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Latest Credit crunch Stories

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2010-03-16 14:50:00

Questionable lending helped sink the U.S. economy, but also provided a lifeline that kept countless firms afloat and averted an even deeper recession, according to research by a University of Illinois finance expert. Murillo Campello says a survey of corporate executives found that many small and mid-sized firms survived the economic storm by tapping easy, low-cost lines of credit locked in ahead of the downturn, during an era of loose lending that also included sub-prime home...

2009-03-19 13:56:00

NEW YORK, March 19 /PRNewswire/ -- Most new car buyers need to borrow to pay for a new car, but the mortgage meltdown has tightened available credit, and has also led to dramatically lower new car sales. Despite challenging credit conditions in the auto industry over the past year, carmakers say financing availability has improved in 2009 as banks have received financial relief from the government. So credit-worthy buyers are getting approved. See video from General Motors (NYSE: GM) at:...

2009-01-23 14:45:52

Reports indicate that the growing number of home builders going out of business has left some U.S. house buyers with unfinished homes on their hands. The National Association of Home Builders estimates 20,000 builders have been forced out of business since 2006 due to the housing bubble, the slow economy and the credit crunch. Sotherby Homes, which has built as many as 300 houses a year in Texas for 14 years, suspended construction of a house in Plano, Texas when lenders cut off funding, The...

2009-01-06 13:52:50

U.S. corporations and consumers are downsizing debt while credit remains tight, possibly marking a sea change in spending attitudes, a bank economist said. Attitudes toward spending and debt have changed semi-permanently, David Rosenberg at investment bank Merrill Lynch wrote in a recent report for clients, The Christian Science Monitor reported Tuesday. The recent credit crunch that began last summer marks a reversal from one extreme a couple of years ago, when credit was easy to obtain to...

2008-11-28 12:05:20

The struggles associated with a credit crunch have been suffered by other societies in history -- just look at the Roman republic, a British historian says. Oxford University historian Phillip Kay said the first-ever recorded credit crunch took place in 88 B.C., when a civil war decimated the Roman economy and credit system, The Guardian (Britain) said Friday. Kay noted comparisons between the current credit crunch facing Britain and other parts of the world and such historical struggles. The...

2008-10-09 06:00:38

Although the credit crunch has left non-financial services companies, including those in the biotechnology industry, without cheap debt, the pharmaceutical industry avoided relying on this resource and has remained cash-rich. As a result, pharmaceutical companies should weather the financial storm and be able to make significant acquisitions, unlike their biotechnology counterparts. The key impact of the credit crunch on the corporate world is the abrupt loss of cheap debt. During the late...

2008-08-18 15:00:48

By DAVID LEASK AIRPORT retailers have shrugged off the credit crunch to post another huge rise in sales. Passengers last year spent more than Dollar27bn (GBP14.5bn) in air terminal outlets, more than twice as much as just five years ago. Market analysts said the rise in low-cost travel was behind much of the boom in airport retailing, especially in developing nations. But sales are expected to go up again, by 11per cent this year, partly because passengers are forced to spend more...

2008-07-22 09:00:28

By JOE BEL BRUNO By Joe Bel Bruno The Associated Press NEW YORK Markets turned in a mixed performance Monday as investors watched the price of oil regain ground and decided to cash in some of their gains from a big rally last week. The tame session unfolded as oil rose on concerns that the threat of new sanctions against Iran over its nuclear program may escalate tensions in the Middle East. Light, sweet crude rose $2.16 to settle at $131.04 a barrel. The rise in oil offset...


Word of the Day
mundungus
  • A stinking tobacco.
  • Offal; waste animal product; organic matter unfit for consumption.
This word comes from the Spanish 'mondongo,' tripe, entrails.