The great intrest rate rip off part 6

[interestrateripoff]

There ARE Intelligent Presidents

 

They're just not here in America.

Thus the institutional arrangements and the behavior of countries do not jibe. I submit this is unsustainable. For ultimately, the inability or unwillingness of parts of the eu-17 to submit to agreed-upon rules will be defended by an appeal to the position that “our democracy cannot withstand the kind of austerity demanded of us.” The first shoots of this position we have already seen emerge. Yet let us be clear about what this means: Fiscally responsible countries will be asked to support fiscally profligate countries in the name of democracy.

You can do it for a while, but if you are a country like Estonia, where the gdp per capita is almost the same as Greece but where the average salary is lower than the Greek minimum wage and where the pensions and agricultural supports within an internal market are three times lower, it is a matter of time before our voters revolt. The government in my country and the opposition voted to support the European Financial Stability Facility to aid a country richer than us and profligate. Three quarters of the parliament voted in favor.

But, note: 75 percent of the population was against.

What's being discussed here is that Estonia balanced its budget and while it took a nasty hit to GDP originally, the market cleared and now they are returning to economic stability, with a meaningful bounce -- roughly 6% growth, in fact.

How? It's all about the fact that the "Wimpy" syndrome does not work.

 

More at the link.

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Breaking news

 

 

• Exclusive - Spain poised to request EU bank aid Saturday - Reuters
  

 

 

 

• Obama urges swift action to prevent economic collapse
   
  President says eurozone crisis remains threat to America's economic recovery as Spain prepares to ask EU for bailout
  108 comments
  
  • Eurozone crisis: Spain to seek financial bailout on Saturday
    
  • Eurozone crisis live blog: Friday's events
    
  • Spain downgraded by Fitch as bailout looms
    
  • Fears grow that Cyprus will be next in line
    
  • Kate Connolly: Cameron and Merkel's cosy chat
    
  • Golden Dawn MP assaults female politicians on TV
    
  • Cartoon: Kipper Williams on Euro 2012
    
  • Spain issues warning to EU on future of euro
    
  • Credit ratings: how Fitch, Moody's and S&P rate each country
    
  • Estonia and Latvia: Europe's champions of austerity?
    
  • Datablog: EU GDP breakdown by country
    
  • Eurozone crisis glossary
    

  [*] Oil price losing streak continues

   

  Longest period of decline in crude oil prices since 1998 helps UK manufacturer prices drop 0.2%

   

  • Bank of England holds out against QE change
    
  • Larry Elliott: Why no more QE?
    
  • UK services sector expands in May
    
  • Sunny weather gives UK retailers a boost in May
    
  • China cuts rates as fears grow economy is stalling
    
  • Bernanke offers no sign of US stimulus
    
  • ECB dashes market hopes of rate cuts
    

  [*] M&S loses further ground in battle for vital womenswear market

   

  Retailer's 'middle of the road' fashions and shortages of most popular garments blamed for 0.5% drop in market share

   

  • M&S to launch 50 in-store banks
    
  • M&S needs to keep lingerie lovers too
    

 

 

• Denise Coates: the hidden 24/7 woman behind Bet365
   
  The founder of the highly profitable online bookmaking empire is arguably Britain's most successful self-made businesswoman
  
• Ex-Olympus chief gets £10m payoff
   
  British businessman Michael Woodford was sacked by Japanese company after he blew whistle on £1bn fraud
  
• GlaxoSmithKline extends tender offer for Human Genome Sciences
   
  British drug company's battle to take over iUS biotech firm Human Genome Sciences is turning increasingly bitter
  Post your comment
  
• More business news
  
• Hornby pins hopes on Moshi Monsters
  
• Foxconn workers riot at restaurant
  
• Battersea Power Station preferred buyers chosen
  
• Spain bank bailout terms 'to be agreed within a week'
   
  Urgency reflects growing consensus that Spanish collapse might start chain reaction that could destroy euro
   
  
  • Violent MP on the run exposes Greek divisions
    
  • Spain to ask for financial bailout on Saturday
    
  • Spanish banks' culture of greed and cronyism
    
  • Obama: Europe must act quickly to prevent collapse
    
  • Greek drug shortage risking lives of the sick
    
  • How Fitch, Moody's and S&P rate each country
    

   

[interestrateripoff]

Spain 'to request EU bank aid'

 

 

Rob Williams: Claims that deputy finance ministers from the single currency area may hold a conference call tomorrow morning to discuss a possible Spanish request for aid.

 

 

• George Osborne threatens referendum over place in the EU
  
• Don't expect any help from us, Ben Bernanke tells eurozone leaders
  

Spain 'likely to request EU bank aid tomorrow'

 

08 June 2012 05:47 PM

Sources are claiming that deputy finance ministers from the single currency area may hold a conference call tomorrow morning to discuss a possible Spanish request for aid

 

 

 

George Osborne threatens referendum over place in the EU

 

08 June 2012 08:37 AM

Warning comes after Germany rejects demands for immediate action to save euro

 

 

 

Bank of England keeps QE on hold despite weakening economy

 

08 June 2012 12:00 AM

MPC ignores advice of IMF to print more money, while new services survey shows fall in confidence

 

 

 

£10m payout for Olympus boss sacked for whistleblowing

 

08 June 2012 03:20 PM

The former Olympus boss fired after blowing the whistle on an accounting scandal will receive a £10 million payout, it was confirmed today.

 

 

 

Rock stars re-form as business gurus (well, they can wield an axe...)

 

08 June 2012 12:00 AM

Corporate managers are being encouraged to unleash their inner air guitar and learn leadership skills from heavy metal luminaries at a seminar titled the Monsters of Rock'n'Roll Business.

 

 

 

400 more jobs go at Clinton Cards

 

08 June 2012 06:24 PM

More than 400 people lost their jobs today after another wave of stores was closed at collapsed retailer Clinton Cards.

 

 

 

UBS £1.4bn fraud accused Kweku Adoboli granted bail

 

08 June 2012 02:00 PM

A City trader accused of gambling away a record £1.4 billion in a banking fraud has been granted bail.

 

 

 

Kent firm Thamesteel rescued by Saudi Arabia's Al-Tuwairqi Group

 

08 June 2012 11:37 AM

A steel firm which went into administration earlier this year with the loss of more than 350 jobs has been bought by a Saudi Arabian company and production will resume, it was announced today.

 

 

 

New car sales accelerate ahead

 

08 June 2012 09:41 AM

New car sales accelerated ahead last month, official figures showed today.

 

 

 

Marks & Spencer to offer current accounts

 

08 June 2012 11:36 AM

This is not just a bank. This is an M&S bank.

 

 

 

Greek police hunt far-right MP Ilias Kasidiaris over live TV talk show brawl with female rivals

 

08 June 2012 08:36 AM

Mr Kasidiaris was locked in a room at the studio but broke down a door to escape, it was claimed

 

 

 

Vodafone and O2 to save 'hundreds of millions of pounds' by sharing networks

 

08 June 2012 08:00 AM

The mobile rivals O2 and Vodafone have announced far-reaching plans to share their phone networks as they look to cut costs and fight back against market-leader EverythingEverywhere.

 

 

 

China cuts bank rate to perk up its economy

 

08 June 2012 12:00 AM

China's economic policymakers gave their counterparts in Europe and the UK a lesson in decisiveness yesterday, as they caught markets by surprise with a 25 basis point cut in interest rates.

 

 

 

Marc Bolland pockets £2.5m despite profits fall at Marks & Spencer

 

08 June 2012 08:20 AM

Marc Bolland, the chief executive of Marks & Spencer, will pick up a bumper package of £2.5m this year, despite presiding over a fall in annual profits.

 

 

 

Don't expect any help from us, Ben Bernanke tells eurozone leaders

 

08 June 2012 08:14 AM

Ben Bernanke, the chairman of the Federal Reserve, sent a message of "you're on your own" to European leaders yesterday, telling them there were no policy tools or technical steps the US central bank could take to help ease the pressures in the eurozone.

[interestrateripoff]

Exclusive - Spain poised to request EU bank aid Saturday

 

7:50pm BST

MADRID/BERLIN - Spain is expected to ask the euro zone for help with recapitalising its banks this weekend, sources in Brussels and Berlin said on Friday, becoming the fourth country to seek assistance since Europe's debt crisis began.

 

Weak commodity stocks undermine FTSE

 

LONDON - Britain's benchmark share index fell back on Friday after a two-day rally earlier in the week, as heavyweight mining stocks were hit by fresh fears over the global economy and traders sold off positions ahead of a possible weekend bailout deal in Spain.

 

• KPN to kick off BASE sale in two weeks - sources 7:22pm BST
  
• DuPont buys BAE unit, takes stake in U.S. start up 7:01pm BST
  
• Global shares, euro slide amid talk of Spain rescue 8:05pm BST
  
• UK finance calls for clarity on bank rules 5:13pm BST
  
• Telecoms billionaire tightens grip at Independent News
  

Exclusive - Spain poised to request EU bank aid Saturday

 

MADRID/BERLIN - Spain is expected to ask the euro zone for help with recapitalising its banks this weekend, sources in Brussels and Berlin said on Friday, becoming the fourth country to seek assistance since Europe's debt crisis began. | Video

IMF 7:50pm BST

 

Rolls-Royce buys out controls JV partner Goodrich

 

LONDON - Britain's Rolls-Royce said it would buy out partner Goodrich Corp in its engine controls joint venture, gaining full ownership of its fuel pumps and metering units business.

UK 3:24pm BST

 

UK sees biggest annual car sales rise in two years

 

LONDON - A jump in private demand drove a 7.9 percent rise in British new car sales in May compared to a year ago, the Society of Motor Manufacturers and Traders said on Friday, in a sign that consumers are regaining confidence.

1:36pm BST

 

Greece scrambles for bank loans to avert energy meltdown - sources

 

ATHENS - Greek energy companies are seeking emergency bank loans to pay suppliers and avert widespread power and gas cuts during the vital tourist season, industry sources told Reuters on Friday.

[interestrateripoff]

Obama: Europe faces hard choices

 

European leaders must take difficult decisions in an effort to stem the euro crisis and revitalise their economies, US President Barack Obama says.

 

• 'Difficult decisions for Europe' Watch
  

 

Spain aid talks 'not ruled out'

 

Emergency talks this weekend to discuss a bailout for Spain cannot be ruled out, the Dutch finance minister says, amid reports it will ask for aid as early as Saturday.

 

• Spain action 'sooner the better' Watch
  
• Spain in numbers
  
• Eurozone outlooks still diverging
  
• Mardell: Criticism for EU leaders
  

 

 

M&S to launch in-store banking

 

High Street retailer Marks and Spencer says it will launch an in-store banking service and a current account this year, backed by HSBC.

 

• M&S Bank outlines plans Watch
  

 

 

Eurozone in crisis

 

 

• Q&A: Spain's woes
  
• Why Spain's regions owe so much
  
• Five ways eurozone could break up
  
• Greek exit and your finances
  

 

 

 

 

Other top stories

 

 

• Oil prices slide on economy fears
   
  Oil prices have dropped to $98.06 in London - their lowest in 17-months on fears of waning economic growth in China.
  
• New car sales accelerate in May
   
  New car sales in the UK rose 7.9% in May, the industry body says, the largest increase for almost two years.
  
• US trade deficit shrinks in April
   
  The US trade deficit shrank in April as a dramatic fall in imports offset the first decline in exports for five months.
  
• Remote areas tell of high prices
  
• UBS 'rogue' trader to be bailed
  
• Hornby eyes Moshi Monsters boost
  
• Strong spring sales boost Bellway
  
• Olympus plans to cut 2,700 jobs
  
• Steelworks sold to owner's firm
  
• Eurozone outlooks still diverging
  
• Pensions gender gap 'narrowing'
  
• China cuts state-set fuel prices
  
• Japan growth figure revised up
  
• Qantas shares hit by S&P review
  
• China cuts rates as growth slows
  

[interestrateripoff]

[/url]

 

Obama demands action as leaders ponder Spanish bank rescue

 

US President Barack Obama has demanded that European leaders act “right now” as ministers in Brussels deliberate over whether to impose a bail-out on Spanish banks.

114 Comments

Debt crisis: live

 

 

Debt crisis: Spain 'to request aid for banks this weekend'

 

 

Obama: cutting too quickly will send economies into 'spiral'

 

 

Spain's economic crisis: a timeline

 

 

China slashes fuel prices to boost demand

 

 

 

 

EC plot to close down eurozone banks

 

The European Commission is threatening to use EU competition rules to close down the failing Greek, Spanish and Portuguese banks that have pushed the eurozone into a new crisis.

133 Comments

 

Burberry chief's £15.6m pay, perks and shares

 

Angela Ahrendts, the chief executive of Burberry, the fashion house, took home £15.6m last year through a mixture of pay, bonus, cashing-in shares and a clothes allowance.

3 Comments

 

Inflation slowdown hopes rise on PPI data

 

Falling prices at British factories offered households hope that wider inflation will slow in the UK – even as a survey showed they are braced for even steeper price rises.

2 Comments

 

Risk models must be torn up, says Haldane

 

Financial risk models that underpin market behaviour, economic theory and bank regulation dangerously underestimate the threat to taxpayers and must be completely redrawn to prevent a repeat of the financial crisis.

64 Comments

 

Gas ‘better than wind’ for low carbon

 

Building gas-fired power plants instead of more offshore wind farms could actually lead to greater carbon savings at a lower cost, a leading think-tank has claimed.

367 Comments

 

DWP bans 'cash bribes' to employees

 

Debt crisis: live

 

Implementing austerity measures too quickly will send ailing eurozone economies into a "downward spiral," US President Barack Obama warned on Friday, adding that a European recession would harm the pace of the US recovery.

742 Comments

Obama demands action as leaders ponder Spanish bank rescue

 

 

 

 

Obama: cutting too quickly will send economies into 'spiral'

 

 

 

 

German debt crisis fears as exports fall

 

Spain too big for EU rescue fund as China recoils

 

Johnson Matthey – a UK success story helped by a reduced tax rate

 

Trade negotiations are pointless – declare free trade unilaterally

[interestrateripoff]

Trustee Sees Client Interests Trampled as MF Global Flailed

 

By JAMES B. STEWART 10:17 AM ET

 

A report on the collapse of MF Global reveals a questionable series of moves that indicate the firm failed in its duty to protect the assets of its clients.

Susan Walsh/Associated Press

 

Jon Corzine, the former chief of MF Global, at a Senate hearing last year.

 

 

 

Shareholders Reject Chesapeake Directors

 

By CLIFFORD KRAUSS 12:20 PM ET

 

Stock holders voted to withhold support for two Chesapeake Energy board members in an open revolt that is likely to further dilute the power of Aubrey K. McClendon, the chief executive.

 

• DealBook: Chesapeake to Sell Assets for $4 Billion 9:14 AM ET
  
• DealBook: Once-Reticent Investors Join Shareholder Revolts
  

 

Pressure Mounts for Spain to Request a Banking Bailout

 

By DAVID JOLLY and PAUL GEITNER 12:24 PM ET

 

Euro zone leaders want to resolve a Spanish crisis before Greek elections pose new challenges to region.

 

• Madrid Leans on Its Banks
  
• Necessity, Not Inclination, Nudges Europeans Closer Fiscally and Politically
  
• The Caucus: Obama Prods Congress, Citing Euro Crisis 12:35 PM ET
  

 

DealBook

 

Real Estate Giant Domus Holdings Files for an I.P.O.

 

By MICHAEL J. DE LA MERCED 1:07 PM ET

 

By taking the parent of Century 21 and Coldwell Banker public, the company's majority owner, Apollo Global Management, is betting that the American housing sector is finally ready for an upswing.

 

Wall Street Retains Gains

 

By THE ASSOCIATED PRESS

 

Stocks edged higher on Wall Street before the weekend release of what may be weaker-than-expected trade data from China.

 

• U.S. Trade Imbalance Shrinks 9:13 AM ET
  

 

Swiss Court Orders Modifications to Google Street View

 

By KEVIN J. O'BRIEN 9:37 AM ET

 

At the same time, the court upheld the U.S. company’s basic right to film and document Swiss residential streets with its technology.

 

Kraft Foods Spurns N.Y.S.E. for Nasdaq, Citing Costs

 

By THE ASSOCIATED PRESS 9:54 AM ET

 

The food company said the move will cut costs as it prepares to split into two publicly traded companies.

 

Europe Preparing to File Charges in Universal-E.M.I Deal

 

By ERIC PFANNER 29 minutes ago

 

The $1.9 billion deal would give Universal Music Group 40 percent of the recorded music market, which regulators say could alter the industry’s landscape.

 

DealBook

 

Sberbank of Russia to Buy DenizBank for $3.5 Billion

 

By MARK SCOTT 11:10 AM ET

 

The Russian bank has agreed to buy DenizBank, a Turkish subsidiary of the struggling French-Belgian lender Dexia, for $3.5 billion, as Sberbank looks to diversify away from its home market.

 

 

 

• DealBook: Former UBS Trader Is Granted Bail 12:47 PM ET
  
• Media Decoder Blog: Hosts of 'Car Talk' to Retire After 35 Years of Automotive Banter
  
• DealBook: Japanese Insider Trading Case Ensnares U.S. Firm
  

[interestrateripoff]

Another Fool Removes All Doubt (Edward Conrad)

 

I write on this primarily because the author of the referenced piece is also from Bain Capital (Mitt's former private equity firm) and is expounding on a commonly-held, but false, premise.

The financial crisis stems from the fact that the U.S. economy finds itself on the horns of a dilemma. Price-insensitive, risk-averse savers hoard rather than invest their savings and insist on the right to withdraw their funds "on-demand." If these savings sit idle, growth slows and unemployment rises. Banks are the vehicle through which the economy puts short-term savings to work. Because it takes time to repay loans, the economy runs the risk that short-term savers may panic and demand withdrawals en masse—when real estate prices fall 30%, for example. When that happens, lenders must sell assets—namely loans—to fund withdrawals. In a panic, when sellers vastly outnumber buyers, asset values sink to fire sale prices.

At low enough prices, banks cannot sell enough assets to fund withdrawals and still remain solvent. Depositors race to withdraw funds before insolvency, which amplifies withdrawals.

Our friend here inadvertantly tripped over his own foolishness, and disclosed the truth.

 

More at the link.

[interestrateripoff]

Why The Can Has Not Been Kicked

Everyone seems to be asking repeatedly why we don't get some sort of "solution" for Europe out of Merkel and Obama, along with The Fed.

I want to put forward my theory on this, because this much is certain -- the "powers that be" certainly don't like the prospect of a blowup in Spain.

But while these folks are many things, stupid isn't one one of them.

 

More at the link.

[interestrateripoff]

Watch The Misdirection (Obama .vs. Merkel)

 

Now this I have to chuckle over....

President

Barack Obama

has spent much of his term trying to get Chancellor

Angela Merkel

in his corner, only to find the German leader won’t easily bend to U.S. will.

Five months before the presidential election, the stakes are rising. Obama, in advance of a G-20 summit and European Union crisis meetings, is urging Merkel to take actions aimed at forestalling a euro region financial meltdown that would threaten the U.S. -- and his campaign.

Obama had the opportunity to do things that would have been productive back in 2009, and instead he fomented more and more fraud in the financial system -- including the effectively-forced FASB changes.

Merkel is "resisting", mostly because she has to. There's simply no argument available for Germany attempting to bail out on a permanent basis -- via an effective tax on the German people -- the overspending, undertaxing periphery. Even if she wanted to (and she doesn't) she can't -- the people won't sit for it and attempting to force it down the German's throats will result in her losing her office or worse.

 

More at the link.

[interestrateripoff]

"Material Banknote Order Reinstated"

 

Monti Goes M.A.D.; Sees "Permanent Risk Of Contagion In Euro-Zone"

 

Guest Post: Presenting the CBO's 'Long-Term Outlook' Infographic

 

Biderman: "We Are In The First Quarter Of The Next Recession"

 

JPM Tries To Explain Why The Bailout Train In Spain Will Lead To Much More Pain

 

A Game Of Euro Chicken From The German Perspective: "Playing Until the Germans Lose Their Nerve"

 

Credit Beats Stocks In European Financials As Sovereigns Slump

 

Guest Post: The "Solution" Is Collapse

 

Market Is More Fragile Now Than Pre-Lehman

 

Goldman Cuts Q2 GDP Estimate From 2.0% To 1.8%

 

Live Webcast Of Obama Proposing More Spending As The Solution To All Of America's Problems

 

Citi Matrix Outcomes: If "Disorderly Grexit" Then "VIX At 80"

 

Does A Spanish Bank Bail-Out Give The Vigilantes The Green Light To Move To Italy?

[interestrateripoff]

Europe's Parabolic-est: German TARGET2 Total Hits €700 Billion

 

Fed: Crushing The "Smart" Money's Hopes Since 2009

 

From RISK ON To REALITY ON

 

Crazy Pills: Here Comes The Refutation Of The Rumor Of The Conference Of The Bailout Of The Broke... And Consultants

 

Spain: The Infographic

 

Germany Responds To (Re)newed Spanish Request For Cash: Please Do, But No Backdoor Bailout

 

Spain To Officially Request Bank Bailout For The First Time... Again

 

Mrs. Watanabe, Meet Mrs. Brown

 

Asia Opens And Risk-On Closes

 

The 'Big Reset' Is Coming: Here Is What To Do

 

Hitler Is Long The USD, Gets A Margin Call

 

Guest Post: The World Before Central Banking

 

Europe's Banking Union 'Non-Solution'

 

Consumer Credit Misses, As Fed Magically Creates $1.5 Trillion In Net Worth Out Of Thin Air

[interestrateripoff]

 

Hitler parody contains swearing.

[interestrateripoff]

Euro zone agrees to lend Spain up to 100 billion euros

 

09 Jun 2012

 

Euro crisis response disappointing - Italy minister

 

G20 09 Jun 2012

 

Schaeuble says Spain takes "big steps" with aid move

 

09 Jun 2012

 

European Commission welcomes Spain's aid request

 

09 Jun 2012

 

Spain says banks aid shows commitment to euro

 

09 Jun 2012

 

Spain to pay same rates as other bailed out countries

 

IMF 09 Jun 2012

 

Spain bank plan key step toward fiscal union - G7

 

09 Jun 2012

 

Porsche to pay no tax in Volkswagen deal - magazine

 

09 Jun 2012

 

Credit Suisse seeking private banking deals - paper

 

09 Jun 2012

 

Germans spending more at shopping malls - paper

 

09 Jun 2012

 

Slim's Telmex not planning to take part in TV auction - report

 

09 Jun 2012

 

Osborne - Euro zone crisis "killing" UK recovery

 

David Cameron, 09 Jun 2012

 

Spain's Bankia investors to start compensation claim

 

09 Jun 2012

 

India targets Swiss-based arms firm in corruption probe

 

09 Jun 2012

 

Rewe's tour operator eyes more M&A - magazine

 

09 Jun 2012

 

Swiss minister sees U.S. tax deal by November - paper

 

09 Jun 2012

 

Italian banks resilient to Spanish risks - UniCredit

 

09 Jun 2012

 

India's Jindal warns it may scrap $2 billion Bolivia project

 

09 Jun 2012

 

Ireland sees short-term debt issue this summer

 

09 Jun 2012

 

Genting takes stake in Australia's Echo, sparks takeover talk

 

09 Jun 2012

 

China May car sales up 22.6 percent year-on-year - official data

 

09 Jun 2012

 

BP hoping for $15 billion spill settlement with DoJ - FT

 

09 Jun 2012

 

Ex-Goldman director Gupta likely to testify at own trial

[interestrateripoff]

Spain finally asks for bailout and receives €100bn lifeline

 

10 June 2012 12:00 AM

Emergency meeting of finance ministers grants eurozone's fourth largest economy aid for its banks

 

 

Economic growth stirs hope in Africa

 

10 June 2012 12:00 AM

Over the next five years, the continent will expand faster than any other

 

 

 

WPP chair blasts critical shareholders

 

10 June 2012 12:00 AM

Philip Lader defends Sir Martin Sorrell's £13m pay package days ahead of vote by investors

 

 

London 2012: Where's the lasting economic legacy?

 

10 June 2012 12:00 AM

Angry business leaders are putting pressure on ministers to relax International Olympic Committee rules, as London once again falls prey to the big-spending sponsors

 

 

 

Sainsbury's out-trades Tesco on UK food sales

 

10 June 2012 12:00 AM

Retail giants' results set to show a marked difference in performance

 

 

Hollande's prayer that voters will not tie his hands

 

10 June 2012 12:00 AM

If President François Hollande could have a secular prayer before the first round of parliamentary elections in France today, it would be something like this: "Oh God of elections, give me a left-wing majority but, please, not too left."

 

 

 

OFT demands hit dozens of Groupon's small business clients

 

10 June 2012 12:00 AM

Dozens of entrepreneurs who use Groupon to drum up business have seen trade disrupted ahead of an Office of Fair Trading deadline for the online deals giant to clean up its act.

 

 

 

Banks cling to £100bn of surplus assets

 

10 June 2012 12:00 AM

Pension funds want to buy infrastructure loans and banks want to sell – but not at a loss

 

 

Builder's boss Howard Phillips quits three years after £900m debt-swap deal

 

10 June 2012 12:00 AM

Howard Phillips, who led the restructuring of £900m worth of debt that saved the retirement housebuilder McCarthy & Stone, has left the Bournemouth-based group.

 

 

 

OFT demands hit dozens of Groupon's small business clients

 

10 June 2012 12:00 AM

Dozens of entrepreneurs who use Groupon to drum up business have seen trade disrupted ahead of an Office of Fair Trading deadline for the online deals giant to clean up its act.

 

 

 

Champagne investors see big bucks in fizz

 

10 June 2012 12:00 AM

The British public's thirst for champagne – both to drink and as an investment – has fizzed to record levels, spurred by the Diamond Jubilee and the anticipation of the Olympic Games.

 

 

 

City braced for further row over regulation Bill

 

10 June 2012 12:00 AM

The Financial Services Bill returns to the House of Lords tomorrow for its second reading and is set to cause more uproar.

 

 

 

Mulberry thrives as it spreads roots overseas

 

10 June 2012 12:00 AM

Mulberry is set to flesh out its international expansion plans, as the fast-growing luxury brand posts a sharp jump in annual profits this week.

 

 

 

M&S and Tesco draw up banking battlelines

 

10 June 2012 12:00 AM

Marks & Spencer Money which has announced plans to open 50 bank branches within M&S stores will not be offering mortgages, for the time being at least.

 

 

 

Spain to seek bailout for troubled banking sector

 

09 June 2012 07:33 PM

Spain will ask for a bank bailout from Europe, becoming the fourth and largest country to seek help since the single currency bloc's debt crisis erupted.

 

Burberry chief bags £15.6m after shares deal

 

09 June 2012 12:00 AM

Angela Ahrendts, the chief executive of Burberry, pocketed £15.6m last year after she cashed in long-term share awards and picked up a hefty bonus, following storming growth at the luxury fashion brand.

 

 

 

Liberty branches out into pop-up shops

 

09 June 2012 12:00 AM

Liberty, the designer department store famous for its mock-Tudor façade on London's Regent Street, is searching for locations for pop-up shops across the UK.

 

 

 

Hornby is ready for an Olympics boost

 

09 June 2012 12:00 AM

After two profit warnings this year the Airfix-to-Scalextric maker Hornby yesterday said sales of its toys and badges for the Olympics were really starting to take off.

 

 

 

Shard's WSP is snapped up by Canadian rival for £278m

 

09 June 2012 12:00 AM

WSP, the engineering consultancy that did the structural design on London's Shard tower, has agreed to be snapped up by Genivar, a smaller Canadian counterpart for C$442m (£278m) in cash.

 

 

 

IP and copyright's £3bn boost to Britain

 

09 June 2012 12:00 AM

The creative industries contribute an extra £3bn a year to the UK economy thanks to the value of their intellectual property (IP) and copyright.

 

 

 

It's the end of the road for dashing chief executive who lived the Lotus life

 

09 June 2012 12:00 AM

Company sacks boss over claims he gave away sports cars, reports Margareta Pagano

 

 

 

Car sales leap is the biggest in two years

 

09 June 2012 12:00 AM

Car sales saw their biggest jump in nearly two years last month, as new vehicle registrations rose 7.9 per cent to 162,288.

 

 

 

Foreigners price hedge funds out of Mayfair

 

09 June 2012 12:00 AM

Hedge funds are being priced out of their favoured London homes in Mayfair and St James's as wealthy foreign buyers snap up properties and landlords ramp up rents to levels even the financial elite cannot afford.

 

 

 

Public's fears of higher inflation are a dilemma for the Bank

 

09 June 2012 12:00 AM

The Bank of England's dilemma over whether to stimulate the recession-hit UK economy was sharpened further yesterday by a survey showing that the public's inflation expectations have risen in recent months, despite falls in the headline rate.

 

 

 

Germany and France feel the eurozone squeeze

 

09 June 2012 12:00 AM

The two largest economies of the single currency see exports fall and growth forecasts reduced

 

 

 

Whistle-blower Woodford settles for £10m after his Olympus sacking

 

09 June 2012 12:00 AM

The British former chief executive of Olympus, Michael Woodford, will receive £10m in a settlement over his dismissal for whistle-blowing at the giant Japanese cameras and medical equipment maker.

 

 

 

400 more jobs go at Clinton Cards

 

08 June 2012 06:24 PM

More than 400 people lost their jobs today after another wave of stores was closed at collapsed retailer Clinton Cards.

[interestrateripoff]

• Spanish PM claims bank bailout 'triumph'
   
  Mariano Rajoy puts gloss on €100bn loan, but Ireland, Portugal and Greece may not be happy about deal
   
  
  • Rajoy says bank bailout a 'victory for the euro'
    
  • Spaniards puzzled over real meaning of the bailout
    
  • Bailout may help Europe but will do little for Spain
    
  • Analysis: this bailout plays out a running theme
    
  • Osborne: euro 'killing' UK economy
    
  • Larry Elliott: Osborne's austerity plan is undone
    
  • How Fitch, Moody's and S&P rate each country
    

  Breaking news

   

  

  • UAE swings into $11 billion fiscal surplus in 2011 - IMF - Reuters
    

   

   

   

  • Spain's banking bailout plays out a running theme of crisis
     
    Spain's call for assistance echoes a familiar pattern of denial, bond pressure then a crescendo of relief over agreed terms
     
    
    • Spain gets bank bailout that may run up to €100bn
      
    • Bailout a victory for the euro, says Spanish PM
      
    • Spaniards resigned to bleak future as austerity bites
      
    • Bailout may help Europe but will do little for Spain
      
    • Euro issues dominate Grrek election
      
    • Obama criticised over eurozone crisis comments
      
    • How Fitch, Moody's and S&P rate each country
      
    • Datablog: EU GDP breakdown by country
      

    [*] Britain and the eurozone: too close for comfort, but too distant to be a genuine influence

     

    Cameron and Merkel were all smiles last week, but the PM's pitch to Europe is a hard one to make, writes Heather Stewart

    44 comments

    • George Osborne: UK recovery killed by euro crisis
      

    [*] Osborne's recovery via austerity plan is in tatters

     

    Larry Elliott: There is a belief that sustained growth is around the corner, but all traditional sources of expansion have been blocked off

    97 comments

    [*] Bank of England holds out against QE and interest rate change

     

    Interest rates to remain at 0.5% and quantitative easing will not be increased, says monetary policy committee

     

    • Larry Elliott: Why no more QE?
      
    • China cuts rates as fears grow economy is stalling
      
    • ECB dashes market hopes of rate cuts
      
    • Oil price losing streak continues
      

   

   

  • UK's last few shipbuilders steer a course through the economic storm
     
    The glory days of the great shipyards are gone, and now defence cuts threaten the naval work supporting those that survive. But there may still be still signs of hope, says Dan Milmo
    19 comments
    
  • Sierra Leone fortunes change as diamond trade restores investment
     
    Returning multinationals create mining boom in once-war ravaged country synonymous with brutality and child soldiers
    
  • Facebook flotation may have cost UBS $350m
     
    Swiss bank resubmitted order multiple times after receiving no confirmation and got more shares than it wanted, CNBC claims
    
  • BAA's third Heathrow runway plans back on the agenda
     
    Heathrow expansion proposals can be submitted and upcoming government policy revamp could head off BAA legal action
    12 comments
    
  • More business news
    
  • Could peer-to-peer lenders be the real future of banking?
    

   

   

   

   

[interestrateripoff]

Spain finally asks for bailout and receives €100bn lifeline

 

10 June 2012 12:00 AM

Emergency meeting of finance ministers grants eurozone's fourth largest economy aid for its banks

 

 

Economic growth stirs hope in Africa

 

10 June 2012 12:00 AM

Over the next five years, the continent will expand faster than any other

 

 

 

WPP chair blasts critical shareholders

 

10 June 2012 12:00 AM

Philip Lader defends Sir Martin Sorrell's £13m pay package days ahead of vote by investors

 

 

London 2012: Where's the lasting economic legacy?

 

10 June 2012 12:00 AM

Angry business leaders are putting pressure on ministers to relax International Olympic Committee rules, as London once again falls prey to the big-spending sponsors

 

 

 

Sainsbury's out-trades Tesco on UK food sales

 

10 June 2012 12:00 AM

Retail giants' results set to show a marked difference in performance

 

 

Hollande's prayer that voters will not tie his hands

 

10 June 2012 12:00 AM

If President François Hollande could have a secular prayer before the first round of parliamentary elections in France today, it would be something like this: "Oh God of elections, give me a left-wing majority but, please, not too left."

 

 

 

OFT demands hit dozens of Groupon's small business clients

 

10 June 2012 12:00 AM

Dozens of entrepreneurs who use Groupon to drum up business have seen trade disrupted ahead of an Office of Fair Trading deadline for the online deals giant to clean up its act.

 

 

 

Banks cling to £100bn of surplus assets

 

10 June 2012 12:00 AM

Pension funds want to buy infrastructure loans and banks want to sell – but not at a loss

 

 

Builder's boss Howard Phillips quits three years after £900m debt-swap deal

 

10 June 2012 12:00 AM

Howard Phillips, who led the restructuring of £900m worth of debt that saved the retirement housebuilder McCarthy & Stone, has left the Bournemouth-based group.

 

 

 

OFT demands hit dozens of Groupon's small business clients

 

10 June 2012 12:00 AM

Dozens of entrepreneurs who use Groupon to drum up business have seen trade disrupted ahead of an Office of Fair Trading deadline for the online deals giant to clean up its act.

 

 

 

Champagne investors see big bucks in fizz

 

10 June 2012 12:00 AM

The British public's thirst for champagne – both to drink and as an investment – has fizzed to record levels, spurred by the Diamond Jubilee and the anticipation of the Olympic Games.

 

 

 

City braced for further row over regulation Bill

 

10 June 2012 12:00 AM

The Financial Services Bill returns to the House of Lords tomorrow for its second reading and is set to cause more uproar.

 

 

 

Mulberry thrives as it spreads roots overseas

 

10 June 2012 12:00 AM

Mulberry is set to flesh out its international expansion plans, as the fast-growing luxury brand posts a sharp jump in annual profits this week.

 

 

 

M&S and Tesco draw up banking battlelines

 

10 June 2012 12:00 AM

Marks & Spencer Money which has announced plans to open 50 bank branches within M&S stores will not be offering mortgages, for the time being at least.

[interestrateripoff]

Analysis - EU's Spain bank rescue may bring only brief respite

 

8:38pm BST

PARIS - Euro zone finance ministers rushed Spain into an EU-funded rescue for its debt-stricken banks to pre-empt the threat of a bank run if Greece's debt crisis flares again but any respite for Madrid and the euro may be short-lived.

Britain's bank regulator to be beefed up - paper

 

LONDON - Britain's banking regulator could be handed new powers to enforce government recommendations on how the country's largest banks should ring fence their retail and investment operations, The Sunday Telegraph reported.

 

• Analysis - EU's Spain bank rescue may bring only brief respite 8:38pm BST
  
• Germany's RAG threatens to pull Evonik IPO 7:04pm BST
  
• Analysis - Stakes high as "Wintel" puts all its chips on Windows 8 11:51am BST
  
• Roche won't revisit Illumina, eyes smaller deals 12:27pm BST
  
• Diageo leads Pernod in race into emerging markets
  

Braced for the worst, hoping for aid

 

LONDON - If risk-averse investors could grant two wishes for the coming week, they might choose to offer Spain a bank bailout and Greece a new government that keeps it in the euro zone.

08 Jun 2012

 

Euro zone agrees to lend Spain up to 100 billion euros

 

BRUSSELS/MADRID - Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros (80.7 billion pounds) to shore up its teetering banks and Madrid said it would specify precisely how much it needs once independent audits report in just over a week. | Video

6:28pm BST

 

UAE swings into $11 billion fiscal surplus in 2011 - IMF

 

DUBAI - The United Arab Emirates' public finances swung into a surplus of 2.9 percent of economic output in 2011 after two years of deficits as robust oil income offset an increase in government spending, a report by the International Monetary Fund showed.

IMF 4:23pm BST

 

Cross-border clout still denied to Islamic banks

 

SYDNEY - Established in 2007, Dubai-based Noor Islamic Bank said it planned to become the world's largest Islamic lender within five years, and would consider acquisitions to reach that goal.

[interestrateripoff]

10 June 2012 Last updated at 17:23

 

 

Spain rescue 'a victory for euro'

 

Spanish PM Mariano Rajoy says a decision by eurozone ministers to help Spain shore up its struggling banks is a "victory for the euro". 32

 

• Rajoy hails 'a victory for euro' Watch
  
• Hewitt: Pride had to give way
  
• Peston: Messy rescue
  
• How eurozone crisis affects you
  

 

Euro crisis 'killing UK recovery'

 

The UK's hopes of economic recovery are being "killed off" by the eurozone crisis, the chancellor says, as Spain requests a eurozone loan for its banks. 761

 

 

RBS concerns about Ulster Bank

 

Sir Philip Hampton, chairman of Royal Bank of Scotland (RBS) has said the disastrous performance of the bank's Irish division, Ulster Bank, is his biggest worry.

 

• One in 10 mortgages 'in arrears'
  

 

 

Eurozone in crisis

 

 

• Q&A: Is Santander UK a safe bank?
  
• Why Spain's regions owe so much
  
• Five ways eurozone could break up
  
• Greek exit and your finances
  

 

 

 

 

Other top stories

 

 

• Metro Bank to open more branches
   
  Metro Bank, which first opened in London in 2010, plans to expand its business across the South East with another seven branches.
  
• Peer-to-peer lending hits £250m
   
  Peer-to-peer lending via three websites that link savers with borrowers - bypassing the banking system - has topped £250m.
  
• Dementia patient got £18,000 loan
   
  Lloyds Banking Group has agreed to pay compensation and refund interest payments on a £18,000 loan it gave to an elderly dementia patient.
  
• Oil prices slide on economy fears
  
• M&S to launch in-store banking
  
• New car sales accelerate in May
  
• US trade deficit shrinks in April
  
• Remote areas tell of high prices
  
• UBS 'rogue' trader to be bailed
  
• Hornby eyes Moshi Monsters boost
  
• Strong spring sales boost Bellway
  
• Olympus plans to cut 2,700 jobs
  
• Steelworks sold to owner's firm
  
• Eurozone outlooks still diverging
  
• Japan growth figure revised up
  
• Qantas shares hit by S&P review
  
• Messy Spanish rescue
   
  4 hours ago
  Spain's credibility as a borrower could be further undermined by the eurozone's 100bn euros rescue of its banks - and Ireland could be prompted to demand a renegotiation of its bailout package
  

[interestrateripoff]

Borrowing by Banks Plagues Europe Despite Aid for Spain

 

By LANDON THOMAS Jr.

 

The intervention in Spain will do little to address the problem that plagues European financial institutions: a longstanding addiction to outside loans that provides day-to-day financing.

Emilio Morenatti/Associated Press

 

In Barcelona, a man read a newspaper announcing a bailout for Spanish banks.

 

 

 

As Focus Shifts to Rescuing Spanish Banks, Worries Grow Over Greece

 

By JACK EWING

 

Far harder to calculate than a Spanish banking rescue are the costs if, after Greek elections, the new government there reneges on the terms of the bailout Athens negotiated with its European lenders.

 

Spain to Accept Rescue From Europe for Its Ailing Banks

 

By RAPHAEL MINDER, NICHOLAS KULISH and PAUL GEITNER 11:07 AM ET

 

European finance ministers promised up to $125 billion in aid, which they hope will quell rising financial turmoil ahead of elections in Greece next week that could roil world markets.

 

• Post a Comment | Read (243)
  

 

Forced to Early Social Security, Unemployed Pay a Steep Price

 

By MOTOKO RICH

 

The recession and its aftermath have forced many older people who are out of work to draw Social Security earlier than they had planned.

 

South Carolina’s Pension Push Into High-Octane Investments

 

By JULIE CRESWELL

 

Shortfalls in pension plans are causing many states to scour the more exotic corners of Wall Street for investments. Just ask South Carolina.

 

Nurturing a Baby and a Start-Up Business

 

By HANNAH SELIGSON

 

Some women are combining the dual challenges of motherhood and start-up companies — dispelling the image of the tech entrepreneur as a single, usually male, wunderkind.

 

• Video: Entrepreneur and Mom
  

 

Affirming Slowdown, China Reports Second Month of Scant Economic Growth

 

By KEITH BRADSHER

 

Growth in industrial production, retail sales and investment in fixed assets like factories and office buildings was little changed from April.

 

A Roe, by Any Other Name

 

By SUSAN SAULNY

 

Global efforts to all but ban the international trade of caviar from the Caspian Sea have opened enormous opportunities for affordable substitutes from unlikely places in America.

 

Digital Domain

 

The Algorithm Didn’t Like My Essay

 

By RANDALL STROSS

 

Sophisticated software holds promise for making the grading of student essays more efficient — and it wouldn’t entirely replace human teachers.

 

Prototype

 

Bypassing the Grape but Enjoying Its Fruits

 

By NICOLE LaPORTE

 

A wine merchant has become a prominent name in the California wine industry, even though he doesn’t own a vineyard.

 

Preoccupations

 

Two Jobs, but Half a World Apart

 

By ANAND CHATURVEDI

 

In Atlanta, the writer is an executive for a construction equipment maker. In India, he has a big role in a clinic that was started in memory of his brother.

 

The Boss

 

Tenacity and Teamwork

 

By GARY B. SMITH

 

The chief executive of the Ciena Corporation describes how his company bounced back from the bursting of the telecom bubble in 2001.

[interestrateripoff]

[/url]

 

Debt crisis: €100bn bailout could backfire on Spain

 

Spain's €100bn bank bailout could backfire on Madrid by destabilising public finances and hampering the country’s access to capital markets, experts have warned.

21 Comments

Eurozone debt crisis: Rajoy says Spain has averted a full bailout

 

 

Reaction: 'This is a rescue for the rich. The poor will get poorer'

 

 

 

 

Osborne to beef up new bank regulator

 

Britain's banking regulator is to be handed major powers to influence the way the country’s largest lenders are run as part of a reform package to be announced this week by George Osborne.

86 Comments

 

WPP hints at climbdown over Sorrell pay

 

The chairman of WPP has hinted for the first time that Sir Martin Sorrell’s near-£13m compensation package could be reduced if a majority of shareholders vote against it.

52 Comments

Cable to drop annual investor vote on pay - report

 

 

 

London Metal Exchange bidding war nears end

 

Bids for the London Metal Exchange have reached £1.3bn as its two remaining suitors, Intercontinental Exchange and Hong Kong Exchanges and Clearing, vie to seize control of the 135-year-old commodities bourse.

5 Comments

 

Diageo considers Hong Kong listing

 

Diageo, the world’s biggest drinks company, has admitted for the first time that it has studied a potential listing on the Hong Kong stock exchange as it continues to cement its Asian expansion.

Comment

Diageo’s star rises in the East

 

 

 

Oasis eyes sale to double dentist practices

 

 

 

 

HSBC faces rate swap mis-selling claim by hotelier

 

 

 

 

Birmingham Airport 'answer' to Heathrow capacity crisis

 

China's economic prospects mixed as exports rebound

 

A slew of official data over the weekend painted a mixed picture for China’s prospects.

Bank of England to recruit more women

 

 

 

 

Debt crisis: Spain requests bailout to save banks

 

 

 

 

Obama demands action as leaders ponder Spanish bank rescue

 

Europe's democracies must not subcontract their destiny to the Bundebank

 

Spooky parallels between Great Depression and euro crisis

 

UK and Europe languish in a 'zombie bank’ malaise

 

Bank bail-out won't end Spain's property nightmare

[interestrateripoff]

Now You're F*ed (Ireland and Europe)

That didn't take long.

AFP -

Ireland wants to renegotiate its rescue plan to benefit from the same treatment as Spain, which looks set to win a bailout for its banks without any broader economic reforms in return, European sources said on Saturday.

"Ireland raised two issues: one is the need to ensure parity of the deal with Spain retroactively on its bailout from EFSF," one European government source told AFP, referring to the temporary rescue fund, the European Financial Stability Facility.

Remember, Ireland had "conditionality" imposed on its bailout -- including tough conditions for the people of Ireland, where the banksters got everything they wanted.

Spain got no such conditionality.

 

Everyone else will want a "bank" bailout as well....

[interestrateripoff]

Spain Goes To The Well

Once again, the story repeats....

BRUSSELS—Spain's finance ministry said Finance Minister Luis de Guindos would hold a news conference shortly to explain the country's bank-recapitalization plans, as the euro-zone currency union hustles to contain its worsening financial crisis.

The announcement followed a conference call among euro-zone finance ministers to discuss a commitment to provide as much as €100 billion ($125 billion) in support for Spain's ailing banking sector Saturday, euro-zone officials said.

Of course the problem here is two-fold:

 

• Where's the money going to come from? Presumably the IMF, ESM and EFSF. Note that there's a wee problem with the current funding capacity of these mechanisms.
  
• How does providing these funds, assuming they can be found, actually fix the problem? Filling a capital hole with more borrowing simply makes it less likely that the economy will recover as the interest has to continue to be paid.
  

 

More at the link.

[interestrateripoff]

Fed Z1 Update: Ignore The Idiots

 

It just never ends, does it?

WASHINGTON (MarketWatch) — Everyone knows America has too much debt. What they don’t know is that things are getting better, not worse.

Little by little, our economy is reducing its debt burden, slowly repairing the damage caused by 10, 20 or 30 years of excess.

If you want to know why economic growth has been so tepid, here’s your answer. Four years after the storm hit, the economy is still deleveraging. And it’s very hard for any economy to grow when everyone is focused on increasing their savings.

Savings?

Paying down (or defaulting) debt is not saving.

 

More at the link.

[interestrateripoff]

The Spanish Bank Bailout: A Complete Walk Thru From Deutsche Bank

 

Bill Buckler: "It's GIGO Time On Wall Street"

 

German Opposition Threatens To Scuttle ESM, And Spanish Bailout, Ratification

 

Details Emerge About Spain's Cramming Down "Bailout" Loan

 

Guest Post: Spreading The Wealth Around

 

Steve Keen: Why 2012 Is Shaping Up To Be A Particularly Ugly Year

 

Here They Come: Ireland Demands Renegotiation Of Its Bailout Terms To Match Spain

 

Guest Post: Mark Carney Kicks The Can

 

Spanish Twitter Fury Now Focusing On.... Itself

 

Spain IS Greece After All: Here Are The Main Outstanding Items Following The Spanish Bailout

 

Eurogroup Statement On Spanish Bank Bailout