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United States vehicle sales dropped in June, but there were signs of stabilisation as Ford saw its smallest fall in a year. Ford, the only one of the so-called Big Three carmakers not to have gone bankrupt, had the smallest drop, with sales down 10.7% from a year earlier. General Motors said sales fell 33.6%, while Chrysler sales fell by 42%.
United States Senator Richard Lugar, the ranking Republican on the Foreign Relations Committee is urging the US to extend trade benefits to Uruguay, bypassing Mercosur, a move he says would also increase pressure on Brazil to deepen commercial ties.
The state of Minnesota's Supreme Court declared Democrat Al Franken the winner of the disputed 2008 US Senate race thus giving the Democrats their 60th vote.
Venezuela and United States will be re-establishing their ambassadors in the coming days, confirmed on Wednesday Venezuelan Foreign Affairs minister Nicolas Maduro Ambassadors Bernardo Alvarez and Patrick Duddy were withdrawn last September when hostility between President Hugo Chavez and former President George Bush climaxed following years of disagreements and diplomatic clashes.
The United States Federal Reserve kept interest rates unchanged on Wednesday and said that the recession in the US is “slowing” but “economic activity is likely to remain weak for a time”.
United States president described his Chilean peer Michelle Bachelet as “one of the most compelling leaders” of Latinamerica and together with Brazil’s Lula da Silva they are an “example” of the kind of relations Washington wants with the region.
Chilean president Michelle Bachelet begins on Tuesday an official two-day visit to the United States where she will be meeting with President Barack Obama at the White House, members of Congress and the Organization of American States Secretary General.
The US government has announced a major reform of banking regulation to prevent future financial crises. The overhaul will require big banks to put more money aside against future losses to curb excessive risk taking.
The US government is planning a major overhaul of the system of financial regulation to avoid future crises. The broad outlines of the plan were revealed on Monday by US Treasury Secretary Tim Geithner and White House economic adviser Larry Summers.
Ten of the largest US banks will be able to repay 68 billion US dollars in government bail-out money, the US Treasury says, a sign the financial crisis is easing. President Barack Obama welcomed the move but said it was not a sign that our financial troubles were over.