Stories for October 25th 2008

Saturday, October 25th 2008 - 20:00 UTC
Asia-Europe concert efforts for coming financial summit

Asian and European leaders called for a concerted effort to weather a financial crisis that originated from the United States and has now spread globally as the 7th Asia-Europe meeting opened on Friday.
Saturday, October 25th 2008 - 20:00 UTC
Latam prospects conditioned to commodity prices

Latin American economic growth may slow more than expected in 2009 due to lower prices for the commodities that drive many of the region's economies, the International Monetary Fund said this week in Chile.
Saturday, October 25th 2008 - 20:00 UTC
Brazilian group becomes Mercosur footwear leader

Sao Paulo Alpargatas, Brazil largest textile and Footwear Company announced Friday the acquisition of Alpargatas Argentina, turning the consolidated company into a bi-national corporation leader in its sector in Mercosur and Latinamerica.
Saturday, October 25th 2008 - 20:00 UTC
Miami federal jury begins deliberations of suitcase scandal

A United States federal jury in Miami began deliberations Friday in the trial of a wealthy Venezuelan businessman accused in a conspiracy to hide the source and destination of a suitcase stuffed with 800,000 USD in cash and involving Venezuela and Argentina.
Saturday, October 25th 2008 - 20:00 UTC
Falling oil market ignores OPEC production cut

Crude prices plunged Friday despite a hefty OPEC cut in production as recession fears gripped global markets in panic, heightening concerns about declining energy demand. New York's main contract, light sweet crude for December delivery, tumbled to 64.15 USD a barrel, down 3.69 from its close Thursday.
Saturday, October 25th 2008 - 20:00 UTC
Global crisis: East Asian nations pledge 80 billion USD

East Asian nations have pledged to set up an 80 billion US dollars swap scheme by mid-2009 to help protect the region from financial turmoil. The move by the 10-member Association of Southeast Asian Nations (Asean) is backed by South Korea, China and Japan.
Saturday, October 25th 2008 - 20:00 UTC
IMF Emergency financing mechanism has 200 billion USD

The International Monetary Fund, which has announced its readiness to act in support of nations hit by fallout from the global financial turmoil, is holding talks with several countries about possible new lending programs. According to an official release IMF has 200 billion US dollars ready for loans.
Saturday, October 25th 2008 - 20:00 UTC
Mexico moves to reform oil industry with private sector

Mexico's Senate approved this week changes to the country's oil sector designed to halt rapidly falling production and ensure Mexico's oil self-sufficiency in the medium term. The bill must now be considered by the Lower House.
Saturday, October 25th 2008 - 20:00 UTC
Vazquez re-election re-emerges strongly in Uruguay

Uruguayan president Tabare Vazquez is reconsidering the proposal for his re-election next year if the ruling coalition, Broad Front, can't agree on a 2009 consensus presidential ticket during the coming movement's congress.
Saturday, October 25th 2008 - 20:00 UTC
Tsunami sweeps across Latam markets, “blackest week”

Friday closed a tsunami impact trading week for Latinamerican markets accumulating massive losses as risk aversion and recession fears contagion from major markets spread to the rest of the world.