The People's Bank of China (PBC) ordered Friday an increase of 0.27% of a point in commercial banks' benchmark one-year deposit and lending rates to keep inflation in check. The increases will take effect on 21 July and is the fifth since April 2006.
Global demand for oil will increase significantly next year, with greater pressure on prices, said the International Energy Agency (IEA) in its monthly report.
United States stocks fell sharply on Friday following disappointing earnings from Caterpillar and Google. Worries over the impact of the housing slump and losses from risky mortgages also weighed on stocks.
Pointing to weaknesses in food safety systems around the world, two United Nations agencies urged all countries to be vigilant when dealing with traders and producers that affect the supply line.
The Yuan needs to adapt to the vigor and strength of the Chinese economy, reflecting the spectacular growth of the country, said United States Treasury Secretary Henry Paulson in the latest edition of Veja, Brazil's leading magazine.
Portuguese health authorities confirmed this week the first fatal case of Creutzfeld-Jacob disease the human variant of Bovine Spongiform Encephalitis, BSE, or better know as mad cow.
China has suspended the import of tainted meat products from seven United States companies, including Tyson Foods Inc, the world's largest meat processor reports the Monday edition of China Daily.
Australian zoologists say it remains a mystery how a 200-kilogram giant squid came to be washed up on Tasmania's west coast. The squid was found by a member of the public on a beach near Strahan early this week.
The dollar fell on Tuesday to a record low against the Euro and a 26-year low against the British pound as investors feared that the deteriorating U.S. sub-prime mortgage market could eventually slow the economy.
The year 2007 has started on a higher than expected note for global tourism. From January through April, international tourist arrivals worldwide rose by over 6% to 252 million, representing an additional 15 million arrivals as against the same period in 2006, according to the latest UNWTO World Tourism Barometer.