The great intrest rate rip off part 6

[interestrateripoff]

Breaking news

 

• Boeing targets no.1 spot with 1,000 jet sales - Reuters
  

 

 

 

• Hurried Spanish banking bailout fails to calm nerves
   
  Spain's borrowing costs rise closer to levels considered unsustainable – dragging Italy towards danger zone
  4 comments
  
  • Spanish bailout stock market rally fizzles out
    
  • Q&A: Spain's banking bailout
    
  • Nils Pratley: Spain could need bigger bailout
    
  • Eurozone crisis live: Monday as it happened
    
  • Spanish PM claims bank bailout 'triumph'
    
  • Spain bailout lifts Asian markets and euro
    
  • Larry Elliott: mood is still downbeat
    
  • Britain should stay in EU – thinktank
    
  • Editorial: when €100bn doesn't fix much
    
  • Osborne's eurozone claims under fire
    
  • How Fitch, Moody's and S&P rate each country
    
  • Datablog: EU GDP breakdown by country
    
  • Poll: is Spain's crisis now over?
    

  [*] Tesco UK sales fall for 18 months

   

  Money-off coupons and a blitz on customer service failed to win back Tesco shoppers

  48 comments

  • Nils Pratley: Tesco chief's real test is yet to come
    

  [*] Cable may water down pay votes

   

  WPP investors are poised to reject Sir Martin Sorrell's pay deal, while minsters ignore shareholders' concerns, says Labour

 

 

• Flybe criticises government aviation policy as it reports losses of £7.1m
   
  Exeter-based airline says lack of 'coherent' aviation policy is damaging industry and economy
   
  
  • More airlines will go bust, Iata warns
    
  • BAA revives Heathrow runway plans
    
  • Failure to expand London airports 'hurting economy'
    
  • EU emissions trading scheme 'could risk trade war'
    

  [*] Osborne's recovery via austerity plan undone amid capitalism crisis

   

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

  278 comments

  [*] Guardian Small Business Network

   

  The Network will provide resources such as online Q&A sessions, expert blogs and case studies to support small and medium businesses

  11 comments

  [*] More business news

  [*] Facebook flotation may have cost UBS $350m

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Water shortage 'to hinder world's economic growth'

 

11 June 2012 10:30 AM

Vital river systems in developing countries face unsustainable rise in water consumption

 

 

 

Tesco upbeat despite new sales dip

 

11 June 2012 03:30 PM

Tesco struggled to convince the market it is back on track today despite reporting a record £1 billion of Jubilee week sales.

 

 

 

Aberdeen is top spot for business starts-ups

 

11 June 2012 12:00 AM

Aberdeen was the only major UK city to create more businesses than it lost as the UK emerged from recession in 2010, as the hydrocarbon capital of the North Sea benefited from the booming oil price.

 

 

 

RBS pension fund is 'unaffordable', says Unite

 

11 June 2012 04:35 PM

Taxpayer-backed Royal Bank of Scotland was today accused of making its pension fund "unaffordable" after changing the terms of its main scheme.

 

 

 

Asda and Sainsbury's cut petrol prices

 

11 June 2012 02:55 PM

Supermarket giants Asda and Sainsbury's are cutting up to 3p a litre from the price of fuel.

 

 

 

Silicon Valley Bank opens UK branch

 

11 June 2012 02:38 PM

A US-based bank dedicated to supporting firms in the technology sector today opened its first UK branch.

 

 

 

Virgin Active unveils £25m refit plan

 

11 June 2012 02:02 PM

Virgin Active has announced plans to spend £25 million on improving the 53 Esporta clubs it bought last year to bulk up the business.

 

 

 

Flybe in the red after tough year

 

11 June 2012 12:34 PM

Regional airline Flybe slumped to a "disappointing" full-year loss today despite growing its share of the declining UK passenger market.

 

 

 

Thames Water boss Martin Baggs awarded large bonus

 

11 June 2012 12:12 PM

The boss of Thames Water has been awarded a bonus nearly equal to his annual salary after a year in which a hosepipe ban was announced and customer satisfaction "deteriorated".

 

 

 

New domain names to break grip of tech giants

 

11 June 2012 11:00 AM

A massive overhaul of internet domain names takes place this week, which will unlock the market dominance of a handful of multibillion-dollar technology giants.

 

 

 

Vince Cable to water down curbs on executive pay

 

11 June 2012 11:00 AM

Vince Cable, the Business Secretary, plans to water down his hardest hitting measure to curb excessive executive pay.

Markets in short-lived surge on news of bailout

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Market euphoria over Spanish bank bailout fades

 

7:25pm BST

MADRID/BERLIN - Financial market euphoria over an EU bailout for Spain's troubled banks faded on Monday as investors sounded the alarm over its impact on public debt and worried whether Greek elections will deepen the euro zone crisis.

 

Tesco's sales fall as recovery plan struggles

 

LONDON - Tesco, the world's third-biggest retailer, reported a drop in underlying first-quarter British sales on Monday, as a recovery plan following its shock profit warning in January struggles to gain traction.

 

• FTSE rally erased as investors scrutinise Spain deal 5:52pm BST
  
• Exclusive - Euro zone discussed capital controls if Greek exits euro - sources 5:18pm BST
  
• BP loses bid for White House emails in spill case 6:49pm BST
  
• British government's austerity hurting economy - Scotland 7:18pm BST
  
• Apple CEO Cook kicks off developers conference
  

Top auditor to chair new markets watchdog

 

LONDON - Britain named top auditor John Griffith-Jones on Monday to head its new Financial Conduct Authority (FCA) to supervise markets from next year.

UK 9:54am BST

 

WPP's Sorrell to take on rebels as pay row rolls on

 

LONDON - The row between investors and British companies over soaring executive pay will embroil one of Britain's most high profile businessmen on Wednesday when WPP chief Martin Sorrell appears at a vote to approve his 60 percent pay rise.

10:49am BST

 

Boeing targets no.1 spot with 1,000 jet sales

 

BEIJING - Boeing reeled off targets including an unusual pledge to sell 1,000 jets this year -- putting it on course to recover leadership of the $100 billion global jet market amid growing tensions with its rival Airbus .

Aerospace & Defence 6:42pm BST

 

Old friends testify for Gupta at New York insider trial

 

NEW YORK - Having decided not to take the witness stand at his insider-trading trial, former Goldman Sachs Group Inc board member Rajat Gupta on Monday called longtime friends, including an international development official who grew up with him in India, to testify on his behalf.

[interestrateripoff]

11 June 2012 Last updated at 19:13

 

 

Fears remain despite Spain deal

 

Concern remains about eurozone debt, despite the 100bn-euro bailout of Spain's banks, as borrowing costs for Italy and Spain both rise.

 

• To bail out or not bail out?
  
• Key questions: Spain bank deal
  
• Anger in Spain at banker 'thieves'
  
• Spanish press: Vital reprieve
  
• Q&A: Spain's woes
  

 

Tesco sees quarterly sales fall

 

Tesco's UK sales fall 1.5% over the past three months, in what the retailer said was "a challenging quarter for the industry as a whole".

 

• High Street casualties
  

 

 

Airbus wing fix could take weeks

 

Airbus has confirmed its flagship A380 planes could be grounded for up to eight weeks if work to repair cracks in their wings is done in one go.

 

• Airbus finds solution for cracks
  
• Super-jumbo wings will be fixed Watch
  

 

 

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

 

 

• Large bonus for Thames Water boss
   
  Thames Water awards its boss a bonus nearly equal to his annual salary at a time when it is imposing a hosepipe ban on its 8.8 million customers.
  
• Majestic cuts minimum delivery
   
  Majestic Wine is to halve the minimum number of bottles of wine that customers must order if they wish to have them delivered from 12 to six.
  
• Account application fraud rising
   
  More people appear to be lying abut their finances when trying to open new bank accounts, according to credit checking firm Experian.
  
• Shedding bad staff 'to be easier'
  
• Laura Ashley sees sales rise 5.4%
  
• Iata: EU airline losses to surge
  
• UK short-term prospects 'better'
  
• KPMG chair heads new market body
  
• Flybe hit by 'challenging year'
  
• Huge Nigerian cement plant opens
  
• Apprenticeship review is launched
  
• China trade data in surprise rise
  
• RBS concerns about Ulster Bank
  
• Peer-to-peer lending hits £250m
  

[interestrateripoff]

Monti Fights to Reshape Italy in Shadow of Euro Crisis

 

By LIZ ALDERMAN and ELISABETTA POVOLEDO 13 minutes ago

 

 

The prime minister faces a host of problems at home that may ultimately lead investors to take aim at this too-big-to-fail, 2-trillion-euro economy.

 

 

 

Andreas Solaro/Agence France-Presse — Getty Images

 

Prime Minister Mario Monti of Italy, left, shown last month in Rome, has been one of the euro zone’s loudest opponents of the austerity advocated by northern-tier countries like Germany.

 

 

 

 

 

Market Rally Fades Over Spanish Bank Rescue

 

By DAVID JOLLY 7 minutes ago

 

Bond yields spiked and stocks retreated from their highs as investors weighed the challenges ahead, despite Spain’s securing 100 billion euros in aid over the weekend.

 

• Europe Dodges a Bank Crisis in Spain, but Perils Lurk
  
• Wall Street Looks for Direction 1:19 PM ET
  

 

Family Net Worth Drops to Level of Early ’90s, Fed Says

 

By BINYAMIN APPELBAUM 29 minutes ago

 

The recent downturn left the median American family in 2010 with no more wealth than they had in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said.

 

• Post a Comment | Read (13)
  

 

Bits Blog

 

Live-Blogging Apple's Conference Keynote

 

By BRIAN X. CHEN

 

Updates from Apple’s keynote presentation at its Worldwide Developers Conference.

 

Google Outsells, but Apple Cultivates Loyalty of App Developers

 

By NICK WINGFIELD and BRIAN X. CHEN

 

Apps have become vital in marketing mobile technologies to consumers and the allegiance of app developers to Apple has helped propel the success of its devices.

 

Selling Abroad, China Eases Slump at Home

 

By KEITH BRADSHER

 

China has reported its exports surged in May, which could ease the damage from weakness in the domestic economy, but also increase trade tensions with the West.

 

• Affirming Slowdown, China Reports Second Month of Scant Economic Growth
  

 

French Publisher Group Strikes Deal With Google Over E-Books

 

By ERIC PFANNER 9:18 AM ET

 

Two groups dropped lawsuits in which they contended that Google’s book-scanning here violated copyright, and said they would offer digital versions of their works for Google to sell.

 

Daytime TV’s Empty Throne After ‘Oprah’

 

By BRIAN STELTER

 

In the year since Oprah Winfrey’s reliably popular talk show went off the air, no program has emerged as a consistent ratings winner to take its place.

 

World's Airlines Keep Profit Forecast Steady, Despite Crisis in Europe

 

By REUTERS

 

The International Air Transport Association has forecast global profit of $3 billion, as business improves for North American and South American carriers.

 

 

 

• Lax Security at LinkedIn Is Laid Bare
  
• Banks Look to Burnish Their Images by Backing Green Technology Firms
  

[interestrateripoff]

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Debt crisis: EU contradicts Rajoy and says Spain will be supervised

 

Spain faces supervision by international lenders after a €100bn bailout for its banks, EU and German officials say, as markets fall back and Spanish bond yields hit a two-month high.

898 Comments

Cyprus bail-out looms

 

 

Debt crisis: 'The bailout is nothing to celebrate'

 

 

Debt crisis: Spain will be supervised, says Germany, EU

 

 

China and India 'heading for economic slowdown'

 

 

 

 

BoE 'should buy private sector assets'

 

Bank of England policy maker Adam Posen has urged the UK central bank to buy assets other than Government bonds.

93 Comments

Adam Posen's speech: in full

 

 

 

Tesco chief: confidence is not improving

 

Tesco's like-for-like sales dropped 1.5pc in the first quarter and international revenue slowed, revealed chief Philip Clarke, as analysts said they 'expected to see far stronger numbers'.

36 Comments

Tesco's retailing rise: in graphs

 

 

Sir Terry Leahy condemns ‘medieval’ high streets

 

 

 

RBS ups pension contributions

 

Royal Bank of Scotland has risked sparking anger amongst employees after increasing contributions for its final salary pension scheme from zero to 5pc of salaries.

6 Comments

 

Ex-Innospec chief pleads guilty to paying bribes

 

The former chief executive of chemicals group Innospec has pleaded guilty to paying bribes to officials in Iraq and Indonesia.

 

European airlines 'could go out of business'

 

European airlines could go out of business because of the continent's economic weakness, the aviation industry's leading economist has warned.

174 Comments

China to build 70 new airports in three years

 

 

Airlines urge EU to ditch carbon permit scheme

 

 

Flybe reveals 'disappointing' fall in profits

 

 

 

Thames Water reveals chief's big bonus

 

 

 

 

Mouchel shareholders to be almost wiped out

 

 

 

 

Laura Ashley sales jump

 

Greek elections keep markets guessing

 

Sunday's Greek vote could potentially lead to its departure from the euro.

 

This latest euro fix will come apart in less than a month

 

 

 

Debt crisis: Greek vote keeps markets guessing

 

 

 

 

Debt crisis: S&P warns India facing downgrade

 

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

 

This latest euro fix will come apart in less than a month

[interestrateripoff]

Want A Collapse Trigger? Here It Is

Remember, this is if just Greece exits the Euro...

(Reuters) - European

finance

officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro.

EU officials have told Reuters the ideas are part of a range of contingency plans. They emphasized that the discussions were merely about being prepared for any eventuality rather than planning for something they expect to happen - no one Reuters has spoken to expects

Greece

to leave the single currency area.

Riiiight.

Elections are coming at the end of the week. And if Syriza wins, the party's leader has said they will tear up the "deal" and walk off.

The middle finger will be end of the game, if it occurs.

 

It's going to get interesting.

 

They fear bank runs.

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That Didn't Take Long (Spain)

 

I thought it might take at least 24 hours.... I was wrong.

Spanish bondholders woke up rather quickly to the fact that they were just forcibly demoted down the seniority chain (which is blatantly illegal, incidentally, but who cares when you're the government -- right?) just as happened with GM.

Italian yields moved higher, as everyone now expects them to be next, and to wind up with the same "deal".

 

Well they fixed it for under 24 hours, well worth 100bn or whatever fiat money was involved.....

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So It Was Blackmail, Eh?

Now this is amusing.... and not surprising.

According to

El Mundo

, Spanish PM Mariano Rajoy sent a stunning text message to FinMin Guindos prior to the bailout negotiations.

He said, according to El Muno editor Pablo Rodriguez:

"Resist, we are the 4th

power

of the EZ. Spain is not Uganda."

Translation: We're a major power, not some random IMF-case banana Republic.

The followup message (according to

Google

translate) "if you want to force the redemption of Spain will

prepare

500,000 billion euros and another 700,000 for Italy, which will have to be rescued after us."

 

More at the link.

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The Spanish Bailout In Context

 

ISDA Says No CDS Trigger On Subordination

 

Spirit Level... Or Li(e)bor?

 

Eurosis For Dummies - A Timely Reminder

 

Guest Post: The Politics Of "Consensus" Is The Politics Of Failure

 

From #Spailout To #Spanic

 

Europe Brings Out The "Capital Controls" Bazooka

 

European Surreality Goes Full Retard As Greek Neo-Nazi Sues Victim Of On Air Assault

 

Schauble Wants ESM To Be Used Over EFSF For Spanish Bailout

 

Spanish CDS Storms Above 600bps

 

Cue Hyperinflation In 5... 4... 3...

 

Europe Scrambling To Avoid Subordination Threat

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Is Cyprus Next On The Bailout Train?

 

Syriza Takes Advantage Of Spanish Bailout To Boost Its Winning Odds

 

EU Commission Confirms ESM Loan Will Have Senior Preferred Creditor Status

 

"English Law; Negative Pledge" - How To Hedge A Spanish Bond Short

 

So Much For The "Bailout"

 

Spain's Real Debt To GDP Right Now: 146.6%

 

The World Is Flat And Other Tales From Spain

 

Newedge: Spanish People May Regret This Bailout

 

Overnight Summary: Euphoria Fading, Reality Setting In

 

SocGen Chimes In: "Will The Spanish Bank Bailout Immunise Spain? Probably Not"

 

Goldman On The Spanish Bond Subordination: "It's Only 13% Of Existing Spanish Debt"

 

Farage On The Spanish Bailout: "A Reinforcement Of Failure"

 

Guest Post: It Only Took A Global Depression To Reduce Gas Prices By 40 Cents

 

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

 

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

[interestrateripoff]

Breaking news

 

• Swiss franc critics invite speculators - minister - Reuters
  

 

 

 

• Spanish bond yields soar as bailout gets thumbs down
   
  Spanish bond yields are now at 6.8%, while Italy's are at 6.24% – this is dangerous territory
  440 comments
  
  • Nils Pratley: The flaws in Barroso's big idea
    
  • Hurried Spanish banking bailout fails to calm nerves
    
  • Datablog: EU GDP breakdown by country
    
  • Poll: is Spain's crisis now over?
    
  • Q&A: Spain's banking bailout
    

  [*] UK industrial production slump raises fears of longer recession

   

  Manufacturing slips 0.3% on a year ago as BCC warns exporters are too dependent on crisis-hit eurozone

   

  • Larry Elliott: Manufacturing in trouble
    

  [*] Eurozone crisis hitting developing world growth, warns World Bank

   

  Global Economic Prospects urges developing world to focus on reforms and infrastructure projects to reduce vulnerability

  [*] WPP pay committee chairman in investor firing line

   

  Jeffrey Rosen, who led discussions over 30% salary rise for Sir Martin Sorrell, risks protest vote against re-election to board

   

  • Cable lets shareholders off hook
    
  • Executive pay among FTSE firms keeps soaring
    
  • The smart money is on a sensible salary
    

 

 

• BMW i8 engines to be built in UK
   
  BMW says it is encouraged by the UK government's support of the domestic car industry
  20 comments
  
• IMF warns world risks triple crisis
   
  Christine Lagarde says world risks falling incomes, environmental damage and social unrest without more sustainable approach to growth
  177 comments
  
• US unemployment: some lessons in sharing from the Great Depression
   
  Barry Eichengreen: In the 1930s US firms, rather than resorting to extensive layoffs as in the current crisis, had their employees work a partial week
  9 comments
  
  • More from Project Syndicate
    

  [*] More business news

  [*] Heathrow traffic hit by euro crisis

  10 comments

  • Flybe criticises government policy as it reports losses
    
  • Walsh: Airline industry hit by government neglect
    

  [*] TomTom to be Apple phone default satnav program

[interestrateripoff]

Sceptics turn against Spain bailout hopes as the rally falters

 

12 June 2012 06:30 AM

Bond markets fall back after initial euphoria and European Central Bank gets tough on clearing up huge property debt

 

 

 

GMB seals staff deal with Asda

 

12 June 2012 12:17 PM

A ground-breaking deal covering the pay and conditions of thousands of workers at supermarket giant Asda was signed today.

 

 

 

Cyprus hints at a bailout request before end of month

 

12 June 2012 06:00 AM

Cyprus paved the way for a bailout of its own yesterday with time fast running out for the country to prop up its struggling banking sector.

 

 

 

Tesco sales fall again amid alert on its £1bn push

 

12 June 2012 12:00 AM

Tesco has posted its fourth consecutive quarter of falling UK underlying sales, prompting analysts to warn its £1bn investment plan to turn around its domestic trading could be a "marathon".

 

 

 

400 jobs at risk as Peters Cathedral Bakers goes under

 

12 June 2012 04:50 PM

A bakery wholesaler and retailer that supplies some of the UK's biggest supermarkets collapsed into administration today putting more than 400 jobs at risk.

 

 

 

New BMW engine to be built in UK

 

12 June 2012 12:09 PM

A new generation of engines for the future BMW plug-in hybrid sports car will be built at a UK factory, it was announced today.

 

 

 

New figures show shock fall in manufacturing

 

12 June 2012 10:48 AM

Hopes of an end to Britain's recession woes were dashed today when official figures showed that the manufacturing sector suffered a shock fall in output during April.

 

 

 

Ex-Goldman boss Rajat Gupta won't testify in insider trading trial

 

12 June 2012 12:00 AM

Rajat Gupta will not take the stand in his own defence this week, as the former Goldman Sachs director's trial on insider dealing charges heads towards a conclusion.

 

 

 

Laura Ashley shines through the downpours and promises more

 

12 June 2012 12:00 AM

Laura Ashley, the fashion-to-home furnishings chain, has shrugged off the consumer downturn and soggy April to deliver a strong rise in sales over the past 18 weeks.

 

 

 

Ex-boss warns Thorntons must change

 

12 June 2012 12:00 AM

The former chairman of Thorntons has warned that the 100-year-old chocolatier could face administration or be snapped up by a private-equity firm if it does not change its strategy.

 

 

 

London slips down rankings of world's most expensive cities

 

12 June 2012 12:00 AM

If you think the UK in general and London in particular are expensive locations for foreign businessmen – think again.

 

 

 

Thames water boss Martin Baggs doubles pay with bonus

 

12 June 2012 12:00 AM

The boss of Thames Water, which supplies customers in London and large parts of the Home Counties, has been awarded a bonus nearly equal to his annual salary following a year in which a hosepipe ban was announced and customer satisfaction "deteriorated".

 

 

 

Government to water down bank reform plans

 

12 June 2012 12:00 AM

Chancellor refuses to order full separation of retail and investment operations

 

 

Europe's airlines 'face record loss'

 

12 June 2012 12:00 AM

European airlines could post a record loss of $1.1bn (£711m) this year, nearly double the forecast three months ago, the aviation industry warned yesterday.

 

 

 

Goals gets extra time for takeover

 

12 June 2012 12:00 AM

The potential takeover of five-a-side operator Goals Soccer Centres moved into its third period of extra time yesterday.

Spain bond yields at record high

 

Spain's benchmark borrowing rate has risen to its highest since the country joined the euro, after the Fitch credit ratings agency downgraded 18 domestic banks.

[interestrateripoff]

Longer UK slump looms as manufacturing falters

 

LONDON - British manufacturing output posted an unexpected fall in April, raising the risk of a longer recession and turning up pressure on policymakers to take action to boost economic growth.

 

• BoE must find ways to ease tight credit conditions -Tucker 7:26pm BST
  
• See-sawing FTSE gains as volatility continues 5:15pm BST
  
• Bolton's blues continue as China fund drops 20 percent 7:15pm BST
  
• Pension deficits soar to record highs in May 4:14pm BST
  
• Glencore coal trader David Trimboli quits
  

Swiss franc critics invite speculators - minister

 

GENEVA - Criticising the Swiss National Bank's policy of capping the value of the Swiss franc was an invitation to speculators to try to break the limit, Switzerland's Economy Minister Johann Schneider-Amman said on Tuesday.

7:10pm BST

 

German FinMin - bank union only after more EU integration

 

BERLIN - German Finance Minister Wolfgang Schaeuble said on Tuesday a banking union was only possible in Europe after member states had achieved greater integration of their financial policies and liabilities.

7:29pm BST

 

Austrian minister says Italy too may need bailout

 

VIENNA/ROME - Raising the stakes in Europe's debt crisis, Austria's finance minister said Italy may need a financial rescue because of its high borrowing costs, drawing a furious rebuke on Tuesday from the Italian prime minister.

7:19pm BST

 

France wants crisis measures before fiscal union

 

PARIS - France said on Tuesday that it would support taking steps towards budgetary integration in Europe, as Berlin wants, but the first priority must be to agree urgent measures to solve the euro zone's debt crisis.

[interestrateripoff]

12 June 2012 Last updated at 18:21

 

 

Spain borrowing costs hit record

 

Spain's borrowing costs hit a euro-era high, while Italy's yields touch levels not seen for months, as optimism over the Spanish bank bailout fades.

 

• EU accelerates bank union plans
  
• Flanders: The vicious euro circle New
  
• Peston: Euro banking union blown up
  
• Paul Mason: The big bazooka
  
• Key questions: Spain bank deal
  
• Spain's fear of the B word
  

 

UK reopens data probe into Google

 

The Information Commissioner's Officer reopens its investigation into how Google's Street View cars captured users' data.

 

• Google staff 'knew of snooping'
  
• Google fined in Street View probe
  

 

 

Pensions deficits 'at new high'

 

The finances of the UK's final-salary pension schemes reached a new high in May, according to the Pension Protection Fund.

 

 

Eurozone in crisis

 

 

• Compare European debt levels
  
• Five ways eurozone could break up
  
• How eurozone crisis affects you
  
• Q&A: Spain's woes
  

 

 

 

 

Other top stories

 

 

• Euro woes hit airline's ambitions
   
  The owner of British Airways, International Airlines Group (IAG), says the economic woes in the eurozone have hit its expansion plans.
  
• Birmingham's accounts questioned
   
  The auditors that signed off the latest annual accounts of Birmingham City FC question whether the club gave them all the required details.
  
• Surprise fall in factory output
   
  There was a surprise fall in UK manufacturing output in April, official data shows, raising fresh fears about the wider economy.
  
• UK to make BMW sportscar engine
  
• Overseas growth boosts Ted Baker
  
• Liechtenstein taxes to yield £3bn
  
• Rangers to re-form as new company BBC Sport
  
• India output weaker than forecast
  
• BBA announces new chief executive
  
• Property market 'still stagnant'
  
• Sainsbury's buys e-book retailer
  
• New inflation measure proposed
  
• Eurozone’s banking union blown up
   
  2 hours ago
  A banking union is a backdoor or covert form of fiscal union for the eurozone. Germany is therefore just as wary of a banking union as it is of underwriting the borrowing of other eurozone countries through the sale of eurobonds.
  
• The vicious euro circle keeps turning
   
  48 minutes ago
  It's no good bailing out the banks if you can't bail out the economy. That, in a nutshell, is the judgement that financial markets seem to have been making about Spain in the past few days.
  

[interestrateripoff]

[/url]

 

Debt crisis: Spain's borrowing costs soar to euro-era high

 

Spanish 10-year bond yields jump past 6.8pc, a 13-year high, as German Chancellor Angela Merkel warns that any funds for the country will be tied to reforms of its banking sector.

1005 Comments

Spanish bond yields reach euro-era high

 

 

Surprise drop in manufacturing in April

 

 

Market euphoria evaporates over Spain's €100bn bank bailout

 

 

 

 

Cable calls for manufacturing 'strategic vision'

 

Vince Cable, the Business Secretary, has said the Government must develop a “strategic vision” to grow British industry and should use the automotive sector as model for success.

21 Comments

 

Black hole in final salary pensions hits record

 

The black hole in British companies’ final salary pension schemes has grown to a record £312 billion as stock market turmoil and the Bank of England’s policy of printing money have massively increased pension deficits.

4 Comments

 

Ted Baker thanks Queen for Jubilee lift in sales

 

Ted Baker, the fashion chain, thanked the Queen for a lift in sales during the Jubilee, as it reported strong trading at its shops around the world.

Comment

 

Sainsbury takes on Amazon with ebook deal

 

British supermarket chain J Sainsbury has moved to take on the might of Amazon by buying a majority stake in the online ebook seller and publisher Anobii.

18 Comments

 

UK government 'damaging aviation industry'

 

Willie Walsh, the head of International Airlines Group, British Airways' parent company, has accused the Government of doing all it can to damage air travel and warns of missed opportunities.

108 Comments

European airlines 'could go out of business'

 

 

UK travellers avoid Greece and Spain amid crisis, says BAA

 

 

 

Insurance companies offer property loans

 

 

 

 

Playtech 'clouds the picture' with €6m a year software deal

 

 

 

 

London in focus as Dimon faces Congress

 

 

 

 

FTSE chief executive average pay hits £4.8m

 

If the euro broke up, UK would be back in current account surplus

 

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

 

Banks must strengthen capital, warns BoE policymaker

 

Banks must strengthen their capital positions now in order to protect the UK against a potential economic collapse in the future, a leading policy maker has warned.

Comment

Debt crisis: Spanish borrowing costs hit euro-era high

 

 

 

 

Debt crisis bail-outs: Who gets what?

[interestrateripoff]

Shaky Battery Maker Claims an Advance

 

By BILL VLASIC and MATTHEW L. WALD

 

 

A123 Systems represents the risks of the government’s battery technology program, but it represents its promise with a new technology it plans to introduce Tuesday.

 

• Video: A Possible Battery Breakthrough
  

 

 

 

Stephen McGee for The New York Times

 

Joe Parker, left, and Dwayne Washington at the A123 plant in Livonia, Mich.

 

 

 

 

 

 

World Bank Warns Euro Fears May Slow Global Growth

 

By ANNIE LOWREY 1:00 PM ET

 

In a review of the global economy, the World Bank said fears about the euro zone had reduced investors’ tolerance for risk. It predicted slumping growth in coming years.

 

Spanish Borrowing Costs Soar, Calling Bailout Into Question

 

By DAVID JOLLY and STEPHEN CASTLE 11:18 AM ET

 

The deal, a limited rescue of Spain's banking sector, has raised hopes in other troubled euro countries of making similar deals.

 

• E.C.B. Backs Banking Union to Protect Taxpayers 2:18 PM ET
  

 

Wall Street Shrugs Off Spain

 

By REUTERS

 

Stocks gained on Wall Street after a late sell-off Monday, as investors continued to digest a bailout plan for Spanish banks.

 

G.M. Says Pension Talks With Union Are Possible

 

By BILL VLASIC 10:38 AM ET

 

General Motors’ chief executive, Daniel Akerson, said the company could discuss pension buyouts with the U.A.W. before the current contract expires in 2015.

 

ING Bank to Pay $619 Million Over Sanctions Violations

 

By ANNIE LOWREY 16 minutes ago

 

The Treasury Department reached the settlement over apparent violations of American sanctions against Iran, Cuba and other countries.

 

F.T.C. Levies First Fine Over Internet Data

 

By EDWARD WYATT 1:22 PM ET

 

The Federal Trade Commission assessed an $800,000 fine against Spokeo, a data collector that the commission said violated federal law in how it compiled and sold people’s personal information on its Web site.

 

Foreign Cuisine, Branded in America, Sells to Global Market

 

By STEPHANIE STROM 11:43 AM ET

 

Sabra Dipping Company opened a plant in Mexico to make dips tailored for the Latin American market.

 

DealBook

 

Executive Pay Rises 10% in Britain, Adding to Debate

 

By JULIA WERDIGIER 12:12 PM ET

 

A report released on Tuesday showed that median total pay for executives at companies in the FTSE 100 rose 10 percent, to £3.7 million, even as the index fell 5 percent.

 

Media Decoder Blog

 

Facebook Tries to Prove Ads Work

 

By TANZINA VEGA

 

Research by comScore is being highlighted by Facebook to show that ads there offer a "return on investment."

 

• DealBook: Amid Drumbeat of Bad News, Investors Bet Against Facebook
  

 

Bits Blog

 

Verizon Unveils Wireless Plans That Cover Several Devices

 

By BRIAN X. CHEN

 

Verizon said its shared plans would become available to customers this month. The new plans will allow customers to pay monthly fees to share data, voice minutes and text messages across multiple devices, like smartphones, tablets and notebooks.

 

 

 

• For Ohio Pottery, a Small Revival
  
• Mexican Cartel Hides Millions in Horse Races, U.S. Agents Say
   
  By GINGER THOMPSON 1:27 PM ET
   
  A top drug ring enforcer’s brother, taken into custody on Tuesday, was behind a horse breeding organization in the United States that officials say laundered millions of dollars.
   
  
  • Post a Comment | Read (41)
    

   

   

  Spanish Borrowing Costs Soar, Putting Pressure on Bailout

   

  By DAVID JOLLY and STEPHEN CASTLE 11:18 AM ET

   

  The high bond yields raised the possibility that the aid deal for Spain could unravel even before it is finalized.

   

  • Sorkin: The Bailout Won't Work
    
  • Greek Antiquities, Long Fragile, Are Endangered by Austerity
    

   

   

  World Bank Warns Euro Fears May Slow Global Growth

   

  By ANNIE LOWREY 1:00 PM ET

   

  The report by the World Bank said fears about the euro zone had reduced investors’ tolerance for risk and it predicted slumping growth in coming years.

   

   

[interestrateripoff]

Republicans In Michigan: We Want To Steal ALL The Money!

 

For those who are unaware there's somewhat of a nasty fight going on in Michigan associated with McCotter's seat.

A bit of background is required.

McCotter was off having a fun junket in Asia and didn't bother submitting actual unique and valid petitions to achieve the ballot in Michigan. Kerry Bentivolio, however, did.

McCotter apparently did try to submit petitions, incidentally -- some 1800 of them. There was a wee problem -- it appears that a material number of them were photocopies -- that is, duplicates, as only 244 signatures were valid. This is of course illegal and when the petitions were looked at for validation they were tossed and as a result he will not be on the ballot. He did draw a probe for this and may face prosecution (yeah!)

 

More at the link.

[interestrateripoff]

Your Wealth Was STOLEN

 

Do you believe me now?

The net worth of the American family has fallen to its lowest level in two decades, according to government data released Monday, driven by a more than 40 percent drop in their stakes in their homes.

The Federal Reserve’s detailed survey of consumer finances showed families’ median wealth plunged from $126,400 in 2007 to $77,300 in 2010 — a 39 percent decline. That put them on par with median wealth in 1992.

Where did it go? To the banksters, who took your wealth and used it to cover their fraudulent credit creation.

 

More at the link.

[interestrateripoff]

Rosenberg Defines European Insanity

 

The US "Budget Surplus" Miracle Is Over: $125 Billion Deficit In May

 

Guest Post: Banks Are An Endangered Species

 

Cashin On Bernanke's 'Assumed' Tactical Genius

 

The Greek Decision-Tree

 

On Capital Controls

 

Guest Post: By Incentivizing Debt, We've Guaranteed Debt-Serfdom and Stagnation

 

Meanwhile In Switzerland...

 

The Spanish 'Legal-Arbitrage' Bond Trade Is On

 

Guest Post: The ‘Lesser Of Two Evils’ Con-Game

 

What Does European Credit Know That Stocks Don't?

[interestrateripoff]

"Due To The Current Market Environment In Europe", Saxo Bank Quadruples CHF Margins From 1% to 4%

 

Euro-Fatigue Storm Rising

 

Spanish Bond Yields Hit 2012 Highs As Merkel Dismisses Eurobonds

 

Ahead Of Jamie Dimon's Senate Testimony, Who Knew What, When: The Full Infographic

 

Gold Deposits Of USD 1 Billion To Be Collected By Turkish Bank

 

Import Prices Have Largest Drop Since October 09

 

Greek Bank Run Update: €100-€500 Million Per Day

 

The Latest Adventures Of Alice In Euroland

 

Spanish, Italian Bonds Continue Sliding As Risk Sees Modest Squeeze

 

Guest Post: John Bryson’s Real Medical Condition

 

David Rosenberg On Austerity, Politics, And The Light At The End Of The Tunnel

 

Guest Post: Everything You Know About Markets Is Wrong?

 

Credit Suisse Explains "The Real Issue", And Why There Is Two Months Tops Until France Is In The Bulls Eye

 

At The End Of May NYSE Short Interest Soared To November 2011 Levels, Leading To Epic Short Squeeze

 

Charting The Simple Reason Why Every 'Bailout' In Europe Will Be Faded

 

Guest Post: American Dream Now Fantasized In Mandarin

[interestrateripoff]

Breaking news

 

• EU Parliament flexes new muscle on Japan free trade deal - Reuters
  

 

 

 

• Banks could be 'wiped out' if weakest euro members leave
   
  Last updated nine minutes ago
  Analysis by Credit Suisse estimates that up to 58% of the value of Europe's banks could be wiped out by the departure of the 'peripheral' countries
  Post your comment
  
  • Italian borrowing costs jump at bond sale
    
  • Eurozone crisis: Wednesday's events
    
  • Germany might sacrifice Greece to save euro
    
  • Nils Pratley: The flaws in Barroso's big idea
    
  • Hurried Spanish banking bailout fails to calm nerves
    
  • Eurozone crisis live: Tuesday as it happened
    
  • Datablog: EU GDP breakdown by country
    
  • Poll: is Spain's crisis now over?
    
  • Q&A: Spain's banking bailout
    
  • Socialising bank debt will burden future Europeans
    
  • IMF warns world risks triple crisis
    
  • French government announces cap on bosses pay
    

  [*] JP Morgan boss appears before Senate banking committee

   

  Last updated 12 minutes ago

  Live Congressional committee grills Jamie Dimon over trades that led to billions of dollars of losses at JP Morgan

  32 comments

  • Dimon: traders did not fully understand risks
    
  • Columbia University in a tangle over Dimon links
    

  [*] Sorrell pay row exposes WPP chairman

   

  Nils Pratley: Row over Sir Martin Sorrell's pay threatens to become a crisis of confidence in how the company is governed

  6 comments

  • WPP investors vote against Sir Martin Sorrell's £6.8m pay
    
  • Poll: Is Sir Martin Sorrell worth £6.8m?
    
  • WPP pay committee chairman in investor firing line
    
  • Cable lets shareholders off hook
    
  • Executive pay among FTSE firms keeps soaring
    
  • The smart money is on a sensible salary
    

  [*] Coal's resurgence undermines fight against global warming

   

  Increased use of coal and heavy use of other fossil fuels such as oil and gas led to a 3% increase in world carbon emissions from energy in 2011

  7 comments

 

 

• EasyJet founder Sir Stelios moves closer to low-cost African airline
   
  Sir Stelios Haji-Ioannou takes stake in new venture which owns Lonrho Aviation and will operate under his FastJet brand
  32 comments
  
• Bank of England and Labour 'to blame for Northern Rock run'
   
  Outgoing FSA chief says Sir Mervyn King blocked recommendation that Lloyds TSB get liquidity support to buy bank in September 2007
  
• Zara owner Inditex defies euro crisis
   
  World's largest clothing retailer beats forecasts with €432m profit – fueled by expansion into new markets
   
  
  • Sainsbury's enjoys jubilee boost
    

  [*] Rich countries' $4bn pledge will immunise 62 million children

   

  A year ago, the UK hosted a vaccines summit where donor countries were asked to pledge money for mass immunisation programmes

  [*] Vodafone's CWW ambitions get heavyweight backing

   

  Glass Lewis, a shareholder advisory firm with some big North American pension funds, has come out in favour of Vodafone's low-ball £1bn cash offer

  Post your comment

  [*] More business news

  [*] Saab saved from bankruptcy to make electric cars

  [*] BMW i8 engines to be built in UK

[interestrateripoff]

Mine deal corruption risk 'was ignored by ENRC'

 

13 June 2012 08:00 AM

Blue-chip group's chairman pledges more transparency to investors at heated AGM

 

 

 

UK Uncut can challenge Goldman Sachs 'sweetheart' tax deal

 

13 June 2012 03:17 PM

The anti-tax avoidance group UK Uncut has been given permission to challenge a so-called “sweetheart” deal agreed between HM Revenue and Customs and Goldman Sachs, which they claim allowed the investment bank to get away with as much as £20m, which should have been collected by the tax man.

 

 

 

Shareholders vote against WPP boss pay package

 

13 June 2012 02:38 PM

Advertising boss Sir Martin Sorrell suffered a major rebuke today in one of the biggest pay revolts of the current "shareholder spring".

 

 

 

Sainsbury's enjoys Jubilee boost

 

13 June 2012 09:12 AM

Sainsbury's benefited from an extra two million visits from shoppers in the week of the Queen's Diamond Jubilee amid strong demand for party food and bunting.

 

 

 

Hundreds of jobs likely to go as Thomas Cook to shut Bradford office

 

13 June 2012 05:21 PM

Struggling travel firm Thomas Cook is closing one of its regional offices with hundreds of jobs likely to go.

 

 

 

Government to announce protection measures for bank savers

 

13 June 2012 09:56 AM

Savers will be given greater protection if a bank collapses under long-awaited proposals due to be announced by the Government tomorrow.

 

 

 

Northern Rock bank run could have been avoided, says Hector Sants

 

13 June 2012 09:16 AM

The outgoing head of the financial services regulator claimed today that the run on Northern Rock could have been avoided if his advice had been taken to help Lloyds TSB take over the ailing bank.

 

 

 

Royal Mail neighbour deliveries to be extended

 

13 June 2012 09:08 AM

The Royal Mail is planning to extend deliveries of large items of post to a neighbour if people are not at home following a successful trial.

 

 

 

Bundesbank opposes European banking union

 

13 June 2012 12:00 AM

Germany's Bundesbank yesterday poured cold water over the idea of a pan-European banking union, which some have touted as a solution to the eurozone sovereign debt crisis.

 

 

 

Entrepreneur Harold Tillman fights to save department store

 

13 June 2012 08:30 AM

Harold Tillman is in crisis talks to save the final piece of his retail empire.

 

 

 

Deficit in UK pension schemes widens to a record £312.1 billion

 

13 June 2012 09:00 AM

The deficit in UK pension schemes hit a record high of £312.1bn in May, the Pension Protection Fund (PPF) reported yesterday.

 

 

 

Dip in manufacturing output casts new doubt over hopes of a British recovery

 

13 June 2012 08:00 AM

A shock blow for Britain's manufacturers yesterday set back hopes of the UK pulling out of recession in the current quarter and heightened calls for more stimulus from the Bank of England.

 

 

 

George Osborne: Germany may demand Greek exit to save euro

 

13 June 2012 10:00 AM

Greece could be forced to leave the eurozone as the price for the survival of the single currency, George Osborne warned yesterday.

 

 

 

Jamie Dimon to give evidence on $2bn loss

 

13 June 2012 12:00 AM

JPMorgan Chase was trying to prepare for new international regulations designed to make the financial system safer when it put on the disastrous hedging strategy that has cost it $2bn and counting.

 

 

 

Jubilee theme boosts Ted Baker sales

 

13 June 2012 12:00 AM

Ted Baker, the British designer brand, toasted the Diamond Jubilee with ginger beer in its stores and a regal uplift in sales.

[interestrateripoff]

Italy's Monti urges political backing in euro crisis

 

5:49pm BST

ROME/BRUSSELS - Technocrat Prime Minister Mario Monti appealed to Italy's politicians on Wednesday to back his tough economic medicine to avoid Rome becoming the next victim of the euro debt crisis, after a bailout for Spain's banks failed to calm markets.

 

Gold miners' gains help FTSE close higher

 

LONDON - The benchmark share index closed higher on Wednesday as gains in heavyweight gold-mining companies enabled the market to outperform rival European bourses, which fell on persistent worries over the Greek and Spanish debt crises.

 

• World oil reserves up 8 percent, supply fears persist 7:07pm BST
  
• BSkyB wins right to show Premier League 6:11pm BST
  
• WPP shareholders reject Sorrell's 6.8 million pounds pay 5:41pm BST
  
• Exclusive - Manchester United drops Asia IPO for U.S 3:27pm BST
  
• EU's Almunia sees closure of one Spanish bank
  

EU Parliament flexes new muscle on Japan free trade deal

 

BRUSSELS - The European Parliament on Wednesday requested a delay in negotiations on an EU-Japan free-trade agreement (FTA) because of concerns over trade barriers, for the first time using new powers to try to hold up trade deals.

World, Japan, 6:55pm BST

 

JPMorgan's Dimon says he did not mind risk change

 

- JPMorgan Chase & Co CEO Jamie Dimon said on Wednesday he received a copy of a January memo about a new risk model at the centre of the bank's $2 billion-plus (1.28 billion-plus pounds) loss on derivatives trades, but had not paid attention.

6:59pm BST

 

Osborne to press bank reforms, urge euro action

 

LONDON - British Chancellor George Osborne will press on with a far-reaching overhaul of the banking sector and urge Europe on Thursday to fix its finances to help drag the UK out of its second recession in four years.

UK 2:30pm BST

 

France suspends Shell oil exploration off Guiana

 

PARIS - The French government has put on hold plans by Royal Dutch Shell to drill for oil in four sites off the coast of French Guiana while it carries out a review of how permits are awarded with an eye on the environment, the energy minister said.

[interestrateripoff]

13 June 2012 Last updated at 18:50

 

 

WPP shareholders oppose pay deal

 

WPP shareholders vote against the advertising agency's executive pay report, which includes a £6.8m deal for chief executive Sir Martin Sorrell.

 

• Peston: Price of Sir Martin’s £6.8m
  
• FTSE 100 boss pay 'rises by 11%'
  

 

BT to show Premier League games

 

BT secures the rights to broadcast 38 Premier League games per season from 2013-14 to 2015-16, while BSkyB will show 116 matches.

 

• Premier League TV rights sold Watch
  
• Premier League TV up for grabs
  

 

 

Saab sold to Chinese-Swedish firm

 

Bankrupt Swedish carmaker Saab has been sold to an investment group which aims to develop the company into a maker of electric cars.

 

• Saab in pictures: The clever person's car?
  
• Saab owner files for bankruptcy
  

 

 

Eurozone in crisis

 

 

• Compare European debt levels
  
• Five ways eurozone could break up
  
• How eurozone crisis affects you
  
• Q&A: Spain's woes
  

 

 

 

 

Other top stories

 

 

• Thomas Cook cuts hundreds of jobs
   
  Hundreds of jobs are to be cut at travel agent Thomas Cook's administration centre in Bradford, the company says.
  
• Northern Rock run 'preventable'
   
  The run on Northern Rock could have been prevented, the outgoing chief executive of the Financial Services Authority tells the BBC.
  
• JP Morgan boss sorry for losses
   
  JP Morgan Chase chairman and chief executive Jamie Dimon apologises for the bank's $2bn losses on high-risk trades.
  
• Domain name applications unveiled
  
• High Court allows tax deal review
  
• Nuclear damages sought by E.On
  
• US retail sales see further fall
  
• Big rise in working pensioners
  
• Smaller stores boost Sainsbury's
  
• World Bank issues growth warning
  
• Eurozone factory output falls
  
• ATMs to operate without a card
  
• Royal Mail next-door delivery aim
  
• JD Sports facing £15m Blacks hit
  
• The price of Sir Martin Sorrell’s £6.8m
   
  2 hours ago
  After the humiliation of seeing shareholders reject Sir Martin Sorrell’s £6.8m pay package, WPP’s chairman and the head of its remuneration committee will ask investors what kind of remuneration deal they would back. But corporate history suggests they may have to leave the board.