The global financial crisis could cause poverty to rise in Latin America by as much as 15% this year, a senior UN official has warned. Rebeca Grynspan, regional head of the UN Development Programme (UNDP), said Latin American governments needed to take action urgently.
The colossal global Ponzi-scheme scam mounted by Wall Street financer Bernard Madoff and which is estimated in the range of 50 billion US dollars, apparently includes at least 500 million US dollars from Argentine investors, reports the Buenos Aires press.
Forecasters warned more snow is on the way to Great Britain and the Government widened the search for foreign road salt and one council started using table salt to grit its roads.
Peru begun on Saturday the celebration of Pisco Sour Day, a cocktail considered national cultural heritage and whose origin denomination is under dispute with neighbouring Chile. The celebration includes huge open parties, free tasting, dancing, gastronomy related to the emblematic drink also called the flag liquor of Peru.
The United States Congressional Oversight Panel says the government overpaid for distressed financial assets and shares last year. It says the US Treasury paid 78 billion US dollars more than it should when buying stakes in banks through the 700 billion US dollars Troubled Assets Relief Program (Tarp).
Venezuela will spend 1.65 billion US dollars from its National Development Fund in the first quarter to sustain public spending after a drop in international crude prices and the global slowdown have affected the country, said President Hugo Chavez.
An article from The Economist (Feb. 5th), Profiting from Virtue praises Uruguay's prudent and orthodox economic policies, under the leftish government of President Tabare Vazquez and states the country is better placed to mitigate world recession than its neighbor Argentina.
The IMF has urged the Group of Twenty (G-20) industrialized and emerging market countries to take more decisive policy action to combat the corrosive global financial and economic crisis by bolstering demand and cleaning up the financial sector.
Manufacturing output declined at its fastest rate since 1981 in December, underscoring the fragile state of the UK economy, official figures show. The Office for National Statistics (ONS) said it fell 10.2% from a year earlier as recession hit the sector.
Uruguay's wool industry exports between January 31st 2008 and February 2009 totalled 282 million US dollars which is 10.4% less that the same period a year ago, because of a 13.9% drop in wool sales and an 83.8% reduction in live sheep shipments.