The great intrest rate rip off part 7

[MARTIN3030]

Continued from part 6 here;

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?346170-The-great-intrest-rate-rip-off-part-6/page11

[interestrateripoff]

Part number 7

 

Breaking news

 

• Roche cuts 1,000 U.S. jobs by closing New Jersey plant - Reuters
  

 

 

 

• UK economic outlook getting worse, warns Bank of England
   
  Governor Mervyn King tells MPs he is more 'pessimistic' about the eurozone and its effect on the British economy than he was in May
  53 comments
  
  • UK government borrowing higher than expected
    
  • Osborne staked reputation on deficit control
    
  • Kipper Williams: Mervyn King's comedy nite
    

  [*] Hollande and Merkel meet in Paris with high stakes at play

   

  Franco-German discussions need to build 'a concrete path' for Europe, says José Manuel Barroso

  14 comments

  • Spain and Italy suffer new economic setbacks
    
  • Federal plan to save the eurozone
    
  • Eurozone crisis live: Tuesday as it happened
    
  • The gang of four document in full (pdf)
    
  • Cyprus becomes fifth country to seek bailout
    
  • Moody's downgrades 28 Spanish banks
    
  • Germany and Greece head for misery or divorce
    
  • Greek leaders' illnesses bring political chaos
    
  • Greek tax receipts nosedive
    

  [*] Lloyds TSB computer glitch delays mortgage customers' completions

   

  Customers due to complete on Cheltenham & Gloucester mortgages left in limbo after glitch stopped transfers to solicitors

   

  • RBS glitch 'needs full investigation'
    
  • RBS boss says outsourcing not to blame
    
  • Nils Pratley: RBS must restore customer confidence
    
  • How NatWest's IT meltdown developed
    
  • Stephen Hester apologises for technical glitch
    

 

 

• OECD says US economy is recovering but income inequality problematic
   
  Organisation of worldwide economists backs Obama plan to end Bush-era tax cuts as it presents report on still-fragile recovery
  5 comments
  
• Xstrata's independent directors in a fine old mess over pay and perks
   
  Last updated 13 minutes ago
  Nils Pratley: Sir John Bond and co thought shareholders wouldn't dare shoot down £50bn deal – they are being forced to think again
  Post your comment
  
• Kaupthing directors could run a bank again in 16 months
   
  FSA said the senior management of the UK arm of the collapsed Iceland bank had agreed not to work for five years from 2 October 2008
   
  
  • Timeline: Kaupthing Edge and Icesave
    

  [*] More business news

  [*] Coryton oil refinery to shut with loss of up to 850 jobs

  [*] Ocado faces 'challenging and uncertain' trading

  [*] Ireland's former richest man faces jail for contempt

[interestrateripoff]

Lord Sugar to launch long-awaited internet based television service YouView next week

 

26 June 2012 06:56 PM

YouView, the long-awaited internet based television service which is intended to be the next generation of Freeview, will finally be launched by Lord Sugar next week.

 

 

 

Heathrow told to stop moaning about capacity

 

26 June 2012 10:00 AM

Gatwick boss says claims about aviation in London are harming the economy

 

 

 

Vince Cable's praise for creative industries as Design Summit focuses on the economy

 

26 June 2012 09:30 AM

Vince Cable, the Business Secretary, will today praise the creative industries at the opening of the Design Summit at London's City Hall which this year examines how Britain's design industry can help rebalance the economy.

 

 

 

Sir Mervyn King issues gloomy financial forecast

 

26 June 2012 01:55 PM

Bank of England Governor Sir Mervyn King has said he is "pessimistic" over the chances for a eurozone recovery and warned Britain is still not halfway through the financial crisis.

 

 

 

Business lending to be extended

 

26 June 2012 03:03 PM

A lending scheme set up by the Government to boost the flow of credit to small businesses will be extended to "99.9%" of all companies, the Chancellor announced today.

 

 

 

Nissan chief executive defends pay deal

 

26 June 2012 07:13 AM

Nissan chief executive Carlos Ghosn highlighted the quick recovery of the carmaker from a year of disasters as shareholders questioned low dividends and a lagging stock price.

 

 

 

EU publishes draft rules to tighten up on derivatives

 

26 June 2012 12:00 AM

The European Union's securities watchdog has published draft rules to meet a December global deadline for making the derivatives market safer and more transparent.

 

 

 

New Look gets breathing space from banks

 

26 June 2012 12:00 AM

The fashion chain New Look has reached a refinancing deal with its banks that pushes out repayments on its £1.1bn of debt until 2015.

 

 

 

Shire dives as copycat is backed by US watchdog

 

26 June 2012 12:00 AM

Shares in the British FTSE 100 pharmaceuticals giant Shire yesterday dived 11 per cent after regulators shocked the City by giving their backing to a generic rival of one of its best-selling drugs.

 

 

 

'Brave' hits the bullseye as Pixar film is No 1 again

 

26 June 2012 08:00 AM

The story of an archery-ace, 10th-century Scottish princess who rebels against convention has topped the US box office, in the 13th-straight No 1 hit for Disney's animation studio, Pixar.

 

 

 

Abu Dhabi fund sees returns dip

 

26 June 2012 12:00 AM

The Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, saw its investment returns slip last year but believes that the global economy still offers good opportunities for itself and similar patient investors.

 

 

 

Morrisons to lose finance director Richard Pennycook next summer

 

26 June 2012 09:00 AM

The finance director who played a crucial role in building Morrisons into a nationwide grocer after the debacle of its takeover of Safeway in 2004 is leaving.

 

 

 

Dods pulls plug on DeHavilland Political Intelligence bid

 

26 June 2012 12:00 AM

Dods, the parliamentary publisher and data platform, yesterday pulled the plug on its planned £12.8m purchase of DeHavilland Political Intelligence from the private equity-owned publisher Emap.

 

 

 

Oldest bank Banca Monte dei Paschi di Siena seeks Italian state aid

 

26 June 2012 09:30 AM

Italy's Banca Monte dei Paschi di Siena is rushing against time to win state backing for a €1bn (£803m) bond issue that would plug a capital shortfall by the end of June, as required by EU regulators.

 

 

 

BP sells Wyoming gas fields to Linn

 

26 June 2012 12:00 AM

BP has agreed to sell its interest in the Jonah and Pinedale gas fields in Wyoming for $1bn (£643m) to the US hydrocarbon producer Linn Energy.

[interestrateripoff]

Merkel buries euro bonds as summit tension rises

 

7:26pm BST

BERLIN/PARIS - German Chancellor Angela Merkel sought to bury once and for all the idea of common euro zone bonds on Tuesday, saying Europe would not share total debt liability "as long as I live", as the bloc's big four finance ministers met to narrow differences on how to solve a worsening debt crisis.

 

Gloomy BoE sees outlook darken

 

3:27pm BST

LONDON - Britain's economic outlook has worsened markedly in the space of just six weeks due to the deepening euro zone crisis and signs that a global slowdown is taking root in the United States and emerging markets, the Bank of England said on Tuesday.

Public borrowing rises in May as income tax falls

 

LONDON, June 26 - Britain's government borrowed more than expected in May after income tax receipts fell and spending rose, in a sign the Conservative-Liberal Democrat coalition may struggle to meet its austerity target this year as the euro zone crisis rumbles on.

 

• FTSE edges lower, moves seen muted ahead of summit 6:09pm BST
  
• Murdoch's News Corp considering splitting in two 6:25pm BST
  
• Roche cuts 1,000 U.S. jobs by closing New Jersey plant 6:42pm BST
  
• Shell and partners to turn Coryton into terminal
  

Private fund buys 5 percent of Italian bank UniCredit

 

MILAN - Private equity fund Pamplona has bought 5 percent of Italy's biggest bank, UniCredit , becoming its second-largest shareholder, in a vote of confidence on the bank's future in the face of a deepening euro zone crisis.

7:40pm BST

 

Bold steps needed to revive high streets: BRC

 

LONDON - Radical action including the creation of enterprise zones, the compulsory purchase of derelict stores and rent-free deals, is required to revive the UK's ailing high streets, the head of the British Retail Consortium (BRC) said on Tuesday.

UK 4:37pm BST

 

Insight: Vodafone in new 1 billion pounds tax "scandal"

 

LONDON - The world's largest mobile phone company, Vodafone Group, has shaved 1 billion pounds, and possibly more, off the taxes its UK operating unit might have paid in the past decade, thanks to accounting factors not seen at other European units.

Spain, David Cameron 12:00pm BST

 

New Shtokman consortium to market gas: source

 

MOSCOW - Gazprom, Russia's gas export monopoly, is expected to give up some or all of its rights to market the gas from the giant Shtokman gas field under a new shareholder agreement likely to be signed by the end of the year, a source involved in the negotiations said on Tuesday.

[interestrateripoff]

26 June 2012 Last updated at 19:02

 

 

News Corp confirms possible split

 

Rupert Murdoch's News Corporation has confirmed that it is considering splitting itself into two separate companies.

 

• Peston: Would split protect BSkyB?
  

 

RBS says 99% of accounts updated

 

RBS Group says nearly all RBS and NatWest accounts have now been updated, after a major computer glitch a week ago disrupted payments.

 

• NatWest Q&A: Your rights
  
• Mervyn King calls for inquiry Watch
  
• 'Paying staff from our own money' Watch
  
• Glitch at RBS kept man in prison
  

 

 

King 'pessimistic' about economy

 

Bank of England governor Sir Mervyn King says he is "pessimistic" about the global economy, saying the situation has worsened in the past few weeks.

 

• King 'pessimistic' about economy Watch
  
• In depth: UK economy
  

 

 

Eurozone in crisis

 

 

• How to bind the eurozone together
  
• How eurozone crisis affects you
  
• Compare European debt levels
  
• Who's afraid of the euro crisis?
  

 

 

 

 

Other top stories

 

 

• Deal agreed for oil refinery sale
   
  Hundreds of job losses are confirmed as the sale of an Essex oil refinery site is agreed.
  
• EU unveils vision for the future
   
  European authorities unveil their vision for the future of the eurozone, including calls for a European treasury to have power over national budgets.
  
• Planned 3p fuel duty rise delayed
  
• US house prices 'rise in April'
  
• Ocado shares plunge post results
  
• World's oldest bank gets bailout
  
• Indian finance minister resigns
  
• Greece names new finance minister
  
• Nadir fled UK as a 'broken man'
  
• Carpetright says market is 'weak'
  
• Would BSkyB be protected by News Corp break-up?
   
  12 hours ago
  Rupert Murdoch may be considering breaking up News Corp into two companies, with the group’s newspaper and publishing interests separated from film and TV interests. By ring-fencing the UK newspaper interests where hacking and alleged bribing took place, the risk of British Sky Broadcasting losing its broadcasting licence may be diminished.
  

[interestrateripoff]

Fuel duty increase is cancelled

 

The government will delay a 3p-a-litre rise in fuel duty from August until next January, it announces.

 

• Robinson: Chancellor responds
  
• King 'pessimistic' about economy
  
• Osborne: 'Fuel our recovery' Watch
  
• Balls: 'So many u-turns'
  

[interestrateripoff]

[/url] Chancellor scraps 3p fuel duty hike

 

George Osborne relents to pressure to abandon planned 3p rise in fuel duty in a £550 million Budget U-turn, telling MPs it will 'fuel recovery at this very difficult economic time for the world'.

Comment

Poor bear brunt of tax rises

 

 

History of U-turns by Coalition

 

 

Sketch: Osborne makes a fuel of Balls

 

 

Osborne scraps fuel duty rise: story of petrol, populism, and panic

 

 

UK recovery still five years away, warns BoE's Mervyn King

 

Britain is facing at least five more years of financial pain, the Governor of the Bank of England has warned, in his bleakest outlook for the economy yet.

Comment

UK deficit goal at risk after weak borrowing

 

 

Sir Mervyn: FSA must investigate RBS glitch

 

 

 

 

Murdoch's News Corp set to be broken up

 

Rupert Murdoch’s News Corporation is set to be broken up as the embattled media chief battles to stem the damage caused by the News of the World phone hacking scandal.

 

Merkel: no eurobonds for 'as long as I live'

 

Angela Merkel has firmly rejected the use of eurobonds ahead of a crucial summit in Brussels this week, ruling out jointly guaranteed eurozone debt for "as long as I live".

Comment

Debt crisis: as it happened - June 26, 2012

 

 

Debt crisis: Spain mulls VAT hike in austerity push

 

 

EU banking union plans 'a threat to London'

 

 

EU could be allowed to change countries' budgets

 

 

Germany 'risks being centre of empire'

 

 

 

OECD calls for inequality cut in America

 

The US should increase taxes on the wealthiest Americans to cut inequality, according to the Organisation for Economic Co-operation and Development.

Comment

 

Ocado shares plunge despite profits rise

 

Shares in Ocado, the online grocery business, fell heavily after it admitted that it had lost out during the Jubilee weekend and could be hit by disruption caused by the Olympics.

 

Carpetright profits fall to 1992 levels

 

 

 

 

Ireland's once richest man in contempt of court

 

 

 

 

More job cuts and pay freezes on way

 

 

 

 

Stagecoach expects boost from cash-strapped commuters

 

 

 

 

BP sells Wyoming gas fields for $1bn

 

Debt crisis: Spain mulls VAT hike in austerity push

 

Spain is considering plans to raise VAT in a bid to meet tough deficit targets set by Brussels.

Comment

Debt crisis: as it happened - June 26, 2012

 

 

 

 

Angela Merkel rules out eurobonds for 'as long as I live'

 

 

 

 

UK deficit goal at risk after weak borrowing

 

A hopelessly misconceived blue print for Europe

 

All the bail-out systems under the sun cannot make the eurozone work

[interestrateripoff]

Sweeping Effects as Broadband Moves to Meters

 

By BRIAN STELTER 1:54 PM ET

 

 

Broadband companies are moving toward a strategy called usage-based billing, which will charge tiers of pricing based on how much people use their Internet at home.

 

• Post a Comment | Read (2)
  

 

 

 

J. Michael Short for The New York Times

 

Nicholas Longo, the director of Geekdom, says usage-based billing would worsen an economic barrier between some Americans and the Internet. "It's like locking the doors to the library."

 

 

 

 

 

 

 

Euro Zone Leaders to Debate Joint Banking Union

 

By STEPHEN CASTLE 16 minutes ago

 

Details of a plan for tighter fiscal unity, including the creation of a sort of finance ministry for the euro zone, began to emerge ahead of a two-day summit meeting that begins Thursday.

 

 

Greek Premier Appoints New Finance Minister

 

By NIKI KITSANTONIS 9:49 AM ET

 

Yannis Stournaras, a prominent economist, is expected to succeed Vassilis Rapanos, who resigned before he could be sworn in, citing health problems.

 

• Tracking the Debt Crisis
  

 

F.B.I. Says 24 Are Arrested in Credit Card Theft

 

By NELSON D. SCHWARTZ 36 minutes ago

 

The cybercrime arrests were made on four continents in an undercover operation.

 

Markets Edge Ahead

 

By THE ASSOCIATED PRESS

 

Stocks on Wall Street traded positively as investors absorbed domestic economic reports.

 

DealBook

 

Top Executives Said to Meet to Discuss News Corp. Breakup

 

By AMY CHOZICK 34 minutes ago

 

Rupert Murdoch, his son and others are expected to talk about the possibility of severing the company’s underperforming newspapers from its lucrative entertainment assets.

 

• DealBook: News Corp. Shares Leap on Potential Split
  

 

F.T.C. Charges Hotel Group Over Data Breaches

 

By EDWARD WYATT 12:21 PM ET

 

The Federal Trade Commission said that three electronic intrusions resulted in the theft of credit card data belonging to hundreds of thousands of the Wyndham hotel chains’ customers.

 

DealBook

 

Credit Suisse Said to Plan New Round of Layoffs in Europe

 

By MARK SCOTT 10:01 AM ET

 

Credit Suisse, which announced a major restructuring effort last year, may reduce the work force of its European investment banking division by as much as 30 percent.

 

‘Big Brother’? No, It’s Parents

 

By SOMINI SENGUPTA 1:47 PM ET

 

An array of surveillance software now exists to let parents keep tabs on their children’s activities online, raising questions about appropriate parenting.

 

• Tools to Control a Child’s Technology
  
• Post a Comment | Read (240)
  

 

How Many Computers to Identify a Cat? 16,000

 

By JOHN MARKOFF

 

A neural network of computer processors, fed millions of YouTube videos, taught itself to recognize cats, a feat of significance for fields like speech recognition.

[interestrateripoff]

Richmond Fed Drops

Well isn't that a pattern....

In June, the seasonally adjusted composite index of manufacturing activity—our broadest measure of manufacturing—lost seven points to -3 from May’s reading of 4. Among the index’s components, shipments declined two points to -2, new orders dropped thirteen points to end at -12, and the jobs index moved down eight points to 8.

Don't get too crazy-bearish on this -- yet.

Employees and wages both remained positive - so far. But workweek contracted, and new orders and backlog both collapsed. Shipments and capacity both are negative and prices received are not holding up.

 

More at the link.

[interestrateripoff]

Proven Stupidity = Higher Prices

I'm literally rolling here.

Orbitz Worldwide

Inc.

OWW 0.00%

has found that people who use

Apple

Inc.'s

AAPL -0.04%

Mac computers spend as much as 30% more a night on hotels, so the online travel agency is starting to show them different, and sometimes costlier, travel options than Windows visitors see.

The Orbitz effort, which is in its early stages, demonstrates how tracking people's online activities can use even seemingly innocuous information—in this case, the fact that customers are visiting Orbitz.com from a Mac—to start predicting their tastes and spending habits.

There's another way to look at this, of course. If you were dumb enough to pay twice as much for a computer with zero serviceability, especially when all portable computers include a battery that has a known service life but you can't replace it, and you willingly and intentionally subjected yourself to this, you're also likely to overpay for something as simple as a place to sleep.

 

If you do use a Mac when surfing you should load up virtual box and surf with Linux unless of course you enjoy paying more.

[interestrateripoff]

Heh CONgress: I Hope The Debt Market Revolts

 

It is time for both another downgrade to the US Credit rating and a blowout in spreads:

Republican and Democratic congressional leaders are weighing whether to delay automatic federal spending cuts until March 2013, according to a House aide and industry officials who were briefed on the discussions.

Proving that the promise to either reach a deal or cut spending was a lie should be cause for immediate downgrades to the US credit rating and a bond-market revolt.

 

More at the link.

[interestrateripoff]

Momentarily Stepping Back From The Trees To Show These Two Charts Of The Forest

 

Egan Jones Downgrades Germany From AA- To A+

 

In Harbinger Of Much More Pain To Come, SEC Sues Phil Falcone

 

The EU Summit Scenario Matrix

 

Santelli And Taylor On Hayekian Rules And Saving America's Economic Future

 

As The ECB's Balance Sheet Hits A New Record High, Fair EURUSD Value Is 900 Pips Lower

 

A Change To ESM Seniority Status Is Not Coming

 

Charting How Everything Changed In 2008

 

Italy's Unelected PM Mario Monti: "Eurobonds, Or I Resign"

 

Guest Post: Some Thoughts On Investing In The "Bottom" In Housing

 

Deutsche Bank Hides The Hopium: "The Next Recession Should Start By The End Of August"

 

Peripheral Sovereign Yields Spike On Spain 'Junk' Rumors

 

Is France's 'Germany-Containment' Strategy At Risk?

[interestrateripoff]

Art Cashin Warns: "Beware The Ides Of September"

 

Richmond Fed Plunges; Consumers Underconfident For The Fourth Month In A Row

 

How To Trade The Spanish Bank Bailout In One Paragraph

 

European 'Bail-In' Risk Rises To Near-Six-Month Highs

 

Case Shiller Top 20 Composite Rose In April, Posting Smaller Increase Than In March

 

Van Rompuy Slashes The "Future Of The Eurozone" From 10 To 7 Pages

 

Reservations Please: Merkel, Party Of "Nein"

 

Vampire Squid Downgrades Margin Stanley From Conviction Buy To Netural, Warns On Counterparty Risk, Lowers PT From $20 To $16

 

Italy Just Bailed Out The World's Oldest Surviving Bank

 

Meet The New Greek Finance Minister

 

Spain Borrowing Costs Triple In One Month, Italian Yield Firmly Above 6% Again

 

The Obamacare Outcome Matrix

 

Here Come The OS Class Wars: Orbitz Finds Mac Users Spend More On Hotels Than Their PC Counterparts

 

Biderman On The Bernanke Put, Black Swans, And The Failure Of 'Perceived Truths'

 

Guest Post: Oil Price Differentials: Caught Between The Sands And The Pipelines

 

Moody's Downgrades Spanish Banking Sector By 1-4 Notches

 

Can You Afford To Die In America? An Infographic

 

Stocks Slump But Commodities Jump Despite USD Pump

 

On The Verge Of A Historic Inversion In Shadow Banking

[interestrateripoff]

http://www.ons.gov.uk/ons/dcp171778_269144.pdf

 

[interestrateripoff]

Barclays market manipulation 'could have cost borrowers millions'

 

Bank fined £290m after attempting to manipulate key borrowing rate for four years, forcing boss Bob Diamond to forgo bonus.

Barclays fined £59.5m by FSA: full report

 

 

Libor explained: the real cost of money or just a fix?

 

 

Key emails: how Barclays manipulated Libor

 

 

Q&A: how does Libor affect my mortgage?

 

Here we have blatant manipulation the logical conclusion from this is that the banks must be sued for rigging the market, consumers/savers have all lost money because of this.

[interestrateripoff]

[/url]

 

Barclays market manipulation 'could have cost borrowers millions'

 

Barclays took part in an international conspiracy that could have meant customers paid millions more than they should have to borrow money from banks.

393 Comments

Bob Diamond: profile of one of the world's richest bankers

 

 

Q&A: Libor explained

 

 

Key emails: how Barclays manipulated Libor

 

 

Libor explained: the real cost of money or just a fix?

 

 

Barclays fined £59.5m by FSA: full report

 

 

 

 

Debt crisis: Merkel says eurobonds 'wrong'

 

Angela Merkel says shared debt is "wrong and counterproductive", as concerns grow over the financial health of Greece, Spain and Italy ahead of a key two-day EU summit in Brussels.

638 Comments

David Cameron under pressure to veto EU power grab

 

 

EU Summit: schedule

 

 

EU Summit: invitation letter

 

 

Angela Merkel: No quick and easy solution to debt crisis

 

 

Spain cannot finance itself for long, says PM Mariano Rajoy

 

 

 

Xstrata attempts to placate angry investors

 

Xstrata has attempted to placate angry investors threatening to derail a $65bn mega-merger with Glencore by agreeing to pay a £173m "retention package" for chief executive Mick Davis in shares.

2 Comments

Attempts to railroad Glencore-Xstrata deal through have failed

 

 

Glencore-Xstrata merger: a timeline

 

 

Q&A: the 'Glenstrata' merger

 

 

 

RBS glitch 'caused by operative in India'

 

The computer glitch at the Royal Bank of Scotland could have been caused by just one junior technician in India, it has been suggested.

216 Comments

RBS cancels Wimbledon corporate hospitality

 

 

Goodwin: we weren't at fault in RBS failure

 

 

 

Trader Jerome Kerviel faces five years in prison

 

Prosecutor in the re-trial of French trader Jerome Kerviel, who's appealing his conviction for covering up billions of euros in losses, asks for a new guilty verdict and a five-year prison term.

 

Best Buy founder eyes takeover

 

 

 

 

Zoellick reveals Harvard plan after leaving World Bank

 

 

 

 

Standard Chartered hit by strong dollar

 

 

 

 

Regulator poised to sue hedge fund chief Philip Falcone

 

 

 

 

British Land to buy Daily Mail printing works

 

Angela Merkel isn't bluffing; like everyone else in Europe, she's defending national sovereignty

 

You turn if you want to. The lady's not for turning. No, not Mrs Thatcher, but Angela Merkel, the latest big beast of the European political scene to dig her heels in and refuse to go along with the international consensus.

Comment

Debt crisis: Merkel and Hollande to meet in Paris

 

 

 

 

BBA: mortgage repayments outstrip lending for first time

 

 

 

 

Spain cannot finance itself for long, says PM Mariano Rajoy

 

The benefits of selective eurozone default

 

A hopelessly misconceived blue print for Europe

[interestrateripoff]

Breaking news

 

• BMW in talks to build cars at Mitsubishi's NedCar - Reuters
  

 

 

 

• Barclays chief Diamond gives up bonus over £290m fine
   
  Top executives forgo bonuses after bank fined £290m for 'serious, widespread' role in manipulating crucial interest rates
  352 comments
  
  • Nils Pratley: Can Bob Diamond hang on?
    
  • Vote: Should Bob Diamond resign?
    
  • FSA findings on Barclays Libor manipulation
    
  • A bad year for Barclays
    
  • 'I'm opening a bottle of Bollinger'
    

  [*] Eurozone crisis: Germany rules out pooling of debt

   

  Last updated five minutes ago

  Angela Merkel made it clear she will not yield to pressure for the common issuance of eurozone debt in the form of eurobonds

  Post your comment

  • Eurozone summit: Germany v Italy, Spain and France
    
  • Eurozone crisis live: Wednesday
    
  • Microsoft's Greek offices attacked by arsonists
    
  • Hollande and Merkel meet in Paris
    
  • Spain and Italy suffer new economic setbacks
    
  • Federal plan to save the eurozone
    
  • Eurozone crisis live: Tuesday as it happened
    
  • The gang of four document in full (pdf)
    
  • Italy gives world's oldest bank €2bn lifeline
    

  [*] Xstrata and Glencore rewrite merger

   

  Investor concerns over £240m of retention packages for top Xstrata staff threaten to derail £50bn tie-up

   

  • Glencore-Xstrata deal under threat
    
  • Nils Pratley: Qatar right to try to raise price
    

 

 

• RBS clients may still take up Wimbledon seats
   
  Despite cancelling corporate hospitality, Royal Bank of Scotland to allow clients to take up their tennis tickets anyway
   
  
  • RBS cancels Wimbledon corporate hospitality
    

  [*] Think smartphones are ubiquitous now? Just wait a few years

   

  Charles Arthur: iPhone has helped smartphones lead the mobile market, and soon many mobile users will have no choice but to own one

  4 comments

  • Google's tablet expected to take on Apple iPad
    

  [*] Federal Reserve runs out of options

   

  Martin Feldstein: While the Fed's actions have helped bonds and stocks, it is not clear that they have stimulated real economic activity

  4 comments

  • More from Project Syndicate
    

  [*] More business news

  [*] Retail sales strongest for 18 months

  [*] Microsoft loses EU antitrust fine appeal

[interestrateripoff]

Rupert Murdoch ready to break up his scandal-hit media empire

 

27 June 2012 07:30 AM

Tycoon may cede day-to-day control of newspapers to focus on entertainment brands

 

 

Qatari threat to £57bn merger of Xstrata and Glencore

 

27 June 2012 12:00 AM

Anger continues over £170m retention bonuses for executives at mining giant

 

 

 

RBS admits problems with its computer system will not be properly fixed for days

 

27 June 2012 06:27 PM

Problems with the computer system at RBS Group will not be properly fixed for days, the taxpayer-controlled banking giant admitted today.

 

 

 

Knowingly underpaid? John Lewis hit by cleaners' protest

 

27 June 2012 08:30 AM

Workers at co-operative told they will lose their jobs or have their hours cut by half

 

 

 

Fiscal union blueprint fails to calm financial markets

 

27 June 2012 12:00 AM

Spanish and Italian borrowing costs soar despite EU proposals for eurobonds

 

 

 

Bollinger and 'big boy': Suspicious Barclays Libor email extracts revealed

 

27 June 2012 05:17 PM

Promises of Bollinger, coffees and affectionately dubbing a banker “big boy” are among a series of jaw-dropping emails uncovered as part of the FSA investigation into rate-manipulation at Barclays.

 

 

 

Barclays to pay £290m penalties as Bob Diamond forgoes bonus

 

27 June 2012 06:17 PM

The banking industry was engulfed in a fresh scandal today after Barclays paid £290 million to settle claims that it used underhand tactics to try to rig financial markets.

 

 

 

Microsoft loses huge fine appeal

 

27 June 2012 01:09 PM

A court has upheld most of a massive fine levied against Microsoft by the European Commission's competition watchdog, closing a case against the software giant that began in 1998.

 

 

 

BA to launch new services

 

27 June 2012 12:49 PM

British Airways will start a number of new services in winter 2012/13 following its takeover of the bmi airline.

 

 

 

Mortgage repayments outstrip lending for first time

 

27 June 2012 11:47 AM

Mortgage repayments outstripped lending for the first time last month as Britain's households became more cautious, banks revealed today.

 

 

 

Shops to launch warranty comparison website

 

27 June 2012 11:45 AM

Major UK electrical retailers will set up a price-comparison website for extended warranties as part of a series of measures to placate competition authorities.

 

 

 

Natwest cancels corporate hospitality in wake of IT meltdown

 

27 June 2012 08:42 AM

Royal Bank of Scotland has cancelled its corporate hospitality at Wimbledon from today as it continues to deal with the IT meltdown which left thousands of customers without access to cash.

 

 

 

Every Lidl helps: bargain hunters flock to German masters of no-frills shopping

 

27 June 2012 08:00 AM

Low-cost supermarkets seize on tough economic times as middle classes start to count the pennies

 

 

 

Ocado flagging the downside of Olympics and Jubilee

 

27 June 2012 12:00 AM

Ocado, the online grocer, saw its shares crash by more than 20 per cent yesterday after it warned of "disruption" from the Diamond Jubilee and the forthcoming Olympics on its third-quarter sales.

 

 

 

Another Tesco boss leaves - this time it's Dame Lucy Neville-Rolfe

 

27 June 2012 12:00 AM

Tesco has confirmed Dame Lucy Neville-Rolfe, its corporate and legal affairs director, is to retire on 2 January, her 60th birthday, following fellow board members Richard Brasher, Andrew Higginson and David Potts out of the grocery giant's door during the past year.

[interestrateripoff]

FTSE up, snaps losing streak as U.S. data pleases

 

LONDON - Britain's leading shares bounced back on Wednesday, snapping a four-session losing streak, with commodity and banking stocks squeezed higher as worries over the global growth outlook were eased by some upbeat U.S. data.

 

• Court finds Glencore grain unit bribed EU official 3:22pm BST
  
• Insolvency law seals fate of Coryton refinery 3:21pm BST
  
• BoE to inject another 50 billion pounds in July: Reuters poll 6:36pm BST
  
• Barclays pays $453 million fine to settle Libor probe 5:28pm BST
  
• Insurers face cost hike from platform fee ban
  

 

Recent Business News

 

 

BMW in talks to build cars at Mitsubishi's NedCar

 

MUNICH/FRANKFURT - German premium carmaker BMW is considering building vehicles at the endangered Born plant in the Netherlands that belongs to Japan's Mitsubishi Motors , a spokesman for BMW said on Wednesday.

Japan 6:14pm BST

 

Glencore fights to save $26 billion Xstrata bid

 

LONDON - Commodities trader Glencore fought to save its $26 billion (16.7 billion pounds) bid for miner Xstrata on Wednesday after shareholder Qatar stunned the pair with a late demand for better terms, forcing them to push back the timing of the deal.

5:27pm BST

 

Lloyds agrees terms with Co-op on branch sale

 

LONDON - State-backed Lloyds Banking Group said on Wednesday it had reached an understanding over the terms of a deal to sell over 600 branches to the Co-operative Group and would end talks over a sale to new banking venture NBNK .

6:13pm BST

 

Spain wins time from EU on bank liquidity support

 

BRUSSELS/MADRID - Spain on Wednesday won time to negotiate the terms of European aid for its banks and gained approval for a state liquidity guarantee of 19 billion euros for Bankia , the country's biggest problem lender.

[interestrateripoff]

http://www.schillerinstitute.org/fid_91-96/954_Gallagher_Venice_rig.html

 

How Venice Rigged the First, And Worst,

Global Financial Collapse

by Paul Gallagher

 

Six hundred and fifty years ago came the climax of the worst financial collapse in history to date. The 1930’s Great Depression was a mild and brief episode, compared to the bank crash of the 1340’s, which decimated the human population. The crash, which peaked in A.C.E. 1345 when the world’s biggest banks went under, “led” by the Bardi and Peruzzi companies of Florence, Italy, was more than a bank crash—it was a financial disintegration. Like the disaster which looms now, projected in Lyndon LaRouche’s “Ninth Economic Forecast” of July 1994, that one was a blowup of all major banks and markets in Europe, in which, chroniclers reported, “all credit vanished together,” most trade and exchange stopped, and a catastrophic drop of the world’s population by famine and disease loomed.

[interestrateripoff]

27 June 2012 Last updated at 18:33

 

 

Barclays fined over manipulation

 

Barclays Bank pays £290m in penalties and boss Bob Diamond gives up his bonus after it tried to manipulate the interest rates at which banks lend to each other.

 

• Peston: Why these actions count
  

 

MPs demand IT answers from RBS

 

The chairman of the Treasury Committee brands the meltdown of RBS's computer system "completely unacceptable" and demands an explanation from the bank.

 

• NatWest Q&A: Your rights
  
• Mervyn King calls for inquiry Watch
  

 

 

Firm accuses CAB of harassment

 

A firm that sues shoplifters on behalf of retailers accuses a Citizens Advice Bureau official of organising a campaign of harassment against it.

 

 

Eurozone in crisis

 

 

• How to bind the eurozone together
  
• How eurozone crisis affects you
  
• Compare European debt levels
  
• Who's afraid of the euro crisis?
  

 

 

 

 

Other top stories

 

 

• Google reveals own-brand tablet New
   
  Google has unveiled Nexus 7 - an own-brand tablet made by the Taiwanese firm Asus.
  
• Spain 'cannot afford high rates'
   
  Spain's Prime Minister, Mariano Rajoy, says the country cannot afford to finance itself for long at current rates of interest.
  
• Xstrata incentives threaten deal
   
  Commodities trader Glencore is under pressure to change the terms of its $90bn (£56bn) merger with mining firm Xstrata.
  
• US bans Samsung Galaxy Tab 10.1
  
• Wage subsidies brought forward
  
• Retail sales 'saw Jubilee boost'
  
• EU seeks WTO help in China row
  
• Microsoft loses antitrust appeal
  
• Unite says wages failing to last
  
• Tepco nationalisation to go ahead
  
• Deal agreed for oil refinery sale
  
• Coca-Cola makes $5bn India move
  
• Nigerian leader sacks oil bosses
  
• Barclays 'attempted to manipulate interest rates'
   
  3 hours ago
  In its £290m settlement with regulators in the UK and US, Barclays has owned up to something very simple and – many would say – profoundly shocking: for four years between 2005 and 2009, it lied about the interest rate it was having to pay to borrow
  
• War of words for euro summit
   
  6 hours ago
  The Italian Prime Minister says he'll stay at the summit in Brussels all weekend if necessary, but given the German rhetoric, it might not make much difference.
  

[interestrateripoff]

Barclays to Pay Over $450 Million in Regulatory Deal

 

By BEN PROTESS and MARK SCOTT 11:51 AM ET

 

The British bank struck a deal to resolve accusations that it tried to manipulate key interest rates, the first settlement in a sprawling global investigation.

 

• DealBook: The Things Traders Say 12:11 PM
  
  

 

 

 

 

 

 

 

Google Tries Something Retro: Made in the U.S.A.

 

By JOHN MARKOFF 56 minutes ago

 

Etched into the base of Google’s wireless Nexus Q home media player is its most intriguing feature.

 

• Bits Blog: Google Wants to Make Entertainment More Social 1:12 PM ET
  
• Slide Show: Google’s American Factory
  
• Post a Comment | Read (7)
  

 

Merkel Refuses to Yield on Eve of Summit

 

By STEPHEN CASTLE 10:13 AM ET

 

As pressure mounted from other European leaders, Angela Merkel, the German chancellor, reiterated that she would oppose greater burden-sharing without a stronger political framework.

 

• Before Talks With Lenders, Greece Appoints Finance Minister
  

 

 

Spanish Officials Hailed Banks as Crisis Built

 

By LANDON THOMAS Jr.

 

Spanish financial leaders, who took positions assessing global financial risk for the International Monetary Fund, failed to sound alarms as Spain edged closer to a real estate and banking crisis.

 

Midday Gains on Wall Street

 

By REUTERS 12:13 PM ET

 

Wall Street traded higher as positive domestic economic reports overcame concerns over the European summit meeting.

 

U.S. Orders for Durable Goods Turn Up

 

By THE ASSOCIATED PRESS 11:51 AM ET

 

The Commerce Department said factories received 1.1 percent more orders for long-lasting manufactured goods in May, rebounding after two weak months.

 

Bits Blog

 

Head of T-Mobile USA Resigns

 

By BRIAN X. CHEN

 

Philipp Humm, chief executive of T-Mobile USA, has resigned from his position, said Deutsche Telekom, the company that owns the carrier. The company said he planned to pursue a new career and spend more time with his family in Europe.

 

At News Corp., a Plan to Sever Publishing Arm

 

By AMY CHOZICK and MICHAEL J. de la MERCED

 

The News Corporation is in talks to sever its publishing assets from its lucrative entertainment units.

 

• DealBook: Valuing a News Corp. Breakup
  

 

DealBook

 

Glencore's $24 Billion Deal for Xstrata Under Threat

 

By JULIA WERDIGIER 8:28 AM ET

 

The plan is on the rocks because of mounting opposition to executive pay, and because of a request by Qatar Holding, which is one of Xstrata’s largest shareholders, for the bid to be increased.

 

 

 

• Public Exchanges Duel With Newcomers Over Trade Transparency
  
• U.S. Judge Orders Halt to Samsung Sales of Galaxy Tab
  

[interestrateripoff]

To Spain: Bite Me!

 

Spain is stuck on stupid:

"We can't finance at current prices for too long," Mr. Rajoy told legislators in parliament. "There are many institutions and financial entities that have no market access. It's happening in Spain, it's happening in Italy and in other countries, that's why this is a crucial issue."

Stop spending more than you tax and you no longer care!

 

But politicians can't do that they'd have to admit they've been lying about the economy....

[interestrateripoff]

It's Ok To Manipulate Markets

 

This sort of [problem] ought to lead to prison time. Instead, as has been the pattern, we find ourselves with tiny little wrist-slap fines and nothing more -- and the crooks get to keep the profits besides.

Barclays Plc (BARC)

, Britain’s second-biggest bank by assets, agreed to pay 290 million pounds ($452.3 million) in penalties to settle U.S. and U.K. probes into whether it sought to rig the

London

and euro interbank offered rates.

Barclays Chief Executive Officer

Robert Diamond

and other executives will forgo their bonuses as a result, the bank said in a statement.

“The events which gave rise to today’s resolutions relate to past actions which fell well short of the standards to which Barclays aspires in the conduct of its business,” Diamond said in the statement.

So it's perfectly ok to rig one of the biggest markets in the world -- on which hundreds of trillions of dollars of derivative contracts rest and where extremely tiny moves turn into monstrous profits (or losses) -- and just pay a tiny fine?

 

Still no mention of consumers getting a refund.

[interestrateripoff]

Durables: All Taking Flight!

Well I guess a positive print is a good print, right?

New orders for manufactured durable goods in May increased $2.3 billion or 1.1 percent to $217.2 billion, the U.S. Census Bureau announced today. This increase, up following two consecutive monthly decreases, followed a 0.2 percent April decrease. Excluding transportation, new orders increased 0.4 percent. Excluding defense, new orders increased 0.7 percent.

Hmmm....

 

More at the link.