The European Parliament formally endorsed on Thursday Italy's Mario Draghi to be the next president of the European Central Bank. European Union leaders are expected to give their formal backing to the appointment at a summit allowing Draghi, 63, to take over as head of the bank when Jean-Claude Trichet steps down at the end of October.
The Puyehue volcano ash cloud has again fooled forecasts and submitted air travellers to further misery. A number of flights to Argentine Patagonia were cancelled Thursday morning due to the shift in the movement of the lingering ash cloud and was predicted to reach Buenos Aires Province over the course of the next few hours.
While air passengers in the Southern hemisphere continue exposed to the vicissitudes of the volcanic ash cloud Patagonian farmers have a much serious problem: feeding 1.5 million sheep and livestock when fields are covered with sludge of volcanic debris and snow.
La Polar, Chile’s fourth largest retail chain is in deep water. Company stock has fallen 80% in the last two weeks and the entire board of directors has offered to resign.
With Greece on the precipice of financial collapse and a full Euro confidence crisis looming while EU leaders can’t agree on the next steps, the example of Uruguay in 2002/03 stands out as a successful smart way out of the crisis that spilt over from neighbouring Argentina.
Chile, a country where the demand for energy has skyrocketed over the past decade, experts are gathering to discuss another answer to Latin America’s increasing energy needs: solar power.
The Federal Reserve has cut its growth forecast for the US economy in the face of the impact of higher energy prices. It now estimates that the US economy will expand between 2.7% and 2.9% this year, down from its April forecast of 3.1% to 3.3%.
World food prices that rose 37% in a year, driving 44 million more people into poverty, are a “plague” that needs action from world leaders now, said French President Nicolas Sarkozy during the two-day Group of 20 agriculture ministers in Paris.
Millionaires in Latin America fared better than their compatriots in other regions during the global recession. A combination of a conservative investing streak and Latin America's brisk recovery helped millionaires in the region minimize losses in the last four years, according to the latest annual Merrill Lynch-Capgemini World Wealth Report.
The head of PIMCO, the world's biggest bond fund, predicted that Greece and other European economies would default on their debts to resolve their problems as the Euro area deals with its debt crisis.