The steel business faces its biggest hurdle in 60 years with some analysts predicting double digit production cuts in 2009. Now, a sudden change in China trade policy may spell even more trouble for Western steelmakers, as Beijing is currently considering measures to shore up its ailing steel industry with new export policies.
The dollar’s slump is of great and immediate concern because, while the dollar has been slipping only gradually in the recent past, the rate of decline has picked up momentum.
The news that the London Interbank Offer Rate (LIBOR) system of setting interest rates is running into trouble was surprising at first glance.
The ongoing credit crisis could trigger losses of $1 trillion, according to an assessment by the International Monetary Fund.
In its twice-yearly review of the global financial markets, the UN agency also warned that there is a “collective failure” to grasp the extent of leverage in the financial system that could further damage the health of the US economy.