US: Congress to debate $700bn financial bailout
A $700bn government bailout designed to prop up financial markets is vital for the US business climate, president George W Bush has said ahead of a crucial vote in Congress.
A deal on the aid package was agreed in principle by Republican and Democrat leaders at the weekend, but must be cleared by Congress.
It comes amid fears that the worst meltdown on Wall Street since the great market crash of 1929 will begin to hit consumers' pockets more heavily, as banks cut back on lending, unemployment grows and house re-posessions increase.
Bush said today (29 September) that the bailout, to be funded by US taxpayers, was an "extraordinary agreement for an extraordinary problem".
He assured the market that help was at hand: "We will help re-start the flow of credit...so American businesses can make purchases, ship goods and meet their pay rolls."
Drinks firms have become increasingly cautious about the economic climate. Two weeks ago, French wine & spirits giant Pernod Ricard warned for the first time that a "serious deterioration" in the business climate could damage growth in the next 12 months.
It said last week that spirits sales were holding up in the US, but noted a shift from the on-trade to drinking at home.
Pernod Ricard has appointed Corby Distilleries chairman and CEO Con Constandis to head up its China business....
Foster's has appointed Pernod Ricard USA's general manager for wine and Champagne, Stephen Brauer, as its new managing director of Foster's Americas....
The Edrington Group has announced plans to create two separate sales and distribution teams for South Korea and Taiwan, as part of the Scotch whisky firm's role in the reorganisation of the Maxxium v...
Pernod Ricard has raised doubts about a mandatory origin labelling scheme for the EU drinks sector, because of the global market in sourcing ingredients....
Pernod Ricard UK has said that it has no plans to follow wine giants Constellation and E&J Gallo in cutting jobs in the UK....
Pernod Ricard has unveiled a limited edition version of its rum brand Malibu....
William Grant & Sons has extended its distribution agreement with the owner of vodka brand Stolichnaya, SPI Group....
The European Forum for Responsible Drinking (EFRD) has released new guidance for drinks companies in the region, covering marketing on the Internet, as well as digital and mobile communications....
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