EoW November 2007

The International Magazine for the Wire and Cable Industries

Scrooge? You’d better believe it! M erry Christmas and a happy new year. It may seem a little early to be offering seasonal greetings, but this is the last time I’m able to do that to both readers and advertisers alike. You may have noticed the word ‘prosperous’ missing from the greeting as well. It’s not that I don’t wish you a prosperous new year, it’s because – if reports are to be believed – prosperity is something that will sadly be lacking in Britain next year. There have been a number of financial shock- waves felt around the globe recently. Spurred on by consumer spending and cheap money, banks and other lending companies are car- rying too much debt and have been hit hard when people simply have not been able to pay that debt back. In other words, banks, building societies and other lending institutions are tightening their belts. That led, in September, to the Bank of England stepping in to support Northern Rock – one of the biggest mortgage lenders in the UK. Customers panicked, wanting to withdraw their life savings after fears that the company was going to the wall. Another warning shot comes from the Centre for Economics and Business Research (CEBR). If its predictions are right, it will be a long time before anyone feels festive! One of those predictions is that economic growth next year will be weakest in the UK for 16 years. That is, in fact, since Britain stumbled out of the recession in 1992. That gloomy forecast is mirrored by Citigroup which is warning that the British economy could hit the buffers if interest rates aren’t cut. At the moment it is the reverse that’s happen- ing – mortgage rates, loan rates and credit card rates are all rising. I appreciate it doesn’t make heart-warming reading, and it probably will not be foremost in your thoughts when tucking into your Christmas Day feast, but it’s well worth bearing in mind when planning ahead for the next 12 months.

* US$28 purchase only Front cover: Travar, Italy See page 100 for further details E ditor :.......................................David Bell F eatures E ditor (USA) :........Dorothy Fabian E ditorial assistant :...............Christian Bradley D esign /P roduction :..............Julie Tomlin P roduction :.............................Lisa Benjamin S ales M anager :......................Paul Browne S ales & M arketing :...............Giuliana Benedetto (I nternational ) Italian speaking sales Hendrike Griffin German speaking sales Linda Li A dvertisement C oordinator :...........................Liz Hughes A ccounts M anager :..............Richard Babbedge S ubscriptions :.........................Liz Hughes P ublisher :.................................Caroline Sullens F ounder :...................................John C Hogg Chinese speaking sales Jeroo Vandrevala Indian sales

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