Latin Day Ahead: Argentina Mortgage Market Shrinks on Inflation

The following are today’s top stories for Latin America.

TOP STORIES

Mortgage Market Shrinks as Inflation Picks Up: Argentina Credit

Argentina’s mortgage lending industry is stagnating as inflation of about 30 percent deters banks from lending at fixed rates for 10 years.

Saying No to Fighter Jets May Help Lower Rates: Brazil Credit

Brazilian President Dilma Rousseff’s 50.1 billion real ($30 billion) spending cut plan is fueling speculation that inflation will slow enough to allow the central bank to reverse course and start cutting interest rates in as little as 12 months.

Best Emerging Market Lifted by Oil as Correa Guides Ecuador

Ecuador is benefiting from the highest oil prices in two years as the surge in export revenue helps fund President Rafael Correa’s $4.69 billion infrastructure program and rewards bondholders with the highest returns in emerging markets.

Slim’s Movil Profits From Phones for Poor as U.S. Weighs Change

U.S. regulators may rein in a telephone subsidy for the poor that has increased 58 percent to $1.3 billion since 2008, driven by payments to America Movil SAB’s TracFone, which gives free cell phones to participants.

ALL America Latina Posts 2010 Net Income of 239.9 Million Reais

ALL America Latina Logistica SA, Latin America’s largest railroad company, posted net income of 239.9 million reais in 2010, compared with a restated 34.7 million reais in 2009.

Soybeans Advance as Rains May Delay Brazil Harvest, Wheat Drops

Soybean futures advanced on concern that heavy rains in some parts of Brazil, the world’s second- largest producer, may delay the harvest and cause flooding, hurting the quality of the crop. Wheat declined.

Kinross Gold Starts Ecuador Talks as Correa Lures Miners

Ecuadorean President Rafael Correa is seeking to attract billions of dollars of investment from resource companies eager to tap the nation’s copper and gold deposits, three years after he canceled 4,474 mining permits.

Short Sellers Target Emerging Stocks as U.S. Gains: Chart of Day

Short sellers are increasing bets against emerging-market equities at the fastest pace in four years after wagers on a tumble in U.S. stocks backfired.

Clinton Vows Action If Venezuela Breaks Iran Gas Sanctions

Secretary of State Hillary Clinton vowed the U.S. will act if Venezuela subverts gasoline sanctions against Iran, though she cited no proof of any violations to date.

Pan Pacific Copper May Widen Production Cut as Material Scarce

Pan Pacific Copper Co., Japan’s biggest producer, may deepen its production cut to 15 percent in the year starting April 1 from 10 percent in the previous year because of scarce raw-material supply, an executive said.

Uralkali Wins Brazil Antitrust Approval for Silvinit Merger

OAO Uralkali won approval from Brazil’s antitrust regulator for its merger with OAO Silvinit, the Russian potash producer said today in an e-mailed statement.

BG Says Well Confirms Good Quality Oil at Iara Find Off Brazil

BG Group Plc said a well drilled at the Iara find in Brazil confirmed the presence of ‘good quality’ oil in a ‘thick’ reservoir section.

Riversdale Drops to Lowest Since Rio Bid as Tata Ups Stake

Riversdale Mining Ltd. fell to the lowest since Rio Tinto Group made a A$3.9 billion ($3.95 billion) bid on concern that Rio may not get full control after Tata Steel Ltd. lifted its stake in the coal producer.

Cocoa Arrivals From Brazil’s Bahia Region Drop, Hartmann Says

Cocoa arrivals from Bahia, Brazil’s biggest growing region, declined from a week earlier, according to analyst Thomas Hartmann.