Stories for May 17th 2008

Saturday, May 17th 2008 - 21:00 UTC

Saudis reject oil production increase request from Bush

Saudi Arabia rejected on Friday an appeal by visiting US President George W Bush to raise oil production reported a US official. Saudi officials said they were already meeting demand, and had increased production by 300,000 barrels per day earlier this month.

Saturday, May 17th 2008 - 21:00 UTC

Chinese investor eyeing 9% stake in BHP Billiton

Shares in mining giant BHP Billiton have jumped on fresh speculation a Chinese investor is eyeing up a 9% stake in the company. The Australian press reported that “Chinese interests” have approached an Australian investment fund to help buy into the world's biggest miner.

Saturday, May 17th 2008 - 21:00 UTC

Labor strife leaves 60 Uruguayan fishing vessels idle

Most of the Uruguayan fishing fleet has been docked since last April 29 because of labor disputes leaving an estimated 3.000 workers from processing plants and other branches of the industry out of work according to the vessel owners.

Saturday, May 17th 2008 - 21:00 UTC

Uruguay sets oil exploration licensing round timetable

Uruguay has approved the legal framework and timetable for a round of hydrocarbons exploration licensing, offshore, which will have a first presentation next December. The round is based on the encouraging results of seismic surveying and the interest shown by several global oil corporations, according to the Uruguayan government.

Saturday, May 17th 2008 - 21:00 UTC

Peruvian president calls for tax on oil to finance reforestation

Peruvian President Alan Garcia said on Friday taxes on oil and natural gas exports could help fund global efforts to combat climate change and promote reforestation of the Amazon River basin.

Saturday, May 17th 2008 - 21:00 UTC

Brazil's Real rises to nine-year high; up 19% in 12 months

Brazil's Real rose to a nine-year high as the US dollar slumped and investor demand for commodities and higher-yielding assets increased. Last April 30 Standard & Poor's upgraded Brazilian debt sending the Real and the Sao Paulo Bovespa stock index to new records.

Saturday, May 17th 2008 - 21:00 UTC

EU and Latinamerican leaders promise tighter trade ties

Leaders from Latin America, Europe and the Caribbean wrapped up a one-day summit in Lima promising to tighten trade ties even as some Andean nations balked at signing new free-trade agreements.

Saturday, May 17th 2008 - 21:00 UTC

Governors creep into the Argentine farmers' conflict

Argentine provincial governors, from different angles have called on the striking farmers and the government to resume dialogue as the only way out to the two months stand off over a sliding grain and oilseeds export tax system which is “harming” the Argentine people and institutions.

Saturday, May 17th 2008 - 21:00 UTC

Volcano victims complain of price gaugin

Chilean government spokesperson Francisco Vidal on Thursday disclosed an increased relief package for victims of the ongoing Chaitén Volcano eruptions. The announcement comes in response to allegations that Puerto Montt residents have been overcharging displaced Chaitén residents for rent.