Around the World for 04/09/08

American Cancels 850 More Flights - American Airlines canceled 850 flights Wednesday — more than a third of its total — as its efforts to inspect and in some cases reattach wiring bundles in the wheel wells of its 300-plane fleet of MD-80s dragged on. The total could climb above 850, a spokesman said, as only 30 of the 300 single-aisle planes were so far cleared of the inspection process and operating.

IMF slashes world growth forecast - The International Monetary Fund (IMF) has said that the world economy will grow much more slowly in the next two years as a result of the credit crunch. In its latest economic forecast, the IMF says that world economic growth will slow to 3.7% in 2008 and 2009, 1.25% lower than growth in 2007. The downturn will be led by the US, which the IMF believes will go into a "mild recession" this year.

New downtown park's a beauty, but is it money spent in the right place? - Twelve acres in front of the George R. Brown Convention Center have been transformed into Discovery Green, adding green space, restaurants, an interactive fountain, model boats, a jogging path and a small library to the downtown landscape. The new park --downtown's largest-- opens this weekend, almost four years after a massive fundraising campaign that kicked off in October 2004. In total the park cost $122 million, of which the city paid $41 million. The rest came from donors.

Oil jumps to near record on weak supply - Oil prices surged to near record levels Wednesday after a government report showed an unexpected decline in crude supplies. Light, sweet crude for May delivery rose $2.40 to $110.90 a barrel on the New York Mercantile Exchange. The contract traded as high as $111.43, within 40 cents of the all-time intraday mark of $111.80 set March 17. Oil prices had risen to $109.31 immediately before the report's release.

Petraeus: Another troop buildup in Iraq unlikely - The top U.S. military commander in Iraq said today that he is unlikely to call for another troop buildup in Iraq, even if security deteriorates after the extra American soldiers return home this summer. Gen. David Petraeus told a House panel that such a move would be considered the last resort, in part because of the strain it would place on the Army. First, the military could try to reallocate existing troops to respond to any hotspots. It also would rely more on Iraqi forces, which are improving in capability, he said.