Stories for October 12th 2008

Sunday, October 12th 2008 - 20:00 UTC
Talks to consolidate US automakers GM and Chrysler

The Unites States automobile giants General Motors and Chrysler are in talks about a possible merger, according to reports in the US media. Apparently talks have been going on for a month but details of the deal are not clear and neither party has made any direct official comments.
Sunday, October 12th 2008 - 20:00 UTC
Ship breaks in two on Gibraltar rocks; crew rescued safely

The 35.000 tonnes Liberian cargo ship, built in 1977 Fedra lies in two pieces adjacent to the Lighthouse at Europa Point, Gibraltar.
Sunday, October 12th 2008 - 20:00 UTC
Economic reforms for rural China include land transfer and rent

China's Communist Party leaders agreed on a package of rural reforms that could shape the country's economic policy over the coming years. A four-day enclave including President Hu Jintao had approved “major issues” on reform, Xinhua news agency said.

No details were given but it is thought farmers will now have more power to transfer or rent out their land.
Sunday, October 12th 2008 - 20:00 UTC
Peru new cabinet blends leftist MP and orthodox economics

Peruvian President Alan Garcia announced Saturday that he has appointed a leftist governor as Peru's prime minister, a day after the entire Cabinet resigned amid a brewing oil kickbacks scandal. Longtime politician Yehude Simon, 61, will replace outgoing Prime Minister Jorge del Castillo, Garcia said.
Sunday, October 12th 2008 - 20:00 UTC
Campaign to have ex President Kirchner run for Congress

Argentine officials applauded the possibility that former president Nestor Kirchner run as a candidate to become a national deputy for the province of Buenos Aires in next year's mid term election but the opposition said it was an attempt to get him “off the hook” in several scandal cases.
Sunday, October 12th 2008 - 20:00 UTC
Caroline McCain admits “having fallen in love with Bs. Aires”

Caroline McCain the eldest grand daughter of US Republican presidential candidate John McCain, currently studying journalism in Buenos Aires, admits she has fallen in love with the city and said she would vote for Barack Obama if his rival was George W Bush.
Sunday, October 12th 2008 - 20:00 UTC
IMF hails G7 accord as “first big success in coordination”

World financial leaders endorsed on Sunday an action plan announced by the seven leading advanced economies to combat the international financial crisis in what IMF Managing Director Dominique Strauss-Kahn called the “first big success in coordination” to halt the downward spiral in world markets and support the global financial system.
Sunday, October 12th 2008 - 20:00 UTC
Brazil demands “strong say” in new global financial rules

Brazilian President Lula da Silva said that emerging market nations like Brazil must have a strong say in developing strict international rules for financial institutions which will help control the anarchy hitting the world economy.
Sunday, October 12th 2008 - 20:00 UTC
Bipartisan support for US plan to purchase private bank equities

Two United States Treasury Secretaries James Baker and Lawrence Summers spoke out in favour of the need for the federal government to assume partial ownership of US banks during the Sunday morning television show “This week”.
Sunday, October 12th 2008 - 20:00 UTC
Chile in summer time, forwards clocks 60 minutes

Chile is in summer time with clocks having advanced sixty minutes during the weekend. This means that Chile's Dalylight Summer time is three hours behind Greenwish mean time.