Stocks rose sharply in Europe and in the US on Monday as investor sentiment were buoyed by a renewed pledge by France and Germany to come up with a plan to tackle the Euro zone debt crisis by month's end. International pressure has been building for bold steps from Europe to avert a global economic backlash.
US academics Thomas Sargent and Christopher Sims shared the 2011 Nobel Prize in economics for work that helps governments and central banks weigh up responses to crises -though it offers no immediate answer to current global problems.
Members of the Paris Club group of creditors want Argentina to repay an estimated 9 billion dollars in defaulted debt within three years and to make a big initial payment, Buenos Aires newspaper La Nacion reported over the weekend.
The leaders of Germany and France promised to unveil a new comprehensive package for solving the Euro zone's debt crisis by the end of the month, but offered no details and papered over differences on how to shore up European banks.
British Defence Secretary Liam Fox has apologised over his working relationship with his former flatmate and best man Adam Werritty. Fox said it was a mistake to allow distinctions to be blurred between my professional responsibilities and my personal loyalties to a friend.
European banks may need more than 100 billion Euros to withstand the sovereign debt crisis, Ireland estimated, ahead of a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy to work out how to recapitalise the lenders.
The World Bank has called on Germany to take a stronger political leadership role in Europe in order to end the Euro zone debt crisis.
Fitch cut on Friday Italy's sovereign credit rating by one notch and Spain's by two, citing a worsening of the Euro zone debt crisis and a risk of fiscal slippage in both countries. Fitch cut Italy's rating to A+ from AA- and lowered Spain to AA- from AA+.
Moody's has downgraded the credit rating of 12 UK financial firms including Lloyds TSB, RBS, Nationwide and Santander UK. The ratings agency said it now believed the government was less likely to support firms that got into trouble.
Declaring women's rights vital for world peace, the Nobel Committee awarded its annual Peace Prize today to three indomitable campaigners against war and oppression - a Yemeni and two Liberians, including that country's president.