International

• Monday, June 27th 2011 - 15:34 UTC

  FAO elected-chief anticipates high and volatile food prices for several years

  

  The newly elected chief of the United Nations food agency, FAO, anticipated on Monday high and volatile food prices will persist for several years. Brazil's Jose Graziano da Silva was elected on Sunday to replace Senegal's Jacques Diouf.

• Monday, June 27th 2011 - 15:09 UTC

  Chinese local governments have piled a debt equivalent to 1.4 trillion USD

  

  Fresh evidence shows that Chinese local governments commit the same sins as their counterparts in South America and even Spain, where most provinces, states and regional autonomies traditionally pile billions of dollars in debt that following some political arrangement are finally bailed out by the central government.

• Monday, June 27th 2011 - 15:00 UTC

  Soros: EU on verge of economic collapse; some countries will have to exit the Euro

  

  US/UK Hungarian born billionaire investor George Soros says a country will eventually exit the Euro zone and urged policymakers on Sunday to come up with a “plan B” that could rescue the European Union from looming economic collapse.

• Monday, June 27th 2011 - 06:48 UTC

  Brazil’s former Food Security minister voted next FAO Director General

  

  The United Nations’ food agency, FAO, elected Brazil’s Jose Graziano da Silva as its Director General, the first new leader in almost two decades as the world faces near-record food prices that are driving millions into poverty.

• Monday, June 27th 2011 - 06:44 UTC

  Australia, Canada and most of Latam support Mexican candidate as IMF chief

  

  Australia and Canada said they support Mexican central bank Governor Agustin Carstens for the top job at the International Monetary Fund over his rival Christine Lagarde, the French finance minister.

• Monday, June 27th 2011 - 06:40 UTC

  Global rice production reaches 476 million tons in 2011; strong Mercosur recovery

  

  Global rice production is expected to touch 476 million tons in 2011, on the back of improved weather conditions, as the influence of La Niña is expected to neutralize by June, United Nation’s body FAO said.

• Monday, June 27th 2011 - 06:15 UTC

  Central banks must raise interest rates to control inflation, says BIS

  

  Central banks need to start raising interest rates to control inflation and may have to act faster than in the past according to the Bank of International Settlements.

• Monday, June 27th 2011 - 06:09 UTC

  US think-tank says hedge funds are behind “land grabs” in Africa

  

  Hedge funds are behind “land grabs” in Africa to boost their profits in the food and bio-fuel sectors, a US think-tank says. In a report, the Oakland Institute said hedge funds and other foreign firms had acquired large swathes of African land, often without proper contracts. It said the acquisitions had displaced millions of small farmers.

• Monday, June 27th 2011 - 05:44 UTC

  Germany warns Greece: ‘no austerity plans approved, no release of funds’

  

  German finance minister Wolfgang Schaeuble warned that a veto of the Greek government's austerity plans by parliament this week could mean Athens will not receive a bailout tranche it needs to remain solvent.

• Sunday, June 26th 2011 - 02:46 UTC

  China loans and oil prices boost Ecuador economy two years after default

  

  Ecuador’s bonds are rewarding investors with the best performance in Latin America as Chinese loans and higher oil prices boost confidence in the economy two years after the country defaulted on 3.2 billion US dollars in debt.