Monday Morning Roundup - Pretty Grim
The British Chambers of Commerce say that 3.2 million people in the UK, or a tenth of the workforce, will be out of work by the second half of 2010. Official unemployment figures are rising and currently stand at 2 million.
The government has taken a 65% controlling stake in Lloyds Banking Group, which could rise to 77%, for underwriting £260m of the bank's toxic assets. Shares in Lloyds fell 14 percent on the news early Monday as investors dumped the stock.
Crude oil has climbed close to the highest in six weeks in New York this morning on speculation that OPEC will decide to reduce output further in an effort to trim stockpiles and lift prices when they next meet in Vienna on March 15. Crude hit $46.76/barrel in early trade Monday.
The euro trades close to a one-week high against the dollar on speculation the European Central Bank will slow the pace of interest-rate cuts, helping to attract investors to its higher yielding rates.
The pound has fallen to a six-week low of $1.3939 against the dollar and a 24-day low of 90.47 pence against the euro weighed down by the news on Lloyds and the BCC's unemployment forecast.
On a brighter note, Everton beat the Smoggies 2-1 to book a place in the semi's against a load of no-hoper showboating ladyboys from Manchester.
The government has taken a 65% controlling stake in Lloyds Banking Group, which could rise to 77%, for underwriting £260m of the bank's toxic assets. Shares in Lloyds fell 14 percent on the news early Monday as investors dumped the stock.
Crude oil has climbed close to the highest in six weeks in New York this morning on speculation that OPEC will decide to reduce output further in an effort to trim stockpiles and lift prices when they next meet in Vienna on March 15. Crude hit $46.76/barrel in early trade Monday.
The euro trades close to a one-week high against the dollar on speculation the European Central Bank will slow the pace of interest-rate cuts, helping to attract investors to its higher yielding rates.
The pound has fallen to a six-week low of $1.3939 against the dollar and a 24-day low of 90.47 pence against the euro weighed down by the news on Lloyds and the BCC's unemployment forecast.
On a brighter note, Everton beat the Smoggies 2-1 to book a place in the semi's against a load of no-hoper showboating ladyboys from Manchester.
