Economy

• Friday, July 8th 2011 - 06:00 UTC

  Bank of England leaves rates on hold at record low 0.5%

  

  The Bank of England's Monetary Policy Committee (MPC) has kept UK interest rates on hold at a record low of 0.5%. Economists had expected no move in rates because the latest data has shown the UK economic recovery remains weak.

• Friday, July 8th 2011 - 02:54 UTC

  Brussels funds programs to promote consumption of EU agricultural produce

  

  The European Commission approved this week 26 programs in 13 Member States to provide information and promote agricultural products in the European Union. Total budget for the programs, which will run for between one and three years, is €75.1 million, of which the EU will contribute €37.6 million (50%).

• Friday, July 8th 2011 - 02:48 UTC

  Argentine economy, “a frying pan with boiling oil” says IMF top official

  

  The head of the IMF Western Hemisphere Department Nicolas Eyzaguirre described the Argentine economy as “a frying pan with boiling oil”, in direct reference to a possible overheating as was recently warned by The Economist.

• Thursday, July 7th 2011 - 18:36 UTC

  FMD, PPR, brucellosis and rabies, next FAO-OIE disease elimination targets

  

  Foot and mouth disease, FMD, brucellosis, rabies and Pest des Petites Rumiants (PPR) are the next disease-elimination targets for FAO and OIE following success over rinderpest. The FAO conference officially recognized last week global freedom from the deadly cattle virus.

• Thursday, July 7th 2011 - 18:24 UTC

  Former banker praises Uruguay’s handling of “Argentine debacle” in 2001/2002

  

  European policymakers grappling with problems in Greece, Portugal, Ireland and Spain should follow the path set by the Uruguayan government a decade ago, dealmaker William Rhodes told CNBC on Thursday.

• Thursday, July 7th 2011 - 17:26 UTC

  Falklands’ capital Stanley expands: 34 new housing plots for residents

  

  The Falkland Islands Government has announced support for a new phase of work, which should help to alleviate the housing shortage in Stanley. Lack of home ownership, especially for those on lower incomes has been a problem in the capital for many years.

• Thursday, July 7th 2011 - 16:28 UTC

  Trichet to the rescue accepts Portuguese debt as collateral “come what may”

  

  Hard-pressed Portugal received strong support from the European Central Bank on Thursday after the bank pledged to keep providing it with liquidity in spite of ratings agency Moody's downgrading its debt to ‘junk’ earlier this week.

• Thursday, July 7th 2011 - 16:24 UTC

  “Sweet” sugar hikes FAO Food Price Index in June to 39% above a year ago

  

  United Nations Food and Agriculture Organization, FAO, Food Price Index rose one percent to 234 points in June 2011 – 39% higher than in June 2010 but four percent below its all-time high of 238 points in February of this year.

• Thursday, July 7th 2011 - 16:20 UTC

  Euro-zone decides to contain inflation and hikes interest rates to 1.5%

  

  The European Central Bank (ECB) decided on Thursday to raise interest rates to 1.5% from 1.25% in an attempt to cool inflation in the 17-nation Euro zone. ECB president Jean-Claude Trichet said that inflation, now 2.7%, was likely to remain “clearly” above the ECB 2% target over the coming months.

• Thursday, July 7th 2011 - 16:15 UTC

  Europe accuses credit rating agencies of having an “oligopolistic” structure

  

  The 'oligopolistic structure' of international credit rating agencies is probably undesirable, the head of the European Central Bank Jean-Claude Trichet said on Thursday.