The great intrest rate rip off part 5

[interestrateripoff]

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EU bailouts 'only for nations that ratify budget pact'

 

An EU fiscal treaty draft states that bailout aid is only for countries that ratify the new budget pact, while EU-IMF inspectors say Ireland has passed the harsh austerity targets imposed under its bailout.

397 Comments

EU bailouts 'only for nations that ratify budget pact'

 

 

The EU fiscal draft treaty: in full

 

 

EU fiscal treaty draft: key issues

 

 

Ireland passes austerity targets under EU-IMF bailout

 

 

Cameron: 'open markets promote morality'

 

 

 

 

Bank of America leads rally on Wall Street

 

Bank of America led a rally in bank shares on Wall Street after the embattled lender revealed it was rebuilding its capital base far quicker than expected.

Comment

Morgan Stanley suffers fourth-quarter loss

 

 

 

Jefferies favourite to buy RBS's Hoare Govett

 

US investment bank Jefferies has emerged as the most likely buyer of corporate broker Hoare Govett from Royal Bank of Scotland as the state-backed lender looks to shrink its investment banking business.

Comment

RBS says still to decide chief exec's bonus

 

 

 

Warren Buffett ups his stake in Tesco

 

Tesco has been given a much-needed boost by Warren Buffett, arguably the world's most successful investor, who bought about £350m worth of shares in the supermarket.

36 Comments

 

BP Gulf oil spill trial 'will not take place'

 

BP is likely to agree a $25bn (£16bn) settlement with the US government over the Gulf of Mexico disaster, meaning the trial for civil claims against the oil giant will not proceed, a leading analyst forecast today.

2 Comments

 

Kodak files for Chapter 11 bankruptcy

 

Eastman Kodak has filed for Chapter 11 bankruptcy protection as it attempts to transform the 130-year-old photography pioneer into a digital company.

34 Comments

A history of Kodak

 

 

Kodak: 30 fascinating facts

 

 

 

Asos and Primark report strong Christmas sales

 

MPs round on Sir Mervyn King over 'disrespect'

 

Sir Mervyn King has been accused of being "disrespectful" by MPs, with members of the Treasury Select Committee complaining he gave them too little time to consider proposals for a new oversight body.

57 Comments

Debt crisis: live

 

 

 

 

EU bailouts 'only for nations that ratify budget pact'

 

 

 

 

EU fiscal treaty draft: key issues

[interestrateripoff]

UK economy in mild recession, to grow in Q2 - Reuters poll

 

LONDON - The British economy is languishing in a mild recession but will return to modest growth by April-June as the Bank of England maintains its ultra-loose monetary policy and the euro zone muddles through its debt crisis, a Reuters poll found.

 

• Cameron says bank bonuses "out of control" 4:38pm GMT
  
• Photography pioneer Kodak files for bankruptcy | 7:00pm GMT
  
• Relief in Spain, tension in Greece for euro zone 6:52pm GMT
  
• Bank of America profit boosted by one-time gains 4:42pm GMT
  

Banks lift FTSE after U.S. results and liquidity boost

 

LONDON - The top share index closed higher on Thursday, led by banks after bullish earnings from their U.S. peers and with hopes building that the recent coordinated action by central banks and the IMF would be enough to avoid an economic crisis.

IMF 6:53pm GMT

 

Bank's Haldane wants bespoke bank accounting rules

 

LONDON - Banks need radical bespoke accounting rules to clear the confusing fog over valuing assets held on their books, said a top official at the Bank of England, which takes over regulation of UK lenders next year.

2:27pm GMT

 

Sales bounce back at fashion retailer ASOS

 

LONDON - British online fashion retailer ASOS bucked the UK retail gloom with sales in the last three months of 2011 bouncing back from a disappointing performance in the previous quarter, it said on Thursday.

3:18pm GMT

 

Paymasters wary as IMF starts new funds quest

 

PARIS - Two years after it requested $500 billion (323 billion pounds) to fight off a global slump, the International Monetary Fund's call for a further $600 billion to limit the fallout from Europe's debt crisis prompted supportive words from Brussels on Thursday but no stampede in the rest of the world to commit the cash. | Video

IMF, G20 2:43pm GMT

 

Buffett ups stake in Tesco after profit warning

 

LONDON - Billionaire U.S. investor Warren Buffett has lifted his stake in Tesco in a move likely to be seen as a vote of confidence in Chief Executive Phil Clarke after a profit warning from the world's No.3 retailer last week.

[interestrateripoff]

Eastman Kodak Files for Bankruptcy

 

By MICHAEL J. DE LA MERCED 10:09 AM ET

 

Eastman Kodak, the 131-year-old film pioneer that has been struggling for years to adapt to an increasingly digital world, ran short of cash before a turnaround effort could succeed.

 

• Post a Comment | Video | Lens: Life, and Kodak, Remembered
  
• Video: Kodak Declares Bankruptcy
  

Chris Hondros/Getty Images

 

Founded in 1880 by George Eastman, Kodak helped establish the market for camera film and then dominated the field.

 

 

 

DealBook

 

Bank of America Swings to a Profit

 

By NELSON D. SCHWARTZ 10:09 AM ET

 

One bright spot in the quarterly results was Bank of America's balance sheet, which its chief executive, Brian T. Moynihan, has been trying to strengthen since he took over in December 2009.

 

DealBook

 

Morgan Stanley Reports Loss as Settlement Weighs on Results

 

By SUSANNE CRAIG 1:31 PM ET

 

The one main bright spot in the fourth quarter was the Wall Street firm's global wealth management division.

 

Apple Unveils App and Tools for Digital Textbooks

 

By BRIAN X. CHEN and NICK WINGFIELD 43 minutes ago

 

Apple announced iBooks 2, an app that will support electronic textbooks that can display interactive diagrams, audio and video.

 

G.M. Back on Top in World Automaking

 

By NICK BUNKLEY 29 minutes ago

 

After three years in second place, it regained the No. 1 spot, topping Volkswagen as Toyota fell to third.

 

U.S. Jobless Claims Fall Sharply

 

By THE ASSOCIATED PRESS 12:46 PM ET

 

Weekly applications for unemployment benefits fell by 50,000, the biggest drop in more than six years, to 352,000, the Labor Department said.

 

• Stocks Flat Despite Promising Data 10:20 AM ET
  
• Economix Blog: Signs of a Bottom in Housing 1:55 PM ET
  

 

Murdoch Company Settles With 36 Hacking Victims

 

By SARAH LYALL, ALAN COWELL and RAVI SOMAIYA 12:55 PM ET

 

Lawyers for the victims said that News Group Newspapers settled on the basis “that senior employees and directors” of the company “knew about the wrongdoing and sought to conceal it by deliberately deceiving investigators and destroying evidence.”

 

• Post a Comment | Read (9)
  

 

DealBook

 

European Central Bank to Recover Most of Its Lehman Loans

 

By JACK EWING 12:59 PM ET

 

Lehman Brothers' German unit had used 33 securities as collateral to borrow 8.5 billion euros from the European Central Bank before its collapse in September 2008.

 

Irish Austerity Measures Cut Two Ways, Report Finds

 

By LIZ ALDERMAN

 

A progress report by international lenders found that Ireland had made striking progress at cutting its deficit but that economic growth would slow in 2012.

[interestrateripoff]

Philly Fed: Revisions Galore!

Heh, what's this crap?

Indicators Suggest Continued Growth The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, edged up slightly from a revised reading of 6.8 in December to 7.3 in January.* The demand for manufactured goods showed continued growth this month: The new orders index remained positive for the fourth consecutive month but declined from a revised reading of 10.7 in December to 6.9 this month. The shipments index also remained positive but fell 3 points. The indexes for both delivery times and unfilled orders recorded slightly negative readings this month.

See that pretty asterisk? There were big revisions to the previous months, making comparisons more than a bit difficult if you simply look at the previous month's numbers. Fortunately, they changed the previous numbers in this release's table.

[interestrateripoff]

Hint: Unsecured Lending Is Dangerous

There's a particular piece of idiocy that is distressingly common and stupid -- the idea that lending money to governments (that is, buying government bonds) should be "cheap" or the "risk free" return rate.

This is false -- it is a convenient lie that is intentionally promulgated by both banksters and governments for their benefit and to your detriment.

The reason this is false is that all lending to sovereigns is inherently unsecured. That is, the only thing you have is a bare promise of repayment backed by the government's willingness and ability to tax the citizens.

This is not assured and in fact is under the control of the citizens themselves and not the "debtor."

 

More at the link.

[interestrateripoff]

Claims: More Big (Seasonally Adjusted) Gyrations

Oh look, more seasonal adjustments!

In the week ending January 14, the advance figure for seasonally adjusted

initial claims

was 352,000, a decrease of 50,000 from the previous week's revised figure of 402,000. The 4-week moving average was 379,000, a decrease of 3,500 from the previous week's revised average of 382,500.

The advance seasonally adjusted

insured unemployment rate

was 2.7 percent for the week ending January 7, a decrease of 0.2 percentage point from the prior week's unrevised rate.

....

The advance number of actual initial claims under state programs, unadjusted, totaled 521,613 in the week ending January 14, a decrease of 124,606 from the previous week. There were 549,688 initial claims in the comparable week in 2011.

Look how the spin machine works. Under 3% of the workforce is "unemployed" if you count only insured unemployed people (everyone else has no income at all!) And the seasonal adjustments, well, they're major.

I have to say that a 50,000 decline in the claims rate is huge. But the question isn't whether it's large, it's whether it's real.

The December 31st numbers in the "big table" are out, and they're stunning, showing a nearly-500,000 increase in the number of people collecting benefits!

 

More at the link.

 

There is no recovery.

[interestrateripoff]

http://www.dailymail.co.uk/news/article-2088871/Britains-debt-addiction-means-owe-500-GDP-face-decade-austerity.html

 

Britain has the highest level of debt among the major economies bar Japan, research has found.

 

Over the past three years it has risen to more than 500 per cent of national output.

The alarming rise since the height of the financial crisis has been fuelled by debt in the financial sector as people seek to borrow their way out of the economic slump, according to consultancy McKinsey.

 

We've had one hell of a credit boom....

[interestrateripoff]

http://www.mckinsey.com/Insights/MGI/Research/Financial_Markets/Uneven_progress_on_the_path_to_growth

 

Safely reducing debt and clearing the way for economic growth in the aftermath of the global credit bubble will take many years and involve difficult choices, as MGI’s 2010 report showed.

 

Two years later, major economies have only just begun deleveraging. In only three of the largest mature economies—the United States, Australia, and South Korea—has the ratio of total debt relative to GDP fallen. The private sector leads in debt reduction, and government debt has continued to rise, due to recession. However, history shows that, under the right conditions, private-sector deleveraging leads to renewed economic growth and then public-sector debt reduction.

 

More at the link, plus the full report.

 

Ludwig von Mises describes the endgame brought on by reckless expansion of credit: "There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit (debt) expansion, or later as a final and total catastrophe of the currency system involved."

[interestrateripoff]

Michael Krieger Summarizes "The Building Tension"

 

KKR Avoids European Sovereigns On Austerity Concerns

 

Fed Back To Its Secretive Ways, Sells $7 Billion In Maiden Lane Assets Directly To Credit Suisse Without Public Auction

 

Deutsche Bank Again Under Fire From Internal Whistleblower Accusing Bank Of Fudging Numbers

 

Guest Post: You Can't Fool Mother Nature For Long: The Substitution of Debt for Productivity

 

Despite Revision, Philly Fed Misses Expectations As Outlook Nears Cyclical Peak

 

Sliding Greek Bond Reality Challenges "Debt Deal" Hopium

 

Bank Of America Beats EPS Estimates, Misses Net Of One Time Items, Reports Could Be Underaccrued By Up To $5 Billion

 

Penetrating Insights On Why The Market Feels Like A Colonoscopy

 

"No Deal" - Greek Bondholders Do Not Think Agreement Can Be Reached Before "Crunch Date"

 

Volume Only Underperformer As Euphoria Catches On

[interestrateripoff]

Breaking news

 

• UK government rejects metals theft bill - Reuters
  

 

 

 

• Greece nears breakthrough in deal to cancel 70% of debt
   
  Agreement reportedly secured on interest rates for new bonds
  2 comments
  
  • Debt crisis blog by Julia Kollewe and Nick Fletcher
    
  • IMF warns of risk posed by global austerity plans
    
  • Mohamed El-Erian: How to solve credit crisis
    
  • More on the eurozone crisis
    

  [*] HMV strikes deal with suppliers

   

  Crisis-stricken HMV has forged an alliance with Universial Music and other suppliers, which the firm believes will help it return to financial health

  8 comments

  • UK retail sales up for December
    
  • Ikea boosts profits despite crisis
    
  • Warren Buffett raises stake in Tesco
    
  • Online retail sales soar to near £8bn in December
    
  • Interactive: Christmas on the high street and online
    

  [*] Poundland is quids in after Christmas sales rise 25%

   

  'Squeezed' middle classes turn to fast-growing bargain chain with 5.5m shoppers during peak festive week

  [*] Feathers fly at Peacocks' plight

   

  Staff, shoppers and politicians alike fear for Welsh jobs after Cardiff-based retailer's collapse into administration

   

  • Creditors blame each other for Peacocks' collapse
    

  [*] China sovereign wealth fund buys Thames Water stake

   

  Thames Water deal follows talks in Beijing this week with chancellor George Osborne, who hails deal as 'a vote of confidence in Britain'

 

 

• Greece's ancient sites to play starring role in recovery
   
  The debt-choked nation is trying to make more money out of the Acropolis and other antiquities
  42 comments
  
• Goodwin could lose knighthood
   
  David Cameron reveals move for honour to be stripped from former RBS chief executive
   
  
  • Should Goodwin be stripped of his knighthood?
    
  • PM promises 'popular capitalism'
    
  • How will Goodwin's knighthood status be decided?
    
  • Fred the Shred: his life and times
    
  • Nils Pratley: Who are the crony capitalists? Unclear
    
  • Clegg joins chorus of disapproval over knighthood
    

  [*] Yahoo: rise and fall of a web pioneer

   

  Co-founder Jerry Yang has stepped down from the board, it is undergoing a strategic review under a new chief executive and competitors smell blood

  8 comments

  • Google earnings fail to impress
    

  [*] Vodafone wins India tax case

   

  Supreme court ends Indian tax office's pursuit of British mobile phone operator for £1.3bn unpaid tax bill

  [*] A380 superjumbos to undergo checks

   

  European safety regulator says cracks in British-made wings could 'affect structural integrity of planes' if not fixed

  [*] More business news

  [*] Former BP boss earns £12m from Iraqi oil venture

  [*] GM regains position as world's best-selling carmaker

[interestrateripoff]

Eurozone 'back in recession this year'

 

20 January 2012 12:00 AM

IMF poised to forecast 0.5 per cent contraction and pass the hat for more funds from governments

 

 

 

Unilever pension move given go-ahead

 

20 January 2012 03:27 PM

Trustees of consumer giant Unilever have given the go-ahead for controversial changes to the firm's pensions, while workers continued to take strike action in protest at the move.

 

 

 

Ikea profits up 10%

 

20 January 2012 11:00 AM

Ikea's flat-pack furniture empire found a growing number of fans in emerging markets last year, helping to boost profits by 10% and offsetting tougher conditions in the UK.

 

 

 

Suppliers deal boosts troubled HMV

 

20 January 2012 02:01 PM

The future of ailing music and film retailer HMV was looking more secure today after suppliers including Universal Music came to its rescue.

 

 

 

Google hit by falling advertising prices

 

20 January 2012 12:04 PM

Google's moneymaking machine misfired badly in the fourth quarter as its advertising prices fell during the holiday marketing season.

 

 

 

Vodafone wins £2.8bn India tax case

 

20 January 2012 10:58 AM

British telecom giant Vodafone is not liable for up to £2.85bn in back taxes and penalties, India's top court said today.

 

 

 

Retail sales boost after prices cut

 

20 January 2012 12:30 PM

Retail sales returned to growth in the run-up to Christmas but businesses were forced to slash prices to bring in cash-strapped consumers, official figures revealed today..

 

 

 

China invests in Thames Water

 

20 January 2012 08:04 AM

China's state-run investment fund dipped its toe into the UK today by snapping up a slice of the country's biggest water and sewerage firm.

 

 

 

Endemol gets deal to restructure €2bn debt

 

20 January 2012 12:00 AM

The debt-laden Big Brother TV production company Endemol today reached a deal with a majority of its lenders about restructuring of its €2 bn (£1.67bn) of debt – despite opposition from two key players.

 

 

 

Apple eyes interactive textbooks revolution

 

20 January 2012 12:00 AM

Channelling the grand ambition, the razzmatazz and the hyperbole typical of the late Steve Jobs, Apple promised to revolutionise classroom learning with a new interactive textbook for its iPad tablet computer.

 

 

 

Warren Buffett increases his stake in Tesco (unlike its UK chief)

 

20 January 2012 12:00 AM

Warren Buffett, known as the Sage of Omaha for his investment prowess, spent almost £ 400m on Tesco shares within hours of the profit warning that battered its share price last week.

 

 

 

Hedge funds may appeal to human rights court

 

20 January 2012 12:00 AM

Hedge funds with large amounts of Greek debt are reportedly planning to take the government to the European Court of Human Rights in an attempt to prevent Athens from forcing huge losses upon them.

 

 

 

Stricken Peacocks gets rid of 249 office staff

 

20 January 2012 12:00 AM

The administrators of Peacocks, the failed fashion chain, axed nearly half of its head office staff yesterday as two more retailers joined the list of high street casualties.

 

 

 

Pearson reveals profit upgrade

 

20 January 2012 12:00 AM

The Financial Times and Penguin publisher Pearson upgraded its 2011 profit forecasts yesterday, saying it had a strong Christmas period and bucked the wider economic gloom.

 

 

 

Primark and Asos show the way with storming figures

 

20 January 2012 12:00 AM

The discount fashion chain Primark and online specialist Asos posted strong sales yesterday, reinforcing their status as two of the retail sector's best performers in recent years.

[interestrateripoff]

HMV gets lifeline to keep the music playing

 

LONDON - Hopes that struggling entertainment retailer HMV can survive were boosted after it cut deals with banks and music and film suppliers that will see an imminent test of its lending rules waived and future tests relaxed.

 

• Greece, creditors close in on debt cut deal 2:40pm GMT
  
• Retailers get Christmas boost from discounting 1:09pm GMT
  
• Government seeks to defuse anger over bosses' pay 2:23pm GMT
  
• Vodafone wins India tax battle, shares rise
  

 

Banks battle for business as firms ditch IPOs

 

LONDON - Investment banks are scrambling to keep hard-won mandates as European companies abandon plans for initial public offerings in favour of a sale or spin off, opening up the field to rivals.

3:50pm GMT

 

GE revenue lower than expected, Europe a worry

 

- General Electric Co's fourth-quarter revenue fell short of Wall Street expectations, with Europe's weakening economy and weak sales of appliances as the main culprits.

2:44pm GMT

 

Europe shares up for 5th week on economic optimism

 

LONDON - European shares notched up a fifth straight week of gains, as the outlook for the global economy improved and on optimism Greece would avoid a messy default, though Novartis led a slight reversal on Friday amid doubts about a key drug.

5:08pm GMT

 

Europe orders cracks check on Airbus A380s

 

PARIS - Europe's safety authorities on Friday ordered urgent inspections on a third of the Airbus A380 fleet after the discovery of wing cracks on the world's largest jetliner.

Aerospace & Defence 3:10pm GMT

 

Hungary PM backs down, seeks fast aid deal

 

BUDAPEST/BRUSSELS - Hungarian Prime Minister Viktor Orban gave the first concrete evidence on Friday that he is backing down in a dispute with the European Union, aiming to free up talks on aid needed to prop up its battered financial markets.

[interestrateripoff]

20 January 2012 Last updated at 19:24

 

December retail sales rise 0.6%

 

UK retail sales volumes rose by 0.6% in December, official figures show, after heavy discounting by stores attracted shoppers.

 

• How shops fared over Christmas
  
• Poundland's Christmas sales rise
  
• Ikea sales up on emerging markets
  
• Search is on for Peacocks buyer
  

 

A380 wings to have crack checks

 

Some 20 Airbus A380s are to undergo checks for cracks in their wings, the European air safety authority has ordered.

 

 

HMV in breathing space from banks

 

Shares in HMV rise more than 100% after striking a deal with its banks and suppliers which aims to halve its debts over the next few years.

 

 

 

• Miliband: Fred's 'Sir' should go
   
  Labour leader Ed Miliband says that, in retrospect, it was "clearly wrong" for former Royal Bank of Scotland chief Fred Goodwin to be knighted.
  
• China buys stake in Thames Water
   
  China Investment Corporation, the sovereign wealth fund, buys an 8.68% stake in the holding company behind Thames Water, its first UK share purchase.
  
• Cruise ship firm faces US lawsuit
   
  Passengers from the cruise ship that sank off the coast of Italy are launching a class-action lawsuit in the US against the vessel's owners, the BBC learns.
  
• Vodafone not liable for India tax
  
• GE shares fall on lower revenues
  
• Italy unveils new spending boost
  
• Hackers retaliate over Megaupload 131
  
• Google revenue misses estimates
  
• IMF boss in warning on austerity
  
• Ikea sales up on emerging markets
  
• Poundland's Christmas sales rise
  
• South Sudan halts oil production
  
• GM returns as top vehicle maker
  
• Microsoft profits down slightly
  
• Why the Chancellor wants China's cash
   
  3 hours ago
  Is the chancellor right to be hopeful that China's investment in Thames Water could prime the pump for China to finance billions of pounds in British infrastructure development - and why would that matter?
  

[interestrateripoff]

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Greek bond holders 'to suffer 70pc haircut' as talks drag on

 

Investors in Greek bonds are reportedly facing a haircut of up to 70pc as IIF talks continue over the weekend, while Germany would consider a bourse tax as a compromise if this could bring Britain in line with its EU partners.

486 Comments

France and Germany plan for EU-wide tax regime

 

 

German minister holds out transaction tax 'compromise'

 

 

IMF slashes global forecast, with drastic falls in Italy and Spain

 

 

China manufacturing starts new year downbeat

 

 

Hungary's Orban backs down on central bank merger

 

 

 

 

Vodafone wins landmark Indian tax case

 

Shares in Vodafone rose 1.5pc, after the mobile phone giant won its long-running battle with India's tax office over a $2.5bn (£1.3bn) bill.

4 Comments

 

Banks give struggling HMV breathing space

 

Shares in beleaguered retailer HMV almost tripled after it was thrown a lifeline by its banks and suppliers.

5 Comments

 

Santander sells Thames Water stake to China

 

Two Iberian investors were behind the surprise sale of an 8.68pc stake in Thames Water to a Chinese sovereign wealth fund, in a deal that follows British government attempts to court infrastructure investment from China.

50 Comments

UK firms won't buy British, so don't whine if China does

 

 

CIC facts: Canary Wharf owner Songbird part of portfolio

 

 

 

Poundland sold millions of boxes of chocolates

 

Poundland, the discount shop where everything costs £1, enjoyed a sparkling Christmas as it sold millions of boxes of chocolates and decorations to shoppers on a budget.

10 Comments

UK retail sales rise as shops cut prices

 

 

Most retailers survived Christmas - but did their profits?

 

 

 

Toyota plays down fall to No.3 in rankings

 

 

 

 

Miners weigh on FTSE 100 after Chinese data disappoints

 

 

 

 

GE revenues worse-than-expected, hit by euro crisis

 

UK retail sales rise as shops cut prices

 

 

 

Small business lending still weak despite banks' Merlin pledge

 

 

 

 

Westminster would still control Scotland through the pound

 

UK firms won't buy British, so don't whine when China does

[interestrateripoff]

Senate Postpones Vote on Internet Piracy Bill

 

By JONATHAN WEISMAN 1:38 PM ET

 

 

Senator Harry Reid, the majority leader, on Friday called off a scheduled vote on the anti-Internet piracy bill that had rallied the Web, and House leaders took steps to slow legislation as well.

 

• Public Outcry Over Antipiracy Bills Began as Grass-Roots Grumbling
  
• Hollywood Needs Unified Effort, Dodd Asserts
  
• Post a Comment | Read (66)
  

 

 

 

Yuri Gripas/Reuters

 

Senator Harry Reid, the majority leader, announced a delay in the vote via the social media Web site Twitter.

 

 

 

 

 

 

7 Charged as F.B.I. Closes a Top File-Sharing Site

 

By BEN SISARIO 10:17 AM ET

 

Federal authorities said Megaupload was a global enterprise based on Internet piracy, and four people named in an indictment were denied bail in New Zealand on Friday.

 

• Post a Comment | Read (82)
  

 

G.E. Says Operating Profit in Quarter Rose 6%

 

By STEVE LOHR 1:09 PM ET

 

The financial performance is in line with Wall Street’s expectations and reflected G.E.’s strategy of paring back its reliance on its big finance arm and relying more on its industrial businesses.

 

DealBook

 

Greece Inches Toward a Deal With Its Bondholders

 

By LANDON THOMAS JR.

 

A compromise seems to be at hand over how much of a loss investors should take on just over 200 billion euros in Greek government bonds.

 

• Tracking the Debt Crisis
  

 

DealBook

 

Deadline Approaches for European Banks Recapitalizations

 

By MARK SCOTT 9:25 AM ET

 

European banks must submit their recapitalization plans to their national authorities by Friday as the banks seek to increase their capital reserves by a combined 115 billion euros, or $147 billion.

 

Markets on Uncertain Footing in Early Trading

 

By REUTERS 12:10 PM ET

 

Traders were assessing disappointing earnings from Google and G.E., as well as improving prospects for a debt deal in Greece.

 

• Pace of Home Sales Quickened in December 10:53 AM ET
  

 

DealBook

 

New Normal on Wall Street: Smaller and Restrained

 

By PETER EAVIS and SUSANNE CRAIG

 

With firms like Goldman Sachs and Morgan Stanley reporting weak results, Wall Street’s moneymakers are doubting they will ever get back to their high-rolling ways.

 

• DealBook: Bank of America Swings to a Profit, Mostly From One-Time Items
  
• Post a Comment
  

 

Floodwaters Are Gone, but Supply Chain Issues Linger

 

By THOMAS FULLER 7:25 AM ET

 

Before the floods, Thailand produced nearly of the world's hard disk drives, the ubiquitous storage devices of the digital age. It is now clear it will be months before production returns to normal.

 

European Air Safety Regulators Order Checks on A380s

 

By NICOLA CLARK 7:53 AM ET

 

The inspections come after hairline cracks were found in a component of the wings on a handful of the Airbus superjumbos in recent months.

 

Embattled Olympus to Remain on Tokyo Stock Market

 

By THE ASSOCIATED PRESS 5:29 AM ET

 

Olympus will not be kicked off the Tokyo Stock Exchange, but it must pay a fine for covering up massive losses with false accounting, exchange officials said.

[interestrateripoff]

Philly Fed: Revisions Galore!

Heh, what's this crap?

Indicators Suggest Continued Growth The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, edged up slightly from a revised reading of 6.8 in December to 7.3 in January.* The demand for manufactured goods showed continued growth this month: The new orders index remained positive for the fourth consecutive month but declined from a revised reading of 10.7 in December to 6.9 this month. The shipments index also remained positive but fell 3 points. The indexes for both delivery times and unfilled orders recorded slightly negative readings this month.

See that pretty asterisk? There were big revisions to the previous months, making comparisons more than a bit difficult if you simply look at the previous month's numbers. Fortunately, they changed the previous numbers in this release's table.

 

More at the link.

[interestrateripoff]

Hint: Unsecured Lending Is Dangerous

There's a particular piece of idiocy that is distressingly common and stupid -- the idea that lending money to governments (that is, buying government bonds) should be "cheap" or the "risk free" return rate.

This is false -- it is a convenient lie that is intentionally promulgated by both banksters and governments for their benefit and to your detriment.

The reason this is false is that all lending to sovereigns is inherently unsecured. That is, the only thing you have is a bare promise of repayment backed by the government's willingness and ability to tax the citizens.

 

More at the link.

[interestrateripoff]

Survival Of The Unfittest: Japan Or The UK?

 

Guest Post: You Can't Fool Mother Nature For Long: Mainstream Media

 

The Stock Ramp Is Just More Deja Vu "Insanity" Warns Morgan Stanley

 

Global Deleveraging - You Are (Not) Here

 

LTRO Version 0.2

 

Marc Faber Resumes Bloodfeud With Treasurys, Still Sees Entire Financial System Imploding

 

Greek PSI Here We Come? Be Careful What You Wish For

 

Treja Vu: Bond Market Starts Year With Third Consecutive "Dash For Trash" Surge

 

Japan's Final Resolution Has Yet To Come

 

Guest Post: Bailouts + Downgrades = Austerity And Pain

 

Sentiment Slipping As Greek Debt "Deal" Elusive For Third Day

 

Citi's Contrary FX View: ECB Easing Would Be EUR Positive

 

Bob Janjuah: "Payback For The Rally Is Coming In Q2"

 

Guest Post: "Don't Frack Me Up"

 

ISDA Finds An Event Of Default At Eastman Kodak, Whose Bonds Are Trading 27% Higher Than Greece

 

Only In Europe

 

Presenting Where The Recycled Euro-Ponzi Cash Goes

 

Michael Krieger Summarizes "The Building Tension"

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Breaking news

 

• Clash over strategy forced high-profile exits at Nomura - Reuters
  

 

 

 

• Greece nears breakthrough in deal to cancel 70% of debt
   
  Agreement reportedly secured on interest rates for new bonds
  157 comments
  
  • Debt crisis blog by Julia Kollewe and Nick Fletcher
    
  • IMF warns of risk posed by global austerity plans
    
  • Mohamed El-Erian: How to solve credit crisis
    
  • More on the eurozone crisis
    

  [*] HMV strikes deal with suppliers

   

  Crisis-stricken HMV has forged an alliance with Universial Music and other suppliers, which the firm believes will help it return to financial health

  17 comments

  • UK retail sales up for December
    
  • Ikea boosts profits despite crisis
    

  [*] Poundland sales rise 25%

   

  'Squeezed' middle classes turn to fast-growing bargain chain with 5.5m shoppers during peak festive week

  [*] Feathers fly at Peacocks' plight

   

  Staff, shoppers and politicians alike fear for Welsh jobs after Cardiff-based retailer's collapse into administration

   

  • Creditors blame each other for Peacocks' collapse
    

  [*] Woolworths staff win compensation

   

  Shopworkers union Usdaw says most of 24,000 people who lost jobs will receive 60 days' pay because administrators failed to consult

  [*] China fund buys Thames Water stake

   

  Thames Water deal follows talks in Beijing this week with chancellor George Osborne, who hails deal as 'a vote of confidence in Britain'

 

 

• Greece's ancient sites to play starring role in recovery
   
  The debt-choked nation is trying to make more money out of the Acropolis and other antiquities
  80 comments
  
• Goodwin could lose knighthood
   
  David Cameron reveals move for honour to be stripped from former RBS chief executive
   
  
  • Should Goodwin be stripped of his knighthood?
    
  • PM promises 'popular capitalism'
    
  • How will Goodwin's knighthood status be decided?
    
  • Fred the Shred: his life and times
    
  • Nils Pratley: Who are the crony capitalists? Unclear
    

  [*] Yahoo: rise and fall of a web pioneer

   

  Co-founder Jerry Yang has stepped down from the board, it is undergoing a strategic review under a new chief executive and competitors smell blood

  19 comments

  • Google earnings fail to impress
    

  [*] Vodafone wins India tax case

   

  Supreme court ends Indian tax office's pursuit of British mobile phone operator for £1.3bn unpaid tax bill

  [*] A380 superjumbos to undergo checks

   

  European safety regulator says cracks in British-made wings could 'affect structural integrity of planes' if not fixed

  [*] More business news

  [*] Former BP boss earns £12m from Iraqi oil venture

  [*] GM regains position as world's best-selling carmaker

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Vodafone set to take off in India after shock tax victory

 

21 January 2012 12:00 AM

Giant poised for listing to push home its advantage in world's fastest-growing mobile phone market

 

 

Former Woolworths staff win £68m compensation

 

21 January 2012 12:00 AM

More than 24,000 former shop staff made redundant when the high street retailer Woolworths collapsed are to share £67.8m in compensation.

 

 

 

China buys into Thames Water for £500m

 

21 January 2012 12:00 AM

China has made the first of an expected flurry of investments in Britain's ailing infrastructure, buying nearly 10 per cent of Thames Water, the UK's largest water and sewage company.

 

 

 

Google soars in UK on advertising boom

 

21 January 2012 12:00 AM

Google's relentless growth in the UK is continuing as its revenues surged by an estimated 20 per cent to smash through the $4bn (£2.5bn) barrier last year.

 

 

 

Sales leap after festive price-slashing

 

21 January 2012 12:00 AM

Desperate price-slashing helped retail sales rise 0.6 per cent in December, as an extra weekend shopping day on Christmas Eve and milder weather helped the high street.

 

 

 

Barbican is back for a second attempt to snap up Omega

 

21 January 2012 12:00 AM

Barbican Insurance has made a fresh takeover approach for its rival Omega Insurance, reigniting bid interest in Omega after potential deals to buy the company collapsed last year.

 

 

 

Another Tesco boss buys shares after dive

 

21 January 2012 12:00 AM

Another director of Tesco has picked up shares just days after a profits warning knocked their price down by nearly 20 per cent.

 

 

 

STV extends its banking facility

 

21 January 2012 12:00 AM

STV, the ITV broadcaster north of the border, said yesterday that it had renewed its £70m bank facilities for two more years at a cost of an extra £1m a year in interest charges.

 

 

 

Germans set for Bmibaby swoop

 

21 January 2012 12:00 AM

Bmibaby is set to be sold to new German owners rather than to British Airways as part of the sale of its parent, bmi.

 

 

 

Ikea finds gloomy Britain is a drag as its global profits rocket

 

21 January 2012 12:00 AM

Ikea, the flat-pack furniture giant, has posted a leap in global profits and sales, driven by market share gains in most of the countries in which it operates.

 

 

 

100 London bankers sue Germans over unpaid £42m in bonuses

 

21 January 2012 12:00 AM

More than 100 London bankers will next week go to the High Court to sue German banking giant Commerzbank over €50m (£42m) in unpaid bonuses.

 

 

 

HMV back on song after banking lifeline

 

21 January 2012 12:00 AM

The stock market value of HMV, the entertainment retailer, nearly tripled yesterday after it agreed a crucial lifeline with its banks, which are to waive a series of tests on its loans.

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Italy wants EU bailout fund doubled - German magazine

 

BERLIN - Italian Prime Minister Mario Monti wants the lending capacity of the euro zone's permanent rescue fund to be doubled to one trillion euros ($1.29 trillion), German magazine Der Spiegel wrote on Saturday, without citing sources.

 

• Yield hunters emerge from hibernation 4:10pm GMT
  
• IIF says Greek swap talks go on 6:39pm GMT
  
• European rating agency could launch in 2012 - report 3:33pm GMT
  
• No formal bid yet for bankrupt Saab - receivers
  

Former Woolworths staff win compensation

 

LONDON - More than 24,000 former employees of collapsed retailer Woolworths will share a 67.8 million pound payout after a tribunal ruled there was insufficient consultation before they were made redundant, their union said on Friday.

UK 1:59am GMT

 

HMV gets lifeline to keep the music playing

 

LONDON - Hopes that struggling entertainment retailer HMV can survive were boosted after it cut deals with banks and music and film suppliers that will see an imminent test of its lending rules waived and future tests relaxed.

20 Jan 2012

 

Retailers get Christmas boost from discounting

 

LONDON - Retail sales rebounded strongly in December as stores slashed prices to get customers through the door, boosting hopes the economy avoided recession at the end of 2011 even if the outlook remains poor.

20 Jan 2012

 

Vodafone wins India tax battle

 

NEW DELHI/LONDON - Vodafone Group Plc won a $2.2 billion (1.4 billion pounds) legal battle against India's tax office in a Supreme Court ruling that analysts said would encourage foreign investment and clear the way for the company's planned initial public offering in India.

1:49am GMT

 

Insight -Clash over strategy forced high-profile exits at Nomura

 

HONG KONG - The shock waves that jolted Nomura on January 10 were not so much sparked by the resignation of the Japanese bank's wholesale division CEO Jesse Bhattal, but the news, shortly afterwards, that Tarun Jotwani, a close friend of Bhattal's and a lieutenant being groomed to succeed him, was also out.

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21 January 2012 Last updated at 00:02

 

December retail sales rise 0.6%

 

UK retail sales volumes rose by 0.6% in December, official figures show, after heavy discounting by stores attracted shoppers.

 

• How shops fared over Christmas
  
• Poundland's Christmas sales rise
  
• Ikea sales up on emerging markets
  
• Search is on for Peacocks buyer
  

 

A380 wings to have crack checks

 

Some 20 Airbus A380s are to undergo checks for cracks in their wings, the European air safety authority has ordered.

 

 

Woolworths workers 'win payout'

 

Shopworkers union Usdaw says it has won compensation of up to £67m for more than 24,000 former Woolworths workers.

 

 

 

• Insurers 'undervalue car wrecks'
   
  Complaints to an ombudsman about motor insurance rose by 29% last year - with key gripes including valuations of written-off vehicles.
  
• HMV in breathing space from banks
   
  Shares in HMV rise more than 100% after striking a deal with its banks and suppliers which aims to halve its debts over the next few years.
  
• Miliband: Fred's 'Sir' should go
   
  Labour leader Ed Miliband says that, in retrospect, it was "clearly wrong" for former Royal Bank of Scotland chief Fred Goodwin to be knighted.
  
• China buys stake in Thames Water
  
• Italy approves sweeping reforms
  
• Cruise ship firm faces US lawsuit
  
• Vodafone not liable for India tax
  
• GE shares fall on lower revenues
  
• Hackers retaliate over Megaupload 258
  
• Google revenue misses estimates
  
• IMF boss in warning on austerity
  
• Ikea sales up on emerging markets
  
• Poundland's Christmas sales rise
  
• South Sudan to suspend oil output
  

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The iEconomy

 

How U.S. Lost Out on iPhone Work

 

By CHARLES DUHIGG and KEITH BRADSHER 25 minutes ago

 

 

Apple once bragged that its products were made in America. But it has since shifted its immense manufacturing work overseas, posing questions about what corporate America owes Americans.

 

• Post a Comment | Read (0)
  

 

 

 

 

 

 

 

Greek Deal Unlikely Before Next Week

 

By REUTERS 16 minutes ago

 

The Institute of International Finance said on Saturday that talks on a Greek debt swap deal were continuing and its chief's departure from Athens was scheduled and not unexpected.

 

• Central Bank Becomes an Unlikely Hero in Euro Crisis
  
• Italy Announces New Steps to Get Economy Moving
  

 

Founder of Shuttered Web Site Sought Limelight

 

By KEVIN J. O’BRIEN

 

The founder of Megaupload, which was shut down after a raid by the police in New Zealand on Friday, went by the name Kim Dotcom and made no secret of his exploits.

 

• Antipiracy Case Sends Shivers Through Some Legitimate Storage Sites
  

 

Blacks Face Bias in Bankruptcy, Study Suggests

 

By TARA SIEGEL BERNARD

 

A new survey found that lawyers were more likely to steer whites to Chapter 7 of the bankruptcy code and blacks to the more expensive Chapter 13.

 

• Graphic: A Widespread Pattern
  

 

After an Online Firestorm, Congress Shelves Antipiracy Bills

 

By JONATHAN WEISMAN

 

The Protect I.P. Act and the Stop Online Piracy Act began with broad bipartisan support, but now further action on them this year seems unlikely.

 

• Hollywood Needs Unified Effort, Dodd Asserts
  
• Read Comments (140)
  

 

DealBook

 

Bad Year for Wall St. Not Reflected in Chiefs' Pay

 

By SUSANNE CRAIG

 

The disclosure of stock awards to Wall Street's top tier comes as lower-level employees are finding out that their own bonuses will be much smaller than a year ago.

 

• Post a Comment
  

 

Greek Deal Unlikely Before Next Week

 

By REUTERS 16 minutes ago

 

The Institute of International Finance said on Saturday that talks on a Greek debt swap deal were continuing and its chief's departure from Athens was scheduled and not unexpected.

 

• Central Bank Becomes an Unlikely Hero in Euro Crisis
  
• Italy Announces New Steps to Get Economy Moving
  

 

DealBook

 

A Raucous Hazing at a Wall St. Fraternity

 

By KEVIN ROOSE

 

The agenda for the 80th annual dinner held by Kappa Beta Phi, a Wall Street fraternity, included installing new officers and hazing incoming members by having them don wigs and sequined skirts.

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Debt crisis: Greek deal hits setback as 'haircut' talks suspended

 

Crucial talks over a debt deal between lenders and the Greek government were suspended over the weekend as the representative of bondholders flew out of Athens empty handed.

1 Comment

What happens if Greece defaults?

 

 

Italian and Spanish banks see billions withdrawn

 

 

France and Germany plan for EU-wide tax regime

 

 

 

 

UK rejects German 'olive branch'

 

Britain has rejected an olive branch aimed at bringing the country back into the European financial fold and Greece's debt negotiations carry on into the weekend, ahead of Monday's eurozone finance ministers meeting.

412 Comments

German minister holds out transaction tax 'compromise'

 

 

 

RBS boss Hester 'unfairly targeted' over bonus

 

Stephen Hester, chief executive of Royal Bank of Scotland, has been unfairly "targeted" over the possible payment of an annual bonus worth more than £1m, according to the head of the leading banking lobby group.

53 Comments

FSA wants bonuses to reflect PPI losses

 

 

 

Woolworths workers win £68m payout

 

Thousands of former Woolworths workers are in line for payouts over their redundancies after a tribunal awarded them compensation worth up to £68m.

28 Comments

 

Banks give struggling HMV breathing space

 

Shares in beleaguered retailer HMV almost tripled after it was thrown a lifeline by its banks and suppliers.

11 Comments

 

Vodafone wins landmark Indian tax case

 

 

 

 

Santander sells Thames Water stake to China

 

 

 

 

BA-BMI deal closer as suitors found for bmibaby

 

 

 

 

GE revenues worse-than-expected, hit by euro crisis

 

 

 

 

Poundland sold millions of boxes of chocolates

 

The UK's economic highs and lows

 

Economists are divided on the outlook for the UK this year, with recent data painting a mixed picture for 2012. Here is a snapshot of the British economy's bright and dark spots.

Economy predicted to shrink in Q4

 

 

 

 

Debt crisis: Greek talks continue despite creditors 'leaving Athens'

 

 

 

 

What happens if Greece defaults?

 

Europe poses twin threats to a second term for Obama

[interestrateripoff]

Is Recognition Finally Gelling?

 

On April 1st 2007 the very first Tickers were written. In just a bit over two months, The Market Ticker will be five years of age.

And through that time The Market Ticker has pointed out one central fact behind everything published here: You cannot spend more than you take in on an indefinite basis.

This, of course, is anathema to a nation -- and a world, really -- that has done exactly that for more than three decades. Many of the citizens of the world -- those under about 35 (as your first few years of life have little direct connection in a cerebral sense to economics) have never known a world where overspending and ponzi economics was not practiced.

You can't exactly flaw people for not understanding that a thing is broken when they've never experienced life in any other way. And for those who are somewhat older, those of us who remember the 1970s, the oil shocks, gas lines and 5 gallon purchase limits along with grocery store prices that seemed to double every six months (it wasn't quite that bad -- but it was bad!) it is easy to get the mistaken impression that what we've had for the last 30 years "fixed" what was broken in the 1970s.

It didn't, of course.

 

More at the link.

 

Just realised I've been on about this for the same amount of time as well.