International

• Friday, August 7th 2009 - 11:34 UTC

  German icon of auto industry sees few signs of lasting recovery

  

  Germanys’ carmaker BMW has said it sees few signs of a lasting economic recovery after it reported profits down by three-quarters for the April to June period. Net profit was 121 million Euros, down 76% from a year ago, with car sales down by nearly a fifth.

• Friday, August 7th 2009 - 07:02 UTC

  ECB says recession is “bottoming out” and predicts positive growth in 2010

  

  The European Central Bank (ECB) has said on Thursday it expects to see growth returning to the global economy next year as it kept interest rates on hold at 1%. However economic activity is likely to remain weak this year.

• Friday, August 7th 2009 - 03:38 UTC

  Bank of England pumps an additional £ 50 billion to the economy

  

  The Bank of England’s Monetary Policy Committee decided on Thursday to maintain the official bank rate paid on commercial bank reserves at 0.5% and voted to boost the money supply with an additional £ 50 billion to £ 175 billion to aid the flagging UK economy. The announced program is expected to take another three months to be completed.

• Friday, August 7th 2009 - 03:36 UTC

  Great Train Robber Biggs released on “compassionate grounds”

  

  Britain’s Great Train Robber Ronnie Biggs was granted on Thursday release from his prison sentence on compassionate grounds. Justice Secretary Jack Straw said the decision was based on medical evidence that Biggs's condition had deteriorated and he was not expected to recover.

• Friday, August 7th 2009 - 03:19 UTC

  Thousands at the funeral procession of the last WW I British veteran

  

  Thousands of people have lined the streets to watch the funeral procession of the last British veteran of the First World War trenches. Harry Patch, 111, the Last Tommy, who did not want a state funeral, was honoured at a service at Wells Cathedral, Somerset.

• Thursday, August 6th 2009 - 16:43 UTC

  Russia sells Bolivia presidential aircraft similar to that of Putin

  

  Bolivia signed this week an agreement with Russia for the purchase of a presidential jet plus military equipment and logistics backup, financed in the first leg with a 100 million US dollars credit, announced Defence minister Walker San Miguel.

• Thursday, August 6th 2009 - 16:24 UTC

  EU urges UK and Spain to solve Gibraltar waters’ row

  

  European Commissioner Stavros Dimas has been urging UK and Spain to work “towards a mutually acceptable” resolution of the Gibraltar waters designation row it has emerged, reports the Gibraltar Chronicle.

• Thursday, August 6th 2009 - 16:17 UTC

  Soaring bad debts at Lloyds Banking Group but “worst is over”

  

  Lloyds Banking Group which has been partly nationalized by the British government blamed soaring bad debt charges of £13.4 billion on reckless lending at HBOS, but predicted the worst is over.

• Thursday, August 6th 2009 - 16:14 UTC

  China appeases peasants with partly subsidized new pension scheme

  

  The Chinese government is to introduce a new pension scheme for the country's hundreds of millions of rural workers. The minister for social security announced that a trial scheme would be extended across China by October.

• Thursday, August 6th 2009 - 16:09 UTC

  Hazardous waste illegally sent to Brazil returned to UK

  

  Brazil announced it was returning 1.500 tonnes of hazardous waste that arrived from Britain labelled as recyclable plastic. The Brazilian Institute of Environment and Renewable Natural Resources said 89 containers left for Felixstowe, UK from the port of Santos on board MSC Oriane.