India Calls for Breaking Trade and Investment Barriers in the Shanghai Cooperation Organisation zone

OPEC forecast reduced demand of oil due to weak demand from India and China and uncertain global conditions
The Organisation of Petroleum Exporting Countries (OPEC) has reduced its 2011 world demand estimate to 87.81 million barrels per day (bpd), although it remains 0.88 million bpd up from last year.In September, the cartel had set world oil demand for this year at 87.99 million bpd. "Chinese oil demand is will come down because of new government policies aimed at reducing transport fuel use. India has increased retail prices that will dampen oil consumption in the coming year," OPEC said.

Lower US demand, on the back of a weak economy and high unemployment, along with the eurozone debt crisis

FAO says volatile food prices may continue for sometime
Food price volatility featuring high prices is likely to continue and possibly increase, making poor farmers, consumers and countries more vulnerable to poverty and food insecurity, the United Nations' three Rome-based agencies said in the global hunger report published today.
FAO’s best estimate of the number of hungry people for 2010 remains at 925 million. For the 2006-2008 period FAO calculates the number of hungry at 850 million. The methodology FAO uses for calculating the prevalence of hunger is currently under revision, so no estimates have been produced for 2011.

Small, import-

Germany-France agree to support banks to solve crisis
German Chancellor Angela Merkel and French President Nicolas Sarkozy have agreed to present a comprehensive proposals to solve the euro zone debt crisis by the end of this month. "Ensuring a reasonable supply of credits is a basic condition for a good economic development," Merkel said. The two countries shared similar views on increasing the capital structure of banks and the two nations have reached an agreement on the question of recapitalisation, she told a joint news conference with Sarkozy.

Sarkozy said that a durable solution to the debt crisis must be found before the end of this

Germany registers 14.6 percent export growth despite tough economic conditions
Germany’s exports increased by 14.6% and imports by 12.6% in August 2011 compared to August 2010. Upon calendar and seasonal adjustment, exports rose by 3.5% and imports remained unchanged on July 2011. The Federal Statistical Office (Destatis) data showed the foreign trade balance showed a surplus of Euro 11.8 billion in August 2011. In August 2010, the surplus amounted to Euro 9.2 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 13.8 billion in August 2011.

In August 2011, Germany dispatched commodities to the value of Euro 48.7 bill

Belgium govt rescues local arm of troubled Dexia Bank
Belgium government has decided to rescue the local arm of Franco-Belgian bank Dexia. The government has offered four billion euros and guaranteed the financing of to the tune of 60 per cent, or 54 billion euros. Finance Minister Didier Reynders said, “With this agreement the wish of the Belgian government is not to remain indefinitely in (control of) its bank nor to leave rapidly but to ensure its continuity.”

The Dexia bank said in a statement that considering the risks and the difficulties arising for Dexia Bank Belgium from the situation of the Dexia Group, and the systemic nature of De

Bank of England reduces bank rate by 0.5 Percentage Points to 4.5%
The Bank of England's Monetary Policy Committee today voted at a special meeting to reduce the official Bank Rate paid on commercial bank reserves to 4.5%. The Monetary Policy Committee held a special meeting on Wednesday 8 October, some hours in advance of its normal schedule.

After that meeting, the Bank of England, in conjunction with the Bank of Canada, the European Central Bank, the US Federal Reserve, Sveriges Riksbank, the Swiss National Bank and the Bank of Japan, released the following statement:

“Throughout the current financial crisis, central banks have engaged in continuou