From Guardian: Improved lending by troubled banks is key for the raw materials industry to continue operating. “My biggest fear is the breakdown of the banking system,” Richard Elman, the Chief Executive Officer of the Hong Kong-based Noble Group.
A deepening financial crisis has begun to tear into the real economy, as tight credit conditions force buyers of raw materials to reduce demand in the absence of financing.
Miners and steelmakers, two major industries for which the Noble Group manages the supply of raw materials, cut production significantly and froze expansion plans due to lack of demand……. Full Article: Source