The International Monetary Fund raised its forecast for growth in the global economy for this year to 5.2%, up form its April forecast of 4.9%.
The first of the Royal Navy's latest Type 45 warships, Daring – the largest and most powerful air defense destroyer built in Britain – sailed late this month down the Clyde to begin an intensive period of sea trials.
The United Kingdom emergency responses committee met Monday amid fears a power substation supplying thousands of homes in Gloucester may be lost to flooding, considered the worst since 1947.
The European Union urged China on Monday to be more vigilant about product safety, from toothpaste to pet food, and to provide more information about the measures it takes against manufacturers of fake or shoddy exports.
China's economy expanded at its fastest pace in over a decade in the second quarter, data showed Thursday, raising expectations authorities will act quickly but not severely to stop overheating.
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.