Latin America prepares for economic downturn
Washington, DC, United States (AHN) – Latin American finance ministers are trying to shield their countries from disaster amid predictions U.S. government budget cutbacks could hurt the region’s economies.
Economic ministers from the 11-nation Unasur organization met last week in Buenos Aires, Argentina, to discuss defensive strategies. They are working on an agreement that would create a roughly $12 billion emergency fund to bail out collapsing economies.
They also seek to reduce their dependence on the U.S. dollar for international trade and to develop policies to balance their trade deficits.
Unasur consists of Brazil, Colombia, Bolivia, Chile, Ecuador, Guyana, Paraguay, Peru, Surinam, Uruguay and Venezuela.
So far, Latin America’s economy has avoided the worst of the economic collapses in the United States and Europe that began in 2008 with a stock market collapse and recession. A brief drop in commodities prices along with government spending programs that shored up declining industries helped them avoid the worst of the crisis. However, economists predict the resilience of Latin American economies will not last much longer.
South American economies grew at an average of 6.6 percent last year, according to the International Monetary Fund.The Fund’s economists predict growth will slow to 4.7 percent this year and 4.1 percent in 2012.
By comparison, U.S. economic growth this year is running at 2 percent. Some European countries are showing no growth.
Stock markets in Latin American countries fell as much as 15 percent last week on news the credit rating service Standard & Poor’s downgraded the U.S. credit rating to double-A plus from triple-A.
Augusto de la Torre, the World Bank’s chief economist for Latin America and the Caribbean, said this week the outlook for Latin America is uncertain as concerns grow about another crisis for the United States and Europe.
China could be the next to falter as Western markets dry up for their manufactured products, he said.
“If China has a hard landing, that will hit us hard,” de la Torre told the Peruvian news media during an economic meeting.
Unasur leaders are exploring options to increase trade with China as its Western markets for manufactured products fizzle.
Protecting the economy is a major campaign issue in Argentina, where current president Cristina Fernandez won a landslide victory in primary elections this week.
She said at a press conference after the primaries that keeping Argentina’s economy strong would be a top priority for her if she is re-elected in October.
Low-income persons are most likely to be hurt by U.S. budget cuts that could reverberate around the world, including Argentina, she said.
Wall Street economists warn that her policies of price controls and using central bank reserves to pay debts could backfire for South America’s third largest economy.
The policies strengthen government control but depress market forces that help to balance the economy, according to some economists.
Argentina’s inflation rate is running close to 25 percent.
Other economic concerns are arising in Brazil, where inexpensive imported products are hurting the domestic manufacturing industry.
Chile and Peru still have stable economies as investors try to protect their assets by purchasing gold and copper, but economists predict declines in the precious metals market.
A decrease in demand for oil is depressing the economies of Venezuela and Mexico.
View full post on Foreign Exchange Market Stories
Informa upgrades South America soybean forecasts
The economics group lifts its estimate for Argentine and Brazilian crops, despite doubts among some analysts over rain setbacks
View full post on Commodities Stories
Pat Gillick Elected To Baseball HOF; Marvin Miller Misses By A Vote
Lake Buena Vista, FL, United States (AHN) – Longtime baseball executive Pat Gillick, who built World Series championship teams in Toronto and Philadelphia, was elected to the National Baseball Hall of Fame Monday by the Expansion Era Committee.
Gillick, 73, who has spent nearly 50 years in Major League Baseball, including 27 as a general manager, is the only person selected for the 2010 class by the veterans committee.
Gillick, who built the Blue Jay teams that captured back-to-back World Series titles in 1992 and ’93, and was the architect of the 2008 World Series champion Phillies, is the 32nd executive to be elected to the Hall.
He is only the fourth GM elected to the Hall.
He was the only candidate among 12 that received the required 12 votes or 75 percent nod from the 16-member committee that included Hall of Famers, executives and veteran baseball writers. Gillick garnered 13 votes.
Gillick began his big league front office career with the Houston Colt .45s-Astros from 1963-73, then was the Yankees scouting director from 1974-76 before taking over the expansion Blue Jays in 1977.
Gillick served as GM of the Phillies, Mariners, Orioles and Blue Jays. He is currently a senior adviser of the Phillies.
Meanwhile, former baseball players’ union executive director Marvin Miller fell one vote short of the 75 percent needed for induction.
The longtime executive director of the MLB Players Association, in his fifth time on the ballot, lambasted the process held on December 5, indicating in a statement:
“It is repetitively negative, easy to forecast and therefore boring. It is an amusing anomaly that the Hall of Fame has made me famous by keeping me out,” as reported by MLB.com.
The committee, which was formed as part of a revision of the former Veterans Committee, considered a ballot of eight former players, three executives and one manager whose contributions to the game were most significant from 1973 through the present.
Former Cincinnati Reds shortstop Dave Concepcion also failed to get elected after receiving eight votes, while other candidates garnering fewer than eight votes included Vida Blue, Steve Garvey, Ron Guidry, Tommy John, Billy Martin, Al Oliver, Ted Simmons, Rusty Staub and George Steinbrenner.
Gillick will be inducted during the enshrinement ceremonies slated on July 24, along with any players chosen next month by the Baseball Writers’ Association of America.
View full post on All Stories
Report: U.S., China, India Top Most Power Nations
New Delhi, India (AHN) – A significant American report on global governance has described India as the “third most powerful nation” in the world, after the U.S. and China. The report also predicted that India will continue to strengthen by 2025.
The report compiles a list of the world’s most powerful countries and regions, titled “Global Governance 2025,” which is a follow-up to a similar 2008 report. The Global Governance report was jointly published by the National Intelligence Council (NIC) and the European Union’s Institute for Security Studies (EUISS).
In the year 2010, the report says America dominates with much as 22 percent of the world’s power, while China wields 12 percent.
India tied for third place with the European Union at 8 percent. However, since EU is a bloc of countries, India remained the third most powerful individual country in the world.
According to the international futures model, over the next decade and a half China, India and Brazil will increase their share of the global power. The U.S. will remain the powerful country by 2025, although its share in the global power is projected to fall to 18 percent.
The report was prepared using the insights provided by a group of international experts who gave their views on fictionalized scenarios that spanned the upcoming 15 years.
View full post on All Stories
Day Trading- Fuji recalls women’s cruiser bicycles over fall hazard
- Get fully automated day trading system
- Wal-Mart reports more sales but lower Q4 profits
- SEC Warns Top Banker of Charges Over Magnetar Deal
- Taco Bell to launch new Dorito shells
- Questions loom as Europe inks new Greek bailout
- Make Easy Money with Automated Forex Trading
- Clock ticking for Egypt’s finances
- Diffa traders hit by Nigerian border closure
- Automated Forex Trading System
- Business loans
- An error has occurred; the feed is probably down. Try again later.
- Trading 101
- Stocks fall Friday amid European downgrade concerns
- U.S. stocks fall as eurozone worries overshadow jobs news
- Stocks up after jobless claims hit 3 1/2-year lows
- Stocks open lower on eurozone deal doubts
- Dow holds strong gains Wednesday after Fed move
- Stocks slide on euro worries; oil trades over $100 a barrel
- Markets open down Friday despite drop in unemployment rate
- U.S. stocks rally Friday ahead of weekend Eurozone summit
- Apple shares drop 5.3% in Germany following news of Jobs’s death
- U.S. considers fraud investigation into Chinese Internet companies
- Internet Money
- Business Credit Information
- Honda widens recall for airbag problem
- GM CEO: Earnings good, but not good enough
- Chinese companies buying automaker Saab
- Suzuki demands VW return shares after alleged contract breach
- Chrysler has best September since 2007
- Honda recalls million cars worldwide
- General Motors to manufacture plug-in Cadillac ELR plug-in hybrid electric car
- GM earnings soar 92 percent on global sales
- Volkswagen postpones MAN supervisory board takeover
-
