Stories for October 2008

Tuesday, October 14th 2008 - 20:00 UTC
Vazquez announces massive investment in pulp plant and port

Uruguay's president Tabare Vazquez announced that a Portuguese pulp and paper company will spend over 4 billion US dollars to build a cellulose plant and port in Uruguay.
Tuesday, October 14th 2008 - 20:00 UTC
Uribe, Lula da Silva and Vazquez, best performing leaders

Colombia's Alvaro Uribe, Brazil's Lula da Silva and Uruguay's Tabare Vazquez figure as the leaders with the best performance record according to the 2008 edition of the Ibero-American Governance Barometer 2008.
Tuesday, October 14th 2008 - 20:00 UTC
US unveils plan to purchase 250 billion USD stake in banks

The US government announced a 250 billion US dollars plan to purchase stakes in a wide variety of banks in an effort to restore confidence in the sector. President George W Bush said the move would help to return stability to the US banking sector and ultimately help preserve free markets.
Monday, October 13th 2008 - 20:00 UTC
UK rescue plan to support four of the largest banks

Up to £50bn of taxpayers' cash is to be injected into four of Britain's biggest banks through the government's rescue package, the BBC has learned. Royal Bank of Scotland (RBS), HBOS, Lloyds TSB and Barclays is to sell off shares, the majority of which the government is expected to buy.
Monday, October 13th 2008 - 20:00 UTC
Asian test of weekend financial decisions reacting positively

Asian markets have reacted positively to efforts by world leaders to end the recent financial turmoil. Sydney's benchmark index leapt 5.5%, as markets in South Korea and Singapore opened up around 3%. Tokyo's market was closed for a public holiday.

EU leaders earlier said no big bank would be allowed to fail, as they agreed a plan to tackle the crisis.
Monday, October 13th 2008 - 20:00 UTC
Argentine “soy king”: export duties makes farming “non viable”

Argentina's “Soy King”, Gustavo Grobocopatel warned that if export taxes remain averaging 35%, and commodities don't recover prices of early 2008, next year many people will be going bankrupt because with current costs oilseeds production “is not viable”.
Monday, October 13th 2008 - 20:00 UTC
Bush critic and trade expert Nobel Prize for Economics

United States economist Paul Krugman, a well-known critic of the President George Bush administration for policies that he argues led to the current financial crisis, won the 2008 Nobel Prize for economics on Monday.
Monday, October 13th 2008 - 20:00 UTC
China record trade surplus but exports growth rate slower

China's trade surplus widened to a record 29.3 billion US dollars in September as exports withstood the global economic slowdown and falling commodity prices reduced the import bill.
Monday, October 13th 2008 - 20:00 UTC
Uruguayans admits graft is rampant in government offices

A majority of Uruguayans admitted that graft is extended in government offices particularly to make sure proceedings get that “needed push”, according to a public opinion poll released over the weekend.
Monday, October 13th 2008 - 20:00 UTC
Decisive week for Aerolineas Argentinas control dispute

Argentina's Transport Secretary scoffed at the assets valuation by a Swiss bank of the Argentine flag carrier Aerolineas Argentinas which was recently re-nationalized and is embroiled in a dispute with the Spanish group that until a few months ago controlled the airline.