International

• Wednesday, August 19th 2009 - 12:03 UTC

  Swedish hand built car maker takes over Saab from ailing GM

  

  Koenigsegg Automotive, the Swedish maker of luxury 1.2-million US dollars sports cars, agreed to buy Saab Automobile from General Motors by the end of the year, potentially moving the company into the automotive mass market.

• Wednesday, August 19th 2009 - 12:01 UTC

  China reduces holdings of US government debt

  

  China reduced its holdings of US Treasury bills in June by the largest amount in nearly nine years in what economists viewed as a bid to diversify the country's foreign reserves and increase returns.

• Wednesday, August 19th 2009 - 04:57 UTC

  Spain/UK to cross swords in Gibraltar waters legal challenge before EC

  

  Spain plans to help the European Commission fend off a legal challenge by Gibraltar over a decision relating to the Rock’s territorial waters, reports the Gibraltar Chronicle. Lawyers representing the Spanish government filed an application to join the controversial case last Friday, a day after the British government confirmed that it would support Gibraltar in court.

• Monday, August 17th 2009 - 12:00 UTC

  Japan out of recession in the second quarter after expanding 0.9%

  

  Japan has come out of recession after recording growth of 0.9% in the April-June quarter, compared with the first. The economy had shown four consecutive quarter-on-quarter contractions.

• Monday, August 17th 2009 - 09:20 UTC

  British Virgin Islands and Cayman join “white list” of tax standards

  

  The British Virgin Islands and the Cayman islands have joined the global “white list” of countries using internationally recognised tax standards, the Organisation for Economic Cooperation and Development said last Friday.

• Monday, August 17th 2009 - 08:34 UTC

  Afghan death toll mounts and UK government suggests possible scaling down

  

  Britain’s Defence secretary Bob Ainsworth has suggested that the UK's role in Afghanistan could be scaled down over the next 12 months, as the death toll passed the 200 mark. Ainsworth said that reaching the sad milestone, after the 204th soldier was killed, was “grim”.

• Monday, August 17th 2009 - 08:05 UTC

  UK to intervene in support of Gibraltar in waters-dispute with Spain

  

  The British Government has confirmed that it has formally requested leave to join Gibraltar’s action in the European Court of Justice, Luxembourg regarding Madrid’s designation of Gibraltar British Territorial Waters as under Spain.

• Monday, August 17th 2009 - 07:30 UTC

  Miliband “legitimate terrorism” comment triggers controversy

  

  British opposition Tories have criticised Foreign Secretary David Miliband for comments that they say could be seen to “legitimise terrorism”. Mr Miliband told the BBC violent action or terrorism may be justifiable in some cases, in a tribute to Joe Slovo, a South African anti-apartheid activist.

• Saturday, August 15th 2009 - 12:34 UTC

  UK direct rule on Turks and Caicos Islands following corruption probe

  

  The UK has imposed direct rule on the Turks and Caicos Islands after an inquiry found evidence of government corruption and incompetence. The administration of the UK Overseas Territory in the Caribbean has been suspended for up to two years and power transferred to the UK-appointed governor. Politicians are accused of selling crown land for personal gain.

• Friday, August 14th 2009 - 14:00 UTC

  At the end of August IMF injects 250 billion USD to member countries

  

  The International Monetary Fund announced Thursday it would begin to inject 250 billion US dollars into member nations' treasuries to cushion the blows of the global economic crisis. The action is part of a 1.1 trillion US dollar plan agreed by Group of 20 leaders in early April to tackle the global financial and economic crisis.