Sunday, 23 March 2008
Easter Sunday Business Round Up
I have secured a small window of opportunity to do this round-up having made the family chocolate pancakes - if only such easy joy was to be found at the moment in the world of business and economics.
The ten most interesting business stories are below, as usual:
Heavy City job losses to come- This one is a bit close to home for me, but it does seem inevitable that the round of redundancies will start straight after Easter.
Bear Stearns redundancies - 8,000 to come. And to build on the link above, virtually all London staff.
Darling's howl at the wind - The UK Chancellor asks the banks to come clean about losses. This shows just how little he understands - no one has any idea how big the losses are until the CDO's are sold on or are paid off less than in full. This may not be for years to come.
Forensic analysis of HBOS - to find the perpetrators. Interesting to note how the directors bought into the stock - in support or in the know?
B&B to face struggle - Long in a hard position, B&B has had its rating cut by Moody's - more asset sales likely.
The End of the World - Hysterical, in both senses of the word, piece in the Independent writing off capitalism. At least there is something here to raise a laugh!
Euro-Capitalism at work - Failed Air Italia is going to be 'rescued' again by Berlusconi. It amazes me how attached to national airlines countries are, considering they never make any money.
Sovereign funds - will they get much of a return on their Western Banking investments?
PFI costs to soar - The best article of the week is in the Guardian. The hidden consequences of the credit crunch. Already expensive PFI deals are going to look even worse. prepare for cuts in services at schools and hospitals coming to a place near you soon.
Posted by CityUnslicker