Royal Bank of Scotland will release £800 million from provisions it had set aside to cover losses on bad loans.» Read More
With public debt swelling and the British taxpayer having to foot the bill for once-almighty banks such as the Royal Bank of Scotland or Lloyds, the 2012 London Olympic Games are posing a considerable challenge to a city that celebrated wildly in 2005 when it trumped Paris's bid to host the prestigious sports event.
Fears about a downgrade of the US credit rating are premature, but not entirely unwarranted after Britain's outlook was cut to negative, analysts told CNBC.
S&P cuts outlook and government action will be needed to keep the top-tier rating, analysts said.
Standard & Poor's cut its outlook on the UK to negative Thursday, noting that "the net general government debt burden could approach 100 percent of GDP and remain near that level in the medium term."
The stock market may hit new lows this year or the next as the current rally has been largely caused by the money printed by central banks and fundamental problems remain unsolved, legendary investor Jim Rogers told CNBC Wednesday.
The fall in asset prices brought on by the financial crisis has shrunk the size of sovereign wealth funds belonging to oil-rich countries and Asian exporters, the World Street Journal reported on Wednesday on its Web site.
A sustainable recovery will occur only when the corporate system will be cleaned of losses and capitalism risks collapsing if this does not happen, Marc Faber, the author of "The Gloom, Boom & Doom Report," told CNBC Friday.
Prepare for War, the Death of capitalism and Bankruptcy of the US Government (not necessarily in that order). A vintage performance from the author of "The Gloom, Boom & Doom Report".
Renowned bear Marc Faber, author of "The Gloom, Boom & Doom Report," told CNBC that capitalism risks failing like communism unless the free market is allowed to clean up troubled companies.
Major central banks' efforts to lift the world economy by printing money have boosted asset prices, so stocks are unlikely to hit their lows from November and March, Marc Faber, the author of "The Gloom, Boom & Doom Report," wrote in his latest research report.
The recent rally in stocks has run out of steam and there are no reasons for it to come back, two analysts told CNBC Thursday.
I have been anticipating for many weeks a break in Libor through its record low and it broke through at this morning's setting. Further declines likely lie ahead, says bond expert Tony Crescenzi.
At a time when Britain more than ever needs a financial sector firing on all cylinders, its economic engine is conking out — for a number of reasons, including some that critics blame on the government.
The recent rise in stocks and talk about green shoots in the markets are optimistic assumptions, as the world downturn "still has a way to run," Hugh Hendry, Chief Investment Officer at Eclectica, told CNBC Tuesday.
"As the Fed and the BOE have become more sane by printing money the so called gurus like Soros and Buffett suffer a deficit of sanity. They are saying the actions of these central banks will lead to inflation. I contest that," Hugh Hendry told CNBC.
Concessions must be made to boost the economy over the long-term, UK Minister of Trade and Investment, Mervyn Davies, UK Minister of Trade and Investment, told CNBC Thursday, one day after Labor announced a budget which was widely criticized.
The members of the G20 are likely to call for at least a doubling of the International Monetary Fund's budget, if not more, UK Chancellor of the Exchequer Alistair Darling told CNBC Thursday.
Why should we pay attention to four-and-a-half hours of debate followed by highly choreographed photo ops and a communiqué that most of us could have cobbled together on the back of a swanky hotel envelope?
The British government has failed to make a case for a 30% sale of Royal Mail as there is no clarity around how the proceeds would be used, a parliamentary committee .
Brazil's president blamed "white people with blue eyes" for the world economic crisis and said developing countries shouldn't pay for it.