While oil skidded to its lowest level since May 2005 in New York on Tuesday, the head of OPEC (Organization of Petroleum Exporting Countries) said he hopes oil producing nations like Russia will join the organization, or at least agree to output cuts to help spark a rally in prices.
The number of people filing for jobless benefits in Spain soared to almost 3 million following a 6% rise in unemployment during November. The Labour Ministry said Tuesday that an additional 171,243 people signed on for unemployment benefits last month, bringing the total to 2.99 million.
Japan has bought whale meat from Iceland, the first time in 17 years it has imported the banned meat, according to a Saturday report from Kyodo News agency.
British manufacturing fell at a record pace in November as the slowdown continued to take hold, the latest figures have revealed.
United Nations said on Monday the world economy faces its worst downturn since the Great Depression. It expects world economic output to shrink by as much as 0.4% in 2009, due to a slump among developed countries - particularly the US and in Europe.
Britain's Royal Bank of Scotland has announced that it will give struggling homeowners at least six months before launching repossession action. The NatWest parent said it was doubling the three-month breathing space currently offered to borrowers who fall behind with mortgage repayments.
United Kingdom Justice Secretary Jack Straw has appeared to indicate that ministers had been surprised by the nature of the raids on Tory frontbencher Damian Green's homes and offices.
The new French Socialist leader Martine Aubry defended a strong economic stimulus program to help the weakest based on the Social-democrat model because communism died twenty years ago, and neo-liberalism just two months ago.
The British government has denied a shift in policy on the Euro after the European Commission's president said the UK was closer than ever before to joining.
OPEC energy ministers decided on Saturday to leave oil production quotas unchanged after talks in the Egyptian capital following falls in the price of oil. OPEC President Chakib Khelil said any such decision would be made at a meeting in Algeria next month.