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The Bank of England surprised markets Thursday by sanctioning another 75 billion pounds ($116 billion) injection into a British economy that’s suffering from the shockwaves of Europe’s debt crisis and the British government’s austerity program.

The Bank’s rate-setting Monetary Policy Committee said it was reviving a program of asset purchases which injected 200 billion pounds in between March 2009 and January 2010 to help lift Britain out of a deep recession. The hope is that by buying government bonds from banks, they will use their cash injection to lend to hard-pressed businesses and households.

The scale of the asset purchases, which will take four months to complete, was more than anticipated by those predicting Thursday’s move. Most economists thought the Bank would opt to wait until November before deciding on a more moderate 50 billion pound injection.

“It is clearly an indication of the extent to which the MPC is worried about the slowdown that it has chosen to act so soon and so decisively,” said Peter Dixon, economist at Commerzbank.

In a statement, the nine members of the MPC said the pace of global expansion has slackened, especially in Britain’s main export markets _ a reference to the eurozone, which is mired in a debt crisis that’s beginning to impact on banks’ day-to-day activities.

“Vulnerabilities associated with the indebtedness of some euro-area sovereigns and banks have resulted in severe strains in bank funding markets and financial markets more generally,” the panel said. “These tensions in the world economy threaten the U.K. recovery.”

Though the eurozone economy is also showing increasing signs of heading back into recession, the European Central Bank opted to keep its main interest rate unchanged at 1.5 percent. Many in the markets had been predicting a cut.

While launching another round of so-called quantitative easing, the Bank of England’s panel left the base lending rate at an all-time low of 0.5 percent and said that inflation would likely undershoot the 2 percent target in the medium term in light of the deteriorating outlook. It’s currently running at 4.5 percent and likely to go above 5 percent in the next month or two on the back of higher utility bills, the panel said.

“In the light of that shift in the balance of risks, and in order to keep inflation on track to meet the target over the medium term, the committee judged that it was necessary to inject further monetary stimulus into the economy,” the panel said.

The pound slumped soon after the announcement, trading 1.1 percent lower at $1.5293 as investors were caught unawares by the surprisingly big increase.

Chris Williamson, chief economist at Markit, said the decision was not without risk but would bolster the economy “until European policymakers can find a resolution to the region’s sovereign debt crisis and the U.K. government outlines a coherent strategy for growth.”

The Bank acted a day after revised data showed that the British economy grew by only 0.1 percent in the second quarter, half the previous estimate. It managed little or no growth in the previous six months.

American economist Adam Posen has been alone among the nine Monetary Policy Committee members to vote last month for another 50 billion pounds in asset purchases, but minutes of that meeting signaled a shift in sentiment with “most members” agreeing that the case for more stimulus had strengthened.

With the base rate at an all-time low of 0.5 percent and the government cutting spending, quantitative easing is the only remaining big lever to jolt the economy to life.

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Valet parking, celebrity chefs and bacon marmalade will be on the menu at an exclusive dinner party to launch Canada’s first super-premium supermarket brand.

Loblaw Cos. Ltd., the country’s largest grocery chain and long-time leader in private brands, is introducing President’s Choice Black Label, featuring products normally found in specialty gourmet stores.

To give the brand immediate cachet, President’s Choice is launching the line at a dinner party on Thursday, Sept. 22.

Billed as an epicurean adventure, the company has commissioned some of the city’s best-known chefs — Marc Thuet, Bertrand Alépée and Anthony Walsh, as well as pastry chefs Bobette & Belle — to create a tasting menu based on the products.

To be held in the avant garde art gallery, Neubacher Shor Contemporary, in Toronto’s Parkdale neighbourhood, the guest list includes a who’s who of 40 to 50 food writers, influencers and media.

From the smoky bacon marmalade, to the crumbly eight year old cheddar, to the cherry shiraz fruit jelly, Loblaw hopes the line will also appeal to ordinary consumers with a sense of culinary adventure despite the current challenging economic times.

“We’ve always seen a market for premium items even in tough economic times. A number of specialty stores have come into the market in the last couple of years,” said Ian Gordon, vice-president Loblaw Brands Ltd.

“We look at this is as a bit of affordable indulgence. They may not be able to afford a trip to Italy. But they can experience it,” said Allan Lindsay, Loblaw’s vice-president marketing.

Priced from $1.99 to $24.99, they’re meant to sell for less than in specialty gourmet stores. The bacon marmalade, for example, is priced at $4.99 for a 370 ml jar.

The line is scheduled to begin appearing the first week of October in 140 select Loblaw stores in select neighbourhoods in Ontario and Quebec.

Starting with 200 items, the group will represent a niche product amid Loblaw’s private label line, from its value priced No Name brand to its PC organics specialty segment.

In the stores, the Black Label products will be supported by displays that tell their story, how they were sourced, from whom, and how they might be used to transform an ordinary meal into a masterpiece, Lindsay said.

Reaching back into its past, Loblaw isn’t using the words “Black Label” on its packaging, but rather letting the packaging speak for itself. On a plain black background, the label features high end photos and a few simple descriptive words.

“It goes back to our first successful controlled brand product in a yellow and black package with no name on it. It wasn’t until six years later that we actually put “No Name” on the packaging,” Gordon explained.

While Loblaw is the first to offer a premium in house food product in Canada, British food retailer Tesco has been doing so for some time, said Jeff Doucette, a principal in the consulting firm Sales Is Not Simple.

Adding them to Loblaw’s existing portfolio of private label brands “will have a huge positive halo effect on the brand overall, whether they sell well or not, initially,” Doucette said.

TV food shows and specialty magazines have boosted demand for specialty food products previously unavailable at the supermarket, Doucette noted.

“You get the Food and Drink magazine from the LCBO and it’s asking for something unique like this and it’s an extra stop. Now, I don’t need to go anywhere else to get these things,” he said.

And while many debt-laden consumers are trying to cut their household spending, the brand is positioned as better value for money, he noted.

“Yes, there’s a debt crisis in Greece. But if this truffle aioli whipped dressing is cheaper at Loblaws than at my favourite gourmet store, I don’t have to give up great tasting food, just because I’m a little over-invested in European mutual funds,” he said.

The market for private label food in Canada is $11.4 billion a year, according to the Nielsen company. Loblaw’s share is $8.2 billion.

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Stocks edged lower in early trading Thursday after the government reported that claims for unemployment rose last week, a sign that layoffs are increasing.

First-time applications for unemployment benefits rose last week to 414,000. Economists had expected a slight fall to 405,000. The prior week’s estimate of new claims was also revised higher.

Thirty minutes after the market opened, the Dow Jones industrial average was down 42 points, or 0.41 percent, to 11,373. The Dow jumped 275 points Wednesday after a German court cleared the way for that country’s participation in the bailout of Greece and other European countries.

The Standard and Poor’s 500 index was down 8, or 0.7 percent, to 1,190. The Nasdaq composite fell 12, or 0.5 percent, to 2,536. The Nasdaq had been up in the first few minutes of trading.

Weekly applications for unemployment benefits are a closely-watched figure on Wall Street. Rising claims can add to concerns that the job market is stalled and the U.S. economy is headed for another recession. Applications need to fall below 375,000 to indicate sustainable job growth. Last week the government reported there was zero job growth in the U.S. economy in August.

Not all of the economic news Thursday was negative. American exports of cars, airplanes and other goods reached an all-time high in July, the Commerce Department reported. Economists said the jump in exports suggest future growth in the U.S. economy.

Investors are waiting for two-closely watched speeches Thursday. Federal Reserve Chairman Ben Bernanke will give a speech in the afternoon detailing his outlook for the U.S. economy. President Barack Obama will appear before Congress tonight and lay out his jobs plan.

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World stock markets regained some vitality Tuesday as investors hung hopes on action from the Federal Reserve to keep the U.S. from sliding back into recession.

Oil prices rose to near $86 a barrel as traders scaled back expectations that Libyan oil would be quickly restored to world markets as fighting raged in Tripoli between rebels and forces loyal to Gadhafi. The dollar weakened against the yen and the euro.

European shares were higher in early trading. Britain’s FTSE 100 rose 1.5 percent to 5,171.26. Germany’s DAX gained 2.8 percent to 5,625.16 and France’s CAC-40 gained 2.7 percent to 3,132.43.

Wall Street was heading for a second straight day of gains, with Dow Jones industrial futures 1.4 percent higher at 10,997 and S&P 500 futures 1.7 percent higher at 1,142.10.

Global stocks have been volatile in recent weeks as investors swung between fears of a double-dip recession in the U.S. and hopes that Federal Reserve Chairman Ben Bernanke will announce some kind of action to help the economy during an annual economics conference in Wyoming on Friday.

Japan’s Nikkei 225 rose 1.2 percent to close at 8,733.01 and Hong Kong’s Hang Seng gained 2 percent to 19,875.53. South Korea’s Kospi jumped 3.9 percent to 1,772.39.

Benchmarks in Singapore, Taiwan, India, Indonesia and the Philippines were also higher.

Chinese shares advanced for the first time in six trading sessions as investors bargain-hunted following the release of a survey suggesting better than expected manufacturing data for August.

The benchmark Shanghai Composite Index rose 1.5 percent 2,554.02 and the Shenzhen Composite Index added 1.8 percent to 1,144.05. Shares in cement and other building materials led the gains.

“A correction was due after investors overreacted to the selloffs in foreign markets days before, and also there was speculation that the manufacturing data could be better than earlier forecast,” said Cai Dagui, an analyst at Ping’an Securities, based in Shenzhen.

A “flash” manufacturing survey by HSBC showed Chinese output contracting, but improving from a 16-month low in July, rising to 49 fast cash advance.8 from 49.3 in July. The flash survey of purchasing managers includes 85 percent to 90 percent of the responses of a monthly survey on manufacturing trends that is usually released on the first of the month.

Investors also found relief in expectations that oil prices would fall if Libyan rebels gain complete control of the capital of Tripoli. A new government in Libya could clear the way for a return to oil production, which was halted six months ago amid a rebellion against the Gadhafi regime.

Falling oil prices also could help mitigate the effects of high inflation that has persisted across much of Asia, threatening growth prospects.

Rising metals prices, especially gold _ which ended Monday just shy of $1,900 an ounce _ boosted mining shares. Energy Resources of Australia Ltd. shot up 7.8 percent. Australia’s Fortescue Metals Group gained 4.1 percent. Zijin Mining Group Co., China’s biggest gold miner, rose 2.2 percent.

On Monday, the Dow Jones industrial average rose 0.3 percent to close at 10,854.65. The S&P 500 rose less than 0.1 percent to 1,123.82. The Nasdaq rose 0.2 percent to 2,345.38.

Bernanke’s speech Friday could have a major impact on markets, as it did last year when he hinted that the Fed was about to embark on a second round of bond buying known as quantitative easing to support financial markets and the economy.

The buying program ended in June. Some investors hope that Bernanke will reinstate bond purchases because of recent evidence of a weakening U.S. economy that triggered a stock market sell-off in August.

Benchmark oil for September delivery was up $1.46 to $85.88 a barrel in electronic trading on the New York Mercantile Exchange. Crude rose $1.86 to settle at $84.12 on Monday.

In London, Brent crude for October delivery was up 15 cents per barrel to $108.57 on the ICE Futures exchange.

The euro rose to $1.4440 from $1.4373 late Monday in New York. The dollar weakened to 76.65 yen from 76.72 yen.

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Tiger Airways executives are holding crisis talks with an Australian air safety watchdog after the regulators grounded all Australian domestic flights of a Tiger subsidiary over safety concerns.

Monday’s meeting with Australia’s Civil Aviation Safety Authority comes two days after it announced that Tiger Airways Australia’s entire domestic fleet was grounded for five business days. The move affects about 35,000 passengers.

The Australian safety regulators say the budget airline twice flew under the minimum allowed altitude. Singapore-based Tiger Airways Holdings Ltd. says the grounding will cost the airline 2 million Singapore dollars ($1.63 million) a week.

The airline says it is cooperating with the safety authority.

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Libyan authorities on Saturday accused NATO of killing 15 people in an airstrike that hit a restaurant and bakery in the east, though the alliance said there were no indications that civilians had died.

It was the latest outcry from Libyan leader Moammar Gadhafi’s government blaming NATO for killing civilians amid a four-month uprising that has sparked a civil war. NATO insists it does all it can to avoid such casualties.

Meanwhile, rebel representatives said their fighters were coordinating around the country for the “zero hour” when their forces would reach the capital of Tripoli.

The rebels said they have been working to cut fuel supplies from Tunisian borders in an attempt to paralyze Gadhafi’s forces. Rebels also are making homemade bombs and trying to ferry other weapons to their comrades in Tripoli, a spokesman for an underground guerrilla group there said.

Libya’s state news agency quoted a military official in Gadhafi’s forces as saying that NATO warplanes hit a number of civilian sites Saturday in the oil town of Brega, including a restaurant and a bakery.

The official said 15 civilians were killed and 20 wounded in the strike. The JANA news agency also claimed five civilians were killed Friday in Brega as well.

A NATO official said alliance warplanes had hit several targets in the vicinity of Brega, but dismissed claims that the attacks had resulted in civilian casualties.

“We have no indications of any civilian casualties in connection with these strikes,” said the official, who spoke on condition on anonymity because he was not authorized to speak to the media on the record. “What we know is that the buildings we hit were occupied and used by pro-Gadhafi forces to direct attacks against civilians around Ajdabiya.”

NATO has acknowledged carrying out two raids near the strategic oil town. The alliance said Friday it hit multiple military command sites near Brega, which has been a frequent flashpoint between rebels and Gadhafi’s forces.

The alliance said Friday that government forces had moved into buildings in an abandoned area of Brega and started using them as military compounds to launch strikes on civilians, putting rebel-held cities such as Ajdabiya and Benghazi at risk.

Reports of civilian casualties have provoked intense anger among many Libyans in the west of the country under Gadhafi’s control.

Images of dead civilians, including young children, described by the government as “martyrs” can be seen frequently at pro-government rallies and on state-controlled television.

NATO is investigating whether one of its airstrikes may have slammed into a civilian neighborhood in Tripoli on June 19, killing several civilians.

A day later, alliance warplanes struck a family compound belonging to a close Gadhafi aide, killing what the Libyan government says was 19 people, including at least three children. NATO called the site was a “command and control” center, and said it regrets any civilian deaths that resulted from the strike.

Meanwhile, at least two explosions could be heard in the capital of Tripoli on Saturday, though it was not immediately clear what the NATO airstrikes may have hit.

The Libyan rebels began their uprising in February against Gadhafi, who has been in power since 1969. The conflict has turned into a civil war, and Gadhafi’s forces are accused of orchestrating deadly attacks on civilians.

The rebels have taken over much of the eastern half of Libya. They also control pockets in the west, including the vital port city of Misrata, about 125 miles (200 kilometers) from the capital.

A coalition including France, Britain and the United States began striking Gadhafi’s forces under a United Nations resolution to protect civilians on March 19. NATO assumed control of the air campaign over Libya on March 31 and is joined by a number of Arab allies.

On Saturday, the spokesman of the rebels’ western mountain military council confirmed that rebels are coordinating with individual cells and with an underground rebel guerrilla group known as the Tripoli Council. The main goals are to cut the fuel from Gadhafi forces, Gomaa Ibrahim said.

Meanwhile, a spokesman for the Tripoli Council said that their fighters have been carrying selective attacks on Gadhafi forces in the capital.

The spokesman, who requested anonymity for fear of reprisals, said that the rebels are coordinating for “the zero hour, when rebels from liberated cities enter Tripoli.”

“It will be a tremendous mission. The city is now besieged by 13 different security brigades, well armed and well equipped. Gadhafi has always said that his loyalists will sabotage the city if he falls. So this will be our mission: to mob it and clean it of mercenaries.”

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Delta Air Lines hastily changed its baggage fees for troops Wednesday after a YouTube video showed soldiers complaining that they had to pay $200 apiece to check extra bags as they made their way home from Afghanistan.

The video was posted Tuesday and was viewed almost 200,000 times before it was removed by the person who put it up. By Wednesday afternoon, a Facebook page called Boycott Delta for Soldiers had sprung up, and the airline was backpedaling and apologizing to the soldiers.

Nobel Prize-winning economist Peter Diamond withdrew on Monday his nomination for a seat on the Federal Reserve Board, complaining that Republicans who have blocked his confirmation for more than a year failed to understand the importance of his work on unemployment.

Diamond announced his withdrawal in an opinion article in The New York Times with the headline “When a Nobel Prize Isn’t Enough guaranteed unsecured personal loan.”

“Last October, I won the Nobel Prize in economics for my work on unemployment and the labor market. But I am unqualified to serve on the board of the Federal Reserve

Pakistan’s prime minister has named the members of a commission tasked with investigating the circumstances surrounding the May 2 U.S. raid that killed Osama bin Laden.

Pakistan was embarrassed by the al-Qaida chief’s discovery in a northwest garrison city. The military was especially humiliated by the Americans’ ability to carry out the operation and leave without detection.

Parliament demanded an independent commission instead of a military probe. The five-member panel’s mandate includes establishing the “full facts” regarding bin Laden’s presence in Pakistan, a statement Tuesday said personal loan for poor credit.

Its creation suggests the weak civilian government is seeking some leverage over the powerful security establishment.

The commission will be led by a judge and includes a retired general.

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The International Monetary Fund is urging Europe to push shaky banks to strengthen their finances as the best way to keep the debt crisis in Greece, Portugal and Ireland from hitting a growing eurozone economy.

The Washington, DC-based international organization says stress tests are a key opportunity to fix banks by forcing those found to be weak to raise new capital, which can be done by investors or government stumping in more money.

The issue is important to the rest of the economy because a number of banks hold Greek, Irish and Portuguese debt, complicating efforts to resolve those countries debt problems. A default or restructuring of that debt could hit banks so hard they wouldn’t be able to loan money to companies, spreading financial trouble to the wider economy.

The IMF estimates that the 17 countries that use the euro will see growth of 1.7 percent this year and 1.9 percent next year, if debt crises don’t derail the economy.

“Financial linkages between countries with sovereign debt troubles and the rest of Europe could potentially pose more risk to the outlook,” the IMF said in its regional economic outlook for Europe released Thursday.

With banks holding bonds from indebted countries, “a shock to confidence could spread quickly throughout Europe.”

The European banking regulator is running stress tests on banks, with results due in June. A set of tests last year was regarded as too easy to restore confidence in the system.

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