Venezuela is estimated to have spent 220 billion US dollars from its oil and gas revenue in investments, subsidies and donations to 14 “allied” countries between 2005 and 2009, according to Centro de Investigaciones Economicas, a Caribbean think-tank.
Arab League and South American countries will open Tuesday their second summit with the purpose of boosting trade and cooperation. The idea of regular meetings between the 22 members of the Arab League and 12 South American countries was born in Brasilia in 2005, sponsored by Brazilian president Lula da Silva.
Bolivian government owned air carrier Boliviana de Aviación (BoA) took off last weekend with a first flight La Paz-Cochabamaba and 40 passengers, including President Evo Morales. However private operators are claiming the airline begins with a significant deficit and doubt it will be able to break even.
Spain's decision to rescue a regional savings bank has sent financial stocks in the country lower. The Bank of Spain is to take over Caja Castilla la Mancha in the first bank bail-out in Spain since the global financial crisis began. The government will also back the bank with 9 billion Euros in guarantees.
Qatar's oil minister said Monday he was OK with crude oil at 50 US dollars per barrel for this year, reflecting a measure of pragmatism by OPEC. However OPEC president forecasted that oil prices could reach 75USD by the end of the year.
President Barack Obama has given US carmakers General Motors (GM) and Chrysler strict deadlines to restructure before getting more aid. General Motors will be given 60 days and Chrysler just 30 days to submit new plans for recovery.
UK Prime Minister Gordon Brown has set out five tests which world leaders will face when they gather for the G20 summit in London on Thursday and urged them to rise to the challenge of beating the recession.
China is likely to buy more Latin American bonds and promote Yuan swaps to support increased public spending in the region to combat the global financial crisis, revealed a Beijing think tank researcher.