Michael Reid is The Economist Americas editor and author of Forgotten Continent: The Battle for Latin America's Soul (Yale).
Spanish savings bank La Caixa may sell its 14% stake in struggling Spanish-Argentine energy firm Repsol to Russian firm Lukoil, it said. The sale is tied to the acquisition by Lukoil of a 20% stake held in Repsol by construction group Sacyr Vallehermoso.
Gross domestic product (GDP) in the Organization for Economic Cooperation and Development OECD area declined by 0.1% in the third quarter of 2008, the first fall in seven years, according to preliminary estimates.
China announced a complete overhaul of its dairy industry Thursday to improve safety at every step, from cow breeding to milk sales, admitting its worst food quality scandal in years had revealed major problems in quality control.
Shareholders in Royal Bank of Scotland are to vote on a £20 billion bail-out plan which could put nearly 60% of the company in public hands. RBS, one of the worst hit by the banking turmoil, has called a general meeting in Edinburgh to approve the rescue.
European Union farm ministers have agreed to reform agricultural policy by shifting more subsidies away from production and liberalising the dairy market. The deal on reforming the Common Agricultural Policy came on Thursday after marathon all-night talks.
A world economic confidence index released Thursday dropped to its lowest level in 20 years amid further news of heavy losses on global markets and an ongoing crisis among the world's carmakers.
The United States opened Wednesday a Food and Drug Administration office in Beijing, as the first step in an FDA strategy to try to improve food and drug safety standards around the world.
Japan and Australia say they will pursue diplomatic channels to resolve their long running dispute over whaling. Foreign Minister Stephen Smith met his Japanese counterpart, Hirofumi Nakasone in Peru, in anticipation of this weekend's APEC leaders meeting.
The United States, China, Japan and some emerging economy heavyweights will push for quick action on free trade deals at a summit meeting this weekend as an antidote to a looming recession in much of the world.