Albert Edwards, strategist at the bank Société Générale has warned that the global economy is going to be hit by a new financial crisis in 2016.
“The financial crisis will reawaken. It will be every bit as bad as in 2008-09 and it will turn very ugly indeed,” he told an investment conference in London.
He argues that a slowdown in emerging markets and falls in the values of these country's currencies will spark a new crisis and that decision makers in the West have failed to learn from the last crisis.
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Standard Chartered has warned that oil could fall as low as $10 per barrell - yesterday Brent crude fell by 1.4% to $31.12.
"We think prices could fall as low as $10 before most money managers concede that matters had gone too far," the bank stated.
This is the lowest price since 2004 - Nigeria's oil minister Emmanuel Ibe Kachikwu indicated yesterday that some members of OPEC are calling for an emergency meeting in March.
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Poor industrial output figures from the UK could create problems for Irish exporters as sterling values plumeted yesterday.
The currency hit a five and a half year low against the dollar yesterday and a six-month low against the euro after the UK experienced its biggest manufacturing fall-off in over two years.
This morning (January 13th) £1 buys €1.33.
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The Banking Inquiry is to hold an emergency meeting today, amid threats of legal action that would force it to collapse.
The inquiry has received letters from two developers, Johnny Ronan and Michael O'Flynn, who object to parts of the inquiry's draft report.
Both have already had requests for changes rejected and each is threatening legal action if certain sections are not removed.
Any legal action would almost certainly cause a delay that forces it to miss its final deadline of January 28.
