Stories for July 2011

Thursday, July 7th 2011 - 06:58 UTC
Spending spree of local governments reflects in Chinese banks bad debts

Bad debts held by local governments in China are a far bigger problem than first estimated, credit ratings agency Moody’s warned on Wednesday.
Thursday, July 7th 2011 - 03:13 UTC
European Union clashes with rating agencies over the Euro debt crisis

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.
Wednesday, July 6th 2011 - 22:51 UTC
Australian airline to experiment with eucalyptus oil as aviation fuel

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
Wednesday, July 6th 2011 - 22:41 UTC
Brazil’s (5%) Transport minister resigns following allegations of corruption

Brazil's transport minister became the latest top official to quit because of corruption allegations, adding to the recent struggles of President Dilma Rousseff's six-month-old government.
Wednesday, July 6th 2011 - 22:35 UTC
Peruvian president-elect promises full support for a ‘strengthened’ OAS

Peruvian president elect Olland Humala said on Wednesday he wants a “strengthened” Organization of American States, OAS, because Peru “fully supports the organization”. Humala is currently visiting United States where he was also scheduled to meet with Secretary of State Hillary Clinton and President Barack Obama.
Wednesday, July 6th 2011 - 22:27 UTC
New IMF chief promises emerging markets a greater sway

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.
Wednesday, July 6th 2011 - 22:18 UTC
In nine months “from chronically depressed puppet to head-slicing machine”

From “chronically depressed puppet to a head-slicing machine” in just nine months is quite a record said ironically Argentine president Cristina Fernandez de Kirchner at Government House in a clear reply to growing party discontent with the electoral lists for next October presidential and legislative elections.
Wednesday, July 6th 2011 - 20:46 UTC
Royal blessing for Gibraltar priest to head leading Catholic college in Valladolid

The King of Spain will approve the appointment of Father John Pardo as head of the Catholic college in Valladollid.
Wednesday, July 6th 2011 - 20:30 UTC
Luxembourg group becomes third largest share holder of Spain’s Pescanova

Pescanova president, Manuel Fernández de Sousa-Faro, decided to sell 5.1% of the company's stake to Luxempart investment group for EUR 29.76 million.
Wednesday, July 6th 2011 - 15:56 UTC
Brazil planning new intervention measures to curb its currency appreciation

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.