Stories for September 2008

Tuesday, September 30th 2008 - 21:00 UTC

Chilean peso looses 22% value in dollar terms in 6 months

Chile's Central Bank on Monday called an early halt to the 8 billion US dollars foreign-exchange intervention plan that has seen the peso depreciate 22% against the US dollar since April arguing the impact of international financial markets.

Tuesday, September 30th 2008 - 21:00 UTC

Brazilean Real drops to nine year record past 2 dollar level

The worst collaps in ten years

Brazil's Real plummeted the most in nine years, weakening past the 2-per-dollar level, as a direct consequence of the US House of Representatives rejection of the 700 billion US dollars bailout package for the financial system.

Tuesday, September 30th 2008 - 21:00 UTC

Argentina and Brazil ready to trade in local currencies

Argentina and Brazil will be launching in a week's time a “de-dollarized” trade system for small and medium companies which should considerably reduce financial costs that could be extended in the near future to the tourism industry, according to banking sources quoted in Buenos Aires La Nacion.

Tuesday, September 30th 2008 - 21:00 UTC

Chile debates re-nationalization of fresh water resources

A broad coalition of Chilean politicians, Church leaders, environmentalists, indigenous groups and labor unions is calling on Chilean authorities to renationalize the country's fresh water resources.

Tuesday, September 30th 2008 - 21:00 UTC

Melamine milk scandal hits Cadbury Chinese products

British confectionary maker Cadbury said Monday it is recalling 11 types of Chinese-made chocolates found to contain melamine, as police in northern China raided a network accused of adding the banned chemical to milk.

Tuesday, September 30th 2008 - 21:00 UTC

Argentina opens path to accord with bond holdouts

Cabinet chief Sergio Massa

Argentina signed an agreement with three banks to attempt to restructure debts to sovereign bond holders who rejected a 2005 settlement over a historic default, the government announced Monday.

Tuesday, September 30th 2008 - 21:00 UTC

US Representatives extends benefits to Andean countries

The United States House of Representatives voted unanimously on Monday to approve a one-year extension of trade benefits for Colombia, Peru, Ecuador and Bolivia that expire at the end of the year.

Tuesday, September 30th 2008 - 21:00 UTC

Richest Latinamerican warns of financial crisis impact

Mexican billionaire Carlos Slim and Latinamerica's richest man is calling the current financial crisis the worst he has ever seen and anticipated it is going “to impact everybody”. It's a very difficult situation and it will affect all economies he added.

Tuesday, September 30th 2008 - 21:00 UTC

Brazil and Argentina markets suffer record day losses

Stock markets in Latinamerica crashed on black Monday 29, following the US House of Representatives rejection of the bi partisan bail out package which had been painfully stitched over the weekend.

Tuesday, September 30th 2008 - 21:00 UTC

Asian markets follow Europe, US and Latam in free fall

Japan's benchmark Nikkei stock index has fallen almost 5% in early Tuesday trading, hours after a US financial rescue plan failed to gain Congressional backing.

The US House of Representatives on Monday rejected a 700 billion plan aimed at bailing out Wall Street.

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