Good News Everyone!
Jay Kay calls it a day
Jamiroquai frontman plans to spend his musical retirement up in the clouds searching for love
"All I'm going to do now is fly my helicopter and look for the right lady to have children with."
With that image of a 37-year-old man roaming the skies with a powerful telescope, Jay Kay yesterday announced his intention to retire from music. For the time being at least.
Bad News Everyone!
The sell-off on global stock markets has continued today amid fears over the US and Chinese economies - the twin engines of global growth - and possible US airstrikes against Iran.
European shares slid in early trade today after sharp declines in US shares yesterday and stock markets across Asia overnight. The UK's FTSE 100 index lost 1.6% in early trading after a 2.3% drop yesterday, the sharpest fall since June.
In France the Cac 40 index shed 2%. Spooked by a collapse in Chinese shares on Tuesday, weak US manufacturing data, Wall Street suffered its biggest one-day fall yesterday since the aftermath of the September 11 terrorist attacks.
Predicted by some, this recession could be dangerous. The last set of recessions between 1998-2001, were mostly kept within national bounds. But it may now be time to call in the massive debt financed US consumer boom, which then knocks on to China, it's banks are financing that boom, which then knocks on to any country supplying raw materials for China's current industrialisation... At least, that's how it could happen.
How will the various ruling classes respond to a global recession? This decade, a time of slow and slim growth in Europe and America, the answer to competition from the east has been to crack the whip: shift the tax burden, cut social provision, force people to work longer, harder and for less.
What would a recession mean for us? We shall see.