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UK bank Northern Rock to be nationalised

Troubled U.K. bank Northern Rock is to be nationalised, the first such move since the 1970s. The Treasury made the decision after a long period of uncertainty which began in September 2007 when it was revealed that the…

UK shopping centre Afflecks Palace secures its future

Afflecks Palace, the "iconic, alternative shopping centre" in the Northern Quarter of Manchester in England, United Kingdom, was saved from closure this week after long-running rumours that the market may have to "kick…

San Francisco & New York City office towers get new owner

Vornado Realty Trust of Paramus NJ has completed a deal to take a majority interest in the 1.8 million sq ft building at 555 California St in San Francisco, (aka The Bank of America Center) and the 2 million sq. foot…

Airbus announces job cuts of 10,000

Airbus, Europe's biggest aircraft manufacturer, has announced 10,000 job cuts over the next four years. The news comes as its parent company, EADS starts a major restructuring programme because the company is not…

Ford Taurus to be revived

Ford Motor Company CEO Alan Mulally has reported that Ford will rename the Ford Five Hundred to the Taurus for the 2008 model year, when a facelifted model is expected to be launched to improve the lackluster sales of…

Record number of bicycles sold in Australia in 2006

Bicycle sales in Australia have recorded record sales of 1,273,781 units for 2006, exceeding car sales by 32 percent. It is the fifth year in a row that the bicycle industry has sold more than one million units, a…