Stories for July 2011

Wednesday, July 6th 2011 - 15:48 UTC
China hikes rates for the third time this year to combat inflation

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%.
Wednesday, July 6th 2011 - 15:42 UTC
EU blasts credit rating agencies for downgrading Portugal in midst of negotiations

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.
Wednesday, July 6th 2011 - 15:35 UTC
Brazil 2010/11 soy crop larger than estimated but strong Real eats into profits

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.
Wednesday, July 6th 2011 - 06:29 UTC
Chavez with an impressive military display says he’s back, but many doubts linger

Venezuela president Hugo Chavez thanked his peers from Uruguay, Bolivia and Paraguay for having attended the Tuesday bicentenary celebrations of the country’s independence, a huge military parade with an arch-display of soldiers in colonial uniforms to some with probably the most modern combat gear of the region.
Wednesday, July 6th 2011 - 06:23 UTC
Poland warns trade agreements must abide by EU sanitary and food security standards

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.
Wednesday, July 6th 2011 - 06:18 UTC
Chile’s Piñera tries to appease student protests: 4 billion USD for higher education

Chile's President Sebastián Piñera, beset by mass student protests over education standards and costs which are threatening his legislative agenda, proposed a 4 billion US dollars fund for higher education.
Wednesday, July 6th 2011 - 06:15 UTC
Chile among South America’s least happy nations; Venezuela top of the list

Though Chile has one of South America’s strongest economies, a recent study of happiness rates it second-to-last in the region, leading experts to assert that national happiness is not determined by a nation’s wealth or economic development.
Wednesday, July 6th 2011 - 05:45 UTC
YPF first well drilled in the Malvinas basin proves “dry”

YPF Argentina reported Tuesday that its first offshore well drilled in the so called Malvinas basin proved dry. The operation was equally shared with Brazil’s Petrobras and Pan American Energy, a Chinese-Argentine group.
Tuesday, July 5th 2011 - 20:02 UTC
IMF transparency reveals Lagarde’s salary and strict ethics requirements

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.”
Tuesday, July 5th 2011 - 19:28 UTC
Ireland anticipates rejection of EU/Mercosur trade accord on beef

The Irish government is expecting a report from the European Commission setting out the economic impact on Eire of a potential trade agreement between the EU and Mercosur.