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  • Just saying 'No'

    I noted back in February that US banks were tightening lending standards into the housing sector. Now they are doing the same with business loans. The New York Times reports today that businesses around the country are finding it more difficult to borrow. As a result, companies that depend on bank financing...
    Posted to ICIS Blogs (Weblog) by Anonymous on 07-28-2008

  • Deutsche Bank ends porn channel expenses

    Spare a thought for the plight of the world’s investment bankers. According to the Financial Times, some minor cutbacks are finally taking place in the extravagant lifestyle to which they have come accustomed: • UBS, having lost $11bn in Q1 , has now told its analysts to fly economy on short-haul flights...
    Posted to ICIS Blogs (Weblog) by Anonymous on 05-09-2008

  • INEOS’ Grangemouth plants on strike

    Ineos’ 200,000bpd Grangemouth refinery in Scotland is on strike today and tomorrow , over a pension dispute. This will presumably cost the workers 2 days pay. The costs for INEOS and the UK are enormous in comparison. BP, for example, has had to shut down a pipeline that carries 40% of the UK’s oil production...
    Posted to ICIS Blogs (Weblog) by Anonymous on 04-27-2008

  • UK nationalises Northern Rock

    The UK government has today nationalised the country’s 8th largest bank, responsible for 18.9% of UK mortgage lending. You may remember that Northern Rock was an immediate victim of the US subprime crisis . Its funding model, based on securitisation, failed to work once lenders became more concerned...
    Posted to ICIS Blogs (Weblog) by Anonymous on 02-18-2008
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