More bad news for F1 sponsors
Even the oil companies, which were booming a few months ago, are now under pressure with oil prices tumbling to four-year lows, with crude oil hitting $43.96 a barrel, the lowest level since the start of 2005. A barrel was selling at $147 in July. And there may be worse to come. Merrill Lynch has published a new report suggesting that oil prices could fall to $25 a barrel next year if the global recession continues. Japan's top oil refiner, Nippon Oil has announced that it is merging with smaller rival Nippon Mining Holding in an attempt to survive the weak demand. Gulf Oil chief executive Joe Petrowski said that he believes oil will go to $20 a barrel.
Banks around the world have been cutting their interest rates in an effort to stimulate cash flow but retailers are reporting that business is slow as they go into the most important period of selling in the year in the run up to Christmas. Grandprix.com