Stories for February 5th 2009

Thursday, February 5th 2009 - 20:00 UTC
Bank of England cuts rate to 1%, and hopes for the best

The Bank of England's Monetary Policy Committee voted on Thursday to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 1.0%. This marks the fifth interest rate cut since October, as the BoE seeks to encourage more lending and stimulate the UK economy which is officially in recession since December. Base rates stood at 5% last October.
Thursday, February 5th 2009 - 20:00 UTC
Punta Arenas expects 4.175 cruise visitors on Saturday

Punta Arenas in the extreme south of Chile will be taken over by 4.175 cruise visitors when two huge vessels, “Star Princess” and “Radiance of the Seas” call in on Saturday. “Carnival Splendour” with 3.700 visitors is expected at the end of the month.
Thursday, February 5th 2009 - 20:00 UTC
More snow storms cause transport havoc in frozen UK

More snow has fallen across a frozen UK amid warnings that some councils face dwindling salt supplies to help keep traffic moving. Travellers have faced fresh delays as up to five inches of snow fell in some parts with south Wales, western England, the Midlands and counties to the north of London worst hit.
Thursday, February 5th 2009 - 20:00 UTC
Argentina's Jan. car production plunges 54%; exports 60%

Argentina's car production plunged 54.6% in January compared to the same month last year, the Automakers' Chamber (ADEFA) reported yesterday

The number of cars manufactured in the country totalled 18,720, down from 41,228 in January 2008.
Thursday, February 5th 2009 - 20:00 UTC
Mining giant BHP Billiton half year profits fall 25%

Global mining giant BHP Billiton, which also has interests in the Falkland Islands oil industry, has seen its half-year profits fall by a quarter, saying it had been hit by “a rapid deterioration in market conditions”.
Thursday, February 5th 2009 - 20:00 UTC
Bankers bonus and perks cap controversy reaches UK

UK Business Secretary Lord Mandelson has told the Royal Bank of Scotland that it risks alienating ordinary people if it gave its traders and bosses “exorbitant” bonuses.
Thursday, February 5th 2009 - 20:00 UTC
Argentina's unions challenge wage policy in election year

Argentina's powerful trade unions are stepping up calls for salary increases despite an economic slowdown and since it is election year they could win double-digit hikes to offset inflation.
Thursday, February 5th 2009 - 20:00 UTC
Euro bank says no to “zero rates”; benchmark 2%

The European Central Bank kept interest rates on hold at 2% on Thursday but said it may resume cutting, although zero rates were not “appropriate” for the Euro zone at the moment.