THE International Monetary Fund has warned that the credit crunch will be deep and long-lasting, with the worst yet to come. Continue reading
Tag Archives: credit crunch
Oil could fall to $25 a barrel
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CRUDE oil prices have collapsed to just above $US40 a barrel as the global recession deepens in the United States, Japan and across Europe.
Some analysts are even tipping that prices could go as low as $US25 a barrel next year. Continue reading
US car sales slide – GM off 45%, Ford off 30%
US auto sales deteriorated further in October as General Motors warned the industry was on track for its worst month in 25 years.
General Motors sales slide 45 per cent,
Toyota posted a 23 per cent drop and
Ford a 30 per cent decline. Continue reading
Bank ‘perfecting their security’ effects ordinary creditors prospects of a recovery in liquidation
All eyes are on Justice Neville Owen of the Supreme Court of WA who hands down judgement today in the longest case in insolvency litigation history, Bell Resources.
It is also the most critical case of its kind as it may set a precedent for what unsecured creditors can expect to pick up in a liquidation, vis-‡-vis the banks, that is, who secure an eleventh-hour charge. Continue reading
Financial crisis may wipe 20million jobs worldwide
THE financial crisis could lead to a 20 million rise in the number of unemployed worldwide by the end of 2009, International Labour Organisation chief Juan Somavia warned today. Continue reading
Businesses brace for economic chill
Some Australian businesses are already in the doldrums, others are expecting to get hit soon by the world economic crisis Continue reading
Banks say rates could rise
BANKS and other lenders warned yesterday they would not pass on the full benefit of any Reserve Bank official rate cut next week and several lenders†say that rates on some services could rise in the next month even if the RBA cut rates by as much as 0.5 per cent. Continue reading
$840 Billion Rescue Deal Agreed
Article excerpts from SMH & New York Times with comments
POLITICIANS in the United States last night made a breakthrough in talks to approve an unprecedented $US700 billion ($840 billion) plan to revive credit markets. Continue reading
Financial contagion spreading wave on wave – SMH 11-9-08
SMH Article excerpts and commentsâ€
Global markets are now the most volatile they’ve been since the great crash of 1987. And there is no end in sight. Continue reading
Credit crunch to run for more than a year – West Australian 18-8-08
Commonwealth Bank chief executive Ralph Norris says the credit crunch, which dragged on the bank’s full-year earnings, is likely to last another 12 to 18 months. Continue reading
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