Latest Economic history of the United Kingdom Stories
The British government admitted Monday that the taxpayer investment in two of the country's largest banks had lost $17.51 billion. From its bailout efforts, the British government owns 70 percent of the Royal Bank of Scotland and 43 percent of Lloyds Banking Group, The Times of London reported Monday. However,
A market lull turned volatile Thursday before the Independence Day break, with U.S. markets plunging on an uptick in unemployment. The grim numbers are increasingly familiar: Manufacturing jobs declined 136,000 in the month of June on a decrease of 1.9 million since the recession began.
The British government is working on a plan to reduce nationalized bank Northern Rock's debt, sources close to the discussions said. The plan is for the bank to use its own funds to buy back debt from bondholders, which would reduce the $4.9 billion in capital the British government said last year it
Asian and European markets turned mostly higher Monday, buoyed by stimulus spending in China and a general shift from gloomy sentiment. In Asia, the Nikkei 225 was down slightly, off 39 points, while the Hang Seng index in Hong Kong rose 2.95 percent to 14,901.41.
The World Bank said it had set up a $31 billion fund to help Central and Eastern European banks weather the financial crisis. The fund was set up with the European Investment Bank and the European Bank for Reconstruction and Development, the EU Observer reported Friday. This is a time for Europe to come together to ensure that the achievements of the last 20 years are not lost because of an economic crisis that is rapidly turning into a human crisis, World Bank President Robert Zoellick said...
U.S. markets opened higher Thursday after the government revealed its plans to help banks after markets closed Wednesday. The Treasury said it would allow banks to convert federal bailout funds to common shares, freeing up billions from their balance sheets.
The federal financial rescue plan may include dodging market-to-market rules that have forced huge write downs for U.S.
The Swedish government said Tuesday it added $6 billion to its bank rescue package to help spur lending. Getting the credit markets working again is essential to avoid a worsening of the economic downturn, said Swedish Finance Minister Anders Borg and Financial Markets Minister Mats Odell said in a statement. The purpose of the capital infusion program is to increase the banks' ability to provide households and companies with credit at reasonable terms, the statement said. The government said...
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