News stories by Analysis by Kanya D'Almeida

While experts are hopeful that blocs of emerging market economies like BRICS — Brazil, Russia, India, China and South Africa — will play a major role in the upcoming aid effectiveness conference in Busan, South Korea, others fear that the new players do not yet have the fiscal power to make a serious intervention in fora generally dominated by rich donor states.

As shock waves from Greece's economic crisis emanate across the Eurozone and the Occupy protests in the U.S. grow bolder in their critique of the dominant neoliberal system, it seems clear to many observers that the old hegemonic economic order is fading fast.

Amid unprecedented political ferment in the Arab world, the United States used its veto Friday to block a U.N. Security Council resolution condemning Israel's continuing annexation of Palestinian territory and calling for a freeze on settlements in the West Bank and East Jerusalem.