Economy

• 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.

• Friday, June 11th 2010 - 00:37 UTC

  Bank of England leaves rates and quantitative easing funds unchanged

  

  UK interest rates have been kept on hold at a record low of 0.5% for the 15th month in a row. The Bank of England also decided on Thursday not to inject any more money into the UK economy under its policy of quantitative easing (QE).

• Thursday, June 10th 2010 - 18:20 UTC

  Global economic reforms impeded by China’s Yuan policy, claims US

  

  Global economic reforms are being impeded by China's refusal to revalue its currency, the Yuan, US Treasury Secretary Timothy Geithner has said. Addressing the US Senate Committee on Finance he said that distortions caused by China's stance were “an impediment to the global rebalancing we need”.

• Thursday, June 10th 2010 - 06:52 UTC

  Cuba is coffee dry: the country has become a net importer of the bean

  

  Cuban coffee production tumbled 90% in the last few years forcing the government of President Raul Castro to spend 50 million US dollars annually in importing the beans to ensure domestic consumption revealed the official weekly Trabajadores.

• Thursday, June 10th 2010 - 06:47 UTC

  Chinese exports displace Brazilian goods overseas and at home

  

  Brazil lost an estimated 12.6 billion US dollars in exports between 2004 and 2009 because of Chinese penetration in the country’s main international markets according to a report from the powerful Federation of Sao Paulo States industries, FIESP, released Wednesday.

• Thursday, June 10th 2010 - 06:42 UTC

  Annual plunder of developing countries could finance 48.000 km of paved roads

  

  At a time of global economic hardship, corruption fighters from around the world convened this week in Paris to work against further plundering of developing countries, by supporting efforts against asset theft and safe havens for ill-gotten gains.

• Thursday, June 10th 2010 - 06:39 UTC

  China’s exports soar 48.5% in May, the highest in more than six years

  

  China’s exports jumped 48.5% in May from a year earlier, the biggest gain in more than six years. However the impact of the European crisis is still to be seen following on this week’s IMF warning that global economic risks have risen significantly.

• Thursday, June 10th 2010 - 06:33 UTC

  World Bank warns European crisis could derail global recovery

  

  The global economic recovery continues to advance, but Europe’s debt crisis has created new hurdles on the road to sustainable medium term growth, cautions the World Bank’s latest Global Economic Prospects 2010, released Thursday online.

• Thursday, June 10th 2010 - 06:15 UTC

  Venezuela implements new foreign exchange market to contain inflation

  

  Venezuela central bank set an implicit exchange rate of about 5.3 Bolivar per US dollar in a new currency market that made its debut Wednesday and aims to rein in surging inflation and have greater control over the alternative foreign exchange market.