International

• Thursday, November 5th 2009 - 05:34 UTC

  GM decision to hang on to European subsidiaries triggers controversy

  

  General Motors decision to hang on to its European car unit Opel including Vauxhall in Britain, was welcomed in the UK but met with anger in Germany. Unite union chief Tony Woodley, a former Vauxhall worker, hailed the news as a “fantastic decision”.

• Thursday, November 5th 2009 - 05:21 UTC

  Gold at all time record following India’s purchase of IMF metal reserves

  

  The price of gold has touched an all-time high after a large sale of the precious metal by the International Monetary Fund (IMF) to India. Gold struck a high of 1,095.05 an ounce in London, against 1,084.50 late in New York on Tuesday.

• Wednesday, November 4th 2009 - 13:17 UTC

  Two million British children have no parent in work

  

  The number of children in British families living on benefits has increased by 170,000 over the past year, with child poverty growing in affluent as well as traditionally hard hit areas, according to a new report.

• Wednesday, November 4th 2009 - 13:14 UTC

  Ireland and Spain forecasted to remain in recession well into 2011

  

  The European Union's economy is set to rebound in 2010, recording a growth rate of 0.7% before accelerating to a rate of 1.6% in 2011, the bloc's executive said Tuesday. However some economies will emerge from recession faster than others and among those lagging well into 2011 are Spain and Ireland.

• Wednesday, November 4th 2009 - 13:10 UTC

  Major restructure of British banks includes more injection of funds

  

  Britain’s Chancellor of the Exchequer Alistair Darling welcomed Tuesday the announcements that Royal Bank of Scotland (RBS) and Lloyds Banking Group are to sell off hundreds of branches.

• Wednesday, November 4th 2009 - 09:32 UTC

  Spain’s unemployment at a record 19.3% and no stopping in near future

  

  Spain's registered jobless rose for the third consecutive month in October reaching 19.3%, as stimulus spending began to run out and the boost from the busy summer period faded.

• Wednesday, November 4th 2009 - 09:24 UTC

  Iraq signs oil development agreements with Britain, China and Italy

  

  Iraq's oil ministry has signed an initial agreement with a consortium led by the Italian firm, ENI, to develop the Zubair oilfield in southern Iraq. The deal which needs cabinet approval calls for the group to extract 200,000 barrels of oil a day, rising to 1.1 million a day within seven years.

• Tuesday, November 3rd 2009 - 11:58 UTC

  French Defence minister calls on Argentina to follow the steps of Brazil

  

  French Defence minister Hervé Morin said that Argentina could increase its international influence following on the steps of Brazil, which is currently modernizing its military hardware and planning on the long term.

• Tuesday, November 3rd 2009 - 11:30 UTC

  Delaware, Cayman Islands and London City among “most secretive tax havens”

  

  A league table of the world’s most secretive tax havens has been compiled by campaigners seeking greater transparency about the operation of ‘offshore’ finance centres. The Financial Secrecy Index (FSI) analyses the level of secrecy each haven offers, and the extent of their reluctance to co-operate with other countries tax authorities.

• Tuesday, November 3rd 2009 - 08:38 UTC

  Mega German project to power Europe with the Sahara sun

  

  Plans to provide 15% of Europe’s power from solar power generators in the Sahara by 2050 have moved a step forward with the formation of a consortium of companies. The German-led Desertec Industrial Initiative (DII) has signed up 12 companies including E.ON, RWE, ABB, Siemens and Deutsche Bank, as well as solar specialists ABENGOA Solar, SCHOTT Solar and MAN Solar Millennium.