POLITICS

The U.S. economy grew at a 2.9 percent annual pace in the second quarter, faster than originally reported but less of an upward revision than expected, as higher business investment offset a drop in residential construction, a Commerce Department report showed on Wednesday.

From Australia to Argentina, erratic weather is slashing wheat crops of the major producers, which is threatening to push up prices to multi-year highs and making it difficult for countries to replenish stocks.

U.S. consumer confidence slipped to a nine-month low in August on inflation and job worries, while minutes of the Federal Reserve's policy meeting showed most officials thought inflation would ease in the months ahead.

Libya's leader has reprimanded the country over its over-dependence on foreign imports and oil. He has urged the economy to improve its manufacturing sector and increase productivity.

China will invest around $5 billion in energy projects in Venezuela by 2012 as part of a plan to boost Venezuela's oil output, the South American country's energy minister told state television on Monday.

The chief U.S. Treasury spokesman repeated standing policy on Monday that international currency markets should determine foreign exchange values.

Central bankers and top academics departed here on Sunday after two days of discussions on how the global economic landscape is shifting.

With soaring gas prices making alternative fuels more attractive, ethanol - a grain alcohol made from a variety of crops including corn, sugarcane, barley and wheat - has become a popular alternative.

New orders for U.S.-made durable goods excluding the volatile transportation sector rose more than expected in July and the number of workers seeking jobless benefits fell slightly last week, government reports showed on Thursday.

Sales of new U.S. homes tumbled to a smaller-than-expected seasonally adjusted 1.072 million annualized rate in July and a key inventory measure jumped to a ten-year high, pointing to a rapidly cooling housing market, a government report showed on Thursday.

India's Tata group announced on Tuesday it is buying a 26 percent stake in InfraCo, a new South Africa-based telecommunications company.

The Association of Southeast Asian Nations has agreed to accelerate plans to form a single economic community by five years. This is in response to growing competition for investment from fast-growing Chinese and Indian economies, Asean officials said on Tuesday.

California Gov. Arnold Schwarzenegger and state lawmakers reached a deal late Monday to hike the minimum wage to the highest level in the nation, aides said on Tuesday.

U.S. mortgage applications rose for a third straight week as homeowners with adjustable loans took advantage of falling interest rates, data from the industry's main trade group showed on Wednesday.

U.S. chain store sales were mixed last week, as solid demand for back-to-school items were offset by cooler weather and the end of sales tax holidays, two reports showed on Tuesday.

Bolivian and Brazilian government officials continued negotiations with Guarani Indians who have threatened to seal a gas pipeline between the two countries. Guarani Indians are seeking to gain more control over previously promised investments in both South American countries.

The Reserve Bank of Zimbabwe extended its deadline for the country's currency changeover until Monday, causing chaos throughout the country over the weekend as Zimbabweans went on whirlwind of shopping sprees.

The United States and the Association of Southeast Asian Nations will sign a deal later this week to boost trade and investment, said Asean on Monday.

New gasoline-rich crude from Azerbaijan and Russia is blunting the impact of oil attacks in Nigeria this year but the relief will be shortlived as the world's available oil becomes ever more sulphurous.

U.S. Treasury Secretary Henry Paulson said on Friday that high energy and health care costs were interfering with Americans' ability to feel the benefits of a solidly growing economy.

China's one-child policy has led to an aging population and labor shortages that could undermine a key basis for the country's economic growth, its seemingly endless supply of cheap workers, a newspaper said on Monday.

The surprise timing of China's latest interest rate rise partly reflects political pressure and shows the central bank falls short of the transparency and predictability that are the hallmarks of its rich-country peers.

Employment in Europe appears to be rising in earnest following years of sluggish economic growth when companies either cut staff or shunned new recruits to safeguard profits.

Most Chinese see bribes and kickbacks as an indispensable part of doing business in the country, state media on Monday cited a survey as showing.

Major oil producing countries will not lower their oil production for the rest of the year as they work toward stabilizing oil prices, said OPEC's President, Edmund Daukoru on Thursday.

President George W. Bush will wrap up conferring with his economic team on Friday on ways to keep the economy growing against a backdrop of higher interest rates, mixed data and fears of rising inflation.

India's growing thirst for oil has prompted the country to seek investments worth $1-billion in oil development and mining projects in Africa's Ivory Coast.

Delphi Corp., the world's largest auto-parts maker, announced on Thursday that a bankruptcy judge has agreed to postpone a hearing regarding the disposal of labor contracts until Friday, pending negotiations with unions and GM.

Russia's economic minister said on Thursday that the country would cut preferences given to U.S. meat imports if Washington fails to allow Russia to join the World Trade Organization.