iPhone | iPad
Android
Huawei
Importance of White Friday itself for Mena users is gradually decreasing, data shows
KT APPDOWNLOAD
Recession warning as euro lending dries up
Lending to the private sector in the euro area, which has practically dried up in recent months, contracted again last month as austerity hit companies’ and households’ budgets, data showed on Thursday.
After already shrinking by 0.6 per cent in August, eurozone bank loans to the private sector declined again by 0.8 per cent in September compared with the same period last year, the European Central Bank calculated in regular monthly data.
President Mario Draghi has long argued that the low level of lending activity is not due to tighter lending conditions on the part of banks but more a reflection of weak demand for loans as households and companies are reluctant to take on debt in the current crisis.
That is why the ECB’s decision to pump more than €1 trillion ($1.3 trillion) in ultra-cheap long-term loans into the banking system at the beginning of the year has not been as effective as Draghi had hoped.
More news from
Origami artist Leonie Bradley says 1,400 origami bees 'soar' in a display of collective creativity by day five of COP28
Sellers said that the demand soared through the roof during UAE National Day weekend, and they sold over 90 trees daily; the number is at 50 a day now
How to view the cosmic show, which will appear even brighter as the Moon won’t be visible
O'Sullivan's latest victory saw him eclipse Doug Mountjoy to become the oldest winner of the UK title
After the completion of the early rounds in Abu Dhabi, Dubai and Sharjah, six schools have progressed to the final round
Did you know? Afridi once invited the entire Indian team to his Karachi house during a tour
The 39-year-old South African star said he is still fit enough to play at the highest level