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Archive for October 8th, 2008Rome would buy stakes in failing banks: BerlusconiPosted by UK Economy News
In UK financial news
8Oct 08 The Italian government is prepared to buy stakes in failing banks while waiving voting rights, Prime Minister Silvio Berlusconi said Wednesday, as Rome sought to guarantee stability in the banking system.
Read full story Paulson warns of bankruptcies, economic impactPosted by UK Economy News
In UK financial news
8Oct 08 Treasury Secretary Henry Paulson warned Wednesday that more financial firms would go bankrupt in the United States and that recent market turmoil had "seriously impacted" the economy.
Read full story Comments Off Oil down on demand concernsPosted by UK Economy News
In UK financial news
8Oct 08 Oil prices were lower on Wednesday as concerns about the impact of the global financial crisis on demand and rising U.S. inventories outweighed a move by central banks to cut interest rates.
Read full story Comments Off Iceland plunges deeper into crisis amid budding row with LondonPosted by UK Economy News
In UK financial news
8Oct 08 Iceland's recovery from the financial crisis will take years, Prime Minister Geir Haarde said Wednesday, as the country's economy threatened to collapse.
Read full story Comments Off Paulson warns of more bankruptciesPosted by UK Economy News
In UK financial news
8Oct 08 US Treasury Secretary Henry Paulson said Wednesday that more financial firms were expected to go bankrupt in the United States despite a massive government bailout plan approved last week.
Read full story Comments Off Italy may set up 20-30 billion euro fund to back up banks: reportPosted by UK Economy News
In UK financial news
8Oct 08 The Italian government may decide Wednesday to set aside 20 to 30 billion euros (27-41 billion dollars) to support banks if they dip below a certain level of solvency, the ANSA news agency reported.
Read full story Comments Off Citi, Wachovia, Wells Fargo extend cooling-off periodPosted by UK Economy News
In UK financial news
8Oct 08 In the face of an escalating court battle over Wachovia, the troubled US bank and its suitors Wells Fargo and Citigroup agreed Wednesday to extend their "standstill" on litigation actions for two more days.
Read full story Comments Off Iran car maker says French politics hampering venturesPosted by UK Economy News
In UK financial news
8Oct 08 The chairman of Iran's biggest car maker accused France of "inappropriate policies", which he said are hampering joint ventures in a country where French manufacturers have a 40 to 50 percent market share.
Read full story Comments Off French banks to merge in bid to weather stormPosted by UK Economy News
In UK financial news
8Oct 08 Two of France's leading banks, Caisse d'Epargne and Banque Populaire, approved plans for a merger on Wednesday in a bid to protect themselves from the global financial tsunami.
Read full story Comments Off Spanish bank fund will acquire only top-rated mortages: officialPosted by UK Economy News
In UK financial news
8Oct 08 Spain's new 30-billion-euro bank rescue fund is aimed at acquiring top-rated mortgages in exchange for injecting essential liquidity into the credit market, a government spokesman said Wednesday.
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