Corolla Financial

Economic weakness and record debt levels in Europe and the US are causing concerns for the health of the car industry. The US car market is expected to be more cutthroat than usual as sales drop and the returns of Toyota and Honda are completed.

The Reserve Bank of India has raised the policy lending rate by 25 basis points to 8.25% in a struggle to curb inflation which is at a 13-month high of 9.78%.

World stock markets and the value of the euro plunged upon word that Greece will default, sparking fears of a contagion. Banks and other bodies are attempting to quell the panic, with the NYSE invoking Rule 48 to prevent a crash.

Gold, which usually rises as the dollar weakens, hit its third record in five days, notching a near 9 percent monthly gain for July. Meanwhile, HSBC has been granted access to trade gold futures in Shanghai.

Nestle, the Swiss food company, stated earlier this month that it has agreed to pay $1.7 billion for a 60 percent stake in a big Chinese confectioner. The deal is one of the biggest ever by a foreign company in China.

Top UK executives have received pay increases of up to 32% causing public outrage.

Afghanistan's efforts to punish the perpetrators of last year's crisis do not satisfy the IMF; if this continues, the country will suffer a cash crisis within a month.

Corolla Financial Report: Despite record food production, prices will stay high and volatile throughout this year dampening global economic growth.

Growing optimism on a new deal for Greece brought the Euro to a 4-week high against the dollar on last week.