
The United Nations Food and Agriculture Organization said on Thursday major investment needs to be made in developing world agriculture. The FAO says that with rapid population growth and changing diets, agricultural production will need to grow by 70% before 2050.

Rice stockpiles of the world’s five largest exporters are forecast to plunge by a third to the lowest level in five years, and below last year when prices surged to a record, according to Concepction Calpe, senior economist at the UN Food and Agriculture Organization.

Mercosur and the European Union signed this week an extension of an agreement for the financing of an agriculture and livestock health cooperation project according to the UE delegation office in Montevideo.

The US economist widely credited with having predicted the financial crisis has warned we are already planting the seeds of the next crisis. Nouriel Roubini told the BBC that he is concerned about the growing gap between the bubbly and frothy stock markets and the real economy.

The European Central Bank left the main rate at 1% and President Jean Claude Trichet said at a press conference in Venice on Thursday that the ECB has no plans to raise borrowing costs, describing their level as “appropriate”.

Gibraltar is politically, administratively and legislatively a self-governing country, Chief Minister Peter Caruana said Wednesday night during his address to the United Nations Fourth Committee in New York, reports the Gibraltar Chronicle.

The Bank of England voted Thursday to hold interest rates at its 0.5% record low and continue with its £175 billion program to boost the money supply at its latest two-day meeting. The decision was taken despite concerns over the fragility of the UK recovery from recession.

Two French overseas territories, Martinique and French Guyana will be voting in an autonomy referendum next January 17, although the close relation with France will not be at stake. The announcement was made this week following a meeting of both OT leaders with President Nicholas Sarkozy.

Controversy sparked between Spain’s government and the governor of the Central Bank over the magnitude of the budget deficit and rising unemployment which threatens loans and consumers’ repayments plus the stability of some Spanish banks.

The Brazilian unit of Spanish banking giant Santander has raised 14.1 billion Reais, approximately 8.1 billion US dollars) in the country's biggest share offering.