The great intrest rate rip off part 6

[interestrateripoff]

[/url]

 

Abu Dhabi in Lloyds Bank talks

 

Middle Eastern wealth funds Qatar Holdings and Abu Dhabi’s Mubadala fund have held talks with Lloyds bank bidder, NBNK, to bolster its £2bn approach for 632 branches.

23 Comments

 

 

Cable told to change law on bank mis-selling

 

Pressure grows on Government to change the law so small businesses that claim they have been mis-sold complex interest rate derivatives by Britain’s banks can take legal action.

68 Comments

Government must act to help SMEs on the brink

 

 

Pressure grows on Cable as mis-selling crisis deepens

 

 

 

Double-dip recession to trigger house price fall

 

Britain's official return to recession has raised the risk of a sharp fall in house prices, economists have warned.

519 Comments

 

OECD tells Osborne ‘loosen purse strings’

 

The Government should consider borrowing more to pay for vital infrastructure projects in an attempt to stimulate growth, according to the OECD.

55 Comments

 

Mike Clasper quits HMRC after tax controversy

 

Mike Clasper is to stand down as chairman of HMRC after a spate of high-profile controversies surrounding the tax authority’s alleged close relationship with large companies.

73 Comments

 

F1 flotation boosted by £4.4bn ‘guarantee’

 

Bernie Ecclestone is finalising preparations for a £6.1bn flotation of F1 and is expected to lodge a prospectus for the business showing that it has $7.1bn of guaranteed revenue.

20 Comments

 

Pay row risk at Standard Chartered

 

 

 

 

KPMG faces inquiry over rescue of HBOS

 

 

 

 

Hobbs prepared for £250m sale

 

 

 

 

Mr & Mrs Smith launch retail bond

 

Week ahead in business and economics: April 30 - May 4

 

Oil giant BP is expected to report a drop in first quarter profits, while taxpayer-backed lender RBS is likely to see losses narrow in the first quarter to £348m.

Comment

QE quadruples pensions deficit in one year

 

 

 

 

Pain in Spain is continuing to rain down on its citizens

 

 

 

 

France and Germany clash over euro austerity pact

 

Pricey oil could put the brakes on US recovery

 

Rainmaker: Lloyds has moved the goalposts for NBNK

 

Adair Turner’s bid to lead the Bank of England

 

Hollande's 'Growth Bloc' spells end of German hegemony in Europe

[interestrateripoff]

"We Are Number One!", Or Why At Least Broke Greece Is Not America

 

Don't Forget Portugal: MS Sees A Second Bail-Out By September With A Bail-In To Follow

 

Deflecting Attention From The Real Question

 

iTax Avoidance - Why In America There Is No Representation Without "Double Irish With A Dutch Sandwich" Taxation

 

Second Baby Squid Rumored To Be In The Running For Bank Of England Head

 

Guest Post: Gold's Value Today

 

First Real Greek Bailout: Electricity

 

Guest Post: Wealth Inequality – Spitznagel Gets It, Krugman Doesn’t

 

Europe's Other "Union" Is Ending

 

Presenting The Source Of The "US-Europe Decoupling" Confusion

 

Guest Post: Does Believing In The "Recovery" Make It Real?

 

Goldman Slashes April NFP To 125,000, Concerned By "FOMC’s Apparent Reluctance To Deliver"

 

Leaving Ponzi In The Dust

[interestrateripoff]

http://www.zerohedge.com/news/first-real-greek-bailout-electricity

 

While Greece has had its fair-share of EURs funneled to it and through it over the course of the last year or two, it appears they have now created their first 'internal' bailout as things go from bad to worse. As Athens News reports, Greece will provide EUR250mm in emergency funds to its ailing electricity providers to prevent a California-style energy crisis. This liquidity injection to the country's power utlities was yet another unintended consequence of government intervention action. An increasing number of consumers stopped paying their electricity bills following the TROIKA's Greek government's infliction of EUR1.7bn property taxation via the electricity providers. The main power utility PPC had a liquidity hole blown through it as non-payments mounted and while regulators claimed the system needed at least EUR350mm to stay afloat, the government has agreed to allow PPC to hold EUR250mm of the property tax it has collected on behalf of the state until June 30 - by which time, it is hoped the utility will have managed to secure other lending facilities. Quite an incredible move - to force the electricity provider to gather the property taxes - and while this attempt clearly failed we suspect the next move will be food-and-water-rationing without proof of tax payment.

 

Greece gives emergency cash to avert energy meltdown

 

:lol:

 

How inevitable was this??

 

Increase taxes and people stop paying.

 

It's open rebellion in Greece.

[interestrateripoff]

Breaking news

 

• Eircom examiner rejects offer, unveils $3.8 billion loss - Reuters
  

 

 

 

• Pound hits two-year high against euro
   
  Last updated 11 minutes ago
  City analysts say rise in value of sterling is not vote of confidence in UK – but rather vote of no confidence in eurozone
  Post your comment
  
  • Eurozone live blog: Monday as it happened
    
  • Eurozone inflation falls – but rate cuts still unlikely
    
  • Cameron warns eurozone crisis is far from over
    
  • Social unrest on the rise in Europe, says ILO report
    
  • Europe turns against austerity
    

  [*] Australian owner axes 1,400 jobs at Yorkshire and Clydesdale banks

   

  Unite says announcement by NAB 'in middle of night' meant UK staff 'woke up to hear their jobs are being cut through morning news reports'

   

  • Jobs blow has a familiar feel in Corby
    
  • HSBC cuts thousands of UK jobs
    

  [*] Global unemployment outlook gloomy, says ILO

   

  Long-term unemployed at risk of exclusion from jobs market, says International Labour Organisation

   

  • Forecasts on UK economy point to further downturn
    
  • Long-term UK unemployment on rise
    
  • Unemployment of Europe's youth soars by 50%
    

 

 

• WPP and Aviva face shareholder showdowns over boardroom pay
   
  Last updated eight minutes ago
  Sir Martin Sorrell gets £300,000 pay rise and potential £3m extra bonus, while Aviva boss turns down 4.8% boost that would have pushed him above £1m
   
  
  • WPP chief Sorrell gets 30% pay rise
    
  • Aviva chief executive waives pay rise
    
  • Nils Pratley: Aviva must try harder
    

  [*] David Harding's success raises awkward questions for Man Group

   

  Nils Pratley: Harding's Winton fund is cheaper and has performed better than Man's AHL fund – what's his secret?

  Post your comment

  [*] More business news

  [*] Apple and Samsung to discuss end to lawsuits

  8 comments

  [*] Arch Cru investors set for £100m mis-selling payout

  Post your comment

  [*] British ISPs will block The Pirate Bay within weeks

  185 comments

  [*] Microsoft invests $300m in Barnes & Noble ebooks

[interestrateripoff]

Care home owner agrees £825m sale

 

30 April 2012 08:22 AM

The owner of 445 care homes which is responsible for looking after some 20,000 residents has agreed to be sold to financier Guy Hands' private equity firm for £825 million, it was announced today.

 

 

 

Owner blames economy as Clydesdale and Yorkshire banks cut 1,400 jobs

 

30 April 2012 12:15 PM

The owner of Clydesdale and Yorkshire banks today blamed the UK's faltering economy for a "brutal" restructuring that will axe more than 1,400 jobs.

 

 

 

Insurer faces fat-cat storm over £4m goodbye to boss

 

30 April 2012 12:00 AM

Mike Yardley quits Royal London but will still get paid over three years as 'incentive' schemes vest

 

 

 

Aviva chief waives 4.6% pay rise

 

30 April 2012 11:54 AM

The boss of insurer Aviva bowed to shareholder pressure today and waived a near-5 per cent pay rise which would have taken his annual salary over the £1 million mark.

 

 

 

Green rating of British bus firms leaves Google and Apple behind

 

30 April 2012 12:00 AM

British bus companies have a better ethical record than new-tech giants Apple and Google, according to a global-sustainability league table published today.

 

 

 

Zara to open record fifth Oxford St store

 

30 April 2012 12:00 AM

The fashion chain Zara plans to open a record fifth store on London's Oxford Street, reinforcing the buoyant demand for prime retail property in the capital.

 

 

 

Jessops brings options into focus with adviser talks

 

30 April 2012 12:00 AM

The main lender to Jessops, the 200-store camera retailer, has held talks with advisers over recent weeks to explore its options for the chain over the next year.

 

 

 

Banks face a savaging as swathe of corporate loans is written off

 

30 April 2012 12:00 AM

A huge burst of insolvencies is set to blow a hole in bank balance sheets as write-offs on corporate loans reach their highest level since the 1990s recession, the Ernst & Young ITEM Club warned today.

 

 

 

Property prices on the climb for a second month

 

30 April 2012 12:00 AM

House prices were up for the second month in a row in April, according to property website Hometrack. Overall, prices rose 0.1 per cent in the month compared with a more robust 0.2 per cent increase in March.

 

 

 

Goldman's O'Neill tipped to join Bank governor race

 

30 April 2012 12:00 AM

In theory the post of next Governor of the Bank of England won't even be advertised for several months.

[interestrateripoff]

Australia's NAB opts for UK bank revamp over sale

 

MELBOURNE/LONDON - National Australia Bank illustrated the tough market facing sellers of UK banking assets on Monday, scrapping plans for a sale of its British banking operations and saying it would instead shrink them by cutting 1,400 jobs.

 

• RBS sees no issues with $60 billion Gulf 2012 refinancing needs 12:07pm BST
  
• FTSE falls in April as European debt worries weigh 5:31pm BST
  
• FSA seeks compensation for mis-sold investors 3:19pm BST
  
• Management change may be no long-term fix for Man Group 5:24pm BST
  
• Investors cut stocks as global fears return: poll
  

VeriFone shares slide after Deutsche Bank downgrade

 

- Shares of VeriFone Systems Inc's , a maker of point-of-sale terminals, fell as much as 14 percent after Deutsche Bank questioned the company's organic growth projections and downgraded its stock.

7:41pm BST

 

Chrysler Ontario minivan plant reopens

 

DETROIT - Chrysler Group LLC's minivan plant in Windsor, Ontario, re-opened on Monday afternoon after shutting for less than a day due to a short-lived strike at a nearby supplier plant, Chrysler and the Canadian Auto Workers said.

7:39pm BST

 

Warner Chilcott to explore alternatives

 

- Specialty pharmaceutical company Warner Chilcott PLC said it would explore strategic options, including preliminary talks with potential offerors, sending its shares up 24 percent.

6:51pm BST

 

Hon Hai's plunge exposes poor end of Apple value chain

 

TAIPEI - Shares in Hon Hai Precision Industry Co Ltd took a beating on Monday after lackluster quarterly profits, in sharp contrast with the booming fortunes of its main client, Apple Inc , highlighting one of the main downsides of life as a maker of others' high-end products.

[interestrateripoff]

30 April 2012 Last updated at 18:59

 

 

Microsoft invests in Nook e-books

 

Microsoft invests $300m in Barnes and Noble's digital business, providing a boost to the Nook e-book reader.

 

Downturn blamed for UK bank job cuts

 

The Clydesdale and Yorkshire banks will cut 1,400 jobs by 2015 due to the worsening outlook for the UK economy, the banks' owner announces.

 

• Peston: Economy 'weaker than 1930s'
  
• HSBC confirms 2,200 UK job losses
  

 

 

Stamp price rises come into force

 

A rise in the cost of stamps - taking the cost of first-class to 60p - has come into force after weeks of stockpiling by some consumers.

 

• Q&A: Stamp price rises
  
• Customers: Price rise dreadful Watch
  
• Sub-postmaster: Necessary rise Watch
  
• Small firms 'have no choice'
  

 

 

 

• Global labour market 'alarming'
   
  The International Labour Organization warns that the global employment situation is "alarming" and says austerity measures are hurting job creation.
  
• Euro chair backs investment call New
   
  The eurozone's finance chair backs calls by French presidential candidate Francois Hollande for a bigger European Investment Bank.
  
• 'Irregularities' found by Adidas
   
  Sportswear giant Adidas says that "commercial irregularities" at its Reebok unit in India could cost the firm up to 125m euros ($165m, £101m).
  
• Union 'lacks NHS strike mandate'
  
• US spending rises 0.3% in March
  
• UK ISPs must block The Pirate Bay 876
  
• Investors force Aviva pay review
  
• Spanish economy back in recession
  
• Terra Firma buys care home firm
  
• Mis-selling victims to get £100m
  
• Campaign to speed up 4G roll-out
  
• Honda's 500 new staff begin work
  
• Google staff 'knew of snooping'
  
• Hong Kong confirms LME interest
  
• Clydesdale shrinks, blaming downturn
   
  12 hours ago
  Clydesdale Bank has tumbled into losses and is cutting 1,400 jobs. Its owner, National Australia Bank, blames an economic downturn in the UK “longer and slower to recover than experienced in the 1930s”.
  

[interestrateripoff]

[/url]

 

Germany's Schäuble tells Spain: don't change direction on austerity

 

Germany maintains hardline stance on austerity, telling Spain it must not change direction, despite figures showing Spain officially fell back into recession in the first three months of the year.

374 Comments

Eurozone bank lending slows despite ECB's cheap loans

 

 

Spain slides back into recession

 

 

Cameron says eurozone debt crisis has years to run

 

 

 

 

King a 'disaster' as Bank Governor

 

Sir Mervyn King has been a “disaster” as Governor of the Bank of England, the head of equities at Standard Life, one of the country’s top fund managers, has declared.

25 Comments

Goldman's Jim O'Neill in Bank governor race

 

 

Is Goldman Sachs to take the Bank of England too?

 

 

 

China to cut trade tariffs as US visit looms

 

China has announced plans to cut import tariffs just days before US Treasury Secretary Timothy Geithner arrives in Beijng for the latest round of talks between the two superpowers.

Comment

US consumer spending points to economic slowdown

 

 

Bo Xilai's downfall and the lessons for British business

 

 

 

Microsoft and Barnes & Noble take on Kindle

 

Microsoft is investing $300m (£185m) in Barnes & Noble's digital and university book business, giving the book shop chain's e-reader Nook more firepower to fight competition from Amazon's Kindle.

6 Comments

 

Sirius to develop £3.6bn UK potash mine

 

Plans for a £3.6bn investment programme to develop a potash mining venture in the UK and create up to 1,100 jobs have been announced after studies showed the ambitious development was viable.

8 Comments

 

Lloyds 'gets approach for Scottish Widows'

 

Bank has reportedly received a multi-billion-pound takeover approach for life assurance, pensions and savings business.

1 Comment

 

Stagecoach to have say on railway maintenance

 

 

 

 

Adidas to restructure business amid 'irregularities'

 

 

 

 

No recovery in sight for jobs, warns ILO

 

Even George Osborne would shy from eurozone austerity

 

David Cameron has described the euro crisis as not yet even halfway through, a statement that may variously be regarded as either far too optimistic or, as the shadow chancellor Ed Balls sees it, a desperate attempt to blame the eurozone for Britain's own home grown economic malaise.

1 Comment

Debt crisis: as it happened, April 30, 2012

 

 

 

 

Spain slides back into recession

 

 

 

 

US consumer spending points to economic slowdown

 

Lecturing Germany on the euro could be a diplomatic own goal for Cameron

 

Why it's too soon to celebrate £100m Arch cru compensation package

 

A glimmer of hope for the austerity wasteland of South Europe?

[interestrateripoff]

Microsoft to Take Stake in Barnes & Noble’s Nook

 

By MICHAEL J. DE LA MERCED and JULIE BOSMAN 1:20 PM ET

 

Microsoft announced on Monday that it would invest $300 million in the Nook division for a 17.6 percent stake.

 

• Barnes & Noble Shares Leap on Deal 10:39 AM ET
  

David Paul Morris/Bloomberg News

 

Barnes & Noble bookstores prominently feature displays of Nook e-readers.

 

 

 

DealBook

 

Energy Transfer to Buy Sunoco for $5.3 Billion

 

By MARK SCOTT 1:49 PM ET

 

Energy Transfer agreed to buy the energy transportation and distribution company Sunoco for $5.3 billion, marking the latest deal in America’s fast-expanding oil and natural gas industry.

 

• DealBook: Hologic Agrees to Buy Gen-Probe for $3.72 Billion 9:22 AM ET
  

 

Wall Street Slips on Spending Data

 

By REUTERS

 

Stocks on Wall Street edged lower following data that showed Americans only modestly increased spending in March.

 

• European Stocks Drift Lower on Spanish Recession 11:52 AM ET
  

 

Consumer Income and Spending Rise

 

By REUTERS 9:50 AM ET

 

Household income in the United States rose in March, the Commerce Department said, but consumers only modestly increased spending.

 

Wal-Mart’s U.S. Expansion Plans Complicated by Bribery Scandal

 

By STEPHANIE CLIFFORD and STEVEN GREENHOUSE

 

A scandal involving Wal-Mart’s Mexican subsidiary is giving critics of the company new reasons to push to block its expansion into big American cities.

 

• Post a Comment | Read (64)
  

 

DealBook

 

Teetering, Dewey Ousts Ex-Head From Post

 

By PETER LATTMAN

 

Dewey & LeBoeuf, the corporate law firm fighting for survival, ousted Steven H. Davis, its former chairman, from the firm’s management on Sunday, according to an internal memo.

 

In Italy, Fake Euros That Even the Authorities Admire

 

By RACHEL DONADIO 11:17 AM ET

 

Counterfeiting is a cottage industry in the Campania region, accounting for more than half of the 550,000 to 800,000 fake euro notes pulled from circulation annually by the central bank.

 

DealBook

 

After Criticism, Aviva Chief Forgoes Pay Increase

 

By JULIA WERDIGIER 1:16 PM ET

 

Aviva joins numerous other companies that have faced criticism recently about how much top executives are paid relative to shareholder returns and the overall performance.

 

Start-Ups Look to the Crowd

 

By JENNA WORTHAM

 

The Pebble, a watch being developed to work with smartphones, has raised more than $7 million in financing on Kickstarter, a case that has signified the site’s coming of age.

 

• Graphic: Three Years of Kickstarter Projects
  
• Video: Kickstarter Surprises Tech Startup
  

 

 

 

• NYSE Hit by Weak Trading and Failed Deutsche Boerse Deal
  
• Humana Reports 21 Percent Drop in First Quarter Profit 10:54 AM ET
  
• In China, Foreign Films Meet a Powerful Gatekeeper
  
• DealBook: Terra Firma to Buy Nursing Home Firm for $1.3 Billion
  

[interestrateripoff]

Big Picture: What Intentionally-Misleading CRAP

 

I expect left-laden garbage out of people on this side of the argument but this one, which Big Picture picked up after Krugman wrote on it, has severely damaged their good name, such as it was.

And it was all self-inflicted.

I’ve

written about this before

, but since Paul Krugman

just posted about it

, perhaps it’s time to revisit the issue. Professor Krugman’s chart, in my opinion, doesn’t go far enough in that it does not provide sufficient context. While the chart does show the YoY percent decline in Real Government Expenditures & Investment, it does not give us the context of how Obama’s doing versus his predecessors, which I think adds the proper perspective.

The Big Picture goes on to present an intentionally-misleading chart that claims that Obama's government spending, "GCEC1" in FRED parlance, is well below that of Republican Presidents indexed to 100 when they took office.

 

More at the link.

[interestrateripoff]

Wenzel Roasts The Fed For Lunch

This is worth a read....

I simply do not understand most of the thinking that goes on here at the Fed and I do not understand how this thinking can go on when in my view it smacks up against reality.

That's a nice start, and it gets better, culminating with....

 

More at the link.

[interestrateripoff]

The Bulging Costs Of America's Obesity Epidemic

 

Guest Post: In Defense Of The Corporation

 

Goose-Stepping Hitler-ites Threaten Greece's Utopia

 

Is ISDA About To Be Forced To Cave?

 

Guest Post: What Is The Consequence Of Printing Money That Nobody Wants?

 

Quantifying The Big Five Canadian Banks' $114 Billion Bailout

 

Dallas Fed Plunges Negative. Biggest Miss In 10 Months

 

Larry Summers Resumes Exercises In Pontificating Sophistry

 

Chicago PMI Plunges To Lowest Since November 2009, Biggest Miss To Expectations Since September 2009

 

The New-Normal Class Warfare: Old Vs Young?

 

A House of Cards aka Un Castillo de Naipes

[interestrateripoff]

Savings Rate Rises From 4 Year Low As Spending Tumbles, Income Boosted By Government Transfer Receipts

 

Interactive Map Of Europe's Recessionary Tide

 

Interactive Map Of Europe's Recessionary Tide

 

Guest Post: 2030: The World In Five Graphs

 

Give Austerity A Chance: Growth Spending Failed

 

Funds Cut Positions In Gold By 4% And Silver By 20% - Gold Positions At 3 Year Low

 

Previewing This Week's Key Macro Events

 

European Money Up, Loans Down; Or Why The LTRO Is Still A Failure

 

ECB Deposits Rise To Most Since Early March

 

Spain Officially Double Dips, Joins 10 Other Western Countries In Recession

 

The Next Circle Of Spain's Hell Begins At 5% And Ends At 10%

 

Hugh Hendry Is Back - Full Eclectica Letter

 

Guest Post: Anything The Government Gives You, The Government Can Take Away

 

The View From The Bridge Over The Rotten Boroughs of Europe

 

“A Trillion Here, A Trillion There...” – Why 90% Of The European Bank Sector’s Market Cap Is Vaporware*

 

Europe's "Dead Bank Walking" List And An ETA Until The Next Contagion Peak

[interestrateripoff]

Breaking news

 

• Xstrata woos waverers over Glencore deal - Reuters
  

 

 

 

• Wall St powers higher as upbeat data boosts recovery hopes
   
  But in the UK, poor manufacturing PMI survey hits sterling as growth in sector stalls
  30 comments
  
  • Survey falls into line with gloomy official data
    

  [*] Austerity protests hit Greece

   

  Workers across Greece took to the streets of towns large and small to protest against the unprecedented austerity measures

  294 comments

  • 
    
  • Interview: Venizelos issues election rallying call
    
  • Pound hits two-year high against euro
    
  • Eurozone live blog: Monday as it happened
    
  • Eurozone inflation falls – but rate cuts still unlikely
    
  • Cameron warns eurozone crisis is far from over
    
  • Social unrest on the rise in Europe, says ILO report
    

  [*] Lloyds boss hits out at 'fraudulent' PPI compensation claims

   

  António Horta-Osório has criticised the claims management firms that submit PPI compensation forms for customers

  120 comments

  • PPI compensation fees could hit £2bn
    
  • 1,400 jobs cut at Yorkshire and Clydesdale banks
    
  • HSBC cuts thousands of UK jobs
    

 

 

• Iron Maiden singer starts plane firm
   
  Bruce Dickinson, a qualified pilot, launches company which can repair and overhaul planes up to the size of a Boeing 757
  
• Man investors vote with their feet
   
  Nils Pratley: Man Group chief Peter Clarke thinks investors don't care about its relatively hefty fees – but the fall in AHL's funds under management point to a different story
  Post your comment
  
  • Xstrata shareholders send Glasenberg a message
    

  [*] BP profits fall further than expected

   

  BP blames tough conditions in refining business and chief executive's 'shrink to grow' policy in wake of Gulf oil spill

  [*] More business news

  [*] RIM unveils BlackBerry 10

  [*] Australia cuts rates as economy slows

  [*] Boeing makes Chinese plane deal

[interestrateripoff]

Ikea accused of using East German political prisoners to manufacture furniture

 

01 May 2012 06:19 PM

The Swedish flat-pack giant Ikea is today reeling from potentially scandalous allegations that it used scores of political prisoners in former communist East Germany to manufacture its affordable furniture products in the years leading up to the fall of the Berlin Wall.

 

 

 

House prices fall for 15th month

 

01 May 2012 02:02 PM

House prices have fallen year-on-year for the 15th month in a row, official figures showed today.

 

 

 

Oil giant BP sees fall in profits to £2.95bn

 

01 May 2012 10:28 AM

Oil giant BP revealed a dip in profits today as its commitment to sell off billions of pounds of assets in the wake of the Gulf of Mexico disaster hit production.

 

 

 

Manufacturing hit by Eurozone financial crisis

 

01 May 2012 10:19 AM

The UK's recovery hopes were dealt a blow today as problems in the crisis-hit eurozone - the UK's biggest trade partner - hit the manufacturing sector.

 

 

 

Lloyds Banking Group profits hit by PPI claims

 

01 May 2012 07:34 AM

The scandal around mis-sold payment protection insurance (PPI) threatened to overshadow "substantial progress" at taxpayer-backed Lloyds Banking Group today.

 

 

 

Scottish Widows courted by private-equity bidder

 

01 May 2012 12:00 AM

Duke Street founder in the frame but owner Lloyds says it has yet to receive formal approach

 

 

Boss of Starbucks quits board of Groupon

 

01 May 2012 12:00 AM

Howard Schultz, the boss of coffee chain Starbucks, has quit the board of Groupon, the fledgling daily deals company that has been embroiled in accounting problems since its flotation last year.

 

 

 

Spain back in recession as fears grow of another bailout by the eurozone

 

01 May 2012 12:00 AM

The battered Spanish economy has officially slumped back into recession, as figures yesterday showed that the eurozone laggard shrank by 0.3 per cent over the first three months of the year.

 

 

 

NAB to cut 1,400 jobs and close offices at Clydesdale

 

01 May 2012 12:00 AM

Clydesdale, the regional bank owned by National Australia Bank, is to cut 1,400 jobs over the next three years as it retreats to its northern roots.

 

 

 

Aviva forced to 'review' executive pay to appease investors

 

01 May 2012 12:00 AM

Aviva attempted yesterday to head off a potentially embarrassing bust-up with investors over executive pay, admitting it has misjudged the mood in the City.

 

 

 

WPP faces a new revolt as Sorrell's pay leaps to £13m

 

01 May 2012 12:00 AM

WPP has risked another investor rebellion after chief executive Sir Martin Sorrell's pay jumped 56 per cent last year to £13m against £8.3m a year earlier.

 

 

 

FSA launches scheme for Arch Cru funds victims

 

01 May 2012 12:00 AM

The Financial Services Authority has launched a redress scheme for 15,000 victims of the Arch Cru funds mis-selling scandal.

 

 

 

Gilbert upbeat on stock markets

 

01 May 2012 12:00 AM

Martin Gilbert, the chief executive of Aberdeen Asset Management, is optimistic that stock markets will carry on rising.

 

 

 

Adidas' Indian 'irregularities'

 

01 May 2012 12:00 AM

Adidas, the sports brand with the famous three stripes, revealed yesterday that it is dealing with certain unexplained "commercial irregularities" at its Indian arm.

 

 

 

Fidessa finds bright spots in a tough market

 

01 May 2012 12:00 AM

Fidessa, which creates and operates trading software for City firms, warned investors yesterday that growth would be slower than last year as conditions would "remain difficult for some time".

[interestrateripoff]

MPs say Rupert Murdoch unfit to run company

 

LONDON - Rupert Murdoch is unfit to run a major international company, MPs said on Tuesday, finding him responsible for a culture of illegal phone hacking that has convulsed his News Corporation media empire.

 

 

• BP profit falls as Gulf spill costs still weigh 2:43pm BST
  
• FTSE gains 1.3 percent as U.S. data, earnings give boost 5:19pm BST
  
• UK risks longer slump as euro woes hit factories 2:34pm BST
  
• Man Group CEO hits back at critics 4:29pm BST
  
• Xstrata woos waverers over Glencore deal
  

 

Tungsten would mull bid for RBS, Lloyds units

 

LONDON - Tungsten, the British bid vehicle co-founded by financier Edmund Truell, would consider buying Royal Bank of Scotland and Lloyds Banking Group's insurance units, but has not made approaches to either bank yet, Truell told Reuters.

5:28pm BST

 

Herbalife shares swoon on Einhorn queries

 

- Shares of Herbalife Ltd fell as much as 21 percent, wiping out $1.8 billion (1.11 billion pounds) of market value, after short-seller David Einhorn questioned why the nutritional supplements marketer had stopped disclosing details about its distributors.

7:32pm BST

 

Tax & accounting sales drive Thomson Reuters profit

 

- Thomson Reuters Corp's quarterly results beat analysts' expectations as the company racked up strong software sales to tax professionals, accountants and financial institutions looking to comply with government regulations.

6:46pm BST

 

UK orders Anglo-Lafarge venture to sell assets

 

LONDON - Miner Anglo American and cement maker Lafarge must sell major assets to win British clearance for a tie-up of their building materials businesses, a move the regulator hopes could bring new players into the market.

[interestrateripoff]

1 May 2012 Last updated at 18:04

 

 

Murdoch 'not a fit boss', say MPs

 

Rupert Murdoch exhibited "wilful blindness" to what was going on in his media empire and "is not a fit person to exercise the stewardship of a major international company", MPs say. 1247

 

• Q&A: Phone-hacking scandal
  
• Analysis: Not the final word on saga
  
• MPs' verdict on key players
  
• How the MPs split on key issues
  

 

Lloyds makes £375m PPI provision

 

Lloyds Banking Group reports three month profits of £288m and sets aside an extra £375m to pay for payment protection insurance compensation.

 

• Peston: Lloyds repaying loans
  
• Barclays in extra £300m PPI hit
  

 

 

Growth in manufacturing 'slows'

 

Growth in the UK manufacturing sector slowed in April, according to the latest purchasing managers' index.

 

• Economy in double-dip recession
  

 

 

 

• US manufacturing rises in April
   
  US manufacturing was stronger than expected in April, growing at the fastest pace in almost a year, data shows.
  
• House prices fall back in March
   
  House prices in England and Wales dropped slightly in March, by 0.6%, also leaving them also 0.6% down from a year ago.
  
• BP profits slip in first quarter
   
  First quarter profits at oil giant BP slip, but the firm says it will reach its $20bn target for its Gulf compensation fund ahead of schedule.
  
• Cillit Bang firm sees sales rise
  
• RIM offers Blackberry prototypes
  
• Top tax rates hit four million
  
• Australia in shock 0.5% rate cut
  
• iPad '4G' claims face UK scrutiny
  
• Microsoft invests in Nook e-books
  
• China manufacturing picks up pace
  
• Japanese firms in $2bn gas deal
  
• Europe marches to mark May Day
  
• Malaysia introduces minimum wage
  
• Tata steel wins £100m contract
  

Murdoch 'not fit' to run News Corp

 

8 hours ago

MPs on the Culture, Media and Sport Select Committee have concluded that Rupert Murdoch is "not a fit person to exercise stewardship" of the media giant he created, News Corporation.

[interestrateripoff]

Hacking: Rupert Murdoch 'not fit' to run News Corp

 

Devastating report by MPs concludes that Murdoch showed "wilful blindness" to extent of phone hacking at NOTW.

Could this be the final edition of the Murdoch story?

 

 

Phone hacking report release: as it happened

 

 

Phone hacking report: what they said about key players

 

 

What does the MPs' report mean for Murdoch's empire?

 

 

James Kirkup: MPs are fighting like ferrets in a sack

 

 

May Day 'austerity' protests attract thousands

 

US protestors from the Occupy movement took to the streets on May Day, as thousands of workers across Europe protested against spending cuts in a wave of rallies.

194 Comments

Europe needs creativity not billions of euros, says Merkel

 

 

The eurozone should sort out its own mess

 

 

May Day around the world

 

 

 

US manufacturing picks up, boosting markets

 

America's manufacturing sector grew at its fastest pace in almost a year in April, as new orders and employment prospects picked up ahead of a key jobs report on Friday.

4 Comments

China manufacturing touches 13-month high in April

 

 

 

Xstrata investors revolt over Glencore merger

 

Almost a fifth of Xstrata's shareholders have failed to support the re-election of Glencore chief executive Ivan Glasenberg to the board, dealing a blow to the mining groups' planned £50bn mega-merger.

1 Comment

 

Lloyds slams 'fraudulent' PPI claims

 

LLoyds Banking Group has slammed the number of "bogus" payment protection insurance claims it is facing, after the state-backed lender revealed a quarter of the cases reported to it turned out to be false.

37 Comments

Lloyds and RBS could see profits slashed

 

 

 

GM 'could be run by a woman for the first time'

 

 

 

 

Delta Air Lines buys oil refinery to control fuel bill

 

 

 

 

Etihad in talks with Aer Lingus over tie-up

 

 

 

 

US pension fund plans Wal-Mart revolt

 

Electoral silence on France's slow economic decline

 

France's economy has weathered the global crisis of the last five years deceptively well, shielded by a Leviathan state and the postponement of hard choices.

2 Comments

Debt crisis: Live

 

 

 

 

Europe needs creativity not billions of euros, says Merkel

 

 

 

 

UK manufacturing growth drops: reaction

 

Lloyds becomes Britain's new economic bellwether

 

Should we believe anything Rupert Murdoch says?

 

Sell in May and go away - will it work again in 2012?

[interestrateripoff]

Euro Stress Crosses Border Into the Netherlands

 

By LIZ ALDERMAN 1:00 PM ET

 

 

With their economy in recession and facing new belt-tightening measures, the Dutch are showing grim determination.

 

 

 

Michel de Groot for The International Herald Tribune

 

“People are afraid for the future,” said Ellen Bijl, left, a sales clerk at a pen boutique in Amsterdam. “But it’s better to get it over with quickly and move on.”

 

 

 

 

 

 

DealBook

 

Ailing Law Firm Is Said to Urge Its Partners to Leave

 

By PETER LATTMAN

 

Dewey & LeBoeuf, crippled by financial mismanagement and a criminal investigation of its former chairman, encouraged its partners to look for another job, according to a memo.

 

British Panel Finds Murdoch Unfit to Lead Media Empire

 

By ALAN COWELL and JOHN F. BURNS 25 minutes ago

 

After months of investigation into the hacking scandal at Rupert Murdoch’s newspapers in Britain, a panel concluded on Tuesday that Mr. Murdoch was “not a fit person” to run a huge international company.

 

• Document: The Full Parliamentary Report (.pdf)
  
• Tough Questions for David Cameron on Ties to Murdoch
  
• Video: Report Criticizes Murdoch
  
• Post a Comment | Read (325)
  

 

Facebook Is Urging Members to Add Organ Donor Status

 

By MATT RICHTEL and KEVIN SACK 11:50 AM ET

 

In a rare foray into social engineering, Facebook announced a plan to encourage users to list their donor status on their pages, a move that organ transplant experts are calling historic.

 

• Post a Comment | Read (160)
  

 

New BlackBerry Prototype Is Given to Developers

 

By IAN AUSTEN 1:25 PM ET

 

The BlackBerry 10 is critical to the revival of Research in Motion, but early models given to app developers were missing features, like the ability to make calls.

 

• Developers Have Mixed Reactions
  

 

Carmakers Report Steady Demand

 

By NICK BUNKLEY 12:59 PM ET

 

Chrysler sales rose 20 percent from a year ago, but the other Detroit automakers reported declines. Still, G.M. said it was raising its forecast for industrywide sales in 2012.

 

European Leaders to Weigh New Capital Requirements for Banks

 

By JAMES KANTER and STEPHEN CASTLE 26 minutes ago

 

Britain is among the countries likely to press for the right to require its banks to hold more capital than the European Union minimum.

 

DealBook

 

Some Relief for Shareholders as Chesapeake Seeks New Chairman

 

By MICHAEL J. DE LA MERCED

 

Shares in Chesapeake Energy leaped after the company finally acceded to shareholder demands by stripping its chief executive, Aubrey McClendon, of his chairman role and ending his controversial compensation plan.

 

DealBook

 

Big Banks Fined $9 Million Over Risky Products

 

By BEN PROTESS

 

Citigroup, Morgan Stanley, UBS and Wells Fargo agreed to pay fines of more than $9 million to settle cases tied to exchange-traded funds.

 

New York Pension Funds to Challenge Wal-Mart

 

By GRETCHEN MORGENSON

 

Concerned about Wal-Mart’s reported cover-up of bribery, leaders of New York City’s pension funds said they would vote their 4.7 million company shares against five directors standing for re-election.

 

• Wal-Mart’s Good-Citizen Efforts Face a Test
  

 

Wall Street Rallies on Factory Index

 

By REUTERS

 

Shares rose after data on the manufacturing sector offered evidence of a faster economic recovery.

 

• Manufacturing Strengthens, Report Shows
  

 

 

 

• DealBook: Centerbridge Buys P.F. Chang's for $1.1 Billion
  
• Data Engineer in Google Case Is Identified
  
• DealBook: Microsoft Deal Adds to E-Book Battle
  
• Delta Buys Refinery to Get Control of Fuel Costs
  
• BP Profit Fell 18.5 Percent in First Quarter
  
• DealBook: Looking to Make a Profit on Lawsuits, Firms Invest in Them
  

[interestrateripoff]

Idiocracy On Display (Again): Krugman

 

It gets old Paul, and you need to have your degree revoked.

Nobel Prize-winning economist

Paul Krugman

suggested Federal Reserve policy makers led by

Ben S. Bernanke

are “reckless” for refusing to pursue higher inflation, which he said could lower U.S. unemployment.

“The reckless thing is to allow mass unemployment to continue,” Krugman, a Princeton University professor, said on Bloomberg Television’s “Street Smart” yesterday. “We have had a massive failure of our political system that has come to accept that 8 percent

unemployment

is the new normal and there is nothing that can be done,” Krugman said. “We’re in a low-key version of the Great Depression.”

....

“Inflation is theft,” said Paul, a Republican presidential candidate who said he will stay in the race until his party’s convention in August. “You’re stealing value from people who save money. It really destroys an important feature of the economy -- and that is saving.”

Ron Paul has it half right. The problem is that he hasn't (and I don't know why he won't) go after the debasement committed by private banking interests at the behest of government.

 

More at the link....

 

O god inflation creating jobs....

[interestrateripoff]

Guest Post: A Different Way Of Looking At China

 

With Market Complacency Back, Realized Vol Flashes Red Light

 

Another Energy Company Nationalized As Bolivia Follows In Argentina's Footsteps; More Pain For Spain

 

The Other Credit Crunch

 

Guest Post: Two Words - Screw That

 

Time To Start Looking At The Pump Prices Again

 

Previewing Tomorrow's Floating Rate Treasury Launch

 

The Europe Crisis From A European Perspective

 

Dallas Fed: Why We Must End TBTF Now!

 

The Demented "Old Normal" Speaks: Greenspan Forgets His Lines From Year Ago, Now Hearts QE

 

Guest Post: Where's The Collateral?

 

ISM Defies Consensus, Surges In Best Consensus Beat In Past 7 Months

 

Guest Post: Krugman, Diocletian & Neofeudalism

 

Art Cashin Issues His Latest Warning On Egypt

[interestrateripoff]

Austerity, Spending, And The Black Market In The Room

 

Chesapeake Renegotiates Terms Of Wells Deal, Stock Soars On Short Covering Spree

 

Facing Up To 2012

 

Marine Le Pen Refuses To Cast Vote This Sunday For A "Simple Worker Of The ECB"

 

Gold Bug Bill Gross Will Gladly Pay You Tuesday For A Hamburger Today, Hoping "Tuesday Never Comes"

 

Overnight Sentiment: Closed

 

The Decline And Fall Of Suburbia

 

China Manufacturing Continues To 'Contract-And-Expand' Even As April PMI Misses ExpectationsDeparts, Questions About Europe's Band-Aid Union Reemerge

 

As Europe's Most Pathological Liar Departs, Questions About Europe's Band-Aid Union Reemerge

[interestrateripoff]

Breaking news

 

 

• Spain sounding out investment banks on crisis options - Reuters
  

 

 

 

• Eurozone unemployment adds to gloom ahead of polls
   
  Last updated 10 minutes ago
  Official figures showed that unemployment across the 17-member single currency zone increased by 169,000 in March, for the 11th consecutive month, to hit 17.37m
  Post your comment
  
  • Eurozone crisis: Wednesday
    
  • European elections offer test for austerity
    
  • Phillip Inman: Germany praises pain in Spain
    
  • Eurozone crisis: Tuesday as it happened
    
  • Interview: Venizelos issues election rallying call
    
  • Global unemployment outlook gloomy, warns ILO
    
  • Pound hits two-year high against euro
    
  • Eurozone inflation falls – but rate cuts still unlikely
    

  [*] UK construction maintains recovery

   

  Markit/Cips PMI survey reports strong new orders and rise in employment, with sector boosted by commercial building

   

  • Wall St higher as data boosts recovery hopes
    
  • UK forecasts point to further downturn
    
  • Survey falls into line with gloomy official data
    

  [*] American CEOs enjoy 15% pay rise

   

  Boom time for America's top bosses in 2011 contrasts with wider economy, where average wages have been little better than flat

  15 comments

  [*] China's factory downturn eases

   

  HSBC's PMI survey shows manufacturing sector shrank for six consecutive month – but the rate of decline slowed

  [*] Wetherspoon founder says taxes will hit pub plans

   

  Taxes on bars and pubs are worsening the north-south divide, the boss of the country's biggest pub chain said

  5 comments

  • Wetherspoon's chairman is right to complain
    

 

 

• BAE under fire over pay and job cuts
   
  BAE Systems came under attack from its own staff at its AGM as employees criticised plans to cut 900 manufacturing jobs in Yorkshire
   
  
  • Iron Maiden singer starts plane firm
    

  [*] Argos sales tumble but Home Retail sticks with catalogue format

   

  Shares in Home Retail tumbled 14% after the company unveiled profits down 60% to £102m and said it would not pay a final dividend

  1 comment

  • Argos owner's shocking buy-back
    

  [*] BSkyB posts profit of almost £1bn

   

  Satellite broadcaster reports 25% surge in operating profit and grows total customer base to 10.5 million

  [*] Fears for recovery intensify as bank lending shrinks again

   

  Almost £100bn in credit has now gone from the economy since the banking bailout

  Post your comment

  • The banks that like to say 'no'
    

  [*] More business news

  [*] Smartphones boost Everything Everywhere

  1 comment

  [*] Bolivia nationalises Spanish-owned power grid

  [*] Emap sells automotive information business

  [*] New SFO director plans strategy switch

[interestrateripoff]

Lloyds boss hits out at fraudsters as claims for PPI climb

 

02 May 2012 12:00 AM

Horta-Osorio says many claimants did not have insurance as bank's total provision tops £3.5bn

 

 

 

Workers accuse BAE bosses over jobs axe

 

02 May 2012 05:15 PM

Workers facing redundancy at defence giant BAE Systems vented their anger at the company today, accusing the firm of not doing enough to save jobs and of "bailing out" of a factory which has been a manufacturing site for over 100 years.

 

 

 

Co-operative Bank stops interest-only mortgages

 

02 May 2012 12:23 PM

The squeeze on availability of interest-only mortgages continued today when a major lender withdrew its entire range of products.

 

 

 

Shops in doubt as Argos profits dip

 

02 May 2012 07:41 AM

Argos left the door open for future store closures today after a weak consumer electronics market caused a huge slide in profits at the catalogue chain.

 

 

 

Potential buyer for Aquascutum

 

02 May 2012 03:35 PM

The future of collapsed clothing retailer Aquascutum may be decided in the next week after administrators entered exclusive talks with a potential buyer.

 

 

 

Argos owner Home Retail Group in 'brutal' payout cut after profit plunge

 

02 May 2012 02:43 PM

The owner of catalogue retailer Argos pulled the plug on its shareholder dividend today after revealing a 60 per cent plunge in annual profits.

 

 

 

Mortgage approvals down on average

 

02 May 2012 12:57 PM

More evidence of tighter mortgage availability emerged today after figures showed approvals remain well down on their long-term average.

 

 

 

Construction sector growth slows

 

02 May 2012 11:28 AM

Growth in the construction sector slowed in April but another solid rise in new orders shored up confidence in the year ahead.

 

 

 

Waitrose steps up battle with Tesco

 

02 May 2012 10:09 AM

Waitrose is to extend its price match guarantee with Tesco in a bid to win the confidence of budget-conscious shoppers, it has announced.

 

 

 

Niche clothing markets keep N Brown ahead of the game

 

02 May 2012 12:00 AM

Fashionable underwear and dresses for plus-size thirtysomething women have helped the catalogue business N Brown report a surprise profit.

 

 

 

Etihad buys Aer Lingus stake in new European airline move by Abu Dhabi

 

02 May 2012 12:00 AM

Abu Dhabi yesterday threw more cash into European aviation when its flagship airline Etihad bought a 3 per cent stake in the Irish carrier Aer Lingus for about €15m (£12m).

 

 

 

High price of fuel sees BP's profits tumble as travellers curb trips

 

02 May 2012 12:00 AM

Oil and gas production declined as BP sold off oilfields and assets to pay for the Gulf oil spill

 

 

Gloomy manufacturing survey and fall in exports stoke fears of prolonged recession

 

02 May 2012 12:00 AM

Hopes that Britain would bounce swiftly out of recession were dealt a blow yesterday by a disappointing survey of activity in the manufacturing sector. The Markit/CIPS Purchasing Managers' Index (PMI) dipped to 50.5 in April, down from 51.9 in March.

 

 

 

Now unhappy investors turn the heat on struggling Man Group

 

02 May 2012 12:00 AM

The struggling hedge fund giant Man Group became the latest blue chip to face an investor revolt over pay yesterday, as fresh evidence of the firm's stumbling performance sent its shares tumbling again.

 

 

 

Iron Maiden singer sets up aviation company

 

02 May 2012 12:00 AM

The Iron Maiden singer Bruce Dickinson is looking to bring thousands of tons of heavy metal and up to 1,000 new jobs to South Wales.

[interestrateripoff]

BSkyB posts record results, distances itself from NewsCorp

 

LONDON - Satellite broadcaster BSkyB sought to distance itself from the phone hacking controversy at its biggest shareholder on Wednesday after British lawmakers suggested the ties to Rupert Murdoch's News Corp might endanger its licence.

 

 

• Global stocks, euro slide after weak data 7:28pm BST
  
• Lending, construction offer hope for economy 12:25pm BST
  
• StanChart plans China growth, confident on income 9:37am BST
  
• Analysis - Biotech targets fight back as Big Pharma circles 3:12pm BST
  
• Uncertainty still clouds future of EU biodiesel
  

EU watchdog happy with bank stress test progress

 

LONDON - The European Banking Authority said on Wednesday it was pleased with progress by banks in meeting tougher capital requirements as part of last year's European stress test of the sector.

6:31pm BST

 

Spain sounding out investment banks on crisis options

 

LONDON - Spain is sounding out investment banks including Credit Suisse , Goldman Sachs and UBS as it seeks a credible fix for its banks roiled by a collapse in real estate prices and now threatening the creditworthiness of Spain itself, sources familiar with the matter said.

5:55pm BST

 

Telenor chairman quits over TV2 deal

 

OSLO - Telenor chairman Harald Norvik quit on Wednesday after the government, which owns 54 percent of the Norwegian group, withdrew support for him over the sale of TV2, the country's top commercial channel.

Norway 4:20pm BST

 

Home Retail won't cull Argos stores after profit slump

 

LONDON - Home Retail , Britain's biggest household goods retailer, said it will not embark on a policy of mass store closures at its Argos business after it posted a 60 percent slump in year profit and scrapped it dividend.