Stories for March 11th 2009
Following four bullish years UN forecasts tourism industry downturn
The United Nations World Tourism Organization said Wednesday that international vacation travel could drop 2% this year as the global crisis worsens. This will be particularly evident following the bullish years, 2004/07 when growth averaged 7%.
Cristina Kirchner and PM Brown to hold bilateral meeting in Chile
Argentine president Cristina Fernandez de Kirchner and British Prime Minister Gordon Brown will be holding a bilateral meeting next March 27th in Viña del Mar, Chile during the progressive leaders’ forum and most probably the Falklands/Malvinas claim issue will be on the table, according to reports in Buenos Aires daily La Nación.
Paraguayans consume eight times more beer than milk
Beer consumption in Paraguay is eight times that of milk according to the Paraguayan Chamber of Dairy Industries based on information from the Pan-american Health Organization.
UK government support for Land Rover to build new vehicle
The British government has offered a grant of up to £27 million to motor giant Land Rover to build a new vehicle. The company will make a decision later this year on whether to go ahead with the £400 million project at its factory at Halewood on Merseyside.
Chinese exports plunge 26% in February; domestic car sales up 25%
Chinese exports plunged by more than a quarter in February from a year ago as the world's third-largest economy was hit by a drop in demand for its goods. Exports dropped by 25.7% to 64.9 billion US dollars compared with the same month a year earlier, while imports fell by 24.1% to 60.1 billion according to official figures.
Norway’s sovereign fund, world’s second largest, lost 92 billion USD in 2008
Norway’s Government Pension Fund suffered a 633 billion kroner equivalent to 92 billion US dollars loss on its investments in 2008. The loss, which amounts to some 125.000 kroner for every Norwegian, came after a “sharp fall in global equity prices”, head fund manager Yngve Slyngstad said Wednesday.
IMF chief warns of “great recession” but markets react to upbeat banking report
The head of the International Monetary Fund says the world economy is likely to shrink this year throwing millions into poverty, in what some are referring to as the “Great Recession”. IMF Managing Director Dominique Strauss-Kahn told a conference in Tanzania Tuesday that sharp declines in world trade are likely to hurt African economies.
Prince Charles underscores close links with Chilean navy
The Prince of Wales returned to his Royal Navy roots on Tuesday when he visited a British frigate now in service with Chile. Charles, a former mine-sweeper commander, toured the frigate Almirante Condell with the Duchess of Cornwall during a trip to the Chilean city of Valparaiso.
South America calls on President Obama to end the Cuban embargo
Twelve South American Defence ministers meeting in Santiago de Chile urged the United States on Tuesday to end the nearly half a century economic and travel embargo on Cuba.
Brazil/Uruguay summit agrees on free trade and energy integration
Brazilian president Lula da Silva said that relations with neighbouring Uruguay are at “their best level ever”, following a meeting Tuesday with visiting president Tabare Vazquez.
