Dr Doom calls for $400bn spending plans Posted on October 30, 2008 by John Ashcroft The U.S. government should enact an economic stimulus package of between $400 billion and $500 billion before the end of the Bush administration in January, New York University professor Nouriel Roubini said. Dr Nouriel Roubini, said the economy risks falling … Read More
House Prices fall by almost 15% – Nationwide Posted on October 30, 2008 by John Ashcroft Nationwide, the UK's largest society indicates the average price of a home in the UK has fallen to £158,872 – almost £30,000 less than a year ago., down by 14.6% in October. Prices have been driven down by falling sales … Read More
Fed cuts rates to 1% – UK further cut next week expected. Posted on October 30, 2008 by John Ashcroft Bernanke acts. The US Federal Reserve last night reduced borrowing costs by a further 0.5% slashing the Fed Funds rate to just 1%. In a move that is expected to be followed by the Bank of Japan, European Central Bank … Read More
Don’t panic – we have six days to save Pakistan says German minister Posted on October 29, 2008 by John Ashcroft You have to admit there are some great headlines around. Germany's foreign minister Frank-Walter Steinmeier warned yesterday that the IMF has less than a week to avoid financial crisis in Pakistan. Foreign country reserves were just $4bn and were likely … Read More
Markets Rally as dealers sniff rate cuts Posted on October 29, 2008 by John Ashcroft So this is volatility. On Friday the markets had no confidence in central governments and prices plummet. Two days later with rate cuts in the air, markets world wide stage a rally. In UK the FTSE is clinging … Read More
Big Numbers as global bail-outs cost £4,500bn Posted on October 28, 2008 by John Ashcroft Governments and central bank have bailed out the global financial industry with £4,500bn of taxpayers' money, according to the Bank of England's Financial Stability Report. According to Philip Aldrick, Banking Editor of the Telegraph : The size of the rescue … Read More
Markets Plummet as Governments are deemed powerless Posted on October 28, 2008 by John Ashcroft "NEW YORK (AP) – Stock markets around the world plummeted Friday and oil prices plunged to their lowest in more than a year…The common denominator was growing fears that governments, central banks and finance ministers seem powerless to stop the … Read More
UK GDP figures flag recession ahead Posted on October 28, 2008 by John Ashcroft Markets have been under pressure as much has been made of the 0.5% decline in GDP in a quarter on quarter comparison. A preferable comparison is a rate of growth based on a year on year comparison. On this basis … Read More
Global Bank Losses rise to $2.8 trillion dollars Posted on October 28, 2008 by John Ashcroft According to the Bank of England Financial Stability Report October Global bank losses on a mark to market basis are now $2.8 trillion. In the UK, bank losses have doubled in just six months from £63bn to £123bn. The capital … Read More
Manufacturing Prices begin to slow September Posted on October 27, 2008 by John Ashcroft Materials and fuels purchased by manufacturing increased by 24.5% in September a lower rate than 28.8% in August and a peak of 34.0% in June. Output prices increased by 8.5% compared to 9.1% in August and a peak of 10.0% … Read More
