China has teamed up with US aluminum giant Alcoa to buy a 12% stake in Anglo-Australian miner Rio Tinto for 14 billion US dollars. The state-owned Aluminum Corp of China (Chinalco) said the purchase was the largest Chinese investment overseas.
With forecasts of more snow and ice, chaos in the transport and energy systems that has left millions stranded or without electricity and water, Chinese authorities are desperately trying to convince people the situation is under control.
The Organization of Petroleum Exporting Countries, OPEC, left its oil production ceiling unchanged on Friday ignoring United States demands for an increase. The cartel insisted that the market remained well supplied and seemed to focus on supporting prices which have fallen 10% since the beginning of the year.
Australia's Foreign Affairs minister Stephen Smith warned Friday of tougher action to stop Japan whaling, despite calls for calm from both sides over the increasingly emotive dispute.
High prices around the world are encouraging farmers to plant more grain and Australia is preparing to plant a bumper wheat crop in 2008 following last year's disastrous drought that drastically slashed yields.
The British government unveiled plans this week to give authorities the power to swiftly seize control of a failing bank as part of an overhaul of banking laws to prevent a repeat of the run on mortgage lender Northern Rock PLC.
The leaders of Europe's biggest economies have called on financial institutions to improve transparency in all their activities. UK Prime Minister Gordon Brown met his French, German and Italian counterparts at Downing Street to discuss the recent global market turmoil. The leaders also called on the IMF and other bodies to monitor risks better.
Rising demand and diminishing fish stocks are leading to increasing corruption in the fishing industry, a recent study by the International Union for the Conservation of Nature (IUCN) declares.
Leaders of the United Kingdom, France, Germany and Italy plus the European Commission meet in London Tuesday to discuss how to respond to recent turmoil on global financial markets and greater calls for banking transparency.
Almost 10% percent of the United Kingdom population can be regarded as wealthy, according to the 2008 Wealth Review of insurer Hiscox Ltd. This translated into 2.5 million households, Hiscox said.