WorldiFnancialMeltdown Latest

Crunch to hasten China's rise to number one economy
Kuwaiti investment house defaults on loan to German bank
Toyota expects first annual loss in 71 years
Ireland to spend $7.7 billion propping up 3 largest banks
Oligarchs line up for $78 billion in loans from Kremlin
Gordon Brown forced to drop idea for 'loan shark' loans to poor families
UK BAILIFFS GET POWER TO USE FORCE AGAINST DEBTORS

'Merchant of death' - Who manufactured those guns?

'Merchant of death' denies arms deals

Viktour Bout, accused of being world's biggest arms smuggler, faces court in fight against US extradition

Viktor Bout after his arrest in Thailand. Photograph: AP

The man dubbed the "Merchant of Death" for his alleged arms smuggling activities took the stand today for the first time to fight extradition to the United States and deny charges that he conspired to arm Colombian rebels.

Dressed in an orange prison uniform, Viktor Bout was shackled at the ankles but looked relaxed and spoke in mostly measured tones during his testimony at Bangkok's............read more

Oxford and Cambridge boys could not see the crisis coming? Jokers!!!

Bank of England 'did not see crisis'

Deputy governor admits interest rates are 'blunt instrument' with which to control economy

The Bank of England underestimated the severity of the current financial crisis, according to its deputy governor, who has admitted that interest rates are only a "blunt instrument" with which to control the economy.

Sir John Gieve told the BBC's Panorama programme, to be screened tonight, that new tools were needed to complement interest rates. He also admitted that the Bank knew "crazy borrowing" was taking place and the price of houses and other assets was rising unsustainably, but did not fully understand the..........read more

Are Russians going back to the old USSR?

Agence,France-Presse

Riot police arrest a protester in Vladivostok during protests against a government decision to increase car import duties to protect Russia's ailing motor industry. At least 100 were detained

Japanese exports in record 27% fall

Strong yen and weak global demand take toll

TOKYO, Dec 22 – Japan’s exports plunged at a record annual pace in November with shipments to Asia dropping the most since 1986 as a global economic slump and a surging yen slashed demand for everything from autos to electronics.

While imports fell 14.4 per cent as the Japanese economy languished in recession, the 26.7 per cent plunge in exports was large enough to keep the trade balance in deficit for a second month running. Japan last logged trade deficits two months in a row during a previous spell of yen strength in 1980.

Car industry going bust?

Toyota warns of maiden operating loss

Plunging sales and surging yen hit sales

By Jonathan Soble in Nagoya

December 22 2008 09:02

Toyota Motor warned on Monday that it would post an operating loss for the first time in its history as a result of plunging sales and a surge in the value of the yen.

The Japanese automaker, which had earned a reputation for turning a profit even in hard times, said it was freezing expansion plans, suspending executive bonuses and reviewing its..........read more

Tata agrees to cash boost for Jaguar

Agrees to invest tens of millions to prevent immediate cash flow crisis

By Jean Eaglesham, Chief Political Correspondent

December 21 2008 23:27

Tata, the Indian owner of Jaguar Land Rover, has agreed to inject “tens of millions” of pounds into the British car company to prevent an immediate cash flow crisis, while the government continues to consider the case for a taxpayer-funded.............read more

Wall Street Journal: White House Announces Rescue Plan for Automakers

The White House announced a $17.4 billion rescue package for the troubled

Detroit auto makers that allows them to avoid bankruptcy and leaves many

of the big decisions for the incoming Obama administration. Speaking from

the White House, President George W. Bush said the administration decided

against forcing a bankruptcy to compel cost-cutting, in order to avoid the

risk that consumers would desert one or more of the companies and touch

off an industry collapse, deepening the current economic downturn. "In the

midst of a financial crisis...allowing the U.S. auto industry to collapse is not

a responsible course of action," Mr. Bush said. "Under ordinary economic

circumstances, I would say 'this is the price that failed companies must

pay' and I would not favor intervening to prevent them from going out of

business," the president said. "But these are not ordinary circumstances."