Gieve Warns of Worst Recession in Decades
Today, the deputy governor of the Bank of England warned that UK is now facing the worst recession in decades.
It is said that further action was required to prevent a prolonged recession, however, there was nothing that could be done to stop a sharp downturn in the first half of 2009. Interest rates could be cut again from their historic low of 1.5%.
Between July and September last year, UK’s GDP fell by 0.6%, and official figures out next week are expected to indicate that output shrank by up to 1.5% in the last quarter of 2008, confirming that the nation is in the grip of a sharp slowdown.
This came as ministers prepare to thrash out new schemes to help boost bank lending over the weekend. Large amount of small businesses are struggling to survive as their access to credit is cut off due to banks cutting back on lending.
Various Contingency Plans
Large amount of global businesses are struggling with huge credit-related losses recently and need to raise more money or cut cost to survive this tough time.
The world’s largest law firm—Clifford Chance, had a cash call last week. In the call, the company asked each of its partners to stump up an extra £100000, which totall to £40 million, in order to fund its working capital requirements.
Then, today, one of the world’s biggest accountancy firms—KPMG, release the extended unpaid leave to the staff in order to avoid firm-wide redundancy programme.
Briefing About the Troubled Assets Relief Programme
The first half of the Tarp has been used by the Treasury and Congress has been asked by Barack Obama for access to the remaining $350 billion. However, the lawmakers become very reluctant to further release any cash without guarantees that it will be used to help homeowners and give a boost to the economy.
Taxpayers now have been angered by the paucity of strings attached to the handout of the first half of the Tarp, while the industry sector of banking has refused to account for how the cash is spent.
Ex-KGB Agent Tend to Buy British Newspaper
The Russian oligarch and former KGB agent—Alexander Lebedev, is now in attempts to buy 75% of the Evening Standard.
A bid has been lodged with DMGT at an unspecified level, and an answer is expected from the newspaper group tomorrow. It is not certain at all that an offer would go through.
Last month, Mr Lebedev was rebuffed by Viscount Rothermere, who is the controlling shareholder of DMGT, but the peer has come under pressure to re-enter talks to sell a newspaper that is suffering from a loss of a few million in recent years.
The current situation is described by the insiders as “complicated”, however, the Russian camp was hopeful that it could win control of the title, in what would be a major change in the landscape of UK newspapers.
Cash Advance—An Option to Beat Credit Crisis
Recession looms as optimism falls among businesses of various natures across the world. It is widely believed that the world is entering a full-blown recession with no improvement in general economic conditions expected for at least a year.
These days, many real-life businesses as well as struggling individuals are all searching for good solutions to beat the tough time brought forwards by the credit crunch. Despite of the almost unanimous fall in the level of optimism about the state of the global economy, there is no lack in advice from experts on financial management. For example, cash advance is one of the most popular options. Applying for a cash advance loan could be of great help for people bridge their financial gap due to the bad time.
Do you need cash today? Are you looking for a quick cash loan in order to get well-prepared for the worsening market condition? Don’t worry. There are a lot of reliable finance agencies in practice nowadays, where you can turn for some help. They are providing the customers with fast, professional service, which assure the customers to get their money deposited quickly and securely. Moreover, the Internet plays a vital role in bringing more convenience to customers. With some trustworthy web-based companies, the process is greatly simplified and you can get up to $1500 in as little as one hour by applying for a quick cash loan with no hassle! Meanwhile, a lot of good advice form experts in the consulting field available on different websites, which can help you make the best choice with your individual financing.
What are you still waiting for? Learn more about cash advance service on-line today!
Blavatnik Bails Out Of Air Berlin
The Europe’s third-biggest low-cost airline—Air Berlin just announced that the US billionaire—Len Blavatnik, another cash strapped victim of credit crisis, has been forced to sold his 18.9% stake in the carrier.
As Air Berlin remains an attractive target in a rapidly consolidating airline sector, this sale brings many great chances for the new buyers. However, the recorded trading volumes showed that Mr Blavatnik did not sell his stake in the German airline, which has a market value of 60 million euros, via the stock market. As a result, the market participants are left guessing who actually bought the holding.
China Mobile Plan to Launch OPhone
According to recent local reports, the world’s largest wireless carrier—China Mobile, is planning to launch a third-generation handset built on the Android platform in the first quarter this year.
The “OPhone” will become the first phone in China that features Google’s Android system. It will make use of the homegrown 3G network in China. Lenovo Mobile, a former mobile phone unit of Lenovo Group (0992.HK), is the maker of the phone. According to a source with direct knowledge of the issue, the product is in the final testing stage at the moment.
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