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 ]

Race is on to rescue Woolworths brand following administration
London - Administrators called in by collapsed retail group Woolworths in Britain said Thursday that efforts were under way to find a buyer for the giant High Street chain. Accountancy firm Deloitte said it had received expressions of interest from ...

[ Published on : Thu, 27 Nov 2008 08:25 ]

Bank of England cuts rates by 1.5 per cent - Update
London - The Bank of England Thursday unexpectedly cut interest rates by as much as 1.5 percentage points to 3 per cent in the banks biggest single reduction ever, the bank said. The measure was welcome by business leaders who had been urging Britai...

[ Published on : Thu, 06 Nov 2008 08:39 ]

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 ]

BA half-year profits tumble in turbulent environment
London - Pre-tax profits at British Airways (BA) fell by a staggering 91.6 per cent in first half of the companys financial year, figures showed Friday. BA said pre-tax profit totalled 52 million pounds (83 million dollars), between April and Septem...

[ Published on : Fri, 07 Nov 2008 03:39 ]

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 ]

Bank of England says British economy is already in recession
London - The British economy is already in recession and will shrink by as much as 2 per cent by early 2009, the Bank of England (BoE) said Wednesday. The banks quarterly inflation report, presented by central bank governor Mervyn King Wednesday, sa...

[ Published on : Wed, 12 Nov 2008 08:42 ]

British Airways confirms merger talks with Qantas - Summary
London - British Airways confirmed Tuesday that it is in merger talks with Australias Qantas airlines. In a press release, British Airways said the talks, which would look at a dual-listed company structure, were ongoing. The talks started in August...

[ Published on : Tue, 02 Dec 2008 11:28 ]

Woolworths chain in Britain faced with collapse - Summary
London - The Woolworths retail chain in Britain, which has had a presence on the High Street for nearly 100 years, is to file for administration, company sources said Wednesday. The collapse of the retail empire, which employs more than 25,000 staff ...

[ Published on : Wed, 26 Nov 2008 03:25 ]

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 ]