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Tag: bailout
2009-01-03 01:40:16| Forbes.com News
Detroit came up with plans to become profitable. Accomplishing them is something else.
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2009-01-02 17:36:56| Telegraph Business
The first economic news of 2009 suggests Gordon Brown will step up the banking rescue writes Edmund Conway.
2009-01-01 19:53:51| Business - International Herald Tribune
Chrysler said it remained in talks with the U.S. Treasury to finalize its own $4 billion loan agreement and expected to receive its share of the funding soon.
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2008-12-30 10:40:15| Forbes.com News
The U.S. government commits an additional $6 billion to rescue Detroit.
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2008-12-30 10:31:20| Guardian Unlimited Business - more business news
Japan is reportedly planning an ambitious scheme to relieve the country's banks of trillions of yen in bad loans in a desperate attempt to breathe life back into the ailing economy.The Sankei Shimbun, a daily broadsheet, reported today that the government and the Bank of Japan are considering spending $110bn (965m) on bad loans and assets, such as corporate debt, stocks, commercial paper and derivatives.The report, which did not name its sources, comes soon after gloomy data predicted a troubled year ahead for the world's second biggest economy, which has already slid into recession and faces a period of deflation next year for the second time in a decade.The package, which may be in place as early as March, bears the hallmarks of Japan's last big bank bail-out between the late 1990s and 2005, when the government spent billions of yen on bad loans to keep the country's banking system afloat.The reported scheme is the latest of a raft of emergency measures designed to pull the Japanese economy back from the brink of ruin.Experts are predicting a third consecutive quarter of contraction amid warnings that consumer price inflation risks slipping into negative territory next year, while unemployment is approaching levels not seen since the dark days of the 1990s.Exporters, including corporate powerhouses Sony and Toyota, have slashed output and cut staff as the soaring yen and weak demand batter sales around the world.As a result Japan's industrial output marked a record fall last month, figures out last week showed. Manufacturing output sank by 8.1% in November, the government said, the biggest drop since records began in 1953.In response to the crisis the Bank of Japan has cut interest rates twice since the end of October - most recently by 20 basis points to 0.1% - and moved to ease the pressure on corporate funding.The BoJ will help firms gain access to new funds by increasing its outright purchase of Japanese government bonds to 1.4 trillion (10.74bn) a month from 1.2tn, and temporarily buying commercial paper - a form of short-term unsecured borrowing - outright.The government, meanwhile, has unveiled 12trn in extra stimulus spending and a record 88.5trn budget for next year as the export-dependent economy feels the full force of the credit crisis unfolding in the US and Europe.Some analysts believe, however, that the measure reported today may be an overreaction to the banks' current bad loan problem.Bad loans held by Japanese banks totaled 11.4tn in March this year, a fraction of the 33.9tn in March 1999 at the height of Japan's "lost decade" of recession."I do not see how this would be particularly effective, as the amount of bad loans is smaller than those banks were saddled with in late 1990s," Hironari Nozaki, a bank analyst at Nikko Citigroup, told Reuters.The problems facing the Japanese economy in 2009 were underlined today when the Tokyo Stock Exchange closed for the year ruing its biggest annual percentage loss on record.Modest gains in December - the first since May - were scant consolation for the benchmark Nikkei stock average's yearly loss of more than 42%.Atsushi Saito, the exchange's president, told employees at a closing ceremony that the stockmarket was "facing harsh winds we have hardly experienced before".Asia's biggest stockmarket will learn exactly how harsh those winds are when it reopens on 5 January.Global recessionJapanToyotaguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds
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