Britains BT sheds 10,000 jobs as recession bites - Summary
London - British Telecom (BT) said Thursday that it would cut a total of 10,000 jobs in the current financial year, as part of an ongoing efficiency programme. The news came after a string of similar job-cutting announcements by major British in the ...

[ Published on : Thu, 13 Nov 2008 09:43 ]

Britain to cut VAT in Christmas stimulus spree
London - The government of Prime Minister Gordon Brown is to give nervous British consumers an early Christmas present on Monday, when he is expected to cut Value Added Tax (VAT) in an effort to lift the national economy out of recession, media repor...

[ Published on : Sun, 23 Nov 2008 09:22 ]

Corus steel giant to cut production by 30 per cent
London - Steel giant Corus, Europes second-largest steel company owned by Indias Tata Steel, Friday announced plans to cut production by 30 per cent over the next six months. The company, formerly British Steel, cited the global economic downturn f...

[ Published on : Fri, 07 Nov 2008 13:40 ]

Brown sets April date for G20 meeting in London - Summary
London - Leaders from the Group of 20 (G20) nations will hold a summit meeting in London on April 2 next year to address the global economic crisis, British Prime Minister Gordon Brown said Wednesday. Future US President Barack Obama would attend the...

[ Published on : Wed, 26 Nov 2008 10:25 ]

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 ]

Britains queen puzzled at delay in spotting credit crunch
London - Britains Queen Elizabeth II, who was Wednesday given an academic briefing on the origins of the credit crunch, wound up the lesson with the searching question of why nobody had seen the crisis coming. The 82-year-old monarch had the compl...

[ Published on : Wed, 05 Nov 2008 11:39 ]

British government cuts VAT in 20 billion-pound package - Summary
London - The British government Monday unveiled plans to cut Value Added Tax (VAT) as part of a massive fiscal and financial package of 20 billion pounds (30 billion dollars) to stimulate the economy in the face of a looming recession. The measures a...

[ Published on : Mon, 24 Nov 2008 02:24 ]

Damien Hirst not immune to financial crisis as jobs are shed
London - Even star artists are not insulated from the effects of the spreading global financial crisis it seems, as British artist Damien Hirst announced that his company will be shedding jobs in response to the economic downturn, the Guardian report...

[ Published on : Sat, 22 Nov 2008 09:22 ]

Marks Spencer ailing as British economy slows down
London - Britains leading Marks Spencer fashion and food retail chain Tuesday reported a 34-per-cent drop in half-yearly profits and warned that 2009 would be a tough year. Profits fell to 297.8 million pounds (470.5 million dollars) in the six m...

[ Published on : Tue, 04 Nov 2008 08:38 ]