Stories for March 20th 2008

Thursday, March 20th 2008 - 21:00 UTC
“Fed rate cuts will not make difference” warns Stiglitz

Nobel Prize winning economist Joseph Stiglitz said the current financial crisis is the worst the world has seen since the Great Depression of the 1930s and the US Federal Reserve move to cut interest rates will not make much difference.
Thursday, March 20th 2008 - 21:00 UTC
Spain faces excess housing: 3 million flats empty

A new United Nations report has criticized the housing policy in Spain, and highlighted the fact that local councils have been dependent on granting of building licences and other real estate deals for their income.
Thursday, March 20th 2008 - 21:00 UTC
Rock band to break world record by playing in Antarctica

Emo rock band Fall Out Boy are set to break a world record next week by playing a concert in Antarctica. The US band will travel to Punta Arenas in the extreme south of Chile and then on March 25th to President Frei base in King George Island.
Thursday, March 20th 2008 - 21:00 UTC
Brazil trade surplus rapidly shrinking by flood of imports

Brazil's trade surplus shrank to 882 million US dollars in February, less than one third of the same month a year ago 2.9 billion US dollars, according to the country's Ministry of Development, Industry and Foreign Trade.
Thursday, March 20th 2008 - 21:00 UTC
Aircraft remains trawled in S. Atlantic date back to 1961

Remains of a military aircraft trawled by an Argentine fishing vessel 159 kilometers off Santa Cruz belong to an Argentine Navy North American SNJ-5C Texan that went down in 1961 and not to aircrafts involved in the 1982 Falkland Islands conflict as originally believed.
Thursday, March 20th 2008 - 21:00 UTC
Uruguay hopes to begin offshore oil exploration next year

Uruguay will open its continental platform for oil exploration in 2009 following on encouraging seismic surveys of the area, said this week incoming Minister of Industry and Energy Daniel Martinez.
Thursday, March 20th 2008 - 21:00 UTC
“Severe production deficit” forecasted for soybean

Global 2007-08 soybean harvests will total 221.33 million tons, below forecast consumption of 239.49 million tons, Hamburg-based oilseeds analysts Oil World estimates. This compares to 2006/07 output of 237.79 million tons and consumption of 225.34 million tons.
Thursday, March 20th 2008 - 21:00 UTC
Chavez support plummets but opposition still under

Support for Venezuela's president Hugo Chavez government has fallen to its lowest level since 2003, according to a new public opinion poll still reflecting damage from a stinging referendum vote defeat last December.
Thursday, March 20th 2008 - 21:00 UTC
Fearing inflation Beijing raises banks' reserve ratio

China's Central Bank increased the amount of money commercial banks must keep in reserve just hours after Premier Wen Jiabao warned inflation was a top concern. The People's Bank of China said in a statement the bank reserve ratio would rise half a percentage point to 15.5% from March 25, in yet another bid to implement tight monetary policies and cool the economy.
Thursday, March 20th 2008 - 21:00 UTC
Chilean main banker cautions on low US dollar speculation

Chile's Central Bank (BC) president Jose De Gregorio cautioned this week against speculation on the low US dollar, warning that, when the currency begins to regain value, such actions could cause significant financial losses.