Stories for December 18th 2008

Thursday, December 18th 2008 - 20:00 UTC
Hedge fund fraud king with house arrest and electronic tag

Bernard Madoff, the hedge fund boss accused of a 50 billion US dollars fraud, has put up 10 million bail and in effect been placed under house arrest. Mr Madoff turned up at New York's federal court to sign some papers but did not answer reporters' questions.
Thursday, December 18th 2008 - 20:00 UTC
Patagonia unveils it was the land of a giant, vicious raptor

Scientists have discovered what they say is a completely unexpected new giant dinosaur that lived 70 million years ago in Argentina. At 5 to 6.5 meters long, depending on its tail size, Austroraptor cabazai is among the largest of the slender, carnivorous, two-legged dinosaurs called raptors, said Fernando Novas, the lead researcher behind the discovery.
Thursday, December 18th 2008 - 20:00 UTC
Creditors group condemns Ecuadorian decision to default

The American Task Force Argentina (ATFA) condemned on Thursday Ecuadorian President Rafael Correa's decision to default on 3.8 billion US dollars in government debt owed to foreign lenders, the country's second such default in the last decade.
Thursday, December 18th 2008 - 20:00 UTC
Unasur will consider Defence Council agenda in January

The Union of Latinamerican Nations (UNASUR) meeting in Brazil this week agreed the creation of a South American Defence Council, which will have “a collective vision of defence”, as it was defined by Chilean President Michelle Bachelet who currently chairs the twelve-member Unasur.
Thursday, December 18th 2008 - 20:00 UTC
Argentine Congress backs expropriation of flag air carrier

The Argentine Congress on Wednesday backed a government plan to expropriate Argentina's flag carrier and biggest airline after months of negotiations with the company's Spanish owners broke down.
Thursday, December 18th 2008 - 20:00 UTC
Cuba closer to region accepts political dialogue on OAS

Cuban president Raúl Castro said he was willing to talk about the possible re-incorporation of Cuba to the Organization of American States, OAS, from which it was expulsed in 1962, according to press reports from Brazil where the Latinamerican and Caribbean summit is taking place with the participation of leaders from the 33 countries.
Thursday, December 18th 2008 - 20:00 UTC
Democratic Chile has spent billions in upgrading Armed Forces

In a highly sensitive area, Chilean Defence and Armed Forces, rich in resources from copper windfall prices, have a political and strategic problem in their hands with the decommissioning of 200 Leopard 1 tanks to be replaced by 140 Leopard 2, purchased from Germany.
Thursday, December 18th 2008 - 20:00 UTC
Obama names bio-fuels fervent advocate for Agriculture

US President-elect Barack Obama has announced that Colorado Senator Ken Salazar will serve as Secretary of the Interior in his cabinet. He will be in charge of leasing federal land for energy exploration.
Thursday, December 18th 2008 - 20:00 UTC
HMS Endurance expected in Punta Arenas next Friday

The Royal Navy Ice Patrol Ship HMS Endurance stranded at the western access of the Magellan Strait is being towed by a Chilean tug to Punta Arenas where she's scheduled to arrive next Friday, according to the latest reports from the Chilean Navy Third Naval Zone.
Thursday, December 18th 2008 - 20:00 UTC
Oil hovers near $40 despite record OPEC cut

U.S. crude hovered near $40 a barrel on Thursday, around its lowest price since July 2004, amid doubts in OPEC's ability to curb output quickly after the group announced record production cuts.