The Chinese currency broke this week the psychological benchmark of seven Yuan to the US dollar which could signal a change of policy in Beijing since a stronger currency should help fight inflation and makes food and energy prices cheaper.
World Bank President Robert Zoellick called Thursday for a New Deal on global food policy to address hunger and emergency situations in developing countries such as Haiti because of rising food prices.
Chile is the country with the highest wave energy potential in the world, the British engineering consultant Baird & Associates reported last week. According to company officials, wave energy along Chile's coast can satisfy up to 24% of the country's energy demand in summer and 26% in winter.
International Monetary Fund (IMF) has said that the world economy will grow much more slowly in the next two years as a result of the credit crunch. In its latest economic forecast, the IMF says that world economic growth will slow to 3.7% in 2008 and 2009, 1.25% lower than growth in 2007.
Top United Nations officials have warned that global warming and its effects, including a rise in air and sea temperatures and extreme weather patterns endanger not only the planet but also pose a major threat to human health.
European Union ministers rejected Monday two Brussels maritime safety laws by a large majority. The proposed directives on flag state control and civil liability for ship owners received the support of fewer than seven of the 27 EU member states at a council of ministers meeting in Luxembourg, according to Lloyd's List portal.
Another controversy has erupted in The New York Times involving Chile and a project to build hydroelectric dams in Patagonia, an initiative which is being questioned by international environmentalists groups.
Chinese banks may now invest their clients' money in United States stocks and mutual funds, China's banking regulator has said allowing them to diversify their portfolios at a time of increasing market volatility. The decision announced this week is also expected to help ease inflationary pressures in the world's fastest growing economy.
Spain's Prime Minister Jose Luis Rodriguez Zapatero promised short-term measures and US style incentives to halt an economic decline, especially in the construction sector, over his second term.
The International Monetary Fund has warned that potential losses from the credit crunch will reach 945 billion US dollars and could be even higher as losses are spreading from sub-prime mortgage assets to other sectors, such as commercial property, consumer credit, and company debt.