| Budget: Not Much Choice For Darling
It looks as though the Chancellor is caught between a rock and a hard place, says Roger Bootle, economic adviser to accountancy giant Deloitte. The respected City expert gives Sky News his views on what he believes are the key points for the economy. Alistair Darling presents his first Budget at a time when the apparent needs of the economy and the public finances could hardly be further apart. His room for manoeuvre is pretty tight, but he should be able to afford a small tax giveaway to help to support the economy. Mr Darling will be forced to acknowledge that the outlook for the economy has weakened since October's Pre-Budget Report. Although he predicted that GDP growth would slow sharply this year, the risks have shifted firmly to the downside.
(AFX UK Focus) 2008-03-14 16:01 GMT: TFN NEWS BRIEFING: Banking and insurance highlights to 15:45 GMT
2008-03-14 15:41:21 Dresdner Bank confirms it will split into two separate banks FRANKFURT (Thomson Financial) - Allianz SE banking unit Dresdner Bank AG will be split into two completely separate banking operations under a holding company in order to participate actively in the consolidation process in the banking industry, according to a bank spokeswoman. 2008-03-14 15:36:58 Federal Reserve pledges to supply cash WASHINGTON (AP) - The Federal Reserve said Friday that it has voted to endorse an arrangement to bolster troubled Bear Stearns Cos. and stands ready to provide extra resources to combat a serious credit crisis. 2008-03-14 15:22:47 Intensifying credit fears swamp stocks
NEW YORK (AP) - Stocks fell Friday but pulled off their lows as
investors digested a plan to alleviate a liquidity crisis at Bear Stearns Cos.
(AFX UK Focus) 2008-03-26 02:59 GMT: Hong Kong shares higher on forecast-beating company earnings - UPDATE
HONG KONG (Thomson Financial) - Hong Kong shares were higher in early Wednesday trade, extending the previous session's 6.4 percent rally, as investors were encouraged by higher-than-expected earnings from China Life Insurance Co Ltd and other Chinese companies. "We are getting a lof of results and by and large they are encouraging," said Howard Gorges, vice chairman at South China Securities. At 10:20 am, the Hang Seng Index was up 200.67 points or 1 percent at 22,665.19 China Life, the nation's top insurer, said its net profit almost doubled in 2007 to 38.9 billion yuan, beating analyst forecasts. Capping the gains were persistent concerns about the US economy, which kept some investors to the sidelines. "Basically, we have no reason to buy into the market today," said Benjamin Collett, head of hedge fund sales trading at Daiwa Securities SMBC Co.
D.M. may raise property taxes for 2010
The ink was barely dry on a $135.8 million City Hall budget when Des Moines City Council members learned that fiscal storm clouds on the horizon could make a property tax increase necessary in 2010.
City Manager Rick Clark said the 2009-10 budget has a projected $5.2 million hole that could deepen with the nation's real estate crisis and ever-rising insurance costs. Clark said employee insurance costs are anticipated to rise 18 percent, and property values could decrease in areas with high foreclosures. .
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