Stories for March 2009
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.
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.
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.
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.
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.
Restructuring deadline for GM & Chrysler; Wall Street plunges
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.
PM Brown sets out the “five tests” for the G 20 world leaders
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.
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.
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.
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.
Falkland Islands government: “We wish to remain British”
“We wish to remain British and the sovereignty issue is not for negotiation” was the Falkland Islands government statement in response to last Saturday’s meeting in Chile of UK Prime Minister Gordon Brown and Argentine president Cristina Fernandez de Kirchner.
Hundreds of dead Magellanic penguins in southern Chile
Hundreds of dead Magellanic penguins (Spheniscus Magellanicus) have washed ashore in Chile’s Region XI the past several days, the Santiago daily La Tercera reported Sunday. So far experts are in the dark about what’s killing the sea birds, more than 800 of which have been found on the beaches of Las Niñas and Los Piojos near Queule.
Uruguayan farmers showcase for new state of the art combines
Farm equipment manufacturer Case IH chose Uruguay and its local distributor Corporación Global, for the Latinamerican launching of one of its largest and most state of the art combine, the Axial-Flow 8120.
UN economic office calls for risk and market regulation in Latam
The United Nations Economic Commission for Latinamerica and the Caribbean, UNECLC warns that the current global situation is “far more severe” than the depression of the thirties and calls for urgent action in dealing with “risk and market regulation”.
US will no longer “dictate unilaterally”, but Cuban embargo remains
United States Vice President Joe Biden said that Washington would no longer “dictate unilaterally” to Latin America, and that it had entered a new era in the historically troubled relationship.
