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

[interestrateripoff]

Outsize Severance Continues for Executives, Even After Failed Tenures

 

By ERIC DASH

 

 

Eye-popping severance packages thrive in spite of the measures put in place in the wake of the financial crisis to crack down on excessive pay.

 

• Graphic: Recent Executive Severance Packages
  
• Post a Comment | Read (150)
  

 

 

 

James Best Jr./The New York Times

 

 

 

 

 

 

 

S.E.C. Finds Problems at Credit-Rating Agencies

 

By EDWARD WYATT 16 minutes ago

 

The Securities and Exchange Commission report says the companies repeatedly failed to follow their own procedures, but it does not specify the companies by name.

 

Banks to Make Customers Pay Fee for Using Debit Cards

 

By TARA SIEGEL BERNARD and BEN PROTESS

 

Banks are imposing new charges on their customers to make up for the revenue they expect to lose because of a cap on what they can charge merchants for debit-card transactions.

 

• Post a Comment | Read (581)
  

 

Stocks Fall on Fresh Economic Data

 

By DAVID JOLLY 10 minutes ago

 

Shares dipped following disappointing data on American spending and incomes and European inflation.

 

• Consumer Spending Static in August 9:06 AM ET
  

 

New Zealand Suffers Double Ratings Downgrade

 

By BETTINA WASSENER 6:38 AM ET

 

The moves by Standard and Poor's and Fitch added New Zealand to a lengthening line of developed economies whose credit profiles have been weakened by high debt and economic uncertainty.

 

News Analysis

 

In European Crisis, Experts See Little Hope for a Quick Fix

 

By GRAHAM BOWLEY and LIZ ALDERMAN

 

In the best case, a bailout of troubled banks and governments could keep the financial system from experiencing a major shock, though easing the huge debt could take years.

 

• Post a Comment | Read (122)
  

 

Germany Approves Bailout Expansion, Leaving Slovakia as Main Hurdle

 

By NICHOLAS KULISH

 

With a bailout fund expansion measure passing easily through the German Parliament, the front in the European debt crisis is now shifting to the tiny impoverished nation of Slovakia.

 

• Approving the Bailout Plan: Three Months, 17 Votes
  

 

Cash-Short, U.S. Weighs Asset Sales

 

By EDWARD WYATT

 

The White House figures that selling spare land, buildings and airwaves could raise up to $22 billion over the next decade.

 

• Post a Comment | Read (233)
  

 

DealBook

 

McGraw-Hill in Talks to Lead Stock Indexes Joint Venture

 

By MICHAEL J. DE LA MERCED

 

If consummated, the new joint venture would operate both McGraw-Hill's venerable Standard & Poor's 500-stock index and the Dow Jones industrial average.

 

 

Barclays Faces Sanctions in Japan

[interestrateripoff]

Unsubstantiated rumour.

 

http://market-ticker.org/akcs-www?post=195126

 

I don't usually write on rumors, but this one simply will not go away.

 

Germany is rumored to have ordered printing plates to resume printing Marks, and is intending to walk. This does make sense, although the Germans would have to find a way to shield their banks from the impact of a massive shift off the Euro and into the Mark by Germans, which would spike the Mark higher and positively trash the Euro's value.

 

The usual answer to "why they won't" is that the Mark would become ridiculously strong and that would kill Germany's export industry, which being goods based (rather than the faux "export industry" that is often mostly services) would get plastered. The core of most commentators' thesis is that this fact would preclude Germany from doing it.

 

But here's the problem - playing the bailout game is a tax exactly identical to the impact of that stronger currency, and the bailout game costs you the decision-making power you retain when you are the one in control of your own destiny.

 

http://www.economicvoice.com/is-the-bundesbank-printing-marks-in-anticipation-of-a-euro-failure/50020943#axzz1ZStos6lN

June 27th, 2011

The ever Eurosceptic Express reports on the so far unsubstantiated rumours that have been circulating the ‘net for over a year that German marks are being printed in readiness in case the Euro fails, or Germany is forced by economics or politics to leave the single currency.

 

Anyone got anything more concrete that the Germans are printing Euro's?

[interestrateripoff]

The Crack Addict Needs To Mainline

 

Because no good drug addiction is ever worth breaking until you have a heart attack and your teeth rot out of your head.....

WASHINGTON—The International Monetary Fund, looking to assure markets that it has the financial firepower to deal with deepening problems in Europe and also crises elsewhere, is exploring how it can have at least $1.3 trillion in lending power, according to officials involved with the discussions.

The IMF currently has about $630 billion in usable resources; about two-thirds of that could be lent under IMF rules.

The only solution to an exponentially-spiraling debt trap (which is always true when you are borrowing "X%" more this year than last) is to stop the excessive spending.

There is no other solution. Borrowing more money doesn't solve the problem, it makes it worse.

 

More at the link.

[interestrateripoff]

SEC Stops Watching Porn For 30 Seconds

 

In the "no, really?" department we have this:

U.S. Securities and Exchange Commission inspectors said a large credit rating firm “appeared to allow” for a pending rating decision to be disclosed to certain people before the action was publicly announced.

The finding, issued in a report today, comes about a month after the agency began a review of whether Standard and Poor’s employees improperly told certain investors about its decision to downgrade U.S. debt before doing so on Aug. 5.

If you remember I noted that it was blatantly obvious from market action that this was leaked before it happened. So now suddenly the SEC cares where they never had before?

[interestrateripoff]

Buffett Says European Bank(s) Have Asked Him For Money

 

 

POMO.... It's BAAAAAAAAACK

 

 

Morgan Stanley CDS - Is China Part Of The Problem?

 

 

David Stockman: Blame The Fed!

 

 

SEC Report On Credit Raters Finds Leaks And Conflicts Of Interest

 

 

Will Start Of Landesbank Mortgage Litigation Against Bank Of America Push Stock To New 52 Week Lows?

 

 

Guest Post: Our Many Layers Of Entitlement

 

 

Manufacturing Decoupling Comes To America As Chicago Breaks Away From Rest Of Country

 

 

Morgan Stanley CDS Curve Inverts As Risk Highest Since Q4 2008

 

 

US Consumer Taps Out: Personal Savings Rate Drops To Lowest Since December 2009

 

 

ECRI's Achutan Says US Is "Entering A New Recession"

 

 

Meanwhile In European Sovereign Default Risk...

 

 

Today's Economic Docket: For What It's Worth, Here Are The Scheduled Economic Headlines

 

 

IMF Scrambles To Double Bail Out Capacity To $1.3 Trillion, May Issue Bonds

 

 

Greek Banana Republic Status Upgraded To AAA After Sit-Ins At Eight Ministries Prevent Troika Inspections

 

 

China CDS Soars On Continued Hard Landing Concerns

 

 

Guest Post: QE And The “Crowding Out” Of The Bond Market Vigilante

 

 

The "Muddle Through" Has Failed: BCG Says "There May Be Only Painful Ways Out Of The Crisis"

 

 

Mike Krieger: "Rebellion Has Arrived In America"

 

 

Guest Post: Jamie Dimon’s Shameful Spouting about ‘anti-American’ Basel III regulations

[interestrateripoff]

One last barrier to Greek bailout – but Slovakia just won't budge

 

 

Pressure was mounting yesterday on Slovakia, the newest member of the eurozone, to drop its opposition to the expanded EU bailout fund as the country looked set to be the main stumbling block in the way of final ratification of the €440bn (£379bn) package.

 

• Worst quarter since Lehmans for Europe's stock markets
  
• Tesco to unveil weakest UK sales for two decades
  
• Stock Exchange enters £1bn battle for LME
  
• Confidence grows but is still near all-time low
  
• Business Diary: City to remember the Big Bang
  
• SSE raises dividend after energy bills rise
  
• Denmark's small banks get lifeline
  

 

Stephen Foley: So will it be Amazon or Apple taking the honours in the Tablet Premiership?

 

 

US Outlook: Sometimes we business reporters can feel a lot like sports commentators. Certainly this week, we have been writing about two of the world's largest technology companies as if they were United and City.

 

 

• Stephen Foley: Morgan Stanley feels the eurozone jitters
  
• David Prosser: Nokia's boss certainly talks the talk, but will we ever see some walk?
  
• Asia shows a vigour that is sadly lacking on our side of the world
  
• David Prosser: There is no consensus for regulatory reform
  
• David Prosser: Danger signals flash for Autonomy windfalls
  

[interestrateripoff]

Breaking news

 

• counterfeiting agreement signed in Tokyo - Reuters
  

 

 

 

• Sarkozy pledges to fast-track euro rescue as slump fears grow
   
  French leader praises Papandreou's commitment to austerity
  39 comments
  
  • European debt crisis: today as it happened
    
  • Merkel's triumph in bailout vote may be shortlived
    
  • Larry Elliott on the eurozone crisis - video
    
  • Interactive: EU states vote on bailout package
    

   

  [*] FTSE suffers worst quarter since 2002

   

  Eurozone debt crisis wipes £212bn off leading index and markets across Europe see shares plummet by $1.2tn

  • Russian gold miner Polymetal plans $500m float
    
  • Burberry fears slump on fears of end to Asian boom
    

   

  [*] Why Obama needs a euro solution: he wants to stay in the White House

   

  As the eurozone crisis batters America, Washington is demanding leadership and positive action

 

 

• Bank of England to launch new £50 note
   
  Inventor James Watt and his financial backer Matthew Boulton to feature on new £50 note
  95 comments
  
• Chancellor to tackle EU finance minsters over derivatives regulation
   
  George Osborne will leave Conservative party conference in hope of halting plans on how to regulate over-the-counter derivatives
  38 comments
  
  • FSB: Osborne must 'kickstart demand'
    

   

  [*] Hewlett-Packard's new chief Meg Whitman to draw $1 salary

   

  Former eBay boss joins exclusive Silicon Valley club - but is unlikely to go hungry with a possible bonus of $6m

  3 comments

  [*] More business news

  [*] Renewable Heat Incentive abruptly withdrawn

  [*] North Sea gas production falls 25%

 

 

[interestrateripoff]

No tax cuts during "debt storm," says Osborne

 

7:45pm BST

LONDON - Britain must stick to its austerity drive and avoid tax cuts while it tries to wipe out a record deficit, Chancellor George Osborne said on Saturday, as a senior member of his party accused him of lacking a "coherent and credible" long-term growth plan.

State job cuts on table at Greek loan talks

 

ATHENS - Greek officials held talks on Saturday with EU and IMF negotiators to free up urgently needed bailout loans, but the government and the lenders were reported to be at odds over how to meet a promise to lay off state workers.

 

• Exclusive - Old Mutual may sell $45 billion Dwight 12:18pm BST
  
• Qatar Holdings to invest $1 billion in European Goldfields 6:20pm BST
  
• SGX, LSE tying up for London Metal Exchange bid - source | 30 Sep 2011
  
• Anti-counterfeiting agreement signed in Tokyo
  

 

China factory activity picks up, export orders recover

 

BEIJING - China's factory activity picked up in September for a second month in a row and export orders strengthened, offering some reassurance that the world's second-largest economy can weather the global economic turmoil.

4:21am BST

 

Sarkozy to meet Merkel in coming days on Greece

 

PARIS - French President Nicolas Sarkozy said on Friday he would meet German Chancellor Angela Merkel in the coming days in Germany to discuss Greece's debt troubles, calling support for Greece a "moral obligation" for Europe. | Video

10:26am BST

 

Bank close to launching QE2

 

LONDON - The Bank of England faces a finely balanced decision next week on whether to launch a second round of stimulus to boost Britain's ailing economy, and a weak run of data at the start of next week might be enough to tip the balance.

G20 30 Sep 2011

 

BP says $7 billion Pan American stake sale still on

 

LONDON/BUENOS AIRES - BP said on Friday a plan to sell its stake in Argentina-based oil and gas group Pan American Energy (PAE) to Bridas Corp, half-owned by China's CNOOC , for $7 billion (4.47 billion pounds) was still on, despite a report Argentine opposition could scupper it.

30 Sep 2011

 

France's Accor signs franchise deal in UK

 

PARIS - Accor SA , Europe's largest hotel group, said on Friday it signed a franchise deal in the United Kingdom with Jupiter Hotels, the new owners of the former debt-ridden Jarvis hotels chain, to step up its presence there.

[interestrateripoff]

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FTSE 100 suffers biggest quarterly fall for nine years

 

The FTSE 100 suffered its biggest quarterly fall in nine years in the third quarter as mounting fears over a second global recession drove the index down 13.7pc and wiped £212bn off the value of shares.

Banks putting eurozone rescue at risk

 

 

George Osborne rules out tax cuts before the next election

 

 

Surprise rise in eurozone inflation

 

 

 

 

Alibaba chief 'very interested' in buying Yahoo!

 

The founder of Alibaba, the Chinese e-commerce giant whose bitter rift with Yahoo! was one of the main reasons Carol Bartz was fired as chief executive, has said he wants to buy the beleaguered web search company.

 

World is heading for 'Great Stagnation'

 

There is a growing risk that the global economy will move from the 'Great Recession' into the 'Great Stagnation', according to economists at Goldman Sachs.

 

Buffet still buying and backs Bank of America

 

Warren Buffett has said he is still eager to buy companies and stocks, even as his conglomerate Berkshire Hathaway launches its first-ever share buyback programme.

 

Police blast Tesco for £3m riot clean-up bill

 

Tesco has been criticised by a police force after tabling a £3m request for riot compensation that included a claim for just £40.

 

Australian pension fund attacks News Corp over Murdoch role

 

 

 

 

Autonomy growth 'at 6pc not 20pc'

 

 

 

 

ONS rapped for publishing wrong figures

 

 

 

 

Kodak denies bankruptcy plan after shares plunge 70pc

 

 

 

 

LSE mulling tie-up to bid for Metal Exchange

 

 

Debt crisis as it happened: September 30, 2011

 

The FTSE 100 is expected to open down 17 to 30 points as the markets react to yesterday's vote backing the expansion of the EFSF.

Markets tumble on global growth fears

 

 

 

 

New Zealand downgrade by S&P and Fitch

 

 

 

 

Posen's £100bn QE push

 

 

This Russian float may not be a gold mine for investors

 

 

UK has become a nation of zombie companies

[interestrateripoff]

Remedy Is Elusive as Metallic Hips Fail at a Fast Rate

 

By BARRY MEIER

 

As greater numbers of a popular hip implant are beginning to fail, doctors and patients are grappling with how to detect and repair the potential damage.

The Money Is Gone, but the Winery and a Woman’s Resolve Remain

 

By GERALDINE FABRIKANT 12:03 AM ET

 

Patricia Kluge, once one of the nation’s wealthiest divorcees, lost her fortune in a risky winery venture in Virginia. But she didn’t lose her resolve to make it succeed.

 

DealBook

 

Kodak Hires Legal Adviser Amid Talk of Bankruptcy

 

By ANDREW MARTIN and MICHAEL J. DE LA MERCED

 

The struggling Eastman Kodak denied that a bankruptcy filing was imminent after it hired a law firm to advise it on a possible restructuring.

 

Investor Fear Over Morgan Stanley Sharpens

 

By ERIC DASH and JULIE CRESWELL 12:03 AM ET

 

Investors are worried about the bank’s exposure to the European debt crisis and its reliance on short-term borrowing to finance its operations.

 

S.E.C. Faults Credit Raters, but Doesn’t Name Them

 

By EDWARD WYATT

 

The Securities and Exchange Commission report said the companies had repeatedly failed to follow their own procedures, but said it was “most effective” not to identify them.

 

• New Zealand Suffers Double Ratings Downgrade
  

 

California Quits States’ Talks With Banks on Mortgages

 

By LOUISE STORY

 

The decision threatens to derail the Justice Department’s efforts to broker a broad settlement of allegations involving mortgage practices.

 

• Top Prosecutor Stands Out by Pushing Back
  

 

Austria Passes Expansion of Euro Bailout Fund, With Opposition Limited but Loud

 

By NICHOLAS KULISH

 

Despite sustained heckling from far-right legislators that compelled Parliamentary leaders to call a temporary recess, the increase was approved by a 117-to-53 margin.

 

On the Road to Detroit’s Big Pileup

 

26 minutes ago

 

A G.M.-Ford merger? That’s how desperate Detroit’s auto industry was in summer 2008, according to “Once Upon a Car,” a new book by Bill Vlasic.

 

DealBook

 

Inquiry Clears S.E.C. in Mark Cuban Insider Trading Case

 

By PETER LATTMAN and FLOYD NORRIS

 

The effusive billionaire owner of the Dallas Mavericks had accused the S.E.C. of hounding him because he was famous.

 

Gains Made in Equality of Incomes in Downturn

 

By SABRINA TAVERNISE

 

The disparity between men’s and women’s wages shrank, but only because men earned less, according to a study of Census Bureau data.

[interestrateripoff]

The Fork Has Been Put In The "Mortgage Settlement"

It's done folks...

California Atty. Gen. Kamala Harris will no longer take part in a national foreclosure probe of some of the nation's biggest banks, which are accused of pervasive misconduct in dealing with troubled homeowners.

Harris removed herself from talks by a coalition of state attorneys general and federal agencies investigating abusive foreclosure practices because the nation's five largest mortgage servicers were not offering California homeowners relief commensurate to what people in the state had suffered, Harris told The Times on Friday.

The federal government's attempt to [problem] this, including Iowa's Tom Miller who turned his back on the people and started fellating banksters and the federal government under the table, has now conclusively failed.

Without California, which is where the largest single concentration of this crap was found, along with NY on board there's not a prayer in hell that any of these talks matter at all. I expect the other big Fraudclosure states, especially Nevada and probably Arizona, to hop on this bandwagon too.

More at the link.

[interestrateripoff]

Remember My Prediction On Amazon and Apple?

Well what do we have here?

Best buy has released a statement saying that as of Oct.1, the price of the

HTC Flyer

(

read our review

) will drop from $499 to $299. This is hot on the heels of a similar announcement about the

BlackBerry Playbook

, which also saw a $200 price drop to $299. After seeing products sit on the shelves, and fire sales, and cheap competitors, it looks like retailers (and likely OEM's -- Best Buy isn't eating the entire loss I'm sure) have realized that there are a lot of people who want a tablet device, but don't want to spend $500-$800 on a Galaxy Tab 10.1 or an iPad.

It's called "margin compression" and "commoditization of the space", and just as it destroyed everyone making high-margin PCs it's now going to do the same thing to tablet makers.

Oh sure, there will be those who claim to have the "panache" to avoid it (Apple primarily) for a while, but they'll fail. This is exactly what I expected to happen as a consequence of HP's actions: They permanently changed consumer acceptance of prices that were always idiotic for tablet computers.

[interestrateripoff]

The Ugly Side Of Exponents: Weekend Edition

 

Here's something to think about this weekend as you go about your business.

The 2008 Federal Fiscal Budget (running from October 07 to October 08) expended approximately $2.9 trillion. It produced a budget deficit (actual) of approximately $500 billion.

In 2007, when the financial mess began and The Market Ticker originated publication, I pointed out that in order to bring the government into balance and stop the ponzi finance we would have to cut government spending ("G" in GDP parlance) by approximately 18%. This $500 billion in deficits represented approximately 3.5% of GDP.

I was ignored.

 

More at the link.

[interestrateripoff]

Meltdown Part 2: "A Global Financial Tsunami"

 

 

Goldman's European Clients Are Oblivious About Developments In Europe

 

 

Another Blow For America's Banks (And Bank Of America) After California Kills Robosigning Settlement

 

 

Guest Post: Christine Lagarde’s IMF Action Plan: Reassure The Idiots

 

 

Guest Post: Looking Back To the Late '80s For 'Contagion' Guidance

 

 

The AMD Event

 

 

Chart Of The Week: Monetary Chaos In The Bubble Years

 

 

Startling Unpublished Keynes Equations Discovered (Friday Afternoon Humor)

 

 

 

Russ Certo: "Fire In The Hole"

 

 

Buffett Says European Bank(s) Have Asked Him For Money

[interestrateripoff]

Breaking news

 

• Amazon caves may block Vale iron-ore mine - paper - Reuters
  

 

 

 

• Consortium to bankroll 'green deal' energy efficiency drive
   
  Banks, power firms and others are joining forces to provide the cheap loans that will fund the government's 'green deal' energy efficiency drive
  
• CSC sued over NHS contract losses
   
  Shareholder class action alleges 'fraudulent concealment' by CSC board
  
• Bank of England expected to release another £50bn in quantitative easing
   
  Double-dip recession fears may lead monetary policy committee to act this week
   
  
  • FTSE suffers worst quarter since 2002
    
  • Chancellor to tackle EU over derivatives regulation
    
  • FSB: Osborne must 'kickstart demand'
    
  • Sarkozy pledges to fast-track euro rescue
    
  • Larry Elliott on the eurozone crisis - video
    
  • Interactive: EU states vote on bailout package
    
  • Why Obama needs a euro solution
    

  [*] Working for nothing – the truth about low pay in the UK

   

  New research indicates that more than 20% of British employees are earning less than a living wage

  31 comments

 

 

• Mad Hatter's tea party that is the eurozone crisis
   
  Last updated 11 minutes ago
  Alice in Wonderland has nothing on the absurd world of Europe's financial policymakers, says Larry Elliott
  
• EasyJet's founder prepares to lift off again – but is he serious?
   
  Stelios Haji-Ioannou says he is ready to launch a new airline, but experts think it's pie in the sky
   
  
  • Trademark squatters 'have moved in on Fastjet'
    

  [*] Rivals prepare to launch competing plant-based sweeteners in UK

   

  New products Truvia and PureVia set to reinvigorate stagnating £60m market

  Post your comment

  [*] More business news

  [*] Kodak reported to be considering filing for bankruptcy

  [*] Low-cost Chinese imports fuel boom in solar panels

  [*] Stem cell centre gets green light from UK government

  5 comments

  [*] Bank of England to launch new £50 note

[interestrateripoff]

NEWSFLASH

 

http://uk.reuters.com/article/2011/10/02/uk-greece-idUKTRE7900IF20111002

 

Greece will miss 2011 and 2012 budget deficit targets set by the EU and the IMF, according to figures published by the finance ministry on Sunday after the cabinet adopted the draft 2012 budget.

 

The budget deficit will reach 8.5 percent of GDP this year, missing a 7.6 percent target. It will be brought down to 6.8 percent of GDP next year but will still miss the bailout target of 6.5 percent of GDP.

 

Is this the Black Swan event? I mean no one could possible have predicted this!!!!

[interestrateripoff]

BAE protects 380 jobs with U.S. howitzer deal

 

LONDON - Europe's biggest defence contractor BAE Systems has won a $134 million (85 million pounds) deal from the U.S. for 70 M777 howitzers, potentially safeguarding 380 British jobs.

 

• Cameron urges eurozone action 5:33pm BST
  
• Slovak government challenged to find EFSF backing 2:15pm BST
  
• Exclusive - Old Mutual may sell $45 billion Dwight
  

 

ENRC chairman could yet be replaced - report

 

LONDON - Kazak miner ENRC could replace its chairman by the end of the year despite backing current independent incumbent Johannes Sittard just last week, the Sunday Times reported.

3:05pm BST

 

Sarkozy to meet Merkel in coming days on Greece

 

PARIS - French President Nicolas Sarkozy said on Friday he would meet German Chancellor Angela Merkel in the coming days in Germany to discuss Greece's debt troubles, calling support for Greece a "moral obligation" for Europe. | Video

01 Oct 2011

 

Qatar Holdings to invest $1 billion in European Goldfields

 

ATHENS - Qatar's sovereign wealth fund will invest $1 billion in European Goldfields including $600 million to finance operations in Greece, where the London-based firm has a permit to mine gold, the fund's head said on Saturday.

01 Oct 2011

 

Morrisons could buy Garden Centre Group - report

 

LONDON - Wm Morrison Supermarkets is interested in the Garden Centre Group put up for sale last month by Lloyds Banking Group , the Mail on Sunday reported.

1:40pm BST

 

China state media takes aim at U.S. currency bill

 

BEIJING - China's official news agency derided on Sunday U.S. lawmakers' efforts to pressure Beijing over its currency policy as "expedient and shallow," saying they were resorting to an old habit of deflecting blame on China.

[interestrateripoff]

US managers keen for BAE's chief to separate them from UK parent

 

 

Pressure is mounting from within BAE Systems for chief executive Ian King to consider breaking up the company as part of the defence giant's latest strategic review.

 

 

• Ecclestone to give evidence in F1 bribery case
  
• Calls for UBS to speed up the release of rogue trader report
  
• Bribery Trial: Ecclestone to appear as F1 case witness
  
• Luxury brands stalk Bond's outfitter
  
• New Look casts its eye on upmarket brands to boost e-sales
  
• Topman opens concept store in east London
  
• Investors 'exasperated' with HP
  

 

An ethical economy? Now, what says Cameron?

 

Margareta Pagano: Ed Miliband and David Cameron both want a 'big' society. But at the moment, the PM is trying to work out how to get UK plc to spend its £50bn cash pile.

 

 

• Hamish McRae: From Singapore, Europe is not only west, but looks to be going there too
  
• Stephen Foley: So will it be Amazon or Apple taking the honours in the Tablet Premiership?
  
• Stephen Foley: Morgan Stanley feels the eurozone jitters
  
• David Prosser: Nokia's boss certainly talks the talk, but will we ever see some walk?
  
• Asia shows a vigour that is sadly lacking on our side of the world
  

[interestrateripoff]

2 October 2011 Last updated at 19:34

 

PM warns over eurozone break-up

 

Prime Minister David Cameron warns that it would be "very bad" for the UK if the eurozone was to break up.

 

• Will the eurozone break up?
  
• PM vows to create jobs and homes
  
• Factors behind market turmoil
  
• What turmoil means for you
  
• Eurozone in crisis graphics - GDP
  

 

BAE sites to be enterprise zones

 

Two new enterprise zones are being created to help workers who are losing their jobs at BAE Systems find new employment, says George Osborne.

 

 

Trade watchdog link to loan firm

 

A BBC investigation reveals Trading Standards offices are receiving consultancy fees from companies which could also be the subject of customer complaints - a move consumer groups say is "a grave error of judgement".

 

 

 

• Kodak denies any bankruptcy plans
   
  Eastman Kodak denies that it plans to file for bankruptcy protection, despite hiring a legal firm well-known for handling such cases.
  
• Minimum wage up by 15p to £6.08
   
  The minimum wage goes up from 1 October, with the main rate for adults aged 21 or over rising by 15p to £6.08 an hour. 325
  
• Default retirement age abolished
   
  The default retirement age in the UK has been fully abolished after being phased out from April this year. 202
  
• Unfair dismissal term to 'double'
  
• Markets see big quarterly falls
  
• Petition to support BAE workers
  
• Wall Street protesters released
  
• Greece pushes for bailout tranche
  
• Credit agencies 'have failures'
  
• European financial tax 'bad idea'
  
• US bank hit after debit fee news
  
• Sharp rise in eurozone inflation
  
• Agency workers set for new rights
  
• Southern Cross homes transferred
  

[interestrateripoff]

Coupon Sites Are a Great Deal, but Not Always to Merchants

 

By DAVID STREITFELD

 

 

Some entrepreneurs question the usefulness of pitting customers seeking deals against merchants hoping for loyalty.

 

• DealBook: Imagining a C.E.O. Encounter
  

 

 

 

Scott Olson/Getty Images

 

In June, Groupon was preparing to go public at a valuation as high as $30 billion, but the offering has repeatedly been put off.

 

 

 

 

 

 

On the Road to Detroit’s Big Pileup

 

 

A G.M.-Ford merger? That’s how desperate Detroit’s auto industry was in the summer of 2008, according to “Once Upon a Car,” a new book by Bill Vlasic.

 

The Long Run

 

Seeking Taxes, Romney Went After Business

 

By MICHAEL BARBARO

 

The Romney administration scoured the tax code for loopholes, extracting millions of corporate dollars to help close budget gaps.

 

• Obama Criticizes Republicans Over Booing
  

 

Profits, but No Joy, for Merrill

 

By NELSON D. SCHWARTZ

 

Merrill Lynch was a weight when it first collapsed into the arms of Bank of America in 2008. Now the tables have turned.

 

• Post a Comment | Read (39)
  

 

Battered by Economic Crisis, Greeks Turn to Barter Networks

 

By RACHEL DONADIO

 

Greeks squeezed by wage cuts, tax increases and growing fears about the euro have looked for creative ways to cope with a radically changing economic landscape.

 

Top Prosecutor Stands Out by Pushing Back

 

By ALAN FEUER

 

New York’s attorney general, Eric T. Schneiderman, is less anonymous since objecting to a potential $20 billion deal to end a lawsuit against banks.

 

• Times Topics: Eric T. Schneiderman
  

 

Prototype

 

Two Routes to Solving the Jobs Puzzle

 

By NICOLE LAPORTE

 

To create more jobs, should Los Angeles try to capitalize on its sheer size, or try to build upon the small communities within it?

 

Digital Domain

 

Reading the Writing on the Envelope

 

By RANDALL STROSS

 

The Postal Service is in a losing race with technology, but the nation has yet to face the problem head-on.

 

Preoccupations

 

Conquering My Fear of Speaking in Public

 

By DOMINIQUE MOLINA

 

The co-founder of a nonprofit group says her father taught her a valuable lesson about speaking before groups: rely less on your notes and speak from the heart.

 

The Boss

 

Pay the Grace Forward

 

By KENT MATLOCK

 

Kent Matlock, chairman of Matlock Advertising and Public Relations, says he learned to treasure the help and inspiration of his mentors.

 

Mortgages

 

Determining a Home’s Value

 

By VICKIE ELMER

 

Homeowners can pay for an appraisal before approaching a lender, but a less costly option is to check the “comps” — recent sales of comparable homes nearby.

[interestrateripoff]

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David Cameron to announce measures to help businesses

 

The Prime Minister is to make a concerted bid for the “pro-business” agenda this week in his keynote speech to the Conservative Party conference where he will lay out plans to back growing companies.

Does George Osborne have the marvellous medicine?

 

 

 

 

Myners: HSBC retail bank should go to Paris

 

The former City minister has suggested HSBC should move its UK retail banking operations to France to avoid the potential repercussions of the Independent Commission on Banking's final ring-fence recommendations.

 

Stelios's Fastjet to take on long-haul market

 

Sir Stelios Haji-Iaonnou is working on plans to launch a transatlantic airline which would pit him head to head with British Airways and Virgin Atlantic.

Sir Stelios Haji-Ioannou: 'Why are easyJet so scared?'

 

 

 

New Apple chief's first test at iPhone 5 launch

 

Apple chief executive Tim Cook faces his greatest challenge on Tuesday as he steps into Steve Jobs's shoes for the launch of the next iPhone, the biggest profit driver at the world's most valuable company.

 

BoE could vote for money printing this week

 

Weak economic prospects set to be highlighted this week could prompt the Bank of England to pump more money into the British economy in an attempt to kick start the stalling recovery.

 

Aveva boss threatens to leave UK over 50p tax

 

 

 

 

'Vulture' funds circle embattled fashion retailer New Look

 

 

 

 

Howitzer order saves 380 jobs at BAE plant

 

 

 

 

Tesco remains confident despite falling sales in Britain

 

 

 

 

Alibaba chief 'very interested' in buying Yahoo!

 

 

Financial markets hold politicians to account over the euro crisis

 

Markets did not create the euro, politicians did. And they made a thoroughly bad job of it. Now they blame the markets for spotting their shoddy workmanship.

The financial week ahead: October 3, 2011

 

 

 

 

Why China won't conquer the world

 

 

 

 

Business week ahead: October 3 - October 7

 

 

Europe may think it is handling this mess - it couldn't be more wrong

 

 

Protectionism beckons as leaders push world into Depression

[interestrateripoff]

Greece To Miss Budget Deficit Targets, As Usual, While Qatar Prepares A Bailout Pennies-For-Gold Swap

 

 

Out Of The "Hard Landing" Pan And Into The "Crash" Fire - Are Things About To Get Even Worse For China?

 

 

Credit Dislocated, Again

 

 

100% Debt Discharge Decision In Greece Sets Troubling Precedent For Local Banks

 

 

Meltdown Part 3: "Paying The Price"

 

 

Goldman's Jim O'Neill: "Let's Worry About Everything"

 

 

Guest Post: Bailout Lost Opportunity Cost

 

 

Citi Follows Bank Of America In Instituting Debit Card Fee, $1.9 Trillion In Deposits At Risk

 

 

Third Point Down 3.6% In September: Liquidations To Shift From Gold Back To Stocks Next?

 

 

Goldman's European Clients Are Oblivious About Developments In Europe

 

 

Meltdown Part 2: "A Global Financial Tsunami"

 

 

Another Blow For America's Banks (And Bank Of America) After California Kills Robosigning Settlement

 

 

Guest Post: Christine Lagarde’s IMF Action Plan: Reassure The Idiots

[interestrateripoff]

http://www.zerohedge.com/news/100-debt-discharge-decision-greece-sets-troubling-precedent-greek-banks

 

A very disturbing precedent, for the already frayed domestic financial system, was set in Greece over the past few days, where as the linked story from On-News.gr explains, an unemployed Greek woman who owed a little over 26,000 euros to two banks, Eurobank and National, received a full debt discharge on her outstanding loans. As the blog logical concludes, this decision will probably be adhered to in thousands of similar cases. Furthermore, it should be noted the woman had a perfect payment record for 18 years, and only fell behind when she lost her job. Imagine the sheer panic that would ensue if a comparable legal decision vis-a-vis ordinary consumer debt were to occur in the US - that would be a supreme court resolution for the ages. In the meantime in Greece, a one-two punch arrives: deposits being drained and moved overseas, and bad loans being outright erased from the balance sheet by court order.

 

http://www.on-news.gr/2011/10/blog-post_6760.html

 

Any Greek speakers confirm the facts on this story? Looks like the Greeks will soon be shafting the international bankers even more, if this case does indeed set a precedent I can imagine most Greek judges will be all too happy to follow.

 

If the govt won't default it looks like the people will do it themselves.

 

I'm amazed that they managed to keep this farce going for as long as they have.

[interestrateripoff]

Breaking news

 

• Drug researcher PPD to go private in $3.9 bln deal - Reuters
  

 

 

 

• Osborne talks up recovery as markets tumble – Live
   
  Live Chancellor talks tough on debt reduction as markets slide on Greek fears
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  • Latest “6.59pm: Here's some video footage of George Osborne....... telling the Conservative Party conference that the government is "going for growth".”
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  The chancellor wants to ease credit to small businesses but is vague about how to do it
  

  Phillip Inman

  [*] Manufacturing activity boosts Osborne

   

  The chancellor gained relief from figures showing that manufacturing expanded slightly in September but there was a rapid slowdown across the eurozone which is likely to affect UK exports

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  • Chancellor unveils credit plan
    

  [*] Air freight slump is bad news for airlines

   

  Airline executives view decline in air-cargo market as reflective of weak consumer spending and global economic worries

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  [*] City warned of looming job cuts

   

  Banks come under pressure as investors fear their reserves will prove inadequate in financial crisis

  [*] Music sales fall despite digital growth

   

  Fans increasingly opting to buy albums as downloads, but overall music sales drop more than 11% in third quarter. By Josh Halliday

  20 comments

 

 

• Launching today
   
  The new business blogs
   
  
  
• Data rare glint of sunshine for Osborne
   
  Economics blog: Better than expected economic data gives Bank of England pause for thought on QE2, writes Larry Elliott
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  • More from the new economics blog
    

  [*] Project Merlin lacks magic

   

  February's deal with the banks was supposed to fix the lending problem. It hasn't. Get ready for the next bonus row

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  [*] Credit easing to fill Merlin-size gap

   

  Jill Treanor: The chancellor announces steps to avoid another credit crunch

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  [*] Greek woes weigh on FTSE but Vodafone bucks the trend

   

  As Greek worries weighed on the market once more, particularly the mining and banking sectors, Vodafone avoided the sell-off following a couple of positive recommendations

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  • Wall Street lifted by better than expected data
    
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  [*] More business news

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  [*] Smartphones good and bad for Phones4u

[interestrateripoff]

Qatar swoops for Greek assets as Europe looks abroad for help

 

 

A Qatari sovereign wealth fund has taken a 10 per cent stake in a Greek gold-mining firm, in a move that confirms that European politicians are increasingly keen to accept assistance from emerging economies in order to ease the eurozone's debt crisis.

 

 

• Debt fears keep markets gloomy new
  
• Unfair sacking change 'to save £6m' new
  
• Surprise boost in manufacturing activity
  
• Documents reveal bank rules talks
  
• State-controlled Lloyds in deal with cluster bomb manufacturer
  
• The call goes out for ethical business leaders
  
• Manufacturers lobby against maternity rights
  

 

Ben Chu: The IMF matters, but we should also pay attention to the World Bank

 

Economic Outlook: Staff at the Bank are under huge pressure to push money out of the door. The emphasis is on quantity rather than quality

 

 

• An ethical economy? Now, what says Cameron?
  
• Hamish McRae: From Singapore, Europe is not only west, but looks to be going there too
  
• Stephen Foley: So will it be Amazon or Apple taking the honours in the Tablet Premiership?
  
• Stephen Foley: Morgan Stanley feels the eurozone jitters
  
• David Prosser: Nokia's boss certainly talks the talk, but will we ever see some walk?