Stories for August 2nd 2008

Saturday, August 2nd 2008 - 21:00 UTC
Car industry downturn: GM reports losses of 15.5 b USD

General Motors reported on Friday a net three-month loss of 15.5 billion US dollars as North American sales fell by 20%. GM took a 3.3 billion charge for buying out the contracts of 19,000 hourly workers who left at the end of June.
Saturday, August 2nd 2008 - 21:00 UTC
Venezuela to help Bolivia boost natural gas production

Bolivia with the help of Venezuela unveiled a plan to increase the country's natural gas reserves to supply energy thirsty neighbors, Brazil and Argentina. Bolivia has 48.7 trillion cubic feet of proven and probable natural gas reserves, the second-largest deposits in South America after Venezuela.
Saturday, August 2nd 2008 - 21:00 UTC
Spain and Chile plan largest wind farm in South America

Chile and Spain will spend more than one billion US dollars to set up Latin America's largest wind farm in the South American country, according to the Spanish news agency EFE.
Saturday, August 2nd 2008 - 21:00 UTC
US unemployment rising hits four year high in July: 5.7%

The United States unemployment rate increased to a four-year high in July according to a Labor Department report issued Friday which shows 5.7% of the US workforce is out of a job, a slight increase from June.
Saturday, August 2nd 2008 - 21:00 UTC
Oracles turned sour: credit rating agencies on the bench

Credit rating agencies could be banned or prosecuted under a draft European Union law aimed at making them more accountable for the advice they give. Firms that rate debt investments, such as Fitch, Moody's and Standard & Poor's, have been criticized for their role in the sub-prime mortgage crisis.

The new law would replace a voluntary code of conduct.
Saturday, August 2nd 2008 - 21:00 UTC
Russia plans trading company to control cereal exports

Russia is to form a state grain trading company that will control the majority of the country's cereal exports, it has been reported.
Saturday, August 2nd 2008 - 21:00 UTC
UN General Assembly president Srgjan Kerim visits Argentina

United Nations General Assembly President Srgjan Kerim yesterday met with Vice-President Julio Cobos and Foreign Minister Jorge Taiana as part of an official three-day visit to Argentina, which is part of a wider tour in South America.
Saturday, August 2nd 2008 - 21:00 UTC
Brazil launches Amazon rainforest protection fund

Brazilian President Luiz Inacio Lula da Silva has called on developed countries to donate money to a new fund designed to protect the Amazon rainforest.
Saturday, August 2nd 2008 - 21:00 UTC
CFK: “I would do each and every thing that I did again”

Argentine President Cristina Fernandez, who has spent most of her first eight-months in office in a deep political crisis, defended her administration on Saturday and ruled out further cabinet changes.