Massive stimulus efforts to stave off a global recession steadied stock markets on Thursday, but grim outlooks in China and elsewhere indicated the economic crisis still had a long way to run.
A steady drift higher in dollar lending rates in Asia revealed that the U.S. government's new plans to support consumers and the mortgage securities market had done little to soothe money markets.
The economy will shrink 1.1 percent next year and unemployment is likely to rise to 6.8 percent of the workforce, the Organisation for Economic Cooperation and Development forecast Tuesday.
Dollar mixed in European trade
The dollar traded mixed in European dealing on Tuesday, rising against the euro but falling versus the yen, as the market continued to digest a US government bailout of stricken American bank Citigroup.
Paragon lending down by three-quarters (ShareCast via Yahoo! UK & Ireland Finance)
Buy-to-let mortgage Paragon says it does not know when it will start large scale lending again given the current conditions in the UK housing market after its new lending fell by three-quarters last year.
Steven Hopwood has traded the cut and thrust of financial markets for the jabs and kicks of cage fighting — a fast growing mix of martial arts and an old-fashioned pub brawl.
Macquarie profits fall sharply, other banks cut jobs
Macquarie Group, Australia's biggest investment bank, became the latest regional lender to announce a sharp fall in profits, but relief as it said it would not tap investors for more cash sent its shares soaring.
Easy money scams ensnare rural Colombians
The lure of easy money was too tempting for thousands of Colombians who lost life savings in pyramid schemes across rural areas already blighted by poverty, rebel violence and cocaine trafficking.
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Citigroup said Monday it would cut 20 percent of its global workforce, or some 50,000 jobs, as the US banking giant struggles with the global financial crisis and four consecutive quarterly losses.
Citigroup to slash 50,000 jobs, expenses worldwide
Citigroup said Monday it was slashing a near-record 50,000 jobs worldwide as the US banking giant tightens its belt further to cope with a global financial crisis and heavy losses.
Mr & Mrs Khan, Manor Park
