Stories for February 9th 2009
Tractor and combine sales forecasted to fall 30% in S. America
United States Agco Corp. warned that industry-wide farm-equipment sales in South America could fall by almost a third this year due to drought and tough credit conditions.
Foreign Office under financial strain by weak sterling
The collapse in the value of the British pound will put the Foreign Office (FCO) under “serious financial pressures” in the coming year, a parliamentary report warned.
Bilateral trade talks between EU and each Andean country
Delegates from Colombia, Ecuador and Peru begin Monday in Bogotá the first round of negotiations to reach a trade agreement with the European Union which should be completed by mid year.
Chile's January trade surplus plunges 70% in line with copper
Chile's trade surplus plunged 70% to 667 million US dollars during January compared to the previous month according to the latest release from the Central Bank. This also compares negatively with the 2.3 billion US dollars of the same month a year ago.
Ring-fencing jobs for unemployed locals rages in UK
UK Business Secretary Lord Mandelson has warned against calls to ring-fence jobs for UK citizens after comments by a Northern Ireland minister. Stormont Environment Minister Sammy Wilson caused controversy when he argued that the local unemployed should get jobs ahead of migrant workers. But Peter Mandelson - a former Northern Ireland Secretary - warned against such demands.
PM Brown tells banks “penalties” for “irresponsible risks”
Prime Minister Gordon Brown has insisted that there must be “no rewards for failure” in Britain's banks. His comments came as the UK Treasury launched a long-term review of City remuneration policies, amid public anger at reports that banks are planning to pay hundreds of millions in bonuses to senior staff despite their massive losses over the last year.
Germany changes economic helmsman in the middle of storm
Karl-Theodor zu Guttenberg is to become Germany's new economy minister, following the surprise resignation of his predecessor Michael Glos. Mr Zu Guttenberg has been proposed by his party, the Bavarian-based Christian Social Union (CSU), and his appointment is due to be a formality. At 37-years-old, he will become the youngest ever person to fill the role.
Brazil credit access back to pre-crisis level says Central Bank
Brazilian credit availability has returned to levels seen before the deepening of a global credit crisis in September, Brazilian Central Bank President Henrique Meirelles said Monday.
Aerolineas takeover shadows Cristina K visit to Spain
Argentine President Cristina Fernandez de Kirchner began on Monday her first official visit to Spain amid expectations that she would try to reduce tension over the expropriation of the airline Aerolineas Argentinas from the Spanish tourism group Marsans.
OPEC calls for full compliance with agreed supply cuts
The oil cartel OPEC is willing to cut crude output further at a meeting in March, the group's secretary-general said on Monday in London. But he also underlined he would like to see full compliance of members with existing curbs first.
