1World markets are holding their breath as the United States approaches the deadline for raising its debt ceiling. If a Republican deal is not reached by October 17th, the United States will default on all its debts and the consequences for world financial markets could be disastrous. On Friday, President Obama rejected a Republican offer of a short-term solution to the problem, but the fact that an offer was even being made in the first place was seen as a positive first step towards an agreement.

2This was an historic week for the United States as President Obama nominated Janet Yellen to take over as Chair of the United States Federal Reserve. If her nomination is accepted by the Senate, she will become the first woman to ever fill the role and the first Democrat in over two decades.

3The United States Supreme Court has been warned that if they decide to overturn the country's current campaign finance laws they could risk severely corrupting the American political system.

4The death of over 1100 people in a Bangladeshi factory collapse earlier this year highlighted the plight of factory workers in the country. As one of the leading providers of clothing for major Western retailers, the conditions faced by workers have been raising numerous ethical questions.

5Newly elected Australian Prime Minister Tony Abbott appeared to be relishing his new role as he engaged in top level talks with other world leaders at this year's APEC Summitt in Bali. However, it was clear that his number one priority was to engage with the Chinese Premiere Xi Jinping.

6The overthrow of Libyan dictator Colonel Gaddafi in 2011 has left Libya with a power vacuum. After nearly three decades of his regime, the political parties are ill-equipped to deal with the nation's political complexities. This week, Libya's President was kidnapped in an act of political revenge.

7Analysis of the week's international news headlines.