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.

Thursday, August 13th 2009 - 08:02 UTC

GM says Chevy Volt could top 230 miles-per-gallon

A Chevrolet Volt is seen during a news conference at GM's Warren Technical Center in Warren, Michigan.

General Motors officially unveiled the Volt, which according to the company can travel up to 40 miles on a single battery charge. The car will likely start production later this year. According to GM, the Volt will get city fuel economy of at least 230 miles-per-gallon, and come packaged with a flex fuel-powered engine-generator. The range of the Volt will be 300 miles, GM said.

Thursday, August 13th 2009 - 07:49 UTC

InterContinental Hotels report loss: “business remains elusive”

Revenues sank by nearly 25% to 375 million dollars in the first half of 2009.

The British group which manages InterContinental Hotels, Crowne Plaza and Holiday Inn revealed that it plunged into losses in the first six months of 2009 and forecast a “tough” second half as the recession keeps business travellers at home. That compares with a net profit of 163 million dollars in the same part of 2008.

Wednesday, August 12th 2009 - 12:12 UTC

Oil at 70 USD per barrel threatens fragile global recovery, says IEA

Chief economist Fatih Birol expects OPEC not to boost prices to harmful levels next September

A fragile global economic recovery will be hurt if oil prices stay at 70 USD per barrel or rise higher, according to International Energy Agency (IEA) Chief Economist Fatih Birol. The IEA advises 28 industrialised countries.

Wednesday, August 12th 2009 - 12:02 UTC

Chinese economy recovering on government stimulus spending

Industrial output and GDP were below economic forecasts

New economic figures show that China's export-geared economy still has weaknesses, but is showing signs of recovery. Still, there are warnings that much of the gain is dependent on government stimulus spending.

Wednesday, August 12th 2009 - 11:58 UTC

OPEC expects demand for crude to decline further next year

The oil cartel blames the slow global economic recovery

Oil prices have fallen after producers group OPEC said it now expected demand for its crude to decline further than predicted next year. Blaming the slow nature of the global economic recovery, OPEC now expects demand for its crude to average 27.97 million barrels per day in 2010.

Wednesday, August 12th 2009 - 11:50 UTC

Biggest gems heist in British history: £ 40 million

Two smartly dressed armed robbers emptied Graff Jewellers in London's West End

Police are hunting robbers who stole items worth nearly £40m in what is believed to be the biggest gems heist in British history. Two smartly-dressed armed robbers stole jewellery worth almost £40 million from Graff Jewellers in London's West End last Thursday.

Tuesday, August 11th 2009 - 12:13 UTC

Repsol denies Chinese 17 billion USD offer for YPF

The deal could be China’s biggest overseas investment

Spain’s largest oil producer Repsol-YPF denied receiving an offer for its Argentine YPF unit following a report that Chinese companies had proposed buying its stake.

Tuesday, August 11th 2009 - 11:10 UTC

Oxford University warns against Tamiflu drug for children

Children who were otherwise healthy could suffer more harm than benefit from taking Tamiflu or another anti-viral, Relenza, says the British Medical Journal.

Children should not be given the anti-viral drug Tamiflu to combat swine flu, Oxford University researchers have said. They urged the United Kingdom Department of Health to urgently rethink its policy on giving the drugs to youngsters affected by the current flu pandemic.


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