In the opinion of analysts, the most serious problem remains for the UK the real estate crisis, the foreclosures crisis actually, which apparently will not end too soon. Experts in economy estimated that the economic recession with the foreclosures crisis and the difficult situation of Great Britain would be a very long one.
German industrial production registered a decline of 4.6% in December last year, according to official statistics, which were published. The deterioration of the industry followed a much more alert rhythm than analysts could estimate, who expected that the German industrial production to decline by only 3%. Exports are the main engine of the German economy, and figures confirm that Germany is facing the gravest crisis period after the Second World War, generated by the same American foreclosures crisis.
The British bank Royal Bank of Scotland (RBS) fired seven executives, as a measure of a broad restructuring process. The announcement comes just three days after Philip Hampton replaced Tom McKillop in the position of President of the Council of Administration. The Government of Great Britain helped the financial institution with 20 billion pounds from public funds. RBS is expected to report in the context of the financial and foreclosures crisis, loss of 28 billion pounds in 2008.
Among those seven executives fired are Peter Sutherland, former prosecutor general of Ireland and chairperson of the oil group BP and of Goldman Sachs International Company, and Bob Scott, president of the publishing company Yell.
RBS announced that instead of the seven directors fired, they will hire only three employees, and they will be appointed by the UK Financial Investments, the body created by London to oversee the Financial Group. The RBS Group is present on the local market, after it took over local operations in 2007, of the Dutch bank ABN Amro.
Lenovo Group, the fourth largest manufacturer of PCs in the world, announced quarterly loss greater than initial estimates, based on the current economic and foreclosures crisis and a sharp fall in demand. These are the first losses of the company in the past three years.
Lenovo lost during October-December 2008 96.7 million dollars. This is the first loss of the company after January-March 2006, when it recorded a loss of 89 million dollars because of restructuring costs.
The year 2009 will remain for us just as hard, said the company representatives.
Along with announcing the financial results for the last quarter of 2009, Lenovo also announced that the executive director, William Amelio, has quit. Lenovo is planning to gain 300 million dollars until March 2010, by the disposal of 2,500 employees, cutting premiums and strengthening business in China and Asia-Pacific.
Because of the fact that banks in the emirate of Abu Dhabi (part of United Arab Emirates) reported profits below expectations in the fourth quarter of the last year, the government of the emirate thought to make a capital infusion. The amount that they will pump in five banks, which are in need, is of 16 billion dirham UAE (3.4 billion Euros). The aid is not considered by local analysts as a rescue package for the banking area, but one of anti-shock protection.
Related posts:
- Hope At Last for Foreclosures on January 16th, 2009
The United States outgoing president, George bush has signed a bill that may be hope for the people who had not been befallen by the tragedy of foreclosures.
- Foreclosure Numbers are Decreasing in Minnesota on December 3rd, 2009
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- Foreclosure Avoidance on January 13th, 2009
When we want to buy a house we should have the complete income for buying the house but most people relay on bank loans and other lenders to buy a house.
- Foreclosures: A Judges Point a View on March 3rd, 2009
When a foreclosure has taken place, the judge orders for a lawsuit to be sent to you in the mail.
- Escaping Foreclosures Before Getting Laid Off on September 2nd, 2009
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