- EU / CROATIA : Zagreb Now Set To Become EU Member #28...In 2013.
- COSTA RICA: Currency Intervention Predicted As Colon Surges Vs USD.
- PHILIPPINES /USA : Stranded US Naval Warship Finally Dismantled.
- ITALY: 12 Dec UPDATE: Is Silvio's 'Friend'...Key Sex Trial Witness Ruby The Heart Stealer...On The Run? Ruby Finally Surfaces...In Mexico!
- PERU: Sand Fly Bite...Morphs Into Horror Story For American.
- SERBIA / LIBYA : Are Serbian Mercenary Pilots Bombing Protestors In Tripoli?
- BRASIL : Dilma Wins Port Privatization Approval From Congress.
- MUSIC FOR MONDAY: From SWEDEN / AZERBAIJAN : Eurovision Winner Loreen Sings "Euphoria."
- GUATEMALA : Court Throws Out Rios Montt Genocide Conviction; Trial Restart Ordered.
- VENEZUELA :6 March UPDATE: Shooting At Caracas Opposition Rally Wounds Capriles Supporter.
01 December 2011
BRASIL: Chevron Calls Rio's Oil Spill Response An "Overreaction"; C.Bank Lowers Benchmark To 11%; Foreign Stock Tax Killed.
Chevron is fighting back publicly over Brasilia's response to its recent oil spill off Rio's coast.
A spokesman called the measures...including fines of between $28-58mn, a possible ban, suspension of all drilling and a criminal probe..."overreacting".
Chevron claims it allowed 2,400 bbls to spill out.
"I've never seen a spill this small with this size of reaction," he said. "This overreaction is puzzling us."
"If there is such a magnitude of reaction for this kind of incident, just think what it would be for a spill three times the size," continued the spokesman. "If anyone thinks that this [type of incident] is not going to repeat itself, I would like to talk to them."
Experts speculate that the massive BP Gulf spill "has changed people's view of everything we do.[Regulators] cannot afford to allow any slips, no matter how small."
FOR Previous Background Post/Link:
AND: As widely expected, the central bank voted unanimously to lower its benchmark rate by 50 bps...to 11%. It was the third consecutive rate decrease...as the REAL had weakened recently almost to the $1.90 level.
The c.bank also signaled there is room for more rate cuts...to keep the economy stimulated...as annual inflation slowed to 6.69%.
ALSO: The Bovespa jumped up after FinMin Mantegna announced that a tax on foreign stock purchases would be eliminated...because it was hurting exports.