Economy
EconomyUS Congress agrees to vote Monday bail-out package
The United States Congress is set to vote on Monday the largest single financial bailout in US history after leaders from both parties nailed down the details of the package, following long days and nights of tense and sometimes tempestuous negotiation.
The impact of transport costs on Latinamerican trade
Latin American exports' growth depends more on lower transport costs than on reduction of tariffs. This warning is in research “Unclogging the Arteries: A Report on the Impact of Transport Costs on Latin American and Caribbean Trade.”
“Sooner or later” global financial crisis will reach Latam
Ibero-America Secretary General Enrique Iglesias said Latinamerica feels somehow frustrated because it is a “victim, not an actor” of the current global financial crisis, which sooner or later will reach the region.
Democrats' message to markets: rescue bill is “back on track”
United States president George W Bush has said that legislators will “rise to the occasion” and pass the proposed 700 billion Wall Street rescue plan. He said disagreements remained as “the proposal is big and the reason it's big is because it's a big problem”.
Live cattle prices in Uruguay sliding after peaking in August
Live cattle prices in Uruguay after reaching a historic peak in mid August have begun to drop significantly following the meat industry's decision to soften activity and a drop in demand from Russia and to a certain extent the European Union.
EU announces strict rules but no US style banks bail out
Europe does not need a US-style bail-out of banks, but must introduce stricter financial supervision, a top EU official has said. Economy commissioner Joaquin Almunia said mimicking the 700 billion US plan to unfreeze credit markets was unnecessary because the situation was “less acute”.
Financial crisis: Bush appeals to Congress, Obama and McCain
Americans must support a massive bail-out of financial markets to ease a “serious financial crisis”, US President George W Bush said on Wednesday. The entire economy was in danger, he said in a live TV speech, and failure to act now would cost more later.
He has invited presidential rivals John McCain and Barack Obama to the White House on Thursday to discuss the 700 billion US dollars rescue package.
The rivals have disagreed on delaying a TV debate over the economic turmoil.
Brazil unemployment at its lowest level since 2001: 7.6%
Brazilian unemployment in August fell to its lowest level since 2001 thanks in part to the nation's solid economic growth. The country's official statistics institute IBGE said the rate dropped to 7.6% from 8.1% in July and 1.9 percentage points from August 2007.
“Laissez-faire is finished” says EC chair Pte Sarkozy
The economic turmoil provoked by crises in the United States subprime and finance markets has put an end to the free market economy, French President Nicolas Sarkozy said on Thursday.
Number of cell phone subscribers will reach 4 billion in 2008
The number of mobile cellular subscribers worldwide will reach the 4 billion mark by the end of 2008, the head of the United Nations International Telecommunications Union (ITU) announced Thursday.
