China will pursue gradual reform in the foreign exchange market this year and will aim to keep the currency basically stable, the People's Bank of China said on Monday. The central bank also said that while it was willing to accelerate financial reforms it needed more time to reduce its trade surplus.
United States is prepared to reduce agricultural subsidies but wants to ensure market access for goods and services, President George W. Bush said on Saturday in Uruguay, the second leg of his five countries tour of Latin America.
The head of the United Nations Environment Programme, UNEP, has applauded the findings of a new study that calls for a parallel push to fight climate change and also to decrease chemicals harming the ozone layer which shields the Earth from harmful ultraviolet light.
Stock markets in Europe and much of Asia extended a rally overnight after a week of losses in global equities but Wall Street faltered as investors pulled back. European markets steamed ahead following on Asia's rebound although Tokyo and Hong Kong turned lower.
The European Central Bank raised its key interest rate 25 points to 3.75% in an attempt to keep inflation under control and in the United Kingdom the Bank of England left rates unchanged at 5.25%.
Former Federal Reserve Chairman Alan Greenspan said there's a one-third probability of a recession this year in United States and that the current expansion won't have the staying power of its decade-long predecessor.
United States Treasury Secretary Henry Paulson in the middle of an Asian tour and currently in South Korea expressed confidence in the global economy describing it as strong and characterized by low inflation.
Four European cities are the most expensive in the world claims a survey from the Economist Intelligence Unit's worldwide cost of living survey. Latinamerica on the other hand has the cheapest average cost of living.
Stock markets around the world rebounded on Tuesday after five days of losses but concerns over volatility remain. In Latinamerica major stock markets followed on the world reaction with Sao Paulo soaring almost 5%.
Global stock markets face an uncertain week after a slump in China and fears of an economic slowdown in United States saw the biggest sell-off in more than four years.