Stories for October 7th 2008
Lehman Brothers CEO took home 300 million USD in pay
The head of failed United States investment bank Lehman Brothers told Congress on Monday that he took home about 300 million US dollars in pay and bonuses over the past eight years.
Argentina and Chile prepare Beagle peace celebrations
Argentina and Chilean presidents will lead peace and reconciliation celebrations next December in Punta Arenas on the thirtieth anniversary of the papal intervention which prevented a full fledged war over the Beagle channel between the neighbouring countries back in 1978.
Uruguay's ruling coalition candidates agree on rules
Uruguayan presidential pre candidates from the ruling coalition agreed Monday on the need for a consensus ticket for next year's election, but “if necessary” will hold primaries early next year.
Brazil hardest hit by Monday's carnage in Latam markets
Latin American stocks plunged Monday, led by a stunning 15% intraday drop in Brazilian shares, on concern about a world recession that could devastate the region's commodities-based economies.
DJI below 10.000 mark and FTSE 100 falls to 4.589
Wall Street's Dow Jones Industrial Average fell as much as 800 points to trade below the 10,000 mark Monday as nervousness over the credit crisis spread after the US government's 700 billion USD bailout and interventions in Europe only seemed to add to investor anxiety.
Confidence crisis and investor panic tsunami hits world
Asian stock markets early Tuesday opened down sharply amid investor panic that global government action might not be enough to stem the financial crisis.
Airbus accident in flight has made an emergency landing
A passenger plane has made an emergency landing in Western Australia after 40 people were injured following a “sudden change in altitude”, police have said.
Fed next move to unclog financial system: lower rates
Faced with worst economic and financial market crisis since 1929, Federal Reserve Chairman Ben Bernanke on Tuesday sent a strong signal that officials may lower interest rates against a backdrop of waning price pressures.
World Bank proposes steering group with emerging economies
The Group of Seven is no longer effective and should be replaced by a steering group that includes new emerging economic powers like China, India and Brazil, World Bank President Robert Zoellick said on Monday.
FAO underscores “opportunities and risks” of bio-fuels
Global bio-fuel policies should be urgently reviewed to ensure that the world's poor benefit by ending trade-distorting subsidies favouring developed nations while countering the rise in food prices sparked by the diversion of foodstuff to energy production, according to a new United Nations report released today.
