bbkshop's Blog

As share trading in six of Iceland's biggest financial firms was temporarily halted, BBC News has spoken to people in Iceland.

They have been relating their experiences of the current economic climate.

I am originally from Bombay and my husband is from Iceland. After living in London for a while we decided that we would get a better standard living if we moved to Iceland, which we did four years ago.

I am concerned about what the government will actually do rather than what it says. It needs to build more faith with people and reassure them the situation will improve.

It is like being in a war situation at supermarkets. When I go shopping, I notice people are stockpiling food.

Supermarkets say they don't know if they can sell much produce because they don't have the money to pay for imported goods so shoppers are being cautious.

I have savings at one of the major banks but at the moment I'm keeping my money there and hoping for the best. Others have taken their money out but because all the banks are vulnerable, there is no choice in where you put your savings.

Unemployment has steadily risen. I lost my job in June but I've been lucky to find another one.

Someone I know lost their job in April and is still looking for work despite holding a Masters degree in engineering.

I bought my house for 13million krona four years ago but now I owe 16million krona, so I have gone into negative equity.

There has been talk that Iceland will join the EU. I desperately would like to see this happen.

I am afraid that if Iceland doesn't join, the country will suffer because the krona is worth so little now.

I am British and I have lived here for 15 months and I have taken a great interest in the economy.

Buying British currency is becoming very expensive. Last year, a pound was worth 130 krona. Now it is 205 and it may even reach 300 krona.

I currently work for a local council but I am seriously considering working as a fisherman. The pay can be as much as ฃ10,000 a month. But competition may even lead to these jobs becoming scarce.

Many Icelanders have underestimated the situation. I am interested in the economy and I asked my friends what will happen if the banks fail. This seemed to be like an alien concept to them.

The general fear is of the complete collapse of the two major banks Kaupthing and Landsbanki.

There has been a loss of faith in the prime minister who had said the crisis would soon pass. Now he says the situation will not improve until 2011.

There has been pressure on the economy all year, but in the last couple weeks I have seen a big change.

A year ago the euro wasn't particularly popular, but many more people are attracted to the idea.

The government wants banks and pension funds to draw up assets to help the economy. Trade Unions are backing the government by not insisting on huge wage demands.

Prices in fresh produce and speciality goods have gone up, and I have even heard of panic buying of olive oil!

But I don't think it is all doom and gloom. I haven't got a mortgage and I only have a current account so I know I am better off than most.

There is a lot of money around. If the government, banks, pension funds, and the trades union can pull together in the same direction, I think the economy will turn around.

I have cut down on luxury items such as clothing and dining out. On a day-to-day basis there is nothing anyone can do other than to spend a little less.

Schumacher has been suspended by his team Gerolsteiner

Two Tour de France stage winners have tested positive for an advanced blood doping product.

Italy's Leonardo Piepoli and Germany's Stefan Schumacher tested positive for Continuous Erythropoiesis Receptor Activator (Cera).

Italy's Riccardo Ricco has already admitted to using Cera, a version of the blood booster erythropoietin (EPO).

Between them the three riders won five stages during the July race - or about a quarter of the 21 stages.

The French Anti-Doping Agency has been retesting blood samples from the race in a bid to catch more cyclists they suspect may have used Cera.

The German cycling federation (BDR) is set to take disciplinary action against Schumacher following his positive test and he could face a two-year ban.

"It is a shock, but it is also good news," said BDR president Rudolf Scharping.

Blatter wants the European Union to work with Uefa over foreign ownership

Fifa president Sepp Blatter has called for stricter rules on foreign ownership of clubs in the UK and abroad.

"Something has to be done about these billionaire owners," Blatter told reporters at the European Parliament.

"These days you can buy a club as easily as you buy a football jersey. There is something wrong and that's why I ask the European Union to act.

"This is not just about England where the problem is acute. This will spread across Europe."

The acquisition of Manchester City by the Abu Dhabi United Group in September made them the latest Premier League team to benefit from wealthy foreign investors.

There must be better control of football's finances otherwise there will be big financial difficulties in the future Sepp Blatter

Blatter, who is concerned at the fate of such clubs should the economic downturn affect foreign owners, met EU lawmakers on Monday to discuss overseas investment in football, among other issues.

"Some of these owners prefer horse racing, others like to buy a Formula One team, now buying a football club is the big attraction," he said.

Blatter added that while there was "no single remedy", he believed owners should have an association with the area before buying a club.

"There are national laws in Switzerland, for example, when you buy property or make an investment, you must prove yourself," he explained. "You have to prove your link with the area.

606: DEBATE Should Premier League owners have to prove a link to the club they own?

"There must be better control of football's finances especially in the difficult climate we are facing. I urge Uefa to work with the EU to tighten up the rules, otherwise there will be big financial difficulties in the future."

Vladimir Putin crushed a separatist rebellion in Chechnya

Russian Prime Minister Vladimir Putin would prefer not to have streets named after him and statues erected in his honour, his spokesman has said.

Dmitry Peskov said Mr Putin would not pressure officials to stop the practice, "but he himself would prefer it if this did not happen".

His comments came after a street in the capital of troubled Chechnya was renamed in Mr Putin's honour.

Critics have accused Mr Putin of creating a personality cult around him.

Mr Putin, who is hugely popular in Russia, served as president for two terms before moving to become prime minister.

'Saviour'

Chechnya's pro-Moscow leader, Ramzan Kadyrov, announced on Sunday that Grozny's main street would be re-named Putin Boulevard.

Mr Putin launched an all-out military attack on Chechnya in 1999 to crush a separatist rebellion which had forced out Russian forces in an earlier war.

Tens of thousands of people were killed in the conflict and large swathes of Grozny destroyed.

Mr Kadyrov described Mr Putin as "the saviour of the Chechen people... he saved us from genocide."

"I am sure 99% of the Chechen people support me in this because he deserves to have the main street renamed after him," he said.

But Mr Peskov, speaking to reporters on a visit to the ex-Soviet Belarus, played down Mr Putin's support for such gestures.

Mr Gates said talks were needed with the Taleban to resolve the conflict

US Defence Secretary Robert Gates has rejected as defeatist a comment by a top British commander in Afghanistan that the war there cannot be won.

Mr Gates said despite challenges, there was no reason to think success could not be achieved in the long run.

But he endorsed the recommendation by Brig Mark Carleton-Smith that a resolution to the conflict would require negotiations with the Taleban.

Earlier, Nato-led forces said they also supported opening talks with militants.

Brig Richard Blanchette, the spokesman for the International Security Assistance Force (ISAF), said there could be no military solution.

The UN Special Representative in Afghanistan, Kai Eide, made similar comments.

"We all know that we cannot win it militarily. It has to be won through political means. That means political engagement," he said.

'Reinforcement'

Speaking on board a flight to Budapest to meet Nato defence ministers, Mr Gates rejected the assertion made by Brig Carleton-Smith that a "decisive military victory" should not be expected.

"While we face significant challenges in Afghanistan, there certainly is no reason to be defeatist or to underestimate the opportunities to be successful in the long run," he said.

If the Taleban were prepared to... talk about a political settlement, then that's precisely the sort of progress that concludes insurgencies Brig Mark Carleton-Smith 'Managing' the insurgency

But Mr Gates agreed that part of the solution to the conflict would involve talks with members of the Taleban who are willing to work with the Afghan government.

"What we have seen in Iraq applies in Afghanistan," he added, referring to a successful programme to persuade Sunni Arab tribesmen who had previously fought against the government to turn against al-Qaeda in Iraq.

"Part of the solution is strengthening the Afghan security forces. Part of the solution is reconciliation with people who are willing to work with the Afghan government."

Mr Gates said he would again press Nato members to send more troops to Afghanistan during the meeting in Hungary.

"I want to make sure that everybody understands that the increase in US forces is not seen as replacements for Nato contributions, but as reinforcement," he said.

'Political settlement'

On Sunday, Brig Carleton-Smith, the British commander in Helmand province, said the aim of the Nato-led mission was to ensure the Afghan army would be able to manage the country on its own.

Brig Carleton-Smith said the war in Afghanistan cannot be won

He said this could involve discussing security with the Taleban.

When international troops eventually leave Afghanistan, there may still be a "low but steady" level of rural insurgency, he conceded.

He said it was unrealistic to expect that multinational forces would be able to wipe out armed bands of insurgents in the country.

"If the Taleban were prepared to sit on the other side of the table and talk about a political settlement, then that's precisely the sort of progress that concludes insurgencies like this," he told the Sunday Times newspaper. "That shouldn't make people uncomfortable."

The BBC's Martin Patience in Kabul says Brig Carleton-Smith's comments echo a view commonly-held, if rarely aired, by British military and diplomatic officials in Afghanistan.