A look at economic developments around the globe

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MADRID -- Spain raised (EURO)2.1 billion ($2.62 billion) from the bond markets -- but investors demanded a higher interest rate out of concern that the country's troubled banks were weighing heavily on government finances.

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PARIS -- France's government saw its borrowing rates drop in an auction of long-term bonds, an indication of investor confidence in the country despite concerns over the financial stability of some of its neighbors, such as Spain.

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BEIJING -- China cut its benchmark lending rate for the first time in nearly four years, adding to efforts to reverse a sharp economic downturn.

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LONDON -- Global markets rose, boosted by China's decision to cut interest rates, hopes that the Federal Reserve will consider new support for the U.S. economy and speculation Europe is preparing to give Spain financial aid.

Germany's DAX closed 0.8 percent higher while France's CAC-40 rose 0.4 percent. Britain's FTSE 100 gained 1.2 percent. Madrid's Ibex was up 0.3 percent.

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TOKYO -- In Asia, Japan's Nikkei 225 index added 1.2 percent. Hong Kong's Hang Seng gained 0.9 percent and South Korea's Kospi index jumped 2.6 percent.

Australia's S&P/ASX 200 climbed 1.3 percent. Benchmarks in New Zealand, Taiwan and Indonesia also rose, but those in mainland China and Singapore fell.

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BERLIN -- Britain's prime minister is urging eurozone nations to act swiftly and take bold steps to tackle the crisis engulfing their single currency.

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LONDON -- The Bank of England kept its base interest rate at the all-time low of 0.5 percent and chose not to approve any additional monetary stimulus, despite worries over Britain's sluggish economy.

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ATHENS, Greece -- Greece's unemployment shot up to 21.9 percent in March, rising sharply from the 15.7 percent rate in the same month last year and up from 21.4 percent in February, the country's statistics agency said.

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PARIS -- France's official statistics agency says the country's unemployment rate climbed to 10 percent in the first quarter -- the highest level in more than 12 years.

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ROME -- A U.N. agency says world food prices dropped sharply in May, reaching their lowest level in eight months due to favorable supplies and currency fluctuations.

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DHAKA, Bangladesh -- Bangladesh said it anticipates 7.2 percent economic growth in the coming fiscal year from increased export earnings and more remittances from Bangladeshis abroad. State television news broadcast a brief statement from the bank announcing the June 15 release of the new note, worth about $12.

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YANGON, Myanmar -- Myanmar will soon issue a 10,000-kyat bank note that will be the country's highest-denomination currency.

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