
Brazil said on Thursday that global trade talks need a strong signal from US President-elect Barack Obama to save them from failure. Brazilian Minister Celso Amorim made the announcement after meeting with World Trade Organization Director General Pascal Lamy in Geneva.

Companies from emerging economies such as Russia and China are more likely to pay bribes when doing business in other countries, a survey claims.

The world's third-largest mining firm Rio Tinto is eliminating 14.000 jobs and cutting investment drastically as part of plans to reduce debt by 10 billion USD by the end of next year.

The British pound has hit a record low against the Euro amid more economic gloom for the United Kingdom. At its low point one pound bought just under Euros 1.14, its weakest-ever showing against the single currency.
China has reported a fall in exports for the first time in seven years as a result of the global economic downturn. Exports declined in November from the same period a year ago for the first time since June 2001, data show.

Spain could become stalled in protracted weak growth and high unemployment unless it undertakes reforms to raise productivity and cut costs, the International Monetary Fund said in a report published on Wednesday.

The recent sharp declines in oil and food prices mark the end of what has been the most historic commodity price boom of the past century, says the World Bank in its report Commodities at the crossroads.

The World Bank Global Economic Prospects 2009 predicts that global GDP growth will slip from 2.5% in 2008 to 0.9% in 2009 and world trade will contract by 2.1% next year, something not seen since 1982. Developing country growth is expected to decline from a resilient 7.9% in 2007 to 4.5% in 2009 with growth in rich countries next year most likely negative.

Brazilian Foreign Minister Celso Amorim warned on Tuesday that global trade talks would fail if members of the World Trade Organization tried to revise positions they had reached last July.
China the world's largest steel producer is seeking iron ore suppliers cut prices to meet the falling international price of steel which has dropped to 1994 levels, according to an official with China Iron and Steel Association (CISA), reports China's official news agency Xinhua.