As part of the domestic supply program, aimed at food sovereignty, Venezuela received 10,732 tons of soybeans through the port of Maracaibo, Zulia state. Soybeans are a fundamental raw material for the national productive apparatus.

 

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Una publicación compartida por Bolivariana de Puertos S.A.🚢 (@bolipuertos_ve)

The unloading was coordinated by Bolivariana de Puertos (Bolipuertos). The information shared on the institution’s Instagram account highlights that “the objective is to prioritize the constant flow of essential raw materials” for “the production of balanced animal feed, specifically for livestock and poultry farming, fundamental pillars of food sovereignty. This represents a significant contribution to the agro-industry, helping to stabilize the nation’s food supply. It also ensures the continuity of production cycles on national farms.”

M.Pino

Source: ultimasnoticias

(Reference image source: Daniela Paola Alchapar on Unsplash)

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La entrada Venezuela receives shipment of soybeans to strengthen national agro-industry apareció primero en Bitfinance.

The World Bank estimates that the Gross Domestic Product (GDP) of Latin America and the Caribbean will grow 3 % in 2022, a rate higher than expected due to the increase in the prices of raw materials.

However, the agency estimates that growth in 2023 and 2024 will slow down to 1.6 % and 2.3 %, respectively, mainly as a result of the war and the general cycle of increases in interest rates.

This is reflected in the latest report prepared by the agency, which highlights that the economies of the region recovered to their pre-pandemic levels and have regained “a certain sense of normality”, although with the need to reactivate to avoid a new cycle of low growth. In this sense, the organization believes that social and infrastructure investments can be key drivers of growth and shared prosperity.

“Most economies have returned to pre-pandemic levels, but that is not enough. The countries of the region have the opportunity to rebuild better after the crisis and achieve fairer and more inclusive societies,” said the vice president of the World Bank for Latin America and the Caribbean, Carlos Felipe Jaramillo.

The high representative of the entity points out that in addition to undertaking the fundamental reforms and investments to boost growth, governments must also address the “lost years of education, lost vaccines and the delayed effects of food insecurity that obscures the recovery of GDP “.

K. Tovar

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Source: El Tiempo

La entrada The World Bank assures that the Latin American economy will grow by 3 % apareció primero en Bitfinance.

Latin America could re-enter a new commodity supercycle like the one that occurred in the 2004-2014 period, due to the restriction of the supply of many commodities due to environmental considerations.

This was indicated by the latest Ceapi study “Why Ibero-America”, where it is justified that, likewise, the vigorous economic and demographic growth in countries such as India will increase the potential of Latin American countries as a global alternative.

Currently, the region’s main opportunity for wealth is in its natural resources. The analysis indicates that the countries of Latin America are home to up to 85% of the world’s lithium reserves (a key mineral for the manufacture of batteries and on the rise due to the growing demand for electric vehicles) and have 40% of the biodiversity and 33 % of fresh water on the planet.

The study also highlights the rise of electronic commerce, the technology industry and food resources as “spearheads of regional economic growth.” Likewise, the report maintains an important focus on the role that Ibero-American companies play in order to achieve all the potential opportunities that the region currently has.

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Source: dpa

La entrada Latin America could enter a new positive wave of raw material apareció primero en Bitfinance.

Joe Biden, president of the United States, met Jerome Powell, president of the central bank, to discuss issues related to the economy and has promised to respect the autonomy and independence of the Federal Reserve in managing and controlling inflation.

The meeting was held in the framework of the beginning of the second term of the Fed president, in which Biden confirmed that the Federal Reserve “has the primary responsibility for controlling inflation. (…) My predecessor demoted the Fed and previous presidents have tried to influence its decisions inappropriately during periods of high inflation. I will not do it.”

The US authorities have to deal with different problems such as firearms control, abortion, immigration, the war between Russia and Ukraine. But the problem that generates the greatest concern is the increase in the prices of products and services, it is to say inflation.

President Biden’s plan to deal with inflation means to allow the Fed to do its job. “The fight against inflation begins with a simple proposal: respect the Fed, respect the independence of the Fed, which I have done and will continue to do”, the American president pointed out.

The president promises to give those responsible for the central bank “the space they need to do their job, not interfere in their critically important work, which has a double responsibility: one for full employment, two for stable prices.”

Inflation, a global problem

The inflation problem has become a global phenomenon. It has increased markedly in the United States and has registered historical maximums in the entire European zone, and in Latin America it also increases significantly. “It actually rises throughout the world.”

The difficulties that have arisen throughout the process or in the supply chain, the increase in the different raw materials, particularly energy sources such as oil; the cost of food, and financial and monetary policies are indicators that have impacted significantly on global inflation.

Treasury Secretary Janet Yellen, who was also present at the meeting, told CNN that she was wrong to underestimate the growth of inflation. “There have been large and unforeseen shocks to the economy that have sent food and energy prices skyrocketing and also supply bottlenecks that have severely affected our economy and that I, at the time, did not fully understand, but that we now recognize,” she indicated.

M. Rodríguez

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Source: elpais.com

La entrada Biden will respect the autonomy of the Federal Reserve apareció primero en Bitfinance.

The approval, by the National Assembly, of the Law on public purchases will allow the acquisition of nationally produced goods, which will promote the progressive substitution of imports.

Orlando Camacho, president of Fedeindustria and vice president of the Commission of Economy, Finance and National Development of the National Assembly, pointed out that “the bill contemplates recognizing the installed capacities, the talent and the existing machinery, so that those resources that the republic are used to their maximum capacity by the public sector and the private sector.”

The new law will be of great importance for the country because all public sector acquisitions: national, regional and municipal will have a “public purchasing system” where all the products made in the country, such as food, medicine and others have priority when the institutions carry out their operations.

According to what was expressed by Camacho, with the consent of this law the national government also aspires to save foreign currency “because it is not the same to import a product with 100 % of the currency than to bring imported or national raw material and add value and place it in the internal market, mainly in the public sector, because it generates income and employment for workers.”

The law would also benefit the private sector because they will be able to purchase goods manufactured in the country as long as they can satisfy the needs of supply and demand, as well as the quality of the products that meet the standards required by consumers.

New laws in the economy sector

The vice president of the Commission of Economy, Finance and National Development of the National Assembly indicated that there are several bills that are waiting to be approved before the end of 2021, among which are: the law to promote new enterprises, the law of special economic zones and the study to bring the digital commerce law to the first discussion.

The law of new ventures plans to promote the development of new companies, as part of the economic recovery of the country. For this it is necessary a greater fluidity in the procedures for the registration of the different enterprises, as well as the exemption of some national taxes in regional and municipal fields.

M. Rodríguez

Source: el universal.com

La entrada New public purchases law will stimulate import substitution apareció primero en Bitfinance.

The United States‘ imports from Russia of crude and refined petroleum products increased 23 % compared to May to reach about 844,000 barrels per day. This is demonstrated by the information published by the Energy Information Administration (EIA) of the US Department of Energy.

These data reveal that Russia is supplying more oil to the US than any other foreign producer apart from Canada, making the Eurasian country the second largest supplier of crude to the US after surpassing Mexico, whose shipments they suffered an increase below 3 %.

Some experts consider that Russia has become a favorite source for US fuel manufacturers because it produces a “wide range of semi-refined oils such as Mazut 100, an ideal raw material for US refineries used to processing thick and thick crude from Venezuela and the Middle East.”

The records of the Federal Customs Service of Russia reveal that the US acquired a “fifth of the country’s total exports of heavy oil during the first five months of 2021″, becoming the largest buyer of these products, in which highlights Mazut 100.

The data show that despite the differences and political tensions between the two countries, trade relations are increasing and Russia is a strategically very important partner for the US in the energy sector.

M. Rodríguez

Source: actualida.rt.com

La entrada Russia is the second largest oil supplier to the US apareció primero en Bitfinance.