Britannia Radio

ECONOMICS

US economy shrinks at fastest rate since 9/11

US on course for GDP plunge of as much as 6% in fourth quarter of 2008 as dire retail figures add to the misery

• UK growth shrinks to worst level since 1990

• Spain in recession as New Zealand woes grow

• Obama plans $850 billion recovery package

• Fed stuns the world with rate cut to 'virtually zero'

UK growth shrinks to worst level since 1990

The economy contracted 0.6 per cent in the third quarter for the first time since 1992 - the worst three months since 1990

Mortgage lending drops 61% in wary market

British Banker's Association says November's interest rate cut slowed activity among both lenders and borrowers

ROSEMARY RIGHTER: ECONOMIC VIEW

Protection is not the answer

What the world will have in Barack Obama, unfortunately, is a Mr Facing Both Ways on trade

New global giants still look to the US

America still dominates the business of managing the world's finances despite the wealth accumulation of emerging markets

China demands its leaders be bold

The country's economy has expanded tenfold over a 30-year span, but it will be undeniable by December that the going is getting tougher

Signs show euro's joyride is at an end

The signs were there for all analysts to read that Europe is heading into a recession from which it will struggle to recover

ANATOLE KALETSKY: ECONOMIC VIEW

Plan B? Let's look at C, D and E

It looks unlikely that financial conditions will return to normal in the near future- the question now is what more needs to be done

Paulson eclipse could be turning point

There were some important events in the world economy last week - certainly more important than the Pre-Budget Report

Pound's fall may herald recovery

This sudden anxiety is a distorted echo of the great policy debate that raged in Britain throughout the postwar era

Sensational move will stave off depression

For the first time since the aftermath of Black Wednesday, Britain is paying less for its money than the eurozone

GARY DUNCAN: ECONOMIC VIEW

Why Bank must fight economic Blitz

As dire news piles up, it does feel as though the economy is going into freefall, sapping sentiment and draining confidence

‘D’ word becomes a source of anxiety

In an economy already beset by dangers and difficulties, deflation is rapidly emerging as the latest peril to Britain’s prospects

Chancellor must make every penny count

Gordon Brown left the Treasury's war chest badly depleted but Alistair Darling must spend now

IRWIN STELZER: AMERICAN ACCOUNT

Big government will be Obama’s New Deal

The Obama team sees an opportunity to push through a reformist domestic agenda as radical as anything wrought by Roosevelt

Experts guess as we go to the unknown

We have reason to worry about the galaxy of stars that Barack Obama has assembled to help him right the American economy

When politicians replace markets

The entrepreneurs who have powered America’s growth in the past will be displaced by lobbyists

DAVID SMITH: ECONOMIC OUTLOOK

Stuck in reverse despite Bank’s cuts

Government intervention and support, for three decades regarded as off limits, has made an extraordinary come-back

Wrong time to reach for euro lifeline

Britain tends to turn to Europe at times of trouble, with disastrous consequences

Crude’s collapse oiled the wheels

The more the financial crisis dragged on, the more oil bulls became certain the price of crude would continue to rise - this seems illogical

GERARD BAKER: ECONOMIC VIEW

Inflation counts for nothing to Fed

With US interest rates as low as they have been since the Second World War, attention is shifting to other central banks

Flood waters recede, blaming begins

One question already exercising policymakers and their critics is whether the crisis was exacerbated by crucial policy mis-steps

We now seem to have the same script

The case for going for a co-ordinated, early rate cut by the Fed, and getting more bang for the buck, was certainly powerful

Only governments can save us

It is already too late to avoid a period of real economic misery. But there may still be time to avoid a catastrophe

Festive spending tradition starts to disappear

Populus survey of ethically and environmentally aware parents - concerned consumers - shows changed attitudes to Christmas

The top business stories of 2008

Bernard Madoff, RBS, Arianna Huffington...and the crunch: a look back at the biggest - and most popular - business stories of the past year

Companies seek leeway as economy slumps

Nearly 23,000 small and medium-sized businesses plead for more time to pay their tax bills as finances become precarious

USA GDP worst decline since 9/11

Commerce Department figures show economy has shrunk by 0.5% between July and September, the sharpest fall in seven years

Spain in recession as New Zealand woes grow

Spain is now officially in recession, and New Zealand's downturn is expected to continue throughout next year

UK current account deficit widens to £7.72bn

Gap in UK's balance of payments widens despite weakening sterling, but the figures are better than feared

Fiat pays $17.8m to settle Iraqi bribe claims

Turin carmaker has admitted paying $4.3 million in kicksbacks to Saddam Hussein's regime between 2000 and 2003

Clear and present danger at the Bank

The Deputy Governor of the Bank of England is perhaps being a little harsh on the MPC over the dangers of the asset price bubble

Gieve admits Bank failed to spot crisis

Sir John Gieve, Deputy Governor, admits that the Bank of England underestimated the severity of the economic crisis

Oligarchs go cap in hand to the Kremlin

Figures such as Roman Abramovich have seen the value of their companies collapse, forcing them to seek government aid