EUROPEAN UNION

Asian shares rose on Tuesday on hopes that euro zone officials will act to corral Greece's debt woes and prevent another full-blown banking crisis, but the euro failed to hold on to all its gains.

Euro-zone officials are working to magnify the firepower of the region's rescue fund, European Central Bank policymakers said on Monday, while President Barack Obama piled on pressure for Europe to staunch a sovereign debt crisis that threatens the world economy.

The Greek government began a race for parliamentary approval of a stepped-up austerity package vital to keep the debt-laden euro zone state afloat and buy time for Europe to approve new rescue measures.

While Euro officials did not reveal specific details about the Eurozone rescue plan, any apparent news about the continent’s debt woes seem to heavily impact equity markets.

World stocks fell toward the previous week's 14-month low on Monday and the euro hit a 10-year low against the yen as doubts grew over how effective Europe's latest crisis-battling steps would be in containing the continent's sovereign debt problems.

Bankers are bracing for a Greek default, and their best hope is that Europe can erect firewalls around the banking system strong enough and soon enough to prevent it from spreading to other euro-zone countries.

The European debt crisis doesn't have to exist because there are a number of feasible solutions to fix the mess.

The European Central Bank battled to avoid being dragged further into the area of fiscal policy this weekend, as its policymakers stood firm against using the ECB to help supercharge the euro zone's rescue fund.

The European Central Bank has not decided how long its unconventional interventions in the secondary market for European government debt will go on, Executive Board Member Jose Manuel Gonzalez-Paramo said in an interview on Sunday.

The European debt crisis has deteriorated to a point where global leaders are publicly urging the Eurozone to get its act together.

The euro zone is exploring the possibility of leveraging its bailout fund, the European Financial Stability Facility, to better support euro countries, Economic and Monetary Affairs Commissioner Olli Rehn said.

Zambian opposition leader Michael Sata, a critic of Chinese investment, was sworn in as president on Friday after an upset poll victory that ushered in a smooth handover of power in Africa's biggest copper producer.

The execution of Georgia man Troy Davis in connection with the murder of an off-duty Savannah police officer 22 years ago has evoked protests in different parts of the world.

The world's major economies on Thursday pledged to prevent Europe's debt crisis from undermining banks and financial markets, and said the euro zone's rescue fund could be bolstered.

Global carbon dioxide (CO2) emissions have increased by 45 per cent in the past two decades and reached an all-time high in 2010, says a report.

Some canned foods marketed for children are found to contain estrogen-like chemical, Bisphenol A(BPA), according to a new report. A study by non-profit group, Breast Cancer Fund, found that 12 canned soups and pastas popular among children contained BPA, sparking off concern over the health effects of the chemical.

President Barack Obama will meet Palestinian President Mahmoud Abbas on Wednesday to urge him to drop plans to ask the U.N. Security Council to recognize a Palestinian state despite U.S. and Israeli objections.

Europe's debt crisis has increased the risk exposure of banks in the region by 300 billion euros ($410 billion) and they need to recapitalize to ensure they can weather potential losses, the International Monetary Fund said on Wednesday.

The Greek cabinet was expected to outline major public sector layoffs, more spending cuts and tax increases on Wednesday to secure a bailout installment crucial to avoid running out of money next month.

Britain's top share index slipped back on Wednesday, weighed down by concerns over Greece's ability to stave off a default, as investors focused on the possibility of further economic stimulus from the U.S. Federal Reserve.

President Barack Obama will meet Palestinian President Mahmoud Abbas Wednesday to urge him to drop plans to ask the U.N. Security Council to recognize a Palestinian state despite U.S. and Israeli objections.