Survival News Network

 
In surprise news which sent the pound sliding on Thursday, official figures showed that the Government borrowed £4.3 billion last month.

It was the first time since 1993 that the public finances had gone into the red in January – a month in which tax revenues usually push the Exchequer into the black.

Economists said that the [...]

Aaron Regent, president of the Canadian gold giant, said that global output has been falling by roughly 1m ounces a year since the start of the decade. Total mine supply has dropped by 10pc as ore quality erodes, implying that the roaring bull market of the last eight years may have further to run.
“There is [...]

The world is much closer to running out of oil than official estimates admit, according to a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying.
The senior official claims the US has played an influential role in encouraging the watchdog to underplay [...]

The Social Security Administration makes it official Thursday: There will be no cost of living increase for Social Security recipients next year, the first year without one since automatic adjustments were adopted in 1975.
The announcement comes as President Barack Obama and key members of Congress call for a second round of $250 payments to more [...]

U.S. mortgage applications fell last week despite the lowest loan rates in four months, the Mortgage Bankers Association said on Wednesday, in another sign that housing will likely recover slowly from its three-year plunge.
Home loan applications fell a seasonally adjusted 2.8 percent in the September 25 week, driven down by a 6.2 percent drop in [...]

European stocks dropped for a third straight week, the longest stretch of losses since March, as concern mounted that the economy won’t recover soon.
Volkswagen AG slumped 6.3 percent, leading declines in automakers, after U.S. car sales fell in June and Credit Suisse Group AG cut its assessment of the industry. ThyssenKrupp AG, Germany’s largest steelmaker, [...]

Stocks of developing nations fell, dragging the MSCI Emerging Markets Index down 10 percent from its 2009 peak, and oil approached a similar decline, on concern the recovery will be weaker than economists forecast. The yen rose for a third day against the dollar.
The emerging-markets index of 22 countries lost 2 percent, the most in [...]

A growing number of U.S. homeowners owe more than their properties are worth after prices extended their two-year decline in the first quarter, Zillow.com said.
About 21.8 percent of all owners were underwater as of March 31, the Seattle-based real estate data service said in a report today. At the end of the fourth quarter, 17.6 [...]

Private-sector employment in the United States fell by 491,000 jobs in April, according to the ADP employment index released Wednesday. The March number was revised higher to a decline of 708,000 from a decline of 742,000. The index comes two days before the government releases its estimate of April nonfarm payrolls. Economists are looking for [...]

Source: money.cnn.com
The nation’s economic slide during the last three months of 2008 was even sharper than previously estimated, with the broadest gauge of economic activity suffering its worst decline in 26 years, the government reported Thursday.
Gross domestic product, which measures the output of goods and services produced in the United States, fell at an [...]

Source:  Reuters
Prices of U.S. single-family homes plunged 18.5 percent in December from a year earlier as the monthly pace accelerated, according to a Standard & Poor’s/Case-Shiller home price index released on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas fell 2.5 percent in December from November, compared with a 2.3 percent decline in the [...]

Source: guardian.co.uk
Personal bankruptcy hit a record level and company failures soared by 50% as the collapse in the economy in the final three months of 2008 took its toll, official figures showed today.
Data from the Insolvency Service revealed that the steepest decline in output in almost 30 years led to 19,100 people being declared bankrupt [...]

Source: Bloomberg.com
Stocks in Europe, Brazil and Canada fell on speculation government efforts to shore up the financial industry will fail to stem the deepening global recession.
Royal Bank of Scotland Group Plc slumped 67 percent after saying it expects to post a loss of as much as 28 billion pounds ($41 billion) for 2008 and [...]

Source: Bloomberg.com
Stocks in Europe, Brazil and Canada fell on speculation government efforts to shore up the financial industry will fail to stem the deepening global recession.
Royal Bank of Scotland Group Plc slumped 67 percent after saying it expects to post a loss of as much as 28 billion pounds ($41 billion) for 2008 and [...]

Source: Bloomberg.com
Stocks in Europe, Brazil and Canada fell on speculation government efforts to shore up the financial industry will fail to stem the deepening global recession.
Royal Bank of Scotland Group Plc slumped 67 percent after saying it expects to post a loss of as much as 28 billion pounds ($41 billion) for 2008 and [...]

Source: Bloomberg.com
Stocks in Europe, Brazil and Canada fell on speculation government efforts to shore up the financial industry will fail to stem the deepening global recession.
Royal Bank of Scotland Group Plc slumped 67 percent after saying it expects to post a loss of as much as 28 billion pounds ($41 billion) for 2008 and [...]

Source: Bloomberg.com
Stocks in Europe, Brazil and Canada fell on speculation government efforts to shore up the financial industry will fail to stem the deepening global recession.
Royal Bank of Scotland Group Plc slumped 67 percent after saying it expects to post a loss of as much as 28 billion pounds ($41 billion) for 2008 and [...]

Source: Bloomberg.com
Stocks in Europe, Brazil and Canada fell on speculation government efforts to shore up the financial industry will fail to stem the deepening global recession.
Royal Bank of Scotland Group Plc slumped 67 percent after saying it expects to post a loss of as much as 28 billion pounds ($41 billion) for 2008 and [...]

Source:  MarketWatch
Stung by weak demand and falling prices, U.S. seasonally adjusted retail sales plunged 2.7% in December, the Commerce Department estimated Wednesday.
Excluding the 0.7% decline in auto sales, retail sales recorded their biggest drop since record-keeping began in the early 1990s, falling 3.1%. Excluding gasoline and autos, sales fell 1.5%, the largest drop since September [...]

Source: Bloomberg.com
The decline in U.S. manufacturing deepened in December as demand for such products as cars, appliances and furniture reached the lowest level since at least 1948, signaling further cutbacks in factory jobs and production this year.
The Institute for Supply Management’s factory index fell to 32.4, below economists’ forecasts and the lowest level since [...]

Source: Bloomberg.com
Sales of single-family houses in the U.S. dropped in November by the most in two decades and resale prices collapsed at a pace reminiscent of the Great Depression, dashing speculation the market was close to a bottom.
Purchases of both new and existing houses dropped 7.6 percent from the prior month, the biggest decline [...]

Source: FT.com
Japanese industry suffered a record fall in output in November as unemployment continued to rise and household spending kept sliding, the latest set of gloomy figures from the world’s second-largest economy showed on Friday.
November’s 8.1 per cent month-on-month decline in industrial output, which followed a long series of bad news from Japanese government [...]

Source: Reuters
A tentative rebound in global stocks spluttered on Wednesday while euro zone government bond yields hit a three-year low as gloomy economic news highlighted the case for more aggressive interest rate cuts in Europe this week.
The euro stayed on the backfoot and oil held near a 3-1/2 year low a day before the European [...]