Twelve more US banks join the funding party
It is beginning to look like a party invitation list as another 12 US banks sign up to the country's record breaking rescue plan, or should that be plans?
The US stock market, along with those in Europe and the Far East, has been in meltdown of late as the financial turbulence hitting worldwide markets continues to gather pace. After a period of reflection when many assumed that the worst was over we are now seeing the start of another massive down leg which could literally put many economies back years.
To make matters worse the Yen has been very strong on the currency markets and the G7 of the largest economies in the world have expressed concern that the strong yen could cause major problems and thwart any possible short term bounce. If you look at the situation with the yen and also consider sterling's problems with dollar it really does look as though the UK is in one of the weakest positions of the developed nations.
More action is needed now to hit the real problem, the lack of money in the pockets of tax payers and the fact that many in the UK are dreading the expected winter cold snap.
Share this..
Related stories
EU ruling does not bode well for Lloyds and Royal Bank of Scotland
EU regulators have today confirmed that Dutch bank ING will need to down size its balance sheet in order to take account of state aid which was received when the company was in dire straits. This comes at a time when Lloyds bank and Royal Bank of Scotland are awaiting a ruling on UK government state aid and any potential reduction in the size of the businesses and any asset disposals.
Read More
Inflation knocked off the news headlines by market turmoil
As stock markets in the Far East fell by around 5% overnight it seemed obvious that the headline inflation figure in the UK would not receive much attention today. The government will be thanking their lucky stars that this is the case because the rate of inflation in the UK has reached a new 16 year high of 4.7% and it is expected to go higher before succumbing to the crumbling oil price.
...
Phone scam is blown apart by police
The Serious Organised Crime Agency (SOCA) has been at the heart of a recent operation which blew open a prize draw scam in the UK. It would appear that in excess of 20,000 victims were duped into sending £20 each to receive details of a £2 million sweepstake win. The fact that the victims had never even entered any such draw appears to have had little impact with police finding around £500,000...
Read MoreAuthorities report increase in Polish workers applying for benefits
While there are many benefits to being a central part of the EU, the open employment market is one which does not yet appear to have benefited the UK. Over the last few years we have seen a significant influx of Polish workers into the UK and while the authorities continue to claim they are filling employment positions which are not wanted by UK workers, there has been a significant increase in be...
Read MoreUK services sector under serious pressure
Over the last 30 years the UK has moved from a manufacturing based economy to a services based economy with literally millions of jobs created in the services industry. However, it has been revealed that for the ninth month in a row there have been significant job losses in the services sector and there are concerns that this could continue for some time to come. While there is one crumb of hope,...
Read More