Some of this week’s business news.
October 2008 was the worst month for shares in modern history. Investors lost $5.7 trillion in October alone. The Irish market is down 63% in 2008, the UK market is down 45% and the US market is down 33.9%. Global investors have lost $16.22 trillion so far in 2008. This is a classic example of a bear market.
The ECB and the Bank of England have responded to the financial crisis by cutting interest rates by 0.5% and 1.5% respectively. Further cuts are expected in the coming months. What effects will these cuts have on the economy?
What was originally a crisis for financial institutions has now spread to the consumer. Irish car sales have fallen dramatically. They are down 55% on 2007 and this has lead to 2,000 people losing their jobs in the Irish motor industry.
Irish unemployment is likely to reach 320,000 in 2009. An average of 725 people are now being made redundant in Ireland every week. The days of full employment are over.
Finally, another website worth bookmarking. Yahoo Answers is a useful site if you can’t find the answer or solution to a question. There are several categories on the site and they have a Business section as well.
If you have know of any other useful websites, then let us know by posting a comment or you can email them to mrhannon [at] geralds [dot] ie