International

• Friday, February 6th 2009 - 20:00 UTC

  Global organizations warn of protectionist “tendencies”

  

  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”.

• Thursday, February 5th 2009 - 20:00 UTC

  Spain unemployment rate 14.4% or 3.3 million jobless

  

  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.

• Thursday, February 5th 2009 - 20:00 UTC

  UK trade unions win first labour “protectionism” case

  

  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.

• Thursday, February 5th 2009 - 20:00 UTC

  Bank of England cuts rate to 1%, and hopes for the best

  

  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.

• Thursday, February 5th 2009 - 20:00 UTC

  More snow storms cause transport havoc in frozen UK

  

  More snow has fallen across a frozen UK amid warnings that some councils face dwindling salt supplies to help keep traffic moving. Travellers have faced fresh delays as up to five inches of snow fell in some parts with south Wales, western England, the Midlands and counties to the north of London worst hit.

• Thursday, February 5th 2009 - 20:00 UTC

  Mining giant BHP Billiton half year profits fall 25%

  

  Global mining giant BHP Billiton, which also has interests in the Falkland Islands oil industry, has seen its half-year profits fall by a quarter, saying it had been hit by “a rapid deterioration in market conditions”.

• Thursday, February 5th 2009 - 20:00 UTC

  Bankers bonus and perks cap controversy reaches UK

  

  UK Business Secretary Lord Mandelson has told the Royal Bank of Scotland that it risks alienating ordinary people if it gave its traders and bosses “exorbitant” bonuses.

• Thursday, February 5th 2009 - 20:00 UTC

  Euro bank says no to “zero rates”; benchmark 2%

  

  The European Central Bank kept interest rates on hold at 2% on Thursday but said it may resume cutting, although zero rates were not “appropriate” for the Euro zone at the moment.

• Wednesday, February 4th 2009 - 20:00 UTC

  Darling raps bankers; demands change of “financial culture”

  British Chancellor of the Exchequer Alistair Darling criticised on Tuesday bank chiefs for failing to flag up the financial difficulties they faced at an earlier stage. Darling said some had wrongly given the impression that the problems afflicting Northern Rock were isolated and would not affect themselves.

• Tuesday, February 3rd 2009 - 20:00 UTC

  Regional Spanish airline plans flights to Gibraltar

  

  An airline based in the Spanish region of Andalusia, Andalus Lineas Aereas, is planning to restore daily air links between Gibraltar and Madrid as part of an ambitious strategic plan to link regional air routes across Spain and Morocco.