Business

On Monday, stock markets across Asia resumed their downward slide, and Japan's Nikkei stock index fell to lows not seen since October 1982 as the Japanese government's former measures to stop the credit and stock crisis have been seen by stockholders as not sufficient. Japan's prime minister, Taro Aso, spoke to government officials and asked them to make new tentative plans to save Japan from more damage inflicted by the worldwide recession. For the day, the Nikkei closed down 6.4 percent, or 486.18 points, to close at 7,162.90. The U.S. dol

1700 runners running in the Original Mountain Marathon, a fell running event, are still unaccounted for the day after they were stranded by flooding. Approximately 2000 people entered the race, and rescue teams have resumed their search for the missing. The disruption of the event that occurred at the top of one of the highest mountains in the Borrowdale Valley (a region of the UK's Lake District) , and the people found have sought refuge at local buildings and businesses. Three hundred of the people found have sheltered in the nearby Honister

Stock markets around the world have fallen dramatically today. This is following the ongoing events in the financial world and related statements by several United Kingdom politicians, including Prime Minister Gordon Brown. The British FTSE 100 index was one the indices that today suffered from large falls. It fell by 5.00% to slip below the four thousand mark, at 3,883.36 points. Two of the major United States indices saw falls of over two per cent. The Dow Jones Industrial Average fell by 252.01 points (2.90%) to 8,439.24 by 17:30 UTC, whil

Gordon Brown, the Prime Minister of the United Kingdom has today admitted that the developed world will enter a recession. "Having taken action on the banking system, we must now take action on the global financial recession," he said, speaking to Members of Parliament (MPs). "[There will be a] recession in America, France, Italy, Germany, Japan and - because no country can insulate itself from it - Britain too," he continued. These comments echo those made recently by Mervyn King, governor of the Bank of England. Leader of the opposition

In Buffalo New York, a suspicious package was received by National Action Financial Services, a subsidiary of Sitel, Inc.. According to FBI spokesperson Earl Gould Buffalo, the initial call was placed at 10:30AM EST Yesterday. The mail department found the package, evacuated the building, and contacted the local police department. The package has been described as containing some type of white powder. The police department then contacted the Department of Homeland Security, who finished at the scene by 3:00PM EST. After interviews with sever

Russia has requested Iceland give them more details of the island nation's plan to rescue the banking sector and thus the entire national economy before granting them a loan. Two weeks ago, Iceland's banking sector collapsed and was largely nationalised. Icelandic banks are in significantly more debt than the country can afford, and the nation may seek assistance from the International Monetary Fund. A decision on whether to involve the IMF is due within a week. As for Russia, a senior Russian government source is reported by Reuters as havin

The International Monetary Fund (IMF) is preparing a series of loans to both Hungary and Ukraine as financial problems are hitting the two countries. Hungary has already received a €5 billion credit line from the European Central Bank (ECB). Ukraine is seeking a loan of up to US$14 billion. The credit line to Hungary will be used to cover banks’ shortage of euros. Hungary has a severe debt problem with them posting an account deficit of €5.3 billion or 4.9% of GDP this year. As a result of this, Hungary is unable to find suitable credit to st

The long-lost tomb of Marcus Nonius Macrinus, the inspiration of the character Maximus Decimus Meridius in Ridley Scott's popular film 'Gladiator', was discovered off the ancient Via Flaminia road in Rome this Thursday. Pieces of the tomb first began to emerge from the ground during construction for a residential complex along the Tiber River's banks. The archaeological finding was "the most important ancient Roman monument to come to light for 20 or 30 years", said Daniela Rossi, who was a top member of the effort in finding the tomb. The Su

Spanish budget air carrier LTE International Airways has suspended all of their flights due to financial trouble. Around 800 passengers have been stranded by the move and are being accommodated in hotels while alternative transport is arranged. The airline was founded in 1987 and has been known as both LTU and Volar Airlines in the past. The company's fleet of seven Airbus A320 aircraft were used for scheduled and chartered passenger services, and available for lease to other businesses. "LTE is doing everything to minimize the impact of this

Oscar Diös is a Swedish businessman looking to invest in a new project within the aviation community. He's already bought the venture's first airliner, a Boeing 747-200. However, his intention is not to start an airline, and the jet is not intended for flight. Instead, he plans to convert the airliner into a unique business which he calls the 'Jumbo Hostel'. The 450-seat widebodied jetliner will have 25 rooms sleeping a total of 85 people, including some in a luxury suite in the cockpit, and will sit at the entrance to Stockholm-Arlanda Airpor

American Paul Krugman yesterday won the Nobel Prize for Economics for developing a theory known as the “new trade theory” and “new economic geography”. Krugman first released the above theory approximately thirty years ago, and it explained why rich countries will trade with rich countries. As Krugman contributes to popular newspapers, such as The New York Times, with criticisms of the Bush administration and its financial policy, there has been speculation that Krugman's political opinions earned him the prize. Tyler Cowen, a professor of e

Markets worldwide have surged in value following efforts by governments to ease the effect of the ongoing financial crisis, which has recently caused a massive decline in the value of stock markets. On Sunday, the fifteen countries from the Eurogroup – that is, those countries which use the euro as official currency – had agreed on a joint plan to face the crisis, which would consist in supporting financial institutions and by guaranteeing interbank loans. The Eurogroup meeting was the last of many which took place during the weekend. The G7