Venezuela´s state-run oil firm Petroleos de Venezuela S.A. (PDVSA) will supply the fourteen Caribbean nations that signed an accord joining the Petrocaribe regional energy scheme with a total 185,700 barrels a day (b/d) of oil, PDVSA president and energy and oil minister Rafael Ramirez told reporters earlier this week. Of that total, Cuba is currently getting 98,000 b/d, while the Dominican Republic will get 50,000 b/d, Jamaica 14,000 b/d and the remaining countries 23,700 b/d.

The U.S. Senate passed last week a controversial free trade pact with Central America and the Dominican Republic by a close 54-45 vote, with a battle likely at its next stage in the House of Representatives. The Dominican Republic-Central American Free Trade Agreement (CAFTA-DR) is likely to go before the House after the July 4 holiday break.

Cuban leader Fidel Castro, Venezuelan President Hugo Chavez and top officials from fourteen other Caribbean countries met for talks last week on a Venezuelan plan to sell fuel more cheaply to the region at a time when world oil prices remained tenaciously high. Leaders and officials planned to sign an accord to set up a joint company, as proposed by Mr. Chavez, that would distribute Venezuelan fuel on preferential terms.

UK´s Virgin Atlantic released traffic figures this week which showed there´s seen a 26 percent hike in business class travelers in the course of its last financial year. The increase is attributed to three factors; a 5 percent increase in available seats, following the delivery of new aircraft and the launch of new services to destinations like Sydney, Delhi and Las Vegas; a partial recovery in the business travel market, and market share shift to Virgin Atlantic from rival airlines following the launch and roll out of the award-winning Upper Class Suite.

While Tokyo and Osaka in Japan are the most expensive cities in the world, followed by London, which remained top of the list in Europe because of its steep housing and transport costs, MERCOSUR capitals are among the cheapest burgs, according to the latest report from Mercer Human Resource Consulting. The report based on data from last March includes 144 cities in over 40 countries, featuring New York as base reference with 100 points. This means Tokyo figures with 134,7 points and Asuncion, Paraguay, at the bottom of the list with 40,3 points.

Brazilian holdings overseas increased 14,6 percent in 2004, totaling $94,7 billion, according to the latest report from the Brazilian Central Bank, which attributes the expansion to the greater internationalization of the country´s economy. The Central Bank also revealed that total foreign investment in Brazil, according to the latest available data from September 2004, reached $412 billion, while Brazil´s assets overseas tabbed $143.4 billion, a negative balance of $268.7 billion. This means Brazil is a net recipient of foreign investment.