Stories for June 2008

Wednesday, June 25th 2008 - 21:00 UTC
Uruguayan Offshore Field May Hold 3 Trillion Cubic Feet of Gas

Uruguay may have found an offshore natural gas field holding as much as 3 trillion cubic feet of resources during studies of exploration areas it plans to auction in July 2009, the country's state oil company said.
Wednesday, June 25th 2008 - 21:00 UTC
Chile prepared to cut Armed Forces copper earnings share

José Pablo Arellano, CEO of Chile's state-owned CODELCO copper company, this week questioned the utility of a Pinochet-era law that gives 10% of CODELCO sales to the Chilean military.
Wednesday, June 25th 2008 - 21:00 UTC
UN predicts climate change will trigger “green” (trade) war

Former Chilean president and currently UN Climate Change special envoy Ricardo Lagos said that industrialized countries would be imposing “green” barriers as a future strategy to combat climate change, basically taxing imports according to the contamination generated by the production of the goods involved.
Wednesday, June 25th 2008 - 21:00 UTC
Euro zone rate rise next July, but will it be an only time?

The European Central Bank president Jean-Claude Trichet said that the ECB remains in “full alert” because of the continued inflation in the Euro zone and suggested that a rate hike, next July 3 “is possible”. However he emphasised that this would not signal the first step for a ladder of rate hikes.
Wednesday, June 25th 2008 - 21:00 UTC
Ecuador Colombia relations back in the cold and trade threats

Ecuador will not resume diplomatic ties with Colombia after the latter decided to postpone renewal of relations, Ecuadorian Foreign Minister Maria Isabel Salvador announced this week in Quito.
Wednesday, June 25th 2008 - 21:00 UTC
WTO plans final push for Doha round talks next July 21

World Trade Organization (WTO) Director-General Pascal Lamy called on Wednesday for a group of ministers from thirty main countries to meet from July 21 to push the Doha round of global free trade talks toward conclusion, diplomats said.
Wednesday, June 25th 2008 - 21:00 UTC
Global food crisis, key issue in agenda of coming G8 summit

United Nations Secretary-General Ban Ki-moon said that he will focus his attention on raising the issue of food security at the G8 summit of major industrialized nations in Japan early next month, as well as the challenges of climate change and the anti-poverty targets known as the Millennium Development Goals (MDGs).
Wednesday, June 25th 2008 - 21:00 UTC
Chavez arms shopping in Russia to defend “revolution”

President Hugo Chavez said that Venezuela will continue to strengthen its military power following the announcement that vice president Ramon Carrizalez and Defence minister General Gustavo Rangel Briceño would be traveling to Russia to intensify military cooperation.
Wednesday, June 25th 2008 - 21:00 UTC
Uruguay down plays announcement of gas and oil discovery

Uruguayan authorities downplayed the announcement earlier this week of the discovery of significant natural gas reserves and “possibly” oil in the River Plate close to the Brazilian border.
Wednesday, June 25th 2008 - 21:00 UTC
US Federal Reserve leaves interest rate unchanged at 2%

In a move which did not surprise, the US Federal Reserve on Wednesday kept interest rates unchanged at 2%. In its usual release following the two day meeting the Open Market Committee said that “recent information indicates that overall economic activity continues to expand, partly reflecting some firming in household spending”.