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This is Money
Fears are mounting that Russia may restrict oil deliveries to Western Europe over coming days, in response to the threat of EU sanctions and Nato naval actions in the Black Sea. Any such move would be a dramatic escalation of the Georgia crisis and play havoc with the oil markets. Reports have begun to circulate in Moscow that Russian oil companies are under orders from the Kremlin to prepare for a supply cut to Germany and Poland through the Druzhba (Friendship) pipeline. It is believed that executives from lead-producer LUKoil have been put on weekend alert.
Russia may cut off oil flow to the West
The US economy expanded at a stronger-than-first-reported 3.3 per cent annual rate in the second quarter, as consumer spending and net exports were more robust than initially estimated and inventories fell less sharply, a government report showed today.
US economic growth revised to 3.3%
Mr Blanchflower has been the MPC's most consistent advocate of slashing rates, calling for a quarter rate cut at the last four meetings of the committee. If the British economy is to avoid falling into a deep and prolonged recession, big cuts were now needed, he said in an interview with Reuters.
David Blanchflower may call on Bank of England for half point interest rate cut
In an unprecedented move, a member of the Bank of England's Monetary Policy Committee (MPC) has criticised the Bank for complacency and "wishful thinking", predicting that two million people will be out of work by Christmas and that house prices will fall by more than 30 per cent.
Warning: Cut rates or job losses will soar
Householders are more pessimistic about the state of the economy than at any other time since polling began, a new survey reveals today. A YouGov poll for the Daily Telegraph found that nearly three quarters of people (71 per cent) think they will be worse off over the next year. This is the highest level of gloom surrounding the economy since modern opinion polls were launched, experts say.
Householders are more pessimistic than ever about UK economy
Sub-prime mortgage holders are yet to feel the full force of the credit crunch, after a survey revealed that their repayment rates had risen by 2.55 percentage points this year.
Sub-prime borrowers face another sharp rise in mortgage payments
Fitch Ratings has downgraded six sets of Spanish mortgage securities issued by Banco Santander, heightening concerns that the damage from Spain's property crash is spreading to the country's strongest lenders.
Concerns for Spanish banks after downgrade on mortgage securities