US authorities allay fears over bank nationalisation
The US authorities have indicated that the nationalisation of some of the US's largest banks is not on the current political agenda. Federal reserve Chairman Ben Bernanke expressed an opinion that if there was a nationalisation of some of the largest banks in the US this would destroy inherent value which has been built up over years, something which was appreciated by the US stock market which rose 3%.
All eyes appeared to be on the US authorities as rumours continued to circulate the market that the likes of Citigroup and Bank of America were on the verge of being taken over by the US government. This is sure to feed through to the UK banking sector at the start of play tomorrow where similar fears have been expressed although it has to be noted that we are not out of the woods yet.
While there are still great concerns that both US and UK banking operations could receive further government backing and possibly be taken under government control, banking sector shares have risen somewhat over the last few weeks. Quite what the future holds remains to be seen but there would appear to be life after the ongoing economic downturn.
Share this..
Related stories
Stronger focus urged to help rural poor
Calls are being made for greater help to be extended to poorer communities in rural areas, amid concerns that rural regions in developing countries are being neglected with regard to ongoing aid efforts.A new report from the National Audit Office (NAO) makes the point that rural poverty must be a key area of focus in tackling poverty if the Department for International Development (DFID) is to mee...
Read MoreWall Street trader arrested in Madoff affair
A Wall Street trader is today under house arrest after being arrested in connection with the alleged $50 billion fraud conducted by Bernard Madoff. The arrest came to light yesterday as regulators finally woke up to what is being hailed as one of the largest frauds of all time but few can understand how the regulator appears to have missed the tell-tale signs. Sources claim that the company has be...
Read MoreSurprise jump in UK unemployment
UK unemployment has risen to nearly 2.4 million with a jump of over 280,000 in the three months to May 2009. These figures are way above what analysts had expected, with some pencilling in a rise of 140,000, and do not bode will have a future. The overall rate of unemployment in the UK now stands at 7.6% and with the figure expected to top 3.2 million sometime during 2010 the situation is turning...
Read MorePublic sector borrowing increases again
News that UK Public sector borrowing increased by £14.8 billion last month, which is an all-time high for the month of September, will shock many investors. However, while this was actually slightly lower than economists had forecast it does bring the six-month borrowing figure to a massive £76.2 billion. Overall public sector debt in the UK now stands at £824.8 billion (59% of GDP) with the fi...
Read MoreAirport Staff Call For Strike At Manchester Airport
As 97% of baggage handlers and check-in staff at Manchester airport call for strike action it seems as though we may be seeing the start of a winter of discontent for the UK government and the UK population. The move was backed by the Unite and GMB unions after a 'derisory' 3% pay offer from employer Swissport. While just two months ago this offer would have been fair there are claims that the U...
Read More