Stories for November 2008

Wednesday, November 12th 2008 - 20:00 UTC
UK “very likely” in recession; 11–year high unemployment

Unemployment in the United Kingdom hit an 11-year high as the Bank of England signalled that interest rates could plunge to record lows to lift the economy out of recession which is “very likely” already in recession.
Tuesday, November 11th 2008 - 20:00 UTC
Maltese cruise retained in Ushuaia for security reasons

The Maltese flagged cruise vessel “Lyubov Orlova” has been retained in Ushuaia and banned from continuing to Antarctica until it complies with the International Maritime Organization security and safety rules, according to local Argentine authorities.
Tuesday, November 11th 2008 - 20:00 UTC
Santander bank announces 7.2 billion Euro rights issue

Spain's banking giant Santander - which owns UK's Abbey, Alliance & Leicester and Bradford & Bingley's savings business - has announced a 7.2 billion Euro rights issue to raise new capital and shore up its capital ratio.
Tuesday, November 11th 2008 - 20:00 UTC
Argentina still planning to repay Paris Club debt

Argentina is still planning to use its foreign exchange reserves to repay defaulted debt to the Paris Club of creditor nations, according to the club's chairman Xavier Musca.
Tuesday, November 11th 2008 - 20:00 UTC
Bush-Obama begin friendly transition in the Oval Office

President-elect Barack Obama held this Monday his first meeting with incumbent George W Bush since his last week's decisive election victory. Both sides described the White House talks, which lasted just under two hours, as friendly and productive.
Tuesday, November 11th 2008 - 20:00 UTC
Veteran Welsh Guard returns to Falklands to honour best friend

Falkland Islands 1982 British veteran soldier Clive Davies admitted he, “â€¦cried like a baby,” when on Monday he returned to spot where he witnessed the death of his best friend and countless comrades.
Tuesday, November 11th 2008 - 20:00 UTC
Mafia, Italy's largest and most profitable “corporation”

The largest business in Italy today is organized crime, Mafia, with an annual turnover of some 130 billion euros (about 165.71 billion US dollars) and a net profit of close to 70 billion euros, after investments and expenses, according to the Italian national retail services association Confesercenti on Tuesday.
Tuesday, November 11th 2008 - 20:00 UTC
Financial summit is “a promising start” says Lula da Silva

Brazilian President Lula da Silva said on Tuesday in Italy he did not expect major results from the meeting of 20 nations in Washington to discuss the global financial crisis on November 15, but “it's a promising start”.
Tuesday, November 11th 2008 - 20:00 UTC
Oil below 60 US dollars; OPEC ponders further cuts

While the price of crude oil for future delivery declined below 60 US dollars a barrel, OPEC sources on Tuesday said that the cartel will again consider cutting production when it meets next month in Algiers.
Tuesday, November 11th 2008 - 20:00 UTC
Uruguay Argentina preparing for another confrontation round

Uruguay and Argentina seem head on for another confrontation. Uruguay ratified it is considering the unilateral dredging of one of the two main River Plate channels it shares with Argentina to ensure the viability of huge projects which need navigational capacity for their production.