The Chinese economy grew an impressive 11.1% in the first quarter of 2007, but inflation in March rose to 3.3% and fears that rapid expansion will drive interest rates higher weighed on stock markets.
Asia-Pacific countries are set to grow by over 7% this year, although the region will face several economic challenges, primarily the management of exchange rates, according to the the United Nations annual regional economic review.
The British pound hit a 14-year high of 1.9938 against the dollar, with many experts believing it will break through the 2 dollars benchmark in the next few days.
The New York Times has called for the dismissal of World Bank President Paul Wolfowitz who is entangled in a scandal over securing a huge pay raise awarded to a close female friend.
The European Union does not plan to join United States complaint to the WTO about intellectual property rights and piracy in China despite agreeing with its substance, a senior European official said on Thursday.
The European Central Bank decision on Thursday to leave key interest rates at 3.75% came as no surprise to money markets. However the ECB said it would monitor the risks to price stability very closely, avoiding the stronger word vigilance.
China surprised all forecasts and reported a shock tumble in the size of its trade surplus. According to official figures, the March surplus was 6.9 billion US dollars, down from 23.8 billion in February and well below the 20 billion forecast by analysts.
China's state media announced Wednesday the country's authorities are planning an overhaul of policies favouring the export sector in an effort to rein in its huge trade surplus and reduce tensions with major trading partners.
Chile could be one step closer to securing its energy supply if a new 800 million US dollars liquid natural gas (LNG) plant receives government approval. The Quintero plant (Region V) was initially designed with a capacity for 5.7 million cubic meter NLG, but has now been expanded to a 10 million cubic meters.
United States on Monday dramatically sharpened trade tensions with China by launching a wide-ranging World Trade Organization complaint over copyright piracy and claims that Beijing restricts the distribution of foreign music, films and books.