Friday, 24 August 2007

Friday news; Alistair Darling speaks

...in late news today the Chancellor of the Exchequer has commented on the current state of the markets and the UK's economic prospects;

"Despite the moves in the financial markets of late the Country's economy continues to grow at 3%. I have some good news and bad news about the record investment the government is planning in school and hospitals. The good news is, we have enough money to pay for this building program. The bad news is, it's still out there in your pockets."

dum dum ching!

8 comments:

Anonymous said...

Worrying news from the front line. I'm a manager at a very large European manufacturer of electronic devices. We have seen revenues plummet in the last quarter by 20-25% across all product lines, so come October we will be reporting downgraded expectations and a headcount reduction is already underway.

Now I will escape the headcount reduction so that isn't a problem for me, but the issue is the global economy. If customers are not buying the components to go into their mobile phones, cars, computers etc. then they are shipping from inventory because they have no visibility of future orders.

Keep an eye on the numbers coming out of semiconductor companies in September/October. My guess is they will be significantly down by 20% or more. We will then see a big downturn in the profitability of consumer electronics companies selling discretionary items like mobile phones come December.

If I'm right, and the figures suggest I am, then a major global recession is on the way.

CityUnslicker said...

Smies is a cyclical business, but I don't know much about it, isa the cycle due to turn again?

I have heard many stories of companies is a much worse position than the overall GDP data would suggest.

I entirely agree that we will know a lot more abou the shakeout by the end of October.

Newmania said...

CU are you saying that Darkling is promising tax rises ...surely not ?

Vindico said...

Very funny. ROFLMFAO. Sums up the cabinet post of chief-thief very well. In fact it is more like molestation than stealing, i feel well and truly arse raped when i see my pay packet!

Anonymous said...

I'm going to use that one Slicker... :-)

Anonymous said...

Some semis are cyclical, such as DRAM and NAND FLASH (these segments of the market have been experiencing problems since March). But it isn't just the cyclicals. It is across the board.

The last time I saw anything like this was when was back in 2001 when the cost of 3G licences caused a credit crunch in the telecoms sector and telecom chip revenues dropped by 50% overnight. This was followed by 5 years of price deflation and two years of stagflation from which the market has never recovered. Now the problems seem to be much wider.

If the problems are actually caused by difficulties in getting credit at reasonable prices, then they started back in July and are hitting the whole industry.

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