Wednesday, Oct 29, 2008
but we don't have a problem do we gordon?
bloomberg: Credit `Tsunami' Swamps Trade as Banks Curtail Loans (Update2)
Richard Burnett's lumber company had started loading wood onto ships heading for China. More was en route to the docks. It was all part of an order that would fill 100 40-foot cargo containers.
Then Burnett got a call from his buyer at Shanghai VIVA Wood Products Co. The deal was dead. He told Burnett, president of Cross Creek Sales LLC in Augusta, Georgia, he couldn't get a letter of credit to guarantee payment for at least six months.
Posted by mark @ 01:52 PM (235 views) Add Comment
4 Comments
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1. Peter Hun said...
WE?
Its a US company. That isn't us.
2. mark said...
this affects the UK too
3. Fjcruiser said...
that's why shipping business has halved.Some companies charge 5% to customers they use to charge about 1 to 1.5%.
the scary stuff is if goods like oil or food cannot reach you, what does it mean for the UK ?
4. Bangybongo said...
indeed it does mark, indeed it does.