Word: northerners
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...directly on the North Pole. In early September, Russian bombers launched cruise missiles during Arctic exercises. But it isn't only the Russians who are staking their claims. On Aug. 10, Canadian Prime Minister Stephen Harper flew to Resolute, a hamlet of 250 souls on Cornwallis Island in the northern territory of Nunavut, and announced plans for an Arctic military training facility and a refurbished deep-water port on the Northwest Passage. Then Danish scientists set sail on an expedition to map the seabed north of Greenland, a Danish dependency, and - not to be outdone - the U.S. Coast Guard dispatched...
...Northern Rock, the U.K.'s fifth-biggest mortgage provider, came unstuck when the wholesale loan markets it leans on for a huge slice of its funds dried up amid the global squeeze on credit triggered last month. An emergency, short-term credit line, agreed with the Bank of England late last week, was supposed to reassure savers their cash was safe. Northern Rock, insisted the Financial Services Authority over the weekend, was "open for business...
...Until Monday's grand gesture, the more the authorities tried to sooth, it seemed, the greater the panic. With no sign of the run on Northern Rock ending - savers have so far yanked out well over $4 billion - the panic began to spread. Alliance & Leicester's stock plummeted by almost a third on Monday despite a statement insisting its business was solid; shares in Bradford & Bingley dropped by 15%. Desperate to restore order, the U.K. Treasury put its own money (meaning the public's money) down. "I want to put the matter beyond doubt," Darling said. Customers' cash held...
...protected. For those customers with bigger deposits, the safeguards are less clearly defined. If authorities are to reassure savers in the event of another bank hitting the buffers, they'd do well to reform this system says Alex Potter, an analyst at Collins Stewart in London. For now, though, Northern Rock is trying to get back to business. "These have been troubled times," CEO Adam Applegarth said in full-page newspaper ads published today. "But Northern Rock will prevail...
...other panelists cited reasons for cautious optimism. Bilmes said progress was “conceivable” in northern Iraq, where the largely Kurdish population has announced a major oil deal...