Iceland reaches deal to pay British, Dutch clients of failed bank
Reykjavik - Icelands government on Sunday agreed to reimburse British and Dutch depositors of failed internet bank Icesave. The agreement with the British and Dutch governments and other EU countries clears the way for the troubled Atlantic island n...

[ Published on : Sun, 16 Nov 2008 05:45 ]

Brown urges increase in IMF resources to halt financial contagion
London - British Prime Minister Gordon Brown Tuesday called for an increase in funding of the International Monetary Fund (IMF) to cut the risk of financial contagion and said China and oil-rich Gulf states should make the bulk of the contributions...

[ Published on : Wed, 29 Oct 2008 06:32 ]

Merkel and Brown call for global measures to tackle crisis - Summary
London- Britain and Germany will work together to prevent the spread of the current global financial crisis by seeking a reform of international institutions and encouraging banks to start lending again, Prime Minister Gordon Brown and Chancellor Ang...

[ Published on : Thu, 30 Oct 2008 02:33 ]

Brown says higher public borrowing will help Britain beat recession
London - The British government will increase public sector borrowing to speed up economic activity in order to tackle the looming recession, Prime Minister Gordon Brown said Monday. Speaking to a group of academics and industrialists in London, Brow...

[ Published on : Wed, 29 Oct 2008 06:32 ]

Britains Brown opens tour of Gulf for financial backing
Riyadh - British Prime Minister Gordon Brown was due in Saudi Arabia later Saturday at the start of a four-day Gulf tour that will also take him to Qatar and the United Arab Emirates. Brown will attempt to win the backing of oil-rich Gulf nations in ...

[ Published on : Sat, 01 Nov 2008 12:36 ]

Music company EMI reports 757-million-pound loss
London - British music company EMI reported a loss of 757 million pounds (1.2 billion dollars) in its first year as part of the private equity group Terra Firma, news reports said Saturday. Revenues dropped by 19 per cent to 1.46 billion pounds in th...

[ Published on : Wed, 29 Oct 2008 06:32 ]

BA half-year profits nosedive in turbulent environment
London - Pre-tax profits at British Airways (BA) slumped by nearly 92 per cent to just 52 million pounds (83 million dollars) over the summer period - one of the bleakest on record the airline said Friday. Half-yearly profits between April and Sept...

[ Published on : Fri, 07 Nov 2008 12:40 ]

European central banks cut rates to ward off recession - Update
London/Frankfurt - Faced with a looming recession and rapidly falling inflation, the European Central Bank (ECB) cut rates by 50 per cent Thursday as monetary authorities around the world step up efforts to cut the cost of money. The ECBs move follo...

[ Published on : Thu, 06 Nov 2008 09:39 ]