All Entries Tagged With: "Financial Crisis"
Consumer Confidence: lowest level in four decades
As the financial crisis fell heavily on the American household budgets in October, Consumer Confidents fell to an all time low.
The Consumer Confidence Index plummeted to 38 in October from a reading in September of 61.4 according to a New York based business research group The Conference Board.
This is the lowest level the index has [...]
Confidents back within 6 months says Bank of England
The Bank of England announced on Tuesday that global intervention should stabilise the banking system but will also put heavy constraints on the banks. It also said that within six months confidents should return to the financial markets.
The Bank of England’s (BOE) twice-yearly Financial Stability report states that the losses may be less than markets [...]
Canada strengthens its banks: mirror's US and Europe
Canadian banks
will be reinforced by its government guaranteeing its loans it was announced on Thursday, after the global financial crisis was forecast to send Canada to the brink of recession.
Jim Flaherty, Canada’s Finance Minister told reporters: “The government of Canada is acting today to ensure that financial institutions in this country are not [...]
Crisis: Plumbing trade hit as Wolseley sheds 3,000 jobs
Wolseley Plc, the biggest global distributor of plumbing equipment, will have to lay-off 3,000 employees in the US based stock building supply after an attempted disposal failed.
Wolseley will close 86 branches and remove its self from Louisiana altogether due to the housing slump that’s taken over America. Wolseley, who originated in England said that “the [...]
Crisis in Goldman Sachs: 3,200 staff could go
Goldman Sachs the US investment bank that seemed to be the strongest on Wall Street will be getting rid of 3,200 of its staff it was revealed by someone close to the plans, the source explained that 10 percent of the investment banks worldwide workforce has to go. Goldman Sachs refused to comment on the [...]
Oil price falls: how does it affect Joe the Plumber?
Oil prices have fallen below $70 a barrel but companies that would normally be jumping hoops with this drop in price are not, the economic slowdown has crushed any hopes that crude oil at discounted prices will help life the economy.
Crude oil dropping below $70 a barrel would be music to the ears to the [...]
Dow Jones massive surge before close
Good news on Wall Street with the Dow Jones Industrial average swinging right at the last 90 minutes almost 480 points. The last surge saw the Dow Jones closing at 8979.26 after gaining 401.35 or 4.7 percent.
Traders said that the stocks attracted an influx of bargain investors seeing
Lloyds TSB and HBOS: deal could be over
HBOS and Lloyds TSB share prices took a hammering yesterday leading to new doubt as to if the takeover of HBOS will go ahead with analysts suggesting that the government may have to step in to help HBOS.
Both Lloyds TSB and HBOS share holders sold their shares frantically yesterday with the part nationalization of the [...]
British Prime minister convinces the EU
The British prime minister has persuaded European leaders that it would be beneficial to follow suit with a British-style bank bailout to halt global financial turmoil.
Gordon Brown seemed convinced on his departure from emergency crunch summit talks in Paris that the EU will follow his proposal for easing the credit
October 10. Dow Jones hit hard on opening
Friday October 10 and yet another decline on Wall Street, with the Dow Jones falling more than 250 points just as trade began in New York. The global sell-off is deepening the credit crisis and it unlikely that low interest rate will do anything to improve it.
The Dow Jones has declined 21 percent in just [...]
Could Iceland Face Bankruptcy? Casualty of global financial crisis
Iceland the tiny Island home to just 304,000 people and has now become the biggest victim of the global financial crisis.
Kaupthing, Iceland’s largest bank was taken for government control on October 9. Kaupthing will
Icesave: UK government vowed British depositors are safe
As British Savers of Icesave fear the loss of their savings Gordon Brown the British Prime Minister vowed to protect the British savers of troubled Icelandic banks by announcing that he would sue Reykjavik to recoup the money.
As Icesave on online arm of Landsbanki Iceland’s second biggest bank was frozen yesterday after the nationalization of [...]
Icesave say no to 300,000: Landsbanki into receivership
As Landsbanki gets swept up by the Icelandic government the British banking customers for the first time could see themselves applying to get their savings back.
News comes a Icesave who’s parent company is Landsbanki have frozen all UK saving accounts. If you are worried about your savings if you do have money in the internet [...]
Iceland falls hard government takes control
It is now Iceland’s turn to be swept up in the financial turmoil that’s been hitting everywhere in the world, the Icelandic government issued a statement saying it has taken control of Landsbanki the lead Icelandic financial institution, Icesave the internet bank has also been affected as it is part of Landsbanki banking brand stopping [...]
US shares tumble in anticipation of House Vote
US shares fell almost 200 points in early trading on Thursday as doubtful investors wait patiently to see if the House of Representatives will vote for the new $700 billion bailout plan to pass through after last night’s pass by the