08 juillet 2008
Bank losses from credit crisis may run to $1,600bn, warns Bridgewater
source: Telegraph
If Bridgewater is anywhere near correct, governments alone have the wherewithal to rescue the system. This would mean the de facto nationalisation of the banking systems in the US, Britain and Europe.
Recession 'looming' for UK firms
source: BBC NEWS
The UK is facing a serious risk of recession within months, the
findings of a survey of almost 5,000 small, medium and large businesses
suggest.
Is global shipping slowing drastically?
source: Telegraph
We're seeing ships leaving Asia that are not full. We are living through a real economic slowdown. It is a latent crisis that will take time to disappear. I don't see it getting better before the end of 2009."
"America is importing less, so is Europe. After a record year in 2007, where we had more offers than we could take on our ships, traffic between Asia and Europe has now fallen to a 94pc occpancy rate," he said.
Bradford & Bingley shares crash
source: Telegraph
Bradford & Bingley shares crashed 16pc to 42p yesterday, dropping
further below the 55p-a-share price of its £400m rights issue, as the
City speculated that the buy-to-let lender is worthless.
Leigh Goodwin, an analyst at Fox-Pitt, reduced his share price target
to 43p, is "forecasting losses by 2010" and raised questions about
whether "B&B is going to be Northern Rock in slow motion".
IndyMac to stop most mortgage loans, cut 3,800 jobs
source: Reuters
NEW YORK (Reuters) - IndyMac Bancorp Inc, one of
the largest U.S. mortgage lenders, said on Monday it will
eliminate 3,800 jobs and stop making most home loans after
regulators concluded it was no longer "well capitalized."
The job cuts affect 53 percent of the lender's 7,200-person
work force over the next couple of months, reducing operating
expenses by 60 percent, Chief Executive Michael Perry said in a
letter to shareholders and employees. They are in addition to
about 2,700 cuts already made this year.
Home Prices Fall in 23 of 25 U.S. Metropolitan Areas (Update1)
source: Bloomberg
The Sacramento, California, region saw the biggest drop, with prices falling 31.7 percent from April 2007. Sacramento was followed by the Las Vegas area (29.9 percent), San Diego (28.1 percent), Phoenix (25.5 percent) and Los Angeles (23.4 percent), Radar Logic said.
``Prices are going down so fast they can't go down much longer,'' said Christopher Thornberg, president of Beacon Economics LLC in Los Angeles, who predicts a total decline of 30 percent nationally in the housing recession. ``We've never seen prices fall like this.''
Persimmon lays off 2,000 staff as housing sales slump
source: Guardian
Housebuilder Persimmon
is laying off 2,000 staff - 40% of its workforce - after a slump in
sales, and warned that conditions in the housing market remain tough.
The credit crunch has plunged housebuilders into turmoil. House sales
have crashed after mortgage providers raised their rates and pulled
their best deals. Some analysts now believe the downturn in the property market could be "significantly" worse than the 90s crash.
Faible croissance, inflation, crise financière : la Bourse s'effondre
source: Le Point
Les marchés boursiers n'en finissent plus de plonger.
La crise du crédit pourrait s'aggraver, estime le directeur général de JPMorgan
source: Les Echos
"Je pense vraiment que nous devons faire face à certains problèmes très graves. En fait, les choses pourraient empirer", a-t-il déclaré.
Coface dégrade note de l'Espagne; Portugal et Danemark sous surveillance
source: Swissinfo.ch
"Le Portugal, par effet de domino (30% de ses exportations sont
destinées à son voisin), est atteint à son tour. Les impayés y ont été
multipliés par deux depuis le début de l'année. Coface place donc sa
note A2 sous surveillance négative", ajoute l'assureur crédit