UK Pound Continues to Struggle Against Euro
The British pound started the day on another losing note extending its losses against the euro setting a new record low of 1.1.238 euros. More
Just When We Thought the Auto Makers Bailout Was a Done Deal
Yesterday, the US House of Representatives passed a bill that would see General Motors and Chrysler receive $14 billion in emergency funding. However, today we learn that the Senate is still divided with no clear indication when – or even if – a deal is pending. More
As Ruble Plunges Russians Buying Dollars
The Ruble has lost 16 percent of its value against the dollar since August and Russians fear that the worst is still to come. Many are exchanging rubles for dollars and buying hard assets such as jewelry to try to preserve wealth. More
UK Chancellor Alistair Darling Pushes Banks to Help Customers
Chancellor of the Exchequer Alistair Darling has made it clear that he expects Britain’s commercial banks to pass more of the recent rate cut savings on to customers and to increase the pool of funds earmarked for lending.
“The banks have to understand that we have put substantial sums of public money in to support them. They, in turn, need to play their part – it is a quid pro quo as far as I am concerned,” the Chancellor stated before a meeting of the Commons Treasury Committee. More
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