ECONOMY

The sale of BP's 60 percent stake in holdings of Argentinean oil producer Pan American Energy LLC, to the Bridas Corp. has failed.

Eurozone finance ministers will meet in Brussels Monday, as they seek to persuade Greece to accept the terms of the next installment of its bailout package, proceed with reforms, and refrain from antagonizing donor nations.

The decline of the Euro has now made its impact felt on the price of milk and the cup of morning tea. The prices of milk, in the European Union (EU), rose in September, led by higher payments to farmers by dairies in Germany, France and the UK, as the Euro's decline boosted exports.

Recessions have shaken the world economy in more than once and each time the world has come out of it at different pace. The world can still breathe easy as the gravity of the current recession, in terms of its recovery period, has not yet surpassed the Great Depression of 1930.

As resolution of the debt crisis continues to be elusive, the now-concluded Group of 20 Summit witnessed an unprecedented tendency on the part of world leaders to point fingers at each other.

The German Chancellor, Angela Merkel, has confessed that there is no deal on the table to fund the IMF or a Eurozone firewall which has sent markets tumbling across the world.

British Airways World Cargo (BAWC) has got delivery of three 747-8 Freighters from Boeing. The new aircraft will be operated under a lease agreement with Global Supply Systems Limited, a 49 percent UK affiliate of Atlas Air, owner of the aircraft. The current fleet of 747-400 freighters would be replaced by the new freighters.

The Royal Bank of Scotland Group Plc. (RBS) Friday reported a decline in its third quarter profits. The much watched banking stock in the FTSE posted an operating profit of 267 million pounds which is 63 percent down for the same quarter last year.

Barclays can withstand the failure of European banks, says its chief executive Bob Diamond.

As world leaders struggle to resolve the eurozone debt crisis, the continent has a 30 percent likelihood of falling into recession, a new study warns.

The customers of Santander UK Plc can shop more for this Christmas as the bank is extending its cash back offer to its new current account holders.

A group of MPs has "little confidence" in the government's strategy for regeneration across England, according to a new report published on Nov. 3.

Britain's public services will be brought to a standstill on Nov. 30, as the country's largest union, UNISON, votes in favour of strike action against public sector pension reforms.

Chris and Mary Gorman have been arrested after being caught by police in an alleged sex act with another man in a nightclub toilet in Florida

Silvio Berlusconi is feeling the pressure of a financial and political crisis as six former parliamentary loyalists sign a letter calling for a new government amid controversy over the cabinet's economic reform plan.

The UK has a 70 per cent chance of a double dip recession should Greece decide to leave the eurozone and subsequently default its debts, a thinktank has said.

The breaking storm of the eurozone financial crisis has put the brakes on the publishing date of the Italian premier's "True Love" album.

World leaders are burning the midnight oil on Wednesday, in an effort to end the Eurozone crisis. They have collectively made it clear saving the Euro is more important than the outcome of the Greek referendum.

Economic growth in the UK is expected to held back in 2012, despite a possible solution the Eurozone crisis, according to a report by the National Institute of Economic and Social Research (NIESR).

Greek Prime Minister George Papandreou has decided to go ahead with his decision to conduct the referendum to decide on his country's future with European Union, brushing aside the market turmoil caused by his announcement Monday as "short lived."

The new £50 note sends a patriotic message to British innovators and entrepreneurs remembering “what this country was built on.”

The Greek cabinet has expressed its "total support" for prime minister George Papandreou's decision to take a referendum on the EU and IMF-instigated Greek bail-out deal.

Reading Bloomberg News' article by Lorenzo Totaro at lunchtime, Friday 28 October on Italy's latest Bond Sale falling short of expectations and the country's borrowing costs rising, I quickly checked to see what its current National Debt is. At €1,900.8 billion, amounting to €31,500 per inhabitant, this roughly measures 120 per cent of Italy's GDP.

Greek Prime Minister George Papandreou called an emergency cabinet meeting for 4pm GMT amid calls for his resignation following the shock referendum announcement.

The UK’s economy grew last quarter that surprised economists and politicians alike, but the same figures warned Britain is heading for dismal final quarter.

MF Global is said to be “close” to agreeing a deal to file for bankruptcy protection and sell some of its assets to Interactive Brokers Group.

The Energy Ministry today gave the go-ahead for two new power stations in Yorkshire that will create over 1,000 jobs and generate enough energy to power almost two million homes.

In accordance with promises to kick-start infrastructure projects and revive the economy, David Cameron, Prime Minister of the United Kingdom, has given the thumbs-up for two power plants in Yorkshire, which should create 1,000 construction-related jobs, the BBC reported. Meanwhile, in a strong move to recognize gay rights, Britain will contemplate withholding aid from countries that do not reform the law banning homosexuality.

Forbes magazine has unveiled its annual rankings of the richest people on the planet. In the United Kingdom, the Forbes list revealed, Britain has 32 billionaires, three more than last year.