Mercosur country members are in a more solid position to face the global financial crisis that rich nations, said Brazilian president Lula da Silva who nevertheless called for a stronger trade links among its members.
Latinamerica's main stock markets ended sharply weaker on Wednesday following on Wall Street and US Treasury Secretary Henry Paulson's announcement that it would re focus the 700 billion US dollars bailout fund.
The British pound has continued to fall against the US dollar, hitting its lowest rate in six and a half years against the US currency on fears of a deep recession.
Germany has officially entered a recession after government figures showed that Europe's largest economy contracted by 0.5% in the third quarter. This is the second consecutive quarter that the economy has shrunk after a 0.4% contraction in the second quarter.
TEN Falklands farms have registered to convert their farm production units to internationally recognised organic status. Should all go well this will mean nearly 40% of the Falkland Islands will have organic status by 2010/11.
Brazilian government managed oil company Petrobras announced on Tuesday that net income rose 96% in the third quarter thanks to a stronger US dollar and increased production. However this did not prevent shares from sliding 14% on Wednesday trading because of falling oil prices and the expanding global financial crisis.
The 700 billion US dollars bail-out package has already clearly helped stabilise the financial system, US Treasury Secretary Henry Paulson said on Wednesday but he also warned there were still many challenges ahead and market turbulence was likely to continue for some time.
Unemployment in the United Kingdom hit an 11-year high as the Bank of England signalled that interest rates could plunge to record lows to lift the economy out of recession which is very likely already in recession.
Spain's banking giant Santander - which owns UK's Abbey, Alliance & Leicester and Bradford & Bingley's savings business - has announced a 7.2 billion Euro rights issue to raise new capital and shore up its capital ratio.
Argentina is still planning to use its foreign exchange reserves to repay defaulted debt to the Paris Club of creditor nations, according to the club's chairman Xavier Musca.