Stories for 2008

Wednesday, November 12th 2008 - 20:00 UTC
Petrobras admits cash strapped to develop ambitious expansion

Brazilian government managed oil company Petrobras announced on Tuesday that net income rose 96% in the third quarter thanks to a stronger US dollar and increased production. However this did not prevent shares from sliding 14% on Wednesday trading because of falling oil prices and the expanding global financial crisis.
Wednesday, November 12th 2008 - 20:00 UTC
UN “resilience committee” to boost tourism industry

Tourism ministers from around the world have agreed to set up a new United Nations-backed committee to consider how to respond both to the downturn in international travel as a result of the global financial crisis and the impact of climate change.
Wednesday, November 12th 2008 - 20:00 UTC
Paulson changes focus of bail out plan to spur liquidity

The 700 billion US dollars bail-out package has already “clearly helped stabilise” the financial system, US Treasury Secretary Henry Paulson said on Wednesday but he also warned there were still many challenges ahead and market turbulence was likely to continue for some time.
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.