Economy

Tuesday, September 30th 2008 - 21:00 UTC
Brazilean Real drops to nine year record past 2 dollar level

Brazil's Real plummeted the most in nine years, weakening past the 2-per-dollar level, as a direct consequence of the US House of Representatives rejection of the 700 billion US dollars bailout package for the financial system.
Tuesday, September 30th 2008 - 21:00 UTC
Argentina and Brazil ready to trade in local currencies

Argentina and Brazil will be launching in a week's time a “de-dollarized” trade system for small and medium companies which should considerably reduce financial costs that could be extended in the near future to the tourism industry, according to banking sources quoted in Buenos Aires La Nacion.
Tuesday, September 30th 2008 - 21:00 UTC
Argentina opens path to accord with bond holdouts

Argentina signed an agreement with three banks to attempt to restructure debts to sovereign bond holders who rejected a 2005 settlement over a historic default, the government announced Monday.
Tuesday, September 30th 2008 - 21:00 UTC
US Representatives extends benefits to Andean countries

The United States House of Representatives voted unanimously on Monday to approve a one-year extension of trade benefits for Colombia, Peru, Ecuador and Bolivia that expire at the end of the year.
Tuesday, September 30th 2008 - 21:00 UTC
Richest Latinamerican warns of financial crisis impact

Mexican billionaire Carlos Slim and Latinamerica's richest man is calling the current financial crisis the worst he has ever seen and anticipated it is going “to impact everybody”. It's a very difficult situation and it will affect all economies he added.
Tuesday, September 30th 2008 - 21:00 UTC
Brazil and Argentina markets suffer record day losses

Stock markets in Latinamerica crashed on black Monday 29, following the US House of Representatives rejection of the bi partisan bail out package which had been painfully stitched over the weekend.
Tuesday, September 30th 2008 - 21:00 UTC
Asian markets follow Europe, US and Latam in free fall

Japan's benchmark Nikkei stock index has fallen almost 5% in early Tuesday trading, hours after a US financial rescue plan failed to gain Congressional backing.

The US House of Representatives on Monday rejected a 700 billion plan aimed at bailing out Wall Street.
Monday, September 29th 2008 - 21:00 UTC
Pte. Lula blames US for turning “economy into casino”

Brazilian President Lula da Silva blamed the United States for the global financial crisis and said its financial bailout plan was unfair to poor people.
Monday, September 29th 2008 - 21:00 UTC
Tory party conference unveils plan to tackle financial crisis

Britain's opposition Conservatives unveiled in the Birmingham party conference their plan to tackle the financial crisis, accusing Prime Minister Gordon Brown of presiding over a debt-fuelled boom that has turned to bust.
Monday, September 29th 2008 - 21:00 UTC
Argentina budget “fails to consider” new global scenario

Argentine private consultants have warned that the 2009 budget bill fails to take into account the new international scenario and lacks a comprehensive approach to inflation, country risk and economic slowdown”.