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.

Brown Says G-20 Should Consider Tax on Financial Speculation to Curb Risk U.K. Prime Minister Gordon Brown said the Group of 20 nations should consider measures such as taxing financial transactions to penalize excessive risk taking and limit the burden on taxpayers of bank failures.

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.

Mexico's Peso Falls on U.S. Jobless, Biggest Weekly Decline Since Sept. Mexico’s peso fell, capping the biggest weekly decline since September, on rising unemployment in the U.S. and investor concern the country won’t be able to stave off its first credit-rating downgrade since 1995.

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

Obama Pick for Ambassador to Brazil Held Up by Florida Senator, Aides Say Senator George LeMieux of Florida is using Senate rules to block a vote on President Barack Obama’s nominee for ambassador to Brazil, U.S. Senate Republican and Democratic aides 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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