Former Federal Reserve Chairman Alan Greenspan said there's a one-third probability of a recession this year in United States and that the current expansion won't have the staying power of its decade-long predecessor.
United States Treasury Secretary Henry Paulson in the middle of an Asian tour and currently in South Korea expressed confidence in the global economy describing it as strong and characterized by low inflation.
Four European cities are the most expensive in the world claims a survey from the Economist Intelligence Unit's worldwide cost of living survey. Latinamerica on the other hand has the cheapest average cost of living.
Stock markets around the world rebounded on Tuesday after five days of losses but concerns over volatility remain. In Latinamerica major stock markets followed on the world reaction with Sao Paulo soaring almost 5%.
Global stock markets face an uncertain week after a slump in China and fears of an economic slowdown in United States saw the biggest sell-off in more than four years.
The global stock market slump has entered its second week with stocks plunging in Wall Street, Asia, Europe and Latinamerica. Although the key US Dow Jones index remained positive for most of Monday, towards the end of the session it closed down 63.7 points, or 0.5%, at 12,050.4.
President Bush, facing criticism he has ignored Latin America, said Monday the region's grinding poverty is a scandal that has caused some to question the value of democracy.
The Food and Agriculture Organisation (FAO) on Monday voiced serious concern over a number of species of fish caught on the high seas and called for better monitoring and management of the stocks.
Ethanol will devour 50% more corn this year, eating into the food industry's share of the crop, anticipated the United States Agriculture Department. From breakfast cereal to beef to beer, competition from ethanol could raise prices for all kinds of foods.
British Airways and Virgin Atlantic have criticised a new open skies deal between the European Union and US that aims to open up their airline markets.