Paraguay won't tax soy

Paraguay's lower house, the world's No. 4 soybean supplier, voted down a bill on Wednesday that would have put a 10% tax on soy and other grains exports because it would only hurt growers while benefiting multinational companies that dominate the grains trade. Paraguay's economy is seen expanding by a robust 10.5% in 2013, thanks in part to a record soy harvest. The poor, landlocked nation in the heart of South America, contracted 0.4% in the fourth quarter from a year earlier and shrank 0.5% versus the previous quarter. The country prepares to elect a new president on April 21.