UK: MI5 Alert On Bank Riots: TOP secret contingency plans have been drawn up to counter the threat posed by a “summer of discontent” in Britain. Factory downturn 'accelerating': Manufacturers in the UK cut jobs and output at a record pace in February, according to the latest Purchasing Managers' Index (PMI). HSBC to raise US$17.7 billion, will cut 6,100 U.S. jobs as profits fall: — HSBC PLC, Europe's largest bank by market value, reported Monday a 70 per cent drop in 2008 net profit and said it would raise US$17.7 billion in a share issue, while cutting 6,100 jobs as it shuts down its consumer loan businesses in the U.S. US takes another crack at AIG rescue: Wracked by turmoil in the credit markets, the insurance giant posts $62 billion quarterly loss. Government amends bailout to insulate financial system. Buffett says U.S. Treasury bubble one for the ages: - Warren Buffett, whose Berkshire Hathaway Inc (BRKa.N) (BRKb.N) sits on $25.54 billion (17.8 billion pounds) of cash, said worried investors are making a costly mistake by buying up U.S. Treasuries that yield almost nothing. Moody's: Credit Card Charge-Offs At Record High In January: Credit card charge-offs reached a new high of 7.74% in January, after 7.73% in December, and the increasing number of borrowers falling behind on payments means charge-off rates are almost certain to increase as the economy worsens, according to Moody's Credit Card Credit Indices. Worst job losses in 60 years expected: The recession tightened its grip on U.S. businesses and consumers in February, according to economists, who are predicting the largest one-month job loss in almost 60 years.
Tuesday, 3 March 2009
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