Stories for December 20th 2008

Saturday, December 20th 2008 - 20:00 UTC

Big Three rescue loan brings relief but is no handout

Citing imminent danger to the US economy, President Bush ordered Friday an emergency bailout of the US auto industry Friday, offering 17.4 billion USD in rescue loans and demanding tough concessions from the deeply troubled carmakers and their workers.

Saturday, December 20th 2008 - 20:00 UTC

Europe Asia plagued by recession and internet collapse

Internet and phone communications between Europe, the Middle East, and Asia have been seriously disrupted after submarine cables were severed. It is thought the FLAG FEA, SMW4, and SMW3 lines, near the Alexandria cable station in Egypt, have all been cut. A fault was also reported on the GO submarine cable 130km off Sicily.

Saturday, December 20th 2008 - 20:00 UTC

EU compromise on fishing quotas and reduced discard nets

EU ministers agreed this week to a 30% increase in next year's fishing quota for North Sea cod, but will reduce catches for several other species. The quotas are a compromise between environmental groups, who say some fish stocks are on the verge of collapse, and fishermen who fear for their jobs.

Saturday, December 20th 2008 - 20:00 UTC

UK team en route to Antarctica for South Pole race

British television presenter Ben Fogle and UK Olympic rowing champion James Cracknell are due to arrive in Antarctica ahead of a gruelling South Pole race. Cracknell, 36, Fogle, 35, and 28-year-old Dr Ed Coats - who beat 650 applicants for his place on the team - will spend the next fortnight acclimatising to the harsh weather and terrain.

Saturday, December 20th 2008 - 20:00 UTC

Oil price collapses in spite of promises of further supply cuts

OPEC will continue to cut crude production until prices stabilize said the cartel's president Chakib Jelil on Friday during a conference of oil producing and consuming countries in London.

Saturday, December 20th 2008 - 20:00 UTC

OPEC asks “confused” PM Brown to also look at high oil taxes

Oil producers rounded on UK PM Gordon Brown on Friday for complaining about prices while raking in huge fuel taxes. A senior OPEC figure branded the Prime Minister “confused” for demanding the cartel maintained output levels to control prices rather than reducing domestic duty.

Saturday, December 20th 2008 - 20:00 UTC

Brazilian beef exports in November drop by 33%

Brazil beef exports dropped 33% during November following a significant contraction in global demand because of the world recession, according to the industry.

Saturday, December 20th 2008 - 20:00 UTC

Global contraction in 2009, first time in decades says IIF

The global economy likely will contract next year for the first time in decades as the credit crunch bites, according to the Institute of International Finance (IIF), a Washington-based association representing more than 375 of the world's major banks and financial institutions.

Saturday, December 20th 2008 - 20:00 UTC

Oil prices threaten Chavez constitution reform process

Venezuela's National Assembly has given preliminary approval for a constitutional referendum to scrap presidential term limits, which would allow President Hugo Chavez to run for re-election in 2012 and beyond.

Saturday, December 20th 2008 - 20:00 UTC

LAN allowed to operate in Ecuador's domestic market

Chile's LAN was granted a two-year concession to operate domestic flights in Ecuador, a top aviation official said on Thursday. The airline's Ecuadorean unit will be allowed to fly local routes to major cities like Guayaquil, Quito and Cuenca.