Directly addressing the ongoing global financial crisis, Ban said “we need a new understanding on business ethics and governance, with more compassion and less uncritical faith in the ‘magic’ of the markets. And we must think about how the world economic system should evolve to more fully reflect the changing realities of our time” The turbulent financial markets and global credit crisis pose a serious threat to the work of the U.N., Ban added, noting that financing for development as well as social spending in rich and poor countries are threatened by uncertainty in financial markets. The U.N. chief also cautioned that the “global food crisis has not gone away.” He noted that the price of a ton of rice—a food staple for 50 percent of the world’s population—now costs $730, more than double what it cost last year. “If you are among the world’s poor, you have never felt poverty so sharply,” Ban said. The U.N. head spoke at the beginning of a full day of addresses by world leaders. Among those who spoke on Tuesday were U.S. President George W. Bush; French President Nicolas Sarkozy and Iranian President Mahmoud Ahmadinejad.--SPA www.spa.gov.sa/592940