Stories for October 2008

Saturday, October 25th 2008 - 20:00 UTC
Falling oil market ignores OPEC production cut

Crude prices plunged Friday despite a hefty OPEC cut in production as recession fears gripped global markets in panic, heightening concerns about declining energy demand. New York's main contract, light sweet crude for December delivery, tumbled to 64.15 USD a barrel, down 3.69 from its close Thursday.
Saturday, October 25th 2008 - 20:00 UTC
Global crisis: East Asian nations pledge 80 billion USD

East Asian nations have pledged to set up an 80 billion US dollars swap scheme by mid-2009 to help protect the region from financial turmoil. The move by the 10-member Association of Southeast Asian Nations (Asean) is backed by South Korea, China and Japan.
Saturday, October 25th 2008 - 20:00 UTC
IMF Emergency financing mechanism has 200 billion USD

The International Monetary Fund, which has announced its readiness to act in support of nations hit by fallout from the global financial turmoil, is holding talks with several countries about possible new lending programs. According to an official release IMF has 200 billion US dollars ready for loans.
Saturday, October 25th 2008 - 20:00 UTC
Mexico moves to reform oil industry with private sector

Mexico's Senate approved this week changes to the country's oil sector designed to halt rapidly falling production and ensure Mexico's oil self-sufficiency in the medium term. The bill must now be considered by the Lower House.
Saturday, October 25th 2008 - 20:00 UTC
Vazquez re-election re-emerges strongly in Uruguay

Uruguayan president Tabare Vazquez is reconsidering the proposal for his re-election next year if the ruling coalition, Broad Front, can't agree on a 2009 consensus presidential ticket during the coming movement's congress.
Saturday, October 25th 2008 - 20:00 UTC
Tsunami sweeps across Latam markets, “blackest week”

Friday closed a tsunami impact trading week for Latinamerican markets accumulating massive losses as risk aversion and recession fears contagion from major markets spread to the rest of the world.
Saturday, October 25th 2008 - 20:00 UTC
Mexico injected 13 billion USD in 2 weeks to support the Peso

The Mexican peso ended trading on Friday at 13.70 to the US dollar after having fallen to a record 14.50. The Mexican central bank supported the currency with 1.1 billion US dollars.
Friday, October 24th 2008 - 20:00 UTC
Argentina furious with Uruguay's veto to Mr. Kirchner

Argentina described as “injurious” Uruguay's decision not to support former Argentine president Nestor Kirchner candidacy to the chair of the Union of South American Nations, Unasur, in spite of the fact he was virtually the only hopeful.
Friday, October 24th 2008 - 20:00 UTC
EU-Asia summit in Beijing in spite of award to dissident

In spite of strong lobbying from Beijing the European Parliament prestigious Sakharov Prize for Freedom of Thought was awarded to a Chinese human rights activist and political dissident.
Friday, October 24th 2008 - 20:00 UTC
Five years on, the EU and Cuba formally restore ties

The European Union and Cuba have formally restored ties five years after the EU imposed diplomatic sanctions on the island following mass arrests of dissidents.