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/ 14 September 2007
Shares in British bank Northern Rock plunged by a quarter on Friday as clients rushed to withdraw their savings following an emergency bail-out of the lender by the Bank of England. The central bank came to the rescue of Britain’s fifth-biggest home-loan provider, which is facing severe difficulties raising cash on money markets amid the ongoing global credit squeeze.
World stock markets roared higher on Monday after last week’s slump, but analysts warned of further turmoil for share prices owing to lingering concerns about borrowers’ failure to repay United States home loans. The London and Paris main indices jumped by about 1% in morning trade after Tokyo’s market closed up 3%.
European group Airbus will on Monday unveil new design plans for its troubled long-haul A350 plane, Thomas Enders, co-chief executive of Airbus’s parent company EADS, told reporters. The cost of developing the mid-sized jet could meanwhile more than double to about $10-billion, added the German boss.
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/ 3 February 2005
Britain will be seeking approval from the United States for its grand plan to help alleviate poverty in Africa when finance ministers from the Group of Seven industrialised nations convene in London on Friday and Saturday.
A year after the death of government weapons scientist David Kelly and two Iraq inquiries later, British Prime Minister Tony Blair is struggling to convince the public that his decision to oust Saddam Hussein by military means was right. The fallout for Blair from Kelly’s suicide has been immense.