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

[interestrateripoff]

1 November 2011 Last updated at 17:47

 

UK economic growth rises to 0.5%

 

The UK economy grew by 0.5% in the third quarter of 2011, official figures show, faster than the 0.1% rate seen in the previous quarter.

 

• Flanders: It's growth - sort of
  
• In depth: UK economy
  
• Economy tracker: GDP
  
• Q&A: What is GDP?
  
• Boom and gloom in helicopter town
  
• Financial glossary
  

 

Markets dive on Greek referendum

 

US and European markets fall sharply after Monday's announcement of a Greek referendum on EU moves to solve its debt crisis. 509

 

• Live: Greece political turmoil Live
  
• Greece PM holds emergency talks
  
• Peston: Price of Greek democracy
  
• Troublesome EU referendums
  
• Eurozone crisis explained
  
• Hewitt: Referendum a 'gamble'
  

 

 

'Slight rise' in UK house prices

 

House prices increased year-on-year for the first time for six months in October, with a 0.8% rise, the Nationwide Building Society says.

 

• House price surveys explained
  
• Eight solutions to the housing crisis
  

 

 

Global economy: Making it clear

 

 

• How can countries go bust? Watch
  
• Why do banks go bust? Watch
  
• What is the IMF? Watch
  
• What is Quantitative Easing? Watch
  
• What is austerity? Watch
  
• What are bonds? Watch
  

 

 

• MF Global 'misused customer cash'
   
  Troubled broker MF Global did not separate its customers' money from its own funds, according to its regulator.
  
• US factory growth slows further
   
  Expansion in the US manufacturing sector slowed to a snail's pace in October, according to the latest monthly survey.
  
• Credit Suisse to cut 1,500 jobs
   
  Credit Suisse announces plans to cut another 1,500 jobs from its global workforce of 50,700 after reporting disappointing results.
  
• G4S abandons £5.2bn ISS takeover
  
• Warning on new-style PPI policies
  
• Universal Credit timetable is set
  
• Junior Isa saving option launched
  
• VAT relief for parcels 'reduced'
  
• DR Congo mines guide on the web
  
• Australia lowers interest rates
  
• China manufacturing growth slows
  
• SIA unveils new low-cost airline
  
• Argentina tightens dollar control
  
• Honda to cut US and Canada output
  
• The price of Greek democracy
   
  6 hours ago
  The decision by the Greek premier to hold a referendum on the eurozone rescue package is forcing European leaders and global investors to assess the potentially heavy cost of a possible Greek default or a decision by Greece to leave the eurozone
  
• Growth, but not as we know it
   
  7 hours ago
  Any growth is better than none, but the words 'mature' and 'self-sustaining' are not ones to use to describe this recovery.
  

[interestrateripoff]

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Markets tumble as Greece nears collapse over call for bail-out vote

 

European and US markets plunge as Greek Prime Minister George Papandreou pressed to step down after call for bailout referendum throws eurozone into turmoil.

2679 Comments

New ECB chief must act as Europe again stares into the abyss

 

 

Greek referendum sparks turmoil in the markets: Q&A

 

 

China manufacturing growth slows

 

 

 

 

UK recovery slowest in 100 years

 

Britain is now officially stuck on a slower recovery path than after the Great Depression of the 1930s despite better growth in the three months to September than expected.

Looming eurozone catastrophe overshadows UK’s GDP surprise

 

 

UK Q3 GDP growth better than expected: reaction

 

 

UK manufacturing shrinks at fastest rate in two years

 

 

Manufacturing PMI data 'a genuine cause for concern'

 

 

 

G4S chief Nick Buckles 'regrets' failure of ISS deal

 

Nick Buckles, the chief executive of G4S, has expressed his 'regret' after the security group was forced to scrap its £5.2bn acquisition of cleaning and catering business ISS.

G4S deal buckled under the weight of shareholder anger

 

 

G4S drops ISS takeover: reaction

 

 

 

Olympus hires judge to look into payments

 

Japanese electronics group Olympus has bowed to pressure by appointing a high court judge to lead an independent panel looking at more than $1bn in 'improper payments'.

1 Comment

 

MF Global files for bankruptcy

 

 

 

 

Credit Suisse set to cut a further 1,500 jobs

 

 

 

 

Bakrie family sell off half of Bumi stake to avoid default

 

 

 

 

Legal and General increases cash target to £900m

 

 

 

 

Imps predicts no repeat of Spanish price wars

 

 

 

 

Apple's success bites into Wolfson profits

 

 

Greek George is crazy but his madness still reveals an ugly truth

 

The madness of George Papandreou, Greece's prime minister, has thrown the eurozone into disarray once more.

Comment

George Osborne needs to box clever in the face of economic danger

 

 

 

 

LIVE: debt crisis

 

 

 

 

Manufacturing PMI data 'a genuine cause for concern'

 

 

New ECB chief must act as Europe again stares into the abyss

 

 

Britain's growth figures hide real problems in manufacturing and Europe

 

 

Revenge of the Sovereign Nation

[interestrateripoff]

Stock Slide Extends to Wall Street

 

By CHRISTINE HAUSER 3:03 PM ET

 

 

Political disarray in Greece pushed down stocks sharply in the United States and Europe on Tuesday.

 

• Government in Greece Teeters After Move on Referendum 11:44 AM ET
  
• Video: TimesCast
  
• Crisis Holds Both Hopes and Fears for Britain 3:18 PM ET
  
• Interactive Feature: Tracking Europe's Debt Crisis
  

 

 

 

 

 

 

• DOW
  
• S&P 500
  
• NASDAQ
  
• GERMANY
  
• BRITAIN
  
• FRANCE
  

 

 

 

 

 

 

In Retreat, Bank of America Cancels Debit Card Fee

 

By TARA SIEGEL BERNARD 1:50 PM ET

 

The reversal follows a huge backlash from consumers, even before the plan was to take effect.

 

• Bucks: Is the Web Amplifying Consumers’ Voices? 2:10 PM ET
  
• Post a Comment | Read (138)
  

 

DealBook

 

CME Investigating MF Global

 

By BEN PROTESS and MICHAEL J. DE LA MERCED 12:52 PM ET

 

CME, the giant exchange where MF Global did business, said it was investigating the missing money, joining regulators like the Commodity Futures Trading Commission.

 

• Live: Inside MF Global's Bankruptcy Hearing 3:48 PM ET
  

 

Auto Sales Defy Economic Woes

 

By NICK BUNKLEY 2:40 PM ET

 

October was the best month for the United States auto industry this year.

 

Feds Sue Mortgage Broker, Alleging Lending Fraud

 

By THE ASSOCIATED PRESS 2:02 PM ET

 

The federal government sued Allied Home Mortgage, saying its fraudulent lending practices cost the government hundreds of millions of dollars and forced thousands of homeowners to face eviction.

 

DealBook

 

Olympus Appoints Panel to Investigate Deal Payouts

 

By HIROKO TABUCHI 11:43 AM ET

 

Olympus, embroiled in a scandal involving more than $1 billion in unusually high payouts linked to a series of acquisitions, named a third-party committee led by a former justice of Japan's Supreme Court to investigate the deals.

 

DealBook

 

Credit Suisse Plans More Job Cuts Even as Profit Rises 12%

 

By MARK SCOTT 9:30 AM ET

 

The second-largest Swiss bank said its third-quarter net profit rose 12 percent, to 683 million Swiss Francs, and it announced 1,500 additional job reductions.

 

• DealBook: Nomura Posts $590 Million Loss 9:42 AM ET
  

 

Report Says New York Fed Didn’t Cut Deals on A.I.G.

 

By BINYAMIN APPELBAUM

 

In paying the full amounts A.I.G. owed financial companies, the New York Fed disregarded the expectations of senior Fed officials in Washington.

[interestrateripoff]

FLASH: Dualing Claims (MF Global Customer Funds)

Well here we are....

SAN FRANCISCO (MarketWatch) -- MF Global Holdings Ltd. admitted to federal officials that client funds were tapped as the firm's financial troubles mounted, the Associated Press reported Tuesday, citing an unidentified official close to the matter.

And then on the wire was a denial: MF Global's attorney stated that client funds are accounted for (sorry, no link - off a wire feed.)

What's the truth? I guess we'll find out in due course as the accounting is completed.

[interestrateripoff]

ISM: Is That A Blah Number?

Eh..... I think so.

"The PMI registered 50.8 percent, a decrease of 0.8 percentage point from September's reading of 51.6 percent, indicating expansion in the manufacturing sector for the 27th consecutive month. The New Orders Index increased 2.8 percentage points from September to 52.4 percent, indicating a return to growth after three months of contraction. The Prices Index, at 41 percent, dropped 15 percentage points, and is below the 50 percent mark for the first time since May 2009 when it registered 43.5 percent. Inventories decreased to 46.7 percent, which is 5.3 percentage points below the September reading of 52 percent.

I don't know that I like this number frankly. The inventory drawdown is the good news in this number, in that it's not the disaster it would have been had it shown up somewhere else.

But - the Prices Index dropping like this says that the profit squeeze is coming through the python and will show up in profits. So you get with one hand and give back with the other.

 

More at the link.

[interestrateripoff]

Let's Consider The Possible

 

This may sound rather high in tin content, but you should consider that it may not be.

Let's consider the possibility that MF Global was not an isolated incident.

That is, let's presume that every bank and brokerage is trading with customer money - illegally so, I might add.

Why must we presume this? Because MF Global was given a Primary Dealer approval, is alleged to have done so, and neither The Fed or Treasury bothered to investigate and catch this, or if they did know, they didn't stop it.

So now what?

Greece's government is about to blow up. You must assume it will blow up as soon as tonight. They cannot be kicked out the EU (despite the screaming on CNBC this morning) but they can give the finger to paying anything - remember that sovereign debt is always unsecured by default.

Remember that there are two of the 17 members of the EU that have positive balances of payments and economies. The rest are leaches. Those two cannot lift the remaining 15. This is an untenable situation for both sides because Germany, to a large degree, makes its money by exporting things to nations that can't pay for them in cash!

 

More at the link.

[interestrateripoff]

One Greek's Take On The Upcoming Referendum

 

 

Stocks Tumble As No Hail-Mary Rumor Materializes

 

 

Supremely Ironic Humor Du Jour Brought To You By Bankrupt MF Global

 

 

The Italian Bond Maginot Line Has Just Been Pushed Back By 100bps

 

 

The Mediterranean Winter?

 

 

Jon Corzine - Meet Bubba

 

 

How US Banks Are Lying About Their European Exposure; Or How Bilateral Netting Ends With A Bang, Not A Whimper

 

 

Is A Greek Military Overhaul An Attempt To Prevent A Coup?

 

 

Guest Post: Are the Clients of MF Global Insured Against Fraud?

 

 

Double Your Money In 6 Months: 1 Year Greek Yields Pass 200% For First Time Ever

 

 

Bank Of America Drops $5 Debit Card Fee

 

 

Liquidity Scramble Begins In MF Commingling Aftermath

 

 

Guest Post: Increasing Volatility: Prelude To a Crash?

 

 

Spiegel's Reaction To G-Pap's Referendum Announcement

 

 

Former PBoC Monetary Policy Committee Member: "Beijing Will Not Ride To Eurozone’s Rescue"

 

 

Independent Strategy On "Greece The Ungovernable" - "Go short the euro and PIIGS debt — and hold on to your seats!"

 

 

Will Italy Re-Denominate Back Into Lire?

 

 

G-Pap's Referendum Bomb Was Secret Even From His Finance Minister

 

 

Well Played Mr. Papandreou

 

 

China Manufacturing PMI Drops To 32 Month Low

 

 

Panic Behind The MF Scenes As Company Refuses To Disclose Information To Regulators Even In Death

 

 

Europe According To...

[interestrateripoff]

2 November 2011 Last updated at 17:27

 

Pressure on Greece ahead of G20

 

International pressure on Greece increases, as the German and French leaders meet for crisis talks on the eve of the G20 summit.

 

• Q&A: What's at stake at the G20?
  
• Papandreou 'dancing on a volcano'
  
• Why China won't save the world
  
• Greece referendum: Your stories
  
• Eurozone crisis explained
  
• Troublesome EU referendums
  

 

Shares rise despite Greek worries

 

Global stock markets rise, despite continued fears about Greece's decision to hold a referendum on the eurozone bailout deal.

 

• Eurozone crisis explained
  
• Why would China help Europe?
  

 

 

Lloyds chief to take 'rest' leave

 

Antonio Horta-Osorio, chief executive of Lloyds Banking Group, is taking extended leave due to health reasons, with Tim Tookey appointed acting head.

 

• Peston: Boss flunks stress test
  

 

 

G20: Making it clear

 

 

• Q&A: Greek debt crisis
  
• The big threat: domino effect
  
• Comparing euro economies
  
• Europe's four big dilemmas
  
• The US economy: A lost decade? Watch
  
• How can countries go bust? Watch
  
• Why do banks go bust? Watch
  
• What is austerity? Watch
  

 

 

• 'Big move' on pensions unveiled
   
  The government says revised proposals for public sector pensions are a "deal for a generation" but unions say preparations for strikes continue. 194
  
• Mobile phone firm cuts 550 staff
   
  Everything Everywhere, the mobile phone group formed by the merger of Orange and T-Mobile, is to axe 550 back office staff.
  
• Fed slashes US growth forecasts
   
  The US Federal Reserve slashes its forecast for US growth and ups its forecast for unemployment, but keeps its policies on hold.
  
• Sony warns of fourth annual loss
  
• 'Surprise rise' in construction
  
• Harry Potter boosts Time Warner
  
• SMEs 'owed £33.6bn in payments'
  
• Nissan raises earnings forecast
  
• Rich countries are 'pessimistic' 134
  
• New £50 banknote in circulation 154
  
• Archbishop backs new finance tax
  
• Fracking 'likely cause' of quakes
  
• Qantas to compensate passengers
  
• Lloyds' boss flunks stress test
   
  12 hours ago
  Antonio Horta-Osorio is ordered by doctors to stand down as the bank's chief executive for at least six to eight weeks because of physical and mental exhaustion - a decision that is expected to be ratified by its board this morning.
  
• Can summits save the world?
   
  3 hours ago
  Can summits really fix the global economy? Or is the lesson of all these crises that national governments and global markets just don't mix?
  

[interestrateripoff]

Breaking news

 

• Crisis mounts around Italy's Berlusconi - Reuters
  

 

 

 

• Germany refuses to rethink Greek bailout - euro crisis live
   
  Last updated two minutes ago
  Live George Papandreou has persuaded his cabinet that the Greek public will vote on the euro bailout. Next stop, Cannes and the G20 summit
  577 comments
  
  • Latest “7.52pm: George Papandreou has made it to Cannes, where China's deputy finance minister just threw another spanner into the works. Zhu Guangyao just…”
    Follow the crisis live with Graeme Wearden
     
    
  • Interactive: Who's who at Cannes G20 summit
    
  • France and Germany battle to save euro
    
  • Greece referendum triggers market slump
    
  • Larry Elliott: Papandreou's gamble could pay off
    
  • Poll: Should Greeks be allowed a referendum?
    
  • European manufacturing sector slumps
    
  • Eurozone debt crisis: Greek timeline
    
  • Video: Sarkozy urges Greece to implement plan
    

  [*] Lloyds chief executive Horta-Osório takes time off with fatigue

   

  Chief executive António Horta-Osório is suffering from fatigue due to overwork and has requested a temporary leave of absence

   

  • Nils Pratley: Bischoff would be a better stand-in
    
  • Poll: Do you feel sympathetic?
    

  [*] Better-than-expected UK growth fails to lift economists' outlook

   

  Britain's economy bounces back with growth of 0.5% in third quarter but experts predict return to recession

   

  • UK third-quarter GDP growth stronger than expected
    
  • Infrastructure projects lined up to boost growth
    
  • Datablog: UK GDP since 1948
    
  • UK economy - a Q&A session
    
  • UK swiftly running out of growth sectors
    

  [*] Fed expresses cautious optimism for US economy – but warns of risks ahead

   

  Recovery has strengthened since the summer, according to Federal Reserve, which decided against further stimulus action

   

  • Business podcast: Beyond our means
    

  [*] Ryanair's Michael O'Leary calls for an extraordinary meeting of Aer Lingus

   

  Michael O'Leary has admitted that Ryanair's 29% stake in Aer Lingus was not one of his brightest investments

   

  • Nils Pratley: O'Leary's big mistake
    

 

 

• G20 summit: Cameron will urge EU to flesh out bailout deal
   
  British PM travels to Cannes summit with hope that more meat will be put on outline of deal, but will refuse to offer any more money to help with the Greek bailout
   
   
  
  • G20 likely to disappoint Obama again
    
  • G20: eurozone crisis takes centre stage
    
  • Eurozone crisis rains on Sarkozy's G20 parade
    
  • What happens next at the G20 summit?
    
  • Six policymakers who will direct outcome of G20
    
  • Ease austerity with push for jobs, say union leaders
    
  • Police seal off 'fortress Cannes'
    
  • Why China is more Wile E Coyote than Superman
    
  • Alternative G20: debate and your summit agenda
    
  • Wall Street rises on positive US job numbers
    
  • Financial crisis delays Berlusconi's crooning CD
    

  [*] Record profits as Standard

   

  While the City is gripped by the eurozone crisis, Standard Chartered posts its ninth straight year of record profits. Yet its shares have still fallen

  2 comments

  [*] UK is running out of growth sectors

   

  Economics blog: Construction industry output shrank 4% in the year to the end of September

  25 comments

  [*] Live: How can business help us reach a sustainable world?

   

  As the world's population reaches 7bn, WBCSD hosts a panel discussion on the role business has in ensuring we live within our resources

  10 comments

  [*] More business news

  [*] MF Global's missing funds scrutinised

   

  • MF Global files for bankruptcy
    

  [*] G4S board fails to secure ISS takeover

   

  • An apology to shareholders would be nice
    

[interestrateripoff]

France and Germany demand Greek decision on euro

 

 

Greece was told today it should make up its mind by mid-December on whether it wants to stay in the euro zone when Greeks vote on a bailout.

 

 

 

• Greek cabinet backs debt deal referendum plans
  
• David Cameron calls for G20 euro urgency
  
• George Osborne urges Greece to back debt deal
  

 

Osborne puts on brave face after weak growth figures

 

Chancellor 'positive' as latest GDP report shows economy grew just 0.5 per cent in last quarter

 

Fear and fury after Greek PM threatens rescue deal

 

 

 

 

G4S forced to withdraw £5.2bn ISS takeover bid

 

 

 

 

Lloyds chief Antonio Horta-Osorio's leave shocks markets

 

 

 

 

Olympus under fire as it names committee for inquiry

 

 

 

 

Race to limit MF Global damage

 

 

 

 

Staff exodus weakens FSA influence

 

 

 

 

Rein in Sir Mervyn's powers, bank bosses tell Parliament

 

 

 

 

Go Outdoors pays out £8m

 

 

 

 

US factory growth slows in October

 

 

David Prosser: Pension funds should be a tempting target if the Chancellor wants to be progressive

 

There are just four weeks to go to his autumn statement, and the Chancellor needs all the help he can get with ideas for hitting borrowing targets that look increasingly challenging, given the way economic growth continues to disappoint.

 

 

Stephen King: Will sending around the begging bowl really solve the eurozone crisis?

 

 

 

 

Margareta Pagano: Is narcissism the new capitalism?

 

 

 

 

Stephen Foley: Now Hewlett-Packard has decided it will not divest, it must decide that it will invest

 

 

 

 

Stephen Foley: US housing market need not be a hopeless case

 

 

 

 

James Moore: Enough already. It's time to shake up the system used to set executive pay awards

 

 

 

 

James Moore: Crisis? What crisis? Banks wave away calls to raise cash

 

 

 

 

James Moore: Alliance puts a crafty boot into its pension-holders

 

 

 

 

James Moore: Amazon chief needs to kick his addiction to tablets and concentrate on what he already has

 

 

 

 

James Moore: The PIIGS could derail plans to solve eurozone crisis

[interestrateripoff]

France, Germany demand quick Greek decision on euro

 

8:10pm GMT

CANNES, France/ATHENS - Germany and France pressed Greece on Wednesday to make up its mind fast whether it wants to stay in the euro zone after a shock decision to call a referendum on an EU/IMF bailout stirred panic on global markets.

 

 

• FTSE gets earnings, data boost to buck 3-day slide | 6:54pm GMT
  
• Fed lowers GDP forecast, holds policy steady 7:27pm GMT
  
• "Fatigued" Lloyds CEO takes sick leave | 3:42pm GMT
  
• Britain takes aim at EU partners over Tobin tax
  

 

Exclusive - Groupon IPO could price $1-$2 above range

 

- Groupon Inc could price shares in its initial public offering $1 or $2 above the current range of $16 to $18 per share, according to two investors who said they spoke with the lead underwriters on Wednesday.

7:51pm GMT

 

Regulators pushed MF Global on risky bets months ago

 

- U.S. regulators started raising concerns about MF Global's European sovereign debt exposure as early as June, according to a source familiar with the matter, four months before the company's collapse into bankruptcy.

7:39pm GMT

 

Bank to fight off recession with more stimulus - Reuters poll

 

LONDON - The imminent threat of recession across Europe will force the Bank of England to extend its stimulus beyond the extra 75 billion pounds announced last month, according to a large majority of economists polled by Reuters.

3:25pm GMT

 

MF Global stops liquidation, customer transfers - sources

 

- Brokers at MF Global early on Wednesday stopped processing liquidation orders from customers and transferring accounts to other brokerages, possibly to clear the way for a bulk transfer of positions, sources at the bankrupt brokerage told Reuters.

7:37pm GMT

 

Ireland launches review after debt error

 

DUBLIN - Ireland is planning an external review of its Department of Finance, its debt agency and its statistics office after an accounting error meant the country overstated its national debt by 3.6 billion euros (3.1 billion pounds) since 2010.

Crisis mounts around Italy's Berlusconi

[interestrateripoff]

Fed Lowers Its Forecast for Growth, but Takes No Steps

 

By BINYAMIN APPELBAUM 17 minutes ago

 

 

The Federal Reserve said it remained concerned about the United States economy over the next two years, but announced no new stimulus measures or rate changes.

 

• Video: Bernanke Explains Fed Decision
  
• Post a Comment | Read (46)
  

 

 

 

Karen Bleier/Agence France-Presse — Getty Images

 

Federal Reserve Chairman Ben S. Bernanke at a news conference on Nov. 2, 2011 in Washington, D.C.

 

 

 

 

 

 

Greek Cabinet Backs Call for Referendum on Debt Crisis

 

By RACHEL DONADIO and NIKI KITSANTONIS 8:59 AM ET

 

The Greek cabinet offered its full support to Prime Minister George Papandreou in his surprise plan to call a referendum on the Greek financial crisis.

 

• Graphic: Challenges Facing Leaders in the European Debt Crisis
  
• Interactive Feature: Tracking Europe's Debt Crisis
  
• Whispers of Return to Drachma Grow Louder in Greek Crisis
  
• News Analysis: Austerity Faces Test as Greeks Question Their Ties to Euro
  
• Post a Comment | Read (132)
  

 

Markets Rebound but Remain on Edge

 

By CHRISTINE HAUSER 14 minutes ago

 

Attention remains focused on Europe’s debt crisis.

 

WikiLeaks Founder Can Be Extradited to Sweden in Sex Abuse Case

 

By RAVI SOMAIYA 44 minutes ago

 

A London court ruled on Wednesday that Julian Assange, the WikiLeaks founder, can be be extradited to Sweden for questioning over allegations of sexual abuse there last year.

 

• Post a Comment | Read (120)
  

 

Syms and Filene's Unit Seek Bankruptcy Protection

 

By THE ASSOCIATED PRESS 34 minutes ago

 

Discount retailer Syms Corp. and its subsidiary Filene's Basement have filed for bankruptcy protection and plan to close all 46 of their stores.

 

Mounting Woes Prompt Sony to Predict Another Annual Loss

 

By HIROKO TABUCHI 11:49 AM ET

 

The Japanese electronics and entertainment giant said that it expected to post a net loss for the full year, hurt by the strong yen, floods in Thailand and weak overseas sales.

 

DealBook

 

Chief of Lloyds Banking Group Takes Medical Leave

 

By JULIA WERDIGIER

 

The bank, which is partly owned by the British government, said its chief executive, Antonio Horta-Osorio, would take a temporary leave of absence because of exhaustion.

 

Media Decoder Blog

 

Court Affirms 'Wardrobe Malfunction' Ruling

 

By EDWARD WYATT 1:09 PM ET

 

A federal appeals court on Wednesday again threw out a $550,000 fine against CBS by the Federal Communications Commission for Janet Jackson's famed "wardrobe malfunction" during the 2004 Super Bowl halftime show.

 

DealBook

 

Despite Losses, Investors Stick With Paulson

 

By AZAM AHMED and JULIE CRESWELL

 

John Paulson, one of the winners of the subprime crisis, is having a bad year. Investors are showing unusual patience.

Greek Cabinet Backs Call for Referendum on Debt Crisis

 

By RACHEL DONADIO and NIKI KITSANTONIS 8:59 AM ET

 

The Greek cabinet offered its full support to Prime Minister George Papandreou in his surprise plan to call a referendum on the Greek financial crisis.

Markets Rebound but Remain on Edge

[interestrateripoff]

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Lagarde: Europe is determined to act in a 'coordinated fashion'

 

IMF head says eurozone leaders at Cannes summit are determined to work together to resolve the debt crisis, while China warns that it cannot consider putting more cash into bail-out fund.

3525 Comments

Eurozone manufacturing woes deepen as Germany contracts

 

 

Greek PM wins cabinet support for referendum

 

 

Greek 'pandemonium' engulfs Italy

 

 

Greek military leadership changes spark opposition outcry

 

 

 

 

US Fed: no new measures to boost economy

 

The Federal Reserve is holding off on any new actions to help the US economy because stronger growth is giving it time to gauge the impact of steps it's already taken.

2 Comments

Federal Open Market Committee: full statement

 

 

US Federal Reserve: reaction

 

 

 

Lloyds chief takes break to recover from fatigue

 

The turnaround of Lloyds Banking Group has been thrown into turmoil after António Horta-Osório, the state-backed lender's chief executive, was forced to take a leave of absence due to 'extreme fatigue' after only months in the job.

1 Comment

Lloyds' uncertainty has only just begun

 

 

Lloyds finance chief Tookey stands in for Horta-Osorio

 

 

 

US monitoring MF Global for months

 

US regulators began monitoring MF Global's exposure to European Sovereign debt months before the broker filed for bankruptcy, it has emerged.

Comment

 

Former Olympus chief 'not safe in Japan'

 

 

 

 

Everything Everywhere to axe 600 staff

 

 

 

 

Geri Halliwell underwear boosts Next sales

 

 

 

 

Property slump hits Sir Tom Hunter's empire

 

 

 

 

Cuadrilla admits it caused Blackpool quakes

 

 

 

 

Sony warns of fourth year in the red

 

Debt crisis: live

 

Greek cabinet votes in favour of referendum, paving way for country to exit the euro and derail Europe's rescue plan, as PM Papandreou is summoned to talks with leaders of France and Germany ahead of G20 summit.

3525 Comments

 

US Fed: no new measures to boost economy

 

 

 

 

US Federal Reserve: reaction

 

 

 

 

Federal Open Market Committee: full statement

 

 

Greek George is crazy but his madness still reveals an ugly truth

 

 

Paul Krugman and Cameron’s realism

[interestrateripoff]

MF Global Client Theft Estimate Doubled To $1.5 Billion?

 

 

Fed Slashes Economic Outlook, Raises Inflation And Unemployment Rate Projection

 

And In The Meantime Back In Reality

 

 

Guest Post: Boots On The Ground In Fukushima, Japan

 

 

The First-Loss Insurance Providing EFSF Is A Truly Unique Vehicle

 

 

JPM On The FOMC Announcement: The First Dovish Dissent?

 

 

Here Is What Bernanke Has Been Secretely Ordering From Heidelberg

 

 

Greek 13-Week Cash-(Out)Flow Forecast

 

 

Spiegel: Greek Exit From Euro Zone Just A "Matter Of Time"; Roundup Of German Press Responses To Referendum

 

 

Guest Post: Bad Moon Rising

 

 

The Supercommittee That Really Runs America - Presenting The November 1 TBAC Minutes

 

 

ADP Number Confirms Relentless Erosion In US Manufacturing Base

 

 

Latest China Bailout Rumor Crumbles As EFSF Pulls Bond Due To "Market Conditions", France-Bund Spread At Record

 

Krugman Warns Of “Gigantic Bank Run”, “Emergency Bank Closing” And “New Lira”

 

 

US Plans To Issue $846 Billion In Treasurys In The Next 6 Months, 35% More Than Previous Year

 

 

The Inside Story Of What Brought Down MF Global

 

 

Remember Fukushima? It's Back

 

 

Morgan Stanley On What Happens Next In Greece, And Why It Is All Very Euro Negative

 

 

Guest Post: Fed Trapped By Inflation

 

 

Keeping Up With The Korzines In The Kooler: FBI To Investigate MF Global's Theft Of Client Money

 

 

US Food Stamp Usage Hits New Record

 

 

One Greek's Take On The Upcoming Referendum

[interestrateripoff]

Breaking news

 

• Mediobanca, BofA Merrill advising UniCredit on cap - Reuters
  

 

 

 

• Greek debt crisis: Referendum cancelled as unity talks continue
   
  Last updated two minutes ago
  Live George Papandreou has been forced to abandon his plan for a referendum, and could now create a unity government
  801 comments
  
  • Latest “8.07pm: Papandreou appears to be telling the parliament that talks with the opposition 'must start now'. That's the same opposition who demanded his…”
    Follow the action with Graeme Wearden
     
    
  • Greek crisis: Referendum cancelled
    
  • Greek lawmakers oppose referendum – video
    
  • Greek government on brink of collapse
    
  • Crisis scenarios: the good, the bad and the ugly
    
  • Doubts rise over China helping finance rescue
    
  • Eurozone debt crisis: Greek timeline
    

  [*] ECB cuts interest rates to 1.25%

   

  New European Central Bank boss Mario Draghi defies expectations with quarter-point cut

   

  • Stock markets rally on surprise ECB rate cut
    

  [*] Banks need to be better citizens, admits Barclays boss

   

  Bob Diamond says financial institutions need to work harder to earn public trust, in dramatic change from Treasury committee appearance

  [*] Services data fans UK recession fears

   

  Dominant services sector, which covers a host of businesses from hotels to computing, grew at a much slower pace than economists had forecast

   

  • '70% chance of UK recession' unless EU crisis fixed
    

  [*] BT Vision is UK's fastest-growing pay-TV

   

  BT outstrips BSkyB in race for TV and broadband customers and announces accelerated rollout of superfast network

   

 

 

• Bill Nighy takes Robin Hood tax to G20
   
  The actor, campaigner and Oxfam ambassador explains why the G20 can no longer ignore financial transaction tax at Cannes
   
  
  • Larry Elliott: G20: Facing a euro breakup nightmare
    
  • G20 summit: the day's events as they happened
    
  • Tax evasion crackdown will raise £62bn, says OECD
    
  • Cameron will urge EU to flesh out bailout deal
    
  • Bill Gates adds his weight to calls for Robin Hood tax
    
  • What happens next at the G20 summit?
    
  • Interactive: Who's who at Cannes G20 summit
    
  • G20 summit in Cannes – in pictures
    

  [*] Why are oil prices so high?

   

  Brent crude oil is cruising at the historically high price of around $110 a barrel despite the threat of a double-dip recession. Why?

  19 comments

  • King denies he has too much control over banks
    
  • More from the business blog
    

  [*] The business of fighting Aids

   

  Last updated three minutes ago

  Anglo American's chief medical officer Brian Brink explains why the mining company's $10m HIV initiative is good for business as well as for the people of South Africa

  [*] Glaxo pays £1.9bn to settle US inquiries

   

  British pharmaceuticals firm pays $3bn to end probes by American authorities into sale and marketing of drugs such as Avandia and Wellbutrin

  [*] US poverty: 1 in 15 among poorest poor

   

  Last updated nine minutes ago

  Data shows about 20.5m Americans make up the poorest poor, defined as those at 50% or less of the official poverty level

  [*] More business news

  [*] Aviva hit by debt crisis

[interestrateripoff]

Eurozone's ultimatum to Greece: put up or get out

 

Referendum brought forward after pressure from France and Germany, while Greeks told that bailout will be withheld until after vote on euro membership

 

Shares rise following axed referendum news

 

 

 

 

The Cannes debt festival

 

 

 

 

BT profits better than expected

 

 

 

 

Fed promises to focus on jobs to tackle inequality

 

 

 

 

Murdoch empire lost £100m by closing NOTW

 

 

 

 

'Generous' Britons back foreign aid rise

 

 

 

 

New boss gets rid of 550 staff at HQ

 

 

 

 

MF Global administrator vows to close broker's positions within days

 

 

 

 

Terra Firma, Apax close in on gardening chain

 

 

David Prosser: Cameron and Osborne back the wrong side on the financial transactions tax

 

A tax on speculative investments that cause financial volatility? What’s not to like?

 

 

David Prosser: Pension funds should be a tempting target if the Chancellor wants to be progressive

 

 

 

 

Stephen King: Will sending around the begging bowl really solve the eurozone crisis?

 

 

 

 

Margareta Pagano: Is narcissism the new capitalism?

 

 

 

 

Stephen Foley: Now Hewlett-Packard has decided it will not divest, it must decide that it will invest

 

 

 

 

Stephen Foley: US housing market need not be a hopeless case

 

 

 

 

James Moore: Enough already. It's time to shake up the system used to set executive pay awards

 

 

 

 

James Moore: Crisis? What crisis? Banks wave away calls to raise cash

 

 

 

 

James Moore: Alliance puts a crafty boot into its pension-holders

 

 

 

 

James Moore: Amazon chief needs to kick his addiction to tablets and concentrate on what he already has

[interestrateripoff]

Greek PM may yield to coalition if confidence vote won - source

 

8:02pm GMT

ATHENS - Greek Prime Minister George Papandreou has struck a deal with ministers to step down and hand power to a negotiated coalition government if they help him win a confidence vote on Friday, government sources with knowledge of a cabinet meeting said.

Greek PM on brink as anxious world watches euro zone

 

ATHENS/CANNES, France - Greece's teetering government backed away from a proposed referendum on staying in the euro on Thursday, while European leaders talked for the first time of a possible Greek exit to preserve the single currency.

 

 

• ECB surprises with rate cut, cautious on bond buys | 7:13pm GMT
  
• FTSE rises as Greek vote threat fades, EU cuts rates | 5:37pm GMT
  
• Regulators dig in at MF Global in money pursuit 7:39pm GMT
  
• NYSE, ICE threaten to pull offices from Europe
  

 

Banks must improve contribution to society - Barclays CEO

 

LONDON - Banks must accept responsibility for past mistakes and show how they can contribute to society and economic growth, the boss of one of Britain's top banks said on Thursday.

5:24pm GMT

 

Growth at risk as services firms slow

 

LONDON - Growth in Britain's dominant services sector slowed more than expected in October, a survey showed on Thursday, adding to signs the country risks slipping back into recession as manufacturers are already slamming the brakes on production.

UK 1:32pm GMT

 

NYSE says won't push D.Boerse deal at all costs

 

FRANKFURT/NEW YORK - NYSE Euronext Chief Executive Duncan Niederauer on Thursday signalled he would rather walk away than force a deal with Deutsche Boerse as European Union regulators get ready to outline their terms for approving the $9 billion (5 billion pounds) merger.

4:22pm GMT

 

Lufthansa, IAG memo over bmi imminent - sources

 

LONDON/FRANKFURT - German airline Lufthansa is close to signing a memorandum of understanding (MoU) to sell British carrier bmi to International Airlines Group , sources familiar with the deal said.

Aerospace & Defence 6:00pm GMT

 

Exclusive - Swiss offer U.S. tax deal for all Swiss banks

 

- The government of Switzerland has proposed a multibillion-dollar settlement with U.S. authorities over allegations that it helped wealthy Americans avoid billions of dollars in U.S. taxes, according to sources briefed on the matter.

[interestrateripoff]

3 November 2011 Last updated at 20:29

 

Obama calls for urgent debt deal

 

US President Barack Obama warns that there is still work to be done on ending the eurozone financial crisis. 511

 

• Greece 'ready to drop' referendum
  
• Greek crisis: As it happened
  
• Eurozone leaders admit exit from euro is possible
  
• Flanders: Cannes crucial for Greece and euro
  
• Q&A: What's at stake at the G20?
  
• Call for Berlusconi to step down
  

 

ECB cuts interest rates to 1.25%

 

The European Central Bank unexpectedly cuts eurozone interest rates to 1.25%, as new bank head Mario Draghi warns of weak growth.

 

• Draghi takes centre stage at ECB
  

 

 

Unison votes for pension strike

 

Members of the Unison trade union have voted in favour of striking against the government's plans to change public service pension schemes. 307

 

• 'Big move' on pensions unveiled
  
• Analysis: What's on the table?
  

 

 

The G20 summit: Making it clear

 

 

• Q&A: Greek debt crisis
  
• Q&A: How Greek crisis affects UK
  
• Comparing euro economies
  
• Europe's four big dilemmas
  
• The US economy: A lost decade? Watch
  
• How can countries go bust? Watch
  
• Why do banks go bust? Watch
  
• What is austerity? Watch
  

 

 

• Georgia opens WTO door to Russia New
   
  Georgia and Russia sign a historic trade deal after 18 years of negotiation, allowing Russia to join the World Trade Organization.
  
• Kellogg's 'axed too many staff'
   
  Cereal maker Kellogg's is to invest $70m in its factories after excessive job cuts undermined production standards.
  
• 'Strong chance' of UK recession
   
  There is a strong chance the UK will fall back into recession even if eurozone leaders find a resolution to the debt crisis, a report says.
  
• Stocks up on Greek state tumult
  
• China refuses to commit to EFSF
  
• BNP Paribas profits fall sharply
  
• US factory orders up in September
  
• Smartphones give CWC profit boost
  
• Pub chain warns of rising prices
  
• BMW quarterly profits rise by 21%
  
• Glaxo agrees $3bn US settlement
  
• International sales jump at Asos
  
• Service sector growth slips back
  
• NS&I to end Post Office accounts
  
• Eurozone leaders admit exit from euro is possible
   
  4 hours ago
  It is difficult to see why investors are apparently more optimistic about the eurozone's future, given that European leaders have acknowledged that membership of the euro may not be forever - which significantly increases the risks for investors of lending to any highly indebted government at a time of economic weakness.
  
• Cannes crucial for Greece and euro
   
  20 hours ago
  Last week's European summit was supposed to be the game-changer, but the real change in the game might have happened here in Cannes.
  
• Greece 'ready to drop' referendum
   
  Greek PM George Papandreou says he is seeking consensus with the opposition on a eurozone bailout as an alternative to holding a referendum.
  
• As it happened: Thursday's events
  
• Papandreou: 'Referendum decision is ours' Watch
  
• Peston: Eurozone exit possible
  
• Flanders: Crucial Cannes
  
• G20: Obama calls for debt deal
  
• Greek crisis: Your stories
  

[interestrateripoff]

Greek PM refuses to step down as referendum plan is scrapped

 

George Papandreou rejects calls from Greek opposition leader Antonis Samaras to resign, while his plans for a referendum over the bail-out package are scrapped.

4933 Comments

Stock markets rise on fresh hopes for eurozone survival

 

 

G20 summit leaders: in their own words

 

 

ECB surprises with quarter-point rate cut

 

 

Britain ready to boost IMF funding, says Cameron

 

 

 

Greek PM refuses to step down as referendum plan is scrapped

 

George Papandreou rejects calls from Greek opposition leader Antonis Samaras to resign, while his plans for a referendum over the bail-out package are scrapped.

5017 Comments

Stock markets rise on fresh hopes for eurozone survival

 

 

BNP Paribas and ING slash holdings of European sovereign debt

 

 

G20 summit leaders: in their own words

 

 

ECB surprises with quarter-point rate cut

 

 

Britain ready to boost IMF funding, says Cameron

 

 

 

 

Mervyn King: 'Leave BoE to police banks'

 

The Bank of England must be free to police banks as it sees fit, and not be restricted by a specific set of rules, the central bank's governor has told MPs.

Comment

 

Government borrowing cuts 'pay for half of NHS'

 

The Government's moves to cut public sector borrowing are saving the UK a sum equal to about half the annual budget of the National Health Service, according to Barclays chief Bob Diamond.

Comment

 

BT's 37pc jump in profits 'OK', says chief

 

A surge in customers opting for superfast broadband helped to grow BT Group's pre-tax profits by 37pc to £1.07bn in the first half - but its chief executive, Ian Livingston, said the performance was just 'OK'.

Broadband demand boosts BT: market reaction

 

 

 

UK services sector growth slower than expected

 

 

 

 

Groupon set to seal $11bn flotation

 

 

 

 

Glaxo settles US drug disputes for $3bn

 

 

 

 

KPMG apologises for 'incovenience' to MF Global's clients

 

 

 

 

Unilever dented by rising costs

 

 

 

 

NIESR predicts 70pc chance of UK recession

 

 

Super Mario cuts the euro's last lifeline

 

 

 

The clock is ticking, Europe

 

 

 

 

G20 summit leaders: in their own words

 

 

The clock is ticking, Europe

[interestrateripoff]

Greek Leader Calls Off Referendum on Bailout Plan

 

By RACHEL DONADIO and NIKI KITSANTONIS 6 minutes ago

 

Prime Minister George Papandreou canceled his controversial plan to hold a popular referendum on the European debt deal, saying the plan served its purpose by creating a broader consensus behind the deal.

 

European Central Bank, Under New Chief, Cuts Key Rate

 

By JACK EWING 56 minutes ago

 

 

In Mario Draghi’s first meeting as president, the bank lowered Europe’s benchmark rate to 1.25 percent amid gloomy economic reports and tension over Greece.

 

• Fed Lowers Its Forecast for Growth, but Takes No Steps
  
• Stocks Climb After Interest Rate Cut in Europe 2:01 PM ET
  
• Post a Comment | Read (28)
  

 

 

 

Ralph Orlowski/Getty Images

 

Mario Draghi, the new president of the E.C.B., signaled with the decision that he may be more willing than his predecessor, Jean-Claude Trichet, to tolerate inflation in the name of growth and economic stability.

 

 

 

 

 

 

Greek Leader Calls Off Referendum on Bailout Plan

 

By RACHEL DONADIO and NIKI KITSANTONIS 8 minutes ago

 

Prime Minister George Papandreou canceled his controversial plan to hold a popular referendum on the European debt deal, saying the plan served its purpose by creating a broader consensus behind the deal.

 

• Obama Urges European Solution to Crisis
  
• Video: TimesCast | Greece Calls Off Referendum
  
• Post a Comment | Read (185)
  

 

DealBook

 

Jefferies Shares Swing on Sovereign Debt Fears

 

By MICHAEL J. DE LA MERCED and SUSANNE CRAIG 14 minutes ago

 

The volatility comes as Jefferies fights heightened fears about its exposure to European debt since the bankruptcy of MF Global.

 

DealBook

 

BNP Paribas Writes Down Greek Debt as Earnings Slump

 

By DAVID JOLLY 9:52 AM ET

 

BNP Paribas, the largest French bank, said it was writing off 60 percent of the value of its Greek debt holdings, a belated acknowledgement that the loans were largely unrecoverable.

 

DealBook

 

Regulator Troubled by MF Global Dealings

 

By BEN PROTESS and AZAM AHMED 2:54 PM ET

 

The top regulator tasked with overseeing the bankrupt brokerage firm said that the search continues for more than $630 million in missing customer funds.

 

• DealBook: Many Alarms Rang Before MF Global Crashed
  

 

DealBook

 

Barclays Chief Shifts His Tone on Banks' Blame for Crisis

 

By JULIA WERDIGIER

 

Robert E. Diamond Jr., the Barclays chief executive, said in a speech that banks should "accept responsibility for what has gone wrong," a shift from his criticism of "the blame game" earlier this year.

 

Bits Blog

 

Google Changes Search Algorithm, Trying to Make Results More Timely

 

By CLAIRE CAIN MILLER

 

Google made an unusually wide-reaching change to its search algorithm to show more real-time results.

 

Glaxo to Pay $3 Billion in Avandia Settlement

 

By DUFF WILSON 12:24 PM ET

 

The settlement is the largest yet in a wave of cases brought against pharmaceutical companies for illegal marketing of drugs.

 

• Post a Comment | Read (17)
  

 

Growth in Retail Sales Slowed in October

 

By STEPHANIE CLIFFORD 2:31 PM ET

 

The increase came in below expectations, raising concerns about the upcoming holiday season.

 

• Fewer in U.S. Seek Unemployment Benefits 10:17 AM ET
  

 

Cubans Can Buy and Sell Property, Government Says

 

By DAMIEN CAVE 11:31 AM ET

 

The new law announced Thursday is the most significant market reform yet approved by the government of Raúl Castro, and one that will likely reshape Cuba’s cities and conceptions of class.

 

• Interactive Feature: Cuba to Legalize Private Property
  
• Post a Comment | Read (32)
  

 

Prescriptions Blog

 

Prostate Cancer Drug Shows Promise in Study

 

By ANDREW POLLACK

 

Medivation announced that a late-stage clinical trial was so successful that it was stopped early to provide the drug to all participants.

 

Extreme Poverty Spikes in U.S., Study Finds

 

By SABRINA TAVERNISE 53 minutes ago

 

The increase in the number of Americans living in extreme poverty has erased most of the gains from the 1990s, the Brookings Institution says.

 

 

Kodak Posts Wider Loss Than Expected

[interestrateripoff]

Merkel has 2-7 Offsuit Papandreou -- Go ALL IN!

My my what crappy cards Douche Bank has there Ms. Merkel.....

European leaders cut off aid payments to Greece and said a referendum in five weeks will determine whether the debt-strapped nation becomes the first to exit the 17-country euro area.

Crisis talks ended in the French resort of Cannes late yesterday with German Chancellor Angela Merkel and French President Nicolas Sarkozy withholding 8 billion euros ($11 billion) of assistance and warning Greece it will surrender all European aid if it votes against a bailout package agreed upon only last week.

“The referendum will revolve around nothing less than the question: does Greece want to stay in the euro, yes or no?,” Merkel told reporters. Sarkozy said Prime Minister George Papandreou’s government won’t get a “single cent” of aid if voters reject the plan.

This is truly amusing. Let's go over the facts:

 

More at the link.

[interestrateripoff]

[/url]Michael Krieger Explains Why It Takes Only 5 Minutes

 

 

Bank Of America Common Dilution Coming: To Issue 400 Million New Shares

 

 

Just In Time For NFP Friday, AMD Announces It Is Slashing 10% Of Its Workforce

 

 

Could This Be G-Pap's Most Prophetic Statement Ever?

 

 

SEC Opens Investigation Into MF Global Insider Trading, Ignores Glaring Evidence Of Client Capital Commingling

 

 

Today's Joke Du Jour Comes From Italy's Biggest Bank, UniCredit

 

 

All Fixed In Greece? Not So Fast

 

 

Europe Closes With Equities Outperforming Credit And Financials Weakest

 

 

Final Tally - Outgoing Freddie CEO Gets $4 Million Bonus To Receive $21 Billion In Bailouts After Massive Q3 Loss

 

 

Guest Post: New International Report Shreds Japan's Carefully Constructed Fukushima Scenario

 

 

Here Comes The Politicization Of MF Global: Former Goldmanite Gensler Says MF Failure Example Of "Freedom To Fail"

 

 

Guest Post: Our Fragile "Hothouse" Economy

 

 

Thank God European Inflation Is Under Control: Charting Italian CPI

 

 

Greece - Eurozone or Not? Slavery or Freedom?

 

 

Super Mario Enters With A Bang: ECB Cuts Rate By 25 bps To 1.25%

 

 

European Farce Becomes A Parody Of Itself

 

 

Previewing The ECB's Interest Rate Decision

 

 

Chaos Hits Ludicrous Speed: Rumor G-Pap To Resign, Ask For Unity Government; Refuted Immediately

 

 

Game Over Berlusconi? Italian Anti-Crisis Bill Fails

 

Here We Go Again: Euro Soars Following Rumor #2 G-Pap May Withdraw Referendum

 

 

Guest Post: MF Global Shines A Light On Monetarism's Incapacity To Enhance The Real Economy

[interestrateripoff]

Breaking news

 

• MOODY'S DOWNGRADES CYPRUS TO BAA3 FROM BAA1, ON REVIEW FOR FURTH - Reuters
  

 

 

 

• G20 summit was a fiasco – and the markets passed judgment
   
  Larry Elliott: World leaders argued, haggled and ganged up on each other. But little was agreed
   
  
  • Europe's leaders admit Greece may leave euro
    
  • Papandreou faces knife-edge confidence vote: live
    
  • G20 host Nicolas Sarkozy hails progress
    
  • G20 leaders fail to agree on IMF help for eurozone
    
  • G20 leaders press Italy to accept IMF checks
    
  • Video: Greek lawmakers oppose referendum
    
  • Video: Obama says euro crisis G20 priority
    
  • Crisis scenarios: the good, the bad and the ugly
    

  [*] US jobless rate edges down in October

   

  US jobs data gives President Obama welcome boost in fight against high employment, though rise falls short of forecasts

   

  • US October jobs figures disappoint
    
  • The true picture of US unemployment
    
  • Interactive: where are the US super poor?
    

  [*] RBS takes fresh hit on Greek bonds

   

  Chief executive Stephen Hester warns of further job cuts as he admits market turbulence and regulatory reform will make path to recovery 'longer and bumpier'

  16 comments

  • RBS awash with liquidity
    

  [*] Groupon share price soars after IPO

   

  Online discount coupon company defies sceptics as shares rise by 55% on Nasdaq exchange

  [*] HomeServe faces compensation bill

   

  FSA told that emergency repairs group HomeServe ignored complaints after winter cold snap

  [*] Ireland faces deeper budget cuts

   

  Slashed GDP forecast means Irish will endure fourth austerity budget, with a €200m adjustment

  [*] Anglo gains controlling stake in De Beers

   

  Mining giant Anglo American pays £3.2bn for Oppenheimer family's 40% stake in diamond company

 

 

• Bill Nighy takes Robin Hood tax to G20
   
  The actor, campaigner and Oxfam ambassador explains why the G20 can no longer ignore financial transaction tax at Cannes
   
  
  • Larry Elliott: G20: Facing a euro breakup nightmare
    
  • G20 summit: the day's events as they happened
    
  • Tax evasion crackdown will raise £62bn, says OECD
    
  • Bill Gates adds weight to calls for Robin Hood tax
    
  • Interactive: Who's who at Cannes G20 summit
    
  • In pictures: Body politics at the G20 summit
    
  • Video: Osborne on eurozone crisis talks
    

  [*] Row over Smiths Group boss's bonus

   

  Last updated 15 minutes ago

  Additional payment of £200,000 to chief executive Philip Bowman prompts ABI warning to shareholders

  [*] Bob Diamond avoids the pay question

   

  Nils Pratley on finance: Banks can be good citizens, says Barclays' boss. Great, but start by reforming your pay practices

  48 comments

  • Bob Diamond: Banks will be good citizens
    

  [*] Women, you're now working for free

   

  It is equal pay day – the day in the year after which the gender pay gap means women in the UK in effect stop earning

  8 comments

  [*] More business news

  [*] Time Warner makes €1bn Endemol bid

  1 comment

  [*] Corzine quits as chairman of MF Global

  [*] Pay 'rises faster' for executives

  3 comments

  [*] Concern over China's welfare rules

  [*] HSBC online and ATM problems

[interestrateripoff]

ECB cuts interest rates as second recession looms

 

Surprise shift in policy comes as companies count cost of Europe's economic woes

 

 

HSBC investigates internet system failure

 

 

 

 

Anger at Tata steel job losses

 

 

 

 

BMI takeover 'fantastic' for passengers

 

 

 

 

RBS boss warns of more job losses

 

 

 

 

Virgin anger as BA owner buys BMI

 

 

 

 

BT switches on more TV viewers and broadband users than Sky

 

 

 

 

Jefferies battles Wall Street nerves in wake of MF Global

 

 

 

 

King calls for new powers to clamp down on banks

 

 

 

 

GSK in $3bn settlement with US

 

 

David Prosser: The financial reform grudge match is going to continue for some time yet

 

Outlook Sir Mervyn King's testimony yesterday to Parliament on financial regulation will not have done much to change the view of some bankers that the Bank of England Governor has it in for them. Sir Mervyn effectively said the Bank and the new Prudential Regulation Authority should have an absolute right to exercise their judgement when applying their powers, rather than being expected topolice a rulebook that the banks and their well-paid lawyers always find it so easy to dance around.

 

 

David Prosser: The long wait for more competition in pay TV

 

 

 

 

David Prosser: Draghi's first move is no criticism of Trichet

 

 

 

 

David Prosser: Cameron and Osborne back the wrong side on the financial transactions tax

 

 

 

 

David Prosser: Pension funds should be a tempting target if the Chancellor wants to be progressive

 

 

 

 

Stephen King: Will sending around the begging bowl really solve the eurozone crisis?

 

 

 

 

Margareta Pagano: Is narcissism the new capitalism?

 

 

 

 

Stephen Foley: Now Hewlett-Packard has decided it will not divest, it must decide that it will invest

 

 

 

 

Stephen Foley: US housing market need not be a hopeless case

 

 

 

 

James Moore: Enough already. It's time to shake up the system used to set executive pay awards

 

 

G20 draws blank in eurozone crisis

 

 

Leaders failed to agree on how to increase the IMF's firepower so that it can help stem the debt crisis, though they acknowledged its resources should be boosted.

 

 

• Mary Dejevsky: Have the Greeks got it in them to save themselves – and Europe?
  
• Leading article: Talk of Greece leaving the euro is reckless
  

Greek PM faces crunch vote

 

 

 

 

UK ready to boost IMF funds

 

 

 

Italians gripped by rumours of contagion

[interestrateripoff]

4 November 2011 Last updated at 18:06

 

G20 agrees to boost IMF resources

 

G20 leaders in Cannes end their summit with a plan to boost growth and rebalance the global economy, but give no details. 424

 

• Greek eurozone crisis Live
  
• Greece's PM faces knife-edge vote
  
• Flanders: No rescue for eurozone
  
• Eurozone: Possible resolutions
  
• Italy reforms 'lack credibility'
  
• Lagarde on funding commitment Watch New
  

 

Italy reforms 'lack credibility'

 

The head of the International Monetary Fund, Christine Lagarde, says that Italy's planned budgetary reforms "lack credibility".

 

 

Lufthansa selling BMI to BA owner

 

Lufthansa announces that it is selling British Midland (BMI) to the owner of British Airways and Iberia, but Virgin insists the deal is not done.

 

 

The G20 summit: Making it clear

 

 

• Q&A: Greek debt crisis
  
• Q&A: How Greek crisis affects UK
  
• Comparing euro economies
  
• Europe's four big dilemmas
  
• Why is Italy in trouble? Watch
  
• The US economy: A lost decade? Watch
  
• How can countries go bust? Watch
  
• Why do banks go bust? Watch
  

 

 

• RBS bank profits rebound to £2bn
   
  Royal Bank of Scotland reports pre-tax profit of £2bn in the three months to 30 September, but warns of difficult economic times.
  
• HSBC online and ATM services hit
   
  HSBC online banking and some of the bank's ATMs were not working for more than two hours at one of the busiest times of the week.
  
• US unemployment rate drops to 9%
   
  The US economy added 80,000 new jobs in October and the unemployment rate dropped to 9% from 9.1%, figures show.
  
• Co-op bids for Lloyds' branches
  
• Calls for BT to block Pirate Bay
  
• Corzine steps down from MF Global
  
• Groupon shares jump 50% on debut
  
• Personal insolvencies fall back
  
• Ulster Bank writes off £1bn loans
  
• Anglo takes control of De Beers
  
• Arriva takes over Grand Central
  
• Commerzbank loss on Greece debt
  
• Barclays boss warns of 'unrest'
  
• Toyota to extend production cuts
  
• Co-Op to bid for Lloyds branches
   
  4 hours ago
  I have learned that the board of Co-Op has decided today that Co-Op Banking group will submit a second-round bid for the 632 branches and £36bn of deposits being sold by Lloyds as Verde.
  
• G20 fails to come to Europe's rescue
   
  6 hours ago
  France could not persuade the rest of the G20 to commit hard numbers to providing a bigger financial safety net for the eurozone - or anyone else who might need it.