Category: Credit Crunch
HSBC To Axe 2,000 UK Jobs As Part Of Cost-Saving Drive
Banking giant HSBC is set to announce 2,000 job cuts in the UK today as part of a brutal cost-saving drive. A day after the economy officially plunged back into recession, Britain’s most profitable bank will give staff another dose of grim news. It is understood that most of the cuts will occur in middle [...]
Small Business In Dire State Due To High Rates And Low Lending
Small firms are being crippled by the highest rates of interest for more than three years – and lending is still plunging, the Bank of England said yesterday. The Bank’s figures, described by one expert as horrific, highlight the nightmare facing small firms which urgently need money to survive or expand. Its authoritative report reveals [...]
Bank Of England – The “Squeeze” Is Here To Stay
The brutal squeeze on middle class family finances will last for longer than expected, the Bank of England warned yesterday. In a bitter blow to millions of households, deputy governor Paul Tucker said Britain will be stuck with high inflation for much of 2012. The stark warning from Mr Tucker – who is among the [...]
Labour’s Spending Causes More Harm Than Good
Labour’s increased spending after the credit crunch actually harmed the economy rather than boosting it, according to a centre-right think tank. A report by the Institute of Economic Affairs found that stimulus measures pursued by Western governments in response to the economic crisis did not work. Shadow Chancellor Ed Balls has repeatedly called on the [...]
Analysts Are Counting The Cost Of Eurozone Shrinkage
Economists, banks and even punters in bookmakers are studying more and more seriously scenarios involving the collapse of the eurozone. Maybe not its total evaporation, but certainly shrinkage with peripheral or weak countries falling off the currency’s map and in all cases, according to the experts, with a heavy price to pay. Analysts agree that [...]
CITIGROUP To Cut 4,500 Jobs Globally
CITIGROUP is to cut 4,500 jobs globally, with its London capital markets division shedding dozens of staff. Speaking in New York late on Tuesday, chief executive Vikram Pandit said that the bank has already made $1.4bn in savings this year but needs to respond to slow markets by reducing costs further. City A.M. understands that [...]
Moody’s Warns France Of Possible Credit Rating Risk
An increase in French government borrowing costs, slowing growth and the eurozone debt crisis threaten the country’s top credit-rating, Moody’s ratings agency warned on Monday, adding to market jitters. France is fighting desperately to retain its ‘triple-A’ credit status and has slashed spending and tightened up on tax revenues in an effort to stabilise its [...]
Borrower’s Rates Are Set To Increase – Home Owners Urged To Act Now
The only thing we can be certain of right now is that we have an uncertain financial future. But with the eurozone crisis and concerns that we could face a second credit crunch, do homeowners need to act now before it is too late? Many aspects of the property and mortgage market have been encouraging [...]
British Banks Struggles To Raise Funds For Loans
Fears of a further credit crunch intensified last night after a stark warning that British banks are struggling to raise money for loans to households and businesses. The Bank of England said the crisis in the eurozone and slowdown in the global economy have deprived UK lenders of access to vital funds. Britain has a [...]
IMF – Hong Kong Faces Potential Recession If European Crisis Continues
Hong Kong’s “rapid” credit growth has increased the risk that banks make bad loans as the city faces a potential recession if the European crisis deepens, the International Monetary Fund said. “Credit has been growing at an extraordinary pace, particularly for loans in foreign currency,” the IMF said in a report released today. Such growth [...]
