The great interest rate ripp off part 2

[interestrateripoff]

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8234231/European-debt-markets-face-second-credit-crisis.html

 

Banks alone must refinance about €400bn (£343bn) of debt in the first half of the year, but add in the more than €500bn European governments must replace over the same period, as well as further hundreds of billions of euros of mortgage-backed debt maturing and there is the potential for chaos in the credit markets.

 

"What we are looking at here clearly has the potential to become a second credit crunch. However, this time it would be much worse than before," said Celestino Amore, founder of IlliquidX, which specialises in trading hard-to-price debt.

 

"Governments have been able to slow down the process, but the problems did not go away. There remains trillions of dollars of debt that must be refinanced or sold."

 

Looks like the ECB will be busy buying this crap.

[interestrateripoff]

http://www.nytimes.com/2011/01/02/business/02showdown.html?_r=1&hp

 

Ever since Marie Corfield’s confrontation with Gov. Chris Christie this fall over the state’s education cuts became a YouTube classic, she has received a stream of vituperative e-mails and Facebook postings.

 

“People I don’t even know are calling me horrible names,” said Ms. Corfield, an art teacher who had pleaded the case of struggling teachers. “The mantra is that the problem is the unions, the unions, the unions.”

 

Across the nation, a rising irritation with public employee unions is palpable, as a wounded economy has blown gaping holes in state, city and town budgets, and revealed that some public pension funds dangle perilously close to bankruptcy. In California, New York, Michigan and New Jersey, states where public unions wield much power and the culture historically tends to be pro-labor, even longtime liberal political leaders have demanded concessions — wage freezes, benefit cuts and tougher work rules.

 

It is an angry conversation. Union chiefs, who sometimes persuaded members to take pension sweeteners in lieu of raises, are loath to surrender ground. Taxpayers are split between those who want cuts and those who hope that rising tax receipts might bring easier choices.

 

And a growing cadre of political leaders and municipal finance experts argue that much of the edifice of municipal and state finance is jury-rigged and, without new revenue, perhaps unsustainable. Too many political leaders, they argue, acted too irresponsibly, failing to either raise taxes or cut spending.

 

A brutal reckoning awaits, they say.

 

.......

 

Even if that is so, this battle comes woven with complications. Across the nation in the last two years, public workers have experienced furloughs and pay cuts. Local governments shed 212,000 jobs last year.

 

A raft of recent studies found that public salaries, even with benefits included, are equivalent to or lag slightly behind those of private sector workers. The Manhattan Institute, which is not terribly sympathetic to unions, studied New Jersey and concluded that teachers earned wages roughly comparable to people in the private sector with a similar education.

 

Benefits tend to be the sorest point. From Illinois to New Jersey, politicians have refused to pay into pension funds, creating deeper and deeper shortfalls.

 

In California, pension costs now crowd out spending for parks, public schools and state universities; in Illinois, spiraling pension costs threaten the state with insolvency.

 

And taxpayer resentment simmers.

 

So rather than have pay increases the Union leaders and the politicians screwed the workers by giving them "promises" of benefits that could never be delivered. The magic money tree has run out of options and painful decisions are going to have to be made. It would appear we need a politician to stand up and admit they lied to the people, the promises made cannot be delivered.

 

Still all we need is growth and for tax revenues to be restored and we still won't be able to afford the promises made.

[interestrateripoff]

http://www.nytimes.com/2011/01/02/world/europe/02youth.html?ref=business

 

Francesca Esposito, 29 and exquisitely educated, helped win millions of euros in false disability and other lawsuits for her employer, a major Italian state agency. But one day last fall she quit, fed up with how surreal and ultimately sad it is to be young in Italy today.

 

It galled her that even with her competence and fluency in five languages, it was nearly impossible to land a paying job. Working as an unpaid trainee lawyer was bad enough, she thought, but doing it at Italy’s social security administration seemed too much. She not only worked for free on behalf of the nation’s elderly, who have generally crowded out the young for jobs, but her efforts there did not even apply to her own pension.

 

“It was absurd,” said Ms. Esposito, a strong-willed woman with a healthy sense of outrage.

 

The outrage of the young has erupted, sometimes violently, on the streets of Greece and Italy in recent weeks, as students and more radical anarchists protest not only specific austerity measures in flattened economies but a rising reality in Southern Europe: People like Ms. Esposito feel increasingly shut out of their own futures. Experts warn of volatility in state finances and the broader society as the most highly educated generation in the history of the Mediterranean hits one of its worst job markets.

 

Politicians are slowly beginning to take notice. Italy’s president, Giorgio Napolitano, devoted his year-end message on Friday to “the pervasive malaise among young people,” weeks after protests against budget cuts to the university system brought the issue to the fore.

 

Giuliano Amato, an economist and former Italian prime minister, was even more blunt. “By now, only a few people refuse to understand that youth protests aren’t a protest against the university reform, but against a general situation in which the older generations have eaten the future of the younger ones,” he recently told Corriere della Sera, Italy’s largest newspaper.

 

The daughter of a fireman and a high school teacher, Ms. Esposito was the first in her family to graduate from college and the first to study foreign languages. She has an Italian law degree and a master’s from Germany and was an intern at the European Court of Justice in Luxembourg. It has not helped.

 

“I have every possible certificate,” Ms. Esposito said dryly. “I have everything except a death certificate.”

 

Even before the economic crisis hit, Southern Europe was not an easy place to forge a career. Low growth and a corrosive lack of meritocracy have long posed challenges to finding a job in Italy, Greece, Spain and Portugal. Today, with the added sting of austerity, more people are left fighting over fewer opportunities. It is a zero-sum game that inevitably pits younger workers struggling to enter the labor market against older ones already occupying precious slots.

 

As a result, a deep malaise has set in among young people. Some take to the streets in protest; others emigrate to Northern Europe or beyond in an epic brain drain of college graduates. But many more suffer in silence, living in their childhood bedrooms well into adulthood because they cannot afford to move out.

 

More at the link.

 

Nice work for free, get no pension whilst the boomers take it all.

 

Back on topic, it would appear that the young are becoming increasing aware the older generation have spent all the money and expect the young to fund their retirement ensuring they young have nothing when it comes to theirs. Something is going to give and I get a feeling it's going to get very nasty unless the older generation admit the promises they have made themselves can't be kept. So far the elder generation appear unwilling to admit the promises can't be kept.

[interestrateripoff]

Breaking news

 

• Algeria says in investment talks with Volkswagen - Reuters
  
• Volkswagen extends CEO's contract until 2016 - Reuters
  
• Iraq's Basra signs power deals with French firms - Reuters
  
• Iraq plans 4th bidding round for gas contracts - Reuters
  
• China Premier Wen reiterates fight against inflation - Reuters
  
• Iran says no gap in oil exports to India - Reuters
  
• Russian 2010 oil output hits post-Soviet record - Reuters
  
• Rousseff becomes first woman to lead Brazil - Reuters
  
• Nunavut Iron ups bid in battle for Baffinland - Reuters
  

 

 

 

• Bank bonuses set to be linked to customer satisfaction
   
  Banking industry seeks new ways to pay senior executives
   
  
  • Taxpayers lose on RBS and Lloyds in 2010
    
  • Footsie dips but ends 2010 up 9%
    
  • Chinese market posts 15% fall for 2010
    
  • Flotations soar but overall cash-raising declines
    

  [*] Estonia receives cool welcome from a eurozone in crisis

   

  The single currency area has too many problems with its existing membership to get excited about the arrival of a newcomer, says Larry Elliott

  14 comments

  [*] House prices rise 0.4% to end year where they began

   

  Nationwide reports surprise rise in December – but no sign that trend will turn upward and some analysts expect price falls in 2011

  102 comments

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  [*] Retailers hope fear of VAT increase will fuel weekend shopping spree

   

  Shoppers expected to take advantage of days before 2.5% rise, as stores aim to offload stock left over from snow-blighted Christmas

   

  • Retailers report strong start to sales
    
  • Tanya Gold: Go on, treat yourself at the sales
    
  • Alan Johnson calls for scrapping of VAT rise
    

 

 

• Review of the year 2010
   
  It was a year of recovery, relapses, renewal, recalls and rebranding. Famous names sank, and the eurozone teetered close to oblivion
  12 comments
  
  • Business year in review in pictures
    
  • Gallery: Heroes and zeros 2010
    
  • 20 things we learned in 2010
    
  • Interactive: The business Christmas special
    
  • Anger over knighthood for man who sold Cadbury
    
  • Honours: Roger Carr and Martin Broughton knighted
    
  • The most read business articles of 2010
    

  [*] Directors at error-hit Tui awarded £4.9m

   

  Five executives, including former finance director, granted more shares despite discovery of £117m accounting error last year

  [*] Rock concert sales plunge as recession forces promoters into discounts

   

  Live music revenues show only second fall in 10 years, further gloom for an industry already struggling with declining recorded music sales

  [*] More business news

  [*] Entrepreneur launches art 'stock market'

  [*] Pension funds cut deficits as markets rise

  1 comment

  [*] Jeweller Abbeycrest brought low by soaring gold

  [*] Co-founder of UK's biggest Asian food firm dies

[interestrateripoff]

China Premier Wen reiterates fight against inflation

 

BEIJING (Reuters) - Chinese Premier Wen Jiabao vowed again to step up efforts to keep consumer inflation in check in 2011, state media reported on Sunday.

Continue Reading

 

 

 

Iraq approves Shell plan to build its own dock

 

BASRA, Iraq (Reuters) - Royal Dutch Shell may build its own dock in Iraq's Shatt al-Arab waterway to speed up delivery of heavy equipment to the supergiant Majnoon oilfield which the oil major is developing with a Malaysian partner.

4:51pm GMT

 

Estonia joins crisis-hit euro club

 

TALLINN (Reuters) - Estonia switched smoothly to the euro on Saturday, brushing off worries about a crisis in the currency club which is likely to put off bigger eastern European nations from joining for up to a decade. | Video

FXpert, 01 Jan 2011

 

Euro has 1-in-5 chance of lasting decade - think-tank

 

LONDON (Reuters) - The euro currency area has only a one-in-five chance of surviving in its current form over the next 10 years because of competitive imbalances between its members, a leading think tank said on Friday.

31 Dec 2010

 

Ofcom sends News Corp-BSkyB report to government

 

LONDON (Reuters) - A report examining whether News Corp's proposed $12 billion (£7.7 billion) buyout of BSkyB would give too much media power to Rupert Murdoch was sent to the British government on Friday, without being made public.

David Cameron 31 Dec 2010

 

Petropavlovsk appoints new executive directors

 

LONDON (Reuters) - Russian gold miner Petropavlovsk said on Sunday it had appointed three additional executive directors.

2:10pm GMT

 

Russia in milestone oil pipeline supply to China

 

MOSCOW (Reuters) - Russia, the world's top crude exporter, said it had begun scheduled oil shipments to China via an East Siberian link on Saturday as the Kremlin cements ties with its energy-hungry neighbour.

01 Jan 2011

 

SNB's Jordan says government's bank law plan "positive" - report

 

ZURICH (Reuters) - Swiss government plans for tougher capital standards for big Swiss banks would help reduce the chance of another crisis, the Swiss central banks' vice chairman wrote on Sunday in a newspaper.

2:56pm GMT

 

Dollar Financial to buy Purpose UK for £124 million

 

Bangalore (Reuters) - Dollar Financial Corp said its unit agreed to buy Purpose UK Holdings Ltd, which provides online payday loans under the brand PaydayUK, for about $195 million (124 million pounds), expanding the payday lender's foreign footprint.

UK, 31 Dec 2010

 

Hedge funds offered weak returns in 2010

 

NEW YORK/LONDON (Reuters) - Hedge funds often claim to offer strong returns that are not correlated with broader markets, but in 2010 many failed on both of those counts.

[interestrateripoff]

http://uk.finance.yahoo.com/news/World-red-alert-China-tele-2998191203.html?x=0

 

China could be hit by inflation of 7pc to 8pc over the next two months, panicking Beijing's policy-makers into dramatically raising interest rates, economists have warned.

The prospect of at least four further interest rate rises in the world's second-largest economy is likely to alarm global markets, which tumbled in shock at China's decision to raise rates on Christmas Day.

However, inflation has become the central concern for the Communist Party, which is struggling to contain growing outrage in the People's Republic over rising prices.

"If you look at the sequential growth over the last two months, inflation is rising at double digits. In the very worst-case scenario, if Beijing does not take action, we could see double-digit inflation this year," said Yu Song, chief China economist at Goldman Sachs

 

.........

 

"You can describe the global economy as a race between the US and China to see who goes down first," he wrote. "If China manages its inflation, the US will cause the next crisis. But if China suffers a hard landing, the US trade deficit might even halve because of lower import prices. That would boost the dollar's value. The US would have lower financing costs for its debt and could enjoy a period of good growth."

 

I've said before we are in a trade war. However this war could be a MAD (mutually assured destruction) one the elites may find out that they control nothing.

[interestrateripoff]

The New Speed of Money, Reshaping Markets

 

By GRAHAM BOWLEY

 

 

Machines have largely taken over stock market trading, creating a new technological order affecting nearly everyone who owns shares of stock or mutual funds.

 

 

 

Michael Falco for The New York Times

 

A clock at Direct Edge’s offices in Jersey City ticks down to the opening of financial markets. The company operates one of the largest stock exchanges in the United States.

 

 

 

 

 

 

Some Investors Flourish Despite Economic Tumult

 

By NELSON D. SCHWARTZ

 

In 2010, unemployment lingered in America and some European economies tottered, but investing in gold, industrials and many technology stocks turned out well.

 

• Strong Finish Gives Paulson Fund Winning Year
  
• Global Markets Fight to Return From Recession
  
• Graphic
  

 

Coupons for Patients, but Higher Bills for Insurers

 

By ANDREW POLLACK

 

In their fight against generics, big pharmaceutical companies are covering part of patients’ co-payment for their drugs. But insurers say the practice raises the overall cost of care.

 

Europe’s Young Grow Agitated Over Future Prospects

 

By RACHEL DONADIO

 

Experts warn of volatility in state finances and the broader society as the most highly educated generation in the history of the Mediterranean hits one of its worst job markets.

 

Career Shift Often Means Drop in Living Standards

 

By CATHERINE RAMPELL

 

A study surveying jobless workers over 15 months found nearly 70 percent of those entering new careers had to take a cut in pay.

 

Real Estate Developers Prosper Despite Defaults

 

By CHARLES V. BAGLI

 

Unlike ordinary homeowners, developers who suffer costly losses tend to be forgiven by lenders and investors.

 

Novelties

 

A C.T. Scan for Hairline Fractures (in Industrial Parts, That Is)

 

By ANNE EISENBERG

 

Micro C.T. scanners work so precisely that they can detect microscopic cracks measuring one-fiftieth the diameter of a human hair.

 

Media Decoder Blog

 

Oprah’s Channel Flickers to Life

 

By BRIAN STELTER 4:16 PM ET

 

The Oprah Winfrey Network is the highest-profile new cable channel in over a decade.

 

Posting

 

A New Broker Disclosure Law in New York

 

By VIVIAN S. TOY

 

Buyers and renters are now required to sign a form stating that they understand whom their agent represents.

[interestrateripoff]

2 January 2011 Last updated at 17:22

 

UK 'needs stable house prices'

 

Housing Minister Grant Shapps says people should no longer consider property as an investment for retirement.

 

• Home prices 'up slightly in 2010'
  
• Will house prices fall in 2011?
  
• Dark art of obtaining a mortgage
  

 

 

• Charities call for new bonus tax
   
  Charities call for a new tax to be imposed on bankers' bonuses, with the money generated used to protect their organisations from funding cuts.
  
• iPhone alarms in New Year glitch
   
  A glitch on Apple's iPhone stops its alarm clock going off, leaving many people oversleeping on the first two days of the New Year.
  
• Train firm fare rises kick in
   
  The chief executive of the Association of Train Operating Companies has defended the increasing of fares by an average of 6.2%.
  
• China factory growth pace eases
  
• Ofcom reports on BSkyB takeover
  
• Russia-China oil pipeline opens
  
• Business chiefs among new knights
  
• Home prices 'up slightly in 2010'
  
• Price of fuel continues to rise
  
• Johnson urges VAT rise 'rethink'
  
• Copper enters 2011 at record high
  
• Jailed Khodorkovsky lodges appeal
  
• Germany 'stronger' after crisis
  
• 'Pressure' over women directors
  
• Cuts tough but necessary, PM says
  

[interestrateripoff]

[/url]

 

 

European debt markets 'face second credit crisis'

 

European debt markets could be hit by a second credit crisis within months as fears grow over the huge volume of new bonds that must be sold by governments and banks in 2011.

Euro stands just 20pc chance of survival in next decade

 

 

 

 

Banks plead for guidance on £7bn bonuses

 

Senior bankers have asked the Government for immediate guidance on how, and at what level, year-end bonuses can be paid amid growing confusion about increasing layers of regulation overlaying compensation in the financial services sector.

 

'Bonds have potential for wealth destruction'

 

Edward Bonham Carter, Jupiter Asset Management's chief executive, reveals his thoughts on the financial prospects and why his fund will retain its preference for shares over bonds to protect against rising inflation risks.

 

Call of Duty maker could quit UK over tax

 

Activision Blizzard, the world's biggest publisher of video games, has described Britain's move to scrap tax relief for the industry a "terrible mistake" and refused to rule out moving its UK operations elsewhere.

UK health technology firms head for Silicon Valley

 

 

 

City 'superwoman' Horlick to produce film

 

Nicola Horlick, the City "superwoman" who has run a string of fund management firms, is to try her hand at a new career: film production.

 

Lord Brittan: 2011 'make or break' for Doha trade talks

 

 

 

 

Brewin Dolphin in talks over investment sell-off

 

 

 

 

Madoff investors plan new wave of lawsuits against SEC

 

 

 

 

Pensioner insolvency rising the fastest

 

 

 

 

Ex-JJB Sports chief Chris Ronnie plans return

 

 

 

 

 

 

Sunday Telegraph share tips for 2011

 

The 10 shares our staff believe will do well in the coming year.

Sunday Telegraph share tips for 2010 – how we fared

 

 

 

China inflation on red alert

 

China inflation could hit 8pc, prompting dramatic rate rises.

 

20 worst towns for insolvencies in 2010

 

A record 15 people entered insolvency every hour in 2010.

Pensioner insolvency rising the fastest

 

 

 

Families £3,000 worse off

 

Middle class £3,000 worse off this year, pushing many near bankruptcy.

 

 

 

 

Why Congdon is on losing side of monetary easing argument

 

Liam Halligan firmly believes QE is the wrong response to the financial crisis, so when respected economist Tim Congdon called him a "monetary conservative of the backwoods persuasion" for his vews he felt compelled to respond.

CBI: start of 2011 will be tough for British economy

 

 

Accountants and lawyers top Treasury supplier list

 

The Treasury spent almost £40m on accountants, consultants and lawyers last year, almost a quarter of its £148m supplier bill.

[interestrateripoff]

Ex-Anglo boss to head $4bn gold float

 

Philip Baum bounces back from boardroom ousting to land top job at the Russian steelmaker Severstal ahead of FTSE-100 listing.

 

 

• Advertising Eden: Triumphant start for Adam & Eve
  
• Property prices set for further falls in 2011
  
• First months of 2011 will be 'rocky', says Lambert
  
• Goldman bounce back to land global M&A crown
  
• Boris warns over bank bonuses
  
• Funding holes ease over 2010
  
• Business Diary: Child's play to see through this stunt
  

 

Stephen Foley: Oprah always gets her way but is her TV venture all it's cracked up to be?

 

 

US Outlook: Today is Oprah's big day. After 25 years hosting the daytime talk show that made her the most influential woman in showbusiness and the US's first black billionaire, Oprah Winfrey launches her own TV channel.

 

 

• Stephen Foley: Casting some light on Facebook's finances
  
• David Prosser: New year resolutions for a Chancellor who still has much to prove
  
• David Prosser: Put your money where your mouth is
  
• David Prosser: It's time to learn a new language
  
• David Prosser: Look after the vulnerable
  

 

Change your life: Meet the austerity entrepreneurs

 

If there are no jobs...then make up your own. That's what this intrepid band of entrepreneurs did – and the benefits are clear to see on their balance sheets, asthey tell Robin Barton

 

• Just one in four directors of small firms is a women
  
• The Shares that could make 2011 a prosperous Year
  
• The business on...Tyler and Cameron Winklevoss
  
• Experts tip FTSE to continue its upward trend in the new year
  
• Commodities soar: The year the super cycle returned
  

[interestrateripoff]

New Year's Musings - Pt 2

From Part 1....

How did we ever put ourselves as a nation, and as a people, in a position where everything has become a privilege that used to be a right,

and everything that has been your right to

aspire to

has become your right to

have

, even when the only way to acquire it is to steal it from someone else?

Part 1 dealt with, via just a couple of small examples, the first half.

This will be the second.

Let's start with college. Desiring to attend college is an aspiration. Having the right to attend college doesn't exist. With that "right" would have to come the money to do so. Our own President said (during the campaign):

“We need to put a college education within reach of every American. That's the best investment we can make in our future. I'll create a new and fully refundable tax credit worth $4,000 for tuition and fees every year, which will cover two thirds of the tuition at the average public college or university. I'll also simplify the financial aid application process so that we don't have a million students who aren't applying for aid because it's too difficult. I will start by eliminating the current student aid form altogether - we'll use tax data instead.”

Within the reach of every American. And how did he propose to do this? By stealing the money from other people.

The paper goes on to cite the "rising cost of college" as a problem - and it is. But notice what's missing - any sort of analysis on exactly why the cost of college is rising so fast.

When I was of age to attend college in the early 1980s you could go to a community college for about $1,000 a semester for tuition and fees. I know, because I did. I took two classes (half a load) my Senior year at a community college, as I needed only two more high school credits to graduate. The total tuition was about $500, and the cost of books another $150 or so.

Why is it so damned expensive now?

Simple: The government.

First, we had the government create a special class of debt - debt that is almost-impossible to discharge via bankruptcy. This made it profitable for government-tit-sucking lenders such as Sallie Mae, along with private firms, to sell studentsnearly unlimited amounts of moneyirrespective of their ability to pay it back later. We thus have people coming out of college with degrees in things like "Women's Studies" with no reasonable path forward to earn a high wage - and $100,000 or more in debt that they cannot get rid of.

Since the lenders will lend unlimited amounts of money (due to the fact that you are an effective slave to that debt) what used to be a cinder-block dormitory with a couple of almost-cot-style beds, a built-in formica desk for two along one wall, a dial telephone and a shower and toilet shared with the room next to yours (or down the hall as a communal bathroom and shower) has now become a condominium-style living experience. High-speed Internet, plush carpeting instead of inexpensive linoleum, nice wall treatments instead of painted cinderblock and other trappings of luxury adorn the living spaces. Dramatically-expensive buildings and other "upgrades" have been performed to the university environment everywhere else as well, all, of course, financed by the students who are given nearly-unlimited amounts of money to attend.

College costs have expanded as they have not because the quality of education has gone up (and those who would like to argue otherwise can begin with the college-educated engineers that put men on the moon in the 1960s) but rather because the "free money" folks invaded college campuses and destroyed the marketplace for education, replacing it with a model of outright theft and debt slavery. Your "right" to a college education was literally stolen from others and from yourself via this change in model.

If you're a Senior in High School this year remember well: ANY student loan is, with damn few exceptions, non-dischargeable in bankruptcy. If you can't pay they can and will add fees and costs that in many cases will instantly double your debt, then hound you literally until death, seizing tax refunds and anything else they can get their claws into until you either pay or die. The only way to win this game is not to play.

There is nobody willing to talk about the fact that parents enable this behavior by filling out FAFSA paperwork either!

Each and every parent who does so is contributing to the financial **** of their son or daughter. Welcome to the machine Junior - you were shoveled into that wood chipper feet first courtesy of dear old Mom and Dad who didn't tell you what they were doing to you.

You were induced to get them to fill out that form without proper and clear disclosure of what it means and what any debt you take on as a consequence - that is, that you will not be able to use bankruptcy to avoid payment if in fact you go bust due to inability to find a job that pays enough to service the obligation.

Make damn sure you remember who did this to you when Mom and Dad are old, infirm, and broke right along with you and they're screaming like harpies about how horrible things are.....

 

More musings at the link.

 

We are starting to follow the US route of education debt for our young, soon it will be £27k of debt before you've even factored in living costs. We are all fast becoming slaves of the bankers.

 

Debt servitude for the masses.

[interestrateripoff]

Breaking news

 

• GLOBAL ECONOMY-December factory output accelerates in US, Europe - Reuters
  
• Oil rises on economic data, cold forecasts - Reuters
  
• Apple iPhone alarm woes continue across the globe - Reuters
  
• Apple iPhone alarm woes continue across the globe - Reuters
  
• Clorox outlook disappoints, shares slip - Reuters
  
• Asian, European car makers look to 2011 growth - Reuters
  
• Apple iPhone alarm woes continue across the globe - Reuters
  
• Israeli panel proposes big tax on natgas output - Reuters
  
• US STOCKS-Wall St jumps into 2011 with sharp gains - Reuters
  

 

 

 

• Qantas on brink of £200m biojet fuel joint venture
   
  Airlines are trying to reduce their reliance on fossil-fuels before entry into the EU's carbon emissions trading scheme in January 2012
  
• The bear sinks his teeth into China
   
  SocGen analyst sees a new economic crisis on the way - and his predictions have a habit of coming true
  21 comments
  
• UK to speed up delivery of green energy
   
  Last updated 15 minutes ago
  Chris Huhne told the Guardian that over the next decade UK would increase the amount of energy it gets from renewable sources
  10 comments
  
• Hundreds of staff at high street banks paid more than £1m
   
  The FSA code, although not as tough as critics hoped, will shed more light on pay practices in the City
   
  
  • Banks hint at customer satisfaction link
    
  • Deutsche Bank overtakes JP Morgan for earnings
    

  [*] House prices end year where they began

   

  Nationwide reports surprise 0.4% rise in December but no sign that trend will turn upward and some analysts expect price falls in 2011

  105 comments

  • Prices fluctuations are becoming a yo-yo affair
    
  • What will the housing market do in 2011?
    
  • UK housing market still driven by location
    

  [*] JJB Sports to tap investors for more cash

   

  JJB Sports has been hit hard by competition from rival Sports Direct and freezing temperatures before Christmas

 

 

• Review of the year 2010
   
  It was a year of recovery, relapses, renewal, recalls and rebranding. Famous names sank, and the eurozone teetered close to oblivion
  13 comments
  
  • Business year in review in pictures
    
  • Gallery: Heroes and zeros 2010
    
  • 20 things we learned in 2010
    
  • Interactive: The business Christmas special
    
  • Anger over knighthood for man who sold Cadbury
    
  • Honours: Roger Carr and Martin Broughton knighted
    
  • The most read business articles of 2010
    

  [*] Baby boomers must do their bit for UK

   

  Philip Inman: Property owners and savers are behaving in a way that undermines the UK's recovery

  62 comments

  [*] Royal Mail could be forced into break-up

   

  Brussels may seek sale of profitable divisions before privatisation as price for government takeover of debt-ridden Royal Mail pension scheme

  19 comments

  [*] Directors at error-hit Tui awarded £4.9m

   

  Five executives, including former finance director, granted more shares despite discovery of £117m accounting error last year

  [*] More business news

  [*] Philip Baum to lead Russia's Severstal Gold

  [*] Estonia gets cool welcome from eurozone

  21 comments

  [*] Pension funds cut deficits as markets rise

[interestrateripoff]

Job vacancies suffer steep fall in December

 

 

At the start of what will almost certainly be a year of rising unemployment, the number of job vacancies is falling back "steeply", according to one of the country's leading recruitment agencies.

 

 

• Petropavlovsk names first female director in boardroom shake-up
  
• AIM stages recovery as delistings fall over 2010
  
• Ex-Anglo boss to head $4bn gold float
  
• Advertising Eden: Triumphant start for Adam & Eve
  
• Property prices set for further falls in 2011
  
• First months of 2011 will be 'rocky', says Lambert
  
• Goldman bounce back to land global M&A crown
  

 

Stephen Foley: Oprah always gets her way but is her TV venture all it's cracked up to be?

 

 

US Outlook: Today is Oprah's big day. After 25 years hosting the daytime talk show that made her the most influential woman in showbusiness and the US's first black billionaire, Oprah Winfrey launches her own TV channel.

 

 

• Stephen Foley: Casting some light on Facebook's finances
  
• David Prosser: New year resolutions for a Chancellor who still has much to prove
  
• David Prosser: Put your money where your mouth is
  
• David Prosser: It's time to learn a new language
  
• David Prosser: Look after the vulnerable
  

 

New Year's resolutions for the new bosses on the block

 

As 2011 dawns, a clutch of new-in-the-job and soon-to-be appointed chief executives at some of the world's largest corporations have a challenging 12 months ahead

 

 

• Just one in four directors of small firms is a women
  
• Change your life: Meet the austerity entrepreneurs
  
• The Shares that could make 2011 a prosperous Year
  
• The business on...Tyler and Cameron Winklevoss
  
• Experts tip FTSE to continue its upward trend in the new year
  

[interestrateripoff]

European stocks start new year with broad rally

 

PARIS (Reuters) - European stocks ended higher on Monday, starting the new year with a broad-based rally led by construction and industrial shares as softer-than-expected factory inflation data from China eased concerns of a tightening in monetary policy.

Continue Reading

 

 

 

Housing minister wants limited rise in house prices

 

LONDON (Reuters) - Housing minister Grant Shapps said Monday that unaffordable house prices were "crazy," and he wanted to stabilise the market to bring home-ownership within the reach of more younger people.

UK, 1:39pm GMT

 

Oil rises on economic data and cold forecasts

 

NEW YORK (Reuters) - Oil jumped 1 percent to a 26-month high above $92 a barrel on Monday as upbeat European and U.S. manufacturing data and forecasts for cold weather stoked energy demand expectations.

7:48pm GMT

 

Euro zone factories enjoy surging orders

 

LONDON (Reuters) - Surging new orders and a fast-improving labour market helped quicken the expansion of the euro zone's manufacturing sector for the fourth month running in December, a business survey showed on Monday.

11:14am GMT

 

Apple iPhone alarm woes continue across the globe

 

HONG KONG/HELSINKI (Reuters) - Some iPhone users across the globe complained of malfunctioning alarms on the first working day of 2011, even after Apple reassured users that its phones' built-in clocks will work from Monday.

7:15pm GMT

 

December factory output accelerates in Europe, U.S.

 

NEW YORK/LONDON (Reuters) - Manufacturing in the United States and Europe accelerated in December, while growth in China and India slowed to more sustainable levels in another boost for the global economic outlook. | Video

7:38pm GMT

 

U.S. manufacturing grows, bolsters 2011 outlook

 

NEW YORK (Reuters) - U.S. manufacturing grew at its fastest pace in seven months in December, extending a recent run of encouraging economic data and suggesting that expansion of the world's biggest economy will accelerate in 2011.

6:43pm GMT

 

Asian, European car makers look to 2011 growth

 

PARIS/MILAN (Reuters) - South Korean automakers predicted rising 2011 sales on U.S. and Chinese growth, while France's car market ended a negative 2010 on a high note, with drivers flocking to use scrapping bonuses before they ran out.

6:31pm GMT

 

Fiat split seen accelerating tie-up with Chrysler

 

MILAN (Reuters) - Italy's Fiat set its sights on a majority stake in U.S. carmaker Chrysler on Monday after completing a long-planned demerger of its carmaking activities from its truck and tractor business.

12:42pm GMT

 

Clorox outlook disappoints, shares slip

 

NEW YORK/CHICAGO (Reuters) - Clorox Co said its sales and profits are under pressure and that it has to write down the value of its Burt's Bees acquisition, sending the shares of the household products company down more than 3 percent.

[interestrateripoff]

3 January 2011 Last updated at 20:15

 

VAT rise 'to cut sales by £2.2bn'

 

UK retail sales will fall by about £2.2bn in the first quarter of 2011 because of the rise in VAT, according to a report.

 

• VAT will hit families - Miliband
  

 

Deal values Facebook 'at $50bn'

 

Facebook has reportedly raised funds from Goldman Sachs and a Russian investor in a deal that values the social networking site at $50bn.

 

 

 

• Oil price rises on factory data
   
  The price of oil rises by more than a dollar a barrel after surveys suggested strong manufacturing growth in the US and eurozone.
  
• Fiat eyes larger Chrysler stake
   
  Fiat could take a majority stake in US carmaker Chrysler this year according to the Italian firm's chief, Sergio Marchionne.
  
• Porsche shares up on merger hope
   
  Shares in German carmaker Porsche jump after a US judge dismisses a lawsuit that threatened to de-rail a planned merger with Volkswagen.
  
• BoA pays $2.6bn to settle claims
  
• Union 'angry' over sick pay lapse
  
• Eurozone manufacturing picks up
  
• Record growth for Singapore
  
• UK 'needs stable house prices'
  
• iPhone alarms in New Year glitch
  
• Train firm fare rises kick in
  
• China factory growth pace eases
  
• Russia-China oil pipeline opens
  

[interestrateripoff]

[/url]

 

 

Overheating East to falter before the bankrupt West recovers

 

From the overheating East to a troubled West, Ambrose Evans-Pritchard offers his predictions on the global economy next year.

 

 

Facebook coup to hand Goldman float role

 

Goldman Sachs is reported to have invested $450m (£290m) in Facebook, a coup that’s likely to hand the bank a major role should the world’s most popular social networking site decide to float.

Goldman deal values Facebook at $50bn

 

 

 

Lloyds 'bad bank' chief fears spending slump

 

Andy Cumming, the man in charge of Lloyds Banking Group’s “bad bank”, has warned the UK’s economic recovery remains far from certain as the impact of the financial crisis continues to “ripple” across the country.

There's plenty of good in a bad bank

 

 

 

Poor Ashes form linked to successful economy

 

England may have retained the Ashes but it is the Australian economy which is on fire – and the two could very well be linked.

 

EU debt markets 'face second credit crisis'

 

European debt markets could be hit by a second credit crisis within months as fears grow over the huge volume of new bonds that must be sold by governments and banks in 2011.

Euro stands just 20pc chance of survival in next decade

 

 

'Bonds have potential for wealth destruction'

 

 

 

BoA buys back $2.5bn of Freddie Mac, Fannie Mae loans

 

 

 

 

Call of Duty maker could quit UK over tax

 

 

 

 

China's war on inflation a threat to global recovery

 

 

 

 

Banks plead for guidance on £7bn bonuses

 

 

 

 

'London's advantages outweigh 50pc tax'

 

 

VAT rise is wrong tax at wrong time, says Miliband

 

The 2.5 per cent increase in VAT is the wrong tax rise at the wrong time for hard-pressed families, the Labour leader will say.

Brighter outlook for sterling in 2011 as global currencies face reality check

 

 

Talk of ending housing boom and bust is 'foolish'

 

The end of the house price boom and bust is unrealistic, the housing minister has warned.

 

Glasses 'improve job prospects'

 

People are more likely to get a job if they wear glasses to their interview, a study has found.

UK unemployment to hit 17-year high

[interestrateripoff]

Pfizer Caught Short on Antismoking Drug in Japan

 

By HIROKO TABUCHI 8 minutes ago

 

 

Shortly after an increase in the cigarette tax went into effect, the company was forced to suspend sales of a drug to aid quitting until it can increase production.

 

• Post a Comment | Read (9)
  

 

 

 

Tyler Sipe for The New York Times

 

Smokers in Japan can light up at bars, restaurants, schools and government offices. Above, diners smoke at a restaurant in Chigasaki.

 

 

 

 

 

 

In Goldman’s Facebook Deal, an Opening for Private Clients

 

By SUSANNE CRAIG and ANDREW ROSS SORKIN 1:41 PM ET

 

As part of a deal that values Facebook at $50 billion, Goldman Sachs is offering wealthy clients a chance to invest in the company without it trading publicly.

 

• Video: Facebook's Valuation
  
• Video: Putting a Price Tag on Facebook
  
• DealBook: What's in It for Goldman 10:22 AM ET
  
• Post a Comment
  

 

DealBook

 

Bank of America Settles Fannie Mae and Freddie Mac Claims

 

By DEALBOOK

 

The bank announced on Monday that it would take a $2 billion charge stemming from an agreement with the two entities that centers on loans sold by Countrywide Financial.

 

Facing Threat From WikiLeaks, Bank Plays Defense

 

By NELSON D. SCHWARTZ

 

Since WikiLeaks threatened to “take down” a major American bank, Bank of America has been hunting for signs that its systems have been compromised.

 

• Post a Comment | Read (36)
  

 

Investors Bet Wall Street Rally Will Continue

 

By REUTERS 50 minutes ago

 

The latest economic data on factory and housing pointed to a strengthening recovery.

 

• U.S. Manufacturing Sector Expanded Again in December
  

 

DealBook

 

Kraft Tax Inquiry in India

 

By HEATHER TIMMONS 1:32 PM ET

 

The government inquiry comes on the heels of a public interest lawsuit that asserts Kraft avoided tax liabilities in the deal.

 

DealBook

 

Late 2010 Surge in Venture-Backed I.P.O.'s

 

By DEALBOOK

 

The debut of 17 Chinese companies backed by United States venture funds bolstered the market in the fourth quarter.

 

Siemens Invests in Expanding Wind Power, Despite Risks

 

By JACK EWING 11:10 AM ET

 

The business is one of the fastest growing at the German engineering giant, despite a slump in the U.S. market and the rise of strong competitors in China.

 

Media Decoder Blog

 

John Roberts Leaves CNN for Fox

 

By BILL CARTER

 

Executives at CNN confirmed Monday that John Roberts, who served as the morning anchor for the network since April 2007, would be joining Fox News as a national correspondent.

 

Diplomats Help Push Sales of Jetliners on the Global Market

 

By ERIC LIPTON, NICOLA CLARK and ANDREW W. LEHREN

 

Sales campaigns for commercial jets on the global market often include politicking and cajoling at the highest levels of government.

 

• Document Reader: Selected Dispatches
  
• Post a Comment | Read (130)
  

 

Fiat Shares Rise After Company Splits in Two

 

By DAVID JOLLY 2:05 PM ET

 

The split is seen as a step that could lead toward greater integration of Fiat’s auto unit with Chrysler Group.

 

Rivals to the iPad Say This Is the Year

 

By JOSHUA BRUSTEIN 3:00 AM ET

 

This year, having digested the iPad’s victories and stumbles, manufacturers may just put out more of those tablets.

 

• Interactive Feature: Tablets, Compared
  
• Video: The Year of the Tablet (Again)
  

 

 

 

• 3-D Wrinkle for Portable Gaming
  
• TV Viewing Continues to Edge Up
  
• Columbia Pictures Hopes to End Oscar Drought
  
• The Great Deflation: Japan Keeps a High Wall for Foreign Labor
  

[interestrateripoff]

More Back-Door Bailouts (BAC This Time)

 

OK, how much is this one going to cost us all?

Bank of America Corp

., the biggest U.S. lender by assets, paid $2.8 billion to Freddie Mac and Fannie Mae after the U.S.-owned firms demanded the company buy back mortgages they said were based on faulty data. The bank rose as much as 5.6 percent in New York trading.

So BAC pays out $2.8 billion. What was and is the loss that was potentially going to be shoved up their tails on this deal?

This, incidentally, does not cover servicing problems, which means it's arguable that if transfers weren't made it won't cover that either. This remains an unknown.

AGAIN: How much money is the taxpayer on the hook for as a consequence of this arguably unlawful allocation of Federal (that is, tax) money from the government to BAC on a "present value" or even "reasonably-foreseeable loss" basis - without a bill originating in The House?

[interestrateripoff]

Breaking news

 

• US judge allows bail for 3 in insider trading case - Reuters
  
• The rise and rise of capital controls: James Saft - Reuters
  
• GLOBAL MARKETS-Commodities sink on profit-taking, US stocks slip - Reuters
  
• US auto sales jump, upswing seen for 2011 - Reuters
  
• US auto sales jump, upswing seen for 2011 - Reuters
  
• US judge allows bail for 3 in insider trading case - Reuters
  
• BAE close to unit sale as three firms bid-sources - Reuters
  
• Dollar gains as US economy shows strength, oil slumps - Reuters
  
• Investors warm to Motorola spinoffs, shares rise - Reuters
  

 

 

 

• Austerity won't trigger double dip recession, economists say
   
  George Osborne's programme of cuts and tax rises will not push Britain into double-dip recession, according to an FT poll of top economists
  107 comments
  
  • Osborne: VAT rise is 'least damaging' way to tackle deficit
    
  • Labour warns of 'squeeze' as VAT rise bites
    
  • Will the UK dodge a double-dip?
    
  • Manufacturing activity hits 16-year high
    

  [*] Blacks sales rise with freezing weather

   

  The owner of the Blacks and Millets chains saw sales rise 10% in December as customers snapped up heavy-duty outdoor clothing

   

  • Stores to delay VAT rise for weeks
    

  [*] BP braces for first official report into Gulf of Mexico disaster

   

  Obama's commission into the causes of the world's worst accidental marine oil spill is the first official investigation to conclude

  [*] Where to put your money in 2011

   

  The companies our writers think are worth a punt in the coming year – and a look back at last year's forecasts

  7 comments

  • Review of the year 2010
    
  • Business year in review in pictures
    
  • Gallery: Heroes and zeros 2010
    
  • 20 things we learned in 2010
    
  • Interactive: The business Christmas special
    
  • Anger over knighthood for man who sold Cadbury
    
  • The most read business articles of 2010
    

 

 

• MySpace 'set to cut up to 50% of staff'
   
  Struggling social network seeks to cut costs as parent News Corp explores selloff, according to reports
  7 comments
  
  • Will Bono trouser $540m from Facebook deal?
    
  • Facebook's value swells to $50bn
    
  • How Facebook became more popular than Google
    

  [*] Asda chairman quits after less than a year

   

  Andy Bond's US Walmart consultancy to end as former Asda chief executive seeks new challenges

  [*] EasyJet spends $1.1bn on Airbus jets

   

  Stelios Haji-Ioannou, budget airline's founder and critic of fleet expansion, calls for details of routes planned for 15 Airbus A320s

  [*] More business news

  [*] De La Rue's woes highlighted as bid war erupts again

  [*] Bernard Madoff aides demand to be released from jail

  [*] Boparan gets deadline for Northern Foods bid

  [*] Cairn finds Greenland rigs as Desire comes up dry

  [*] BP bid talk helps lift FTSE 100 back above 6000

[interestrateripoff]

Osborne defends 'necessary' VAT rise new

 

 

Chancellor George Osborne has been accused of "treating the British people like fools" after defending today's rise in VAT from 17.5% to 20%.

 

• Industry leads recovery in Europe and the US
  
• FTSE 100 index starts new year with a bang new
  
• M&S chairman steps down after six years
  
• BP takeover speculation sees share price surge
  
• Mortgage approvals rose in November
  
• Small business expects to bear brunt of VAT rising to 20 per cent
  
• Slimmer Fiat hungry for a bigger chunk of Chrysler
  

 

Stephen Foley: Oprah always gets her way but is her TV venture all it's cracked up to be?

 

 

US Outlook: Today is Oprah's big day. After 25 years hosting the daytime talk show that made her the most influential woman in showbusiness and the US's first black billionaire, Oprah Winfrey launches her own TV channel.

 

 

• Stephen Foley: Casting some light on Facebook's finances
  
• David Prosser: New year resolutions for a Chancellor who still has much to prove
  
• David Prosser: Put your money where your mouth is
  
• David Prosser: It's time to learn a new language
  
• David Prosser: Look after the vulnerable
  

 

Will we recover, muddle through, or nosedive?

 

With the new year rung in, experts at the world's biggest banks are keen to predict the next economic trends. Nikhil Kumar gives the lowdown on their forecasts for 2011

 

 

• New Year's resolutions for the new bosses on the block
  
• Just one in four directors of small firms is a women
  
• Change your life: Meet the austerity entrepreneurs
  
• The Shares that could make 2011 a prosperous Year
  
• The business on...Tyler and Cameron Winklevoss
  

[interestrateripoff]

FTSE starts new year with 31-month closing high

 

LONDON (Reuters) - Top shares rose sharply on Tuesday, the first session of 2011, lifted back above the key 6,000 level by heavyweight oil stocks and banks, as solid economic data prompted a return of investor risk appetite.

Continue Reading

 

 

 

BP shares hit 6-month high after Shell bid report

 

LONDON (Reuters) - Shares in oil major BP hit a six-month high on Tuesday after reports rival Royal Dutch Shell considered a takeover bid, and that economic damages from its oil spill will be lower than forecast.

4:37pm GMT

 

Manufacturing activity hits 16-year high in December

 

LONDON (Reuters) - Manufacturing activity grew at its fastest pace in over 16 years in December and firms' costs rose at a record pace, suggesting at least one sector of the economy may be ready for higher interest rates before the end of 2011.

10:11am GMT

 

Ryanair faces probe over Aer Lingus stake

 

LONDON (Reuters) - The Office of Fair Trading is to probe Ryanair's stake in Irish rival Aer Lingus on competition grounds, more than four years after the budget airline bought the minority holding.

Aerospace & Defence 7:21pm GMT

 

U.S. Fed sees "fairly high" bar for stopping bond buys

 

WASHINGTON (Reuters) - The Federal Reserve felt at its December meeting that the U.S. economy still needed help despite signs of strength, according to minutes released on Tuesday that showed little appetite to trim bond-buying plans.

8:03pm GMT

 

Mortgage approvals rise unexpectedly in November

 

LONDON (Reuters) - Mortgage approvals rose unexpectedly in November to their highest level since July, Bank of England data showed on Tuesday, chiming with a surprisingly resilient house price survey last week.

UK, 10:20am GMT

 

UK bank venture NBNK close to hiring ex-Tesco exec

 

LONDON (Reuters) - New banking venture NBNK Investments is close to hiring former Tesco marketing executive Paulette Rowe as it looks to strengthen its board, sources close to the matter said on Tuesday.

6:31pm GMT

 

U.S. car sales jump, upswing seen for 2011

 

DETROIT (Reuters) - U.S. auto sales rose to the highest rate in 16 months in December -- topping industry and Wall Street expectations -- as major automakers forecast the recovery would gather momentum in 2011.

7:47pm GMT

 

Data boost for economy at start of tough 2011

 

LONDON (Reuters) - Factory activity in the UK grew at its fastest pace in 16 years at the end of 2010 and mortgage approvals rose, data showed on Tuesday, but tax rises and public spending cuts will provide stiff headwinds in 2011.

UK 4:16pm GMT

 

Gartmore drops to new low amid takeover doubts

 

LONDON (Reuters) - Shares in the fund manager Gartmore dropped to a record closing low in the first session of 2011 amid fears takeover talks with rival Henderson will not produce a deal.

[interestrateripoff]

[/url]

 

 

Record manufacturing data lifts Britain's recovery hopes

 

UK manufacturing growth hit a 16-year high in December as the weak pound drove exports, providing fresh hope that Coalition plans for a rebalancing of the economy are paying off.

Manufacturing growth: How the UK compares with the rest of the world

 

 

'The very low point in the pound has now passed'

 

 

 

 

US market will rally for third year - Blackrock

 

The world's biggest asset management firm predicts that US stock markets will record their third straight year of gains since the financial crisis, brushing off anxieties about Europe's debt woes and the scale of stimulus in the US.

 

Shoppers beat VAT rise and 'go nuts' in sales

 

Shoppers have been "going nuts" on the high street in order to capitalise on post-Christmas sales and beat the VAT increase, retail bosses have said.

Your view: How has the VAT increase affected you?

 

 

 

Internet Explorer loses top spot to Firefox

 

Mozilla'a Firefox has replaced Microsoft's Internet Explorer as the most widely-used web browser in Europe.

 

Australian floods raise fears of wheat shortage

 

Severe flooding in Australia could lead to an increase in the price of bread on supermarket shelves due to global shortages of wheat.

Oil price to return to record highs

 

 

 

BP shares spurt up after claims Shell mulled bid

 

 

 

 

Estonia no guide for others on rocky euro

 

 

 

 

Facebook coup for Goldman Sachs

 

 

 

 

Farmers and miners will lead new world order

 

 

 

 

BoA buys back $2.5bn of Freddie Mac, Fannie Mae loans

 

 

Bankruptcy growing at fastest rate among pensioners

 

Bankruptcy is growing at the fastest rate among pensioners, who are struggling to find ways of increasing their income to keep up with the rising cost of living, figures have suggested.

[interestrateripoff]

4 January 2011 Last updated at 20:06

 

VAT rate rises from 17.5% to 20%

 

The top rate of VAT rises from 17.5% to 20% as the government looks to boost tax revenue to cut the budget deficit.

 

• Parties clash over VAT increase
  
• Stephanomics: the VAT squeeze
  
• Is the VAT increase regressive?
  
• What does VAT rise do to £9.99?
  
• Daily View: VAT rate rise
  
• FSB calls for future VAT review
  

 

 

• Bank sees slight mortgage pick-up
   
  Approvals for home loans - notably for people remortgaging - picked up slightly in November, Bank of England figures show.
  
• Manufacturing growth speeds up
   
  UK manufacturing expanded at its fastest pace for 16 years in December, a survey indicates, but companies' costs are also rising.
  
• BP shares jump on takeover report
   
  BP shares surge 6% after reports rival Royal Dutch Shell considered launching a takeover bid following the Gulf of Mexico oil spill.
  
• US motor sales confirm recovery
  
• Andy Bond to leave Asda in March
  
• Planned Heinz strike suspended
  
• Australia floods 'to hit steel'
  
• Easyjet orders 15 Airbus planes
  
• Small firms 'failing' on pensions
  
• Price of copper hits another high
  
• BT in 'two-tier net' controversy
  
• Germans warned about tainted eggs
  
• Pink Floyd end EMI legal dispute
  
• Blacks enjoys winter sales boost
  

[interestrateripoff]

The Capricious Value of Private Equity Investments

 

By JULIE CRESWELL 21 minutes ago

 

 

Buyout specialists are seemingly at odds over how their investments are — or are not — panning out.

 

 

 

Minh Uong/The New York Times

 

 

 

 

 

 

 

DealBook

 

Qualcomm Is Said to Be Near $3.5 Billion Deal for Atheros

 

By PETER LATTMAN and ANDREW ROSS SORKIN 8 minutes ago

 

The acquisition would give Qualcomm an inroad into notebook computers and tablets.

 

Unlike Rivals, Toyota Saw Its Sales Fall in December

 

By NICK BUNKLEY 2:03 PM ET

 

Still feeling the fallout from recall of millions of vehicles, Toyota said its sales were down 0.4 percent in 2010 and 5.5 percent in December.

 

In Minutes, Fed’s Worries About Deflation Ease

 

By SEWELL CHAN 50 minutes ago

 

A majority of top decision-makers at the Federal Reserve concluded that concerns about falling prices had eased and that inflation would gradually rise over time.

 

After Monday’s Surge, a Lackluster Day on Wall St.

 

By REUTERS 26 minutes ago

 

In the equity markets, trading volume has returned to more normal levels after the extended holiday period.

 

• Unexpected Rise in U.S. Factory Orders in November
  

 

DealBook

 

French Regulators to Consider Hermes's Anti-Takeover Plan

 

By CHRIS V. NICHOLSON 12:37 PM ET

 

French securities regulators on Thursday will consider whether to exempt Hermes from certain rules as the luxury company seeks to block a takeover attempt by LVMH Moet Hennessy Louis Vuitton.

 

Square Feet

 

After a Hibernation, Office Deals Are Reviving

 

By TERRY PRISTIN 10 minutes ago

 

In many big cities, there is suddenly a lively market for investors in office buildings.

 

Firefox Leads in Europe, Firm Says

 

By KEVIN J. O'BRIEN 2:35 PM ET

 

While three other firms disputed the finding, StatCounter of Dublin said Firefox surpassed Internet Explorer as the top European browser in December.

 

DealBook

 

Facebook Deal Offers Freedom From Scrutiny

 

By MIGUEL HELFT

 

Flush with cash, Facebook may be able to delay an initial public offering of stock and remain free of government regulation.

 

• DealBook: Russians' Large Stake in Facebook Grows Larger
  
• DealBook: Why Facebook Is Such a Crucial Friend for Goldman
  
• Video: Facebook's Valuation
  

 

Inflation Jumps in Europe

 

By MATTHEW SALTMARSH

 

Higher prices for food, oil and other commodities are starting to stoke inflation in the euro area, while in Britain, taxes rose on retail goods and services.

[interestrateripoff]

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2011/01/will_fsa_take_action_against_h.html

 

Update 16.30: Here is the crux of what the FSA is looking at.

In the accounting period from the beginning of July 2008 to the end of June 2009, impairment losses for HBOS (losses on loans it had made) were around £21bn.

So that's £21bn of loan losses in a single year, of which the vast bulk came from poor quality loans to property-related businesses.

How credible is it that £21bn of losses can crystallise as fast as that?

Does that show failure of the accounting rules - which is what Tim Bush, the former Hermes fund manager, argues.

Or should HBOS have told its shareholders before the end of 2008 that a good portion of its corporate loans were looking a bit sick.

 

Still the recovery is here we can all rejoice.....