New Delhi, Oct. 15 : Heads of Government of India, Brazil and South Africa (IBSA) today agreed to instruct their finance ministers and Governors of Central Banks to meet and establish a coordinating mechanism to deal with the existing global financial crisis.

New Delhi - Leaders from Brazil and South Africa Wednesday blamed rich countries for the financial crisis that was hurting the developing world and called for a new international initiative to bring about structural reforms in the global financial system.

Brazilian President Luiz Inacio Lula da Silva, Indian Prime Minister Manmohan Singh and South African President Kgalema Motlanthe led their respective delegations from their countries at the third IBSA (India, Brazil, South Africa) summit in New Delhi which focussed on the financial crisis as well as energy and food security.

New Delhi, Oct 15 : Union Minister of Petroleum and Natural Gas Murli Deora met Miguel Jorge, Minister of Development, Industry and Foreign Trade of Brazil here today.

During the meeting, the two Ministers discussed measures to strengthen further ties of cooperation between the two countries in the oil and gas sector.

They also exchanged views on the use of ethanol in transport sector.

ONGC Videsh Limited (OVL) has significant presence in Brazil, having invested in the year 2006 an offshore block (BC 10) in Campos Basin of Brazil and acquired exploration rights of two offshore blocks in Brazil in March thisyear

Sao Paulo  - Trading was suspended Friday on the Sao Paulo Stock Exchange, after the leading index Bovespa plunged more than 10 per cent about an hour after opening.

The 10.1 per cent drop in share prices recorded at 10:35 am (1335 GMT) activated an automatic circuit breaker, triggered when stocks drop below a certain level and automatically suspending trading for half an hour.

On Friday morning, the Bovespa index - which had neared 74,000 in May - was on 33,308.08.

Brasilia - US President George W Bush told Brazilian President Luiz Inacio Lula da Silva Wednesday that a 700-billion- dollar rescue plan should be felt on US financial markets "in close to two-and-a-half weeks," according to Lula's office.

Bush spoke with the Brazilian leader by telephone Wednesday afternoon, after Lula called the US president over the weekend to discuss the global financial crisis.

Lula was said to have told Bush that the Brazilian economy remains firm despite the crisis.

Brasilia - US President George W Bush told Brazilian President Luiz Inacio Lula da Silva Wednesday that a 700-billion- dollar rescue plan should be felt on US financial markets "in close to two-and-a-half weeks," according to Lula's office.

Bush spoke with the Brazilian leader by telephone Wednesday afternoon, after Lula called the US president over the weekend to discuss the global financial crisis.

Lula was said to have told Bush that the Brazilian economy remains firm despite the crisis.