Friday, October 17, 2008
Inchcape Restructure & Profit Warning
Inchcape has informed dealers this morning of its intentions to streamline the business following a profit warning to the City this morning.
Inchcape has revealed that its results for 2008 will be “below consensus” and 2009 will also be “significantly below our previous expectations”.
In a statement to the stock market, the dealer group said: “Trading conditions have deteriorated significantly in the UK and are weakening in a number of our other markets.”
Ken Lee, Inchcape group communications director, said: “The first nine months of the year produced a pleasing set of results for us. However, since quarter three there has been a drop off in consumer confidence.
“We’re looking at the size of the organisation and we’re about to step into consultation on a site by site basis across the country, including our group head office.”
Inchcape wants to make a group saving of £55 million as a result of the restructuring and are focussing on reducing overheads, particularly in the back office.
Lee confirmed that jobs are likely to be lost but he could not confirm how many.
He said: “We have contacted dealers this morning about streamlining the business and that’s a process we’ll be stepping into over the coming days.
“We’re looking closely at the back office but we don’t want the restructuring process to affect our customer service focus.”
Lee added that it was a difficult message to deliver during difficult times, but it was an opportunity for Inchcape to differentiate itself from other auto retail businesses.Trading for the nine months ended September 30, 2008 showed group sales were up by 6.7% and in line with the same period last year in constant currency.
Like for like group sales were down 1% and the group's operating margin was in line with last year at 4.8%.
The group's underlying pre-tax profit for the nine months was up 2.2% in sterling terms and down 7% in constant currency compared to the same period last year.
Inchcape's share price fell from 50p to 39p in reaction to the news.
DATED: 17.10.08
FEED: AM
Dealers set for stormy times
At one point midway through September, retailers were talking about new car registrations down on September 2007 by 20, 25, even 35% in a couple of instances.
The figures, due out next week, will no doubt show a far smaller drop – though don’t be surprised if it is close to 20% – after the usual flurry of late-month registrations fuelled by pack deals.
However, the volume of ‘sales’ going through the book in the final two to three days of trading could be quite a bit smaller than usual.
Why? Because some carmakers have adjusted their sales targets to take into account the growing economic worries. It has eased ever so slightly the pressure on dealers to hit numbers in order to secure bonuses.
Honda has already cut its targets for the first half of the year by 10%, and it isn’t the only one; others are looking at third-quarter targets.
But with many marques likely to show red figures of -20% and more in September, even that action could be in vain for many dealers.
With 17 of 22 trading days completed, the figures stood at a little over 250,000, some way off the SMMT’s full-month forecast of 390,000 and not even in the same ball-park of September 2007’s 419,290.
End of year slowdown
On the back of an awful third quarter comes the traditional end-of-year slowdown. It’s a time when many dealers are reliant on friendly bank managers to help tide them over to the New Year.
Consider the fact that average return on sales was just 0.6% for the first seven months of the year, down from 0.9% over the same period last year.
But the traditional slowdown pulled last year’s returns down to 0.7% for the full 12 months, so expect the 0.6% to be similarly whittled down. How many dealers will be trading in the red come December?
With the ongoing banking crisis, credit lines are going to shorten, if not disappear, and any company that has not been able to make sufficient provisions will face a difficult time.
It’s a cheerless prediction, but I fear that we are going to see a lot of dealer failures. By January we could see far fewer dealerships than the 5,500-odd we started 2008 with.
DATED: 17.10.08
FEED: AM
Thursday, October 16, 2008
Merger talks boost GM and Ford
Shares in General Motors and Ford have accelerated after weekend reports that they had held merger talks with each other and with Chrysler.
Although, no firm link is thought to be imminent, investors were buoyed by the prospect of a giant American carmaker that could withstand better the intense pressure of a weak global market.
In the first official comment on developments, Bob Nardelli, Chrysler's chief executive, told staff that he was talking to a number of parties about potential tie-ups.
Ford declined to comment, but a GM spokesman said: "GM officials routinely discuss issues of mutual interest with other automakers. As a policy, we do not confirm or comment publicly on those private discussions, which, in many cases, do not lead anywhere."
However, the Daily Telegraph has reported that talks between GM and Cerberus, which owns 80% of Chrysler, and fuelled the weekend merger speculation had stalled.
F&I Wake up Call to VW Dealers
"Dealers can set up the scheme online at the time of the sale. Volkswagen allows customers up to 90 days to buy a policy, giving dealers a reason to contact customers."
Volkswagen Group has urged its dealers to make up for falling revenue on sales and aftersales by selling insurance products.
Improved and more flexible asset protection is now available to VW, Audi, Skoda, Seat and commercial vehicle franchise holders.
David Maloney, business development director, said: “This is a wake-up call to dealers to mitigate some of the difficulties created by the decline in the economy.
“Some of our dealers are improving their income from GAP (guaranteed asset protection) products,” said Maloney.
“We used to have a ‘one size fits all’ product, but we now take account of changes, such as car buyers’ greater awareness of the scale of depreciation on vehicles.”
Dealers in the group’s franchised networks can sell other F&I products, and Maloney said the changes were in part made because of competition.
Another is his expectation that the Financial Services Authority will soon take a closer look at GAP insurance following its enquiry into PPI (payment protection insurance).
Volkswagen estimates the UK retail value of GAP insurance is around £60 million. About 200,000 policies are sold annually.
On average, dealers sell the products for around £300 each.
Dealers can fix their own showroom price after buying the products from Volkswagen.
New product structure
Maloney said the new product structure was worked out in consultation with dealer councils.
The basic asset protection covers the difference – in the event of accidental damage, fire or theft – between the price paid for the vehicle and the amount owed on the finance agreement, up to £10,000.
A ‘plus’ product covers the gap between the purchase price and the insurance pay out. Volkswagen now allows claims of up to £25,000 for vehicles priced over £30,000 – an increase of £10,000.
Maloney said the group now enabled customers to buy the cover they needed. The claim limit has been halved to £7,500 for vehicles priced up to £10,000. It is now £10,000 for vehicles costing £10,000-£20,000.
Dealers can set up the scheme online at the time of the sale.
Volkswagen allows customers up to 90 days to buy a policy, giving dealers a reason to contact customers.
DATED: 16.10.08
FEED: AM
Tata to bring electric vehicle to Europe in 2009
Tata Motors’ UK subsidiary, Tata Motors European Technical Centre, will bring an electric vehicle to Europe next year.
The announcement follows Tata’s acquisition of a 50.3% stake in Norwegian company Miljo Grenland Innovasjon which specialises in the development of electric vehicles.
Miljo will produce electric vehicles based on Tata Motors’ products, as well as super polymer lithium ion batteries to power the cars.
The first vehicle to be developed by the company will be the Indica EV, which will go on sale in Europe next year.
Tata is expecting the Indica EV to have a range of 125 miles and will be able to carry four passengers.
A spokesman for the Indian manufacturer could not confirm if the Indica EV would be coming to the UK despite the fact that it's Tata's UK subsidiary that is bringing the model to Europe.
DATED: 16.10.08
FEED: AM
Gaz confirms rebrand to Maxus
"GAZ recently acquired a 50% stake in Italian diesel engine maker VM Motori. The other 50% is owned by General Motors, and one option would be to partner with GM on light vans. "
GAZ, the Russian manufacturer that bought van maker LDV two years ago, has confirmed that it will rebrand the company Maxus “in the near future”.
The plans will include the black and orange corporate identity already used on the Maxus product range.
The new CI will be in place across the UK network of 72 dealerships and 123 service centres by the end of next year.
“The UK dealer council is supporting the change to Maxus,” said marketing director Guy Jones.
He likened the rebrand to Mini, where the brand and the product are the same.
But clearer model-specific branding is likely to be added, as LDV wants to add more models to its range, particularly a smaller van to plug the gap left by the Cub model, a rebadged Nissan Vanette that was sold from 1996 to 2002.
A suitable vehicle could be produced as a partnership with an existing van maker, or could be acquired.
Earlier this year GAZ bought the production line of the Dodge Stratus from Chrysler, shipped it to Russia and now builds the car as the GAZ Siber.
It could do a similar deal with a European van maker. Alternatively it could source vans from an existing plant or even acquire a plant.
GAZ recently acquired a 50% stake in Italian diesel engine maker VM Motori. The other 50% is owned by General Motors, and one option would be to partner with GM on light vans.
DATED: 16.10.08
FEED: AM
GM and Chrysler merger meets with opposition
Ron Gettelfinger, president of the UAW, said he was against the move because it would cost workers their jobs. He added that he believed any reports of the merger to be "pure speculation". Gettelfinger said the union had not had any formal discussions with either manufacturer, but that the UAW had done much to help Detroit's automakers survive with health care concessions in 2005 and a new cost-reducing contract last year. GM has been exploring its options to counteract sales downturns, considering mergers with Ford and Chrysler and bidding for federal funding. DATED: 16.10.08 FEED: MT |
Economic meltdown hits car dealer shares
Inchcape's stocks suffered the heaviest fall, down 27.5 per cent during the course of the month to 187.5 pence, giving the global group a market capitalisation of £863m. Philip Wylie, head of automotive at corporate finance firm Houlihan Lokey, said the group lost value after it sold five of its six Volvo franchises in the UK to Mill Garages for £3m but was unable to dispose of the properties as part of the deal. Houlihan Lokey said this highlighted that the buyer's funding banks were not willing to lend on this element of the deal, not that Inchcape wished to retain ownership of the premises. "Inchcape would have preferred to sell the whole shebang," said Wylie. "The banks are being very cautious, they won't lend money if they can possibly help it." Lookers' shares got a shot in the arm in early September from investment research company Edison, which drew attention to the advantage of the group's strong aftermarket focus in the current climate. Aftersales contribute about 60 per cent of Lookers's operating profit despite accounting for only around 20 per cent of turnover. However, having risen to 62 pence by 10 September from August's closing price of 56 pence, the group's share price closed September down 17 per cent at 46.5 pence. Pendragon saw a marginal decline of 6 per cent in September to 8.9 pence - managing to stay clear of its 12-month low of 7.5 pence. Houlihan Lokey said the group benefited in early September from speculation of stakebuilding activity. Luxury marque group HR Owen suffered a 31 per cent downturn in its share price last month to close at 70.5 pence. Wylie speculated that crashes in the Russian stock market could have led to investor concerns that "its rich Russian customers might suddenly desert them". Vertu, which operates in the volume brand sector as Bristol Street Motors, saw 10 per cent knocked off its share price in September to finish at 24 pence and Caffyns was down 8 per cent to 487 pence. DATED: 16.10.08 FEED: MT |
Share prices fell sharply at all the major listed dealer groups in September as the economic turmoil engulfed motor retailing.Volvo appoints new UK boss
Rask replaces Stuart Kerr who has been promoted to the position of Volvo's regional president for Europe with immediate effect. Rask has been with Volvo for eleven years and is currently president of Volvo Cars Switzerland. He previously worked in the carmaker's marketing division and headed up its Greek sales operation. Kerr, who has been in charge of Volvo UK since October 2006, will combine his new role with his current responsibilities until Rask takes on his new role in January 2009. DATED: 16.10.08 FEED: MT |
Volvo has appointed Peter Rask as the new managing director of its UK operation and as president of its UK, Ireland and Iceland divisions.GMAC restricts new car finance offer
 US car finance sales could plunge in the coming months following the announcement by GMAC Financial Solutions that it will only lend to prime borrowers with credit scores of over 700 points.The finance company also said it will restrict contracts with higher advance rates and longer terms. With the vast market share the company commands in the USA, some analysts believe these new restrictions could result in one in four car loans being refused. This problem could be further exacerbated because dealers may have trouble finding alternative lenders if they continue to pass their best contracts to GMAC. A GMAC statement said: "These changes in pricing and underwriting are elated to the current market environment, which has reduced access to funds and increased the cost of funds." DATED: 16.10.08 FEED: MT |
Tuesday, October 14, 2008
Arnold Clark Motorstore opens doors
The latest Arnold Clark Motorstore has opened at Stafford.
The site, just off junction four of the M6, is the largest Motorstore in the dealer group, with 200 staff and more than 1,000 vehicles stocked.
Arnold Clark management will join VIPs for a champagne reception at the dealership on November 13.
The site includes a 13-bay service department, two MOT ramps, a brake tester bay, a car and van rental department, a valet service and parts department.
There is also a cafe, a soft play area for children and an area for teenagers featuring computer consoles and wide-screen TVs.
DATED: 14.10.08
FEED: AM
Credit Crunch claims TVR Dealership
Henley Heritage TVR has ceased trading and entered voluntary liquidation.
The dealership held the TVR franchise until the Blackpool carmaker closed in December 2006, after which it specialised in used TVR and Lotus sports cars.
DATED: 14.10.08
FEED: AM
Mansfield Subaru dealer closes
Lucas of Mansfield, a Subaru, Proton, Isuzu and Daihatsu dealership, has gone into administration.
Management said a recent drop in cars sales has left them with no alternative but to call in administrators.
However, the showrooms will be kept open temporarily to sell the remaining stock of cars.
The business founded in 1918 and based on Nottingham Road, Mansfield, employed 27 people.
DATED: 14.10.08
FEED: AM
GM and Ford shares surge
 General Motors and Ford shares swelled yesterday following reports of talks between the two manufacturers, as well as between GM and Chrysler, about a possible merger.GM shares closed yesterday $1.62 (£0.93) up - a 33 per cent rise to $6.51. Ford shares also saw a jump with a 24 per cent rise to $2.47 at closing. The rises come despite the scepticism of analysts regarding the possible mergers discussed over the weekend. All three American companies have been struggling to stay afloat since the financial turmoil in their home market as well as abroad. GM shares are down 80 per cent for the year and Ford shares have dropped 70 per cent. DATED: 14.10.08 FEED: MT |
General Motors and Chrysler in merger talks?
General Motors has reportedly been in talks with rival American manufacturer Chrysler about a possible merger. The Wall Street Journal reported that GM was in talks with Cerberus Capital Management, which owns 80.1 per cent of Chrysler, about trading its stake in the auto lender GMAC Financial Services for Cerberus's automotive operations. GM Europe has publically opposed the move but both companies are struggling, with GM reportedly losing $1bn (£588m) per month and Chrysler's debt around 30 cents in the dollar. Last week, GM's share price slumped to a 60-year low. Klaus Franz, GM Europe's top labour representative, told the Handelsblatt newspaper the merger would be "an absolute catastrophe". He said both companies were struggling and neither would help the other out of its current predicament. DATED: 14.10.08 FEED: MT |
Renault boss warns of reduced dealership numbers
Renault UK's managing director Roland Bouchara has warned that the economic slump will result in an industry-wide reduction in UK showroom numbers and an increase in smaller outlets with fewer staff. Bouchara was speaking at the Paris show, where the company launched the third Megane and coupe versions of the bigger Laguna. "If the situation is going to continue this way, and it is difficult to see any improvement at this stage, the network has to be adapted. Dealers will be resized. Generally, there will be less outlets overall," he said, insisting this trend would impact on all franchises. Bouchara believed Renault had achieved comfortable stock levels and that its January 2008-launched ‘Renault Twenty' plan to reduce dealer distribution costs had proved successful. He said the latest Megane, launched in five and three door versions, with the latter marketed as a coupe, would still build on volumes achieved by the outgoing bustle backed models. The range would be further expanded with cabriolet and Scenic compact people carrier derivatives next year. In 2009 the company will also bring in three door Bebop mini estate versions of its remodelled Kangoo van-derived estate. Sales are expected to start next Spring, and Bouchara described it as a niche product. He confirmed that Renault had been hit by a big fall off in light commercial sales, until recently an area of success for the company, but in 2009 would be launching a replacement for its Master panel van range, which is also marketed with Nissan and Vauxhall badges. However, he said that the company was unlikely to start right hand drive sales of its Romanian made Dacia cars and light vans next year. These are being sold in other Western European markets, but Bouchara said Renault would concentrate its UK activities next year on launching products like the Megane. DATED: 14.10.08 FEED: MT |
Credit Crunch Humour.....
Following the problems in the sub-prime lending market in America and the run on Banks in the UK, uncertainty has now hit Japan. In the last 7 days Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches. Yesterday, it was announced that Karaoke Bank is up for sale and will likely go for a song while today shares in Kamikaze Bank were suspended after they nose-dived. While Samurai Bank are soldiering on following sharp cutbacks, Ninja Bank are reported to have taken a hit, but they remain in the black. Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.
How do you define optimism? A banker who irons 5 shirts on a Sunday.
An elderly lady receives an e-mail from the son of a deceased (but wealthy) African general, asking whether he could transfer millions of pounds into her bank account in return for a 20% cut. All the son needs is the sort code and account number. Not realising she is the victim of a Nigerian 419 fraud, she e-mails back the details. A couple of minutes later she receives an e-mail back from the general's son: 'Icesave?!' What is this, some sort of scam?"
Resolving to surprise her husband, an investment banker's wife pops by his office. She finds him in an unorthodox position, with his secretary sitting in his lap. Without hesitation, he starts dictating, "...and in conclusion, gentlemen, credit crunch or no credit crunch, I cannot continue to operate this office with just one chair!"
What's the difference between Investment Bankers and London Pigeons? The Pigeons are still capable of making deposits on new BMW's
What's the difference between an investment banker and a large pizza? A large pizza can feed a family of four.
The last time Iceland had a crash like this aisle three was closed all day.
Q: Why are all MBAs going back to school?
A: To ask for their money back.
I had a cheque returned earlier. "Insufficient Funds" Mine or the banks?
Latest news, the Isle of Dogs Building Society has collapsed. They've called in the retrievers.
Quote of the day (from a trader): "This is worse than a divorce. I've lost half my net worth and I still have a wife."
Talked to my bank manager last month and he said he was going to concentrate on the big issues from now on. He sold me one outside Boots yesterday
Masked man holding a bank cashier up with a gun. Says: 'I don't want any money - I just want you to start lending to each other...
DATED: 14.10.08
FEED: PTL
Monday, October 13, 2008
GM and Chrysler in possible merger talks
General Motors and Chrysler are in talks about a possible merger.
Reports from the US media say talks have been going on for a month but details of the deal vary from a merger to an acquisition by GM of Chrysler.
Neither of the parties have made any direct official comment.
Sources told the Wall Street Journal that Cerberus Capital Management, which owns 80.1% of Chrysler had proposed trading its automotive operations to GM in return for GM's stake in the auto lender GMAC Financial Services.
The New York Times's sources spoke of a merger that was a "50-50" possibility, although it could take weeks to finalise and had been stalled by the turmoil in the financial markets.
GM will only say that it “routinely discusses issues of mutual interest with other automakers”.
DATED: 13.10.08
FEED: AM
Hyundai to increase separation with Kia
Hyundai is becoming more sophisticated, but it will not give up its ‘value' position says the company's European chief, Allan Ruthforth.
Ruthforth said the differentiation between the South Korean car company and its sister brand Kia is emerging and will accelerate over the next few years.
He said: "Kia will be more sporty and Hyundai more sophisticated.
"Both brands now have their own European factories and the cars we build, the Hyundai i30 and the Kia Cee'd are in healthy competition.
"They are both designed and developed for European tastes and roads but you will see the two companies developing their own definite identities and this process is accelerating - we don't want to spend 20 or 30 years establishing brands.”
Ruthforth said that the new i30 factory in the Czech Republic improves the availability of the car across Europe and also means customers can get their new car more quickly rather than having to wait for a ship from Korea.
He added that key to the success of the car is its penetration into fleets in Europe.
Ruthforth said: "Traditionally Hyundai has been seen as an SUV manufacturer and our Sante Fe and Tucson models have been very successful - but SUVs don't penetrate the fleet markets that deeply.
"With our new range of ‘i' models we are re-engineering the business to balance our product offering to be able to offer more mainstream models to compete with the likes of Vauxhall, Ford and Volkswagen."
DATED: 13.10.08
FEED: AM
Rumours of bankruptcies, mergers and sales
The US media said that General Motors and Chrysler are in possible merger or partnership talks while reports from Japan added that Ford is ready to sell its controlling stake in Mazda to raise cash. Meanwhile an analyst at the Standard & Poor's rating organisation warned that all three North American car companies may be forced into bankruptcy by slowing economies and the steep fall in the North American car market. S&P analyst Robert Schulz told Bloomberg that "macro factors could overwhelm" the Big Three with 2009 sales falling to the lowest since 1992. US sales fell 27 per cent in September, the most in 17 years. Forecaster J.D. Power & Associates estimates that US sales will fall to 13.6 million this year and 13.2 million in 2009 against last year's total of 16.1 million. GM and Ford lost a combined $24.1 billion (£14.1 billion) last quarter. GM last posted an annual profit in 2004, while Ford hasn't had a full-year profit since 2005. GM said that bankruptcy is not an option and "not in the interests of employees, stockholders, suppliers or customers". The US media, citing several unnamed sources, said that GM and Chrysler are talking about a possible merger or partnership and that Cerberus Capital Management, which owns Chrysler, is also talking to Renault SA, although the negotiations with GM are "the most serious". Talks between Cerberus and GM are said to have started several weeks ago and were apparently initiated by the private equity fund. Cerberus acquired 80.1 per cent of Chrysler from Germany's Daimler in August 2007 and last month said it was trying to buy the rest. GM and Chrysler accounted for a third of US sales in the first nine months, with GM's 22.3 per cent market share twice as large as Chrysler's. Most of their lineups overlap. Both have saloons, pickups and sport-utility vehicles, and both depend on SUVs for more than half of their sales In Japan Nikkei business news and broadcaster NHK reported that Ford may sell its 33 per cent share in Mazda naming trading houses Sumitomo Corp. and Itochu Corp., along with India's Tata Motors, as possible buyers. Based on Friday's closing price in Tokyo, Ford's Mazda holding was valued at $1.36 billion (£800 million) Ford has lost $23.9 billion (£14 billion) since the end of 2005. The company's 35 per cent fall in U.S. sales last month outpaced the 27 per cent industry drop as the credit crisis damped auto demand, especially for the pickups and sport-utility vehicles that provided most of Ford's 1990s profits. Ford has invested in Mazda for almost three decades and as well as developing common platforms and components, the Japanese company has also been a grooming ground for top executives such as Mark Fields, head of Ford's North American operations and Brit Lewis Booth, president of Ford of Europe and soon to take over as the company's chief financial officer. Neither company commented on the reports. Ford originally formed an automatic-transmission joint venture with Mazda in 1969 and acquired a 25 per cent stake in 1979, expanding the holding to 33.4 per cent in 1996, giving it effective control. Ford and Mazda jointly own factories in the U.S. and Asia, including a Flat Rock, Michigan, plant that produces the Mazda6 and Mustang. Earlier this year Ford sold Jaguar and Land Rover to India's Tata Motors. DATED: 13.10.08 FEED: MT |
A weekend of turmoil in the US brought rumours of car industry bankruptcies and mergers as the global credit crisis and plummeting sales plunge the big three auto makers into crisis.Ford to sell stake in Mazda?
Reuters reported this weekend that the struggling American compqny was considering the sale of its Mazda shares. A source told Reuters Ford was thinking of selling about 20 per cent of its 33.4 per cent stake in Mazda and that it had approached Japanese companies about a possible sale. "Mazda has not announced anything and nothing has been decided," a Mazda spokesman said. "As far as we're concerned it's pure speculation," added a spokesman from Ford. According to the report, Mazda is likely to be interested in acquiring some of the shares. Ford's sales figures have plummeted due to the recent financial crisis, hitting a 26-year low. Mazda has a market capitalisation of $4.1bn (£2.4bn), with Ford's stake valued at around $1.36bn. DATED: 13.10.08 FEED: MT |
Ford and Mazda have dismissed rumours that the US carmaker plans to sell the majority of its shares in the Japanese company.Mercedes boss in credit crunch warning
"We as an industry as well as our retailers have an opportunity to rebuild our business model and adapt it for the future," said Steffen. "We've seen deteriorating relationships between retailers, manufactures and customers." He said that the ready availability of cheap money in the last 2/3 years and competing high street finance deals had isolated dealers from profit opportunities, and that there would be potential to market their expertise as ‘one stop shop' vehicle retailers. "There's a chance to go back to the market and say ‘here's what we're good at.' We need to play the customer service card stronger than ever before." Steffen added that car makers needed to understand that dealers needed decent margins to survive. However, his forecast for demand in the medium term remained downbeat. "I think the (state of the) car market a reflection of the overall retail market. It's not isolated. It's fair to say that all of 2009 will be challenging." Steffen said that both car makers and dealers were also suffering because many sources of finance had dried up, making it difficult for some people who still wanted to buy vehicles to afford them. He said that car makers with strong business plans that had been "focussing on all the revenue generators" would be better placed than those in difficulty before the current economic malaise, which described as "unprecedented" in his lifetime. He said those who remembered economic difficulties in the 1970s and early 1990s were more sanguine. DATED: 13.10.08 FEED: MT |
