Quote Search 
Sponsored By
Futures PricesSearch Tips


 News 
Headlines
   Market news and breaking stories live from Dow Jones Newswires
Market Commentary
   A technical analysis commentary of the major markets, only from INO
Smart Scan
   A premium service, alerting you to changes in the market by web and email.
Extreme Futures / Stocks
   Extreme Markets from all exchanges, updated throughout the trading day.


 Free Report 
Enter your email to receive our top daily market analysis:

 Premium Sites 
Trade Triangle Technology, Advanced Charts, SmartScan, Trading Workshops.

The premier online video learning platform for traders.

Daily Portfolio Scan and Analysis

 Help 
Help Line
About INO
Email Services
Contact Us
Advertise on INO
Affiliates
By BARRY HATTON
Associated Press Writer

Summit may help settle Latin American spats

72 days ago
(AP:ESTORIL, Portugal) Leaders meeting at the Iberoamerican summit beginning Sunday have a chance to ease some of Latin America's political tensions.

Though the formal agenda summit of 19 Latin American countries as well as Spain, Portugal and Andorra does not include talks of recent diplomatic quarrels, such discussions are expected "in the corridor and closed-door meetings," Portuguese Foreign Minister Luis Amado said.

During the three days of meetings, heads of government are also scheduled to study ways of harnessing new technology to help Latin American economies diversify away from oil, farming and mining.

Latin American economies are expected to contract by an average of 1.5-1.8 percent this year and rebound with growth of more than 4 percent next year, according to U.N. figures presented at a business conference on the sidelines of the summit Sunday.

The continent, however, is keen to reduce its economic reliance on natural resources and expand investment in science, technology and research.

Angel Gurria, Secretary General of the Organization for Economic Co-operation and Development, told the business conference that Latin America should "look for medium- and long-term growth less in its factories and more in its schools."

Spain and Portugal, mired in economic crises but in some ways more technologically developed than Latin America, hope their close historical ties will generate new business with that continent.

"The world crisis offers a fresh opportunity to Latin America ... but it depends on their ability to innovate," said Enrique Iglesias, secretary-general of the Iberoamerican secretariat.

But soured relations between Venezuela and neighboring Colombia, and between Honduras and Brazil, will likely overshadow the talks in Estoril, a Portuguese coastal resort 19 miles (30 kilometers) west of the capital Lisbon.

"Our relationships have always had controversial aspects," Iglesias said. "We need to sit down together, talk openly ... and help calm things down."

Venezuela and Colombia have been feuding over an agreement between Bogota and Washington that allows the U.S. military to build up its presence at seven Colombian bases under a lease agreement.

Venezuelan President Hugo Chavez has warned that Venezuela must prepare for a possible armed conflict because he said the United States and Colombia could attack. He claims U.S. "imperialists" want to undermine his "Bolivarian Revolution" _ a political movement named after 19th-century independence hero Simon Bolivar.

Honduras' interim government last month filed a case at the U.N.'s highest court accusing Brazil of meddling in its internal affairs because Brazil permitted Honduran President Manuel Zelaya, ousted in a coup last summer, to stay at its embassy in Tegucigalpa.

Colombian President Alvaro Uribe and Brazilian President Luis Inacio Lula da Silva said they would attend the summit, but it was uncertain if Chavez would turn up.

Organizers say they will allow only Zelaya, or an official appointed by him, to represent Honduras at the talks.


Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


< Back to News Index

Trader's Blog
 
Home - Markets - News - INO TV - MarketClub - Portfolio - Traders Blog - Affiliates - Help

ino.com

Copyright 2010 INO.com, Inc. All Rights Reserved.
Usage Agreement - Privacy Policy