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    • Morning dx and thank you for your message.   With regards to your comment about them not needing to produce the deed, the additional directions ordered by the judge included 'a copy of any assignment o the debt or agreement relied upon'  so that is why I thought that point was relevant?
    • Sorry for the long post but I don't want to miss out any relevant information: My wife bought a car from Trade Centre UK and have been having nothing but trouble with it. Unfortunately we paid of the finance used to buy the car as we weren't expecting this much trouble with the car as we we though we would have protection as buying from a dealer. We are wondering if we can still reject the vehicle since the finance plan has been paid off. Timeline is as follows: 13/12/2023 -15/12/2023 Bought car from Trade Centre UK for £10548 £2000 deposit paid on credit card on 13/12/2023 £8548 on finance from Moneybarn (arranged through Trade Centre UK). picked up car on 15/12/2023 Also bought lifetime warranty for £50/month 25/12/2023 Engine Management Light comes on. The AA called out and diagnosed the following error codes: P0133 - Lambda sensor (bank 1, sensor 1) Oxygen Sensor. Error Message : Slow reaction. Error sporadic P0135 - Lambda sensor heat. circ.(bank1,sensor1) Oxygen Sensor. Error Message : Component defective Due to it being Christmas took a few days to get through to them but they booked me in for 28/12/2023 to run their own diagnostics. 28/12/2023 Took car in to Trade Centre so could check the car – They agreed it was the Oxygen Sensor and Booked me in for repair on 30/01/2024. I was told they had no earlier slots, and I would be fine to carry on driving car when I said I was afraid of problem worse. During diagnosing the problem, they reset the Engine Management Light. During drive home light comes back on. 29/12/2023 - 29/01/2024 I carry on driving the car but closer to the date, engine goes to reduced power every now and again – not being a mechanic I presumed that this was due to above fault. 20/01/2024 Not expecting any more problems paid off the finance on the car using personal loan from bank with lower interest rate. 30/01/2024 Trade Centre replace to O2 sensor (They also take it on a roughly 60mile road trip which seems a bit excessive to me – I can’t prove this as something prompted me take a picture of milage when I handed car in but I forgot take one on collection – only remembered next day.) 06/02/2024 Engine goes in reduced power mode again and engine management light comes on – Thinking the Trade centre’s 28 day warranty period was over I booked the car the into local garage for the next day to get problem fixed under the lifetime warranty package. Fault seems to clear after engine was switched off. 07/02/2024 In the Morning, I take it to local garage who say as the light gone off – the warranty company is unlikely to cover the cost of the repair or diagnostics and recommend I contact them when the light comes back on. In the evening the light comes back on and luckily I manage to get it back to the garage just before it shuts for the day. 08/02/2024 The Garage sends me a diagnostics video showing a lot error codes been picked up by their diagnostics machine including codes for Oxygen sensor and Nox Sensors, Accelerator pedal and several more. Video also shows EGR Hose not connected to the intake manifold properly, they believed this was confusing the onboard system as it is unlikely this many sensors would trigger at same the time but they couldn’t be certain until they repaired the hose. 13/02/2024 Finally get the car back as it took a while to get approval and payment for the repairs from the Warranty company. Garage told me to keep an eye the car as errors had cleared with the hose but couldn’t 100% certain that’s what caused the problem. 06/03/2024 Engine management light comes on again. Fed up I go into Trade Centre as I was just around the corner when it happened and asked them how to reject the car or have the problem fixed. They insist that as it’s over 28 days I need to get the car fixed under the warranty package I purchased and they could no longer fix the car as it was over 28 days. When I tried telling them it appeared to be the same or related problem they said they couldn’t help as I hadn’t contacted them earlier. I asked them if they were willing to connect the car to the diagnostics machine and tell me what the problem was, as a goodwill gesture, which he agreed to do and took the car to the back He came back around 30 minutes later and said they took a look at the sensor they replaced previously and there was nothing wrong with it and engine management light went off when they removed the sensor to check it. When I asked what the error code he couldn’t give me an exact fault but the said it one of the problems I told him earlier (Accelerator pedal). I have this visit audio recorded on my phone – I informed the reps I was recording several times. As the light wasn’t on, local garage couldn’t book me for a repair under warranty. 07/03/2024 Light came on so managed to book back into local garage for the 12/03/2024 Whilst waiting to take car into garage, I borrowed a OBD sensor and scanned for errors on the car. This showed the following errors: P11BE – Manufacturer specific code (Google showed this to be NOX sensor) P0133 - Oxygen (Lambda) Sensor B1 S1: Response too Slow 12/03/2024 Took car to local garage and the confirmed the above errors. This leads me to believe that either Trade Centre UK reps lied and just reset the light or just didn’t check properly (Obviously I am unable to prove this) 22/03/2024 Finally got the car back as according to garage, the warranty company took a long to time to pay for the repairs 28/04/2024 Engine management Light has come back on. Using the borrowed OBD scanner I am getting the following codes: P0133 - Oxygen (Lambda) Sensor B1 S1: Response too Slow P2138 - Accelerator Position Sensors (G79) / (G185): Implausible Correlation I have not yet booked into a garage as I wanted to see what my rights are in terms of rejecting the car as to me the faults seem related. I can’t keep using taxi or train to get to work every time the car goes into the garage as it is getting very expensive. Am I right in thinking that they have used up their chance to repair when they conducted the repair end of January or when they refused to repair it in February ? If I am still able to reject the vehicle could you point to any sample letters or emails I can use. Thankyou for your advice on my next steps.
    • Ok noted about the screenshot uploads. In terms of screwing up I had one previous ticket that defaulted and ended up in a CCJ from Southend airport because for some reason during COVID I didn't receive their claim form just a notice of default. This hospital ticket was the 2nd ticket that went to CCJ due to a lack of knowledge of the process. Maybe it's easier just to pay them in future I'm thinking though, I don't get them very often anyway
    • Car maker takes a hit from weakening demand and price war in the world's largest electric vehicle market.View the full article
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    • If you are buying a used car – you need to read this survival guide.
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    • Hello,

      On 15/1/24 booked appointment with Big Motoring World (BMW) to view a mini on 17/1/24 at 8pm at their Enfield dealership.  

      Car was dirty and test drive was two circuits of roundabout on entry to the showroom.  Was p/x my car and rushed by sales exec and a manager into buying the mini and a 3yr warranty that night, sale all wrapped up by 10pm.  They strongly advised me taking warranty out on car that age (2017) and confirmed it was honoured at over 500 UK registered garages.

      The next day, 18/1/24 noticed amber engine warning light on dashboard , immediately phoned BMW aftercare team to ask for it to be investigated asap at nearest garage to me. After 15 mins on hold was told only their 5 service centres across the UK can deal with car issues with earliest date for inspection in March ! Said I’m not happy with that given what sales team advised or driving car. Told an amber warning light only advisory so to drive with caution and call back when light goes red.

      I’m not happy to do this, drive the car or with the after care experience (a sign of further stresses to come) so want a refund and to return the car asap.

      Please can you advise what I need to do today to get this done. 
       

      Many thanks 
      • 81 replies
    • Housing Association property flooding. https://www.consumeractiongroup.co.uk/topic/438641-housing-association-property-flooding/&do=findComment&comment=5124299
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    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
      This is generally speaking the problem with using PackLink who are domiciled in Spain and very conveniently out of reach of the British justice system.

      Frankly I don't think that is any accident.

      One of the points that the judge made was that the customers contract with the broker specifically refers to the courier – and it is clear that the courier knows that they are acting for a third party. There is no need to name the third party. They just have to be recognisably part of a class of person – such as a sender or a recipient of the parcel.

      Please note that a recent case against UPS failed on exactly the same issue with the judge held that the Contracts (Rights of Third Parties) Act 1999 did not apply.

      We will be getting that transcript very soon. We will look at it and we will understand how the judge made such catastrophic mistakes. It was a very poor judgement.
      We will be recommending that people do include this adverse judgement in their bundle so that when they go to county court the judge will see both sides and see the arguments against this adverse judgement.
      Also, we will be to demonstrate to the judge that we are fair-minded and that we don't mind bringing everything to the attention of the judge even if it is against our own interests.
      This is good ethical practice.

      It would be very nice if the parcel delivery companies – including EVRi – practised this kind of thing as well.

       

      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
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The great intrest rate rip off part 6


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2 May 2012 Last updated at 19:43

 

 

News Corp board endorses Murdoch_49105591_bn-144x81.gif New

 

The News Corporation board says it has "full confidence" in Rupert Murdoch following a highly critical UK government committee report.

 

_49037983_argos304.jpgShares in Argos firm plummet 13%

 

Shares in Home Retail Group fall 13% after annual profits dropped more than 60% as its Argos chain was hit by weak demand for electrical goods.

 

 

Eurozone jobless rate hits record

 

Unemployment in the eurozone reached a record high again in March, as joblessness also rose in Italy and Germany.

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Ambitious Law Firm Is Reduced to Grim Dispatches

 

By PETER LATTMAN

 

Dewey & LeBoeuf set its sights on becoming a global powerhouse in corporate law, but it is now close to collapse amid a partner exodus and too much debt.

dbpix-dewey-hq-sfSpan.jpg

Yana Paskova for The New York Times

 

The offices of Dewey & LeBoeuf in Manhattan.

 

 

 

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Broadcaster Distances Itself From News Corp.

 

By JULIA WERDIGIER and ALAN COWELL 9:57 AM ET

 

A day after a British parliamentary panel castigated Rupert Murdoch, BSkYB insisted on Wednesday that it was a “fit and proper” company to hold a broadcasting license.

 

 

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Unemployment Reaches Record High in Euro Zone

 

By JACK EWING 11:27 AM ET

 

Unemployment rose to 10.9 percent in March, the 11th monthly increase in row, and is likely to add to tension ahead of national elections in Greece and France on Sunday.

 

Jobs Reports Send Shares Lower

 

By THE ASSOCIATED PRESS

 

Stocks on Wall Street were off somewhat after disappointing data on Europe’s economy and a report showing slowing job growth in the United States.

 

 

DealBook

 

Carlyle Lowers I.P.O. Range on Eve of Pricing

 

By MICHAEL J. DE LA MERCED 12:46 PM ET

 

The Carlyle Group has lowered the range for its initial public offering to $22 to $23 a unit as the private equity firm and its advisers prepare to price the stock sale later in the day.

 

CHESA1-thumbStandard.jpg

Chesapeake to Replace Chairman

 

By CLIFFORD KRAUSS and MICHAEL J. de la MERCED

 

Chesapeake Energy announced that it would replace Aubrey K. McClendon as chairman and end his controversial compensation plan.

 

DealBook

 

Facebook on Track for I.P.O. Roadshow

 

By EVELYN M. RUSLI

 

Despite rumors of delays, Facebook could begin its roadshow as soon as early next week, according to two people briefed on the company's plans.

 

 

JP-PFIZER-2-thumbStandard.jpg

Pfizer Races to Reinvent Itself

 

By KATIE THOMAS

 

With its best-selling drugs losing patent protection, Pfizer is shedding money-making but noncore businesses to focus on pharmaceutical sciences.

 

 

European Regulators May Reopen Street View Inquiries

 

By KEVIN J. O'BRIEN

 

Revelations in the U.S. that a Google employee had informed colleagues that his program would collect personal data has cast doubt on the company’s excuses.

 

DealBook

 

dbpix-ubs-zurich-thumbStandard.jpg

UBS Profit Drops 54% in First Quarter

 

By JULIA WERDIGIER 12:02 PM ET

 

The Swiss bank's profit fell to $910 million after income in its investment banking unit declined and the firm took an accounting charge on its own debt.

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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[/url]

 

Markets drop on Spanish bank fears and eurozone unemployment

 

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Spanish stock market tumbles and bond yields rise on the expectation the country's banks will have to take more losses on bad property assets, while eurozone unemployment hits a record.

224 Comments

Eurozone unemployment hits record high

 

 

Spanish homeowners rally together to fight evictions

 

 

The eurozone crisis is back with a bang

 

 

 

 

Ignoring Basel III 'would cause deeper crisis'

 

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Britain has warned the European Union that if it "ducks" tough international rules on bank capital requirement it faces increased turbulence in financial markets and a deeper economic crisis.

12 Comments

UK construction PMIs offer recovery hope

 

 

Surprise rise in mortgage approvals

 

 

 

BSkyB 'fit and proper and not News Corp'

 

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BSkyB has insisted it remains "fit and proper" to hold a broadcasting licence and delivered a veiled warning that any attempt to take it away will pull the rug from under other parts of the British economy.

195 Comments

Will BSkyB's viewers turn on and tune in or drop out?

 

 

BSkyB shares rise on talk Murdoch may sell stake

 

 

 

BAE apologises for 'Operation Bosworth' plan

 

BAE_2209418g.jpg

Dick Olver, the chairman of BAE Systems, has been forced to apologise after it emerged the operation to close the company’s factory in East Yorkshire was named after the decisive battle of the War of the Roses.

2 Comments

 

Gatwick signs deal with Air China

 

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Gatwick Airport has laid bare its ambition to rival Heathrow after announcing it had struck a deal with Air China over direct flights to Beijing.

Comment

 

UBS appeal to rich helps it shrug off profit fall

 

 

 

 

Playtech abandons €95m acquisition plans

 

 

 

 

Home Retail shares fall 15pc amid doubts about future

 

 

 

 

Facebook roadshow triggers hopes of IPO on May 18

 

 

 

 

The North Face handed £2.8m price-fixing fine

 

The euro crisis just got a whole lot worse

 

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With Europe plunging back into recession and unemployment soaring, Francois Hollande, the French presidential candidate, is calling for growth objectives to be reprioritised over the chemotherapy of austerity.

1 Comment

Debt crisis: Live

 

 

 

 

US private sector creates fewer jobs than expected

 

 

 

 

UK construction PMIs offer recovery hope

 

The eurozone should sort out its own mess

 

The euro crisis just got a whole lot worse

 

A new way to find jobs for two in five wishing to work beyond 65

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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http://www.guardian.co.uk/business/2012/may/02/mervyn-king-we-did-too-little-warn-economic-crisis

 

Sir Mervyn King has admitted that the Bank of England should have "shouted from the rooftops" its concerns about the looming disaster in the City as he warned that Britain's recovery from recession would be a long, slow process.

The Bank's governor urged the coalition government to press ahead with reforms that would ringfence the high-street operations of banks from their speculative activities, after blaming the last Labour government for allowing the financial sector to take ever bigger gambles in the build-up to the financial crisis of 2007-08.

King said that the decision by Gordon Brown to strip Threadneedle Street of its powers to regulate banks had left him unable to do more than "issue reports and preach sermons" as the financial system became "increasingly fragile".

 

A complete failure, as I've been saying from the very beginning of this thread in Part 1.

 

Still at least King for his failure will walk off with a multi-million pound pension pot so it's not all bad.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Breaking news

 

 

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

Sky is a 'fit and proper' broadcaster, chief insists

 

03 May 2012 12:00 AM

BSkyB's chief executive, Jeremy Darroch, has insisted that the pay-TV giant is a "fit and proper" broadcaster despite a Commons committee ruling that its leading shareholder, Rupert Murdoch's News Corporation, had exhibited "wilful blindness" over phone-hacking.

 

 

 

Services sector shows some growth

 

03 May 2012 11:48 AM

Britain's double-dip recession was again called into question today as a survey revealed further growth in the powerhouse services sector.

 

 

 

morrisons.jpg

Morrisons reports sales decline

 

03 May 2012 08:43 AM

Supermarket group Morrisons posted its first decline in sales in nearly a decade today after it refused to square up to rivals with promotions "at any cost".

 

 

 

britishairway.jpeg

BA launches route to South Korea

 

03 May 2012 08:38 AM

British Airways is to begin a new route to Seoul in South Korea, it was announced today.

 

 

 

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House prices dip in 'soft' market

 

03 May 2012 07:58 AM

House prices have dipped further amid the "soft" market, recording declines in four months out of the last five, Nationwide said today.

 

 

 

Trinity Mirror chief Sly Bailey to quit

 

03 May 2012 06:24 PM

Sly Bailey, chief executive of Trinity Mirror, today announced she is stepping down and is expected to leave by the end of the year.

 

 

 

Shareholders reject Aviva pay plans

 

03 May 2012 03:34 PM

Aviva suffered a major shareholder revolt today after more than half of the votes at its annual meeting failed to back the insurer's pay awards.

 

 

 

Chinese firm to take majority stake in Weetabix

 

03 May 2012 05:42 PM

British cereal favourite Weetabix is to come under Chinese ownership after a deal involving the Asian country's biggest overseas food takeover.

 

 

 

Eurozone unemployment rises to record levels

 

03 May 2012 12:00 AM

Unemployment in the eurozone has reached a record high, with 17.4 million people out of work across the single currency, according to the latest official figures.

 

 

 

Next sales hit by rain, not recession, says Wolfson

 

03 May 2012 12:00 AM

Lord Wolfson, the chief executive of Next, said the UK falling into a double-dip recession will have no impact on consumer confidence but admitted April's rain had hit its sales.

 

 

 

Investors look to ground corporate jet deal with Petrofac CEO and founder

 

03 May 2012 12:00 AM

Shareholders in Petrofac have been urged to vote down its accounts after it emerged that the energy services company is paying $1.4m (£900,000) to hire a corporate jet from an offshore trust linked to the chief executive, Ayman Asfari.

 

 

 

Angry workers barrack BAE bosses over the closure of Hawk jet plant

 

03 May 2012 12:00 AM

BAE Systems hit a wall of opposition yesterday as 550 angry staff from Brough in East Yorkshire travelled to London to protest against the defence giant's decision to close their town's Hawk jet manufacturing plant.

 

 

 

UBS first-quarter profits halved

 

03 May 2012 12:00 AM

UBS, the banking giant still reeling from an extraordinary rogue trading scandal, recorded another tumble in profits yesterday and said it was cautious about global markets.

 

 

 

Growth rises at Standard Chartered

 

03 May 2012 12:00 AM

Standard Chartered, the emerging markets bank fending off a row about the pay of its top bankers, yesterday reported a trading update that might give some justification for those rewards.

 

 

 

HRG stops divi but keeps argos open

 

03 May 2012 12:00 AM

Home Retail Group, the owner of the Argos and Homebase chains, has ditched its final dividend for the first time in six years, after a slump in profits and sales at the general merchandise giant.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

3 May 2012 Last updated at 19:18

 

 

Aviva loses pay vote at its AGM_60014327_014632580-1.jpg

 

The insurer Aviva loses the vote on executive pay at its shareholders' meeting, with investors angry about bosses' bonuses.

 

 

_60001671_king.jpgKing rejects criticism for crisis

 

The governor of the Bank of England, Sir Mervyn King, rejects criticism of the bank's role ahead of the financial crisis. 571

 

 

 

_59308919_rbslogo.jpgRBS repays £163bn emergency loans

 

RBS will say on Friday that, as of next week, it will have repaid all the £163bn of emergency loans it received from UK and US taxpayers, the BBC has learned.

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

[/url]

 

Aviva suffers humiliating revolt over 'excessive' executive pay

 

aviva_2199766g.jpg

Aviva suffered a humiliating shareholder revolt at its annual meeting on Thursday with nearly two-thirds voting against its controversial proposals for executive pay.

36 Comments

 

 

RBS set to pay back last of taxpayer loan

 

RBS_2210306g.jpg

Royal Bank of Scotland will on Friday confirm it has all but repaid the £163bn in emergency loans it received from British and US taxpayers during the financial crisis.

Comment

 

Sly Bailey steps down as Trinity Mirror chief

 

sly_2210324g.jpg

Sly Bailey, chief executive of Trinity Mirror Group, has been ousted ahead of an expected shareholder rebellion.

2 Comments

 

Osborne blocks EU's Basel III rules

 

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Britain has blocked a European Union agreement on new rules to increase capital requirements for banks in a row over sovereignty and national "macro-prudential tools" to protect the economy against future financial crises.

5 Comments

'I won't sign Britain up to idiotic Basel III plan'

 

 

 

Eurozone growth must be 'centre of the agenda'

 

draghi_2209691g.jpg

Eurozone growth must be "put back at the centre of the agenda", ECB president Mario Draghi said on Thursday, though he added that growth and fiscal compacts could work hand in hand.

117 Comments

Mario Draghi calls for binding 'growth pact'

 

 

ECB holds key interest rate steady at 1pc

 

 

UK services growth falls but offers hope of recession escape

 

 

 

Former MG Rover workers to receive £3

 

Former workers of MG Rover are set to receive compensation of just £3 per worker despite a seven-year campaign to retrieve funds from the collapsed car maker.

33 Comments

GM beats profit forecasts as US picks up

 

 

 

China's Bright Food takes 60pc stake in Weetabix

 

 

 

 

Morrisons chief won't 'kill himself' competing with rivals

 

 

 

 

BG Group shares hit by $5.4bn cost overruns

 

 

 

 

House prices will 'remain subdued' during 2012

 

Debt crisis: live

 

europe_2209604g.jpg

Eurozone growth must be "put back at the centre of the agenda," ECB president Mario Draghi said on Thursday, though he added that growth and fiscal compacts could work hand in hand.

117 Comments

Mario Draghi calls for binding 'growth pact'

 

 

 

 

UK services growth falls but offers hope of recession escape

 

 

 

 

How Sir Mervyn King has rewritten history

 

US textbooks will be the new digital battlefield

 

Sir Mervyn is the king of a broken Bank of England

 

How Sir Mervyn King has rewritten history

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

European Central Bank Opposes Higher Taxes

 

By RAPHAEL MINDER and JACK EWING 37 minutes ago

 

 

The president of the European Central Bank said that opting for the “easier road” of raising taxes to balance budgets would not solve Europe’s problems.

 

 

 

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Josep Lago/Agence France-Presse — Getty Images

 

Mario Draghi, center, the president of the European Central Bank, said at press conference on the outskirts of Barcelona, that it was understandable that governments would be tempted to raise taxes “under extreme urgency."

 

 

 

 

 

 

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G.M. Profit Falls, but Surpasses Forecasts

 

By NICK BUNKLEY

 

General Motors said its first-quarter income increased 30 percent in North America, but a loss in Europe and a one-time charge contributed to a 69 percent decline in total earnings.

 

 

DealBook

 

dbpix-facebook-thumbStandard.jpg

Facebook to Set I.P.O Price Range After Market Close

 

By EVELYN M. RUSLI 4 minutes ago

 

The estimated target, which will be included in a revised prospectus filing, is expected to be in the high $20s to mid $30s range, putting Facebook on track to go public with a market value at close to $80 billion or more.

 

U.S. Retail Sales Slow Unexpectedly

 

By STEPHANIE CLIFFORD 10:49 AM ET

 

Nineteen chains reported a 0.8 percent increase in sales at stores open at least a year on average, missing the 1.5 percent gain that analysts forecast.

 

DealBook

 

In Debut, Carlyle Stock Opens Flat

 

By MICHAEL J. DE LA MERCED 11:18 AM ET

 

Shares in the Carlyle Group began trading at $22 on Thursday, in a lackluster start to the investment giant's new life as a publicly traded firm.

 

Stocks Slip Before April Jobs Data

 

By REUTERS

 

Wall Street shares were down in advance of Friday’s government report on unemployment. On Thursday, one report showed a drop in weekly jobless claims and another showed soft retail sales.

 

 

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For Law Students, Dewey & LeBoeuf Internships Evaporate

 

By CATHERINE RAMPELL

 

About 30 students learned that their plum summer jobs at Dewey & LeBoeuf have vanished and are now returning, hat in hand, to ask for jobs they had once rejected.

 

 

DealBook

 

Dewey Deal Lawyer Decamps to White & Case

 

By KEVIN ROOSE 17 minutes ago

 

Morton A. Pierce, co-chairman of Dewey & LeBoeuf’s mergers and acquisitions group and a member of the firm’s executive committee, is headed to a rival firm, White & Case.

 

Lufthansa to Cut 3,500 Jobs in Bid to Improve Profitability

 

By NICOLA CLARK 47 minutes ago

 

The decision marked the first time since the economic crisis in 2008 that the German flag carrier announced a significant staff reduction.

 

Bits Blog

 

Microsoft Taps Yahoo Scientists for New York Research Lab

 

By STEVE LOHR

 

Microsoft is setting up a research lab in New York, picking off a team of researchers from the struggling Yahoo.

 

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When Flying 720 Miles Takes 12 Hours

 

By JAD MOUAWAD

 

Even with the demand for seats increasing, the big airlines have not restored many of their flights, particularly on routes to small airports.

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Impending Market Dislocation? (PNSN)

If we get another MF Global folks the market will drop 5,000 DOW points and not bounce, as that will be that -- in the grains, in the commodities, in everything.

And Ann Barnhardt has pointed out that the firm that used to clear Think Or Swim futures (but since the Ameritrade acquisition no longer does), Penson, might be that domino.

 

More at the link.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

MF Global Independent Investigator Called For

Janet opines in the Huffer's Post this morning....

Rep. Michael Grimm (R-NY) is a member of the House Financial Services Committee, and he has reportedly
circulated
a letter in the House asking for an independent investigator and is seeking signatures and support. Obviously appearances are important, and the "investigation" into MF Global so far has every appearance of being broadly compromised. Given our ongoing financial crisis and bailouts, so far it's a shameful performance by Congress, Justice, regulators, and the bankruptcy trustees. The dialogue the financial community has heard so far lacks credibility and basic decency.

No kidding. But it certainly is congruent with what we've seen thus far going back to 2008 when it comes to these firms.

This is not a MF Global-only story. There are more than enough cockroaches and rattlesnakes in the den here to cover the world several times over. The sins go back to 2003 and even before; as I've repeatedly written about back in the 1990s Clinton's Administration knew that there was massive fraud going on in the Internet space with regard to securities claims and made the intentional and willful decision to do exactly nothing about it.

 

More at the link.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Breaking news

 

 

 

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

The day investors bit back

 

04 May 2012 12:00 AM

Nearly 60 per cent of Aviva shareholders refuse to back boardroom pay deals. Sly Bailey ousted at Trinity Mirror. Big backers revolt at Inmarsat. Bonus row erupts at Premier Foods

 

 

 

Air France-KLM posts £299m loss

 

04 May 2012 08:12 AM

Air France-KLM posted a first-quarter net loss of 368 million euros (£299 million) today, saying that high fuel costs and a continued drop in cargo had cut into its profits.

 

 

 

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Stephen Hester hails progress at RBS

 

04 May 2012 02:21 PM

Royal Bank of Scotland boss Stephen Hester today said the bailed-out lender was “clearly on track” for recovery as it prepared to repay the last of the emergency loans taken during the financial crisis.

 

 

 

I'd support crisis probe, says bank chief

 

04 May 2012 12:00 AM

A Parliamentary inquiry into the performance of the Bank of England during the financial crisis should be ordered immediately, MPs said last night, after the Bank's Governor Sir Mervyn King made the surprise statement that he would be happy to co-operate with such a probe.

 

 

 

Ken Clarke calls on big business to give ex-prisoners a chance to find jobs

 

04 May 2012 12:00 AM

Justice Secretary will try to persuade major firms such as M&S that their image will not be damaged

 

 

 

Baskin-Robbins to create 400 new jobs

 

04 May 2012 11:21 AM

The world's largest chain of ice cream shops today unveiled plans to nearly double its presence in the UK over the next three years in a move that could create up to 400 jobs.

 

 

 

HMV eyes profits recovery

 

04 May 2012 10:23 AM

Music and film retailer HMV offset anticipated annual losses of £16 million today by predicting a surprise return to profit in the following year.

 

 

 

New car sales increase

 

04 May 2012 09:15 AM

Sales of new cars sped ahead last month, according to official figures today.

 

 

 

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House prices 'fluctuate' says Halifax report

 

04 May 2012 09:00 AM

House prices continued to "fluctuate quite widely" last month, mortgage lender Halifax said today, as the average price dropped 2.4%.

 

 

 

Float values Facebook as high as $96bn

 

04 May 2012 12:00 AM

Mark Zuckerberg last night set out Facebook's plan for world domination, in a web video to promote the forthcoming share sale that could value the social network at up to $96bn (£60bn).

 

 

 

'Drugs cartels used HSBC to launder cash'

 

04 May 2012 12:00 AM

HSBC is facing potentially explosive allegations that South American drug cartels have used it to launder money, and that the bank systematically and deliberately failed to install the systems needed to catch illegal transactions.

 

 

 

Discount battle leads to fall in sales at Morrisons

 

04 May 2012 12:00 AM

Morrisons has suffered its first fall in underlying sales for nearly seven years, which the grocer blamed on a blitz of discounting coupons from rivals and the impact of higher petrol prices on households.

 

 

 

Cheers in newsroom as Mirror chief Bailey quits after she was asked to take bonus cut

 

04 May 2012 12:00 AM

Sly Bailey, one of the most powerful women in the British media, quit as chief executive of Trinity Mirror yesterday after a revolt by shareholders who demanded that she cut her lucrative bonus package. The news prompted a cheer in the newsroom of the company's Daily Mirror, where staff played a YouTube clip of a scene from The Wizard of Oz: “Ding-dong, the witch is dead...”

 

 

 

UK faces stagnation in 2012, says NIESR

 

04 May 2012 12:00 AM

The UK economy is set for virtual stagnation in 2012 after four years of "unprecedented" weakness, a leading forecaster has warned.

 

 

 

Banks' bonanza in MegaFon float

 

04 May 2012 12:00 AM

The investment banks Goldman Sachs and Morgan Stanley could be on for a bumper pay day after being selected to float Russia's second-largest mobile phone company on the London stock market.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

RBS eyes recovery, sees no plans for cut price sale

 

LONDON - State-backed Royal Bank of Scotland said it was on the path to recovery after a better-than-expected quarterly profit, and the government had "no desire" to start selling its stake at current depressed prices.

 

Ensco pays to clear legs of rig sunk in 2008 storm

 

- Ensco Plc has agreed to pay to remove the legs of a rig that sank in the Gulf of Mexico during Hurricane Ike nearly four years ago, as the drilling contractor gears up for a related liability court battle due to start this year.

6:49pm BST

 

Barclays' FX chief to run commodities after Jones exit

 

NEW YORK - Barclays global foreign exchange chief Mike Bagguley will take on the additional responsibility of running the commodities division after the departure of its long-time head, a bank spokesman said on Friday.

8:10pm BST

 

EU green power needs market access to thrive - draft

 

PARIS - Free access to emerging renewable energy markets such as Brazil, China and India will be a major factor in helping the European Union maintain its lead in green energy, according to draft documents seen by Reuters.

6:57pm BST

 

Goldman Sachs eyes CDS trading with platform

 

LONDON - Goldman Sachs may extend its new bond trading platform to cover other fixed income products such as credit derivatives after it starts trading corporate bonds this month, sources close to the firm said on Friday.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

4 May 2012 Last updated at 20:01

 

 

RBS confirms state loan repayment_59308919_rbslogo.jpg

 

RBS confirms it is to repay £163bn of emergency loans, reports a three month loss of £1.4bn and sets aside another £125m for PPI compensation.

 

 

_60017567_014538565-1.jpgHigh unemployment 'to damage UK'

 

The UK unemployment rate will rise to almost 9% by the end of 2012, doing "permanent damage to the UK's productive capacity", a think tank says.

 

 

 

US job growth slows during April

 

The US economy created 115,000 jobs during April, fewer than the previous month and less than analysts had expected, sending stock markets lower.

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

[/url]

 

British shares fall in global sell-off on jitters over US and eurozone

 

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Stock markets fell as disappointing US jobs data doused hopes that the global powerhouse would support the eurozone through the political uncertainty of this weekend's elections in France and Greece.

Comment

Debt crisis: as it happened - April 4, 2012

 

 

Eurozone services sector contracts sharply in April

 

 

US jobs data disappoints as workers give up

 

 

 

 

Murdochs' local TV 'deal' with Jeremy Hunt

 

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BSkyB planned a local TV network - the creation of which was a long-held personal ambition of Jeremy Hunt - at the same time as the Culture Secretary was deciding whether News Corp could take full ownership of the broadcaster.

4 Comments

 

Tchenguiz probe: SFO ordered to Old Bailey

 

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The Serious Fraud Office is being ordered to appear before an Old Bailey court over its bungled investigation into the dealings of the entrepreneurs Vincent and Robert Tchenguiz.

Comment

 

RBS on 'path to recover' but no sale yet

 

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Royal Bank of Scotland reported a £1.4bn pre-tax loss in the first quarter but said it was on the "path to recover" as it confirmed it will repay the last of £163bn in bail-out loans from British and US taxpayers.

119 Comments

RBS set to pay back last of £163bn emergency loan from taxpayer

 

 

 

SSE fined £1.25m for doorstep mis-selling

 

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British utility SSE has been fined £1.25m for mis-selling home energy supply contracts to consumers on their doorsteps in 2009.

5 Comments

 

Chelsea FC faces battle to buy power station

 

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Chelsea Football Club faces a battle to buy Battersea Power Station after a collection of international investors also made bids for the landmark site.

Comment

House prices fall 2.4pc as tax break ends

 

Debt crisis: as it happened - April 4, 2012

 

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British shares dropped sharply on Friday as global stock markets fell after weaker-than-expected US jobs figures and poor eurozone services data cast doubts over recovery in the world economy.

268 Comments

US jobs data disappoints as workers give up

 

 

 

 

Eurozone services sector contracts sharply in April

 

 

 

 

House prices fall 2.4pc as tax break ends

 

Does it matter if a bank makes a profit or a loss?

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

New Jobs Slow; Unemployment Drops as Work Force Shrinks

 

By CATHERINE RAMPELL 22 minutes ago

 

 

The United States had another month of mediocre job growth, adding only 115,000 positions, and the unemployment rate fell entirely because workers left the labor force.

 

 

 

 

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Stan Honda/Agence France-Presse — Getty Images

 

Job seekers at an employment fair this week in Queens. Economists say recent job growth is not significant enough to recover the losses from the recession and its aftermath.

 

 

 

 

 

 

Economix

 

New Gloom on Jobs, but It May Not Last

 

By DAVID LEONHARDT

 

It's tempting to look at Friday's weak jobs report and conclude that the economy has entered a significant new slowdown. But it may not be correct.

 

 

Stocks Down on Jobs Report

 

By CHRISTINE HAUSER and DAVID JOLLY 19 minutes ago

 

Wall Street’s decline followed the gloomy trend set in markets in Europe, where a report suggested that Europe’s economy contracted at an accelerating pace last month.

 

A Band of Contrarians, Bullish on Greece

 

By LANDON THOMAS Jr. 16 minutes ago

 

Several banks and hedge funds are buying Greek bonds, betting that the nation will remain in the euro zone and that bondholders won’t take a haircut in a new debt deal.

 

China Agrees to Measures to Ease Trade

 

By MICHAEL WINES and ANNIE LOWREY

 

Among the "breakthroughs" coming out of annual talks was an agreement by Beijing to remove subsidies that favor state-owned companies, a U.S. official said.

 

U.S. Announces Compromise on Fracking Disclosure

 

By JOHN M. BRODER 2:29 PM ET

 

Companies drilling for oil and gas on public lands must now identify the chemicals used. But in a concession to the industry, they do not have to make the disclosure until after drilling has begun.

 

DealBook

 

Third Point Demands Yahoo C.E.O. Be Fired by Monday

 

By MICHAEL J. DE LA MERCED 2:12 PM ET

 

Third Point called for the dismissal of the technology company’s chief executive, Scott Thompson, after revealing that the Yahoo leader had inaccurately stated his academic credentials.

 

DealBook

 

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Goldman Sachs Puts on a Friendly Public Face

 

By MICHAEL J. DE LA MERCED 10:14 AM ET

 

By stepping into the spotlight even a little, Goldman’s chief executive, Lloyd C. Blankfein, appears to be embarking on a subtle campaign to help repair the company’s reputation.

 

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A Weight Hobbling G.M.

 

By BILL VLASIC

 

As long as General Motors’ share price stays down, the automaker is likely to be saddled with its government stakeholder.

 

 

State Bonds in Jeopardy as Tobacco Cash Fades

 

By MARY WILLIAMS WALSH

 

A handful of bonds backed by yearly payments from tobacco companies under a landmark settlement with 46 states are in the earliest stages of default, and more distress is expected.

 

DealBook

 

BNP Paribas Profit Rises 10% in First Quarter

 

By DAVID JOLLY

 

France's largest bank reported nearly a 10 percent rise in its net income to $3.8 billion in the first three months of the year, helped by the sale of a real estate business.

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Jobs Report: The Big Suck

This is just plain bad.

Nonfarm payroll employment
rose by 115,000 in April, and the
unemployment rate
was little
changed at 8.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, retail trade, and health care, but declined in transportation and warehousing.

Meh. Let's look at the internals and the household numbers, because that's actual numbers instead of political crap. Incidentally, my guess was +100k +/- 50, so 115k is pretty close.

In summary for those who don't want to read the entire thing -- this is a weak report.

 

More at the link.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

And The Legalized Accounting Frauds Continue

 

Some day we will stop this crap. For now, there's this.

, the lender that has bought back debt to strengthen its balance sheet, said credit downgrades in a hypothetical scenario may trigger demands for about $6.2 billion in collateral.

A two-level downgrade of long-term senior
debt ratings
would have prompted the bank to post about $5.1 billion of collateral tied to derivatives contracts and other trading agreements as of March 31, the
Charlotte
, North Carolina-based firm said yesterday in a regulatory filing. It would have had to post an additional $1.1 billion of collateral if trading partners opted to tear up contracts in a two-level cut.

Moody’s Investors Service, which is reviewing banks and securities firms with global capital markets operations, has said it’s considering downgrades of lenders including Bank of America, ranked second by assets in the U.S. While ratings cuts typically raise borrowing costs and force banks to increase collateral, analysts have said the change was expected.

Give me a break.

There should be zero impact from this because you shouldn't be able to take on a position you cannot clear, in full with cash, at any point in time.

 

More at the link.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

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