in headlines..........
Markets slide as World Bank forecasts global recession
Stocks slipped lower as the World Bank predicted the global economy would contract for the first time since the 1940s and trade will decline by the most in eight decades. The MSCI Asia Pacific Index fell one per cent as Japan posted its first current account deficit in 13 years. The Nikkei 225 Stock Average fell 1.2 per cent and Hong Kong's Hang Seng Index lost 2.8 per cent. The Standard & Poor's 500 Index rose 0.1 per cent Friday as energy stocks rallied on crude oil's gains to $50 a barrel. The FTSE 100 opened 0.37 per cent higher at 3,543.69.
Bankruptcy beckons for not-so-great Britain 
Japan's return from financial oblivion
Barclays begins toxic assets talks
Balance sheets at Barclays will come under "intense scrutiny" as the bank begins its negotiations with the Government over whether it will enter into the UK's Asset Protection Scheme, reported The Times. Barclays surprised markets last month when it said it had expanded its balance sheet by £900 billion but has so far resisted government attempts to nationalise it, saying it is well capitalised. It emerged over the weekend that Lloyds has placed a larger than expected £44bn of loans into the government’s toxic loan scheme. Eighty-three per cent of the loans come from HBOS, whichLloyds took over last year.
Will Self: flagellating Sir Fred Goodwin won't save Gordon Brown
What Britain could have bought with the £1.3tn banking bail-out
Govt to help ‘white-collar’ jobless
Work and Pensions Secretary James Purnell will launch a £40m scheme to battle the "deepening white-collar recession", reported The Independent. From next month, executives who sign on the dole will get meetings with a personal consultant, attend group meetings and be given advice on how to change careers. UK unemployment will likely cross the two million mark next week and is expected to continue to rise for the next three months. The number of managers and professionals signing on for the Jobseeker's Allowance increased from 53,000 to 98,000 in the 12 months to January.
Bankruptcy beckons for not-so-great Britain
Traders bet Euro will fall
Spread betting companies have seen a "huge wave" of bets placed on the likelihood the euro will soon fall against the dollar, reported The Daily Telegraph. The Commodity Futures Trading Commission report showing the net short positions of speculative trades against the euro nearly doubled from 10,081 contracts to 19,431 contracts in the week to 3 March. Although the European Central Bank cut interest rates to an historic low of 1.5 per cent last week traders think the ECB was too slow to react to the threat recession placed on European economies.
Cinema takings rise
The number of Britons who went to the pictures rose to the highest level since 1969 while cinemas took in record amounts thanks to last summer's hits, reported the Guardian. The Film Distributors' Association said that from June to August box office takings rose 3.7 per cent to £854m. As "bumper summer" hits Mamma Mia and The Dark Knight pulled viewers into seats, distributors saved £9m in advertising spending. Hopes are high that cinema takings will remain buoyant this year thanks to digital 3D technology and films like Star Trek and the new Harry Potter, out later this year.
US to press global leaders to spend
President Barack Obama will press his fellow leaders to spend their way out of the recession at the Group of 20 summit next month, reported the Wall Street Journal. The US plan is "at odds" with France, Germany and other EU countries who are more concerned with implementing tighter financial regulation. The US recently passed a $797bn (£564bn) spending plan where as countries like Germany have approved much lower amounts of fiscal stimulus. Chancellor Angela Merkel has said does not want to borrow heavily to solve a global crisis that was caused principally by irresponsible behaviour from bankers.
...in brief..................
Carmakers seek to unlock loans and Brit Insurance flees UK
Lord Mandelson said Vauxhall was "in terrible trouble" ahead of an emergency meeting at the Department for Business, Enterprise and Regulatory Reform this week, reported the Daily Telegraph. UK-based carmakers will discover the terms to receive the £2.3bn in loans the government promised in January.......
GM, Ford and Chrysler: a nationalisation too far?
Brit Insurance will move headquarters out of the UK because of what it says are unfavourable tax conditions, reported the Times. The decision follows similar announcements by companies like pharmaceuticals groupShire, publishers United Business Media and WPP, the advertising group.........
Former CEO Hank Greenberg accused the US Government of "bungling" the rescue of insurer AIG, reported the Financial Times. Greenberg said AIG's breakup is now inevitable and it was a mistake to impose a high-interest loan and force the insurer to repay more than $30bn in loans to banks and partners.........
The team of UK bankers advising the UK Government on the banking bailout visited the Russian finance ministry last week to help Russia tackle its precarious economic situation, reported the Guardian. The Russians were particularly interested in the UK's management of Royal Bank of Scotland, which is now 70 per cent owned by the taxpayer........
Hedge fund Lansdowne Partners has made nearly £13m betting the price of insurer Aviva's shares will fall, reported the Independent. Lansdowne has shorted Aviva's stock since February 13 and stands to make more if the troubled insurer announces a rights issue........
The world's second largest reinsurer, Swiss Re, named Credit SuisseChairman Walter Kielholz as its new Chairman, reported Bloomberg.com. Kielholz will leave Credit Suisse and focus fully on Swiss Re's problems. Record losses at the reinsurer have forced it to turn to Warren Buffet for capital.......
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