The Prime Minister Gordon Brown is in the US today in talks about the global economic crisis. He will meet Wall Street fund managers in an emergency summit to discuss how to protect savings and pensions during these tumultuous economic times.
This comes after President Bush's call to Americans to support a $700bn dollar bail out of financial markets to rescue the country from a major economic crisis. Downing Street reported that Brown "strongly welcomed" the President's proposal.
Earlier in the week Brown met with other world leaders to discuss ways in which to regulate and supervise the financial situation. His plan involves greater transparency and supervision of the global financial system.
One of the main concerns to be tackled is the issue of food prices continually increasing whilst the economy simultaneously is on the downturn and the impact on global poverty. Brown is keen to bolster the Millennium Development Goals which were agreed in 2000 by 189 heads of state to tackle poverty and improve lives.
These goals include eradicating extreme poverty and hunger, achieving universal primary education, gender equality and combating major diseases such as HIV/AIDS and malaria. The Millennium Development Goals set out to achieve 18 targets by 2015. Despite the global economic crisis, Brown is insisting that developed countries need to do more to attain these goals.
At a visit to the UN summit today, Brown will reveal $3bn plans to support research into malaria and improving the availability of anti-malarial drugs for the developing world. The summit will also see a $2.9bn commitment to education and healthcare. Despite economic crisis in the UK, Brown is stressing the importance of continuing with the Millennium Development Goals.
The Office for Fair Trading (OFT) has announced that homebuilding companies must give better protection for their customers. A new code of conduct will mean that homebuyers will get more help if problems arise when moving into a new home.
This news comes as the OFT's report showed that worries over 'Landbanking', a term used to describe the hoarding of land to improve company profits were unnecessary. The report found no evidence of Landbanking taking place, dismissing unfair practice by homebuilding companies. Despite this positive news, the Royal Institution of Chartered Surveyors has commented that although there has been no evidence that Landbanking is purposefully happening, the system allows it to happen.
A significant result of the report is a move to give homebuyers more protection, after it was revealed that many homebuyers experience significant delays or problems when buying new build homes. The improvement of protection is to be internally regulated in an attempt to improve the situation after The Home Builders Federation, The National House Building Council and The Council of Mortgage Lenders were in agreement to create a code of conduct.
The code of conduct will include guidelines for homebuyers instructing them what to do when things go wrong. A previous report by the OFT found 7 in 10 buyers of new properties found faults in their homes. Most of these problems were reported to be minor; however, new regulations will mean that problems will have to be resolved. The OFT has made clear that if the new code of conduct is not enforced internally then a statutory system will be introduced.
French energy giants EDF agreed a £12.5 billion takeover of British Energy. EDF will pay 774p per share, a price 9p higher than the previously rejected offer which delayed the takeover by two months.
This takeover will give EDF control of all British Energy owned nuclear power stations and also includes the intention to develop further power stations in the UK. EDF plan to build four new nuclear reactors for the existing power stations as many of the current reactors are old and will be shut down within the next 15 years.
In addition to these plans, Centrina, owner of British Gas is said to be in talks to take a 25% share of the power generated by EDF in the UK. EDF is already established in the UK as a provider of energy to more than five million customers.
This takeover signals an important change in the way energy is managed in the UK, indicating a move away from dependence on natural energy resources such as oil and coal. It also means a reduced dependence on imported gas. Prime Minister Gordon Brown commented: '"This deal is good value for the taxpayer and a significant step towards the construction of a new generation of nuclear stations to power the country."
The takeover is likely to be controversial, as a largely French-owned company takes over control of British Energy and the future of energy production in the UK. Despite this, the move provides a much-needed cash injection into nuclear energy in the UK and will provide thousands of jobs.
Due to the staggering economy, millions of Americans are finding themselves in deeper debt then ever before. With the rate of the economy falling and job security at a lower rate then ever before, millions of people are looking for ways to manage their debt and to keep their heads above water. However with less income and more debt rising, many people are hassled from debt collectors as well as ruin credit which will bar you from purchasing a house, car or a future job offer.
One way that millions of Americans are turning is to debt consolidation. Debt consolidation in recent years has grown into a million dollar industry, with many companies growing by leaps and bounds. However, one person who is interested in this solution must research the companies and determined that if this is the right option for you.
Debt consolidation works by the company on your behalf calls you credit cards companies and try to work out a lower interest rate or a lower minimum payment for your account. When the credit cards companies agree to do this, you in turn makes the payment to the debt consolidation company and the money is then turn to the credit card companies. To think of this another way, it is like having a way to pay your bills without the legwork of paying the bills yourself. This makes it convenient knowing that you are able to get the bills paid while working on your credit. The bad thing is that you have to be careful in order to not inquire any more debt, i.e. car, another credit card as you will ruin your credit score with the extra additions.
Also, you should also research the companies and get references from previous customers, so you will know that this is the right choice for you. In conclusion, debt consolidation can help you make yourself out of debt faster as well as salvage your credit score. However, with the right rules and self patience you can be successful without having any problems later on.
Hello and welcome to Wolf Writer. The web's latest finance blog. I'll be keeping you up to date with the hectic and rather volatile financial markets around the world.
