11/09/2012 03:31 EST | Updated 01/09/2013 05:12 EST

Don't Miss: 5 of the week's must-read stories from

The tight U.S. election race and Barack Obama's defeat of Republican Mitt Romney dominated the news this week, but if you only read the top news stories then you missed some of the most interesting coverage — what the result really means for Canada and the rest of the world.

The U.S. vote also drowned out many of the other headlines in the news, from the leadership changeover in China, to the Prime Minister's mission to India, to the growing fallout of Quebec's corruption scandal.

In case you didn't catch it, here's coverage of five of this week's must-read stories from

U.S. Election

Anyone who read, watched or listened to a news report this week knows that Barack Obama defeated Mitt Romney in Tuesday's election to win a second term as U.S. president. But the presidential victory was only part of the story.

The election has ramifications for everything from the legalization of gay marriage and marijuana use in some U.S. states, to how a post-election President will deal with Canada and the evolving list of global hotspots over the next four years.

- READ: Brian Stewart - Cautious Obama faces down restless world

- READ: Chris Hall - Is Obama the best choice for Canada?

- READ: Neil Macdonald - Triumph of the hopey-changey stuff

- READ: Is the U.S. becoming more liberal?

- READ: How states voted on major social issues

- WATCH: Power and Politics - Rethinking Canada's marijuana law

- READ: Greg Weston - U.S. drive toward fiscal cliff keeps Canada on edge

- PHOTOS: Donald Trump to Big Bird, election winners and losers

- EXPLORE THE MAP: Final results of the 2012 U.S. election

Change of power in China

The U.S. wasn't the only global superpower making leadership changes this week — China's 18th National Party Congress started in Beijing. By the time the Congress ends late next week, the country will have a new premier and president who will serve for the next 10 years. It will also announce a new policy agenda that will steer its domestic and foreign policies for the next five years. With China's growing influence over global politics and economics, the ramifications of the changes for Canada and other countries promise to be enormous.

- READ: Patrick Brown - No 'reformers' in China's political elite

- READ: How is China choosing its new leaders? One-party system relies on elaborate succession plan

- READ: China's Hu slams corruption as power handover begins

- READ/WATCH: Adrienne Arsenault in China - The other election

Stephen Harper in India

While the U.S. and China have been deciding who will lead them, Prime Minister Stephen Harper was in India this week attempting to shore up political and trade relations with the fast-growing economic powerhouse. Harper faced tough negotiations over tighter economic ties, as well as tough questions about what he's doing to assuage Indian concerns about Sikh extremism in Canada. He also signed a deal that is aimed at addressing security concerns that have held Canada back from shipping uranium to India.

- READ: Terry Milewski: Harper leaves unanswered questions in India

- READ: Canada and India sort out nuclear deal

- READ: Indian minister concerned about Sikh extremists in Canada

- PHOTO GALLERY: Prime Minister Stephen Harper in India

Quebec corruption scandal

As the corruption scandal plays out in Quebec, the beleaguered mayors of Montreal and Laval both stepped down this week. But the brunt of the public anger is apparently being weathered by the lower-level city employees who people see on the street or in civic offices. Montreal's 28,000 municipal employees issued a public letter this week saying they also feel betrayed by corruption.

- READ: Montreal mayor steps down amid corruption allegations

- READ: Laval mayor resigns amid corruption allegations

- READ: Montreal city workers write public letter amid corruption claims

- READ: Special report: Quebec Corruption Inquiry

- EXPLORE THE TIMELINE: A day-by-day look at CBC's coverage of the Charbonneau commission

New $20 bill

Canada's $20 banknote is a favourite of counterfeiters, so this week the Bank of Canada started circulating a new polymer bill that it says will be harder to duplicate. The front of the bill has a new portrait of Queen Elizabeth and the back has an image of the Vimy Memorial in France (which some have called "pornographic"). You should see one of the new twenties soon, as the $20 bill has become the most popular Canadian banknote.

- READ: New $20 bill designed to thwart counterfeiters goes into circulation

- EXAMINE THE $20: Zoom in and see the details of the new bill

- YOUR OPINION: Is Canada's new $20 bill 'pornographic'?

And a bonus for James Bond fans

James Bond is back in the big screen in Skyfall, released in Canada this week. The movie that marks the 50th anniversary of the secret-agent franchise scores five out of five in the CBC review, and Eli Glasner writes, "This is a film that both asks and answers the question 'Why does the world need Bond?'" But while the latest plot gets two thumbs up from the critics, the same can't be said for all the Bond movies made over the past five decades. CBC asked ex-CIA and other spy experts which Bond villians (and their villainous plans) had the best chance of succeeding in the real world.

- READ:Review - Eli Glasner on Skyfall

- READ: Spy experts rate the best Bond villains