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G7 meets to discuss crisis

The G7 group of industrialised nations met at the weekend to discuss ways of tackling the global credit crisis. The agenda included talks on the transparency of banks’ exposure to risk, rules concerning credit ratings and the role of central banks.

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Crunch forces Opus to shut Glasgow office

Opus Mortgages has blamed the ongoing liquidity crisis and market downturn for the closure of its Glasgow-based operations.The office’s pipeline business has been transferred to fellow Glaswegian firm Deep Blue, although Opus’ Cumbernauld branch is still operational.Lockhart Bruce, managing director of Opus, says: “Due to economic conditions and uncertain future trading, Opus has decided to […]

Borrowing binge sparks fear over repossessions

A law firm has warned that the increase in unsecured personal borrowing could result in a repossessions surge this year.Bank of England figures show that unsecured personal borrowing rose to £2.4bn in February from £900m in January – the biggest increase for more than five years.Repossession litigation specialist Moore Blatch says these figures highlight the […]

Up to 20,000 city jobs may be axed

Up to 20,000 jobs in the city could be axed during the next two years, says the Centre for Economic and Business Research.

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