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2009:annus horribilis in the financial world 2008-12-29 23:19:29 Image by Steve Rhodes via Flickr
By John Gapper
Published: December 29 2008 18:38 | Last updated: December 29 2008 18:38
The beginning of the year is usually an arbitrary moment on the business calendar but this one could – with luck – prove an exception.
The collapse of Bernard Madoff’s investment advisory business in the last days of [...]
Local authorities credit crunch 2008-12-29 23:10:00 The City of London and Tower Hamlets top the list of UK local authorities
most vulnerable to the financial crisis, according to research carried out by Oxford Economics, the consultancy. Our interactive feature shows which UK local authorities are expected to be most exposed to the effects of the credit
crunch.
source:-bd7d-11dd-bba1-0000779fd18c.html Read more:Local
redit card companies face continued problems 2008-12-29 23:00:58 NEW YORK (Reuters) - Credit card companies face continued problems
, as rising unemployment could send the number of late payments through the roof, giving investors reason to be wary despite the companies’ low stock valuations, Barron’s reported in its December 29 edition.
The industry’s leading companies include: American Express (AXP.N), Bank of America (BAC.N), Citigroup (C.N)
Bank debt set for more pain as doubts rise 2008-12-29 22:58:10 LONDON (Reuters) - Subordinated bank debt, the riskier end of the debt spectrum, may take a further hit on worries banks will miss interest payments.
Bayerische Landesbank looks set to become the first major bank to defer a coupon, or interest payment, on a Tier 1 debt issue in the credit crisis.
Subordinated debt prices have sunk [...]
At least 600,000 jobs could go in the UK in 2009 2008-12-29 22:40:25 At least
600,000 jobs could go in the UK in 2009, according to a report by a personnel managers’ professional body.
The Chartered Institute of Personnel and Development says even those who escape redundancy face pay freezes.
It says that while total unemployment will not hit three million, the time between New Year and Easter will be [...]
Pound-Euro The path to parity is self-fulfilling 2008-12-29 22:37:47 The pound has hit a new record low against the euro as the grim outlook for the UK economy continues to put downward pressure on the currency.
Weak house price data and figures showing that homeowners are choosing to repay their mortgages rather than spending, pushed the currency lower.
Low trading levels in the foreign exchange markets [...] Read more:Pound
UK economy prediction 2009 2008-12-29 22:27:19 The Centre for Economics and Business Research (CEBR) predicts the economy
will shrink by 2.9% in 2009 - more than at any time since the 1940s.
It expects consumer spending to decline and investment in business to slump.
The forecasters say exporters will be helped by the slump in the pound’s value, but even their prospects will [...]
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