Stories for October 16th 2007
US private banks set up rescue fund for sub-prime debt
Three of United States largest banks have announced a plan to buy up billions of dollars of troubled investments that lost value in the global credit crunch. The unusual move aims to boost confidence in the market for short-term and sub-prime debt, preventing a further sell-off of such investments.
Cotton dispute: WTO confirms ruling in favor of Brazil
United States said Monday it was “very disappointed” with a ruling by the World Trade Organisation ruling that its subsidies to cotton farmers breached global trade rules. The finding confirms a preliminary ruling in July in favor of Brazil, which initially brought the complaint in 2005, and paves the way for sanctions.
Turkey and weak dollar push oil prices to new record high
Crude oil traded on Monday in New York above 86 US dollars a barrel on concern oil shipments may be disrupted if Turkish forces pursue Kurdish militants in Iraq.
“Nordnorge” opens Bs. Aires 2007/08 cruise season
Norwegian flagged vessel Nordnorge opened this week in Buenos Aires the Argentine cruise season which will extend until April 2 next year and include at least 99 calls of major cruise vessels, according to the local Tourist Office.
Luxury office construction boom in Santiago de Chile
The construction of luxury offices in the capital of Chile, Santiago has risen to its highest level in seven years, according to a study by the consultant group Mackenzie Hill.
Kirchner's mandate ending with serious support erosion
With less than two weeks before Argentina's presidential election the positive image of President Nestor Kirchner is at its lowest since taking office in May 2003, which is not necessarily good news for the incumbent candidate and First Lady, Senator Cristina Fernandez de Kirchner.
September Euro-zone inflation above target: ECB move now
Euro zone annual inflation was 2.1% last September, (up from August 1.7%) and above the European Central Bank's target for the first time in twelve months according to the latest release from Eurostat.
Costa Rica elected to Latam seat in UN Security Council
Costa Rica and Croatia were elected on Tuesday to the United Nations Security Council for 2008-09 after their respective rivals, the Dominican Republic and the Czech Republic pulled out after two rounds of voting.
Right to food is a human right, says UN Ban Ki-Moon
Secretary-General Ban Ki-moon marked World Food Day on Tuesday with a call for a renewed commitment to stamp out chronic hunger and make the right to food a reality for all in a world where nearly 855 million people still do not have enough to eat.
Gibraltar has new “non colonial” link, UK tells UN
The British Government told the United Nations Monday that Gibraltar had entered a new “non-colonial” constitutional relationship with the UK and described as “outdated” the UN criteria on de-listing former colonies.
