and Gafisa SA.

Argentina to Make Offer on $20 Billion of Defaulted Debt, May Sell Bonds Argentine Economy Minister Amado Boudou said the country plans to make a proposal on the restructuring of $20 billion of defaulted bonds within 30 days and may sell new international debt in the first quarter.

Televisa Unit to Invest $450 Million to Upgrade Its Mexico City Internet Grupo Televisa SA plans to spend $450 million to upgrade its Mexico City cable network, improving Web speeds to win more Internet clients, said Jean Paul Broc, chief executive officer of the division.

Peru's Central Bank to Hold Rate at 1.25% in `Coming Months,' Armas Says Peru’s central bank will keep its benchmark interest rate at 1.25 percent in the “coming months” as the economy recovers without stoking inflation, bank research director Adrian Armas said today.

Argentina's Redrado Says Economy Will Grow at Least 3 Percent Next Year Argentina’s central bank President Martin Redrado expects the economy to grow at least 3 percent in 2010 and sees further strong demand for food products.

General News

Tropical Storm Ida Strengthens in Caribbean; Mexico Posts Hurricane Watch Tropical Storm Ida strengthened over the northwest Caribbean Sea, prompting the Mexican government to issue a hurricane watch for the Yucatan Peninsula, the U.S. National Hurricane Center said.

U.S. Urges Zelaya, Micheletti to Form Honduran Unity Government Under Pact The U.S. expressed concern that both sides in Honduras’s political crisis are failing to abide by a U.S.-brokered accord that includes setting up a national unity government.

Lula May Give Brazilian Pensioners Raises Linked to GDP Growth, Folha Says Brazil’s government may agree to raise some pension payments in a bid to defeat a more costly proposal, Folha de Sao Paulo reported, without saying how it obtained the information.

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