Bad debts held by local governments in China are a far bigger problem than first estimated, credit ratings agency Moody’s warned on Wednesday.
In what is seen as an escalation of events between European Union policy makers and credit rating agencies, Moody’s said on Wednesday that nearly a third of EU banks undergoing public stress tests may need some outside support.
A commercial scale plant supplying Virgin Australia with aviation fuel derived from eucalypt trees could be up and running by 2014, announced on Wednesday the airline. In conjunction with three partners a demonstration plant in Western Australia is planned for 2012 and fully operational facility within three years
New IMF Managing Director Christine Lagarde pledged to push ahead with reforms to give fast-growing emerging markets greater sway at the global lender and said the world economy was on the rebound.
Brazil's government may intervene in futures markets to weaken the Real, Finance Minister Guido Mantega told reporters in London on the sidelines of a conference on Tuesday.
China has increased its main interest rates for the third time this year to try to curb inflation. Chinese central bank, the People's Bank of China, said its one-year lending rate would rise to 6.56% from 6.31% and its one-year deposit rate to 3.5% from 3.25%.
European Commission strongly criticised international credit ratings agencies following the downgrade of Portugal by Moody's. The Commission said the timing of the downgrade was questionable and raised the issue of the appropriateness of behaviour of the agencies in general.
Brazil's 2010-11 soy crop was larger than previously estimated, as higher productivity and a greater area of land planted with the oilseed resulted in record output, agricultural consultancy Celeres reported this week.
Poland which currently holds the rotating chair of the European Union presidency warned that any trade agreements with third parties must strictly abide by the EU sanitary and food security standards.
The IMF revealed its new managing director Christine Lagarde who took office on Tuesday will receive an annual salary of 467,940 US dollars net of income taxes and told her to “observe the highest standards of ethical conduct.”