Thursday, November 5th 2009 - 05:51 UTC

Strict cuts and rules for British MPs allowances

Chairman of the Committee on Standards in Public Life, Sir Christopher Kelly

British Members of Parliament should no longer be able to claim for their mortgages or employ family members at the taxpayers' expense, the long-awaited report by the standards watchdog has said.

Thursday, November 5th 2009 - 05:42 UTC

Chinese company buys oil assets in the US for the first time

The deal involves four deepwater exploitation licences in the Gulf of Mexico

Chinese energy giant China National Offshore Oil Corporation (CNOOC) has bought oil assets in the US for the first time. CNOOC purchased limited stakes in four deepwater exploitation licences in the Gulf of Mexico from Norway's Statoil. The size of the deal is secret, but Statoil said it was small.

Thursday, November 5th 2009 - 05:34 UTC

GM decision to hang on to European subsidiaries triggers controversy

German Economy Minister Rainer Bruederle wants taxpayers’ money back

General Motors decision to hang on to its European car unit Opel including Vauxhall in Britain, was welcomed in the UK but met with anger in Germany. Unite union chief Tony Woodley, a former Vauxhall worker, hailed the news as a “fantastic decision”.

Thursday, November 5th 2009 - 05:21 UTC

Gold at all time record following India’s purchase of IMF metal reserves

Gold prices have surged recently as investors move away from the US dollar.

The price of gold has touched an all-time high after a large sale of the precious metal by the International Monetary Fund (IMF) to India. Gold struck a high of 1,095.05 an ounce in London, against 1,084.50 late in New York on Tuesday.

Wednesday, November 4th 2009 - 13:17 UTC

Two million British children have no parent in work

According to the report on child poverty, the number of UK children living in poverty could jump to 2.3 million next year

The number of children in British families living on benefits has increased by 170,000 over the past year, with child poverty growing in affluent as well as traditionally hard hit areas, according to a new report.

Wednesday, November 4th 2009 - 13:14 UTC

Ireland and Spain forecasted to remain in recession well into 2011

Euro zone should begin recovery process next year

The European Union's economy is set to rebound in 2010, recording a growth rate of 0.7% before accelerating to a rate of 1.6% in 2011, the bloc's executive said Tuesday. However some economies will emerge from recession faster than others and among those lagging well into 2011 are Spain and Ireland.

Wednesday, November 4th 2009 - 13:10 UTC

Major restructure of British banks includes more injection of funds

Lloyds and RBS will be receiving a total of £ 39.2 billion of government funds

Britain’s Chancellor of the Exchequer Alistair Darling welcomed Tuesday the announcements that Royal Bank of Scotland (RBS) and Lloyds Banking Group are to sell off hundreds of branches.

Wednesday, November 4th 2009 - 09:32 UTC

Spain’s unemployment at a record 19.3% and no stopping in near future

With the end of the tourism season, the services sector unemployment soared

Spain's registered jobless rose for the third consecutive month in October reaching 19.3%, as stimulus spending began to run out and the boost from the busy summer period faded.

Wednesday, November 4th 2009 - 09:24 UTC

Iraq signs oil development agreements with Britain, China and Italy

The country has the world’s third largest proven oil reserves

Iraq's oil ministry has signed an initial agreement with a consortium led by the Italian firm, ENI, to develop the Zubair oilfield in southern Iraq. The deal which needs cabinet approval calls for the group to extract 200,000 barrels of oil a day, rising to 1.1 million a day within seven years.

Tuesday, November 3rd 2009 - 11:58 UTC

French Defence minister calls on Argentina to follow the steps of Brazil

Hervé Marin, French Defence Minister on a Latinamerican tour

French Defence minister Hervé Morin said that Argentina could increase its international influence following on the steps of Brazil, which is currently modernizing its military hardware and planning on the long term.


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