Markets

30 Jan 2009 [0 Comments | 79 views]


oil

30 Jan 2009 [0 Comments | 39 views]


[TABLE=5]
FTSE

30 Jan 2009 [0 Comments | 49 views]


[TABLE=1]
The five most dangerous words: ‘British jobs for British workers’

30 Jan 2009 [0 Comments | 77 views]


Common sense isn’t always right. It is difficult not to agree with protestors at a giant oil refinery yesterday. “We have a growing problem in the engineering and construction industry where UK workers are being excluded from important projects. The Government must take urgent action to deal with this situation as tensions are reaching boiling point,” said Derek Simpson, joint leader of Unite. And across the land, people munching on their breakfast, or driving to work, nod their heads in agreement. It is ludicrous to recruit workers from abroad, when there are British workers who can do the job just as well. Gordon Brown called for “British jobs for British workers,” and yesterday, protestors echoed that call. It is just that we are seeing the thin end of a wedge. We are now entering the most dangerous phase in the credit crunch. Governments across the world are now faced with conceivably their most important challenge. It is vital that the other side of the argument is put forward, or else the credit crunch really will degenerate into a full scale depression.
Honda heralds new phase in deflation

30 Jan 2009 [0 Comments | 73 views]


Honda revealed plans to halt production for four months at its UK base yesterday. In some ways, it’s not a bad deal for the 3,000 workers who are affected. They will receive full pay for two months, and 60 per cent of normal pay for the remainder of the time. It is understood some workers have accepted a redundancy package. Meanwhile, Aston Martin has introduced a three-day week. "Following detailed consultation with our trade union partners we have agreed further measures to help manage our way through this challenging period, while minimizing the impact on our employees as much as possible," said an Aston Martin spokesman. The Honda and Aston moves are both examples of how wage deflation is beginning to emerge. Those who fear that the recent stimulus measures will create inflation down the line, need to wake up. Inflation is dead, deflation is back, just like in the 1930s. By the time we have felt its full impact, we will be left longing for the good old days of the 1970s, when inflation topped 20 per cent. Right now
Water, water, not quite everywhere

30 Jan 2009 [0 Comments | 80 views]


What’s the most valuable commodity in the world? Is it oil? No. Is it gold? No. It’s wet, it’s runny, and it’s everywhere, and it’s called water. In Samuel Taylor Coleridge's famous The Rime of the Ancient Mariner, it goes like this: “Water, water, everywhere, nor any drop to drink.” Homer Simpson said it differently: “Water, everywhere, so let's all have a drink.” The economic equivalent might read: “Water, water, everywhere, but not enough to quench demand.” And now it’s come under the spotlight at Davos, with the publication of a new report. “Water has been consistently under-priced in many places around the world and, as a result, has been wasted and overused,” said the report. It goes on to say that many places in the world are on the verge of “water bankruptcy” following a series of regional water “bubbles” over the past 50 years that fuelled economic growth. And this is the killer: “As the world economy expands
House prices see another plunge, both here and over there

30 Jan 2009 [0 Comments | 100 views]


It’s been another busy 24 hours in the story of the Anglo-Saxon housing market crash. Even Nationwide virtually gave up on trying to put a positive gloss on its latest figures on UK house prices. Meanwhile, according to the Bank of England there was a slight lift in mortgage approvals in December. Across the pond, sales of new houses fell to a new record low, prompting Capital Economics to say this
markets

29 Jan 2009 [0 Comments | 76 views]


oil

29 Jan 2009 [0 Comments | 57 views]


[TABLE=5]
FTSE

29 Jan 2009 [0 Comments | 57 views]


[TABLE=1]