The era of cheap gas is coming to an end, Russia's Prime Minister Vladimir Putin has told ministers from the world's major gas-exporting countries. Putin said the cost of extracting gas was rising sharply therefore the era of cheap energy resources, of cheap gas, is of course coming to an end.
Champagne sales during the first ten months of 2008 indicate a 4.9% drop following a record 338 million bottles sold in 2007, according to France's champagne wine board, CIVC. October was particularly significant with 23% less bottles leaving France's main cellars compared to a year ago.
Visiting French President Nicolas Sarkozy and his Brazilian counterpart Lula da Silva agreed on Monday to take a common EU-Brazil position to the next G20 summit dealing with the global financial crisis.
A senior Chinese official has pledged that China will consider any request for assistance from Taiwan during the current global financial downturn.
The credit crunch will last for up to two more years, the boss of Britain's Barclays Bank believes. John Varley forecast that consumers and businesses would struggle to access credit for between one and two more years. He added that banks should apologise to customers to regain their trust.
European Commission president Jose Manuel Barroso admitted that the current global financial downturn implies a growing risk of increasing protectionism and other forms of limits to migratory and economic policies.
Chief Minister Peter Caruana has declared that the Gibraltar Government has adjudicated public works contracts to Spanish companies worth an estimated 200 million Euros.
Mr Caruana was speaking at a meeting of Costa del Sol socialists in Malaga where he was the guest of Spain's former Secretary of State for Foreign Affairs Bernardino Leon, widely credited with being one of the intellectual instigators of the (UK, Spain, Gibraltar) Tripartite Forum.
China cut interest rates for a fifth time in three months on Monday in its latest efforts to rev up the economy. The one-year lending rate will drop by 0.27 percentage points to 5.31% and the deposit rate by the same amount to 2.25%, the People's Bank of China said on its Web site.
The British cabinet is weighing up a direct loan worth hundreds of millions of pounds to ailing car maker Jaguar Land Rover it was reported over the weekend in the London press. Business Secretary Lord Mandelson could approve a £500 million loan to the company, which employs around 15,000 people in the UK, the Sunday Times claimed.
Internet and phone communications between Europe, the Middle East, and Asia have been seriously disrupted after submarine cables were severed. It is thought the FLAG FEA, SMW4, and SMW3 lines, near the Alexandria cable station in Egypt, have all been cut. A fault was also reported on the GO submarine cable 130km off Sicily.