International

• Saturday, November 10th 2012 - 04:40 UTC

  Iberia survival plan: slash quarter of jobs, cut 15% network and downsize fleet

  

  Loss-making Iberia on Friday announced plans to axe 4.500 jobs to save Spain's biggest airline from collapse and warned more cuts could follow against the backdrop of economic crisis in the Euro zone country.

• Saturday, November 10th 2012 - 02:35 UTC

  China forecasted to become world’s largest economy, ahead of the US in 2016

  

  China is projected to overtake the US to become the world's largest economy as early as 2016, according to a report by the Organization for Economic Co-operation and Development (OECD) released on Friday.

• Saturday, November 10th 2012 - 02:20 UTC

  Argentine armed sailors prevent Ghana port officials from moving ARA Libertad

  

  Armed sailors on board the detained Argentine ARA Libertad frigate in Ghana threatened to open fire on Ports and Harbours Authority (GPHA) officials, if they attempted to move the ship from berth 11 to berth six, at the Tema Port, according to reports of “The Chronicle” local newspaper.

• Friday, November 9th 2012 - 06:30 UTC

  Draghi confirms economic activity in Euro is “expected to remains weak”

  

  The European Central Bank (ECB) has held the benchmark Euro zone interest rate at the record low of 0.75%, as had been expected. The rate has been at this level for four months, after July's cut from 1%.

• Friday, November 9th 2012 - 06:27 UTC

  FAO October Price Index: cereals and oils down; increases in dairy and sugar

  

  The FAO Food Price Index fell 1% in October 2012, and for the first ten months of the year food prices were on average 8% lower than in the same period in 2011. The Index dipped two points to 213 points from September's revised level of 215 points. The decline was largely due to lower international prices of cereals and oils and fats, which more than offset increases in dairy and sugar prices.

• Friday, November 9th 2012 - 06:15 UTC

  Bank of England leaves further stimuli and rate on hold

  

  The Bank of England has decided not to extend its quantitative easing (QE) stimulus program, which has injected £375bn into the UK financial system. Under QE, the Bank creates money and uses it to buy government bonds to try to stimulate the economy.

• Friday, November 9th 2012 - 06:05 UTC

  EU and ten Latinamerican countries end 20-year ‘banana dispute’

  

  The European Union and ten Latinamerican countries signed an agreement on Thursday settling the longest running series of disputes in the history of the multilateral trading system, better known as the ‘banana dispute’.

• Friday, November 9th 2012 - 05:57 UTC

  Outgoing Chinese leader: tackle corruption otherwise party and state will collapse

  

  China’s outgoing leader has warned corruption could destroy the Communist Party but stepped up plans to double the size of the economy and build a powerful maritime force. President Hu Jintao unveiled an ambitious target to double per-capita incomes and implied the economy would achieve annual growth of about 7% over the next eight years.

• Friday, November 9th 2012 - 05:41 UTC

  Drastic changes in UK forces: Territorial Army will be deployed in the Falklands

  

  UK Defence Secretary Phillip Hammond signalled Thursday morning that members of the Territorial Army will be deployed to the Falkland Islands. Addressing the House of Commons Secretary Hammond said that reserve forces will be expected to fulfill new roles including contributing to standing commitments such as the Falklands.

• Friday, November 9th 2012 - 05:30 UTC

  Strong controversy at the 2012 World Travel Market in London

  

  World Travel Market 2012, the leading global event for the travel industry, became the hub of the world's tourism trade this week in London when more than 100 ministers attended the sixth UNWTO (World Tourism Organization)&Ministers' Summit.