Stories for March 2009

Tuesday, March 31st 2009 - 11:19 UTC

Venezuela benefited 14 “allies” with 220 billion USD in four years

Venezuela is estimated to have spent 220 billion US dollars from its oil and gas revenue in investments, subsidies and donations to 14 “allied” countries between 2005 and 2009, according to Centro de Investigaciones Economicas, a Caribbean think-tank.

Tuesday, March 31st 2009 - 10:32 UTC

Arab League, South America summit looks for political common ground

Arab League and South American countries will open Tuesday their second summit with the purpose of boosting trade and cooperation. The idea of regular meetings between the 22 members of the Arab League and 12 South American countries was born in Brasilia in 2005, sponsored by Brazilian president Lula da Silva.

Tuesday, March 31st 2009 - 10:00 UTC

Bolivian government airline takes off in stormy atmosphere

Bolivian government owned air carrier Boliviana de Aviación (BoA) took off last weekend with a first flight La Paz-Cochabamaba and 40 passengers, including President Evo Morales. However private operators are claiming the airline begins with a significant deficit and doubt it will be able to break even.

Tuesday, March 31st 2009 - 09:46 UTC

Spain rescues regional bank; financial stocks fall

Spain's decision to rescue a regional savings bank has sent financial stocks in the country lower. The Bank of Spain is to take over Caja Castilla la Mancha in the first bank bail-out in Spain since the global financial crisis began. The government will also back the bank with 9 billion Euros in guarantees.

Tuesday, March 31st 2009 - 08:56 UTC

Qatar says “it’s OK” with crude at 50USD per barrel

Qatar's oil minister said Monday he was “OK” with crude oil at 50 US dollars per barrel for this year, reflecting a measure of pragmatism by OPEC. However OPEC president forecasted that oil prices could reach 75USD by the end of the year.

Tuesday, March 31st 2009 - 07:21 UTC

Restructuring deadline for GM & Chrysler; Wall Street plunges

New GM CEO Fritz Henderson

President Barack Obama has given US carmakers General Motors (GM) and Chrysler strict deadlines to restructure before getting more aid. General Motors will be given 60 days and Chrysler just 30 days to submit new plans for recovery.

Tuesday, March 31st 2009 - 07:14 UTC

PM Brown sets out the “five tests” for the G 20 world leaders

PM Brown: “A decisive moment for the world economy”

UK Prime Minister Gordon Brown has set out five tests which world leaders will face when they gather for the G20 summit in London on Thursday and urged them to “rise to the challenge” of beating the recession.

Tuesday, March 31st 2009 - 07:09 UTC

China interested in Latam bonds and Yuan swaps to ensure trade

China is likely to buy more Latin American bonds and promote Yuan swaps to support increased public spending in the region to combat the global financial crisis, revealed a Beijing think tank researcher.

Tuesday, March 31st 2009 - 06:52 UTC

Indian Ocean dependency votes to become integral part of France

Voters from Mayotte, a tiny island in the Indian Ocean, voted overwhelmingly on Sunday to become and integral part of France, the 101th “departement”. Authorities said 95.2% of those who voted (61% turnout) opted to strengthen ties with Paris which will also require the Muslim majority to abide by French law. Only 4.8% voted no.

Tuesday, March 31st 2009 - 05:23 UTC

Lethal red tide threatens south shores of Chile

Region V health authorities have prohibited the harvest, consumption and sale of all shellfish found between Queilén and Quellon in the Aysén region. The decision was made after water samples showed a concentration of “red tide,” the deadly micro algae Alexandrium catenella, which was ten times the level tolerated by the human system.

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