Stories for June 2010

Friday, June 11th 2010 - 20:50 UTC
Japan in “risk of collapse” under huge debt mountain says new PM

Japan is at “risk of collapse” under its huge debt mountain, the country's new prime minister has said. Naoto Kan, in his first major speech since taking over, said Japan needed a financial restructuring to avert a Greece-style crisis.
Friday, June 11th 2010 - 17:13 UTC
Paraguay admits pressure from Brazil to vote for Venezuela’s Mercosur incorporation

Paraguayan President Fernando Lugo admitted he called on Congress to reach a consensus to vote the incorporation of Venezuela to Mercosur, since Argentina, Brazil and Uruguay have already done so and ‘only Paraguay is missing’.
Friday, June 11th 2010 - 06:31 UTC
FIFA declares profit of 196 million USD and over 1 billion equity

FIFA made a profit of 196 million US dollars in 2009 and has equity of over 1 billion thanks mainly to massive and still growing income from the sale of TV rights, soccer's governing body said on Thursday.
Friday, June 11th 2010 - 06:21 UTC
World Cup in South Africa Bypassed ‘Plan B’

The following piece was written by Pravin Gordhan, South African Minister of Finance and published in Bloomberg Business Week.<br />
The 2010 World Cup soccer tournament that kicks off Friday represents much more than just a sporting spectacular for South Africa.
Friday, June 11th 2010 - 06:20 UTC
Venezuela suspends power rationing in the eve of the World Cup

Venezuelan President Hugo Chavez suspended a national electricity rationing plan, saying that the grid had been strengthened by new investments in thermoelectric plants and heavy rains that filled up reservoirs. He also wants Venezuelans to watch the World Cup in South Africa.
Friday, June 11th 2010 - 06:06 UTC
Argentina reaffirms “exclusive authority” over all Falklands’ hydrocarbons activities

Argentina reaffirmed “exclusive authority” over all hydrocarbons activities in the Islas Malvinas territory and maritime spaces in a strong release to commemorate June 10th, Day of Argentina’s Sovereignty Rights over Malvinas.
Friday, June 11th 2010 - 06:03 UTC
Euro-zone rates unchanged; strong ECB support for budget austerity measures

The European Central Bank kept interest rates in the Euro zone at 1% on Thursday as expected. June was the thirteenths month running that rates have been left on hold. ECB also supported the recent budget deficit cuts announced by several EU countries.
Friday, June 11th 2010 - 06:00 UTC
Finland is the first Euro-zone economy to re-enter recession

Finland's economy slipped back into recession during the first three months of 2010, official figures have shown. During the January to March quarter, its economy contracted by a seasonally-adjusted 0.4%, after a decline of 0.2% in October to December of last year.
Friday, June 11th 2010 - 05:49 UTC
Swiss researchers uncover microscopic fungus which speeds rice growth

Researchers at a Swiss university said Thursday that they have uncovered a microscopic fungus that is able to increase the speed of rice growth by five times. In a study published by Switzerland's University of Lausanne, researchers claimed that the fungus mycorrhiza would not only cut the use of phosphate fertilizers, it was also “completely natural” or GM-free.
Friday, June 11th 2010 - 05:44 UTC
Trying to cool the economy Brazil raises basic interest rate 75 point to 10.25%

Brazil’s central bank raised its benchmark Selic interest rate for a second straight meeting to contain inflation following strong signs the economy is overheating.