EXCLUSIVE Great expectations for the Pacific Alliance
The scope for inter-regional trade is enormous thanks to emerging middle classes
In the year since the Pacific Alliance was formally launched at the Paranal Observatory in northern Chile, presidents from across Latin America have lavished it with praise. The Alliance economies are outpacing those of their neighbours. But despite their successes, the Alliance countries still have a lot to do to integrate their economies, Latin Business Chronicle reports.
Brazil and Colombia growers demand action over low coffee price
Prices are now hovering near the four-year low of $1.17 per pound
Pressure is mounting on governments in the world’s top arabica coffee nations to come to the rescue of their growers as prices slump below production costs, with Brazilian farmers staging a protest Thursday last week and Colombians threatening to strike. “We are in an unprecedented crisis,” said Eduardo Chaves, coffee grower in Tres Pontas, Brazil, The Globe and Mail reports.
Ecuador welcomes China's CNPC
Refinery expected to generate 300,000 barrels per day
China National Petroleum Corp has agreed to help finance the construction of a $12 billion refinery project in Ecuador. The Ecuadoran governmebt has been in talks with China's biggest oil producer for a year about funding the Pacifico project, which aims to start output in 2017 and is a joint venture between Ecuador and Venezuelan state oil company PDVSA, The Global Times reports.
Brazil's Rousseff denies plans for post-protest Cabinet shakeup
President laid out proposals to expand public services while ensuring fiscal responsibility
Brazilian President Dilma Rousseff firmly denied on Saturday any plans to shake up her Cabinet, following the country's largest protests in 20 years. In a written statement, she called talk of ministerial change "unfounded speculation" and reiterated a plan developed with state governors to addressconcerns raised last month in a number of cities, Reuters reports.
Peru sees agriculture growing 4.5 percent this year
Agricultural and livestock subsectors pushed growth last year to 5 percent
Peru's agricultural sector has been growing at a good pace so far this year and is projected to expand 4.5 percent in 2013, similar to last year, Minister of Agriculture Milton Von Hesse said Saturday. The minister noted that agriculture sector activity expanded between 4-5 percent in May this year, according to recent data, Andina reports.