Stories for August 2009

Thursday, August 20th 2009 - 16:05 UTC
Argentina and Brazil moving towards “financial integration”

Argentina and Brazil signed Wednesday an agreement to swap domestic currencies for the equivalent of a total 1.8 billion US dollars, which could be used to increase international reserves. The accord was described as an important effort towards “financial integration” in the framework of Mercosur.
Thursday, August 20th 2009 - 16:04 UTC
Krugman anticipates strong Latam recovery, but behind Asia

Economics Nobel Prize Paul Krugman warned Wednesday that global real recovery will take time and that he’d be surprised to see within that scenario an improvement in the labour market. However he was upbeat about Latinamerica which he anticipated will recover faster that developed countries, although behind Asia.
Thursday, August 20th 2009 - 15:57 UTC
Buenos Aires and Santiago among cheapest cities in the world

Oslo, Zurich, Copenhagen, Geneva, Tokyo and New York are considered the world's most expensive cities based on a standardized basket of 122 goods and services from the UBS “Prices and Earnings” survey.
Thursday, August 20th 2009 - 15:54 UTC
Brazilian Senate corruption scandal closing in on President Lula da Silva

A former high ranking officer from Brazil’s Tax Office directly accused President Lula da Silva’s handpicked candidate for October 2010 presidential election of trying to stop a probe into the finances of the Senate’s chief family.
Thursday, August 20th 2009 - 15:46 UTC
Buenos Aires tragic rock club manager convicted to 20 years in prison

Argentina's Court of Justice on Wednesday convicted and sentenced a club owner to 20 years in prison for a deadly club fire that killed 194 people but absolved the band that had played the night of the tragedy.
Thursday, August 20th 2009 - 07:17 UTC
Chile in recession: economy sinks 4.5% in the second quarter

Chile’s economy shrank by 4.5% in the second quarter of this year, faring just slightly worse than the 4.4% GDP drop anticipated by economists, the Central Bank reported this week.
Thursday, August 20th 2009 - 07:10 UTC
Rio Tinto selling assets to trim debt burden

Rio Tinto has agreed to sell four business units of its Alcan aluminium subsidiary for 2 billion US dollars as it seeks to trim its debt burden further. The Anglo-Australian mining giant is selling the four packaging businesses to Australian group Amcor.
Thursday, August 20th 2009 - 05:21 UTC
Brazil, Chile, Peru and Colombia recovering from the global crisis

Brazil, Chile, Colombia and Peru are in the process of economic recovery, while Argentina, Bolivia, Ecuador, Paraguay, Uruguay and Venezuela are in a recessive phase according to a report released Wednesday and jointly drafted by Brazil’s Getulio Vargas Foundation and the University of Munich.
Thursday, August 20th 2009 - 05:06 UTC
Arbitrary arrests and beatings in Honduras, claims Amnesty report

In the seven weeks since the military-backed bloodless coup in Honduras, several hundred people protesting against the de facto government have been arbitrarily arrested and beaten by government forces, a new Amnesty International report says.
Thursday, August 20th 2009 - 05:03 UTC
Warren Buffet praises US “rescue” but warns about mounting debt

US billionaire Warren Buffett said that the US economy appears to be recovering, though the “enormous dosages of monetary medicine” used to fix it might pose a threat as “ominous” as last year's financial crisis itself.