The European Union and the Latin American trade bloc Mercosur announced Monday that they were re-launching talks to create a free trade area of 800 million people. A tentative first meeting is scheduled for next July according to EU officials.
Australians gathered Saturday around Sydney harbour to welcome back teenager Jessica Watson from her record round-the-world sailing adventure. The 16-year-old is said to be the youngest person to sail non-stop, solo and unassisted around the world.
European Central Bank President Jean-Claude Trichet called for more effective sanctions against countries violating the region’s Stability and Growth Pact and said the ECB acted independently when it bought government bonds, Spiegel magazine reported, citing an interview.
Spanish unions and employees organizations have ten days to come up with an agreement of labour reform or the government will approve the initiative by decree, according to reports in the Madrid press.
World stock markets plunge Friday and the Euro hit an 18-month low against the dollar, on growing fears that the austerity packages unveiled across Europe could tip the continent back into recession and stifle global economic recovery.
Former Federal Reserve chairman and advisor of the Obama administration is concerned that the Euro area may break up after the Greek fiscal crisis that sparked an unprecedented bailout by the region’s members.
The International Monetary Fund has warned developed nations they face an “urgent” need to cut their budget deficits. Its warning comes as a slew of European countries face public unrest over their attempts to do just that.
Gibraltar Chief Minister Peter Caruana gave the warmest welcome the Rock could give to a new Foreign Secretary as he described William Hague, former Tory leader, as a “safe pair of hands” from Gibraltar's perspective.
US Secretary of State Hillary Rodham Clinton and new British Foreign Minister William Hague met on Friday in Washington, vowing to strengthen the U.S.-Britain strategic alliance on addressing common challenges.
The German economy—Europe's largest—expanded 0.2% in the first quarter of 2010, beating forecasts of zero growth. Many analysts predicted German GDP would stagnate in the quarter.