Plans to build massive wind farms off the coast of Britain are in doubt due to an obscure piece of legislation that means oil companies can force turbines to be moved if fossil fuels are discovered in the area, according to a report in the Daily Telegraph.
Australia and India have both raised interest rates by a quarter percentage point amid fears of rising inflation. The central bank of Australia put up rates from 4.5% to 4.75%, surprising markets with the first rise since May.
In a move that runs counter to the United States' Fed 600-billion-US-dollar liquidity injection to stimulate the economy the European Central Bank on Thursday kept its benchmark interest rate steady at 1%. This was the eighteenth consecutive month that ECB has frozen its main interest rate.
The Bank of England held UK interest rates at a record low and decided not to pump more money into the economy via quantitative easing (QE). The Thursday decision to make no change to policy comes after recent figures on the UK economy showed good growth.
Brazilian president-elect Dilma Rousseff was included in Forbes magazine latest list of the 68 most powerful people in the world which is headed by Chinese president Hu Jintao.
European Central Bank President Jean-Claude Trichet said on Thursday he did not think the United States was actively trying to weaken the dollar by printing money, despite criticism from emerging economic powerhouses.
German Economy Minister Rainer Brüederle from the liberal FDP blasted the United States monetary expansive policy which is geared to prop the declining US economy with strong liquidity injections.
Asia and Latinamerica emerging economies anticipated that they would be implementing new measures to limit the inflow of capitals following on the United States Federal Reserve announcement that it would pump more liquidity into the faltering US economy.
New Spanish Foreign Minister Trinidad Jiménez has declared that her objective in respect of Gibraltar is “to generate enough confidence to renew bilateral talks about Gibraltar’s sovereignty with the British Government.”
The World Bank has raised its growth forecasts for the Chinese economy. However the bank warns of risks from the surging property market and bank lending.