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Germany warns Greece it will halt aid unless it commits to bailout

 

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Germany has threatened to halt vital financial aid to Greece unless a new government commits to the terms of the country’s bail-out agreements, as the eurozone announces it will withold €1bn of a €5.2bn cash injection on Thursday.

Comment

Debt crisis and Greek coalition talks: as it happened - May 9

 

 

'Greek bail-out had three aims - and failed on all'

 

 

More than £25bn wiped off UK's biggest companies

 

 

 

 

Coalition sets sights on 'economic stability'

 

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Queen's Speech: Banks will be split, employment tribunals curbed and executive pay tackled by new legislation revealed in a Queen's Speech designed to "restore economic stability".

4 Comments

Queen's Speech 2012: live

 

 

Queen's Speech: 19 new laws to boost economy

 

 

Queen's Speech 2012: latest reaction

 

 

 

Clinton Cards goes into administration

 

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Clinton Cards, the country's largest specialist card retailer, has been put into administration by its largest supplier, becoming the latest casualty on the High Street and putting more than 8,000 jobs at risk.

43 Comments

Clinton Cards: The revenge of the suppliers

 

 

 

Murdoch faces calls for more share buybacks

 

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Rupert Murdoch will face calls from Wall Street to return more of News Corporation's multi-billion-dollar cash pile to shareholders, as his media empire prepares to report a double-digit hike in profits to more than $750m.

1 Comment

 

Prudential could still leave UK, warns Thiam

 

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Prudential’s chief executive has warned that efforts to soften new capital rules may not be enough to prevent the insurer moving abroad.

25 Comments

 

Titanic helps buoy ITV revenues

 

 

 

 

Reckitt's largest shareholder to sell £1.3bn stake

 

 

 

 

Sainsbury's curbs 'race for space' as sales rise

 

Queen's Speech shows we have a Coalition of the cautious

 

Europe's delusional search for growth

 

Crisis escalates as insurrection breaks German control of Europe

 

Debt crisis and Greek coalition talks: as it happened - May 9

 

 

 

Queen's Speech shows we have a Coalition of the cautious

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.

Link to post
Share on other sites

Bankers win High Court battle for £42m in bonuses

 

10 May 2012 12:00 AM

Ruling backs more than 100 former Dresdner Kleinwort staff in their claim for a mega-payout

 

 

 

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Clinton Cards: The shop that played its hand wrong

 

10 May 2012 12:00 AM

Don Lewin turned £500 into a huge gift-shop empire. But Clinton Cards failed to adapt to the internet age – and now may be forced to fold

 

 

 

FTSE 100 heading for its first positive session in a week

 

10 May 2012 03:41 PM

London's leading shares index is heading for its first positive session in a week after investors leapt on positive news from the US economy today.

 

 

 

Bank of England holds back on QE

 

10 May 2012 01:28 PM

The Bank of England held off from pumping more emergency cash into the economy today amid fears that inflation is not falling back as quickly as expected.

 

 

 

News Corp reports rise in profits

 

10 May 2012 08:02 AM

News Corporation has reported a strong rise in quarterly profits despite continuing legal charges over the phone-hacking scandal.

 

 

 

News Corp shares rise on stock buyback

 

10 May 2012 12:00 AM

Rupert Murdoch's News Corporation last night doubled the size of a stock buyback programme that has been mollifying its shareholders while scandals have raged around the company.

 

 

 

Stelios renews assault on easyJet bonuses

 

10 May 2012 12:00 AM

Sir Stelios Haji-Ioannou, easyJet's founder, complained yesterday that the "shareholder spring" – which saw Aviva's chief executive Andrew Moss quit and put pressure on William Hill's boss, Ralph Topping, about the amount he was paid – had made no impact on the airline.

 

 

 

Sainsbury's scorns its rivals after profits leap

 

10 May 2012 12:00 AM

Sainsbury's yesterday posted a rise in annual profits and poured scorn on the latest investment plans of rivals Waitrose and Tesco.

 

 

 

Chime warns on profits after revenues dip at 'dark arts' PR firm

 

10 May 2012 12:00 AM

PR supremo Lord Bell's Chime Communications yesterday issued a surprise profit warning after an unexpected slide in revenues at its Bell Pottinger subsidiary in the period following The Independent's exposé of its lobbying activities.

 

 

 

Reckitt investor sells £1.3bn stake

 

10 May 2012 12:00 AM

Reckitt Benckiser's largest shareholder, JAB Holdings, which is owned by one of the consumer goods giant's founding families, the Reimanns, is selling almost 5 per cent of the group's shares.

 

 

 

Live Nation buys stake in Cream

 

10 May 2012 12:00 AM

Ingenious Media Active Capital (Imac) has sold its stake in Cream, a live events company based on the Cream electronic music brand.

 

 

 

Studio boost for ITV's revenues

 

10 May 2012 12:00 AM

ITV got a boost yesterday as it reported a 61 per cent jump in first-quarter revenues at its programme-making arm ITV Studios, which is responsible for shows such as I'm A Celebrity and drama series Titanic.

 

 

 

Rooms back on market for the Olympics

 

10 May 2012 12:00 AM

Hundreds of extra London hotel rooms have come back on the market with 79 days to go before the Olympics according to Holiday Inn and Crowne Plaza owner, InterContinental Hotels Group (IHG).

 

 

 

Glaxo takes £1.6bn Genome bid fully hostile

 

10 May 2012 12:00 AM

Britain's biggest drugs firm, GlaxoSmithKline, yesterday stormed ahead with its $2.6bn (£1.6bn) hostile takeover of United States biotech Human Genome Sciences, waving aside the board to take its bid direct to shareholders.

 

 

 

City bonuses 'to be halved' amid the growing protests

 

10 May 2012 12:00 AM

City bonuses will return to the "real world" this year with payouts halving to £2.3bn, their lowest level since 1998, a new report claims today.

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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Bank of England stops QE

 

The Bank of England votes not to give the struggling economy another cash injection as concerns over stubbornly high inflation outweigh the risk of a prolonged recession and renewed dangers from the euro zone debt crisis. Full Article

 

 

 

GSK starts $2.6 billion tender offer for Human Genome

 

LONDON - GlaxoSmithKline launched its promised $2.6 billion (1.6 billion pounds) tender for shares in long-time partner Human Genome Sciences on Thursday, setting out an initial timetable of just under a month to win control.

3:39pm BST

 

Gulf Keystone warns Internet gossips to back off

 

LONDON - London-listed oil and gas explorer Gulf Keystone Petroleum Ltd is considering legal action to protect the company from rumours on the Internet, the latest resources firm to fire a warning shot at online gossips.

3:04pm BST

 

Pendragon shareholders vote down bosses' pay

 

- Britain's top car dealer Pendragon Plc is backtracking on pay rises for its executives after shareholders voted to reject the pay package.

3:37pm BST

 

Whitehall eyes Barclays' German properties - sources

 

FRANKFURT - German real estate group GSW and its former owner Whitehall Funds are bidding just over 1 billion euros (803 million pounds) for a German real estate portfolio owned by Barclays , two people with knowledge of the matter said.

Spain takes over Bankia to steady ailing sector

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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10 May 2012 Last updated at 15:55

 

 

UK interest rates held at 0.5%

 

The Bank of England continues to hold UK interest rates at 0.5% and is not extending its programme to boost the economy by buying government bonds.

 

 

_60149630_014713832-1.jpgThousands in public sector strike

 

Thousands of public sector workers are taking part in a 24-hour UK-wide strike in a dispute with the government over pension changes.

 

 

 

_60150007_aquascutum.jpgAquascutum sold to YGM Trading

 

Luxury clothing brand Aquascutum is sold for £15m to a subsidiary of YGM Trading, which already owns the rights to the brand in Asia.

 

 

 

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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Data Signal Economic Trouble in China

 

By KEITH BRADSHER 9:03 AM ET

 

 

Growth in both imports and exports slowed notably in China last month and was well below forecasts, raising concerns over weakness in the world's second biggest economy.

 

 

 

LIVE DAILY AT 10 AM ET

 

 

 

 

 

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James B. Stewart on what Europe’s structural problems mean for the United States | Facebook’s network of tech tycoons | Cisco as a proxy for the world’s economy."

 

 

 

 

 

 

 

 

U.S. Jobless Claims Fall, Trade Deficit Widens

 

By REUTERS 9:40 AM ET

 

New claims for unemployment benefits in the United States edged down last week, while the United States trade deficit widened in March, the government reported.

 

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A Circle of Tech: Collect Payout, Do a Start-Up

 

By SOMINI SENGUPTA

 

The windfall from Facebook’s public offering may prompt some employees to leave, in what could be one of company’s lasting legacies — a new generation of tech tycoons looking to create or invest in, well, the next Facebook.

 

Buyers Drive Wall Street Higher

 

By REUTERS 10:06 AM ET

 

Stocks on Wall Street rose in morning trading as a recent string of losing sessions sent investors looking for bargains.

 

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Solar Installers Offer Deals, Gaining Converts

 

By DIANE CARDWELL

 

Installers, often working through big-box chains, are taking advantage of hefty tax breaks, creative financing and cheap Chinese-made panels to make solar power accessible to the mass market.

 

 

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British Hacking Panel to Question Former Cameron Aide

 

By ALAN COWELL 9:08 AM ET

 

Andy Coulson, a former editor of The News of the World Sunday tabloid who later became Prime Minister David Cameron’s communications director, is expected to testify on Thursday.

 

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Spain Takes Control of Its Top Real Estate Lender

 

By RAPHAEL MINDER 8:03 AM ET

 

The Economics Ministry described the Bankia intervention as "a first step to guarantee its solvency," suggesting that it would follow up with a capital injection.

 

 

Bernanke Says Lending Spigots Are More Open Now

 

By THE ASSOCIATED PRESS 15 minutes ago

 

Federal Reserve Chairman Ben Bernanke said Thursday that many businesses and consumers are finding it easier to borrow as banks shore up their balance sheets.

 

New Rules May Curtail Some Fees in Mortgage

 

By EDWARD WYATT

 

The rules are designed to tackle origination fees, which vary widely depending on the amount of a loan.

 

 

DealBook

 

Coty Raises Bid for Avon to $10.7 Billion

 

By MICHAEL J. DE LA MERCED 9:23 AM ET

 

Coty upped its offer 6.5 percent, to $24.75 a share, but only gave the cosmetics maker until Monday to begin deal negotiations.

 

 

 

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

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Greeks scramble for third time this week to form a government

 

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Greek politicians started a third attempt this week to form a government, as socialist leader Evangelos Venizelos received a mandate, with German politicians warning Greece must "help itself".

395 Comments

Greek socialists given third chance at forming government

 

 

Merkel: no 'magic bullet' to beat debt crisis

 

 

Surprise weakening in China import and exports

 

 

Spain nationalises Bankia as euro crisis escalates

 

 

 

 

Pendragon drops executive pay plan after revolt

 

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Pendragon, Britain's largest car dealer, has scrapped its executive pay plan after becoming the latest victim of the "shareholder spring".

3 Comments

Shareholder spring: pay revolts and the firms in the firing line

 

 

 

Experian sells businesses at a quarter of cost

 

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Experian has agreed to sell two price comparison businesses to Indian group Ybrant Digital for less than a quarter of their original value.

Comment

 

Relief for pensioners as Bank halts QE

 

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The Bank of England confirmed it won't start another round of quantitative easing, following signs that inflation is proving more "sticky" than expected, and kept interest rates on hold at today's policy meeting.

UK recovery gathering pace, says OECD

 

 

Bank of Englands holds QE and rates: reaction

 

 

UK manufacturing picks up in March

 

 

 

Barratt reports best spring in five years

 

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Barratt Developments, Britain’s biggest housebuilder, has reported its strongest spring selling season in five years.

2 Comments

 

BT raises dividend after cost cuts lift profit

 

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BT increased its dividend by 12pc, after deep spending cuts and strong demand for broadband helped the company to raise profits despite a fall in total sales.

Comment

 

L&G selects Wilson as new chief executive

 

Europe's nuclear brinkmanship with Greece is a lethal game

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

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.

Link to post
Share on other sites

On a wing and a prayer: Spain bank deal 'doomed'

 

11 May 2012 12:00 AM

Madrid failure to do enough is pushing the country closer to a bailout, say analysts

 

 

 

£1.2bn JP Morgan Chase loss investigated

 

11 May 2012 03:00 PM

A team of high-stakes traders, including one dubbed the London Whale, were today at the centre of an investigation over £1.2 billion losses at America's biggest bank.

 

 

 

Angela Merkel prepares for an austerity backlash as key state goes to the polls

 

11 May 2012 09:00 AM

Likely defeat in weekend's regional election set to be humbling bodyblow to Chancellor's cuts agenda

 

 

 

Gloomy figures for building sector

 

11 May 2012 02:10 PM

Britain's slump back into recession was worse than first thought after statisticians slashed their estimate for construction output today.

 

 

 

Panasonic losses spiral to £3.4bn

 

11 May 2012 10:43 AM

Panasonic's January-March losses ballooned 10-fold to 438 billion yen (£3.4 billion), completing a year of record red ink at the Japanese electronics maker battered by natural disasters and an ailing TV business.

 

 

 

Jaguar Land Rover spending plans promise 300 jobs

 

11 May 2012 10:28 AM

Car giant Jaguar Land Rover is to spend an extra £1 billion with suppliers in the UK over the next four years, and plans to create 300 jobs.

 

 

 

Struggling Thomas Cook given boost by rainy weather and ad campaign

 

11 May 2012 09:16 AM

Britons eager to escape the UK's dismal weather gave a boost to struggling holiday firm Thomas Cook's turnaround today.

 

 

 

£211 loss for BA owner International Airlines Group

 

11 May 2012 08:55 AM

Rising fuel costs and the impact of Spain's economic crisis left the owner of British Airways and Iberia nursing big quarterly losses today.

 

 

 

Fund manager hit with £8.6m UK and US fines for conflict of interest

 

11 May 2012 12:00 AM

Martin Currie, the Edinburgh-based fund management giant, has been hit with a £3.5m fine by the Financial Services Authority (FSA) for conflict of interest over a series of bond investments.

 

 

 

Broadband wars latest: BT bests Virgin but lags BSkyB

 

11 May 2012 12:00 AM

Telecoms giant BT today claimed that it is winning the broadband and TV war by grabbing more customers than arch-rivals Virgin Media and BSkyB.

 

 

 

Crisis triggers talk of big sell-offs of UK arms

 

11 May 2012 12:00 AM

The crisis in Spain is by no means limited to its banks, as its vast power corporation Iberdrola, owner of Scottish Power, made clear yesterday.

 

 

 

Anger over Sly Bailey's Trinity payoff

 

11 May 2012 10:00 AM

Almost 64 per cent of Trinity Mirror shareholders failed to back the newspaper group's remuneration report in a massive vote of no confidence in the pay of departing chief executive Sly Bailey.

 

 

 

Investors halt Pendragon bonus hikes

 

11 May 2012 12:00 AM

The car dealer Pendragon has been forced to tear up its plans to sharply boost its bosses' pay after more than two-thirds of shareholders voted down its remuneration report.

 

 

 

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New elections loom as Greek talks falter

 

11 May 2012 12:00 AM

With Greece seemingly headed for fresh elections amid faltering efforts to form a new government, opinion polls gave the Radical Left Coalition (Syrizia), which has rejected the euro bailout, a commanding lead.

 

 

 

Experian makes a loss in offloading PriceGrabber to Indians

 

11 May 2012 09:00 AM

Credit-checking group Experian yesterday finally unloaded its price-comparison website PriceGrabber and two related businesses for considerably less than it paid in 2005.

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

JPMorgan $2 billion trading loss dents teflon image

 

NEW YORK/LONDON - JPMorgan Chase & Co's shock trading loss of at least $2 billion (1.24 billion pounds)from a failed hedging strategy knocked financial stocks across the globe on Friday, as well as the reputation of the biggest U.S. bank by assets and its CEO Jamie Dimon.

 

 

ECB's Coeure calls for permanent currency swap lines

 

FRANKFURT - European Central Bank policymaker Benoit Coeure has called for permanent currency swap lines between the world's major central banks to stabilise financial markets.

5:29pm BST

 

Permira attracts bids for Iglo's multi-billion sale

 

LONDON - Private equity firm Permira has received tentative bids for the sale of its frozen food company Iglo, the maker of Birds Eye fish fingers, which is expected to fetch as much as 3 billion euros (2.41 billion pounds), banking sources said.

4:39pm BST

 

Marks & Spencer targets rivals with value brand

 

LONDON - Marks & Spencer has become the latest British food retailer to revamp its own-label ranges with a shake-up of its value lines designed to encourage customers do more of their weekly shop at the firm.

3:53pm BST

 

Fitch warns euro zone of downgrades if Greeks exit

 

LONDON - Credit rating agency Fitch put the whole of the euro zone on notice on Friday that were Greece to leave the currency bloc as a result of its current crisis, the remaining countries could find their sovereign ratings at risk.

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

11 May 2012 Last updated at 17:17

 

 

JPMorgan shares plunge on loss_60184917_60181086.jpg

 

Shares in JPMorgan Chase, the biggest US bank, dive 9% after it reveals a surprise trading loss of $2bn (£1.2bn) on complex investments.

 

 

_60163349_014713784-1.jpgExtra capital for Spanish banks

 

The Spanish government is to force its banks to take on an extra 30bn euros of capital to cushion themselves against loans going bad.

 

 

 

FTSE bosses 'not paid by results'

 

There is no correlation between FTSE 100 bosses' pay and the performance of the companies they run, a report reveals.

 

 

 

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

S.E.C. Opens Investigation Into JPMorgan's $2 Billion Loss

 

By BEN PROTESS and SUSANNE CRAIG 25 minutes ago

 

The Securities and Exchange Commission recently opened a preliminary investigation into JPMorgan's accounting practices and public disclosures about the trades.

 

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Finbarr O'Reilly/Reuters

 

A JPMorgan office in London. The bank informed regulators in Britain about the trading activities when reports surfaced in April about a London-based trader with outsize positions.

 

 

 

DealBook

 

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After JPMorgan Trading Debacle, a Chorus of Criticism

 

By KEVIN ROOSE

 

Since disclosing a $2 billion trading loss, Jamie Dimon, the bank's chief, has been getting flayed for having been a vocal opponent of the regulatory reform while overseeing risky trades.

 

Stocks Turn Around, Despite Trading Loss

 

By CHRISTINE HAUSER 12:11 PM ET

 

Stocks edged ahead on Wall Street, although the financial sector declined in the wake of huge losses at JPMorgan Chase on trading bets gone wrong.

 

 

 

 

 

Other Business News

 

European Warning Over Spanish Deficit

 

By JAMES KANTER AND RAPHAEL MINDER 11:43 AM ET

 

As Spain took steps to shore up its banking sector, the European Commission warned the government was likely to miss its deficit-reduction targets for this year and next.

 

 

Subsidies Aid Rebirth in U.S. Manufacturing

 

By LOUIS UCHITELLE

 

There is a quiet realization that American factories need subsidies to survive globally — especially to compete with Asian and European companies that routinely receive government assistance.

 

U.S. Wholesale Prices Falls

 

By REUTERS 9:58 AM ET

 

Producer prices unexpectedly fell in the United States in April, largely because of a big drop in gasoline costs.

 

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Catering to Caviar Tastes From an Unexpected Place

 

By CHOE SANG-HUN

 

An entrepreneur’s plans to produce caviar in South Korea have finally come to fruition, 15 years after he imported 200 sturgeon from Russia.

 

Media Decoder Blog

 

Houghton Mifflin Harcourt Enters Bankruptcy Process

 

By JULIE BOSMAN 11:54 AM ET

 

The educational and trade publisher has agreed to a restructuring that would convert its long-term debt to equity.

 

News Analysis

 

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China’s Growth Slows, and Its Political Model Shows Limits

 

By EDWARD WONG

 

Signs of a slowing economy and recent political upheavals in China add urgency to questions of how much control the state should exert, in business and in the lives of citizens.

 

 

 

 

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

[/url]

 

Boss of 'London Whale' behind $2bn JP Morgan loss paid $14m

 

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Ina Drew, the JP Morgan banker in charge of the largely London-based unit behind the shock $2bn (£1.24bn) trading loss at the bank, was paid $14m last year.

137 Comments

JP Morgan $2bn loss: FSA to look at what went wrong

 

 

London trader linked to shock $2bn JP Morgan trading loss

 

 

JP Morgan $2bn loss: Q&A

 

 

JP Morgan $2bn loss: the costly bet

 

 

JP Morgan $2bn loss: Dimon in quotes

 

 

 

 

UK recovery hopes dented by data

 

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Britain's hopes of rapidly escaping recession were dented by a swathe of bad economic news that showed consumer confidence plummeting, producer prices soaring and the construction sector failing to spark.

6 Comments

 

Spanish banks told to raise €30bn

 

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Spanish banks have been given 15 days to submit plans to meet an obligatory €30bn recapitalisation, or face nationalisation.

4 Comments

Debt crisis: as it happened - May 11, 2012

 

 

Brussels to audit Spanish banks

 

 

Chinese sovereign wealth fund stops buying Euro debt

 

 

Rio Tinto warns of Greek exit from eurozone

 

 

 

Top SEC investigator 'put on leave'

 

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The top investigator at the watchdog responsible for policing the Securities and Exchange Commission has been put on leave after openly talking about bringing a gun to work, it has been reported.

2 Comments

 

Centrica warns of higher energy bills

 

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British Gas owner Centrica has warned that 15.9 million households faced higher gas and electricity bills.

81 Comments

 

JLR to spend extra £1bn with UK suppliers

 

 

 

 

BA owner will only break even after buying bmi

 

 

 

 

Qatar buys 'major' stake in Shell

 

 

 

 

Retailer Clement Joscelyne placed in administration

 

Debt crisis: as it happened - May 11, 2012

 

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The Spanish government has told banks they must increase their provisions against property loans from 7pc to 30pc, meaning they must raise another €30bn.

346 Comments

Sainsbury CEO: lack of confidence in economy

 

 

 

 

Germany can't save the euro now

 

How JP Morgan became trapped in its $1 trillion fortress

 

Just what we didn't need – a strong pound

 

The annual meeting is very much alive and kicking

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

Why The JPM Trade Matters

We've all heard about the JP Morgan "rogue" trade by now -- the "hedge" that was not really a hedge.

But what's not been discussed are two aspects of this -- that this is a "slow burn" sort of story, and second, how it came to happen in the first place.

Let's deal with the first -- the "whale" trade was first reported in April. It "simmered" until it blew up into a huge mess yesterday.

The problem is the position is still on and now everyone knows that JP Morgan has this position and it's going against them. Expect people to press into this.

But the real problem is found in how the bank got this position on and funded it in the first place. That's a problem.

 

More at the link.

 

Looks like this loss could get an awful lot bigger...

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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Are The Banks About To Get ForeclosureHoled?

A case that I wrote about some time ago is being heard by the Florida Supreme Court:

Roman Pino loan #130133456 – $162,400 – (July 2011 satisfaction – still on the books in Jan 2012 trust report in “foreclosure” status) [3764 Mil Run Court, Greenacres, FL 33463] –
BoA monthly servicing fee for non-existent mortgage $50.73

This loan, it turns out, was not just being billed for "servicing" that wasn't happening. It also was apparently a fraudclosure -- a foreclosure in which fabricated documents were used by the bank involved to try to foreclose.

The bank got caught and attempted to avoid sanction for its behavior by withdrawing the complaint rather than face the music for the bogus documents, then re-file the case later.

 

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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Now They're F*d (JPM And Probably Others)

Oops...

JP Morgan is blaming "hedging" for a monstrous mark-to-market loss, presumably with their "whale" (the big credit trader that was blamed for actually moving markets a few weeks ago.)

By definition if something is a hedge then it's balanced by a gain somewhere else.

So this was not hedging -- it was speculation and there's only one thing worse than speculating -- that's unintentionally speculating!

 

Got to love spin..

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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Claims: Flatter Than A Board

Meh.

In the week ending May 5, the advance figure for seasonally adjusted
initial claims
was 367,000, a decrease of 1,000 from the previous week's revised figure of 368,000. The 4-week moving average was 379,000, a decrease of 5,250 from the previous week's revised average of 384,250.

This does basically nothing to move the needle.

The big table, however, shows big change. -132,750 off the regular state programs in the April 21st week and -36k off the EUC. The total drop was nearly 175,000; the problem is that we do not know, at this point, whether those people found jobs or whether they left the labor force.

The inference from the last employment report is that it was mostly people leaving the workforce.

 

And if they are leaving the "workforce" unemployment figures look better...

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.bloomberg.com/video/92465009/

 

An interesting piece on the JP Morgan farce. Apparently they bought European mortgages as a hedge, although what was meant to balance this trade to create a hedge appears to be omitted unless of course the deal wasn't hedge but was merely speculation.

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

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

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

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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