Private lending in the Eurozone has fallen again to both firms and households in October. It is a warning to the European Central Bank to think twice before slowing the flow of liquidity support.
Analysts forecast stronger lending, but in fact the 0.8 percent drop is an acceleration in the first ever year-on-year fall recorded in September. Boom times are definitely over in Dubai it seems, with the news Dubai World, the nation’s flagship conglomerate, is seeking a debt standstill from creditors. Overall worries about Dubai’s total debt has hit global markets, with stocks down and investors nervous as to the real state of the economy as they seek to ensure a profitable year’s end. Rare good news for consumers with Britain’s water regulator Ofwat ordering water companies to freeze prices for the next five years. A draft proposal has threatened a four percent cut, so this is better than expected for the firms, too. Ofwat says good profits have been made in recent years, and that because consumers could not shop around for better deals, Ofwat’s job was to do it for them.