- ‘I made a mistake,’ admits Greenspan
Alan Greenspan, the former Federal Reserve chairman, said the credit crisis had exceeded anything he had imagined and admitted he was wrong to think that banks would protect themselves from financial market chaos.
- Spanish unemployment hits 4-year high
Spanish unemployment rose to 11.3 per cent of the workforce in the third quarter from 10.4 per cent in the second, reaching its highest level in more than four years and remaining the highest in the European Union, according to official statistics.
- Europe Services, Manufacturing Shrink at Record Pace – Bloomberg
Oct. 24 (Bloomberg) — Europe’s manufacturing and service industries contracted at a record pace in October as the financial crisis damped exports and consumer spending.
- Indonesia Will Execute Bali Bombers Early Next Month – Bloomberg
Oct. 24 (Bloomberg) — Indonesia will execute the three Bali bombers early next month, six years after 202 people were killed in the Southeast Asian nation’s worst terrorist attack.
- GE to Use Fed’s Commercial Paper Facility Next Week – Bloomberg
Oct. 23 (Bloomberg) — General Electric Co., the biggest U.S. issuer of commercial paper, plans to use the Federal Reserve’s new short-term funding facility when it starts next week.
- Microsoft beats profits forecast
Microsoft’s profits and sales figures defy the economic gloom and rise more than expected, boosting its share price.
- NY allows Bloomberg new mayor bid
The city council in New York abolishes a two-term limit for officials, allowing Mayor Michael Bloomberg to run again.
- Iran economy facing ‘Perfect storm’
Iran’s economy faces downturn and lower oil prices
- East Asia set to start $80bn fund
East Asian countries plan to set up an $80bn swap scheme to protect the region from financial volatility and help boost liquidity.
- U.S. Futures Plunge, Sending S&P 500, Dow Down by Daily Limit – Bloomberg
Oct. 24 (Bloomberg) — Futures contracts on the Standard & Poor’s 500 Index and Dow Jones Industrial Average plunged by their daily limits on growing concern the financial crisis has infected the broader economy.
- Oil, Gold, Commodities in `Freefall’ as Economic Slump Deepens – Bloomberg
Oct. 24 (Bloomberg) — Crude oil, copper and gold led a drop in commodities, extending a record quarterly decline, on expectations an economic slump will sap demand for raw materials.
- Oil, Copper Lead Drop in Commodities as Economic Slump Deepens – Blomberg
Oct. 24 (Bloomberg) — Crude oil, copper and gold led a drop in commodities, extending a record quarterly decline, on expectations an economic slump will sap demand for raw materials.
- OPEC to cut production by 1.5 million barrels a day – MarketWatch
LONDON (MarketWatch) — The Organization of Petroleum Exporting Countries on Friday said it was slashing 1.5 million barrels of oil a day in production as the world’s financial crisis dampened demand for energy.
- Oil falls despite production cuts BBC News
World oil prices fall further, undermining Opec’s attempts to steady prices by cutting output by 1.5 million barrels a day.
- U.K. GDP Shrinks, First Recession Since 1991 Looms – Bloomberg
Oct. 24 (Bloomberg) — The U.K. economy shrank more than forecast in the third quarter as the financial crisis ravaged industries from banking to construction, evidence that Britain is in the grips of its first recession since 1991.
- Polish, Hungarian Currencies Head for Worst Week; Stocks Fall – Bloomberg
Oct. 24 (Bloomberg) — The Polish zloty, Hungarian forint and South African rand headed for their biggest weekly declines as the global economic slump fuels concern of a worsening credit crisis in emerging markets.
- Indian Rupee Falls Through 50 to Record Low on Slump in Stocks – Bloomberg
Oct. 24 (Bloomberg) — India’s rupee fell through 50 against the dollar to a record low as stocks in the region slumped on increasing signs that global economies are headed for a recession.
- Australia, New Zealand Dollars Slump This Week as Stocks Tumble – Bloomberg
Oct. 24 (Bloomberg) — The Australian and New Zealand dollars fell this week to the lowest levels against the yen in at least six years as investors sold higher-yielding assets.
- Yen Rises Above 95 Per Dollar, 13-Year High; Carry Trades Cut – Bloomberg
Oct. 24 (Bloomberg) — The yen climbed to a 13-year high against the dollar as the risk of a global recession prompted investors to slash carry trades, in which they fund purchases of higher-yielding assets with Japanese currency.
- World stocks tumble to 5-year low, dollar jumps – Reuters
By Jeremy Gaunt, European Investment Correspondent LONDON (Reuters) – Global stocks tumbled to a new five-year low on Friday and demand for the relative safety of government bonds and low-yielding currencies soared as economic decline and corporate…
- Bear Stearns $30 billion mortgage portfolio falls 9 percent – Reuters
By Dan Wilchins NEW YORK (Reuters) – A Bear Stearns mortgage portfolio backed by the U.S. government racked up $2.7 billion of losses in the third quarter, amounting to a 9 percent decline on about $30 billion of assets, the Federal Reserve said…
- AIG may need more cash due to restructuring – Reuters
NEW YORK (Reuters) – American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz) has named two executives to lead its restructuring, and its chief executive warned that $120 billion in emergency federal cash extended to the insurer…
- Wave of job cuts sweeps across corporate America – Reuters
NEW YORK (Reuters) – Corporate America is bleeding jobs and wielding the ax well beyond the financial sector. As companies look at their prospects for the final quarter of the year and begin to see increasingly grim outlooks for 2009, they are…