International

Friday, January 9th 2009 - 20:00 UTC
“Ponzi” Madoff fraud investigation extends to UK

An investigation has been launched into the British activities of alleged multi-billion-pound fraudster Bernard “Ponzi” Madoff. UK officials will focus on investors who lost huge sums when Madoff's financial business collapsed, the Serious Fraud Office (SFO) said.
Friday, January 9th 2009 - 20:00 UTC
Euro zone officially in recession, first since founded in 1999

The Euro zone economy entered its first official recession in the third quarter, EU data confirmed in a third reading on Thursday. The bloc's combined economy shrank by 0.2% in the third quarter after contracting by the same amount in the second quarter, the Eurostat data agency said.
Thursday, January 8th 2009 - 20:00 UTC
Bank of England cuts rates to lowest in 315 year history

Bank of England on Thursday cut interest rates to 1.5%, the lowest level in its 315-year history, as it continues efforts to aid an economic recovery. The half percentage point reduction brings interest rates below 2% for the first time since the Bank of England was founded in 1694.
Wednesday, January 7th 2009 - 20:00 UTC
Monaco's Prince begins month long visit to Antarctica

Monaco's Prince Albert II spent the first two days of his month-long global warming awareness expedition to Antarctica visiting different country bases in King George Island. On Wednesday he's scheduled to fly over the area and return to Punta Arenas in the extreme south of Chile.
Wednesday, January 7th 2009 - 20:00 UTC
Women's clothing icon Viyella goes into administration

Britain's women's clothing firm Viyella, which dates back to 1784, has become the latest well-established retail firm to call in administrators. There has been speculation for days that the future of the company, one of the UK's longest established clothing manufacturers, was uncertain.
Wednesday, January 7th 2009 - 20:00 UTC
Accounting fraud (Enron style) rocks Indian markets

A four-day relief rally on India's stock market ended abruptly on Wednesday after the chairman of Satyam Computer Services Ltd resigned with a confession of accounting fraud in India's biggest corporate governance scandal.

Satyam's shares collapsed 78%, leading the bellwether Sensex index on the Bombay Stock Exchange (BSE) down 7.3%.
Tuesday, January 6th 2009 - 20:00 UTC
Sir Alan Walters, Prime Minister Margaret Thatcher's personal economic advisor, dies aged 82

Professor Sir Alan Walters, former personal economic advisor to Prime Minister Margaret Thatcher, and credited with being an architect of the 1980's renaissance of the economy of the United Kingdom, died peacefully at home on Saturday at the age of 82.
Tuesday, January 6th 2009 - 20:00 UTC
Japan's Toyota to halt production 11 days in its 12 factories

Toyota is to halt production at all 12 of its Japanese factories for 11 days in February and March as it tries to reduce its stock of unsold cars. It had already announced a three-day halt for January, but before that it had not cut production since 1993, when it did so for one day.
Tuesday, January 6th 2009 - 20:00 UTC
With inflation under control, Euro rates cut forecasted

The Euro has slipped against the pound and the dollar as expectations rise that the European Central Bank will cut interest rates again on 15 January.
Tuesday, January 6th 2009 - 20:00 UTC
Britain's house prices fell a record 15.9% during 2008

Britain's biggest building society has said house prices fell by a record 15.9% during 2008 as it warned the property market was in for another turbulent year. Nationwide said prices were likely to have further to fall before significant numbers of buyers returned to the market, although it stopped short of making a specific forecast for price drops in 2009.