Wednesday, October 08, 2008

News Summary for October 8th, 2008


++ Most international stock markets continued on a downward trend, reacting to statements by Ben Bernanke, chairman of the board of governors of the U.S. federal reserve, who said the U.S. financial crisis would have a negative effect on the economy.

++ The Mexican Stock Market suffered its fourth consecutive day of losses dropping 3.97 per cent, to close at 20,884.74 points.

++ Deputy Income Secretary José Antonio Meade said that before October 20th, the Finance Secretariat will submit to the Lower House of Congress new economic estimates that take into account current volatility linked to the international financial crisis.

However, chairman of the Finance Committee at the Chamber of Deputies, Jorge Estefan Chidiac, gave the official a 48-hour deadline to send in the new proposal.

++ Authorities used tear gas to clear out teachers from Morelos who were blocking highways in the state… Police and protesters clashed on the Mexico-Cuernavaca highway near the town of Tres Marías… Two people were arrested.

++The Secretary General of the Organization of American States, José Miguel Insulza, said that insecurity on the American continent is undermining development.

++ President Felipe Calderón said that the Mérida Initiative must move ahead and take on the new phase in the war against organized crime and he urged the United States to expedite promised aid.

++ Colombian Deputy Defense Minister Sergio Jaramillo said that Mexican cartels are buying drugs from the Revolutionary Armed Forces of Colombia, the FARC.

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