Saturday, August 15th 2009 - 12:34 UTC

UK direct rule on Turks and Caicos Islands following corruption probe

Former premier Galmo Williams described the UK government's actions as a “coup”.

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.

Friday, August 14th 2009 - 14:00 UTC

At the end of August IMF injects 250 billion USD to member countries

The move is geared to provide liquidity to the global economy

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.

Friday, August 14th 2009 - 05:03 UTC

Agreement in principle to buy 55% of GM Opel and Vauxhall

Canada’s Magna and Russia’s Sberbank presented a 600 page long offer.

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.

Friday, August 14th 2009 - 04:51 UTC

The 48th anniversary of the Berlin Wall

On August 13th 1961, “within hours, the city was laced with barbed wire and crudely built brick walls, a 27-mile barrier snaking through the city”

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.

Friday, August 14th 2009 - 02:58 UTC

Indian-Russian consortium interested in YPF

ONGC chairman RS Sharma said the company is continually looking for opportunities

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.

Friday, August 14th 2009 - 02:53 UTC

France and Germany’s economies performances surprise Britain

Business Secretary Lord Mandelson said it was “good news” for the UK economy which shrank 0.8% in the second quarter.

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.

Thursday, August 13th 2009 - 20:36 UTC

England Coach Bemoans 'Silly' Mistakes

Coach Fabio Capello

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'.

Thursday, August 13th 2009 - 08:25 UTC

WTO rules against China restrictions on US imports of DVD and media products

US Trade Representative Ron Kirk called the ruling a “significant victory”.

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.

Thursday, August 13th 2009 - 08:12 UTC

UK unemployment at its highest since 1995; second quarter, 2.43 million

Lord Mandelson, currently “minding the shop” in Downing Street described the situation as “unacceptable”.

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.

Thursday, August 13th 2009 - 08:09 UTC

Mining giant BHP Billiton profits slump 51% and sales 16%

The mining company holds licences for hydrocarbons exploration and production in Falklands’ waters.

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.


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