Stories for May 22nd 2008

Thursday, May 22nd 2008 - 21:00 UTC
Commodities hedging and weak dollar spur record oil prices

Oil prices jumped on Wednesday to a new record high, 134 US dollars a barrel, on concerns about low US crude stockpiles, the weak dollar, supply constraints and increasing demand.
Thursday, May 22nd 2008 - 21:00 UTC
Argentine farmers flexible but hope for “national celebration”

Argentine farmers said on Wednesday they are willing to discuss the controversial sliding levies on grains and oil seed exports but also cautioned they were looking forward to a grand national celebration in the scheduled Sunday rally at Rosario, and not another occasion of “protest and claims”.
Thursday, May 22nd 2008 - 21:00 UTC
American Airlines to charge for checked baggage

With oil prices hitting new records almost daily, the nation's largest air carrier, American Airlines, announced drastic steps Wednesday to “remain viable,” including charging new fees for all checked baggage, slashing domestic flights and laying off thousands of workers.
Thursday, May 22nd 2008 - 21:00 UTC
Leaders meet to launch Union of South American Nations

A South American leaders' summit is scheduled for Friday in Brazil where the visiting heads of government and host President Lula da Silva will be signing the legal framework of the charter for the Union of South American Nations, Unasur.
Thursday, May 22nd 2008 - 21:00 UTC
Petrobras announces new oil discovery in ultra deep waters

Brazil's government managed oil and gas corporation Petrobras announced this week the presence of oil traces in pre-salt reservoirs, in ultra deep waters off shore Sao Paulo in the Santos Basin.
Thursday, May 22nd 2008 - 21:00 UTC
Oil market has gone “crazy” says OPEC secretary

OPEC Secretary-General Abdullah El-Badri maintained on Thursday that the oil market has gone “crazy” and blamed the situation on geopolitical tensions, speculation and the weak US dollar. “We want moderate prices”.
Thursday, May 22nd 2008 - 21:00 UTC
UN warns about devastation of animal species

The extinction of animal species, as well as the reliance on a narrow range of crops, is a major threat to the planet's development and security, Secretary-General Ban Ki-moon said Thursday in a statement to mark the International Day for Biological Diversity.
Thursday, May 22nd 2008 - 21:00 UTC
Paraguay & Uruguay agree on new approach to Mercosur

Paraguay's President elect Fernando Lugo and Uruguayan President Tabare Vazquez agreed to work jointly in Mercosur affairs to help improve the bargaining power of the junior partners that have repeatedly complained that the block has become a two member club, Argentina-Brazil.