IMF Cuts U.K. Economic Outlook
August 7th, 2008 piotr zukowskiThe IMF cut its forecast for U.K. economic growth this year to 1.4%, down from last month’s 1.8% estimate.
The IMF cut its forecast for U.K. economic growth this year to 1.4%, down from last month’s 1.8% estimate.
European shares rose Wednesday on a five-billion pound hostile bid for London-listed miner Lonmin and better-than-expected earnings from French bank BNP Paribas.
A bid by temporary-staffing firm Adecco for U.K. rival Michael Page underscores the looming threat of layoffs among finance firms.
John Varley’s day of reckoning has arrived. The Barclays chief will update shareholders on the write-downs the U.K. bank has made to cover souring credit-related investments.
Austria’s OMV withdrew its hostile $20 billion bid for Hungarian rival oil-and-gas company MOL after objections from the European Commission.
Sony raised its bet on the ailing music industry by agreeing to buy Bertelsmann’s half of their Sony BMG Music Entertainment joint venture, in a deal that values the world’s No. 2 recorded music company at $1.8 billion.
The IMF cut its forecast for U.K. economic growth this year to 1.4%, down from last month’s 1.8% estimate.
The Fed held rates steady and suggested it continues to balance the risks of rising prices and slower growth. (Statement)
Consumer spending jumped in June, boosted by the tax rebates provided by the economic stimulus package. Personal income edged higher. The PCE price index climbed 4.1% from a year earlier. Separately, factory orders climbed more than expected.
The Treasury Department hired Morgan Stanley to provide “market analysis and financial expertise” in connection with its rescue plan for Fannie Mae and Freddie Mac.