Re: The great interest rate rip-off part 4 -

[interestrateripoff]

How to silence a Nobel Prize winning economist: Ask him about the economy.

 

 

[interestrateripoff]

http://www.independent.co.uk/news/business/news/tale-of-two-halves-as-north-suffers-more-than-south-2371718.html

 

Britain's north-south divide is turning into a chasm as a shuddering recovery and steep cuts to public spending hit the North far more than the South.

 

Two sets of figures to be published today, covering business failures and house prices, will again show that the economic picture in the two halves of the country is starkly different.

 

Begbies Traynor, the insolvency specialist, will report a "material increase in problems in the past quarter across the North East, North West, Yorkshire, the Midlands, the East of England and Wales compared to decreasing distress in London and the South East".

 

Against a UK average of 2 per cent, the number of businesses facing both significant and critical financial distress in the past quarter fell by 6 per cent and 3 per cent, respectively, for London and the South East. But all other regions in England and Wales saw rises.

 

And by far the hardest hit was the North East, with a 19 per cent rise in business distress, followed by the North West with 12 per cent. Yorkshire, the Midlands, Wales and the South West saw increases of 10 per cent.

 

So once the North suffers to bailout the south, previously it's been to curb inflation in the South, now it's to bailout the square mile. Good to see where all in it together. After the manufacturing never recovered after the restructuring of the 70s/80s the investment needed was never delivered instead the quick easy fix of govt employment was used.

 

"Northern unemployment is an acceptable price to pay for curbing southern inflation" Eddie George former Governor of the Bank of England

The above needs to be rewritten "Northern unemployment is an acceptable price to pay for bailing out the banks".

[interestrateripoff]

Breaking news

 

• Citi posts higher earnings but warns on growth - Reuters
  

 

 

 

• Germany dampens hopes of early eurozone solution: live
   
  Last updated four minutes ago
  Live Wolfgang Schäuble's warning that the upcoming EU summit will not deliver a definitive solution has disappointed the City, where the Occupy London protests continue
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  • Latest “8.25pm: Wolfgang Schäuble won't be getting many Christmas cards from Wall Street. Going into the final half-hour, the Dow Jones is down over 200…”
    Follow the live blog with Graeme Wearden
     
    
  • Jill Treanor: Europe's debt hangover
    
  • Banks 'must take bigger losses on Greek loans'
    
  • UK economy 'stalled', warns Item Club
    
  • Eurozone crisis to hit UK economy, warns CEBR
    
  • Too soon for a financial transaction tax?
    
  • Debt crisis claims BNP-DTZ property deal
    
  • Banks' capital shortfall divides analysts
    

  [*] Philips job cuts herald cold winter for European industry

   

  Dutch electronics group underscores the harsh prospects for Europe by cutting 4,500 jobs as part of a €800m savings programme

   

  • Philips to cut 4,500 jobs
    

  [*] Apple's iPhone 4S sales heading for new gadget world record

   

  More than 4m iPhones sold in their first three days in the shops

  [*] Behind Las Vegas glitz and glamour lies a dark city marred by poverty

   

  Effects of the recession are still being felt in Las Vegas where the poverty rate has doubled since 2010

   

  • Las Vegas hotels: hard times hit famous names
    

 

 

• G4S struggles to overcome investor scepticism
   
  Nils Pratley on finance: Chief executive Nick Buckles' biggest problem is that he doesn't have many instant windfalls to offer investors
  2 comments
  
  • G4S's purchase of ISS raises concerns
    
  • G4S deal will create firm with over 1m employees
    
  • Market forces live: G4S loses 18% after ISS deal
    

  [*] Too soon for a financial transaction tax?

   

  Economics blog: Germany believes up to €40bn could be raised from placing a tiny charge on thousands of daily financial transactions. By Phillip Inman

  5 comments

  • Euro deal has too many moving parts
    
  • Europe finally listening to Geithner
    
  • The economics blog
    

  [*] Japan wants healthy EU to boost exports

   

  Business blog: Tokyo wants the eurozone to hoover up exports and drive recovery from March's devastating tsunami. By Dan Milmo

  14 comments

  • Dan Milmo: The view from Japan
    
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  [*] More business news

  [*] Citigroup buoyed by $3.7bn third quarter profit

  [*] Hoffman set to make Northern Rock bid

  [*] BP reaches $4bn settlement over Deepwater Horizon disaster

  [*] Company dividends soar 16% in a year

[interestrateripoff]

Stocks slide after Germany dampens hopes new

 

 

Investors remain wary about whether an effective resolution can emerge over such a short period.

 

• Trichet calls for stricter rules to stabilise Europe
  
• BP shares up amid £2.5bn oil spill deal
  
• Euro woes hit UK growth prospects
  
• Companies warned not to dismiss pay revolts
  
• Travelodge to create 710 new jobs new
  
• Security firm to serve school meals
  
• Philips to cut 4,500 jobs as profits slump
  

 

Stephen King: Euro meltdown would pave the way for another Great Depression

 

Outlook: Imagine that Europe is unable to agree on a convincing solution. What sort of system would we be left with?

 

 

• Margareta Pagano: Why the 'only women in the boardroom' just don't get it
  
• Hamish McRae: Retrieving Britain's well-being is not all about restoring our ailing economy
  
• David Prosser: This is no time to lose our nerve in the battle to solve the pensions crisis
  
• David Prosser: BMI is the prize in the airlines' battle of Britain
  
• David Prosser: Is it time for the Bank to show us all the money?
  

[interestrateripoff]

Berlin tempers summit hopes

 

DUESSELDORF, Germany - Germany said on Monday that a summit of EU leaders next Sunday would not produce a miracle cure for the euro zone's sovereign debt crisis, a warning that pushed down markets after a rise in the past week on expectations of a breakthrough

 

 

• Citi Q3 net rises, boosted by accounting gain | 7:49pm BST
  
• Global stocks, euro fall on German finmin comments 8:54pm BST
  
• G4S to buy Denmark's ISS in $8.2 billion deal 8:12pm BST
  
• U.S. not "trying that hard" on exports - GE's Immelt |
  

Bankers sceptical of Europe's mini-merger Monday

 

LONDON - Investment bankers said billions of dealmaking on Monday would do little to lift overall merger sentiment as Europe continues to struggle with its sovereign debt crisis.

8:35pm BST

 

Louis Dreyfus IPO unlikely in short term - sources

 

PARIS/LONDON - Commodities firm Louis Dreyfus is not envisaging a listing of its trading unit in the short term but is still considering options to raise capital, leaning towards a private investor, sources familiar with the situation said on Monday.

8:11pm BST

 

BP gets $4 billion from Anadarko for oil spill costs

 

LONDON - Anadarko Petroleum Corp will pay BP Plc $4 billion (2.5 billion pounds) towards clean-up of the Gulf of Mexico oil spill, far less than BP might have won in court, but the deal could reduce the overall cost of the disaster for the British group.

Gulf Oil Spill 7:07pm BST

 

Schaeuble says Tobin tax opposition is "parochial"

 

LONDON - UK opposition to taxing stock, bond and derivatives trades is stopping the European Union from making banks help "clean up the mess" from the financial crisis, Germany's finance minister Wolfgang Schaeuble said on Monday.

G20 5:36pm BST

 

After much talk, U.S. commodity crack-down nigh

 

WASHINGTON - U.S. regulators this week will finalise their toughest crackdown yet on volatile oil and metal markets, concluding nearly four years of fierce debate over whether limits on speculative trade can tame prices.

[interestrateripoff]

17 October 2011 Last updated at 17:22

 

Huhne encourages energy switching

 

Energy secretary Chris Huhne calls for consumers to consider changing suppliers and methods of payment to bring down their energy bills. 1000

 

• Q&A: Plans to simplify energy tariffs
  
• How to switch energy suppliers
  
• How to read your gas bill
  
• Cameron wants competitive market Watch
  

 

Shares fall on debt deal warnings

 

European and US shares trade lower after German officials warn that an EU summit may not deliver a definitive solution to the debt crisis.

 

• Peston: Sticking plaster not cure?
  
• Banks bristle at Greek haircut
  
• Eurozone crisis explained
  
• Europe's four big dilemmas
  

 

 

Economy at a 'dangerous junction'

 

The UK economy has stalled at a dangerous junction with the latest bout of quantitative easing unlikely to work, independent forecaster Ernst and Young warns.

 

• UK economy 'needs kickstart' Watch
  
• Q&A: What is GDP?
  

 

 

 

• Philips announces 4,500 job cuts
   
  Struggling Dutch lighting and consumer electronics group Philips is to cut 4,500 jobs worldwide, the company announces.
  
• Citigroup's profits jump higher
   
  US bank Citigroup's third quarter profit beats forecasts after net income rose 74%, thanks in part to an accounting gain.
  
• BP in $4bn Gulf spill settlement
   
  BP is to receive $4bn as part of a settlement with Anadarko Petroleum over last year's Deepwater Horizon oil platform disaster.
  
• China economic growth set to slow
  
• Rise in US industrial production
  
• Olympus shares plunge as CEO axed
  
• L'Oreal heiress in guardianship
  
• Free apps for Blackberry owners
  
• Mouchel interim chairman resigns
  
• Third day of 'City greed' protest
  
• G4S buys Danish firm for £5.2bn
  
• Samsung seeks iPhone 4S sales ban
  
• RBS apology footage to be shown
  
• Rio Tinto to sell aluminium units
  
• Eurozone: Sticking plaster, not cure
   
  12 hours ago
  Even if European governments agree a bold rescue package for the eurozone next weekend, they will not have sorted the region’s fundamental financial and economic flaws.
  
• A Plan B for the UK? (Part 2)
   
  3 hours ago
  The fact there are two definitions of public sector net debt may help the Chancellor carry out his "credit easing" plan
  

[interestrateripoff]

Citigroup Earnings Rise 74% to $3.8 Billion

 

By ERIC DASH 12:40 PM ET

 

Three years after needing a federal bailout to survive, Citigroup reported its seventh-straight quarterly profit with a 74 percent rise in the third quarter despite dismal results of its investment bank.

Jemal Countess/Getty Images for Time

 

Vikram Pandit, chief of Citigroup.

 

 

 

DealBook

 

Wells Fargo Earnings Rise 21%, to $4.1 Billion

 

By BEN PROTESS

 

Wells Fargo, the nation's largest consumer lender, said its third-quarter earnings rose 21 percent, even as a drop in revenue indicated a disappointing sign for the bank.

 

Germany Lowers Expectations for E.U. Summit

 

By STEPHEN CASTLE AND LIZ ALDERMAN 2:38 PM ET

 

Officials suggested that an emerging five-point plan designed to end the euro zone's sovereign debt crisis could take months to implement.

 

• Interactive Feature: Tracking Europe's Debt Crisis
  

 

Ousted Olympus Chief Accuses the Company of Fraud

 

By HIROKO TABUCHI 2:52 PM ET

 

Michael Woodford claims to have been fired because he was questioning past deals involving the chairman.

 

BP Recovers $4 Billion From Anadarko for Gulf Spill

 

By JULIA WERDIGIER 12:50 PM ET

 

Anadarko held a 25 percent share in the Gulf of Mexico well that blew out last year, causing the largest oil spill in U.S. history.

 

• DealBook: Norway's Statoil to Acquire Brigham Exploration for $4.4 Billion 8:04 AM ET
  
• Post a Comment | Read (14)
  

 

New Test for Down Syndrome Raises Hopes and Questions

 

By ANDREW POLLACK 1:25 PM ET

 

While the test may reduce the need for riskier invasive procedures such as amniocentesis, it also raises ethical issues.

 

RIM Offers Free Apps as Apology for Outages

 

By IAN AUSTEN 2 minutes ago

 

The limited selection of appealing software, however, may still leave BlackBerry customers grumbling.

 

• Battered, RIM Pins Hopes on Next Wave of Devices
  

 

Shares Fall on Wall Street

 

By CHRISTINE HAUSER 35 minutes ago

 

Stocks drop as Germany tamps down hopes for quick end to European debt crisis.

 

Supreme Court to Hear 2 Human Rights Cases

 

By ADAM LIPTAK 35 minutes ago

 

The court is being asked whether corporations and political groups can be sued in the United States for alleged abuses of human rights abroad.

 

Air France Fires Its Chief Executive

 

By NICOLA CLARK 3:00 PM ET

 

Soaring costs and scrutiny of the airline’s safety standards made investors uneasy with Pierre-Henri Gourgeon’s management.

 

Bits Blog

 

More Than 4 Million iPhone 4S's Sold Over First Weekend

 

By NICK WINGFIELD

 

Apple's first weekend sales for the iPhone 4S broke company records.

 

DealBook

 

El Paso Takeover Crowns a Career of Deal-Making

 

By MICHAEL J. DE LA MERCED 1:22 PM ET

 

Richard D. Kinder has come a long way from founding a small company that bought the castoffs of his former employer, Enron.

 

DealBook

 

G4S to Buy Danish Security Rival ISS for $8.2 Billion

 

By JULIA WERDIGIER 9:20 AM ET

 

G4S, the world's biggest provider of security services, agreed to buy a Danish rival, ISS, for about $8.2 billion with debt, accelerating its expansion in Asia and Latin America.

[interestrateripoff]

[/url]

 

Shares fall after Germany dampens hopes for quick end to euro crisis

 

Stock markets in Europe and US drop as Germany plays down the likelihood of a swift end to the eurozone debt crisis, despite fears that time is running out for a decisive rescue plan for banks and Greece.

Merkel dampens hope of 'big bang' solution for eurozone

 

 

FTSE extends rally after G20 meeting on eurozone

 

 

Japan cuts growth forecasts for first time in six months

 

 

Lack of ECB firepower weakens Europe’s Grand Plan

 

 

 

 

G4S ready for risks of 'market changing' deal

 

Chief executive Nick Buckles has agreed to pay £5.2bn for facilities manager ISS, which will be financed through a £2bn rights issue.

Profile: Nick Buckles

 

 

G4S to become world's biggest security company

 

 

 

Big Six to 'nudge' customers towards cheaper utility deals

 

Energy companies have promised to “nudge” customers towards cheaper electricity and gas deals, after being hauled in front of the Prime Minister to explain why bills are so high.

 

Anadarko pays BP $4bn to settle Gulf claim

 

BP's main partner in the exploded Gulf of Mexico oil well has agreed to contribute $4bn (£2.5bn) towards clean-up costs and civil claims for the accident.

BP settles with Anadarko - reaction

 

 

 

Philips to cut 4,500 staff as profits plunge

 

Philips Electronics is to cut 4,500 jobs as it seeks to make €800m (£700m) in savings and stem a sharp drop in profits.

 

Rio Tinto beats retreat from aluminium

 

 

 

 

Taxman accused of Golman Sachs ‘cover-up’

 

 

 

 

Government must be careful with 'Big Six'

 

 

 

 

Mouchel chairman David Sugden steps down

 

 

 

 

Serco escorted prisoners to court in black cabs

 

 

Debt crisis: live

 

Stock markets rise after G20 meeting as clock starts ticking on a crucial week for the eurozone, with Europe's politicians given seven days to present crisis plan ahead of a key Brussels summit on Sunday.

What the world most needs now is growth, not austerity

 

 

 

 

Inflation closes in on 20-year high

 

 

 

 

Japan cuts growth forecasts for first time in six months

 

 

A leveraged EFSF is pure poison

 

 

House prices in south double those in north as gap widens to record

 

 

Unravelling an economy with an interlinked crisis

[interestrateripoff]

Here Comes The Double Dip (Empire)

Sorry folks, the "recovery" meme has just run out of gas....

The Empire State Manufacturing Survey indicates that conditions for New York manufacturers continued to deteriorate in October. The general business conditions index remained negative and, at -.5, was little changed. The new orders index hovered around zero, indicating that orders were flat, while the shipments index rose above zero to 5.3. The inventories index stayed below zero, a sign that inventories declined. The indexes for both prices paid and prices received fell, but remained positive, suggesting that price increases moderated. The index for number of employees rose several points but was at a relatively low level of 3.4,

while the average workweek index was negative for a fifth consecutive month. The future general business conditions index dropped six points to 6.7, its lowest level since early 2009

, while future indexes for prices paid and prices received declined.

Yuck.

There is utterly nothing to indicate success in "reflating" or "restarting" the economy here. Nothing.

This report is just flat-out terrible, no ifs ands or buts. I wish there was some other way to put this, but there isn't. What's worse is that the composite is now sitting just about where it was in 2010 and just before it all went to hell in 2008.

[interestrateripoff]

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100012681/a-leveraged-efsf-is-pure-poison/

 

Big snag. If Europe’s leaders do indeed leverage their €440bn bail-out fund (EFSF) to €2 trillion or €3 trillion through some form of "first loss" insurance on Club Med bonds – as markets now seem to assume – the consequences will be swift and brutal.

 

Professor Ansgar Belke, from Berlin's DIW Institute, said any leveraging of the EFSF would be "poisonous" for France’s AAA rating and would set off an uncontrollable chain of events.

 

"It counteracts all efforts made so far to stabilize the eurozone debt crisis, which are premised on the AAA rating of a sufficiently large number of strong economies. In extremis, it would probably cause the break-up of the eurozone", he told Handlesblatt.

 

France is already vulnerable. It has the worst budget deficit and primary deficit of the AAA states in Euroland. (Yes, Britain is worse, but the UK has a sovereign currency and central bank. Chalk and cheese.)

 

.......

 

Surely the EFSF deserves no more that BBB rating, or perhaps just CCC, if EU leaders really embark on this course.

 

The whole discussion has become surreal.

 

 

The only rating the EFSF requires.

[interestrateripoff]

Deutsche Bank Warns France May Be Put On Downgrade Review Before Year End

 

 

Obama's Attempt To Use #OWS As A Diversionary Smoke Screen Fails: 56% Believe Washington To Blame For Crisis And Recession

 

 

Is Goldman About To Report Only The Second Loss Since Its 1999 IPO?

 

 

Throw Away The Shackles Of Your Birinyi Rulers And Be Free! Hungarian No Longer Bull; Now Just bull

 

 

Guest Post: Gold and Economic Decline

 

 

UBS' George Magnus On The Eurozone As Monty Python Scouring For The Hollywood Ending Holy Grail

 

 

Naked In Europe

 

 

SocGen Asia Strategist Has Near Fit On Bloomberg TV After Making It Clear That It's All The Blogosphere's Fault

 

 

Ron Paul Proposes Elimination Of Education, Energy Departments, Lowering Presidential Salary To $39,336

 

 

"Internet Killed The Radio Store" - Mall Vacancies Hit All Time Record

 

 

Empire Fed Manufacturing Misses Expectations; Hopium Ends As Future Conditions Index Lowest Since February 2009

 

 

Citi Earnings Bloodbath: $3.8 Billion ($1.23/Share) In Reported "Earnings" Really $0.5 Billion Or $0.16/Share

 

 

Schedule Of Greek Strikes For The Upcoming Week

 

 

So Much For Dreams, Hopes And The European Way: Schaeuble, Merkel Warn EU Summit To Be A Dud

 

 

43,454,601,693,238 Reasons Why The World Is Broke - Presenting The Interactive Global Debt Clock

 

 

Guest Post: Yet Another Reason Why the Euro Is Doomed

 

 

10 Essential Fiscal Charts Demonstrating America's Disastrous Condition

[interestrateripoff]

Morgan Stanley's Japanese JV Supports Euroexposed Bank... By Cutting 20% Of Its Workforce

 

 

Guest Post: America’s Wealth-Defined Society

 

 

Chinese M2 Growth Dropping To 9 Year Low Means More Pain In Store For SHCOMP

[interestrateripoff]

Breaking news

 

• US deficit panel shouldn't eye tax reform-Geithner - Reuters
  

 

 

 

• Inflation hits three-year high
   
  Inflation hits 5.2%, driven by big jumps in utility bills, but there was some good news for those on benefits where rises are tied to the figure
  252 comments
  
  • Datablog: UK inflation since 1948
    
  • Inflation watch: are your shopping habits changing?
    
  • Interactive: Inflation in the UK
    
  • Reality check: how much will this cost the state?
    
  • Poll: Is the worst now over for inflation?
    
  • Rising inflation offers state pension boost
    
  • UK inflation: what the economists say
    
  • How inflation hurts a pensioner, saver and teacher
    

  [*] Goldman Sachs posts loss as France comes under pressure - Live

   

  Last updated nine minutes ago

  Live Chief executive Lloyd Blankfein says 'the uncertain macroeconomic and market condition' pushed Goldman into the red

  8 comments

  • Latest “7.47pm: It does sound like Ben Bernanke has bitten the bullet on bubbles (as Dominic suggested in the last post). Here's what the Fed chief was…”
    Goldman Sachs posts loss - Live
     
    
  • France/Germany ready to agree €2tn euro rescue fund
    
  • EU debt crisis - the morning's events
    
  • France gets warning as Germany sparks new fears
    
  • Germany plays down hopes of solution: blog
    
  • Eurozone rescue deal has too many moving parts
    
  • Jill Treanor: Europe's debt hangover
    
  • Debt crisis claims BNP-DTZ property deal
    
  • Banks' capital shortfall divides analysts
    
  • Athens braced for 'mother of all strikes'
    

  [*] Goldman Sachs reports $393m loss

   

  Investment bank reported its second quarterly loss since going public in 1999 as the turmoil in Europe and Washington took its toll

  101 comments

  • More US bank results
    
  • Time for Goldman shareholders to get real
    

  [*] China's economic growth slows

   

  China's rapid economic growth eased in the latest quarter to a still-robust 9.1% amid government efforts to prevent overheating

  11 comments

 

 

• Inflation pushes UK Misery Index to highest since Black Wednesday
   
  Economics blog: Today's inflation data, combined with high unemployment, show the economy is suffering from a mild but nasty dose of stagflation. By Larry Elliott
  49 comments
  
  • The economics blog
    

  [*] Time for Goldman Sachs shareholders to get real on bonuses

   

  Nils Pratley: Did a miracle happen at Goldman in the third quarter? Did the investment bank set aside nothing for bonuses?

  6 comments

  • Nils Pratley on finance
    
  • A tale of two inflations
    

  [*] D-day approaches for Misys chief executive's incentive plan

   

  Business blog: Mike Lawrie will get a handsome payout if the share price on 1 November is higher than five years ago. By Jill Treanor

   

  • Japan's bullet train – the envy of UK
    
  • More from the business blog
    

  [*] LVMH sales grow despite slowdown

   

  The maker of Louis Vuitton handbags, Mumm champagne and Hennessy cognac says no sign of spending slump in the luxury market

  [*] More business news

  [*] BlackBerry maker admits failures over outages

  1 comment

  [*] iPhone 4S sales heading for record sales

[interestrateripoff]

'I don't think they appreciate what the City contributes'

 

It was the day protesters and bankers met. Tim Hume reports

 

• Sacked boss of Olympus passes papers to SFO
  
• Hopes of euro deal diminish
  
• Ministers' summit with big six energy firms was a 'wasted opportunity'
  
• Anadarko to pay BP $4bn in settlement
  
• G4S secures Danish rival ISS in £5.2bn mega-deal
  
• DTZ looks for options as SGP walks away
  
• Accounting gain helps Citi beat profit forecasts
  

 

Stephen King: Euro meltdown would pave the way for another Great Depression

 

Outlook: Imagine that Europe is unable to agree on a convincing solution. What sort of system would we be left with?

 

 

• Margareta Pagano: Why the 'only women in the boardroom' just don't get it
  
• Hamish McRae: Retrieving Britain's well-being is not all about restoring our ailing economy
  
• David Prosser: This is no time to lose our nerve in the battle to solve the pensions crisis
  
• David Prosser: BMI is the prize in the airlines' battle of Britain
  
• David Prosser: Is it time for the Bank to show us all the money?
  

[interestrateripoff]

Inflation at 3-year high tightens squeeze on Britons

 

LONDON - Inflation in Britain hit a three-year high in September driven by soaring gas and electricity bills, further eroding living standards and piling more pressure on the government to help struggling consumers.

 

 

• Bank's Mervyn King urges Germany, others to boost demand 7:59pm BST
  
• Goldman posts only its second quarterly loss | 7:42pm BST
  
• U.S. stocks gain with banks; bonds rise | 7:33pm BST
  
• French credit review threatens euro zone rescues
  

 

Bank of America posts profit despite core weakness

 

CHARLOTTE, North Carolina - Bank of America Corp posted a third-quarter profit, boosted by accounting gains, but its main businesses struggled as income from lending and investment banking fell. | Video

7:42pm BST

 

TNK-BP asked to join shareholder suit against BP

 

MOSCOW - Oil company BP's 50 percent-owned Russian affiliate TNK-BP is being asked to join one of its shareholders in a court battle seeking billions of dollars in compensation from its British parent. | Video

6:25pm BST

 

Dealtalk - Bmi facing break-up in battle for Heathrow slots

 

LONDON/FRANKFURT - Deutsche Lufthansa AG may have to break up its bmi unit to sell the underperforming carrier, as larger airlines eye its access at Heathrow airport and smaller players look to pick off its budget and regional operations.

Aerospace & Defence 3:17pm BST

 

Apple earnings to showcase iPhone strength

 

SAN FRANCISCO - Apple Inc once more faces lofty expectations after smashing iPhone sales records, but Wall Street remains confident the world's largest technology company will deliver another bumper quarter.

6:03pm BST

 

EU reaches deal on law to ban naked sovereign CDS

 

BRUSSELS - The European Union has reached a deal on a law to ban "naked" or uncovered credit default swaps (CDS) linked to sovereign debt, a European Commission spokeswoman said on Tuesday.

[interestrateripoff]

18 October 2011 Last updated at 19:51

 

UK inflation rate rises to 5.2%

 

The rate of Consumer Prices Index inflation rose to 5.2% in September from 4.5% the month before, matching the record level set in September 2008.

 

• Flanders: A return to 2008
  
• Check your personal inflation rate
  
• Inflation rise: Your stories
  
• Inflation and the squeeze on shops
  
• Q&A: What is inflation?
  
• Huhne encourages energy switching
  

 

King urges China to import more New

 

Bank of England governor Mervyn King calls on China to import more to help solve global financial problems.

 

• UK inflation rate rises to 5.2%
  
• China's economic growth slows
  

 

 

China's economic growth slows

 

China's economic expansion slows during the third quarter of the year as government measures to control inflation hurt growth.

 

• Growing power of Asian consumers
  
• US Treasury delays ruling on yuan
  

 

 

 

• S&P downgrades 24 Italian banks
   
  Standard & Poor's downgrades the credit ratings of 24 Italian banks and financial institutions.
  
• Shares fall on France rating fear
   
  European shares fall after Moody's warns about France's credit rating and figures show a slowdown in the rate of China's economic growth.
  
• Goldman Sachs reports $393m loss
   
  Goldman Sachs reports a $393m quarterly loss, after its trading was hit by the eurozone crisis and wider global woes.
  
• Bellway posts 50% rise in profits
  
• Olympus ex-boss takes case to SFO
  
• Coca-Cola reports $2.2bn profit
  
• Heating oil firms cleared of rip-off
  
• Whitbread sales lifted by Costa
  
• PPI complaints to Ombudsman drop
  
• HTC loses Apple patent case in US
  
• Fish farms may face coastal ban
  
• ITV plc to buy Channel Television
  
• Sinohydro shares surge on debut
  
• IBM earnings see share sell-off
  
• Fox emailed Pargav funds request
   
  22 hours ago
  Liam Fox personally solicited a substantial donation from Jon Moulton, the multi-millionaire private-equity tycoon, for Pargav. The email was passed by Mr Moulton to the cabinet secretary on Friday, shortly before Mr Fox resigned.
  
• Twin peaks: inflation 2008 and 2011
   
  8 hours ago
  People keep saying it feels like the dark days of the financial crisis three years ago.
  

[interestrateripoff]

Goldman Sachs Reports $428 Million Loss

 

By SUSANNE CRAIG 10:45 AM ET

 

Goldman, weighed down by problems in its private equity portfolio and the broader global economic woes, reported a loss of $428 million, only the second quarterly loss since the investment bank went public in 1999.

 

• Financial Stocks Lift Wall Street 2:48 PM ET
  

Ramin Talaie/Bloomberg News

 

Goldman Sachs headquarters in Manhattan.

 

 

 

DealBook

 

Bank of America Notches $6.2 Billion Profit

 

By NELSON SCHWARTZ 12:56 PM ET

 

Bank of America reported a $6.2 billion profit for the third quarter as gains from assets sales and positive accounting changes outweighed weaker results in its trading business and continued losses in its huge mortgage portfolio.

 

• Economix Blog: Did Bad Loans Continue at Bank of America After 2008? 8:36 AM ET
  
• DealBook: Banks Start to Make More Loans 12:47 AM ET
  

 

France Defends Its Credit Rating After Moody’s Warning

 

By LIZ ALDERMAN 7 minutes ago

 

The agency said it might place France on watch for a downgrade if the costs of supporting banks and other euro countries hurt the country's finances.

 

• Interactive Feature: Tracking Europe's Debt Crisis
  

 

DealBook

 

Regulators Move to Rein In Speculative Trading

 

By BEN PROTESS

 

But the battle over position limits on 28 commodities may continue if Wall Street, as expected, takes its complaints to the courts.

 

Still Strong, Economy in China Cools Slightly

 

By MICHAEL WINES 9:56 AM ET

 

Gross domestic product grew at an annual pace of 9.1 percent in the quarter, as measures to rein in inflation and head off speculation put a brake on growth.

 

This Luxurious House Is Not a Home

 

By VIKAS BAJAJ 9:37 AM ET

 

The extravagant 27-story house built in Mumbai by India’s richest man has been completed, but the owners apparently have not moved in — raising questions as to why.

 

• India Ink: Single-Family Skyscrapers Take Mumbai 9:40 AM ET
  

 

In E-Reader Battle, a Superhero Slugfest Among Booksellers

 

By DAVID STREITFELD 12:39 PM ET

 

Amazon made an exclusive tablet deal with DC, so Barnes & Noble and Books-a-Million removed its graphic novels from their shelves.

 

• Post a Comment | Read (0) | Bits: Publishing Perils in the Digital Age
  

 

Warming Revives Dream of Sea Route in Russian Arctic

 

By ANDREW E. KRAMER

 

As global warming melts the polar ice sheet, shipping, fishing and mining interests are looking to take advantage of the newly accessible Arctic Ocean.

 

• Post a Comment | Read (17) | Northeast Passage Opens Up
  

 

 

 

• Coca-Cola 3rd-Quarter Profit Up on Volume Gains 1:41 PM ET
  
• Johnson & Johnson Profit Falls, but Sales Pick Up 11:35 AM ET
  
• Farmers Facing Loss of Subsidy May Get New One
  

[interestrateripoff]

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Markets wary after Moody's French warning and slowing China growth

 

Stock markets slide around the world on unease over Europe after Moody's threatens France's triple-A rating on concerns over banks and the cost of bailouts as weaker Chinese data prompts concern about demand.

Eurozone crisis 'could cause collapse of global banking system'

 

 

Eurozone central banks have 'capacity' to support lenders

 

 

French economy fears push debt yields to 19-year high

 

 

China's economic growth slows

 

 

 

 

Shock Goldman loss as payout pool hits $10bn

 

Goldman Sachs said it had set aside $10bn to cover pay and bonuses so far this year as it reported a surprise loss of $393m (£250m) in the third quarter of the year, as volatile markets hit investment banking.

Bank of America shares jump as investors focus on revenues

 

 

 

Energy costs drive inflation to 19-year high

 

Inflation jumped to a 19-year high of 5.2pc in September driven by higher energy prices, underlining the squeeze on living standards and landing the Government with a bumper bill for increased state benefits.

Inflation jump shows us just how weak the UK economy really is

 

 

 

Inflation to fuel huge rise in business rates

 

British businesses face the biggest annual jump in rates for more than 20 years as the Government uses September's 5.6pc retail price inflation to set next April's rates rise.

 

TNK-BP board could join lawsuit against BP

 

 

 

 

EU set to ban CDS insurance on sovereign bonds

 

 

 

 

Coca-Cola selling more drinks around the world

 

 

 

 

Whitbread boss sees long period of 'low or no growth'

 

 

 

 

G4S ready for risks of 'market changing' deal

 

 

 

 

Bellway raises dividend by 30pc as profits jump

 

 

A leveraged EFSF is pure poison

 

 

Volcker is right; a little inflation is a dangerous thing

[interestrateripoff]

Ron Paul Unveils $1 Trillion In ACTUAL Cuts

Hmmm...

Republican presidential candidate Ron Paul on Monday laid out an economic plan that would lower corporate and individual taxes and cut federal spending by $1 trillion during his first year in office, achieved partly by eliminating five cabinet-level departments.

Mr. Paul, a longtime Texas congressman, said he would close the departments of Education, Energy, Commerce, Interior and Housing and Urban Development, as part of a broader plan to cut federal spending. The federal work force would be cut by 10%. Mr. Paul also called for stopping foreign aid and "ending foreign wars.''

Now that is cutting spending.

It also likely has the media power and public acceptance of about 3% of the population, because doing so will instantly collapse the entire ponzi game that has been run for the last 30 years.

 

The voters will never go for it.

[interestrateripoff]

There Is No Bailout Spoon: The Math Behind The €2 Trillion EFSF Reveals A "Pea Shooter" Not A "Bazooka"

 

 

Guardian Report That Europe Has Agreed On EFSF-As-Insurance-Policy Sends EURUSD Surging

 

 

Bank Of America Forces Depositors To Backstop Its $53 Trillion Derivative Book To Prevent A Few Clients From Departing The Bank

 

 

European Short Selling Ban Redux - Europe Reaches Deal On Naked CDS Ban As Desperation Sets In

 

 

As Greece Launches Latest 2 Day General Strike, Unions Warn Of Austerity "Death Spiral" - A Primer On Greek Politics

 

 

Guest Post: Debt-Serfdom Is Now The New American Norm

 

 

S&P Downgrades Over 20 Italian Banks, Says Difficult Climate Is Neither "Transitory" Nor "Easily Reversed"

 

 

Egan-Jones Downgrades Goldman From AA To AA-

 

 

And Once Again, German, French Discord Threatens To Scuttle European Bailout Reports AP

 

 

Because The Financial Short Ban Was Not Enough, Europe To Proceed With CDS Short Selling Ban Imminently, Accelerate Terminal Unwind

 

 

The Fraud At The Heart Of Student Lending Exposed - The One Sentence Everyone Should Read

 

 

A Morning Rant - EFSF, Enron, AIG, CDS Clearing

 

 

UK Inflation Rises Again To 5.2% - Ultra Loose Monetary Policy May Lead To Stagflation

 

 

Goldman Reports Massive $0.84 Loss Per Share, Prop Trading Loss Of $2.5 Billion, Comp Accrual Of $358,713 Per Employee

 

 

Bank of America Posts Adjusted Loss Excluding "Benefits" From Spread Blow Up

[interestrateripoff]

%3C/font%3Echblog.com/bloomberg-reported-last-night-we-now-have-prima-facie-evidence-that-the-student-loan-market-is-not-only-an-epic-bubble-but-it-is-also-the-next-subprime/"]http://investmen[EDIT - PLEASE REFRAIN FROM PERSONAL ABUSE]chblog.com/bloomberg-reported-last-night-we-now-have-prima-facie-evidence-that-the-student-loan-market-is-not-only-an-epic-bubble-but-it-is-also-the-next-subprime/

 

It appears that investement and watch can't got together because it's saying t_ w_a_t http://investment watch blog.com/bloomberg-reported-last-night-we-now-have-prima-facie-evidence-that-the-student-loan-market-is-not-only-an-epic-bubble-but-it-is-also-the-next-subprime/

 

A key reason why a preponderance of the population is fascinated with the student loan market is that as USA Today reported in a landmark piece last year, it is now bigger than ever the credit card market. And as the monthly consumer debt update from the Fed reminds us, the primary source of funding is none other than the US government. To many, this market has become the biggest credit bubble in America. Why do we make a big deal out of this? Because as Bloomberg reported last night, we now have prima facie evidence that the student loan market is not only an epic bubble, but it is also the next subprime! To wit: “Vince Sampson, president, Education Finance Council, said during a panel at the IMN ABS East Conference in Miami Monday that lenders are no longer pushing loans to people who can’t afford them.” Re-read the last sentence as many times as necessary for it to sink in. Yes: just like before lenders were “pushing loans to people who can’t afford them” which became the reason for the subprime bubble which has since spread to prime, but was missing the actual confirmation from authorities of just this action, this time around we have actual confirmation that student loans are being actually peddled to people who can not afford them. And with the government a primary source of lending, we will be lucky if tears is all this ends in.

 

More bullets from Bloomberg:

 

Vince Sampson, president, Education Finance Council, said during a panel at the IMN ABS East Conference in Miami Monday that lenders are no longer pushing loans to people who can’t afford them.

The bubble in the sector is over

Noted political dynamic of education funding

U.S. is currently 16th in the world in degree attainment

He notes the U.S. education secretary and U.S. president have probably looked at that number

Nevertheless state universities are struggling because state governments are poorer: Sampson

Says a sustained effort is underway at some schools to bring in out-of-state tuition, which typically pay 100% of the cost

Barbara Lambotte, a senior credit officer at Moody’s said during the panel that student loan lenders are chasing the same potential borrowers

Everybody is going after borrowers with co-signers and high FICOs, also students who may be going to the better schools: Lambotte

Gary Santo, a MD at First Marblehead said during the panel that borrowers too are being more conservative in their choice of education funding

Lambotte said Moody’s outlook on private student loan ABSmarket is negative, but newer loans should perform better

http://www.zerohedge.com/news/fraud-heart-student-lending-exposed-one-sentence-everyone-should-read

 

A key reason why a preponderance of the population is fascinated with the student loan market is that as USA Today reported in a landmark piece last year, it is now bigger than ever the credit card market. And as the monthly consumer debt update from the Fed reminds us, the primary source of funding is none other than the US government. To many, this market has become the biggest credit bubble in America.

Just when you thought it couldn't possible get anyworse or better depending on views, the insanity of this debt bubble takes another twist as lenders have been pushing loans on students knowing full well it will never get paid back! Genius still it all gets booked as profit and gets you that years bonus. Result.

[interestrateripoff]

http://www.bloomberg.com/news/2011-10-18/banks-in-europe-vow-1-trillion-shrinkage-amid-threats-of-recapitalization.html

 

European banks, assuring investors they can weather the sovereign debt crisis by selling assets and reducing lending, may not be able to raise money fast enough to prevent government-forced recapitalizations.

Banks in France, the U.K., Ireland, Germany and Spain have announced plans to shrink by about 775 billion euros ($1.06 trillion) in the next two years to reduce short-term funding needs and comply with tougher regulatory capital requirements, according to data compiled by Bloomberg. Morgan Stanley predicts that amount could reach 2 trillion euros across Europe by the end of next year as banks curb lending and sell loans and entire businesses. A lack of buyers and the losses lenders face on loan sales are making those targets unrealistic.

 

“Asset sales are impractical in the current environment,” said Simon Maughan, head of sales and distribution at MF Global UK Ltd. in London. “Every bank is selling, and no bank is buying. It just won’t work. Beyond that, the magnitude of the cuts the banks are talking about is nowhere near the likely required amount of deleveraging. They need to reduce hundreds of billions more to adjust to the new world order. There has to be a recapitalization.”

 

Hilarious stuff.

 

Still talk is cheap and it might impress enough people for that vitally important nanosecond.

[interestrateripoff]

Breaking news

 

• US STOCKS SNAPSHOT-Europe crisis drags Wall St lower yet again - Reuters
  

 

 

 

• Sarkozy flies in for emergency euro talks to cement rescue deal
   
  EU diplomats have said that the outline deal includes an agreement to boost the firepower of the eurozone bailout fund
   
  
  • Greece strikes begin – as it happened
    
  • France and Germany ready for €2tn rescue fund
    
  • EU raids banks amid Euribor cartel suspicion
    
  • Greece strike begins - in pictures
    

  [*] Aviva to halve its Irish workforce

   

  Insurer will cut 950 jobs in the republic and announces 115 losses in the UK

   

  • 'Bad luck' generation will be blighted by youth unemployment for years, warns new report
    

  [*] Bank of England voted 9-0 to pump £75bn more into UK economy

   

  Bank policymakers discussed injecting as much as £100bn in new round of quantitative easing as they predicted growth would stall

  157 comments

  • King: economy would stall without low rates and QE
    
  • Spending falls as inflation hits three-year high
    
  • Interactive: Inflation in the UK
    
  • Reality check: how much will this cost the state?
    
  • Poll: Is the worst now over for inflation?
    

  [*] The Dutch masters of tax avoidance

   

  The Netherlands is making a name for itself as the new home of the art of cutting corporate tax bills

 

 

• EFSF as insurer: beware unintended consequences
   
  Turning the rescue fund into an insurer of eurozone sovereign bonds could make the crisis worse
   
  
  • Nils Pratley on finance
    

  [*] Big banks win again in Merle Hazard's The Ballad of Diamond Jim

   

  Wall Street has a new villain: Diamond Jim. The internet's most financially literate country music star, Merle Hazard, shares his take on big banks

  2 comments

  • Crisis, what crisis? They're talking Italian at the ECB
    
  • The economics blog
    

  [*] Europe to clamp down on commodity speculators using Mifid directive

   

  Brussels is expected to announce measures to rein in high-frequency stock trading and the derivatives market on Thursday

  1 comment

  • Rail: Japan's newest export foothold
    
  • More from the business blog
    

  [*] More business news

  [*] Argos profits slump by 94%

  [*] Franc's rise puts Swiss top of rich list

[interestrateripoff]

Sack Olympus board and I will return, says ex-boss

 

Nick Clark: Ousted British chief executive urges Japanese firm's investors to cut out the 'cancer' at the top.

 

 

• Argos turns to China to boost sales
  
• Broadcaster BSkyB profits increase by 32%
  
• Argos scrapes half-year profit of £3.4 million
  
• Premier sales in capital help profits rise at Whitbread
  
• Bank Governor backs QE despite inflation surge
  
• I'll have a beer and a packet of shares, please
  
• China economic growth 'shrinks' to 9.1 per cent
  

 

Stephen Foley: EU makes its bid to tame the speculators, and it comes not a moment too soon

 

 

Outlook European Union officials are about to launch a new attempt to tame financial weapons of mass destruction and curb the speculators – and it seems not a moment too soon. A draft document circling among City law firms shows planned extensions to the EU's "markets in financial instruments directive", or Mifid for short, and the upshot is that it profoundly changes the balance of power between regulators and traders.

 

 

• Stephen Foley: OFT puts the kibosh on newspaper consolidation
  
• Stephen Foley: Cassandra King takes the stage in Liverpool
  
• Stephen King: Euro meltdown would pave the way for another Great Depression
  
• Margareta Pagano: Why the 'only women in the boardroom' just don't get it
  
• Hamish McRae: Retrieving Britain's well-being is not all about restoring our ailing economy
  

[interestrateripoff]

Sarkozy says euro zone talks stuck, flies to Germany

 

9:11pm BST

PARIS/FRANKFURT - Plans to tackle the euro zone debt crisis have stalled with Paris and Berlin at odds over how to increase the firepower of the region's bailout fund, French President Nicolas Sarkozy said on Wednesday.

 

 

• Bank's Bean sees hope for consumers 5:34pm BST
  
• Global stocks fall, euro dips as EU summit hopes fade | 8:46pm BST
  
• Deutsche Boerse third-quarter EBIT rises 35 percent 8:08pm BST
  
• Citigroup to pay $285 million in CDO civil fraud case
  

 

Bank mulled larger QE stimulus in October, could do more

 

LONDON - Bank of England policymakers considered injecting more stimulus into the economy than the 75 billion pounds of quantitative easing that they voted for at this month's rate meeting, boosting prospects for additional future asset purchases. | Video

UK 7:43pm BST

 

Exclusive - Twitter looks at ex-Googler, others for board

 

SAN FRANCISCO - Microblogging service Twitter is looking for a director to bolster its board's business credentials and diversity, and candidates include a former Google Inc executive, a person familiar with the matter said.

8:30pm BST

 

Morgan Stanley profit surprises amid market stress

 

- Morgan Stanley posted a surprisingly strong profit during a rough-and-tumble third quarter for Wall Street, helped by a large accounting gain and an increase in stock-trading revenue. | Video

8:03pm BST

 

Europe's leaders take another swing at debt crisis

 

BRUSSELS - European leaders meet on Sunday for a high-profile summit that they hope will produce a clear plan to tackle the sovereign debt crisis that began in Greece and now threatens to drag down Italy, Spain and even France.

World, 5:48pm BST

 

Cars, rentals tame underlying U.S. price pressures

 

WASHINGTON - High food and gasoline prices kept pressure on U.S. household budgets in September, but core prices rose at their slowest pace in six months, showing inflation was still largely contained.

Violent anti-austerity protests grip Greek capital

 

7:41pm BST

ATHENS - Greece's parliament gave initial approval on Wednesday to a new round of belt-tightening needed to avert default, despite violent protests during the biggest rally in two years against the bitterly resented measures.