North Korea launched a satellite into space. Its state media reported, triggering a wave of international condemnation and prompting strong reaction from an emergency meeting of the U.N. Security Council. Though North Korea said the launch was for scientific and "peaceful purposes," it is being widely viewed by other nations as a front to test a ballistic missile, especially coming on the heels of North Korea's purported hydrogen bomb test last month. Pyongyang carried out both acts in defiance of international sanctions. At an emergency meeting, members of the U.N. Security Council "strongly...

El Nino is defined by prolonged warming in the Pacific Ocean sea surface temperatures when compared with the average value. The U.S NOAA definition is a 3-month average warming of at least 0.5 C (0.9 F) in a specific area of the east-central tropical Pacific Ocean; other organizations define the term slightly differently. Typically, this anomaly happens at irregular intervals of two to seven years, and lasts nine months to two years. The average period length is five years. When this warming occurs for seven to nine months, it is classified as El Nino "conditions"; when its duration is...

The unexpected fall in world market prices for oil in the second half of 2014 is comparable to two other recent episodes: in 1986 and 2008-09. The price drop has lowered the cost of living and increased real incomes for consumers in countries where the price declines have been passed on to users. Similarly, firms using oil in production have benefited from lower input prices in these countries. The implied decline in firms 'marginal costs should translate into lower producer prices for their goods and services. These real income gains should result in higher spending and, other factors...