Telegraph: Daily Mail owner cuts 400 jobs as profits fall Daily Mail & General Trust’s (DMGT) Associated and Northcliffe newspaper divisions have already cut 400 jobs in the past two months as part of a £100m cost-cutting drive.
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Original post by mark
"But here’s the rub: In section 5.3 of the agreement there is language that says if Congress wants to put new conditions or requirements on the banks, those new terms can be applied retroactively to banks who took the money." [1]
It’s worse than they think. Doom’s very own Igor has been seconded to Kashkari’s team to think up devious after-the-fact conditions. We’re really going to miss him, especially since he’s already made off with most of the fun toys from the dungeon
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[1]: "Is TARP Really a TRAP?", by Amy Barrett, MarketWatch, November 19, 2008.
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Original post by John M.
New Statesman: Catastrophe averted? The leaders of the rich countries went to Washington to save the world from sliding into deep recession. We asked key politicians, commentators and economists whether they succeeded and what we should expect, and hope for, in the coming weeks.
Original post by whostolemyendowment
bbc: Bosch jobs threat ‘devastating’ It takes the number of job cuts threatened in Wales this week to more than 750, including 337 jobs at the Hoover factory in Merthyr Tydfil.
Twenty jobs have also been cut at a drug factory in Ceredigion, and in north Wales 20 jobs will go in Llangefni and Denbigh at a farm machinery firm.
Original post by mark
contract journal: Taylor Wimpey faces new bank deadline of 1 January As a result, Fitch has downgraded its rating on Taylor Wimpey’s debt from B to CCC which is well into “junk bond” territory.
A forced liquidation is now a possibility, says Fitch.
The credit rating agency says: “Fitch now believes default at Taylor Wimpey is a real possibility, with a distressed debt exchange, such as debt-for-equity swap, looking increasingly likely.
“Although Fitch believes it less likely, a forced liquidation of the company is also a possibility.”
Original post by mark
mortgagestrategy: Consumers set to benefit from development collapse, says Assetz Homebuyers and investors could benefit from the current market as developers try to sell off their housing stock, says Assetz. The company says that as lower interest rates take effect, coinciding with increasing pressure by banks on developers to sell existing stock and the cost of LIBOR continuing to fall, the cost of financing property purchases is set to dip even further in the run up to Christmas. It says that this, combined with banks putting pressure on struggling developers to reduce housing stock could meand discounts of 30 - 40% bringing about the lowest prices for new build housing ever in the UK.
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Original post by jack c
mortgagestrategy: Beckett calls for house builders to keep building Housing minister Margaret Beckett is urging the house building sector to remain on task and continue building in the face of the economic downturn………………..
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Original post by jack c
reuters: Prospect for auto bailout dims Congress has at most two days remaining in its post-election session. Without a deal in that time, any bailout is likely to have to wait until the new Obama administration takes over in January.
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reuters: Job cuts rise as global recession plays on “I’m still having conversations with people. But it doesn’t look good.”
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reuters: Recession to last more than a year The recession is likely to last more than a year as growth falls off a cliff despite the Bank of England continuing to hack away at interest rates as inflation comes down, according to a Reuters poll.
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