Ten European countries, fearing the impact on agriculture, are openly challenging the EU decision to resume trade talks with Mercosur which is to be officially announced next Monday when the opening of the Latin America, the Caribbean and the European Union Summit in Spain.
The new British Foreign Secretary William Hague lost no time in declaring that he would run a “distinctively British foreign policy.”
Government deficits in Bulgaria, Cyprus, Denmark and Finland have gone too far over the 3% of GDP reference value for the European Union and need to be brought down through stronger budget consolidation measures, concluded the European Commission in reports considered on Wednesday.
Under pressure from Europe to deliver (shape up or ship out) Spain's PM has outlined a plan to tackle the country's budget crisis, amid concerns that problems afflicting Greece may spread across the Eurozone.
Chile’s president Sebastian Piñera has a busy schedule planned for the upcoming Latin America, the Caribbean and the European Union Summit scheduled for Madrid early next week. Piñera will use the opportunity to explain exactly what he wants to do with his four years of presidency.
April inflation in China has accelerated as bank lending exceeded estimates and property prices jumped by a record, increasing pressure on the government to raise interest rates and let the currency appreciate.
United States shares closed lower on Tuesday as global stock markets stalled on niggling worries over European debt problems. On Wall Street, the Dow Jones index closed down 0.34% following a turbulent day's trading, and a nearly 4% rise on Monday.
European countries saddled with debt should focus on cutting deficits in the wake of policy makers' unprecedented efforts to contain the region's sovereign-debt crisis, said John Lipsky from the International Monetary Fund.
The Bank of England held interest rates at record lows as policy-makers weighed up the impact of a Eurozone bailout and a hung parliament. The Bank's Monetary Policy Committee voted to hold rates at 0.5% and left its £200 billion program to boost the money supply unchanged.
Conservative leader David Cameron became on Tuesday the new UK prime minister after the resignation of Gordon Brown. Mr Cameron, 43, entered 10 Downing Street after travelling to Buckingham Palace to formally accept the Queen's request to form the next government.