As far as an earlier posting that Barroso says that in Britain
"people who matter" are discussing joing the Euro, William Hague has
just said " There are no circumstances in which the next Conservative
Government will propose joining the Euro"
Mortgage lending collapsed in October, as it dived by nearly 70% over
the month to reach the second lowest figure on record, the Bank of
England said, and banking giant HSBC is to axe more than 500 jobs
across the country,
xxxxxxxxxxcs
========================
FINANCIAL TIMES 1.12.08
1. Eurozone jobless total at two-year high
By Ralph Atkins in Frankfurt
Eurozone unemployment has seen its biggest monthly jump in 15 years,
mirroring a sharp drop in inflation and strengthening the case for
another big cut in European Central Bank interest rates next week.
Joblessness in the 15-country region soared by 225,000 in October,
adding to evidence that the recent oil price shock, which sent
inflation soaring, has given way to a deep and protracted recession.
At 7.7 per cent, October's eurozone unemployment rate was the highest
for almost two years.
Eurozone annual inflation, meanwhile, slumped from 3.2 per cent in
October to 2.1 per cent this month, the lowest since August 2007,
according to separate figures released on Friday by Eurostat, the
European Union's statistical office. It was the biggest monthly fall
in inflation since the launch of the euro almost a decade ago.
=-=-=-=-=-=-=-
2. Ford studying possible sale of Volvo
By John Reed in London and Bernard Simon in Toronto
Ford Motor on Monday said it was re-evaluating its options for its
Volvo subsidiary, including "the possible sale" of its lossmaking
Swedish premium brand.
The announcement came ahead of Ford's presentation to Congress on
Tuesday alongside General Motors and Chrysler as the three companies
make their case for $25bn in federal emergency aid.
Ford said the options for Volvo were in line with "actions Ford is
taking to strengthen its balance sheet and ensure it has the
resources to implement its product-led transformation plan."
Volvo reported a third-quarter loss of $458m and is in the process of
laying off about 6,000 workers, or about one-quarter of its staff.
Ford has held talks with Sweden's government about loan guarantees
and other aid for Volvo. GM is seeking government aid for Saab, its
own lossmaking Swedish premium marque.
(- - - - - - - - -)
=-=-=-=-=-=-=-
3. Other Subjects
Recession fears knock shares in London
FTSE 100 falls more than 150 points or nearly 4%
UK manufacturing orders fall at record pace
Sterling tumbles and gilt yields fall to new low
Brown rethinks legislation priorities
Gordon Brown is rewriting early drafts of the government's
legislative programme, trimming the number of bills and scrapping
measures that place an excessive burden on business
========================
SKY NEWS 1.12.08
London Scottish Bank Goes Bust
C
Specialist financial services company London Scottish Bank has
announced that it has gone into administration.
Company has appointed audit firm Ernst & Young as administrator
It has about 10,000 depositors and specialises in lending to low-
income earners who have difficulty obtaining credit elsewhere.
It had agreed a plan with the Financial Services Authority to reduce
its lending earlier this year but has since proved unable to resolve
a shortfall in its capital reserves.
In a statement, the Treasury said no savers would lose money as a
result of LSB's collapse, even if their savings exceed the £50,000
cap set by the Financial Services Compensation Scheme.
"The Chancellor has put in place arrangements to ensure that all
eligible retail depositors in London Scottish Bank will receive their
money in full, including those with balances above the current 50,000
pound FSCS limit," the Treasury said.
LSB said it would work closely with administrators to minimise the
effect on employees.
A number of parties remain interested in acquiring the group, but
there can be no certainty that any offer will be made, it added.
The Manchester-based firm has been established for more than a
century and specialises in debt purchase, debt collection and
unsecured lending.
It has around 2,000 employees and a string of branches across the
country.
Posts
