Credit Crunch

Credit Crunch

Margo calls for ex-RBS chief's pot interdict

LOTHIANS Independent MSP Margo MacDonald has today called for an interdict to be pursued through the courts to prevent Sir Fred from claiming his pension pot.

World Economic Forum: Power seesaws in the snowy alps

ONE way to think about the World Economic Forum, which kicks off today in the Swiss ski resort of Davos, is to focus on the final scene of The Italian Job.

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1,000 new recruits for shipbuilding as Scotland looks beyond recession

THEY were the hands that built Scotland's industrial reputation and waved off vast ocean-going liners and warships to faraway seas. Welders, engineers, riggers, pipe fitters, crane operators: skills that once formed the backbone of the Scottish workforce seemed to be redundant in the 21st century.

Mandelson's £2.3bn for car giants is 'no bail-out'

THE government yester- day unveiled a long-awaited £2.3 billion package of support to help stem mounting job losses in the car industry, providing loan guarantees to firms hit by a huge slump in sales.

Iceland goes into meltdown as crisis topples government

ICELAND's coalition government collapsed yesterday under the pressure of the economic crisis that has driven the nation to bankruptcy and political turmoil.

Black Monday as struggling firms axe 69,000 jobs

MORE than 69,000 job losses were announced yesterday as companies in the United States and Europe shed staff to try to ride out the global financial crisis.

Globalisation is key to recovery – Brown

GORDON Brown will warn today against giving up on globalisation because of the current worldwide financial crisis.

Billions in building projects on hold

SCHOOL, hospital and road building projects worth £2.4 billion have been put on hold because of the recession, it has been claimed.

Edinburgh on 'amber' alert over recession

SCOTLAND'S capital could be hit hard by the recession due to its high level of finance and insurance jobs, according to a new report.

Danger – cash-strapped motorists ahead

BELT-TIGHTENING by motorists during the recession is leading to an increase in potentially unroadworthy vehicles.

Brown and Darling accused of panicking

KENNETH Clarke, the Tories' new shadow business secretary, yesterday accused Gordon Brown and Alistair Darling of "panicking" over the recession.

Steelmaker Corus set to cut back on staff

STEELMAKER Corus is understood to be planning significant job cuts this week in one of the worst hits for the already-struggling manufacturing sector.

Recession: Hopes of summer recovery lie in tatters

ALISTAIR Darling's prediction that the UK economy would start to pick up in July looked hopelessly optimistic yesterday, when official figures revealed the country was in recession.

'Pacify' customers asking for VAT cut, Dobbies tells staff

SCOTLAND'S largest garden centre chain is passing on the government's VAT cut to customers only if they complain, an internal memo obtained by The Scotsman shows.

Credit crunch dashes hope of giving up work

ONE in four older workers is having to abandon dreams of early retirement because the economic crisis has hit pension pots and savings.

Inflation rate falls: Store discounts and VAT cut cause steep drop

HEAVY discounting on the high street and the reduction in VAT caused the biggest fall in inflation last month since the recession of the early 1990s, official figures revealed today.

Bank of England gets licence to print cash

THE Treasury has given the Bank of England the power to print new money as an "unconventional weapon" to tackle the recession.

Prime Minister: New multi-billion bank bailout 'will boost lending'

GORDON Brown said today that the Government's latest massive banking bail-out would help restore lending in the British economy.

RBS shares collapse as bank warns of record loss

SHARES in Royal Bank of Scotland plummeted today after the beleaguered lender revealed it was on course for a record annual loss for a UK company.

Darling announces new bail-out: Cash injection 'essential', says Chancellor

CHANCELLOR Alistair Darling today staked hundreds of billions of pounds of taxpayers' money on a second bank bail-out in a bid to free up "blocked" credit markets and head off a worsening recession.

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