Economy

• 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 - 06:03 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.

• 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.