The UK has imposed direct rule on the Turks and Caicos Islands after an inquiry found evidence of government corruption and incompetence. The administration of the UK Overseas Territory in the Caribbean has been suspended for up to two years and power transferred to the UK-appointed governor. Politicians are accused of selling crown land for personal gain.
The International Monetary Fund announced Thursday it would begin to inject 250 billion US dollars into member nations' treasuries to cushion the blows of the global economic crisis. The action is part of a 1.1 trillion US dollar plan agreed by Group of 20 leaders in early April to tackle the global financial and economic crisis.
Magna and its Russian partner Sberbank have reached agreement in principle with General Motors management over a contract to buy 55% of GM's European unit Opel, Magna's co-CEO Siegfried Wolf told reporters.
This week the German capital remembered a very different summer morning in 1961. On August 13 that year, the first barricades between the eastern and western halves of the city went up. Those barricades would eventually come to be known as the Berlin Wall, reports Germany’s Der Spiegel in its English on line version.
The Economic Times from Mumbai published on its online edition an article informing that Indian government owned energy company ONGC Videsh Ltd and its overseas investment branch, OVL, is having conversations with three Russian companies -Rosneft, Lukoil and Gazprom- for acquiring a substantial stake in YPF, the Argentine arm of Spanish oil major Repsol YPF SA.
Lord Mandelson has defended the British Government's handling of the downturn after figures showed that France and Germany have already pulled out of recession. The French and German economies both grew by 0.3% between April and June - surprising analysts who had expected them to shrink.
England's football coach Fabio Capello described the two goals conceded by his team, in a friendly international match against the Netherlands as 'silly mistakes'.
The United States has won a ruling at the World Trade Organisation (WTO) against China's restrictions on the import of American DVDs and other media products.
The recession in the United Kingdom has claimed another 220,000 jobs in the three months to June to take the total number of unemployed to 2.43 million, official figures have revealed.
Annual profits at mining giant BHP Billiton have more than halved after demand for commodities slumped. The company has more than 100 operations across the world, including South America and the Falkland Islands.