Top Stories:
Telegraph – The Bank of England has cut interest rates by 0.5 percentage points to the lowest level in its 315-year history but consumers will see little benefit, according to experts. The bank rate was reduced to 1.5 per cent, the lowest since the central bank was founded in a bid to revive the flagging economy. But experts said the move would do little to help borrowers as banks fail to pass on the lower borrowing costs on to customers while savers see their accounts head towards zero per cent. David Smith, of Dreweatt Neate estate agents, said: “As far as the property market is concerned, until lenders relax their criteria the Bank could just as well cut rates to zero but it would still be flogging a dead horse.
ITN – Chancellor Alistair Darling has denied considering printing money to ease the recession following an interview which seemed to suggest the opposite. During a visit to Liverpool he said: “Nobody is talking about printing money. “There’s a debate to be had about what you do to support the economy as interest rates approach zero, as they are in the US. But for us that is an entirely hypothetical debate.” His comments come after he was quoted in a newspaper saying he was thinking about a policy of “quantitative easing” – or printing money – to ease the impact of the recession.
Sky – The Hizbollah minister in Lebanon’s cabinet has denied the group is responsible for rockets fired into Israel. Earlier, Israeli forces fired mortars on Lebanon after rockets fell on northern Israel. The move was “a pinpoint response at the source of fire”, an Israeli military spokesman said. Three rockets fired from Lebanon hit northern Israel in the area near the town of Nahariya, five miles south of the Lebanese border. Two elderly women were lightly wounded by one of the rockets, according to Israeli medical staff.
Guardian – US president-elect Barack Obama today warned that the ailing economy could crumble and take years to recover if Congress fails to enact a package of major economic stimulus measures, in remarks meant to goad legislators reluctant to commit to billions more for public spending and reassure uneasy voters that he is prepared to take dramatic action. In a speech at George Mason University in suburban Washington this morning, he said that massive spending is necessary to stave off disaster, while acknowledging public scepticism in the face of budget deficits set to top $1tn per year. “I don’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon as possible,” he said. “If nothing is done, this recession could linger for years.”
Business:
Sun – The British car industry suffered a bombshell blow today as Nissan axed 1,200 jobs at its flagship Sunderland factory. It is the biggest jobs axe to hit the beleaguered car industry which has been urging the Government since before Christmas to take immediate action to give financial assistance and save jobs. Nissan will cut the workforce from 3,800 to 2,600. Unions and car bosses have warned that up to 100,000 jobs in the industry at car plants, supplier factories and dealerships are at risk. The jobs axe at Sunderland is the most stark warning of the crisis the industry is facing, as the Nissan factory is the most efficient car plant in Europe and has been one of the big success stories of the car industry in recent years.
Express – Supermarket chain Sainsbury’s today announced it had bucked the credit crunch trend by boasting its best-ever Christmas sales figures. Despite the economic gloom continuing to ravage the retail sector, the high-street giant was boosted by 22.6 million customers in the final week before Christmas, with its busiest ever trading day on December 23. Sainsbury’s, which is the first of the “big four” players to report on its festive trading figures, said overall like-for-like sales excluding fuel rose 4.5 per cent in the 13 weeks before January 3.
Also In The News:
Times – The footballer Cristiano Ronaldo wrote off his red Ferrari today after colliding with a barrier on his way to training with the Manchester United team. The front of the £200,000 599 GTB model was crumpled in the smash and one of its wheels lay 200 yards behind the battered vehicle in a tunnel near Manchester airport this morning. A witness said the Portugal international walked away from the wreckage with no sign of injury. “It is amazing he got out of it without a scratch,” said the man who asked not to be named. Another driver in the tunnel suggested that Ronaldo’s footwork may have deserted him as his supercar’s engine roared. Jodie Lomax, who was in a car behind, told BBC Radio Manchester: “I was driving behind going under the Manchester Airport tunnel when a Ferrari in front of me dropped a gear. It was an awesome sound. I put my window down to listen to the exhaust. It sounded absolutely superb. Then the Ferrari went straight into the wall.
BBC – Batman movie The Dark Knight flew away with top honours at the People’s Choice Awards in Los Angeles, taking all five prizes it was nominated for. Christian Bale’s Batman and Heath Ledger’s Joker were named the top on-screen match-up, while the film won best movie, superhero and action movie. “On behalf of all of the cast, thank you very much to the fans,” Bale said. “Here’s to Heath.” US fans voted online for their favourite stars in film, TV and music.
Sun – A wind turbine stood wrecked yesterday with one of its giant 65ft blades torn off — after it was hit by a UFO. Locals were woken by the 4am smash after strange lights were spotted streaking towards the 290ft-tall generator on a wind farm. Baffled power chiefs said of the smash in Conisholme, Lincs: “We have a team investigating.” There was no trace of the missing blade. A UFO expert said: “We are very excited.”
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