European cities dominate the worldwide rankings of locations with the best quality of living, according to Mercer's 2008 Quality of Living survey. Zurich retains its 2007 title as the highest ranked city followed jointly by Vienna (2), Geneva (2), then Vancouver (4) and Auckland (5).
The Euro is overvalued, while the US dollar's decline has brought it closer to its medium-term equilibrium in a decade, according to a top official from the International Monetary Fund.
President George W Bush has explained the credit crunch savaging United States financial markets by saying Wall Street got drunk.
United States says it is ready to cut its trade-distorting farm subsides to 15 billion US dollars a year in a bid to reach a global trade deal that could help boost the world economy.
Wheat, corn and soybean prices eased at the start of the week on news of favorable crop weather in the US and Europe along with Argentina's decision to repeal the export tax hike.
A US Senate subcommittee accused banks in Switzerland and Liechtenstein of helping wealthy US citizens commit massive tax evasion, and urged the establishment of tougher laws to combat offshore tax havens around the world.
The Argentine government will claim 1.76 billion US dollars from grain exporters who had registered overseas sales of cereals and oilseeds which they did not hold at the moment in silos or purchase orders, according to the Buenos Aires press.
The first day of ministerial negotiations on global trade at this week's meeting in Geneva of the Trade Negotiations Committee harvested conflicting opinions about prospects for an agreement.
The Argentine government decision to repeal the controversial grains and oilseeds sliding export tax system, --which triggered a four month conflict with farmers-- will cost the Treasury an estimated 1.25 to1.5 billion US dollars according to economic experts quoted in the Buenos Aires media.
The presidents of Brazil and Colombia vowed Saturday to boost trade and investment between their nations ahead of crucial world trade talks this week. Brazilian President Lula da Silva urged Colombia and the region to increase trade ties so we aren't left dependent on a single partner, such as the US or European Union.