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 ]

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 ]

Bank of England warns of further risks in financial sector
London - The Bank of England (BoE) said in a report published Tuesday that losses suffered by global financial institutions since the credit crunch are estimated at 1.8 trillion pounds (2.8 trillion dollars). Governments around the world have spent m...

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

Britains Royal Bank of Scotland expects 2008 full-year losses
London - Britains Royal Bank of Scotland (RBS), which is in line to benefit to the tune of 20 billion pounds (31 billion dollars) from a government bail-out programme, Tuesday unveiled more write- downs and signalled that it expected to make its fir...

[ Published on : Tue, 04 Nov 2008 10:38 ]

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 ]

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 ]