International

Wednesday, October 8th 2008 - 21:00 UTC
US dollar soars in Chile and closes trading at 612 pesos

With no end in sight for the global financial and confidence crisis, plus the price of commodities falling, the US dollar is breaking new records in Chile having closed trading on Wednesday at 612 Chilean pesos.
Wednesday, October 8th 2008 - 21:00 UTC
Germany, France and Italy spear EU 0.2% contraction in 2Q

The economy of the euro zone contracted 0.2% in the second quarter after growing 0.7% the previous quarter, according to the latest EU data, which confirmed earlier estimates.
Wednesday, October 8th 2008 - 21:00 UTC
Coordinated interest slash fails to defeat markets gloom

Stocks fell sharply on Wednesday as co-ordinated global interest rate cuts by major central banks failed to dispel the gloom engulfing world markets. On Wall Street, the Dow Jones ended 189.01 points lower, or 2%, at 9,258.1 despite having risen in earlier trade.
Wednesday, October 8th 2008 - 21:00 UTC
Fisheries depletion & poor management costs 50 billion USD

The world's fishing fleets are losing billions of dollars each year through depleted stocks and poor management, according to a UN report. The World Bank and the UN Food and Agriculture Organization (FAO) calculate the losses at 50 billion US dollars per year.
Wednesday, October 8th 2008 - 21:00 UTC
Transport expert named to UK Overseas Territories

Gillian Merron has been named United Kingdom Parliamentary Under Secretary of State for the Foreign and Commonwealth Office, effective October 5. She joins the five-member ministerial team at the Foreign and Commonwealth Office, led by Foreign Secretary David Miliband.
Tuesday, October 7th 2008 - 21:00 UTC
Confidence crisis and investor panic tsunami hits world

Asian stock markets early Tuesday opened down sharply amid investor panic that global government action might not be enough to stem the financial crisis.
Tuesday, October 7th 2008 - 21:00 UTC
Airbus accident in flight has made an emergency landing

A passenger plane has made an emergency landing in Western Australia after 40 people were injured following a “sudden change in altitude”, police have said.
Tuesday, October 7th 2008 - 21:00 UTC
World Bank proposes steering group with emerging economies

The Group of Seven is no longer effective and should be replaced by a steering group that includes new emerging economic powers like China, India and Brazil, World Bank President Robert Zoellick said on Monday.
Tuesday, October 7th 2008 - 21:00 UTC
FAO underscores “opportunities and risks” of bio-fuels

Global bio-fuel policies should be urgently reviewed to ensure that the world's poor benefit by ending trade-distorting subsidies favouring developed nations while countering the rise in food prices sparked by the diversion of foodstuff to energy production, according to a new United Nations report released today.
Tuesday, October 7th 2008 - 21:00 UTC
Australian markets react to sharp cut in interest rate

Australia's central bank surprised financial market by cutting its key interest rate a full percentage point from 7% to 6%. The bank said the sharp cut was justified given the prospects for growth, even though inflation is currently above target.