International

• 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.

• Thursday, July 7th 2011 - 07:11 UTC

  UK Supreme Court rules against Argentina in defaulted sovereign bonds case

  

  A hedge fund owner of defaulted Argentine debt can try to seize government assets held in Britain as it seeks to recover the full face value of the bonds, Britain's Supreme Court said in a ruling on Wednesday.

• 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 - 22:27 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 - 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.