Tag: plan

Moody’s: UK’s top-notch rating at risk

Moody’s: UK’s top-notch rating at risk

Credit rating agency Moody’s has today said Britain’s AAA rating is at risk if growth remains weak and the Government’s budget deficit reduction plans fail to meet target. The announcement sent sterling below €1.12 for the first time in four weeks and also lost ground against the US dollar. Weak economic growth has led many [...]

June 8, 2011 | 0 Comments More
China’s ICBC branches out in Spain

China’s ICBC branches out in Spain

Industrial & Commercial Bank of China (ICBC) has opened its first branch in Madrid, Spain, which will provide a wide range of financial services to 166,000 Chinese nationals living in the country. ICBC, which is the world’s largest bank by market value, has a total workforce of 386,723 and operates more than 150 foreign branches [...]

January 25, 2011 | 0 Comments More
Hopes for Greece as details of rescue plan outlined

Hopes for Greece as details of rescue plan outlined

There are hopes for Greece today after leaders of the euro zone nations have agreed to provide emergency loans to the debt-ridden country. However, Luxembourg Prime Minister Jean-Claude Juncker, speaking for euro zone finance ministers, said that the euro zone countries had not decided to activate the loans, as this would depend on a decision [...]

April 11, 2010 | 0 Comments More
Japan Airlines shares hit fresh record low

Japan Airlines shares hit fresh record low

Shares in troubled Japan Airlines (JAL) plummeted to a fresh low today, losing 24% to 67 yen. The stock plummeted for a second consecutive day amid reports that the carrier is heading towards bankruptcy under a state restructuring plan. The airline, which is Asia’s largest carrier, has been struggling amid the global economic downturn which [...]

December 30, 2009 | 0 Comments More
BCC survey reveals 2010 will be a tough year

BCC survey reveals 2010 will be a tough year

A survey by business group British Chambers of Commerce (BCC) has revealed that businesses are cautious about a recovery next year with figures showing that two thirds are planning wage freezes or pay cuts next year. The survey, which questioned 260 companies, also revealed that in a bid to reduce overheads, one in five is [...]

December 29, 2009 | 0 Comments More
Dubai World to meet creditors to discuss debt repayments

Dubai World to meet creditors to discuss debt repayments

State-owned conglomerate, Dubai World, is to meet with creditors today to discuss its debt repayment plan. The company owes $59 billion of the country’s entire $80 billion debt mountain and is in need of restructuring. This morning, the Dubai Financial Market lost 1.75% as the debt-laden conglomerate commenced talks with over 90 banks to secure [...]

December 21, 2009 | 0 Comments More
Iceland announces €1.5bn plan to recapitalise banks

Iceland announces €1.5bn plan to recapitalise banks

Iceland has unveiled a €1.5 billion (£1.3 billion) scheme to recapitalise its three major banks. The Government will issue bonds to the three new banks it is creating from the collapsed ones. It is hoped the plan will get the banking system on a stronger footing after its three largest banks, Glitnir, Landsbanki and Kaupthing, [...]

July 20, 2009 | 0 Comments More
Barack Obama to increase stimulus spending and deliver 600,000 jobs

Barack Obama to increase stimulus spending and deliver 600,000 jobs

US President Barack Obama is pledging to create over 600,000 jobs this summer in the US economy after announcing he will increase his multi-billion dollar stimulus package. The news comes a few days after the US Labor Department revealed that the US economy shed 345,000 jobs in May, taking the unemployment rate up to a [...]

June 8, 2009 | 1 Comment More
Vote for US $700bn rescue plan to take place today

Vote for US $700bn rescue plan to take place today

Monday night saw the rejection of the $700 billion (£380 billion) Wall Street rescue plan after days of negotiations between the US Government and lawmakers. The plan failed to receive support from Congress who voted against the proposed scheme. Following the news, stocks throughout the world fell sharply. However, stock markets have recovered slightly after [...]

October 1, 2008 | 0 Comments More
US $700bn bailout rejected

US $700bn bailout rejected

Following a day of bailouts and nationalisations, it was announced late last night that the US $700 billion (£380 billion) bailout was rejected after it failed to gain support from Congress who voted against the proposed scheme. Talks have been taking place over the last few days between the Government and lawmakers and yesterday the [...]

September 30, 2008 | 0 Comments More
Bail-out plan will be passed says Bush

Bail-out plan will be passed says Bush

It was announced earlier today that the $700 billion (£380 billion) US financial bailout plan had been blocked. However, following hours of negotiations today, President George W. Bush has insisted that an agreement would be reached. However, stockmarkets continue to fluctuate due to the uncertainty surrounding the deal. According to the President, there are disagreements [...]

September 26, 2008 | 0 Comments More
$700bn US financial bailout plan is blocked

$700bn US financial bailout plan is blocked

It has been announced that the $700 billion (£380 billion) US financial bailout plan has been blocked sending stockmarkets throughout the world into turmoil. After several hours of discussions with President George W Bush, a group of Republican members of Congress blocked the plan. It is understood that republicans balked at US Treasury Secretary Henry [...]

September 26, 2008 | 0 Comments More
US Congress approves bail-out plan

US Congress approves bail-out plan

US Congress have approved the $700 billion (£380 billion) financial rescue plan after a week of talks. The announcement comes after US billionaire investor, Warren Buffett, described the current financial turmoil as ‘an economic Pearl Harbour’. Buffett, who is one of the world’s richest men, along with Treasury Secretary, Henry Paulson, and US Federal Reserve [...]

September 25, 2008 | 0 Comments More
Shares fall amid concerns over $700bn financial rescue plan

Shares fall amid concerns over $700bn financial rescue plan

Shares in London, Europe and Asia have fallen amid doubts over the $700 billion (£378 billion) US Government’s financial rescue plan. While the rescue plan has been welcomed, there are fears about how it will come into effect in practice. In London, the FTSE 100 index lost over 100 points in morning trading to 5,143.05 [...]

September 23, 2008 | 0 Comments More
CML offers blueprint to kick-start mortgage market

CML offers blueprint to kick-start mortgage market

The Council of Mortgage Lenders (CML) has drawn up a plan that it believes will address the funding problems in the UK mortgage market. A copy of the blueprint, which the CML says could help to significantly reduce the severity of the downturn in the housing market, have been submitted to the Treasury. Members of [...]

July 15, 2008 | 0 Comments More