Mexico's senate unveiled an historic energy bill Saturday (Dec 7) that goes further than expected to break the state's monopoly over the oil and gas industry. After months of negotiation between the ruling PRI party and the largest opposition party PAN, a bill was finally brought into the senate over the weekend. The right-wing PAN appears to have come out ahead with a pro-market bill.

Throughout the fall, things looked bad for Venezuelan President Nicolas Maduro. His popularity was tanking; most Venezuelans blamed his government for the economic crisis that had been plaguing the country since the end of 2012. In just one year, inflation had soared from 20 percent to more than 50 percent, and shortages of electricity, food, and other essentials had become a part of everyday life. Efforts to control pandemic criminal violence hadn’t yielded significant results, either.

Asia’s emerging markets remain on edge over the U.S. Federal Reserve’s actions, damaging investor confidence from India to Indonesia. However, a new survey by the World Bank suggests that foreign direct investment (FDI) flows won’t be drying up anytime soon. In its World Investment and Political Risk 2013 report released Thursday, the World Bank’s Multilateral Investment Guarantee Agency (MIGA) said macroeconomic instability and political risk ranked “neck and neck” as the top concerns for investors over the short and medium terms.

The euro crisis has put most people off currency unions. But not in Africa, it seems. In November the leaders of five countries of the East African Community (EAC) agreed to form a monetary union within ten years. A month before West African politicians agreed on a plan to introduce a new shared currency, the eco, over the next few years. It should eventually subsume West Africa’s existing currency bloc—but not its central African cousin.

Elections matter. And in the coming year Latin America will see no less than eight scheduled elections for president. From Honduras to Chile, the hemisphere faces a collective referendum on the ability of governments to recharge economic growth while meeting the increasing social demands of the people.

Myanmar's president called Thursday for more investment and development assistance from the Philippines, saying his country needs help to catch up with the rest of Southeast Asia after emerging from nearly two decades of economic sanctions. President Thein Sein's visit represents a milestone in relations with the Philippines, one of the harshest critics of Myanmar's former ruling junta.

World attention today is keenly focused on nuclear proliferation in Iran, the future force presence in Afghanistan, and percolating problems between China and Japan involving islands in the East China Sea. And while officials in Washington deliberate how U.S. influence can affect these potentially destabilizing flash points, they're overlooking a country that could be a key contributor toward steadying the ship: India.

An announcement Tuesday by the obscure-sounding Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT, may not get much ink. China's currency, it reported, was used in 8.66 percent of global trade finance transactions in October, the group said. It's now the No. 2 most widely used currency for trade finance, supplanting the euro.