Trade, investment and other cooperation between developing countries – so called ”South-South exchange – could soften the blow of the economic crisis on vulnerable economies, the head of the United Nations agency that promotes commerce to fight poverty said on Wednesday.
The Bank of England's Monetary Policy Committee voted on Thursday to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 1.0%. This marks the fifth interest rate cut since October, as the BoE seeks to encourage more lending and stimulate the UK economy which is officially in recession since December. Base rates stood at 5% last October.
More snow has fallen across a frozen UK amid warnings that some councils face dwindling salt supplies to help keep traffic moving. Travellers have faced fresh delays as up to five inches of snow fell in some parts with south Wales, western England, the Midlands and counties to the north of London worst hit.
Argentina's car production plunged 54.6% in January compared to the same month last year, the Automakers' Chamber (ADEFA) reported yesterday
The number of cars manufactured in the country totalled 18,720, down from 41,228 in January 2008.
Global mining giant BHP Billiton, which also has interests in the Falkland Islands oil industry, has seen its half-year profits fall by a quarter, saying it had been hit by a rapid deterioration in market conditions.
UK Business Secretary Lord Mandelson has told the Royal Bank of Scotland that it risks alienating ordinary people if it gave its traders and bosses exorbitant bonuses.
The European Central Bank kept interest rates on hold at 2% on Thursday but said it may resume cutting, although zero rates were not appropriate for the Euro zone at the moment.
British Chancellor of the Exchequer Alistair Darling criticised on Tuesday bank chiefs for failing to flag up the financial difficulties they faced at an earlier stage. Darling said some had wrongly given the impression that the problems afflicting Northern Rock were isolated and would not affect themselves.
United States President Barack Obama has said he wants to avoid economic stimulus measures that would signal protectionism or spark a trade war. Mr Obama was responding to international criticism of a Buy American clause in the 800 billion US dollars economic recovery package.
Banks which have received UK Government help to deal with the financial crisis should be made to reveal full details of their tax haven activities, urged union leaders in Britain, reports The Gibraltar Chronicle.