President Barack Obama has what he needs to restructure Chrysler. With banks holding 70pc of Chrysler’s secured debt agreeing to the US Treasury’s 30 cents on the dollar offer, the reorganisation can move ahead.
The Bank of Japan said on Thursday it expected the economy to contract more this year and prices to fall further than it forecast just two months ago, as the world’s second largest economy continued to suffer from a collapse in demand amid the global recession. “Economic conditions in Japan have deteriorated significantly,” the BoJ said in a statement as it lowered its forecast for the economy to a 3.1 per cent contraction this fiscal year to next March, rather than a previously expected 2 per cent decline in growth.
Let’s hope this is not an Armageddon outcome. Bondholders who were pigs will get slaughtered though. Serves them right.
This is GREAT news because it combines the best of both worlds. If you like RSS feeds, this is the way to go.
As the H1N1 strain of swine flu zooms around an increasingly interconnected world, the economic harm caused by border closings and mandatory travel restrictions will do more harm than good, scientists says.
The Mexican swine flu resists older antiviral drugs like rimantadine. It is still susceptible to the Tamiflu and Relenza in national stockpiles – such as they are – but virologists were shocked this past flu season when ordinary human H1N1 spontaneously developed near-total resistance to Tamiflu. Swine H1N1 could well do the same, particularly if it starts swapping genes with the human virus.
Xobni, a pretty neat Outlook plug-in that’s just out of beta, now includes the latest updates from a Facebook users’ feed in a side panel, making it easier to know what’s happening with your contacts.
Germany has slashed its growth forecast, admitting in an embarrassing volte-face that the economy will contract by 6pc this year in the worst recession of any major country in the Western world.
The Hollywood star is to reprise his role as Gordon Gekko, the ruthless corporate raider whose rise and fall came to symbolise Eighties excess.
A record 388,600 people are now claiming jobseekers’ benefit in the republic, the central statistical office said, after a seasonally adjusted 15,800 became eligible this month.
A spokeswoman for Paulson referred to statements last Thursday that the former Treasury Secretary believed there was no legal basis for BofA to exit the deal and he wanted to ensure the survival of a systemically important financial institution.
Q: Did you have a view at this time, about what invoking the MAC and backing out of the deal would do to Merrill? Lewis: Yes. We thought they would probably–either the government would do something to kind of prop them up until they could do something else with them, or they would go bankrupt.
Interesting. ““See I believe in money, power, and respect. First you get the money. Then you get the power. After you get the power, people will respect you.” (Little Kim – Money, Power and Respect). I think this is true in gangster films and some aspects of real life but if you relate this to the world of social media, I think it works in reverse. First you get the respect, then you get the power and once you have the power then you will get the money. “
More due diligence from John Hempton on the continuing saga of Paradigm Global and Ponta Negra
Ed Yardeni, the loquacious economist offers a dozen happy thoughts about the economy “while we are waiting to see how the swine flu pandemic plays out.” His list, distributed in his daily email to clients:
The arrests came after OFT officers raided homes in Bristol and East Harptree this morning. The women who were arrested are alleged to be involved in setting up, operating and promoting the illegal scheme.