Stories for May 9th 2009
The President Barack Obama administration has named a prestigious civil rights activist of Hispanic-Mexican origin as the next US ambassador in Argentina. Vilma Socorro Martinez, 66, will replace Ambassador Earl Anthony Wayne who has held the job for three and a half years.
US bank Wells Fargo has said it plans to raise 7.5 billion US dollars from selling new shares, a day after the US Treasury said 10 banks needed to boost reserves. Morgan Stanley is also hoping to raise 3.5 billion from share sales. Bank of America said it planned to sell assets and raise capital to secure the 33.9 billion it needs.
Toyota, the world's biggest carmaker, has made its worst annual loss as the global economic downturn has hit demand for its vehicles. The Japanese company said it made a net loss equivalent to 4.4 billon US dollars in the year to 31 March, compared with a record profit the year before. Toyota said it expected to make a bigger loss in this financial year.
Uruguay extended sanitary controls to borders with Argentina and Brazil following the confirmation of several cases of the influenza A/H1N1 in its neighbouring countries, the first to be reported in Mercosur.
Former Brazilian president Jose Sarney and currently head of the federal Senate, reiterated his opposition to Venezuela’s incorporation to Mercosur because of differences over interpretations of democratic governance with the regime of President Hugo Chavez.
Brazil and Paraguay failed to come to an agreement on proposed renegotiation of accords related to the Itaipu hydroelectric facility and are scheduled to meet again in early June, according to Paraguay’s Executive spokesperson Ruben Penayo.
Finance ministers from Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela reached Friday in Buenos Aires the definitive agreement for the launching of the Bank of the South, a multilateral organization to help fund development and infrastructure projects.