Stories for November 18th 2008
Brazil, Argentina want higher Mercosur tariffs for imports
Mercosur senior members, Argentina and Brazil agreed to sponsor an increase in the common external tariff (AEC) on several products from third countries, during a meeting Monday of the Bilateral Trade Monitoring Committee held in Buenos Aires
Citigroup prepares for long winter sheds 20% jobs worldwide
Banking giant Citigroup announced it is planning shed 52,000 jobs with losses falling “particularly heavily” in London and New York. The cut - along with previously announced job losses of around 22,000 - will leave it with a global total of 300,000 employees in the near term.
PM Brown says “fiscal action” to help families is on the way
Britain's Prime Minister Gordon Brown promised “real help for families and businesses” to battle recession as he paved the way for tax cuts to be announced next week.
Paulson cools bailout funds waiting for Obama administration
United States Treasury Secretary Henry Paulson said that what remains of the 700 billion USD bail out plan authorized by Congress will be left for unforeseen emergencies and to help the incoming President elect Barack Obama administration.
Financial pyramids force Colombia into state of emergency
Colombia, a country that has adjusted to living with four decades of guerrilla warfare and drug cartels declared a 30 day state of emergency Monday to crack down on illegal investment schemes that lured millions of people with promises of high payouts, only to collapse amid rioting.
Chavez' home state and family becoming election liabilities
With less than a week left for next Sunday's municipal and governor elections Venezuelan president Hugo Chavez arrived in his homeland to boost the campaign of his family who are candidates for the main posts of the province of Barinas and the city of Sabanera.
Chinese president in Cuba on leg of Latam tour
President Hu Jintao began a two-day visit to Cuba by agreeing to increase Chinese purchases of Cuban nickel and sugar, and send farm goods to the communist-run island as it recovers from three devastating storms.
China still has Latin American ambitions
China isn't letting the global financial crisis shrink its ambitions in Latin America, where it has sunk billions into mining and replaced the United States as Chile's top trading partner.
Cash strapped Ford and GM sell stakes in Mazda and Suzuki
Troubled US carmaker Ford Motor is selling a 20% stake in Japan's carmaker Mazda Motor. The announcement follows General Motors decision to sell its 3% stake in carmaker Suzuki for 230 million US dollars to raise cash.
As recession advances US wholesale prices fall 2.8% in October
Falling energy costs meant US wholesale prices dropped by 2.8% in October, the biggest one-month decline since records began more than 60 years ago. The larger-than-expected fall was triggered by a 12.8% drop in energy prices, the biggest monthly decline for 22 years.
