FRANCE - President François Hollande is vowing to impose a 75 percent tax on the portion of anyone’s income above a million euros ($1.24 million) a year. But because there are relatively few people in France whose income would incur such a tax — perhaps no more than 30,000 in a country of 65 million — the gains might contribute but a small fraction of the €33 billion in new revenue the government wants to raise next year to help balance the budget.

USA - The worst drought in half a century is slashing US crop and livestock production, President Obama said on Tuesday as he called on Congress to pass a farm bill that will send disaster aid to more farmers and ranchers. During a meeting of [Mr] Obama's rural council at the White House, he said the administration will do all it can to alleviate the impact of the drought. "It is a historic drought and it is having a profound impact on farmers and ranchers all across many states," [Mr] Obama said.

MANILA, PHILIPPINES - At least 16 people have died in severe floods in the Philippine capital, Manila, officials say. More than 80,000 people are in emergency shelters, as torrential rain left low-lying areas under water. The flooding - neck-deep in some parts of the city - forced the closure of offices and schools around the city. More than half the amount of rain normally seen in August has fallen in the capital in 24 hours, reports say. The current rain and floods are said to be the worst to hit the country since 2009.

UK - Facebook has become such a pervasive force in modern society that increasing numbers of employers, and even some psychologists, believe people who aren't on social networking sites are 'suspicious.' The German magazine Der Taggspiegel went so far as to point out that accused theater shooter James Holmes and Norwegian mass murder Anders Behring Breivik have common ground in their lack of Facebook profiles.

GERMANY - German politicians from across the spectrum have reacted furiously to warnings by Italy’s Mario Monti that Bundestag control over EU debt policies threatens to bring about the “disintegration” of the European project. “We must make it clear to Mr Monti that we Germans will not shut down our democracy to pay Italian debts,” said Alexander Dobrindt, secretary-general of Bavaria’s Social Christians (CSU).

ITALY - An Italian newspaper owned by former prime minister Silvio Berlusconi has caused controversy by printing a front page headline which said 'Fourth Reich' above a picture of German chancellor Angela Merkel. The picture in newspaper Il Giornale also showed Chancellor Merkel raising her right arm in salute, a gesture associated with the Nazi salute used by Hitler's followers.

GREECE - Retired Athens hospital worker Giorgos Vassilakis will today make the same journey to his bank in central Athens to make a withdrawal. The 65-year-old has been doing the same thing daily, steadily depleting his own savings pile since the country’s cataclysmic May 6 general election.

JERUSALEM, ISRAEL - The Kiryat Yovel section of Jerusalem is a seemingly serene urban glade, but in recent years, tension has grown in the area as more and more ultra-Orthodox families have bought up homes and apartments in what has historically been a majority secular neighborhood.

USA - Authorities in two Northern California towns have told residents to "shelter-in-place" due to a fire at a Chevron oil refinery in Richmond, in the San Francisco Bay. The fire, first reported at 6:40 pm local time Monday, has caused a cloud of black smoke to spread out over Richmond and neighboring San Pablo. It's not currently known what caused the fire, but an automated message sent out by local health officials says there was simply an emergency at the refinery. Television footage shows large flames with thick black smoke coming out of the facility.

IRAN - New intelligence information obtained by Israel and four Western countries indicates that Iran has made greater progress on developing components for its nuclear weapons program than the West had previously realized, according to Western diplomats and Israeli officials who are closely involved in efforts to prevent Iran from building a nuclear bomb. A Western diplomat who asked not to be named because he was not authorized to discuss intelligence information said the United States, Britain, France, Germany and Israel agree on that assessment.

INDIA/USA - India has sought strengthening of security around places of worship in the United States and urged Washington to come out with a strong message of reassurance to the Indian community following the Wisconsin gurdwara shooting that left six dead. In a telephonic conversation with US Secretary of State Hillary Clinton on Monday evening, External Affairs Minister (EAM) S M Krishna also requested a full and prompt investigation into the killings.

NEW ZEALAND - A New Zealand volcano dormant for more than a century has erupted, sending up ash clouds, disrupting flights and closing roads. Mount Tongariro, one of three volcanoes in the centre of the North Island, became active just before midnight local time, with reports of loud explosions, spewing rocks and steam. The 1,978m (6,490 ft) peak is in a national park popular with hikers.

MANILA, PHILIPPINES - Flooding caused by torrential rain has paralysed parts of the Philippine capital, forcing tens of thousands to flee their homes and closing schools, offices and the stock exchange. Authorities said half of Manila had been hit by floods, with water up to waist and neck levels in some areas. Weather officials warn that the floods could get worse as the overflowing La Mesa dam, which holds back Manila's main reservoir, spills more water. "There will be heavy rainfall for the next 24 hours. The floods will increase."

UK - Shares of Standard Chartered bank have tumbled despite the bank denying allegations that it illegally "schemed" with Iran to launder money. Shares fell 15% in early London trade, after falling 7.5% in Hong Kong. The New York State Department of Financial Services said the UK-based bank laundered as much as $250 billion (£161 billion) over nearly a decade. It said the bank hid transactions for "Iranian financial institutions" that were subject to US economic sanctions.

UK - Dominic Raab MP wrote in the Sunday Telegraph, “The European kaleidoscope is in flux, and the inevitable changes to its political architecture will present a historic opportunity to renegotiate our relationship with Europe… Plans for repatriation of powers are already being considered. Options include social and employment policy, fisheries, structural funds to poorer regions, justice and home affairs. Yet the real question is what happens if Europe says ‘no’?”