Commenting on the outcome of the Group of Eight (G-8) Summit in Japan, the head of the United Nations Environment Programme (UNEP) said the world's richest countries had shown insufficient leadership on climate change.
The US Federal Reserve may extend into next year a facility that gives investment banks access to emergency cash if the financial turmoil persists. The lending facility was put in place in March to stabilize the financial system as Bear Stearns collapsed.
European Central Bank President Jean-Claude Trichet warned Wednesday that Euro nations are already seeing the first signs of an inflation price spiral and called on governments to help contain wage hikes that could fuel further price rises.
Climate change is expected to be the focus of Tuesday discussions at annual talks between the Group of Eight major industrialized nations currently taking place in Japan.
European Union ministers agreed in principle to a French plan aimed at reforming immigration rules across the union. At informal talks in Cannes on Monday, ministers from all 27 states signed a draft pact agreeing common rules on the treatment of migrants and asylum requests.
World leaders are preparing to begin a key summit in Japan, with the global economy and its rising food and fuel costs looming as the main issues.
Mining giant BHP Billiton has reached a deal with China's largest steelmaker to almost double iron ore prices. Under the agreement, covering contracts for one year from 1 April 2008, BHP will increase its prices by up to 96.5% for deliveries to state-owned Baosteel.
South Korea's president called for an end to an on going dispute over United States beef imports, saying it was time for the nation to concentrate on overcoming domestic and economic difficulties.
The first regular, direct flight from mainland China to Taiwan for nearly 60 years landed on Friday at the capital Taipei's airport. China's top official on Taiwan affairs said the flight was a new start in exchanges between Taipei and Beijing.
The European Central Bank hiked on Thursday its key rate 25 points to 4.25%. This is the first rise in a year and is geared to contain food and fuel prices that in June reached an annualized 4%, the highest since 1996.