WORLD

A communiqué draft released by the Group of 20 economic world powers yesterday has cautioned that the ongoing global recovery is still fragile as showcased by recent volatility in the financial markets.

Encouraged by positive indicators coming from the US market and other major worldwide markets, oil prices surged yesterday with New York’s light sweet crude delivery for July hitting $US73.28 per barrel and London’s Brent North Sea steadying at $US74.18 per barrel.

Cape Grim is a cold, windy and isolated place located at the end north west of Tasmania. It is home to some of the cleanest air on the planet and is considered the most significant air measuring station in the southern hemisphere.

Tata Motors of India has announced on Wednesday that the world’s cheapest car, the Nano, would again started rolling out from its new western India plant following the company’s forced desertion of its near-completed factory in Singur, West Bengal which was marred by violent land ownership dispute in 2008.

The Japanese government on Tuesday described as "regrettable" Australia's decision to file charges against Tokyo before the International Court of Justice (ICJ) regarding its whaling practices.

US Federal Reserve Chairman Ben Bernanke urged on Monday members of the Group of 20 world powers to closely coordinate financial reforms in its aim to strengthen the global economy as he leaves note that governments’ international cooperation is a must in overhauling market rules following the global financial crisis.

South Korea, China and Japan have stepped up calls for further free-trade talks that could lead to the creation of a unified economic bloc as South Korean President Lee Myung-Bak hosted a three-way summit with Chinese Premier Wen Jiabao and Japanese Prime Minister Yukio Hatoyama.

Following some pick ups early this year, luxury may be back in style as consultancy firm Bain & Company said Sunday that the luxury goods industry sales in 2010 would grow by four percent to 158 billion Euros or $A229.78 billion with much of the sales spikes to be seen within the first half of the year.

The Federal Government's proposed resource super profit tax became another controversy for British investors as they worry that other governments around the world might follow and implement their own tax.

Japan’s economic woes continues piling up as reports released on Friday spoke of rising unemployment in three straight month leading to April, plunging consumer prices index and declining household spending.

Apple contractor Foxconn has started instituting precautionary and even bizarre measures to protect its workers and business in the aftermath of reported nine suicides this year at the company’s giant facility in southern China.

Beijing has suddenly become hesitant in buying more Euro reserves and is reportedly set to re-evaluate its holdings of eurozone debt amidst the worsening sovereign debt crisis in Europe as representatives of China’s State Administration of Foreign Exchange (SAFE) met with foreign bankers based in the Chinese capital to shed light on the issue.

A new United Nations (UN) report published on Wednesday said that the world economy is poised to recover from last year’s crunch with up to three percent growth this year and 3.2 percent improvement by next year, while warning at the same time that only a solid recovery could recoup job losses and fill the production backlog created by the deep recession.

The US climate change representative said Wednesday that all countries must adopt transparency and accept external reviews of their greenhouse emissions, leaving note that global cooperation is very important to ensure that the worldwide campaign for carbon intensity reduction is heading to the right direction.

The Australian police has charged a circus acrobat for allegedly knowingly spreading HIV thru unprotected sex with hundreds of women wince contracting the virus in 1997.

The US Senate, voting by 59-39, has approved on Thursday a comprehensive reform bill poised to overhaul financial industry regulations amidst calls from many legislators and economic analysts to check the excesses of Wall Street, which are blamed by many as the biggest contributing factor in the 2008 global financial crisis.

Japan’s finance ministry has expressed concern on Friday that the rise of Yen was beyond the country’s expectations as Finance Minister Naoto Kan admitted that the currency’s seemingly uncontrollable upward spirals are causing worries over the global economy.

Three thugs thought they would have it easy ganging up a hapless young medical student. Until they met a group of crime fighting ninjas.

China maintained its hard-line stand against revaluing the Yuan amidst longstanding pressures from the US and Europe and instead pointed fingers on the soaring American debt levels, which Beijing described as possible source of more and graver economic concerns.

International charity group ARK (Absolute Return for Kids) announced it has raised US$24.4m to finance two new programmes aimed at reducing maternal death in Zimbabwe and infant death in Zambia, and develop new South African education programme with Her Majesty Queen Rania of the Hashemite Kingdom of Jordan

The Australian police has widened its investigation into alleged drug trafficking ring operation involving some personnel of Australia's fourth largest bank, Australia and New Zealand Banking Group (ANZ).

Australians are contributing their share to help in the clean up of the one of the worst oil spill along the U.S. Gulf Coast beaches. Australians are sending their hair, tons of it.

New York Attorney General Andrew Cuomo has launched an investigation on eight Wall Street banks following allegations that they provided misleading information to numerous ratings agencies in order to secure favourable rating on mortgage securities.

The Spanish government said today that budget cut measures will take effect soon in order to cushion the anticipated spill over of Greece’s debt issues across the eurozone as Prime Minister Jose Luis Rodriguez Zapatero revealed that public sector wages will be slashed by five percent and frozen by next year.

Samsung Group announced Tuesday that it is set to invest a total of $US20 billion in healthcare and green energy sectors by 2020, which would create thousands of new jobs as company chairman Lee Kun-Hee hinted that governments around the world are channelling billions to sustainable energy over concerns on the planets dwindling resources.

The State Information Centre, a powerful government think-tank, has called on the Chinese government to consider a more flexible exchange rate in order to eliminate worldwide pressure for a stable currency and discourage the entry of speculative funds on China’s economy, which could encounter a slow down by the year’s second quarter.

An Australian biotechnology company is claiming to have isolated a natural extract from seaweed which has been shown to inhibit the H1N1 virus. The breakthrough offers new home for the containment of influenza outbreaks.

Journalists from across the globe are celebrating World Press Freedom Day Monday. To commemorate the event, the Press Association of Jamaica (PAJ) had called on governments worldwide to remove the barriers to the free flow of information.

The People’s Bank of China has advised local banks on Sunday to increase their money reserves in a bid to rein in waves of fresh lending that could burst the property bubble and eventually lead to economic overheating.