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Entries for October 2008

US election in the final Days
A CBS/New York Times poll puts Obama's lead at 52%-39% among likely voters. Perhaps more intriguing than the 13-point headline lead, though, is Obama's strength among several groups that voted for George Bush in 2004. A Democrat hasn't won the white male vote since 1972.

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UKs solid GDP growth for 16 years comes to an end
The figures are likely to boost expectations that the Bank of England will cut interest rates by another 50 basis points next month as the economy looks like heading into its first recession since the early 1990s. So the UK will be classed as being in recession if the economy slo...

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Is Europe Smarter than US in Managing Economy
The index later fell even lower, closing down 1,089.02 points, or 11.4 percent, to 8,458.45, the biggest one-day percentage drop since the market crash of October 1987. “Europe showed the capacity to respond to a crisis more quickly than the U.S.,”

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Just as we thought bottom was reached- Stocks Plunge on Economic Gloom
The Dow Jones index in New York sank nearly 8% and shares in Brazil by 10%. There were sharp falls in London and on other European markets. The FTSE 100 index of leading shares closed 7% down. Shares across the world have fallen sharply amid fears of recession.

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US follows UK & unveils a $250bn banking rescue
Treasury Chief Says Banks Must Deploy New Capital, President George W Bush said the move would help to return stability to the US banking sector and ultimately help preserve free markets. US federal authorities will also temporarily insure most new debt issued by US banks.

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IMF in global financial 'meltdown' warning
"Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown," IMF chief Dominique Strauss-Kahn said.

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Rich Nations Pushing for Coordination in Rescue
Finance ministers from richest industrialised nations have pledged action to tackle the financial crisis. The G7 nations issued a five-point plan of "decisive action" to unfreeze credit markets, after a meeting in Washington.

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People go bankrupt all the time. Companies do, too. But countries?
Mr. Morthens is a former fish industry worker turned rock singer who is now known as the Elvis of Iceland. Like many of his compatriots, he did well when Iceland was riding high, accumulating considerable wealth. Millions of pounds invested in troubled Icelandic banks by local au...

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Global Markets Dive in Relentless Selloff
European markets fell more than 10 percent at the opening, but came off their lows a bit later. In early afternoon trading in London, The FTSE 100 share index was down 8% at 3,964 points. It opened 9.8% lower at 3887 points, below the 4,000-point level for the first time in five ...

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Tokyo Shares Lose 9.4% Europe Slides
“It was a horrible session in New York and a horrible session in Tokyo,” Jim Reid, head of fundamental credit strategy at Deutsche Bank in London, said. “The momentum is negative.” Another wave of relentless selling washed over global markets.

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Other News

London Transport and Virgin Media have named first 80 busiest and major underground stations in London which are all set to receive Wi-Fi services for the Olympics season. Destinations including London Bridge, Oxford Circus, Leicester Square, Mile End, Tower Hill, Tufnell Park, Goodge Street, King’s Cross, Oval, Borough and Victoria are on the list to turn into accessible Wi-Fi hotspots.

The UK economy shrank for the last three months of 2011 - BCC predicts that growth will be flat this year , with one quarter of contraction, but says a full-blown recession is not inevitable if the government acts. It showed that in October, the service sector contracted by (a revised) 0.6%, while in November it grew by 0.6%.

Peacocks chief executive expected to lodge rescue offer for stricken fashion chain, while Past Times is closing 46 stores with the loss of 574 jobs. Peacock employs more than 400 at its Cardiff HQ and nearly 10,000 more across the UK.

Halifax index also shows a 0.9% decline in December 2011 and predicts a broadly stable 2012 … providing the UK can avoid the recession. The price of the average house in the UK is now just over £160,000, said the bank, thanks to a 0.9% fall in prices in December 2011 and a 1.3% drop over the whole of the year.

Europe’s worst financial crisis in generations is forging a new European Union, pushing Britain to the sidelines and creating a more integrated, fiscally disciplined core of nations under the auspices of a resurgent Germany.

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