Brazilian central bank president Henrique Meirelles said the country´s rate of economic expansion would accelerate next year and that growth is now “sustainable.” South America´s largest economy grew 3.9 percent from a year earlier in the second quarter and 2.8 percent in the first quarter, slowing from 4.9 percent growth last year.

Peru´s economy grew in August at the fastest annual rate since 1998, as benchmark interest rates near record lows lure investment from Mexican billionaire Carlos Slim and companies such as Hunt Oil Co. Growth in the 12 months through August quickened to 5.9 percent from 5.9 percent in July and 3.8 percent a year earlier, the government said. The pace of annual expansion was the fastest since at least March 1998, when the economy grew 6 percent.

The Canal of Panama concluded fiscal 2005 with a record traffic of 14,011 vessels equivalent to 279,1 million tonnage, a 4,6 percent increase over the previous year, reported Alberto Aleman, CEO of the Canal Authority. The largest chunk of the volume was containers, bulk carriers and vessels over 900 feet long with deep draught, representing 12,648 crossings, 130 more than in 2004.

Sandals hotel chain boss Gordon “Butch” Stewart yesterday blasted the Jamaican government for its proposal to raise taxes on the hotel sector as the industry face reduced revenues and growing costs. He said government should reconsider its plans, as well as conduct a complete review of its strategy of encouraging foreign investment in the hotel sector saying that the development strategy was not well planned.

St. Kitts and Nevis Prime Minister and Minister of Tourism, Dr. the Hon. Denzil L. Douglas, has suggested that the unveiling of the $140 million Kittitian Heights Resorts at Belmont Estate is part of his Labor Party´s Tourism Development Strategy. The project will comprise a five-star 160-room hotel, three condo clusters with a total of 440 rooms and 100 luxury villas. It is projected that the scheme will create near 1,000 jobs. Kittitian Heights will be built on 390 acres of land at Belmont Estate in the Whitegate area on the island´s northwest, nearly 15 miles from Basseterre, and comprise and will comprise of; Artist Village, Boutique Hotel, Luxury Villas and Town Houses, Recording Studio, Spa, 18-hole Championship Golf Course designed by Ian Woosnam, a Club House, Practice Academy/Drive Range and Plant Nursery.

The strong Chilean currency is causing complications to the Magellan Region tourist industry which has been forced to increase prices in US dollars or simply mark them in Chilean pesos, “which most visitors don´t understand”. “During the last two seasons the drop of the US dollar against the Chilean peso really surprised us and we estimate losses to have reached close to eight million US dollars”, revealed Miguel Angel Soto from the Austro Chile Tourism Chamber.