4th of July

A slightly shortened version due to it being the Fourth of July so here’s your holiday news:

Friday Reading

Advertising firm WPP launch a revised bid for Taylor Nelson.

Four largest Bradford and Bingley shareholders confirm bailout strategy yet shares fall due to mortgage lender TPG pulling out. 

Britain is veering closer towards a recession.

John Lewis sales dive 8.3% at beginning of summer sale.

US employers cut jobs for sixth month in a row as 62,000 are sacked.

“Mainstream fund managers lack appetite for complex financial instruments”

Yahoo market overview - monitor this to view the recession in real time!

European Central bank raises interest rates by 0.25 up to 4.25 due to inflation fears.

Lehman Brothers hand out mid-season bonuses in bid to retain key staff.

Households are, on average, 15% worse off than they were in 2003.

The silver lining to the cloud of recession: bargains abroad.

Story of the Day

Have fun on the 4th of July without breaking the bank with MSNBC’s Ten Top Tips.

Loose Foundations

I’m tired. I was rudely awoken this morning by a fox who was having difficulty trying to sell his home and on the verge of a communication breakdown with his wife, Mrs. Fox. The kids had left the den to achieve greater things whilst he was left with issues to solve: how to pay the mortgage, how to save for his pension and what to eat for supper. His problem, not mine. Until he starts barking outside my window. Seems like noone can avoid the credit crunch…

Tuesday Reading

Yahoo release PowerPoint presentation in attempt to win over shareholders, about what went wrong in the attempted Microsoft takeover although it will be disputed by some… 

Oil prices rise again, over a dollar, due to Iran and Israel tension.

FTSE starts week on a high as metal groups like Anglo American and Rio Tinto boom, despite ‘a spate of horrendous corporate news’.

The UK’s largest car dealer, Pendragon, has had to cut 500 jobs in the wake of poor sales.

UBS are planning to sell Paine Webber, its US wealth management to raise ‘a significant amount of cash’.

Germany seem to be resistant to stagflation as unemployment levels reach lowest in 16 year, just 7.8%.

Why did Bear Stearns collapse?

5 things to do whilst in a ‘financial panic’.

42000: The number of UK mortgage approvals, down to a fifteen year low.

Initial public offerings fall to lowest in 5 years as signs of an economic slowdown play on companies’ minds.

Four of the longest serving directors quit UBS leaving it poised for a shake-up.

Storms and floods damage crops in US leaving panic over bio-fuels.

Story Of The Day

HMV records full-year profits due to surge of buyers in video games. OK, this could be the reason, or it could be due to their extortianate prices. I made the mistake in buying The Best Of Blur, the other day at HMV. There was no mistake in my choice of record but the £15 i paid for it was. To my horror, 5 days later i walk into the Zavvi, formerly Virgin Megastore, in Piccadilly Circus, and spotted the same CD for just £6. I walked home in a huff having been charged 250% more. This is why people download musi illegally, spite.