Monday, October 13, 2008
Icelandic Shoppers Splurge...
After a four-year spending spree, Icelanders are flooding the supermarkets one last time, stocking up on food as the collapse of the banking system threatens to cut the island off from imports. ``We have had crazy days for a week now,'' said Johannes Smari Oluffsson, manager of the Bonus discount grocery store in Reykjavik's main shopping center. ``Sales have doubled.'' Bonus, a nationwide chain, has stock at its warehouse for about two weeks. After that, the shelves will start emptying unless it can get access to foreign currency, the 22-year-old manager said, standing in a walk-in fridge filled with meat products, among the few goods on sale produced locally.
Royal Bank of Scotland Under State Control
The Chancellor will move to take control of the Royal Bank of Scotland today by injecting £20 billion of taxpayers’ money. The Government is also expected to take over HBOS in the most dramatic extension of state ownership in the British economy since the war. The bank’s rescue takeover by Lloyds TSB appeared to be on the brink of collapse last night. As governments around the world scramble to prevent the collapse of the global financial system, Alistair Darling will unveil plans for a £40 billion “recapitalisation” of the banking sector.
Monday, October 6, 2008
Lift-off For China Space Mission
China has launched its third manned space mission - which is to feature the country's first spacewalk. The Shenzhou VII capsule soared into orbit atop a Long-March II-F rocket from the Jiuquan spaceport in Gansu province in the northwest of China. The 70-hour flight will include a spacewalk undertaken by 42-year-old fighter pilot Zhai Zhigang. Mr Zhai is joined on the mission by two other "yuhangyuan" (astronauts) - Liu Boming and Jing Haipeng.The rocket lit up the darkness as it blasted off from Jiuquan at 2110 Beijing Time (1310 GMT). China's president Hu Jintao met the three astronauts before the lift-off, wishing them success on the nation's riskiest space mission yet.
Iran To Launch Satellite
Iran plans to launch a satellite into space soon using an Iranian-made rocket, President Mahmoud Ahmadinejad said. Iran has in the past launched satellites using rockets built by other nations, but this was the first announcement of such a launch with an all-Iranian made rocket. Ahmadinejad said the rocket will have 16 engines and will take a satellite some 430 miles into space, according to a state television report Thursday.