Link to the article: Channel 4 News
China has the second largest economy in the world but its hasn’t yet been punching its weight when its comes to global economic influence. Thanks to the euro bailout deal agreed in Brussels this week that is all about to change. As Europe goes cap in hand to the forbidden city asking for the cash to finance their euro rescue fund we can clearly see global economic power sailing east.
Showing posts with label economic crisis. Show all posts
Showing posts with label economic crisis. Show all posts
Friday, 28 October 2011
Wednesday, 10 February 2010
Greece crisis: will there be a Europe bailout?
As workers in Greece strike for 24 hours in protest at harsh economic measures to control debt, Faisal Islam believes Germany and France are "cooking up" a bailout.
Public sector workers in Greece are beginning industrial action in the first major test of the government's commitment to push through tough measures to tackle a major debt crisis.
Business reporter John Sparks, who is in Athens, writes: "The strikes began early this morning. Flights were halted just after midnight, state schools and tax offices have been shut and state-run hospitals are now running on emergency staff.
"Unions ended weeks of caution after Greece's new socialist government introduced vicious cuts — like cutting public sector pay, slashing early retirement rights, and even tapping the country's powerful orthodox church for more taxes.
"The stoppage has been organised by Aday, an umbrella union representing civil servants.
"The largest private sector labour organisation in Greece, the GSEE union, is planning another strike on 24 February.
"But it remains unclear whether the protests will represent the start of a serious labour backlash against the new measures or a demonstration of union dissatisfaction in a country where strikes are common."
Sunday, 10 January 2010
Thursday, 11 June 2009
The downside to recession recovery
Link to the article: Channel 4 News
Signs of economic improvement have been accompanied by a decline in cheap deals for consumers.
"The recession has ended" - at least that is the headline in one newspaper today.
And there are definitely signs that a recovery is underway. But despite the good news, many cheap recession deals are starting to recede.
For one, mortgages are starting to get more expensive.
Nationwide has increased the rates by up to 0.86 per cent on its fixed-rates deals.
And swap rates - which determine how much it costs banks to raise money to lend to homebuyers - have been rising sharply over the past month.
That means other lenders are expected to follow Nationwide's move.
The mortgage broker Melanie Bien, of Savills Private Finance, speaks to Channel 4 News about the economic recovery.
Signs of economic improvement have been accompanied by a decline in cheap deals for consumers.
"The recession has ended" - at least that is the headline in one newspaper today.
And there are definitely signs that a recovery is underway. But despite the good news, many cheap recession deals are starting to recede.
For one, mortgages are starting to get more expensive.
Nationwide has increased the rates by up to 0.86 per cent on its fixed-rates deals.
And swap rates - which determine how much it costs banks to raise money to lend to homebuyers - have been rising sharply over the past month.
That means other lenders are expected to follow Nationwide's move.
The mortgage broker Melanie Bien, of Savills Private Finance, speaks to Channel 4 News about the economic recovery.
Monday, 4 May 2009
Expat business slows in Spain
Link to the article: BBC News
Many people from Britain have moved to Spain in search of the good life, but the global slowdown is hitting those who have started businesses there.
Jenny Hill reports from Malaga.
Many people from Britain have moved to Spain in search of the good life, but the global slowdown is hitting those who have started businesses there.
Jenny Hill reports from Malaga.
Friday, 1 May 2009
Banking system 'failed at all levels'
Link to the article: Channel 4 News
A Parliamentary report concludes that bank chiefs were to blame for the economic crisis, but are they letting government and the regulators off the hook?
The number of companies going into administration or liquidation has risen by more than 50 per cent in the first quarter of the year.
The figures, released this morning by the Insolvency Service, came as the Commons' treasury committee launched a report accusing banks of failing to lend enough money to help struggling firms through the recession.
The committee said that Britain had suffered "a comprehensive failure of the banking system at all levels".
A Parliamentary report concludes that bank chiefs were to blame for the economic crisis, but are they letting government and the regulators off the hook?
The number of companies going into administration or liquidation has risen by more than 50 per cent in the first quarter of the year.
The figures, released this morning by the Insolvency Service, came as the Commons' treasury committee launched a report accusing banks of failing to lend enough money to help struggling firms through the recession.
The committee said that Britain had suffered "a comprehensive failure of the banking system at all levels".
Thursday, 16 April 2009
IMF boss on economic recovery
Link to the interview: BBC Newsnight
Jeremy Paxman spoke to Dominique Strauss-Kahn, the Managing Director of the International Monetary Fund, and began by asking him when the IMF expects the economic recovery to begin, and where?
Jeremy Paxman spoke to Dominique Strauss-Kahn, the Managing Director of the International Monetary Fund, and began by asking him when the IMF expects the economic recovery to begin, and where?
Thursday, 9 April 2009
Interest rates held at 0.5 per cent
Link to the article: Channel 4 News
Last Modified: 09 Apr 2009
By: Bridgid Nzekwu
Interest rates are on hold at 0.5 per cent for the first time since October, and it is likely they will stay that way for a number of months.
That brings the cost of borrowing close to as low as it will ever go, meaning you can get a mortgage with less than three per cent interest.
But mortgage advisors are advising people to pay higher rates for protection against future rate rises.
Last Modified: 09 Apr 2009
By: Bridgid Nzekwu
Interest rates are on hold at 0.5 per cent for the first time since October, and it is likely they will stay that way for a number of months.
That brings the cost of borrowing close to as low as it will ever go, meaning you can get a mortgage with less than three per cent interest.
But mortgage advisors are advising people to pay higher rates for protection against future rate rises.
Tuesday, 7 April 2009
Sub-prime home loans 'disappearing'
Link to the article: Channel 4 News
Last Modified: 07 Apr 2009
Source: PA News
The sub-prime mortgage market has all but disappeared as lenders become increasingly risk averse, figures have shown.
There is now only one provider, Platform, with products that are widely available to people with impaired credit histories, and it offers just eight different products, representing a steep decline from the 1,599 mortgages on offer across all providers a year ago, according to Moneyfacts.
The number of sub-prime loans that are widely available has dived from 204 to just eight during the past week alone, leaving the products accounting for 0.5% of all mortgages, compared with 12.3% at the end of March.
At the same time, the rates charged on the loans are prohibitively expensive, with sub-prime borrowers looking at paying interest of at least 8%, despite the fact that the Bank of England base rate is now at a record low of 0.5%.
The steep fall in the number of sub-prime mortgages available has been driven by GE Money Home Lending's decision to limit the volume of business it does.
Link to the full article: Channel 4 News PA News
Last Modified: 07 Apr 2009
Source: PA News
The sub-prime mortgage market has all but disappeared as lenders become increasingly risk averse, figures have shown.
There is now only one provider, Platform, with products that are widely available to people with impaired credit histories, and it offers just eight different products, representing a steep decline from the 1,599 mortgages on offer across all providers a year ago, according to Moneyfacts.
The number of sub-prime loans that are widely available has dived from 204 to just eight during the past week alone, leaving the products accounting for 0.5% of all mortgages, compared with 12.3% at the end of March.
At the same time, the rates charged on the loans are prohibitively expensive, with sub-prime borrowers looking at paying interest of at least 8%, despite the fact that the Bank of England base rate is now at a record low of 0.5%.
The steep fall in the number of sub-prime mortgages available has been driven by GE Money Home Lending's decision to limit the volume of business it does.
Link to the full article: Channel 4 News PA News
Thursday, 2 April 2009
1979 - 2009: Thatcherism R.I.P?
Link to the article: Channel 4
Last Modified: 02 Apr 2009
By: Keme Nzerem
The world hopes today saw the birth of an economic recovery. More4 News asks if it also marks the end of an economic ideology that has prevailed in the West for the last 30 years?
So, will future historians define today as the end of Thatcherism?
The supremacy of a lightly regulated financial sector, the belief in market forces - the ideology, call it Thatcherism or Reaganomics, that dominated Britain and America for 30 years - did it all end?
Last Modified: 02 Apr 2009
By: Keme Nzerem
The world hopes today saw the birth of an economic recovery. More4 News asks if it also marks the end of an economic ideology that has prevailed in the West for the last 30 years?
So, will future historians define today as the end of Thatcherism?
The supremacy of a lightly regulated financial sector, the belief in market forces - the ideology, call it Thatcherism or Reaganomics, that dominated Britain and America for 30 years - did it all end?
Monday, 30 March 2009
The new economic superpower
Link to the article: Channel 4
Last Modified: 30 Mar 2009
By: Channel 4 News
While the world sinks into economic turmoil China's own $500bn stimulus plan is set to boost local markets and exports. So should the west be looking east for recession salvation?
The real action at this week's global summit is less about the G20 than the two countries dubbed the G2 - China, and America.
China's economy is slowing but still booming and is set to grow by at least 6.5 per cent this year, according to the World Bank.
So can China really save the world - and does it want to?
Chinese ambassador, Fu Ying, speaks to Jon Snow about the country's economic growth.
Last Modified: 30 Mar 2009
By: Channel 4 News
While the world sinks into economic turmoil China's own $500bn stimulus plan is set to boost local markets and exports. So should the west be looking east for recession salvation?
The real action at this week's global summit is less about the G20 than the two countries dubbed the G2 - China, and America.
China's economy is slowing but still booming and is set to grow by at least 6.5 per cent this year, according to the World Bank.
So can China really save the world - and does it want to?
Chinese ambassador, Fu Ying, speaks to Jon Snow about the country's economic growth.
Wednesday, 25 March 2009
Eurocrash: Ukraine on the brink?
Link to the article: BBC Newsnight (Video)
Paul Mason visits Kiev and finds Ukraine - struggling with a £16.5bn IMF loan - on the brink politically and economically.
Paul Mason visits Kiev and finds Ukraine - struggling with a £16.5bn IMF loan - on the brink politically and economically.
'Moving in the right direction'
Link to the article: Channel 4
Last Modified: 25 Mar 2009
By: Andrew Thomas
As Gordon Brown arrives in New York Barack Obama again calls for international backing for his strategy of boosting growth through public spending.
For second time in a week Obama has taken to the airwaves to appeal for public backing for his efforts to lift America out of the economic crisis.
In a prime-time televised news conference in the White House, the president insisted he was "moving in the right direction".
Last Modified: 25 Mar 2009
By: Andrew Thomas
As Gordon Brown arrives in New York Barack Obama again calls for international backing for his strategy of boosting growth through public spending.
For second time in a week Obama has taken to the airwaves to appeal for public backing for his efforts to lift America out of the economic crisis.
In a prime-time televised news conference in the White House, the president insisted he was "moving in the right direction".
Tuesday, 24 March 2009
Eurocrash: How Latvia's boom turned to bust
Link to the article: BBC Newsnight (Video)
Latvia is suffering the worst recession in the whole of the European Union, and its Prime Minister said today that the country may need to ask the IMF for a second bailout.
Paul Mason has been to Latvia to find out how it is coping with the crisis.
Latvia is suffering the worst recession in the whole of the European Union, and its Prime Minister said today that the country may need to ask the IMF for a second bailout.
Paul Mason has been to Latvia to find out how it is coping with the crisis.
Wednesday, 4 March 2009
Brown not sorry for economic policy
Link to article: Channel 4
Last Modified: 04 Mar 2009
By: James Blake, Gary Gibbon
As Gordon Brown prepares to address the US congress he refuses to apologise for his handling of the economy.
The prime minister will address a joint session of congress this evening, on the second day of his visit to Washington.
He will call on US political leaders to "seize the moment" to join other countries in helping lift the world out of economic crisis.
Gordon Brown interview
Gary Gibbon asks Gordon Brown about the UK's relationship with the US, protectionism in Europe and whether he will admit mistakes in his handling of financial regulation.
Last Modified: 04 Mar 2009
By: James Blake, Gary Gibbon
As Gordon Brown prepares to address the US congress he refuses to apologise for his handling of the economy.
The prime minister will address a joint session of congress this evening, on the second day of his visit to Washington.
He will call on US political leaders to "seize the moment" to join other countries in helping lift the world out of economic crisis.
Gordon Brown interview
Gary Gibbon asks Gordon Brown about the UK's relationship with the US, protectionism in Europe and whether he will admit mistakes in his handling of financial regulation.
Tuesday, 3 March 2009
Interview: Jim Rogers
Link to the article: Channel 4
Last Modified: 03 Mar 2009
By: Faisal Islam
Jim Rogers, the co-founder of the hedge fund, the Quantum Fund, talks to Faisal Islam about the world economic downturn.
Rescue plan 'ludicrous and insane'
Speaking exclusively to Channel 4 News, Jim Rogers says politicians could be leading us into another Great Depression.
One of the world's leading financiers has called the economic rescue plans being put forward by Gordon Brown and President Obama ludicrous and insane.
He has been called a Wall Street legend for his investment nous. Now he sees a fundamental shift of power from the west to east. Our economics correspondent Faisal Islam reports.
Who is Jim Rogers?
Jim Rogers is an American investor and financial commentator.
After studying at Yale and Oxford, Rogers joined Arnhold & S. Bleichroeder in 1970. There he met George Soros with whom he co-founded the hugely successful Quantum hedge fund.
Ten years later Rogers decided to retire at the age of 37. Soros was estimated to have made £1bn betting against the British pound on Black Wednesday when the pound crashed out of the ERM in 1992.
Rogers has also featured in the Guinness Book of World Records twice - motorcycling 100,000 across six continents from 1990-1992 and later visiting 116 countries on a round-the-world trip with his wife.
Rogers continues to invest, but is now also an author, lecturer and regular international financial commentator. In 2006 he sold his $16m home in New York and moved to Singapore as a result of his conviction about the economic rise of Asia and his desire for his two young daughters to learn Mandarin.
Watch the full interview
Watch the complete interview with Jim Rogers on his analysis of the current world economic climate and the longer-term effects of the downturn on the US and the UK.
Last Modified: 03 Mar 2009
By: Faisal Islam
Jim Rogers, the co-founder of the hedge fund, the Quantum Fund, talks to Faisal Islam about the world economic downturn.
Rescue plan 'ludicrous and insane'
Speaking exclusively to Channel 4 News, Jim Rogers says politicians could be leading us into another Great Depression.
One of the world's leading financiers has called the economic rescue plans being put forward by Gordon Brown and President Obama ludicrous and insane.
He has been called a Wall Street legend for his investment nous. Now he sees a fundamental shift of power from the west to east. Our economics correspondent Faisal Islam reports.
Who is Jim Rogers?
Jim Rogers is an American investor and financial commentator.
After studying at Yale and Oxford, Rogers joined Arnhold & S. Bleichroeder in 1970. There he met George Soros with whom he co-founded the hugely successful Quantum hedge fund.
Ten years later Rogers decided to retire at the age of 37. Soros was estimated to have made £1bn betting against the British pound on Black Wednesday when the pound crashed out of the ERM in 1992.
Rogers has also featured in the Guinness Book of World Records twice - motorcycling 100,000 across six continents from 1990-1992 and later visiting 116 countries on a round-the-world trip with his wife.
Rogers continues to invest, but is now also an author, lecturer and regular international financial commentator. In 2006 he sold his $16m home in New York and moved to Singapore as a result of his conviction about the economic rise of Asia and his desire for his two young daughters to learn Mandarin.
Watch the full interview
Watch the complete interview with Jim Rogers on his analysis of the current world economic climate and the longer-term effects of the downturn on the US and the UK.
Monday, 2 March 2009
The people's march for jobs
Link to the article: Channel 4
Last Modified: 02 Mar 2009
By: Faisal Islam
With exports dropping and unemployment rising, China is faced with a massive task: how to reshape its economy and stave off recession.
Today's fresh collapse in share prices shows that the credit crunch is still eating away at western economies.
For a while, it seemed China would ride out the economic crisis - its booming industries helping to steer the world away from depression.
But now the Chinese authorities are faced with a massive task in reshaping their entire economy.
Faisal Islam reports from Guangdong and Shanghai - China's industrial and financial heartlands - on a massive upheaval that could shape the future of the world economy.
Last Modified: 02 Mar 2009
By: Faisal Islam
With exports dropping and unemployment rising, China is faced with a massive task: how to reshape its economy and stave off recession.
Today's fresh collapse in share prices shows that the credit crunch is still eating away at western economies.
For a while, it seemed China would ride out the economic crisis - its booming industries helping to steer the world away from depression.
But now the Chinese authorities are faced with a massive task in reshaping their entire economy.
Faisal Islam reports from Guangdong and Shanghai - China's industrial and financial heartlands - on a massive upheaval that could shape the future of the world economy.
Soros Says Financial Crisis Marks End of a Free-Market Model
Link to the full article: Bloomberg
By Walid el-Gabry
Feb. 21 (Bloomberg) -- Billionaire investor George Soros said the current economic crisis has its roots in the financial deregulation of the 1980s and marks the end of a free-market model that has since dominated capitalist countries.
Liberalization of the financial industry begun by the Reagan administration has led to a series of breakdowns forcing government intervention, Soros told economists and bankers last night at a private dinner at Columbia University in New York. The global recession, triggered by the collapse of the U.S. housing market, has “damaged the financial system itself,” he said.
Regulators are in part to blame because they “abrogated” their responsibilities, Soros, 78, said. The philosophy of “market-fundamentalism” was now under question as financial markets have proved to be inefficient and affected by biases rather than driven by all the available information, he said.
“We’re in a crisis I think that’s really the most serious since the 1930s and is different from all the other crises we have experienced in our lifetime,” Soros said.
Soros, founder of New York-based hedge-fund firm Soros Fund Management LLC, said last month at the World Economic Forum in Davos, Switzerland, that the Obama administration’s plan to buy toxic assets from U.S. banks won’t be enough to get financial institutions to start lending again.
A more effective approach for restarting the economy would be to inject capital directly into the banks and cut minimum capital requirements, Soros, whose firm oversees $21 billion, has said.
Soros’s Quantum Endowment Fund returned 8 percent last year. That compared with an average loss of 18 percent by hedge funds, according to data compiled by Hedge Fund Research Inc. of Chicago.
To contact the reporter on this story: Walid el-Gabry in New York at welgabry@bloomberg.net
Last Updated: February 21, 2009 16:52 EST
By Walid el-Gabry
Feb. 21 (Bloomberg) -- Billionaire investor George Soros said the current economic crisis has its roots in the financial deregulation of the 1980s and marks the end of a free-market model that has since dominated capitalist countries.
Liberalization of the financial industry begun by the Reagan administration has led to a series of breakdowns forcing government intervention, Soros told economists and bankers last night at a private dinner at Columbia University in New York. The global recession, triggered by the collapse of the U.S. housing market, has “damaged the financial system itself,” he said.
Regulators are in part to blame because they “abrogated” their responsibilities, Soros, 78, said. The philosophy of “market-fundamentalism” was now under question as financial markets have proved to be inefficient and affected by biases rather than driven by all the available information, he said.
“We’re in a crisis I think that’s really the most serious since the 1930s and is different from all the other crises we have experienced in our lifetime,” Soros said.
Soros, founder of New York-based hedge-fund firm Soros Fund Management LLC, said last month at the World Economic Forum in Davos, Switzerland, that the Obama administration’s plan to buy toxic assets from U.S. banks won’t be enough to get financial institutions to start lending again.
A more effective approach for restarting the economy would be to inject capital directly into the banks and cut minimum capital requirements, Soros, whose firm oversees $21 billion, has said.
Soros’s Quantum Endowment Fund returned 8 percent last year. That compared with an average loss of 18 percent by hedge funds, according to data compiled by Hedge Fund Research Inc. of Chicago.
To contact the reporter on this story: Walid el-Gabry in New York at welgabry@bloomberg.net
Last Updated: February 21, 2009 16:52 EST
Saturday, 21 February 2009
Dublin: credit crunch protest
link to article
Last Modified: 21 Feb 2009
By: Carl Dinnen
Fury at those who led them to economic disaster brings more than 100,000 people to the streets of Dublin.
They could be the kind of scenes Europe will soon get used to - thousands of people took to the streets of Dublin today to protest at the government's handling of the economic crisis.
They are angry about plans to cut public spending, especially after the bailout out of Irish banks.
Last Modified: 21 Feb 2009
By: Carl Dinnen
Fury at those who led them to economic disaster brings more than 100,000 people to the streets of Dublin.
They could be the kind of scenes Europe will soon get used to - thousands of people took to the streets of Dublin today to protest at the government's handling of the economic crisis.
They are angry about plans to cut public spending, especially after the bailout out of Irish banks.
Friday, 20 February 2009
Financial crisis is hits eastern EU
Link to article
Latvia's ruling coalition has collapsed and the president has called for talks to to forge a new government to tackle the deepening economic crisis. Latvia has already had an IMF led rescue loan of $9.5bn last year, and a team from the IMF was back as the government fell. After the end of the eastern bloc all the accession countries were helped by their richer neighbours to the West but now they want their money back amidst fears of a widespread collapse that could impact us all. Alex Ritson reports.
Latvia's ruling coalition has collapsed and the president has called for talks to to forge a new government to tackle the deepening economic crisis. Latvia has already had an IMF led rescue loan of $9.5bn last year, and a team from the IMF was back as the government fell. After the end of the eastern bloc all the accession countries were helped by their richer neighbours to the West but now they want their money back amidst fears of a widespread collapse that could impact us all. Alex Ritson reports.
Subscribe to:
Posts (Atom)
Posts
