Britannia Radio

ECONOMIC  'Shorts'   23.2.09

TIMES
=US to expand stake in troubled Citigroup
The government could end up owning as much as 40% of Citigroup if it 
converts some of its $45bn preference shares
=Up to 20,000 jobs will go at RBS
Bank plans to split itself into two parts as it goes to Treasury to 
seek entry to insurance scheme for toxic assets
=Northern Rock to return to mortgage lending
Nationalised bank will lend another £14bn in mortgages as part of 
government plans to rescue economy.  [The amount, well-hyped, is a 
mere fraction of the normal total of £250bn lending -cs]

TELEGRAPH
=Northern Rock scraps executive bonuses
Bonuses scrapped and pay frozen as part of the nationalised bank's 
plan to offer up to £14 billion in new mortgage lending
=Russian tycoon seeks loan
The backer of ailing van maker LDV is after a loan from the government.
=Hard-up Brits swap jewellery and watches for cash
More and more consumers are turning to old-fashioned ways of raising 
cash by pledging jewellery and watches to pawnbrokers
=Gold rises above $1,000
The spot gold price broke through the psychologically important 
$1,000 level on Friday as global markets fell and investors sought a 
safe haven

FINANCIAL TIMES
=Dubai markets jump on news of loan
Dubai markets jumped higher in early trade on Monday on the news that 
the United Arab Emirates will lend the emirate at least $10bn in a 
bail-out aiming to restore confidence and rescue the struggling economy.
=Bank lending yet to pick up, say companies
Action by the government to recapitalise the banks and so increase 
the flow of lending to companies has failed to work effectively, 
according to a survey of manufacturers by the FT

SKY NEWS
=Vodafone To Cut Hundreds Of UK Jobs
Mobile phone giant Vodafone is to cut hundreds of jobs in the UK, Sky 
sources say.