International

International
Monday, March 8th 2010 - 07:01 UTC

Yorkshire pudding makers with 18th century recipe fight for EU legal protection

Yorkshire pudding makers have launched a bid to gain European legal protections currently enjoyed by other regional delicacies such as Scotch whisky and champagne. Under EU law, businesses in other countries can be prevented from making products which are named after specific regions of the European Union.

Saturday, March 6th 2010 - 11:40 UTC

China promised to reverse income gap between rich and poor

Chinese Premier Wen Jiabao set 8% as economy expansion target for 2010

Chinese Premier Wen Jiabao has said China must reverse its widening income gap between rich and poor. He said benefits of a growing economy - expected to expand by 8% this year - should be distributed more fairly.

Saturday, March 6th 2010 - 11:37 UTC

British MPs 1.5% pay increase taking salaries to £ 65.737

PM Office said government ministers will not be accepting the pay rise

British MPs are to get a 1.5% rise from next month bringing their salaries to £ 65.737. The increase of nearly £1,000 is likely to spark fury in the wake of revelations about expenses abuse and with millions of workers across the private and public sectors facing freezes or even cuts.

Friday, March 5th 2010 - 06:33 UTC

Greek PM in Berlin will test Germany’s commitment

German politicians suggested Greece should sell islands and the Acropolis

Two political allies of German Chancellor Angela Merkel said Greece should sell off some of its islands to pay off its debts. Greece's Prime Minister, George Papandreou, is due to meet Ms Merkel in Berlin Friday for talks about his country's economic crisis.

Friday, March 5th 2010 - 06:29 UTC

Bank of England leaves QE program and interest rates unchanged

UK economy slowly climbing out of recession

The Bank of England opted Thursday against providing fresh aid for the economy after a year of record low interest rates and emergency stimulus measures. Its rate-setting committee marked the first anniversary of quantitative easing by leaving the program unchanged at £200bn and holding borrowing costs at 0.5%.

Friday, March 5th 2010 - 06:25 UTC

Euro zone interest rate left at record low of 1% for tenth month

ECB president Jean-Claude Trichet: “recovery on track but uneven”

The European Central Bank (ECB) has kept the Euro zone benchmark interest rate at its record low of 1% for the 10th month in a row, as expected. ECB also signalled it would scale back the special lending measures introduced during the financial crisis even though the economy in the 16 countries that use the Euro is only barely growing.

Friday, March 5th 2010 - 06:21 UTC

China surprises with a slower growth of its 2010 defence budget policy

The PLA has 2.3 million personnel, more than any other nation

China announced a slowdown in the growth of its much-watched defence budget. The planned increase of just 7.5% on last year's military spending is the smallest hike after more than two decades of annual double-digit increases.

Thursday, March 4th 2010 - 11:46 UTC

Standard Chartered record profits; criticizes regulation proposals

 Chairman John Peace bets on China and India

Standard Chartered has reported record profits in 2009 and criticised some recent proposals to regulate banks. Pre-tax profits were 5.15 billion USD (£3.4bn), up 13% from 2008. Total pay and bonuses rose 4% to 4.91 billion USD.

Thursday, March 4th 2010 - 04:19 UTC

Europe welcomes Greek austerity plan, but Athens demands “solidarity”

Prime Minister George Papandreou hikes taxes and freezes pensions

Europe has welcomed a 6.6 billion US dollars Greek austerity plan of pension freezes and tax hikes as the country mounts a frantic bid to cut its budget deficit. Hundreds of pensioners hit the streets after Prime Minister George Papandreou revealed the hit to public and private sector retirement plans.

Thursday, March 4th 2010 - 04:13 UTC

Giant waves ram cruise in Mediterranean killing two

Cypriot-owned Louis Majesty

Two people have been killed and six injured as giant waves slammed into a cruise ship in the Mediterranean, the ship's owners have said. The 8 metres high rogue waves hit the Cypriot-owned Louis Majesty off the north-east coast of Spain.

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