The dollar on Wednesday slumped to a new record low against the Euro pushed by weaker US growth prospects and pressures for another cut to US interest rates when the Federal Reserve Monetary meets next December 11.
European Agriculture Commissioner Mariann Fischer Boel announced plans to reduce funding for Europe's biggest farmers which means anyone currently receiving more than 100,000 euros as part of the Single Payment Scheme would have their aid capped.
The chairman of the G10 group of central bankers Jean-Claude Trichet was optimistic on Monday about prospects for global growth even though he conceded that the risks remain listed to the downside.
Global markets slumped Monday amid fears over the fallout of the credit crisis, after Goldman Sachs downgraded Citibank and forecast 15 billion US dollars in losses from the US subprime market.
Chinese Premier Wen Jiabao pledged Monday to resolve trade imbalances after the country's surplus hit a record high in October and work to let the Yuan move more freely.
China's banking regulator has ordered commercial banks to strictly control the granting of new loans for the rest of the year in an attempt to prevent overshooting this year's lending growth target and overheating the world's fourth economy.
As had been anticipated earlier in the week economic activity in Argentina expanded 9.1% in September compared to a year ago, accumulating 8.5% in the first nine months of 2007, according to a Thursday release from the Statistics and Census Institute, Indec.
Argentina's government announced Thursday it will raise taxes on the country's gasoline and petroleum exports and their derivatives in an effort to contain domestic fuel prices.
A strong' US dollar is in the US interest and it 'goes without saying' that the currency's value should be set by currency markets, US Treasury Secretary Henry Paulson said on Friday ahead of this weekend's G20 meeting in South Africa.
Chinese spending on factories, roads and other fixed assets has risen by 27% this year suggesting official efforts to restrain the economy are failing and a new hike in interest rates can be expected.