Merrill Lynch posted its third straight quarterly loss, its first of 2008, after more write-downs linked to the embattled credit markets. The world's largest brokerage lost 6.5 billion US dollars in write downs on subprime mortgages and other risky assets.
Brazil's president Luiz Inacio Lula da Silva made an impassioned defense of bio-fuels rejecting that they are responsible for the recent rise in global food prices during the opening ceremony of a United Nations Food and Agriculture Organization, FAO, conference in Brasilia.
The dollar closed in Santiago money markets at 456.6 Chilean pesos on Thursday, up from 434.1 Chilean pesos a week ago. This rapid gain comes in the wake of Chile's Central Bank's announcement last week that it would buy 8 billion US dollars over the course of the year.
In a growing climate of mistrust Argentine farmers representatives and government officials agreed Tuesday to meet again Wednesday when they expect answers to several proposals, particularly an end to the temporary ban of wheat exports.
Argentine farmers' representatives and government officials agreed Monday on an agenda of specific issues to be addressed as of Tuesday by special technical joint committees in the Department of Agriculture, but were also cautious about how the situation evolves.
Brazil and Russia signed an agreement on Tuesday to jointly develop top-line jet fighters and satellite launch vehicles. Strategic Affairs Minister Roberto Mangabeira Unger said the agreement will lead to the development of fifth-generation jet fighters that are built using sophisticated engineering, such as composite materials, stealth technology and advanced radar.
The United States fourth-largest bank Wachovia Corporation reported a 393 million US dollars loss in the first quarter and has been forced to cut its dividend and seek a 7 billion US dollar cash injection to make up its mortgage business.
The G7 group of most industrialized nations, meeting in Washington, approved a plan Saturday aimed at easing the continuing crisis in the global credit markets.
Including calls for more oversight of financial firms and greater financial transparency, G7 members have committed themselves to its implementation
The credit crisis is still sending shockwaves around the world and leading banks have now accepted much of the blame for the current turbulence in the financial markets. At a meeting of the Institute of International Finance in Frankfurt, senior bankers acknowledged that weaknesses in business practices, including bankers' pay and the management of risk, may have contributed to the crisis, reports the BBC.
Haiti Parliament voted on Saturday to oust Prime Minister Jacques Edouard Alexis following widespread anger over rising food prices that led to days of deadly protests and looting.