Stories for October 2008

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.
Saturday, October 11th 2008 - 21:00 UTC
IMF: Latam must ensure liquidity and price stability

Latin America's governments will have to watch carefully their financial systems liquidity and try to ensure gains in eliminating inflation, said on Friday Anoop Singh, the International Monetary Fund Director for the region.
Saturday, October 11th 2008 - 21:00 UTC
Chile to increase F16 fighter bombers wing to 44

Chile is interested in purchasing another batch of refurbished F 16 fighter bombers for the Air Force, according to diplomatic sources in Santiago which was partially confirmed by Defence officials.
Saturday, October 11th 2008 - 21:00 UTC
Obama supports Paulson's plan to buy equities in banks

United States presidential candidate Barak Obama on Friday welcomed a plan by Treasury Secretary Henry Paulson to buy equity in financial institutions if necessary to halt market turmoil.
Saturday, October 11th 2008 - 21:00 UTC
Ex-Argentine dictator leaves house arrest for military prison

Former Argentine dictator Jorge Rafael Videla was taken to a military prison Friday, after a federal judge revoked the benefit of house arrest that he had enjoyed for 10 years.
Saturday, October 11th 2008 - 21:00 UTC
Price of crude has plunged 50% since July's peak

The price of crude oil has now plunged by almost 50% since striking record high levels above 147 US dollars per barrel on July 11. Trading on Friday was below 80 US dollars a barrel as demand declines amid a worsening economic outlook caused by a global credit crisis.
Friday, October 10th 2008 - 21:00 UTC
Brazil expects record crop but profit margins are down

Brazilian Agriculture Minister Reinhold Stephanes anticipated a “record 2008/09 grain crop” close to 144.5 million tons which would mark a new record, and discarded that the global financial crisis would have an impact on agriculture on the short term.