The Mail on Sunday has been told that the Treasury was preparing for the banks to shut their doors to all customers, terminate electronic transfers and even block hole-in-the-wall cash withdrawals. But Bernanke stepped in...
The government of Iceland became the first in the world to be effectively brought down by the credit crunch. It came after several nights of rioting over the financial crisis.
Iceland's government could be ousted from power this weekend, becoming Europe's first to fall as a direct result of the global financial crisis, according to a spokesman for the prime minister.
Families must brace themselves for a slump of far greater severity and longevity than the recessions of the 1980s and 1990s, they warned. They said the current crisis will be of a scale to rival the biggest peace-time crisis in modern history — the G
Bulgaria, Latvia, Lithuania, Hungary, Greece and Iceland have all faced social unrest and rioting as unemployment soars and as many European countries have been forced to impose severe cuts to government spending
The Great Depression of the 21st Century
Exports plummeted 35 percent from a year earlier, the sharpest decline since 1980, the earliest year for which there is comparable data, the Finance Ministry said today in Tokyo. The December drop eclipsed a record 26.7 percent decline set the previo
“China is in a recession regardless of what the highly massaged official numbers claim,” Roubini, wrote in a note today on his Web site. “When growth is slowing down sharply the Chinese way to measure GDP is highly misleading.”
Russia’s reserves have slumped 34 percent from a record $598.1 billion in August as Bank Rossii strove to control the ruble’s 29 percent drop against the dollar in that period. Russia needs to devalue the ruble to reignite an economy that may fall in
The country stands on the precipice. We are at risk of utter humiliation, of London becoming a Reykjavik on Thames and Britain going under. Thanks to the arrogance, hubristic strutting and serial incompetence of the Government and a group of bankers,
Short and sweet.
The speed and magnitude of the decline should really raise some concerned eyebrows right about now because there is a very real possibility that the Pound could go Krona on us. It really is possible for the UK to be a bigger, badder Iceland.
If you get the idea that the global banking system is insolvent, you have the right idea.
Royal Bank of Scotland unveiled the biggest loss in British corporate history on Monday, overshadowing a second government bailout for the sector and sending its shares reeling to a 23-year low.
Events are moving fast in Europe. The worst riots since the fall of Communism have swept the Baltics and the south Balkans. An incipient crisis is taking shape in the Club Med bond markets. S&P has cut Greek debt to near junk. Spanish, Portuguese, an
The ruble has lost 28 percent against the dollar and 15 percent versus the euro since August. The currency has slipped 27 percent against the basket, with the central bank allowing 17 depreciations in the past two months.
Carmakers around the world are cutting production as inventories build up to unprecedented levels. Storage areas and docksides are now packed with vast expanses of unsold cars as demand slumps.
But even more shocking and important for the U.S. economy is that export traffic has collapsed. For the LA area ports, outbound traffic continued to decline in December, and was 30% below the level of December 2007.
World stock markets dived Thursday, particularly in Asia where investors played catch-up with previous losses in Europe and the U.S., after dismal U.S. retail sales data and fresh worries about the global banking system.
A sharp fall in machinery orders in Japan on Thursday provided the latest grim indication that the country’s economic contraction is set to be deep and prolonged as exports to other recession-struck regions of the world — notably the US and Europe —
"They have already hit zero," said Charles de Trenck, a broker at Transport Trackers in Hong Kong. "We have seen trade activity fall off a cliff. Asia-Europe is an unmitigated disaster."
Asian stocks dropped, sending the benchmark index down the most in a month, as falling metal and oil prices dragged on commodity producers and a higher yen dimmed profit outlooks for Japanese exporters of cars and electronics.
Here is your chance to have CNN's Charles Hodson put your question live on air to billionaire businessmen attending the World Economic Forum in Davos, Switzertland January 23 thru the 27th.
"In short, beware the happy talk from those who say we are “turning the corner,” ignore the daily ups and downs of the market, and tighten your belts. This is going to hurt."
In the past China has bankrolled its huge reserves by effectively requiring its entire banking sector, which is state-controlled, to hand nearly one-fifth of its deposits over to the central bank. The central bank, in turn, has used the money to buy
Russia shut off all gas supplies to Europe through Ukraine on Wednesday — leaving tens of thousands of people in more than a dozen countries without heat during a winter cold snap. The EU accused both nations of holding consumers hostage in their con
LONDON – Wedgwood has been an iconic name in British pottery for 250 years, after its founder Josiah Wedgwood opened the first factory in Stoke-on-Trent, central England, in 1759. It began making bone china in the 19th century.
The radical move is regarded as essential if the UK is to stand any chance of avoiding slipping into a Japan-style depression.
A record $14 trillion has been wiped off world share values in 2008 as many stockmarkets around the world suffered their worst 12 months on record. Turmoil in the financial system and the worst global recession since the 1970s have sent shares reelin
Factories in China and India joined much of Europe in slashing output and jobs at a record pace in December, another sign the biggest emerging markets were wilting under the recession gripping industrialized nations.