British Chancellor Alistair Darling has told RBS (Royal Bank of Scotland) failure should not be rewarded with huge bonuses, but says he cannot rule out pay-outs for some staff.
Forecasters have warned of very low temperatures overnight, after snow brought a fifth day of chaos to the UK. Road, rail and air transport was again badly affected, while hundreds of schools were again closed.
The IMF has urged the Group of Twenty (G-20) industrialized and emerging market countries to take more decisive policy action to combat the corrosive global financial and economic crisis by bolstering demand and cleaning up the financial sector.
Restoring financial health will require a three-pronged approach, involving the continued provision of ample liquidity and term funding support from central banks, dealing promptly and aggressively with distressed assets, and recapitalizing viable institutions with public funds.
Manufacturing output declined at its fastest rate since 1981 in December, underscoring the fragile state of the UK economy, official figures show. The Office for National Statistics (ONS) said it fell 10.2% from a year earlier as recession hit the sector.
The head of the United Nations cultural agency today called for the preservation of a British man-o-war sent to the bottom of the English Channel by a storm in 1744 with all hands and, it is said, a sizeable gold treasure.
German Chancellor Angela Merkel and the heads of the world's five leading financial organizations pledged Thursday in Berlin to increase cooperation as part of a joint effort to combat the global economic recession and called on all countries to resist protectionist tendencies.
Unemployment in Spain, which has the highest jobless rate in the European Union, rose by the most in at least 13 years in January in the 10th monthly increase totalling 3.3 million out of jobs, reported this week the Labour ministry.
UK oil refinery workers who walked out in a dispute over foreign labour have agreed to return to work. Hundreds of workers at the Lindsey Oil Refinery, in North Lincolnshire, voted to end their unofficial industrial action after accepting a deal drawn up by union officials and companies at the heart of the row.
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.