GERMANY - They have the potential to throw the stock exchange into turmoil, trigger frenzy on bond markets and bring down the German government. So the eyes and ears of the eurozone will be on the eight red-robed judges of Germany's highest court this week when they deliver a long-awaited verdict over whether a financial rescue fund considered crucial to the future of the euro gets the green light.
BERLIN, GERMANY - The Germany democratic system has suffered as a result of the euro crisis, but it has also made fighting the crisis harder. Now it's time to hold a referendum on European integration. Only then will Berlin have the democratic legitimacy it needs to take effective action.
EUROPE - Die Welt: “Financial markets celebrate the death of the Bundesbank” As expected the ECB yesterday announced a plan to perform unlimited, but sterilised, purchases of government bonds from struggling countries which apply for a eurozone bailout programme.
EUROPE - Germany must accept shared leadership of the European Union if the region is to prosper, ex-European Commission President Romano Prodi, told CNBC on Friday.
USA - The US has been neglecting its infrastructure, putting lives at risk and weakening the economy as pipelines, bridges, roads, dams, and water mains fall apart. Natural disasters like this month’s Hurricane Isaac shed the spotlight on America’s poor infrastructure as 100,000 people were left without power for a week and 2,800 checked into shelters to escape the flooding in their homes.
WASHINGTON, USA - With the worst drought in half a century withering corn across the Midwest, agricultural experts on Tuesday urged international action to prevent the global spike in food prices from causing global hunger.
WASHINGTON, USA - It was another week at war in Afghanistan, another string of American casualties, and another collective shrug by a nation weary of a faraway conflict whose hallmark is its grinding inconclusiveness.
SPAIN - The price of olive oil is set to soar in Britain's High Street stores after drought in Spain severely reduced the crop harvest, a new report showed yesterday. Shoppers are being warned that they will soon face hefty hikes in the cost of the popular kitchen cupboard staple as supplies are hit. Wholesale prices of extra virgin olive oil have already rocketed by 30 per cent in the last two months and industry analysts say the increases are so high that they will have to be passed on to consumers. The upcoming crop for 2012-13 is expected to be much smaller with Spain's output currently forecast to be down 40 per cent on last season.
UK - Union barons warned yesterday that Britain could be on the brink of the first general strike since 1926. On the first day of the TUC conference, they revealed that a debate will be held tomorrow on staging the first national stoppage for 86 years. Vital services would be wiped out with key workers – including teachers, prison guards, firemen, nurses, dinner ladies and paramedics – likely to walk out. Public sector workers’ leaders are furious at the Government’s imposition of a two-year pay freeze on staff who earn £21,000 or more.
GREECE - A giant 'balloon of magma' is inflating under the volcanic Greek island of Santorini, warns a new study. The balloon is so big it has forced the island upwards by 14cm between January 2011 and April this year. It has also triggered a series of small earthquakes, the first seismic activity in 25 years - raising fears that the volcano could erupt for the first time since 1950. Santorini is an island in the southern Aegean Sea, about 120 miles south east of the Greek mainland. It is the largest island of a small, circular archipelago which bears the same name and is the remnant of a volcanic caldera.
This year's dreadful weather has cost rural Britain at least £1 billion, according to an investigation by BBC One's Countryfile. Data from farmers, tourist businesses, insurers and events organisers show the wettest summer for 100 years has hit the countryside hard. Factors include reduced visitor numbers at countryside attractions such as stately homes and camp sites. Meanwhile, some country events were cancelled due to bad weather. The biggest loss to farmers though is in poor yields as crops rotted and damp-loving diseases spread.
GERMANY - Public figures from the fields of politics, sport, culture and entertainment in Germany presented a statement in Berlin on 5 September making an urgent call for unity between the Catholic and Protestant churches.
BRUSSELS, EUROPE - Greece should impose a six-day week to secure the next tranche of its bail-out package, according to a leaked letter sent by the country's creditors. Under a heading "increase flexibility of work schedules" the Troika - which is composed of officials from the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) - states that the country should "increase the number of maximum working days to six days across all sectors."
ISRAEL - The Israeli government's failure to respond adequately to Jewish extremist attacks against churches and monasteries is fostering a climate of intolerance towards Christianity in the country, a senior Vatican official in Jerusalem has warned.
RUSSIA - According to the World Gold Council, Russia has more than doubled its gold reserves in the past five years. Putin has taken advantage of the financial crisis to build the world’s fifth-biggest gold pile in a handful of years, and is buying about half a billion dollars’ worth every month. Gold now accounts for 9% of Russia’s reserves, and that figure is rising. It emerged last month that financial gurus George Soros and John Paulson had also increased their bullion exposure.