Thursday, Oct 29, 2009
Unemployment threatens "spring bounce" of house prices
Reuters: Shell cuts 5,000 jobs as profits tumble
"Oil majors Royal Dutch Shell Plc and Eni warned of a slow recovery, highlighting weak energy demand and operational challenges, as their profits slumped. Shell, Europe's largest oil company by market value, said it was cutting 5,000 jobs to tackle the tough economic environment". Don't worry about the loss of tax revenues - just print more cash
Posted by alan @ 09:45 AM (584 views) Add Comment
5 Comments
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1. tyrellcorporation said...
WTF were these 5000 people doing in the first place, filing their nails? Where can a company just find 5000 people who are surplus to requirements. Makes you wonder what's it's like in the public sector eh?
2. alan said...
In spite of all the unemployment noted on the site over the last 24 hours, Moneyfacts has this as their front page today...
"FTBs looking to buy....
...Optimism continues to return to the property market after Rightmove revealed two thirds of first time buyers believe now is a good time to buy. Its latest Consumer Confidence Survey also found that 80% of buyers looking to take their first step onto the property ladder were of the opinion that prices would not fall any further in the next 12 months. Miles Shipside, commercial director of Rightmove, said now could be a good window of opportunity for first time buyers if they can get a decent deposit together. "The market appears to have bottomed out and there are still bargains out there. However, this increased number of market newcomers comes at a time when property choice is limited," he added".
All aboard for the Titanic?
3. 51ck-6-51x said...
Alan
- The confidence is high, it may be misplaced, but these people do move the market if they put their ( borrowed ) money where their mouth is.
The real question is, what proportion of those potential FTB's would actually be able to secure a deal for a property they would purchase? I'm sure there are a lot who class themselves as a potential FTB, even though they are not due to the difference between credit limitations and personal desires.
4. mark wadsworth said...
Fret ye not! Our Caring And Sensitive Government will protect all 5,000 from "the spectre of repossession" by paying their mortgages for them. Nothing that can't be fixed if you print enough money (and I don't mean QE).
5. mr g said...
TC @1 "Makes you wonder what's it's like in the public sector eh?"
For every 5000 non jobs in the private sector, you can bet there will at least 10000 in the public sector.