The great intrest rate rip off part 6

[interestrateripoff]

Spanish borrowing costs hit 2012 high as finance ministers meet

 

Finance ministers met in Brussels as Vince Cable warned of 'massive' impact eurozone failing would have on UK.

874 Comments

Eurozone debt crisis: bond yields explained

 

 

Greece reaches edge of abyss as leaders predict failure of talks

 

 

Austerity is myth to con financial markets, City tells Cameron

 

 

Norman Tebbit: Europe falls victim to the socialist cargo cult

 

 

CBI: Greece eurozone exit 'would be like an earthquake'

 

Oil prices to double by 2022, IMF paper warns

 

Oil prices could double over the next decade with sweeping implications for the global economy, according to a report commissioned by the International Monetary Fund.

40 Comments

JPMorgan investment chief to retire after loss

 

JP Morgan said Ina Drew will retire as chief investment officer after more than 30 years at the bank, following a $2bn trading loss as a result of a failed hedging strategy.

39 Comments

JP Morgan execs 'set to leave' after $2bn loss

 

 

Dimon 'dead wrong' not to act on warnings

 

 

JP Morgan's $2bn loss costs hedge funds dear

 

 

 

UBM is latest caught in 'shareholder spring'

 

The media and events group has become the latest company caught up in the so-called 'shareholder spring', with 48pc of its investors refusing to back the remuneration report.

Comment

 

Sir John Peace calls for a halt on bonus cap

 

Chairman of Standard Chartered has called on the political "cavalry" to lead the charge against European plans for a bonus cap that could cripple Britain's financial services industry.

4 Comments

 

Tuition fees to 'blow science degrees out of the water'

 

 

 

 

BHP Billiton hints at shale gas writedowns

 

 

 

 

Ex-Best Buy chief called employee 224 times

 

 

 

 

Banks’ changes to SME loans 'unlawful’

 

 

 

 

More firms to move UK jobs offshore

 

Lord Jones says William Hague's criticism of British businesses is 'a bit rich'

 

 

 

Spanish borrowing costs surge on bank rescue fears

 

 

 

 

Austerity is myth to con financial markets, City tells Cameron

 

World edges closer to deflationary slump as money contracts in China

 

The final death throes of the euro

[interestrateripoff]

Slowly, as Student Debt Rises, Colleges Confront Costs

 

By ANDREW MARTIN 36 minutes ago

 

With the balance of student debt topping $1 trillion, some college presidents are recognizing that they must handle education costs through methods other than tuition increases.

 

• Interactive Feature: Student Debt Across the Nation
  
• First Article in This Series »
  
• Tell Us Your Story
  

JPMorgan Chase Executive Retires After Trading Loss

 

By KEVIN ROOSE 9:47 AM ET

 

Ina R. Drew, the chief investment officer who presided over the firm’s $2 billion trading loss that was announced last week, will be replaced by Matt Zames.

 

• Zames Has a Long History With Risk 1:19 PM ET
  
• Executives Expected to Depart
  
• Post a Comment
  

DealBook

 

Banks Tread a Fine Line in Trading

 

By PETER EAVIS

 

Widespread trading practices are creating a headache for regulators who are trying to devise rules to prevent another financial crisis.

 

• DealBook: Bank Stocks Down Again as JPMorgan's Woes Reverberate 11:47 AM ET
  

 

Greek Crisis Hurts Markets

 

By DAVID JOLLY 12:52 PM ET

 

The dollar rose and stocks fell as politicians fumbled for a way forward in a crisis that has put Greece’s continued euro membership into serious doubt.

 

• For Many in Greece, Austerity Is a False Choice
  

 

DealBook

 

Dewey's Bienenstock Discusses Law Firm's Demise

 

By PETER LATTMAN 8:43 AM ET

 

The bankruptcy lawyer Martin J. Bienenstock acknowledged that the guaranteed long-term pay contracts given to partners were at the core of Dewey & LeBoeuf's problems.

 

• DealBook: Assigning Blame in Dewey's Collapse
  

 

Chairman of Best Buy to Step Down

 

By STEPHANIE CLIFFORD 1:31 PM ET

 

The company’s audit committee said Richard Schulze, also the chain’s founder, failed to report an inappropriate relationship between the former chief executive and an employee.

 

Chesapeake Chief Says He’d Welcome Icahn as Investor

 

By THE ASSOCIATED PRESS 12:44 PM ET

 

Aubrey McClendon said Monday he’d welcome activist investor Carl Icahn as a shareholder, but hinted that no shakeup was afoot.

 

A Star Architect's Bid for Hong Kong Renters

 

By JOYCE HOR-CHUNG LAU

 

Swire Properties has unveiled Frank Gehry’s new Opus Hong Kong — a 12-story apartment complex that is his first major project in Asia.

 

TV Upfronts 2012: The Fall Season Preview

 

Pursuing Advertisers With Big-Top Spectacle

 

By AMY CHOZICK

 

After months of planning, this week’s upfronts will look more like Fashion Week than a business transaction, featuring celebrity D.J.’s and fancy menus.

 

• Shows on the Brink, Saved by the Fans
  
• Few TV Shows Survive a Ruthless Proving Ground
  

 

 

 

• Falcone's LightSquared Files for Bankruptcy 8 minutes ago
  
• The Good, the Bad and the Future for the Networks This Fall
  
• DealBook: Ally's Mortgage Unit, ResCap, Files for Bankruptcy
  
• DealBook: Concho Resources to Buy Three Rivers for $1 Billion
  
• DealBook: Group Calls on Companies to Focus on Long-Term Goals
  

[interestrateripoff]

The Tide Is Turning.....

 

This morning Jim Cramer, along with the rest of the CNBS crew, actually "endorsed" a return to Glass-Steagall in the wake of the JPM disaster.

When asked "but won't that make American banks less competitive?" he answered with a bluster that was basically this: "What, like BNP Parabas?"

 

More at the link.

[interestrateripoff]

Strong Recommendation: Raise Shields!

So this morning comes and not only has there been no "progress" on Greece but opinions are hardening, as I expected.

“This is not finished: it is about Greece, but it is also about Spain, and Italy and maybe France,” said Jacques Porta, who helps manage 500 million euros ($657 million) at Ofi Patrimoine in Paris. “The whole thing seems very dangerous. You have to be cautious, and that translates as not being in equities but being in cash.”

No, really? What have I been saying now for four years? We've done exactly nothing to resolve the problems that underlie our banking system -- excessive leverage.

What's important is to understand why.

 

More at the link.

[interestrateripoff]

JP Morgan Fallout: How About Dimon?

And so it begins (sorta) for some of their executives....

JPMorgan Chase & Co. (JPM)

executives in the bank’s chief investment office will leave as early as this week after the firm suffered a $2 billion trading loss, according to a person familiar with the matter.

Ina Drew, who oversees the unit, is among three executives set to leave, the Wall Street Journal reported today, citing unidentified people familiar with the situation. Chief Executive Officer

Jamie Dimon

previously resisted accepting her resignation, said the person, who requested anonymity because the discussions were private. Drew didn’t immediately respond to a message seeking comment.

A better question is Dimon himself. As CEO he is responsible for knowing what the bank is doing. He obviously failed.

But the bigger question is why he's on the board of the NY Fed, when they are the primary big bank regulator.

 

More at the link.

[interestrateripoff]

Phil Falcone's Downfall Is Complete: LightSquared Files For Bankruptcy

 

"No-Brainer Trade Of The Year" Plummets As Bondholders Duck Ahead Of Possible Greek Bankruptcy Tomorrow

 

James Montier On "Complexity To Impress", Monkeys With Guns, And Why VaR Is Doomed

 

Guest Post: The New European Serfdom

 

Iberia Implodes To 17 Year Lows As Stigma Trade +200%

 

Must See: Greece Explained In One Picture

 

Cashin On "The Rationality Put"

 

"I Ain't Gonna Work On Angie's Farm No More" - Bob Dylanopoulos

 

Spot The Odd One Out

 

An Ex-LTCM Trader Will Be Overseeing $70 Trillion In Derivatives

 

Convergence Plungefest To Continue?

 

JPM "Retires" Ina Drew, Appoints Former LTCM Trader And Chairman Of Treasury Borrowing Advisory Committee As Replacement

[interestrateripoff]

JPM Blowtorching Continues As IG Surge Refuses To End

 

Greece Virtually Out Of Cash One Day Before Critical Bond Maturity

 

The Canary In Spain's Coalmine - On Bankia's Downfall

 

Overnight Summary: Perfect Storm Rising

 

JPMorgan Estimates Immediate Losses From Greek Exit Could Reach 400 Billion

 

Has JPMorgan Already Unwound Its Losing Trade?

 

Complete Summary Of Next Week's Global Events And Manic Bond Issuance

[interestrateripoff]

http://www.zerohedge.com/news/greece-virtually-out-cash-one-day-critical-bond-maturity

 

Curious why the topic of tomorrow's €430 million non-Greek law bond maturity payment (which we first pointed out as a D-Day type of cash outflow for the Greek people) is particularly touchy? Simple: if Greece makes the payment it will see its already in the red cash balance drop by another 30% to a sub redline €1 billion. Which would mean the country will likely not pass go and go straight into looting mode once the people realize that some evil, evil hedge fund hold outs (who are doing precisely what they are contractually entitled to, and what we said back in January would be the event that breaks the bank, i.e., holding out) have been paid in full despite the Greek restructuring, while there is no money to pay anything else... Because as Bloomberg points out, "the level of funds in Greece’s state coffers has fallen below 1.5 billion euros ($1.9 billion), Imerisia reported, citing “reliable information.” If the state doesn’t receive predicted revenue for the rest of this month, it will find it difficult to pay for social services, pensions and public-sector wages, the newspaper said."

 

The game of bluff continues, will the Germans blink and give the hard working Greeks the money they deserve?

[interestrateripoff]

http://www.youtube.com/watch?feature=player_embe dded&v=nBOxnpdCqds

[interestrateripoff]

http://www.ft.com/cm...l#axzz1urHdWxJX

 

Google the title: "Repression on bonds heralds masochism" to get round FT paywall.

[interestrateripoff]

Breaking news

 

• Exclusive - Brazil to cut electricity taxes to boost economy - Reuters
  

 

 

 

• Greece to hold fresh elections as coalition talks collapse
   
  New poll likely in mid-June as global financial markets dive amid fears Athens will run out of money before vote
   
  
  • Larry Elliott: Hollande and Merkel agree on FTT
    
  • Eurozone crisis: Tuesday as it happened
    
  • European leaders braced for Greece exit from euro
    
  • Irish no to EU treaty 'will prompt euro exit'
    
  • Markets slide as Greek euro exit looms
    
  • How Greece could leave euro – in five difficult steps
    
  • Eurozone debt crisis: the key charts
    
  • European Union – GDP breakdown by country
    

  [*] JP Morgan: justice department opens investigation into $2bn trading losses

   

  Chief executive Jamie Dimon sees off attempts by shareholders to strip him of his role as chairman – but pressure is mounting

   

  • JP Morgan trading loss plays into critics' hands
    
  • JP Morgan: reporters take your questions
    
  • Obama backs tougher Wall Street regulation
    
  • Charles Geisst: This wasn't a hedge
    
  • Ina Drew quits over bank's $2bn losses
    
  • Trader blows $13bn hole in bank's value
    
  • What is a credit default swap?
    

  [*] RBS and Lloyds selloff 'to take years'

   

  Banker bashing is hurting the share prices of the bailed out banks, financial experts tell Treasury select committee

  [*] Avon shuns suitor Coty

   

  Mass market perfume maker Coty has dropped its $10.7bn (£6.65bn) takeover bid for Avon, saying it had missed a deadline to respond

 

 

• Ferrari to launch first hybrid car
   
  Italian firm, one of the most prestigious names in motoring, is joining the growing ranks of green car makers
  41 comments
  
  • Less traffic hurts M6 toll road owner
    
  • Who's going to pay to update Britain's infrastructure?
    
  • Ellesmere Port factory and 2,100 jobs 'to be saved'
    

  [*] Big Bonus Drop riles Tesco managers

   

  Nils Pratley: Phil Clarke has chopped bonuses for 5,000 middle managers by 80% – but he could still pocket £465,000 under the new rules

  Post your comment

  [*] Facebook raises float price after being 'swamped' by investors

   

  Price hiked to $34-$38 a share – valuing social network at $104.2bn and making it clearly most expensive US company to go public

   

  • How Facebook became biggest social network
    
  • Facebook set to raise IPO price range
    
  • 'Co-creator' continues action over Social Network
    

  [*] More business news

  [*] Exports close UK trade deficit

   

  • Osborne still can't play eurozone card
    

  [*] What would you ask OBR chief Robert Chote?

  62 comments

  [*] Work days lost to sickness fall in 2011

[interestrateripoff]

Markets drop as Greece heads for another election

 

15 May 2012 03:03 PM

Markets slid on the news today that coalition government talks in Greece have failed after nine days of discussions, meaning the country is heading for another election next month.

 

 

 

Greek exit panic sends UK borrowing cost into a dive

 

15 May 2012 12:00 AM

Investors rush to safe havens as political crisis heightens threat of departure from euro

 

 

JPMorgan Chase's CEO Jamie Dimon survives shareholder push

 

15 May 2012 06:30 PM

The CEO of JPMorgan Chase survived a shareholder push today to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank.

 

 

 

Bank of England set to cut growth forecast

 

15 May 2012 03:41 PM

The Bank of England will paint a gloomier view of the UK's recovery tomorrow in its first assessment on prospects since the return to recession.

 

 

 

Best Buy's founder Richard Schulze quits over CEO Brian Dunn's secret affair

 

15 May 2012 10:00 AM

The founder of Best Buy, the biggest electronics retailer on the American high street, lost his job last night after it was revealed that he had kept secret the fact that his chief executive was having "an extremely close personal relationship" with a female employee.

 

 

 

100,000 eye Olympics security jobs with G4S

 

15 May 2012 01:30 PM

As many as 100,000 people have expressed interest in the 10,000 security jobs being made available at the London Olympics, G4S said today.

 

 

 

£1.6m settlement for Cattles stakes

 

15 May 2012 12:47 PM

Shareholders who refused an offer of 1p a share for their stakes in sub-prime lender Cattles were celebrating a £16 million settlement today.

 

 

 

Facebook raises IPO price as offering nears

 

15 May 2012 12:26 PM

Facebook is raising the price at which it plans to sell stock to the public.

 

 

 

 

Number of 'under-employed' men doubles

 

15 May 2012 12:00 AM

The number of men doing part-time work because they cannot find a full-time job has more than doubled in the past four years, according to a study by the TUC.

 

 

 

UBM shareholders revolt against pay at the top

 

15 May 2012 12:00 AM

The media group UBM has become the latest company to suffer a major revolt over pay as almost 48 per cent of shareholders refused to back its remuneration report.

 

 

 

ETX is set to mop up some of the mess at WorldSpreads

 

15 May 2012 12:00 AM

ETX Capital is poised to complete a deal that will rescue some of the wreckage from the collapse of spread-betting rival WorldSpreads.

 

 

 

E.ON to peg its prices

 

15 May 2012 12:00 AM

E.ON, one of Britain's biggest energy suppliers, has said it will not increase tariffs for its UK residential customers this year, despite rising wholesale prices.

 

 

 

Angela Knight to head trade body Energy UK

 

15 May 2012 09:00 AM

Angela Knight, the head of the British Bankers' Association, is to join a new trade association for the UK energy sector when she steps down from the BBA at the end of July after five "hairy" years.

 

 

 

Former GM mortgage unit files for bankruptcy in the US

 

15 May 2012 12:00 AM

ResCap, the subprime mortgage lender that was once owned by the US car giant General Motors, filed for bankruptcy protection yesterday in a move that is expected to help its parent company, Ally Financial, focus on its main car lending business and put together a plan to pay back billions to US taxpayers.

 

 

 

April showers mean slow progress for materials suppliers

 

15 May 2012 12:00 AM

Travis Perkins, the builders' merchant, said yesterday that April's showers has hit demand . "After a good first quarter, record levels of rainfall contributed to a weaker performance in April and the early part of May, where activity levels at sites continue to be impacted by the very wet weather," it said.

[interestrateripoff]

Retail Sales: Cooked Data?

I suppose I should be impressed by seasonal adjustments, right?

Well, I'm not.

The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for April, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $408.0 billion, an increase of 0.1 percent (±0.5%)* from the previous month and 6.4 percent (±0.7%) above April 2011. Total sales for the February through April 2012 period were up 6.6 percent (±0.5%) from the same period a year ago. The February to March 2012 percent change was revised from 0.8 percent (±0.5) to 0.7 percent (±0.3%).

I'm supposed to be impressed, right? Ok, let's look at the internals and see if they reflect it.

 

More at the link.

[interestrateripoff]

Janet T: Dimon Is World's Funniest Bankster

Things that make you chuckle in the morning....

Sure the economy is still a mess, unemployment is high, civil services and pensions are being slashed, a record number of people are on food stamps, and families are losing homes. But Jamie Dimon, Chairman and CEO of JPMorgan Chase, does his best to distract the United States from these unpleasant realities.

Heh heh heh.... yeah.

The real problem is that we have a bunch of so-called "regulators" who are surfing Internet Porn rather than regulating. And then we have the impromptu and more-blatant bribes and similar activity conducted by the financial business -- you either get someone in a revolving-door situation or simply accept their "campaign contributions" and "donations" of various sorts.

 

More at the link.

[interestrateripoff]

FBI launches JPMorgan probe, shareholders back Dimon

 

TAMPA, Florida - The FBI has opened a probe into trading losses at JPMorgan Chase & Co, stepping up the pressure on the bank after the U.S. Securities and Exchange Commission and the Federal Reserve said they were also looking into the wrong-way bets that led to the losses.

 

 

• Greece to hold new election, jolts euro markets 7:02pm BST
  
• World stocks ease with euro on Greece worries 7:35pm BST
  
• Trade drag on economy despite March exports bounce 2:26pm BST
  
• BP to seek oil/gas in deep Atlantic near Trinidad 6:49pm BST
  
• German debt returns dwindle as investors seek safety
  

ETX gets WorldSpreads' Greek, Spanish, Danish arms

 

LONDON - Spread-betting company ETX Capital has taken over the Greek, Spanish and Danish businesses of rival WorldSpreads, which fell into administration in March.

6:50pm BST

 

Europe's gas suppliers to keep grip on market - E.ON

 

LONDON - The role of Europe's traditional gas suppliers such as Russia and Norway will not be challenged by the prospect of new sources delivering into the continent, Germany's market leader E.ON Ruhrgas said on Tuesday.

Norway 6:34pm BST

 

Exclusive - Brazil to cut electricity taxes to boost economy

 

SAO PAULO - Brazilian President Dilma Rousseff plans to cut and simplify taxes for electricity producers and distributors, two senior officials told Reuters, as part of a strategy to reduce Brazil's high business costs and stimulate its struggling economy.

7:07pm BST

 

Chesapeake shares fall on downgrade, loan

 

- Chesapeake Energy Corp shares dropped as much as 6.5 percent on Tuesday following a credit rating downgrade and news that the natural gas producer will boost its borrowings to $4 billion from the planned $3 billion as it faces a liquidity crunch.

[interestrateripoff]

15 May 2012 Last updated at 17:42

 

 

Eurozone economy avoids recession

 

The eurozone avoids returning to recession after recording zero economic growth in the first three months of the year, figures show.

 

• New Greece poll due as talks fail
  
• What if Greece exits the eurozone? Watch
  
• How firms can overcome the crisis
  
• Ideas for a growth agenda
  
• Eurozone in crisis
  

 

JPMorgan's Dimon wins pay backing

 

The head of JPMorgan Chase, the biggest US bank, is backed by shareholders days after it revealed a $2bn (£1.2bn) trading blunder.

 

• Obama trumpets Wall St reforms Watch
  
• JPMorgan chief admits failures
  

 

 

Greece pays bond swap hold-outs

 

Greece agrees to pay off some of the investors who rejected its bond swap earlier this year.

 

 

 

• UK trade deficit narrows in March
   
  The UK's overall trade gap in March narrowed to £2.7bn, but the deficit for trade in goods alone was unchanged at £8.6bn, official figures show.
  
• Facebook raises flotation price
   
  Facebook raises the price range at which it hopes to sell shares to between $34 and $38, potentially putting its total value above $100bn.
  
• 'Compelling case' for road tolls
   
  There is a "compelling" case for a system of road charging, according to a report by the Institute for Fiscal Studies and the RAC. 998
  
• Ministers end contract with A4e
  
• US April retail sales in slowdown
  
• New Greece poll due as talks fail
  
• Coty withdraws $10.7bn Avon bid
  
• Work days lost to sickness down
  
• Iceland refunds to councils rise
  
• C4 in profit despite ad downturn
  
• 'Forced labour' in food industry
  
• Africa 'must boost food output'
  
• Bharti Airtel faces investigation
  

[interestrateripoff]

F.B.I. Begins Preliminary Inquiry Into JPMorgan

 

By BEN PROTESS 12:49 PM ET

 

The Federal Bureau of Investigation is examining potential wrongdoing surrounding JPMorgan Chase's $2 billion trading loss, people briefed on the matter say.

Brian Blanco/Reuters

 

Protesters hold signs outside JPMorgan Chase's annual meeting in Tampa, Fla., on Tuesday.

 

 

 

DealBook

 

Dimon Faces Shareholders at JPMorgan’s Annual Meeting

 

By JESSICA SILVER-GREENBERG 12:07 PM ET

 

At the meeting, the board recommended against stripping Jamie Dimon of his title as chairman of JPMorgan Chase. Also, Mr. Dimon said the bank was “not against new regulations.”

 

 

Other Business News

 

Euro Zone Economy Skirts Recession

 

By JACK EWING 41 minutes ago

 

The euro zone narrowly avoided recession at the beginning of 2012, after the German economy grew much more than expected.

 

• Interactive Feature: Tracking Europe's Debt Crisis
  

 

DealBook

 

For Europe's Banks, Pinch of Debt Crisis Intensifies

 

By MARK SCOTT

 

After a strong rally in European stock and bond markets earlier this year, financial institutions are again gearing up for fallout from the continuing sovereign debt crisis.

 

• Risk of Greek Euro Exit Rattles Markets, but Hints of More Talks Emerge
  
• Experts Say Default Would Mean Eviction
  

 

Facebook’s Prospects May Rest on Trove of Data

 

By SOMINI SENGUPTA

 

As the company goes public, it has to figure out how to use its vault of information to enrich its shareholders.

 

• DealBook: Facebook Seen Increasing I.P.O. Range
  
• Post a Comment | Read (21)
  

 

Markets Move Slightly Higher

 

By THE NEW YORK TIMES

 

Stocks on Wall Street were a few ticks ahead after mixed economic signals out of the United States and as Greece appeared to be headed to new elections.

 

Consumer Prices and Retail Sales Are Flat

 

By REUTERS 10:04 AM ET

 

The Consumer Price Index was unchanged last month after rising 0.3 percent in March, the government said, while sales at retailers barely rose in April.

 

European Finance Ministers Reach Compromise

 

By PAUL GEITNER 41 minutes ago

 

European Union finance ministers broke an impasse Tuesday and agreed on a plan to force banks to hold more capital as a buffer against the unexpected.

 

• DealBook: For Europe's Banks, Pinch of Debt Crisis Intensifies 12:06 PM ET
  

 

Key Murdoch Aide to Be Prosecuted in Hacking Case

 

By JOHN F. BURNS and ALAN COWELL 53 minutes ago

 

British prosecutors said that Rebekah Brooks, a former key aide to Rupert Murdoch, will face prosecution along with her husband and four others.

 

• Video: Murdoch Aides Face Charges
  
• Post a Comment | Read (92)
  

 

DealBook

 

Carlyle's Profit Falls in First Quarter

 

By MICHAEL J. DE LA MERCED

 

In its first report as a public company, the Carlyle Group said on Tuesday that first-quarter economic net income fell 26 percent, to $392 million, from the period a year earlier.

 

 

 

• DealBook: Coty Withdraws $10.7 Billion Offer for Avon
  
• Warmer Weather Pushes Home Depot Profit Up 1:09 PM ET
  
• U.S. Welcomes Growth Debate in Europe 12:18 PM ET
  
• Japanese Banks Project Better-Than-Expected Year
  

[interestrateripoff]

[/url]

 

Markets fall as Greece to hold new election after coalition talks fail

 

Greece will hold new elections after politicians failed to agree a ruling coalition, sending markets lower, as French president Francois Hollande meets Germany's Angela Merkel for key first talks.

845 Comments

Greece heads for fresh elections after coalition talks fail

 

 

The Greek crisis: in quotes

 

 

Hollande risks German ire with pledge to reform euro pact

 

 

Eurozone economy saved from recession by German growth

 

 

UK sees first trade surplus in cars since 1976

 

 

 

 

Osborne wins battle for tougher bank rules

 

George Osborne has scored a victory over his European rivals by securing the right to impose stricter financial regulation on Britain’s banks.

49 Comments

 

Jamie Dimon passes key shareholder vote

 

Shareholders backed their embattled chief Jamie Dimon at the bank's annual shareholders meeting on Tuesday, voting against a proposal to split the CEO and chairman roles just days after the company revealed a massive trading loss.

8 Comments

Jamie Dimon finds it's less stormy in the south

 

 

 

Builders report paltry sales under NewBuy

 

Britain's top builders say they have so far sold less than one home apiece under the Government’s flagship scheme to boost the housing market, two months after its launch.

6 Comments

 

Water providers 'must help drought-hit areas'

 

Water providers with plentiful supplies have been told by the industry regulator to help areas in the UK that have been hit by drought.

135 Comments

 

Tesco shop managers have bonuses cut

 

Thousands of Tesco shop managers have seen their annual bonus cut by as much as £10,000, in a further sign that the troubles at the supermarket are far from over.

45 Comments

 

New UK nuclear plants threatened by EU rules

 

 

 

 

UK sees first trade surplus in cars since 1976

 

 

 

 

G4S interviewing 84,000 candidates for Olympics jobs

 

 

 

 

Public sector staff more likely to take 'sickies'

 

Debt crisis: Greek euro exit would be 'messy', says Lagarde

 

Greece will hold new elections after politicians failed to agree a ruling coalition, sending the euro and shares lower, as new French president Francois Hollande meets Germany's Angela Merkel for key first talks.

845 Comments

Eurozone debt crisis: how a Greek exit from the euro might unfold

 

 

 

 

The Greek crisis: in quotes

 

 

 

 

Greece heads for fresh elections after coalition talks fail

 

Grexit will cost €155bn for Germany, France - and that's just for starters

 

Why state-owned banks should be sold to the highest bidder

 

This is how the euro ends – not with a whimper but a bang

[interestrateripoff]

Acknowledging The Arrival Of Peak Government

 

Seth Klarman On The Absurd Short-Termism Of The Exuberant Rally

 

Santelli Explains Why A Broke California "Likes" A Hot Facebook IPO

 

Guest Post: That Which Is Unsustainable Will Go Away: Pensions

 

FBI Opens Inquiry Into JPM Loss

 

Euro-Dumpfest Continues As LTRO Banks Implode

 

Has The Greek Bank Run Started?

 

Is Spain In Danger Of An Imminent LCH Margin Hike?

 

It's Official: Greece To Pay May 15 Bond Maturity

 

A Greek Affair To Remember And Mr. Hollande's Opus

 

Homebuilder Confidence Rises To 5 Year High As Actual Sales Remain Near All Time Lows

 

Art Cashin On The Way To The European Egress

[interestrateripoff]

A Greek Affair To Remember And Mr. Hollande's Opus

 

The Greek Neo Nazi Manifesto

 

Ok, You Better Be Sitting Down For This One...

 

Risk Off As Greek Chaos Returns

 

Here Come The Greek (Re)Elections

 

Economic Data Dump Keeps Everyone Confused, Pessimism About Future Increases

 

Bundesbank Confirms German Gold Held By FED, BOE and Banque De France

 

How To Make A 135% Annualized Return In 4 Months

 

German GDP Beat Saves The Day

 

Irony 101 Or How The Fed Blew Up JPMorgan's 'Hedge' In 22 Tweets

[interestrateripoff]

Biderman And Bianco On The Black Swan Bonanza

 

"The Weight Of The Nation": Documenting America's Obesity Epidemic: Part 1 - Consequences

 

Goldman Market Summary: Dumb Money Joins The Dumpfest

 

Must Read: "Another Perspective"

 

David Tepper Goes On Buying Spree, Top-Ticks Financials And Tech Stocks

 

Biderman And Bianco Bury Bernanke's Bond Bull Market Backbone

 

Guest Post: JPM Chase Chairman, Jamie Dimon, The Whale Man, And Glass-Steagall

 

Moody's Downgrades 26 Italian Banks: Full Report

 

Guest Post: Sex, Money and Largesse - The Hidden Depression

[interestrateripoff]

Breaking news

 

• Police radio maker Sepura targets private sector - Reuters
  

 

 

 

• Mervyn King warns on growth as eurozone 'tears itself apart'
   
  Bank of England governor warns that Britain's recovery from the biggest financial crisis in its history is being hampered by the eurozone 'storm'
  110 comments
  
  • If the UK economy was a football team it'd be fighting relegation
    

  [*] Eurozone crisis live: Greek elections called for 17 June

   

  Election will be held on June 17 with supreme court judge Panagiotis Pikramenos heading the caretaker administration

  871 comments

  • “6.09pm: And with that its time to close up on another busy day, with a new president for Greece and a date for new elections. David Cameron and…”
    Eurozone crisis live blog
     
    
  • Profile: Panagiotis Pikramenos
    
  • UK banks readying for Greek euro exit
    
  • David Cameron raises possibility of euro breakup
    
  • Hollande meets Merkel for fiscal summit in Berlin
    
  • Greece faces stark choice – in or out of the euro
    
  • Larry Elliott: Hollande and Merkel agree on FTT
    
  • Germany helps eurozone avoid double dip recession
    
  • How Greece could leave euro – in five difficult steps
    
  • Eurozone debt crisis: the key charts
    
  • European Union – GDP breakdown by country
    

  [*] UK unemployment fall raises hopes recession-hit economy on mend

   

  Number of jobless people falls to 2.63 million, the lowest since last summer, official figures from the ONS show

  197 comments

  • Claimants constituency by constituency: full data
    
  • Youth unemployment mapped
    

 

 

• UK banks readying for Greek euro exit
   
  Financial institutions have been preparing since November, reducing exposure, with drachma trading facility ready if needed
  
• Diamond bonus sub-plot thickens
   
  Alison Carnwath wanted Diamond be given a smaller bonus after a year in which returns on capital fell, but she didn't get far
  4 comments
  
  • New Lloyds FD spends £250,000 on shares
    
  • How much do fund managers really earn?
    
  • Selling taxpayer stakes in RBS and Lloyds 'could take years'
    

  [*] Lamprell slumps after profit warning

   

  Lamprell issues a profit warning just a fortnight after two of its senior executives sold a substantial number of shares in the business

  [*] FSA moves to ban broker Verrier

   

  Verrier takes case to tribunal after embarking on poaching spree when he left Tullett Prebon to join BCG Partners

  [*] More business news

  [*] Total stops North Sea gas leak

  [*] Wansbeck named bankruptcy capital of the UK

  7 comments

  [*] Greggs profit warning on 'pasty tax'

[interestrateripoff]

David Cameron and Sir Mervyn King urge eurozone action

 

16 May 2012 05:30 PM

Sir Mervyn King and David Cameron led an attack on a lack of progress in tackling the eurozone crisis today as the region's problems threatened to hamper UK growth.

 

 

Markets uneasy as Greeks empty €800m in savings from banks

 

16 May 2012 04:22 PM

The shockwaves from Greece's failure to form a coalition government have continued to reverberate around markets, though upbeat US economic indicators gave the more positive-minded investor something to latch on to.

 

 

 

FBI opens investigation into JPMorgan losses

 

16 May 2012 12:00 AM

Jamie Dimon faces investor revolt over trading losses and anti-regulatory stance

 

 

California, the ninth largest economy in the world, resorts to austerity

 

16 May 2012 10:00 AM

California, America's 'golden state', is slashing spending to avoid a Greek-style default

 

 

 

Skiers and miners lift Compass profits

 

16 May 2012 04:34 PM

Supplying healthy US hospital food, Disney’s staff canteen, the Mammoth Mountain ski resort in California and miners canteens in Australia all helped Compass post a strong 7.7 per cent rise in first-half profits today.

 

 

 

Olympics deal helps drive G4S revenue growth

 

16 May 2012 12:00 AM

G4S, the world's biggest security firm, said a thriving resources sector across developing markets and a contract to protect punters at the Olympic Games in London helped to drive a 7.5 per cent rise in first-quarter revenue growth.

 

 

 

Coty abandons bid for Avon after two-month stand-off

 

16 May 2012 12:00 AM

The fragrance firm Coty has pulled out of its $10.7bn (£6.7bn) takeover bid for Avon Products after it said the US cosmetics group had taken too long making its mind up.

 

 

 

Eurozone woes hamper progress on trade deficit

 

16 May 2012 12:00 AM

William Hague's call on Britain's firms to "get on the plane" was rewarded with signs of life from exporters yesterday, but efforts to cut the UK's trade gap remain hampered by European turmoil.

 

 

 

Cove Energy auction is boosted by massive gas find

 

16 May 2012 12:00 AM

The action-packed auction of east Africa-focused oil and gas explorer Cove Energy took another turn yesterday as a key prospect in Mozambique announced a massive new find.

 

 

 

Rain on his parade – then François Hollande flies into a storm

 

16 May 2012 09:30 AM

President races from inauguration to meet Merkel in Berlin – and demands a growth plan

 

 

 

Spain: Tempers fray as protests continue

 

16 May 2012 12:00 AM

For four days running, protesters in Madrid led by a movement called the Indignant Ones marked a year of revolts against cuts in public spending.

 

 

 

Greece: Voters will have their say again as leaders abandon bid to form coalition

 

16 May 2012 12:00 AM

Greece risked the ire of the rest of Europe, and the all-powerful financial markets, when her politicians abandoned attempts to form a technocratic government last night and called fresh elections.

 

 

 

Poor growth numbers raise new euro fears

 

16 May 2012 12:00 AM

Official figures showing large parts of the eurozone to be in recession yesterday fuelled investors' fears about the viability of the single currency.

 

 

 

Campari bounces back in home market despite Italian woes

 

16 May 2012 12:00 AM

Recession-weary Italians raised a few more glasses of Campari's trademark red aperitif in the first three months of the year, helping the group to post a 2.8 per cent rise in underlying sales.

 

 

 

Italy's banks stung by mass downgrade

 

16 May 2012 12:00 AM

Italy's banking and business community responded angrily yesterday to a mass downgrade of Italian banks by the credit rating agency Moody's, calling the move irresponsible and an assault on the austerity-hit country as it struggles with an economic crisis.

[interestrateripoff]

Euro crisis leaves door open for more BoE easing

 

LONDON - The escalating danger from the neighbouring euro zone debt crisis prompted the Bank of England on Wednesday to keep alive the prospect of more help for an ailing economy it said was growing more slowly than expected.

 

 

• UK set to snatch GM's Astra from Germany - sources 6:37pm BST
  
• Athens angst knocks back FTSE 100 | 5:58pm BST
  
• JPMorgan still employs "whale" trader 7:30pm BST
  
• Police radio maker Sepura targets private sector 7:34pm BST
  
• EU lawmaker backs faster stock settlement time
  

Exclusive - ECB stops operations with some Greek banks

 

BERLIN/FRANKFURT - The European Central Bank has stopped providing liquidity to some Greek banks as they have not been successfully recapitalised, the ECB said on Wednesday, confirming news earlier reported exclusively by Reuters.

6:52pm BST

 

Hutchison Whampoa go to court to keep Eircom bid alive

 

DUBLIN - Lawyers for Hutchison Whampoa Ltd made a last ditch attempt to salvage the Hong Kong company's bid for Eircom, the struggling Irish telecoms firm that is to be handed over to its lenders.

7:04pm BST

 

Spain funding costs spike, banking doubts gnaw

 

MADRID - Spain's prime minister voiced concern on Wednesday about the state's ability to finance itself as fears mounted over a spread of the euro zone debt crisis from Greece and a nationalised bank delayed publishing accounts amid talk of it needing more aid.

6:06pm BST

 

Joblessness falls unexpectedly, pay rises slow

 

LONDON - The number of Britons out of work fell at the fastest pace in nearly a year in the three months to March, official data showed on Wednesday, pointing to some underlying resilience in the economy.

[interestrateripoff]

16 May 2012 Last updated at 18:30

 

 

Bank warns of euro crisis 'storm'

 

The Bank of England warns that the eurozone is "tearing itself apart" with the "storm" threatening the UK recovery, as it cuts its forecast for growth this year.

 

• Flanders: Mervyn, UK and the euro
  
• King warns of eurozone risk Watch
  
• Q&A: Why Greek crisis matters
  
• PM: Euro to 'make-up or break-up'
  

 

Clinton Cards to close 350 stores

 

Troubled retailer Clinton Cards, which is in administration, is to close almost half its stores across the UK, leading to the loss of almost 2,800 jobs.

 

 

UK unemployment falls by 45,000

 

UK unemployment fell by 45,000 to 2.63 million in the three months to March, according to the Office for National Statistics.

 

• The UK's reluctant part-timers
  
• Why female unemployment is up
  
• 'It's taken a long time to find a job' Watch
  
• Economy tracker: Unemployment
  
• Manufacturers 'need more support'
  

 

 

 

• Facebook to sell 25% more shares
   
  Facebook says it will sell 25% more shares than first planned in its forthcoming flotation in response to strong demand.
  
• Flight delay payments move closer
   
  Airlines are likely to be told they must pay compensation to passengers whose flights are delayed by three hours or more.
  
• Euro falls on new Greece uncertainty
   
  The euro hits a fresh four-month low against the dollar as political uncertainty in Greece fuels speculation it could leave the single currency.
  
• Greggs renews 'pasty tax' fight
  
• Results delay hits Bankia shares
  
• Downturn hits Lola race car maker
  
• Greeks withdraw cash on euro fear
  
• Hague 'to fight for UK business'
  
• Manufacturers 'need more support'
  
• Mortgage lending 'jumps in March'
  
• SSE energy firm sees profits rise
  
• HTC shares dip on shipment delay
  
• JPMorgan's Dimon wins pay backing
  
• Does JP Morgan loss show regulators' great failure?
   
  10 hours ago
  The $2bn loss made by JP Morgan’s chief investment office highlights that bankers have been forced by regulators to do almost nothing to eliminate the impenetrable complexity of how they operate.
  
• Sir Mervyn, the UK and the euro
   
  2 hours ago
  As Sir Mervyn was at pains to emphasise, this is not a simple matter of "in or out" - or even, in Prime Minister David Cameron's rather undiplomatic phrase, "make-up or break-up".