Coordinated global action is starting to reverse the tide of the financial crisis, but governments also need to deploy all instruments to limit damage to the real economy, IMF Managing Director Dominique Strauss-Kahn told world financial leaders meeting in Washington.
The 35.000 tonnes Liberian cargo ship, built in 1977 Fedra lies in two pieces adjacent to the Lighthouse at Europa Point, Gibraltar.
China's Communist Party leaders agreed on a package of rural reforms that could shape the country's economic policy over the coming years. A four-day enclave including President Hu Jintao had approved major issues on reform, Xinhua news agency said.
No details were given but it is thought farmers will now have more power to transfer or rent out their land.
World financial leaders endorsed on Sunday an action plan announced by the seven leading advanced economies to combat the international financial crisis in what IMF Managing Director Dominique Strauss-Kahn called the first big success in coordination to halt the downward spiral in world markets and support the global financial system.
The price of crude oil has now plunged by almost 50% since striking record high levels above 147 US dollars per barrel on July 11. Trading on Friday was below 80 US dollars a barrel as demand declines amid a worsening economic outlook caused by a global credit crisis.
CSIRO's Wealth from Oceans Flagship team has discovered hundreds of new marine species and dozens of undersea mountains, in a project to monitor the Commonwealth Marine Reserve Network off southern Tasmania.
In a surprise move, which reverberated across the international community, Russia issued a four billion Euro state loan to Iceland. The statement on Russia's central bank website reads that the loan maturing in three-four years and an interest rate as low as 30-50 basis points above Libor has been given the green light by Prime Minister Vladimir Putin.
The Norwegian Nobel Committee announced on Friday the award of the Nobel Peace Prize for 2008 to former Finnish president Martti Ahtisaari for his important efforts, on several continents and over more than three decades, to resolve international conflicts.
Finance ministers from leading industrialised nations have pledged action to tackle the financial crisis after a torrid week on stock markets. The G7 nations said they would take decisive action and use all available tools, after a meeting in Washington.
They issued a five-point plan aimed at unfreezing the flow of credit.
The Group of Seven finance ministers and central governors released on Friday, following their meeting in Washington, the following plan of action to address financial disruptions