The air crash in New York yesterday dominates the headlines today as pundits attempt to assess what o...
The FT's line is that airlines and tourism again will be hardest hit of any sector, although there was a significant amount of spin coming out of the White House to put a lid on any negative outcomes.
"The White House urged Americans to get back into the air, playing down any connection to terrorism or the Sept 11 attacks," the FT says.
The crash was also particularly bad for American Airlines, which already saw its reputation on the line after two of its planes were involved in the 11 September events.
The global airline industry is on track to lose more than $12bn this year, the FT adds.
Meanwhile, closer to home the latest government figures on manufacturing prices for the month of October released yesterday suggested prices were falling faster than at any time since records began.
Thus the spectre of inflation is rapidly being deflated according to the FT.
"The news will increase borrowers' hopes that the Bank of England will feel able to cut interest rates again before the end of the year to counteract the effect of the global economic downturn on the UK," the paper says.
Retail price figures are due out tomorrow, Wednesday, but indications now are that the Bank of England has a free hand to cut interest rates lower when its monetary policy committee meets again next month.
That outcome was all but guaranteed by comments from Edward George, the governor of the Bank of England, in comments reported in today's The Times.
"Even though the global economy is expected to recover in the course of 2002, recession is a possibility in some countries," George said after a meeting of 10 central banks in Switzerland.
With inflation currently considered the second worst option, that is likely to mean further big rate cuts The Times says.
The Telegraph today says transport secretary Stephen Byers "blocked cash for Railtrack" ahead of the demise of that company.
The amount involved, £162m, was supposed to have been passed over as part of the Strategic Rail Authority's plan to restructure Railtrack's business under the Renewco name.
According to The Telegraph, Byers' department pulled the plug on Renewco one week before it controversially put Railtrack into effective receivership.
Railtrack says it intends to continue with its plan to bring a case of "misfeance in public office" agianst Byers.
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