Latest News and Stories

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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Black Monday- Global markets sinking around 8%
Stocks Fall Sharply on Credit Concerns, Nothing safe including Oil and Properties. Markets around the world spiraled downward on Monday as the banking crisis tightened its grip on the global economy. For the time since 2004, the Dow was trading below 9,500, a psychological milest...

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Global Fears of a Recession Grow Stronger
With Europe and the United States deep in crisis, economists said, the rest of the world could not help but suffer. The immediate danger, economists say, are countries in Eastern and Central Europe, like Bulgaria and Estonia, which run steep trade deficits and are vulnerable to a...

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Bush praises lawmakers for signing sescue bill after house vote
President George W. Bush signed the biggest government intervention in the financial markets since the Great Depression after U.S. House of Representatives lawmakers wary of growing signs of the nation's economic distress voted Friday in favor of a $700 billion Wall Street rescue...

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Failed Deals Replace Boom in New York Real Estate Market
Single-family home prices in 20 cities fell 16.3% in July, the fastest pace on record - even before Wall Street woes shifted into high gear. And New York City was not immune. Metro-area prices fell 7.4% from July 2007, according to Standard & Poor's Case-Shiller home price index.

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Nationalization is not so bad for the Taxpayers.
Northern Rock is one of few financial institutions that has a 100% guarantee for the safety of customers' savings, as it is government-backed. The rush of consumers looking for safer places for their savings placed Northern in danger of exceeding a 1.5% cap on its share of UK ret...

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Lawmakers Grope for Resolution as They Attempt to Avoid Economic Calamity
House of Representatives voted 228-205 to reject a $700 billion rescue the financial industry. In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted 228-205 to reject a $700 billion rescue of the financial industry.

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Fate of Bailout Plan Remains Unresolved as Talks Implode During Day of Chaos.
After several hours of discussions with President George W Bush, a group of Republican members of Congress blocked the government plan. The proposal would have seen the government buy bad debts from US banks. Without a swift rescue package more finance companies are expected to ...

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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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