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October 11, 2008, 7:11 pm
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Another 5pc fall for FTSE despite rate cut
The FTSE 100 Index plunged more than 5 per cent today as recession fears took hold despite a £50 billion banking bail-out and a shock interest rate cut.
Fear on streets of Reykjavik as country can only go to IMF for financial bailout
Iceland may be the target of British opprobrium right now, but on the streets of Reykjavik, citizens are more concerned about their own increasingly dire situation. The collapse of the country's banking system and, along with it, the economy, is steadily affecting ever more of the 320,000 people who live on the North Atlantic island.
Dacor Introduces New Larger Wall Ovens
September 12, 2008 ( www.ApplianceLife.com )
Dacor is pleased to introduce the Epicure 36″ Renaissance Wall Oven, offering consumers 20 percent more capacity than standard wall ovens and innovative technology for a more efficient culinary experience.
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Jeremy Warner's Outlook: It may not work, but at last policymakers are on the right track
The judgement of markets can hardly be described as positive, but it seems to me that the UK authorities have belatedly got their response to the banking crisis broadly right with yesterday's wide-ranging package of measures. Dithering ministers and policy wonks have been swept aside. Treasury mandarins, the Sir Humphreys of this world if you like, seem to be firmly back in the driving seat. Measured and considered, this is exactly what the doctor ordered.
Jeremy Warner's Outlook: A comprehensive bailout for banks, but will it work?
Sir Fred Goodwin's top bullet point in his slide presentation to the Merrill Lynch banking conference in London yesterday morn-ing was:"The outlook is subdued". Even by the notoriously phlegmatic standards of the Royal Bank of Scot-land chief executive, this was something of an understatement. In fact, the outlook was truly dire at the time he made his remarks, as one glance at Sir Fred's plummeting share price graphically illustrated – at the close, it was down by nearly 40 per cent to a 15-year low of less than a pound.
The great balti bailout
At the Treasury it has already been dubbed "the balti bailout". At 9.30pm on Tuesday, Alistair Darling and about 30 of his officials took a few precious minutes off from their marathon negotiations with bankers for a takeaway curry from Gandhi's Indian restaurant in Kennington, south London. The "customer feedback" section of its website includes commendations from Gordon Brown, Jack Straw, John Major, Paddy Ashdown, Richard and Judy and, appropriately enough, Mr Darling.
Jeremy Warner's Outlook: Treasury fiddles as markets crash
So is that it? Yesterday's statement by the Chancellor on the financial crisis was so completely underwhelming as to be barely worth reporting. There was no sense of the urgency required to prevent this already cataclysmic banking crisis from turning into an economic disaster. We have to assume that behind the scenes, the Treasury is beavering away on some grand economic recovery plan, which will include, as widely suggested, the recapitalisation of banks with taxpayers' money. But if it is, the Chancellor is saying little about his planned response. Leading bankers were again summoned to Downing Street yesterday afternoon, but few of them yet accept that the Govern-ment should be allowed to take controlling stakes by investing in preference shares, as one option being considered by the Treasury suggests.
Market Report: RBS and HBOS slump on fresh bank fears
So, after the latest Monday meltdown, much of the market picked itself up, but the banks did not escape another hammering. After news that some of the UK's biggest banks had asked for a £15bn handout, the rumour mill started flowing. The one that had trad-ers jawing in the morning was talk of HSBC being lined up to take over... Royal Bank of Scotland.
Jeremy Warner's Outlook: More action needed as market crash threatens meltdown
Crash, bang, wallop. Is this capitulation, the point at which the last bull turns tail and flees before the marauding bears? Only a fool would attempt to call the bottom when a crash is in full motion. Nobody can know how low the stock market will go.
UK 'already in recession' claims business group
The UK is already in a recession, with business confidence, profits and turnover now at record lows and unemployment set to rise by up to 350,000 in the next year, according to an "alarming" new report today.
Business leaders call for half-point interest rate cut this week
Britain's biggest business groups united yesterday to call for an interest rate cut of at least half a percentage point from the Bank of England this week, as the impact of the credit crisis spread further into the real economy.
Bank of America to raise $10bn and cut dividend
Bank of America – the ambitious commercial bank that has snapped up Countrywide Financial, the mortgage lender, and Merrill Lynch, the historic investment bank, since the credit crisis began – is to raise $10bn and slash its dividend to bolster its finances.
RBS shares dive after analysts predictions
Royal Bank of Scotland shares fell to a 15-year low yesterday as speculation mounted that the embattled bank would seek to raise £10bn of capital from shareholders under the Government's bailout plan.
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