Here is a quick press review selected from the most interesting business news of the day:

1. Pound Falls to 5 Year Low Against Dollar: the pound slid to the lowest level in more than five years against the dollar after the Bank of England Governor Mervyn King said Britain’s worst banking crisis since World War I is likely to push the economy into a recession – read more on bloomberg.com.
2. Factory gloom ‘worst since 1980’: the slowdown in the UK economy is now spreading to sectors previously resilient to weaknesses in the banking and housing markets. The crisis is spreading into all sectors of business, affecting unemployment and inflation – read more on BBCNews.co.uk.
3. Soaring art market returns to earth with a bump: the global financial crisis has finally caught up with the art world. Experts warn that things are likely to get tougher: what’s happened in the financial markets will also damage the art market because liquidity is tighter everywhere – read more on Reuters.co.uk.
4. European business backed up: during this crisis, resultant cuts in jobs, production and investment, means companies must hunker down hoping to survive what they fear will be a ferocious reversal – read more on Ft.com.
5. David Beckham will join AC Milan on loan in January: the English football player will move to Italy for few months at the beginnig of 2009, according to Adriano Galliani, the Italian club’s vice-president. Beckham wants to train and play with Milan, and Milan wants him: Beckham’s commercial value means full stadiums and read sponsors. Maybe not all rich men are crying – read more on Thetimesonline.co.ukthe English football player will move to Italy for few months at the beginning of 2009, according to Adriano Galliani, the Italian club’s vice-president. Beckham wants to train and play with Milan, a sentiment reciprocated by the Italians: Beckham’s commercial value means is nothing but good news for club merchandise and ticket sales – read more on Thetimesonline.co.uk