The great intrest rate rip off part 7

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Autonomy rejects HP allegations of 'serious accounting improprieties'

 

Autonomy founder Mike Lynch 'flatly rejects' Hewlett-Packard's allegations of "accounting improprieties" before the US computer maker bought the British software group for $10.3bn.

Profile: Mike Lynch, founder of Autonomy

 

 

The rise and fall of Mike Lynch

 

 

 

 

Adoboli gets seven years for $2.3bn UBS fraud

 

Former UBS banker Kweku Adoboli has been sentenced to seven years in jail after being found guilty of the biggest fraud in British history for losing the bank $2.3bn (£1.4bn) in unauthorised trading.

Kweku Adoboli was the author of his own downfall

 

 

Timeline: Rogue trader who nearly broke UBS

 

 

 

EU infighting risks delay to Greek aid

 

European leaders warned that the vital tranche of international aid may not be released to Greece until December as in-fighting and indecision dogged another summit in Brussels.

8 Comments

Debt crisis: as it happened - November 20, 2012

 

 

France shrugs off Moody's downgrade

 

 

Ben Bernanke steps up warning over America's 'fiscal cliff'

 

 

 

Glenstrata merger claims Sir John Bond’s scalp

 

Mining's biggest ever deal, the tie-up of Glencore and Xstrata, got the greenlight from investors - but Sir John Bond, Xstrata's chairman, resigned after they vetoed bonuses.

1 Comment

 

More QE would cause inflation, Weale warns

 

More money printing or lower interest rates would simply stoke inflation without driving growth, a Bank of England policymaker has warned.

12 Comments

Reformed regulation is more complicated

 

 

 

Premier Foods is a 'disaster story' say unions

 

Trade unions have lambasted Premier Foods as a “disaster story” after the owner of Hovis announced it will close two bakery sites and cut 900 jobs – 10pc of the group’s workforce.

Comment

 

SAC executive arrested over insider dealing

 

A senior executive with hedge fund SAC Capital has been arrested in what US prosecutors are claiming is the largest case of alleged insider-dealing ever charged.

 

France 'deplores' Moody's over loss of 'AAA' rating

 

France's foreign minister said on Tuesday he "deplored" the decision of Moody's to strip the country of its AAA credit rating but still dismissed the downgrade as irrelevant.

1 Comment

 

Ben Bernanke steps up warning over America's 'fiscal cliff'

 

 

 

 

Reformed regulation is more complicated

 

 

 

 

Debt crisis: as it happened - November 20, 2012

 

Victim or fool? Hewlett Packard falls for oldest trick in the (cooked) book

 

Business needs to engage in shaping Britain's post-EU future

 

 

 

 

 

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Hewlett-Packard Takes $8.8 Billion Charge

 

By MICHAEL J. DE LA MERCED and QUENTIN HARDY 55 minutes ago

 

Hewlett-Packard said it took the charge after it discovered “serious accounting improprieties” at Autonomy, the British software maker it bought for $11.7 billion last year.

 

• Video: H.P.’s Chief on Big Accounting Charge
  
• Wall Street Turns Lower After H.P. Charge 1:33 PM ET
  

Peter DaSilva for The New York Times

 

Meg Whitman, the chief of Hewlett-Packard, has tried to revive the company and move past accounting charges and controversies.

 

 

 

 

DealBook

 

Ex-SAC Capital Trader Charged in $276 Million Insider Scheme

 

By PETER LATTMAN 1:47 PM ET

 

Mathew Martoma, a former trader at a division of SAC Capital, has been charged with making about $276 million in combined profits and avoided losses by obtaining confidential information about a drug trial.

 

News Analysis

 

Politics Complicates the Math in Ending Tax Breaks for Rich

 

By ANNIE LOWREY 2:30 PM ET

 

Raising revenue without increasing rates might be politically infeasible and massively unpopular, experts say, as it would involve wiping out nearly every deduction, credit and preferential rate affluent households claim.

 

• Tax Talks Raise Bar for Richest Americans
  
• Early Dividend for Wal-Mart Is Latest Move in Tax Tactics
  
• Post a Comment | Read (172)
  

 

Bernanke Urges Swift Action on a Fiscal Accord

 

By CATHERINE RAMPELL 1:57 PM ET

 

The Federal Reserve chairman said that while the details of a Congressional agreement to avert a so-called fiscal cliff were important, so were speed and a general impression of a functional and cooperative legislative branch.

 

Former Murdoch Aides to Be Charged With Bribery

 

By ALAN COWELL and JOHN F. BURNS 9:34 AM ET

 

Prosecutors said on Tuesday that two former executives in Rupert Murdoch’s British newspaper outpost — Andy Coulson and Rebekah Brooks — will be charged with making corrupt payments to public officials.

 

• Post a Comment | Read (47)
  

 

DealBook

 

Ex-UBS Trader to Serve 7 Years for Large Trading Loss

 

By JULIA WERDIGIER and MARK SCOTT 22 minutes ago

 

Kweku M. Adoboli was given a seven-year jail sentence after he was found guilty on two charges of fraud for actions that prompted a multibillion-dollar trading loss at UBS, though he was found not guilty on four counts of false accounting.

 

New York Sues Credit Suisse Over Mortgage Securities

 

By REUTERS 46 minutes ago

 

A suit by New York Attorney General Eric Schneiderman alleges that the bank misrepresented the quality of loans underlying residential mortgage-backed securities it sponsored and underwrote in 2006 and 2007.

 

• DealBook: Credit Suisse Shakes Up Management in Restructuring
  

 

Media Decoder Blog

 

Kevin Clash, Elmo Puppeteer, Resigns

 

By ELIZABETH JENSEN and BRIAN STELTER 6 minutes ago

 

The puppeteer has resigned in the aftermath of allegations — which Sesame Workshop had previously said were unfounded — that he had an underage sexual relationship.

 

Euro Zone Ministers Optimistic as They Meet on Greece

 

By JAMES KANTER and NIKI KITSANTONIS 2:18 PM ET

 

With euro zone finance ministers resuming talks on Greece's intractable debt in Brussels, the chairman of the Eurogroup declared that "Greece has delivered" after it adopted decrees to meet creditors' demands.

 

Changing of the Guard

 

Powerful Backer for China’s New Manhattan

 

By KEITH BRADSHER

 

The Yujiapu financial district, seen as a symbol of the nation’s growing economy, was financed by state-owned banks, but is also closely associated with a little-known local politician.

 

• New Party Chief in China Denounces Corruption in Speech
  
• China Stalls Move to Quell Asia Disputes Over Territory
  

 

 

 

• DealBook: Shareholders Vote to Approve Glencore's Merger With Xstrata 16 minutes ago
  
• Housing Starts Rose in October 9:50 AM ET
  
• Best Buy Reports 3rd-Quarter Loss
  

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Heh Krugman: Meet The Wood Chipper!

 

The resident Socialist at the NY Times is at it again...

Needless to say, it wasn’t really innocent. But the ’50s — the Twinkie Era — do offer lessons that remain relevant in the 21st century. Above all, the success of the postwar American economy demonstrates that, contrary to today’s conservative orthodoxy, you can have prosperity without demeaning workers and coddling the rich.

Consider the question of tax rates on the wealthy. The modern American right, and much of the alleged center, is obsessed with the notion that low tax rates at the top are essential to growth. Remember that Erskine Bowles and Alan Simpson, charged with producing a plan to curb deficits, nonetheless somehow ended up listing “lower tax rates” as a “guiding principle.”

Oh really?

Exactly what percentage of the economy do you think redistribution should be? Let's be real here: The US Economy is ~$15 trillion, but government spending at all levels is about $6.4 trillion, or about 43% of the whole.

 

More at the link.

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The Worst Buy (NYSE: BBY)

Put a fork in 'em....

Best Buy Co. (BBY), the world’s largest consumer-electronics retailer, reported a $10 million loss for its fiscal third quarter after weaker-than-expected sales by established stores.

The net loss in the three months ended Nov. 3 was 3 cents a share, compared with net income of $156 million, or 42 cents, a year earlier, the Richfield, Minnesota-based retailer said today in a statement. Excluding some items, profit was 3 cents a share. Analysts projected 12 cents, the average of 16 estimates in a Bloomberg survey.

Ouch.

What's worse than the miss is the forward guidance, which is frankly terrible. Same-store sales declined 4.3% which is even worse than it first appears as that includes the "back to school" period.

 

People realising the TV they have is good enough?

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HP Gets Cobbed

Oh look, if it was good enough for the housing industry it's good enough for Autonomy!

Following the completion of its annual review of its goodwill and purchased intangible assets for impairment, on November 20, 2012,

HP announced that it recorded a non-cash charge for the impairment of goodwill and intangible assets within its Software segment of approximately $8.8 billion in the fourth quarter of its 2012 fiscal year. The majority of this impairment charge relates to accounting improprieties and disclosure failures at Autonomy Corporation plc (“Autonomy”) that occurred prior to HP’s acquisition of Autonomy, misrepresentations made to HP in connection with its acquisition of Autonomy, and the impact of those improprieties, failures and misrepresentations on the expected future financial performance of the Autonomy business over the long-term.

The balance of the impairment charge relates to the recent trading value of HP stock. HP does not expect the impairment charge to result in any future cash expenditures.

Misrepresentations eh? That's fraud, right?

Note that HP paid something like $10 billion for the company, which means they bought something that they now say is something like more than 50% overvalued on a cash basis and the rest is the goodwill impairment, which makes the whole somewhere over an 80% loss of value!

 

More at the link.

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Jeremy Grantham Looks At The Future Of America: "On The Road To Zero Growth"

 

The Final Round In The Fed's Arsenal

 

Stocks Slump As Bernanke Admits "Doesn't Have Tools To Ease Fiscal Cliff"

 

The World Wide Web Of Debt

 

Former SAC Trader Busted With Biggest Insider Trading Profit In History

 

Bernanke Promises More Of The Same, Warns Of Fiscal Cliff - Live Webcast

 

Guest Post: Europe Is Now Sinking Fast

 

With Deloitte Humiliated, A Quick Look At Its Other, Best Known Client

 

Guest Post: Our Dust Bowl Economy

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Guest Post: Our Dust Bowl Economy

 

UBS Rogue Trader Gets 7 Year Sentence

 

Art Cashin: "Is US Economic Growth Over?"

 

Grant's "To-Do" List

 

Housing Starts Print At 4 Year High, As Sandy Effect Mysteriously Avoided

 

Deloitte's 2011 Autonomy Independent Auditor "All Clear" Sign Off

 

Hewlett Packard Implodes After Disclosing Accounting Fraud At Autonomy plc Business

 

French Downgrade Comes And Goes As Europe Open Fills EURUSD Gap

 

A Spanish Casa (And Residency) Es Su Casa For $200,000

 

When Even Goldman Says The Market Is Broken

 

Guest Post: More Lies About Your Taxes...

 

Citi Has First Reaction To Moody's Downgrade: Not Surprising But More EURUSD Downside

 

Citi Has First Reaction To Moody's Downgrade: Not Surprising But More EURUSD Downside

 

US Tries To Wrest Control Of Hostess Liquidation As Management Seeks To Pay $1.75 Million In "Incentive" Bonuses

 

Keynes On Worker Utopia Through Perpetual Threat Of War

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Breaking news

 

• Shale gas needs regulation, not a ban - European Parliament - Reuters
  

 

 

 

• Eurozone crisis live: Anger in Greece as debt talks fail
   
  Greece's prime minister says there is no justification for the eurozone finance ministers' failing to agree a deal on its bailout
  424 comments
  
  • “Elsewhere in the struggling eurozone, Fitch has just downgraded Cyprus, another country struggling with the prospect of a bailout. The ratings agency…” Eurozone crisis as it happened
     
    
  • Nils Pratley: Eurogroup striving for the impossible
    
  • Moody's downgrades France's credit rating to AA1
    
  • Nouriel Roubini: No surprise market surge is over
    
  • Was Moody's right to downgrade France?
    
  • France should not be bounced into reform
    

  [*] UK government monthly borrowing rises more than expected to £8.6bn

   

  Fall in corporation tax receipts hits George Osborne's chances of meeting this year's deficit reduction targets

   

  • Datablog: Deficit, debt and borrowing since 1946
    
  • Government borrowing: what the economists say
    
  • Larry Elliott: A headache for George Osborne
    
  • Bank of England split on QE
    

  [*] Banking sector reform: don't tear up Vickers proposals, warns Osborne

   

  Chancellor tells parliamentary commission that ringfencing of retail banking should be left up to individual banks to implement

   

  • Funding for lending: picture looks bleak
    

 

 

• Topshop owner Philip Green tells UK retailers to stop moaning
   
  Tycoon reports flat sales at Arcadia but says fretting about latest gloomy economic forecasts 'isn't going to help me take money'
  81 comments
  
• Financial Times Deutschland expected to close in two weeks
   
  Executives tell staff that newspaper will close on 7 December, 12 years after it was founded
  
• Wonga apology over abusive tweets
   
  'Unreserved' apology comes after Guardian revealed employee was behind Twitter attacks on Stella Creasy
  179 comments
  
  • MP demands apology over abusive tweets
    
  • Payday loan firms warned on poor practices
    

  [*] More business news

  [*] Q&A: When to reinvest in your business

  145 comments

  [*] Insider trading charges over drug

  [*] Xstrata chairman steps down

   

  • Nils Pratley: Bond has mishandled Glencore deal
    

  [*] UBS rogue trader jailed for 7 years

  [*] Hovis owner to cut nearly 1,000 jobs

  53 comments

  • New Look could close up to 100 shops
    

  [*] Aviva appoints new chief – but no 'golden hello'

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Tall order: China to build world's highest building - in just 90 days

 

 

When completed by the end of next March, Sky City in Changsha will stand at 2,749ft (838m) high, over 220 floors

http://en.wikipedia.org/wiki/Skyscraper_Index

 

 

An amazing achievement if they can do it, but it's also a ominous sign about the Chinese economy.

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Sarah Brown, wife of former Prime Minister Gordon Brown, appointed director of Harrods

 

21 November 2012 07:16 PM

Sarah Brown joined the Qatari-owned retailer on September 1, The Independent has learned, in a move that is likely to raise eyebrows across the political and business worlds

 

 

 

Sainsbury's to create 10,000 jobs in store expansion drive

 

21 November 2012 10:52 AM

Supermarket giant Sainsbury's is to create 10,000 jobs over the next three years as it continues to open new stores.

 

 

 

Standard Life to axe 139 jobs

 

21 November 2012 03:58 PM

Standard Life has announced plans to cut almost 140 jobs as the firm goes through a restructuring process.

 

 

 

New Look promises return to profit

 

20 November 2012 10:00 PM

New Look, the debt-laden fashion chain, has vowed to return to profitability this financial year after it plunged to a £55m loss in 2011.

 

 

 

Head of British Land set to step down

 

20 November 2012 10:00 PM

It was all change at the developer British Land yesterday after Chris Gibson-Smith quit as chairman.

 

 

 

Enterprise Inns hits out at beer duty

 

20 November 2012 10:00 PM

The chief executive of the pubs chain Enterprise Inns has launched a stinging attack on the Government's beer-duty policy.

 

 

 

Xstrata chairman quits over bonuses veto as Glencore tie-up agreed

 

20 November 2012 10:00 PM

Sir John Bond dramatically resigned as chairman of Xstrata yesterday after investors backed the miner's proposed £56bn merger with Glencore but voted overwhelmingly to oppose £140m of retention bonuses he had sought to tie into the deal.

 

 

 

Lynch hits back at HP claims over Autonomy

 

20 November 2012 10:00 PM

US giant cites 'accounting improprieties' as it writes off $8bn on $10bn buy of UK pioneer

 

 

 

Wilson gets top job as Aviva ends its search for a new boss

 

20 November 2012 10:00 PM

Aviva has ended months of speculation by appointing Mark Wilson as its new chief executive.

 

 

 

Eurozone ready to sanction Greek loans

 

20 November 2012 10:00 PM

Eurozone finance ministers were last night edging towards approval of a €31.5bn (£25.4bn) tranche of lending to Greece, which the Athens government needs to avoid a default and a disastrous exit from the single currency.

 

 

 

Britain 'set to become a world leader in carbon capture'

 

20 November 2012 10:00 PM

Britain's prospects of meeting legally binding CO2 emissions targets have significantly improved after a government task force ruled that a complex technology which captures and stores carbon dioxide will be cost-effective on a large scale.

 

 

 

Record day for online sales set for December

 

20 November 2012 10:00 PM

The first Monday in December is set to be a record day for online shopping in the UK, with transaction volumes on the internet surging by more than a fifth.

 

 

 

Camelot sales hit record £3.5bn

 

20 November 2012 10:00 PM

Britons bet a record £3.5bn on the National Lottery in the six months to 19 September, 8 per cent more than the same time last year.

 

 

 

Bank's funding scheme boosts mortgage market at last

 

20 November 2012 10:00 PM

The Bank of England's Funding for Lending scheme is finally breathing life into a largely moribund mortgage market after a 14 per cent jump in home loans in October, the Council of Mortgage Lenders said yesterday.

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21 November 2012 Last updated at 19:42

 

 

UK public sector borrowing rises

 

The government borrowed a worse-than-expected £8.6bn in October, reducing the chances the UK will hit its deficit reduction target, figures show.

 

• Bank predicts protracted recovery
  
• Bank hands QE income to Treasury
  

 

No Greek deal 'threatens euro'

 

The failure of the eurozone to reach a deal to give Greece its latest bailout payment threatens the whole of the bloc, European leaders say.

 

• Q&A: Greek debt crisis
  
• Eurozone: A very overcast outlook
  

 

 

Osborne urges bank reform focus

 

Chancellor George Osborne urges a committee studying UK banking standards not to send proposed reform "back to square one".

 

• Peston: Osborne's ring-fence plea
  

 

 

 

• Kickstarter sued over 3D printers
   
  Kickstarter has been sued over claims that a 3D printer marketed through its site infringes a patent owned by one of the sector's pioneers.
  
• US economy 'to expand modestly'
   
  The US economy is going to expand modestly in the next few months, according to the latest data from the Conference Board.
  
• Savings rates hit by FLS scheme
   
  Interest rates on savings accounts have been depressed by the government's Funding for Lending Scheme, according to Moneyfacts.
  
• Central bank split on QE impact
  
• Tax avoidance 'costs UK billions'
  
• Countries list net name protests
  
• Car rental company investigated
  
• Standard Life to shed 140 jobs
  
• Autonomy 'misled HP on finances'
  
• Hearts hail share issue response BBC Sport
  
• Daily Mail sells regional papers
  
• Channels 3 and 5 licences renewed
  
• Halfords first-half profits slump
  
• Osborne: Please don't biff ring-fence
   
  5 hours ago
  The Chancellor of the Exchequer is anxious that a parliamentary commission he set up to look into lamentable conduct in banking might wish to throw out banking reforms recommended by another commission he created.
  

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Swiss bank lobby sees no fleeing of foreign funds

 

7:38pm GMT

 

Shale gas needs regulation, not a ban - European Parliament

 

6:56pm GMT

 

Central bank says Spain may miss deficit targets

 

Spain 6:37pm GMT

 

Renault to create 1,300 jobs as it boosts output in Spain

 

Spain 6:37pm GMT

 

Morrisons asks for longer Xmas trading hours

 

6:35pm GMT

 

BNP Paribas bullish despite domestic crackdown on banks

 

6:22pm GMT

 

HP accuses Autonomy of wrongdoing, takes $8.8 billion charge |

 

5:51pm GMT

 

Autonomy applies 18th century theory to shape data

 

Aerospace & Defence 5:51pm GMT

 

Widening budget deficit casts fresh gloom on economy

 

David Cameron, UK 5:42pm GMT

 

Instant View - Public finances worse than forecast in October

 

UK 5:42pm GMT

 

FTSE recoups losses as oil price supports energy

 

FXpert 5:40pm GMT

 

Scottish independence bets on green energy

 

5:04pm GMT

 

London's East End traders form "medieval" guild

 

4:49pm GMT

 

BASF strikes lowball deal to buy fish oil firm Pronova

 

4:47pm GMT

 

EU regulators clear way for Glencore Xstrata tie-up

 

3:42pm GMT

 

United Biscuits salty snacks sale enters final stage

 

Japan 3:31pm GMT

 

SAS ticket sales surge after rescue deal-source

 

3:23pm GMT

 

Citi to close nearly half of branch network in Greece

 

3:07pm GMT

 

Talvivaara gets nod to restart metals plant after leak

 

3:06pm GMT

 

BASF tries lowball bid for fish oil firm Pronova

 

3:00pm GMT

 

Deal on 2014-2020 EU budget hinges on deep cuts

 

2:51pm GMT

 

Euro zone, IMF fail to strike Greek debt deal

 

World, IMF 2:51pm GMT

 

Merkel takes blows in Bundestag after Greek failure

 

2:51pm GMT

 

Bank chiefs face scramble to stay at the top table

 

2:40pm GMT

 

African Minerals seeks funding as shipments fall

 

Africa 2:37pm GMT

 

Greece's lenders fail again to clinch debt deal

 

IMF 2:35pm GMT

 

Schaeuble says euro zone, IMF agree on Greek debt buyback

 

IMF 1:24pm GMT

 

Standard Life cuts 139 jobs

 

1:13pm GMT

 

Analysts cut HP price targets after Autonomy reversal

 

1:04pm GMT

 

In HP-Autonomy debacle, many advisers but little good advice

 

12:17pm GMT

 

Czech PM: no plan to veto EU budget

 

12:13pm GMT

 

EU watchdog warns of bank-like risks for insurers

 

12:09pm GMT

 

Cameron: EU budget needs more cuts

 

11:49am GMT

 

Shell lifts force majeure on Nigeria Bonny oil exports

 

Africa 11:42am GMT

 

Banks make no bids at BoE six-month repo

 

11:41am GMT

 

Greek aid delay spurs demand at German debt sale

 

11:40am GMT

 

BoE split on impact of QE, arguments for more easing

 

11:40am GMT

 

Merkel sees chance for Greek deal on Monday

 

11:24am GMT

 

EU to approve Hutchison's Orange Austria takeover - report

 

11:16am GMT

 

BASF to buy fish oil maker Pronova in $845 million deal

 

11:05am GMT

 

Greece can't return to markets this decade - Steinbrueck

 

10:42am GMT

 

Chancellor Osborne at parliamentary banking commission

 

9:56am GMT

 

Latvia waves EU budget veto threat over farm subsidies

 

9:50am GMT

 

AIG, others to take up half of China PICC's $3.6 billion Hong Kong IPO

 

9:48am GMT

 

Japan exports drop again, adds to recession worry

 

Japan 9:28am GMT

 

Merkel says lower rates, EFSF boost can fill Greek gap - source

 

9:20am GMT

 

Greek PM to hold talks with Eurogroup chief Thursday

 

9:13am GMT

 

Greek PM postpones Qatar trip after lenders fail on deal

 

8:57am GMT

 

Schaeuble tells MPs key Greek issues unresolved - sources

 

8:45am GMT

 

Imagination Tech faces competition for MIPS buy

 

8:34am GMT

 

EU watchdog says need quick progress on insurer capital rules

 

8:31am GMT

 

France says Greek deal just a whisker away

 

8:29am GMT

 

Miner Gemfields to buy Faberge

 

8:04am GMT

 

China to ease foreign exchange rules on foreign direct investment

 

7:47am GMT

 

Ex-Mirror chief seals regional newspaper shake-up

 

UK 11:39am GMT

 

UK retailer Halfords first half profit slumps

 

7:43am GMT

 

Compass upbeat as North American work drives profit

 

7:41am GMT

 

Merkel ally rules out "haircut" after Greek deal failure

 

7:40am GMT

 

QinetiQ first half profits grow despite tough markets

 

7:37am GMT

 

Greek PM says aid delay not justified

 

7:21am GMT

 

Deutsche Bank sees euro zone remaining intact

 

7:17am GMT

 

Randstad sales drop continues, changes dividend policy

 

7:05am GMT

 

BASF in 664 million euro deal to buy Norway's Pronova

 

Norway 6:47am GMT

 

Shares advance, investors hope for Greece progress

 

FXpert, 7:43pm GMT

 

Muddy Waters letter blasts Olam debt as more details awaited

 

6:02am GMT

 

Euro zone aims at 120 percent/GDP Greek debt in 2020, ponders buyback

 

World 4:12am GMT

 

Greek debt can only become sustainable by 2022 if all steps taken - document

 

World, 4:12am GMT

 

Euro zone ministers make progress on Greek debt deal, to continue November 26

 

World, 4:12am GMT

 

Germany's Schaeuble: no agreement among Eurogroup on Greece

 

World, 4:12am GMT

 

Comments from euro zone finance ministers, officials

 

World, 4:12am GMT

 

In HP-Autonomy debacle, many advisers but little good advice

 

3:49am GMT

 

Microsoft vs. Google trial over patents finishes up

 

2:00am GMT

 

China may raise ceiling on foreign capital market investors-paper

 

1:12am GMT

 

S.Korea needs to scrutinise won volatility- finance minister

[interestrateripoff]

Retailer Shakes Off Storm’s Body Blows, and Rebuilds

 

By STEPHANIE CLIFFORD 53 minutes ago

 

 

The Eileen Fisher clothing stores and headquarters were hit hard by last month’s big storm, but insurance, some planning and much luck helped executives and employees reopen the business.

 

 

 

Richard Perry/The New York Times

 

For Eileen Fisher, the storm was the biggest blow to her company's operations since she opened it in 1984.

 

 

 

 

 

 

 

Tech’s New (Geographical) Frontier: ‘Silicon Prairie’

 

By JOHN ELIGON 9:55 AM ET

 

From Des Moines to Omaha to Kansas City — a region known more for its barns than its bandwidth — a start-up tech scene is burgeoning.

 

DealBook

 

Hewlett’s Loss: A Folly Unfolds, by the Numbers

 

By QUENTIN HARDY and MICHAEL J. DE LA MERCED

 

Even before accounting problems, the acquisition of Autonomy, a British software maker, looked troubled.

 

• Video: H.P.’s Chief on Big Accounting Charge
  
• H.P. Claim Highlights a Gray Area in Software Sales
  
• Deloitte Denies Knowledge of Fraud at Autonomy
  

 

DealBook

 

Insider Inquiry Inching Closer to a Billionaire

 

By PETER LATTMAN

 

For the first time, a case against a former SAC Capital Advisors employee directly involves Steven A. Cohen, the hedge fund’s powerful founder.

 

• Graphic: Another Insider Scheme, Among the Largest Yet
  

 

Greek Debt Stalemate Centers on Deadlines

 

By JAMES KANTER

 

Euro zone finance ministers and international officials ended marathon talks on Greece's intractable debt still at loggerheads over payment of further emergency aid.

 

Stocks Trade With Little Change

 

By REUTERS 12:08 PM ET

 

Stock indexes traded flatly in New York as investors shrugged off the absence of a deal for Greek aid and as jobless claims in the United States were lower, as expected.

 

• Jobless Claims Decline 8:48 AM ET
  

 

Recovery in Britain Remains Soft

 

By STEPHEN CASTLE 10:04 AM ET

 

Weak growth and a resulting fall in tax receipts prompted Britain to borrow much more than expected last month.

 

Airlines’ On-Time Performance Rises

 

By JAD MOUAWAD

 

Airlines have found ways to overcome the challenges of departing on schedule just in time for the busy holiday travel season.

 

• Graphic: Fewer Delayed Flights
  
• Post a Comment | Read (21)
  

 

News Analysis

 

Politics Complicates the Math in Ending Tax Breaks for Rich

 

By ANNIE LOWREY

 

Experts say that raising revenue without increasing rates would involve wiping out nearly every deduction, credit and preferential rate that affluent households claim.

 

• Post a Comment | Read (495)
  

 

 

 

• Warning of Consequences, Bernanke Urges Swift Action on a Fiscal Deal
  
• Sales Lift Deere Income
  
• A Call for Japan to Take Bolder Monetary Action
  

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George Osborne defends big banks as good for society and wants more

 

George Osborne has defended Britain's embattled big banks and said their survival was good for society and the country needed more, risking inflaming deep public anger over lenders following a string of mis-selling scandals.

143 Comments

 

 

Lynch: I am a scapegoat for 'flipflopping' HP

 

British technology entrepreneur Mike Lynch launched a blistering attack on Hewlett Packard on Wednesday, claiming that the American PC manufacturer was using him as a “scapegoat” to distract attention from its own “flipflopping” strategy.

Comment

FBI drawn into Autonomy dispute - report

 

 

 

Eurozone stability depends on Greece talks

 

The Greek prime minister Antonis Samaras warned the stability of the eurozone hangs in the balance after eurozone finance ministers failed to agree a deal over bail-out funds.

7 Comments

Debt crisis: as it happened - November 21, 2012

 

 

Dexia wind down could 'endanger' banking system

 

 

 

Jump in borrowing a blow for Chancellor

 

The Chancellor was dealt a major blow as the last figures before his crucial Autumn Statement showed borrowing rose to a higher than expected £8.6bn in October as corporation tax receipts dropped.

22 Comments

Government scheme not helping business

 

 

 

HMRC 'disappointing' over swap mis-selling

 

The taxman has been accused by MPs of pushing businesses that were mis-sold interest rate swaps into administration despite knowing the financial problems faced by the firms.

Comment

 

BoE rate-setters rule out cut and reject QE

 

 

 

 

Compass to return £400m to shareholders

 

 

 

 

Wonga apologises to Stella Creasy over online attacks

 

 

 

 

Wiggo effect fails to spur Halfords' profits

 

After France, Britain's AAA credit rating returns to the spotlight

 

It is easy enough to see why credit rating agencies would want to downgrade France.

62 Comments

Debt crisis: as it happened - November 21, 2012

 

 

 

 

Japan posts worst October trade figures on record

 

 

 

 

Eurozone stability depends on Greece talks, warns Samaras

 

After France, Britain's AAA credit rating returns to the spotlight

 

EU rules will force most UK traditional company pensions to close

 

Business needs to engage in shaping Britain's post-EU future

[interestrateripoff]

Greece Once Again Boiling Over

Eventually you run out of other people's money to pledge, and are forced to either pledge your own (and face that you'll never see it again) or tell the person with their hand out to stuff it.

That day may be at hand for Greece:

With creditors led by Germany refusing to put up fresh money or offer debt relief, the finance chiefs were unable to scrape together enough funds from other sources to help alleviate Greece’s debt burden, set to hit 190 percent of gross domestic product in 2014.

Yep. And now the IMF has a problem because its bylaws prohibit lending to nations with "unsustainable" debts, which it defines as 120% of GDP.

 

More at the link.

[interestrateripoff]

Claims: +410k (Oops)

From The Department Of Lies:

In the week ending November 17, the advance figure for seasonally adjusted

initial claims

was 410,000, a decrease of 41,000 from the previous week's revised figure of 451,000. The 4-week moving average was 396,250, an increase of 9,500 from the previous week's revised average of 386,750.

The previous week was (as usual) revised up from 439k to 451k.

This just plain sucks.

 

More at the link.

[interestrateripoff]

Steve Keen On Capital Account w/Lauren

Hoh hoh hoh... "Debt-financed consumption does not build productive capacity."

http://www.youtube.com/watch?v=KXGqnu5RA-E

[interestrateripoff]

Heh Krugman: Meet The Wood Chipper!

 

The resident Socialist at the NY Times is at it again...

Needless to say, it wasn’t really innocent. But the ’50s — the Twinkie Era — do offer lessons that remain relevant in the 21st century. Above all, the success of the postwar American economy demonstrates that, contrary to today’s conservative orthodoxy, you can have prosperity without demeaning workers and coddling the rich.

Consider the question of tax rates on the wealthy. The modern American right, and much of the alleged center, is obsessed with the notion that low tax rates at the top are essential to growth. Remember that Erskine Bowles and Alan Simpson, charged with producing a plan to curb deficits, nonetheless somehow ended up listing “lower tax rates” as a “guiding principle.”

Oh really?

Exactly what percentage of the economy do you think redistribution should be? Let's be real here: The US Economy is ~$15 trillion, but government spending at all levels is about $6.4 trillion, or about 43% of the whole.

Roughly $4 trillion of that, or more than 25% of the economy, is pure redistribution -- it is "spent" on Pensions, Health Care, Education and Welfare. $900 billion, approximately all-in, is spent on various forms of "defense."

 

More at the link.

[interestrateripoff]

Frank Quattrone's Autonomy Pitchbook

 

The Latest Greek "Bailout" In A Nutshell: AAA-Rated Euro Countries To Fund Massive Hedge Fund Profits

 

Guest Post: Statist Thugs And The Rocks They Crawl Out From Under

 

Will This Be Blamed On Sandy Too?

 

What Happened In The Fall Of 2010?

 

Where The Levered Corporate "Cash On The Sidelines" Is Truly Going

 

On HP's Debacle: "The Numbers Don't Make Sense"

 

Wednesday Humor: Future Japanese Rulers Promise 3% Nominal Growth

 

Lulled Into Lethargy

[interestrateripoff]

Chart Of The Day: The Greek Bailouts In Context... Or To Debt Reduction Via Debt Increase

 

The Myth Is Over: Europe Fails To Agree On Greece

 

GREuphoria, Interrupted... Or Not

 

Meanwhile, In The Land Of The Setting Sun... And Exports

 

Hostess Mediation Fails, Liquidation To Proceed; Furious Laid Off Workers Now Turn On Labor Union

 

Now The Hard Part Begins: The China Challenge

 

Kyle Bass On The End Of The Debt Super-Cycle

 

Is The Largest Weekly Inflow Into Bank Savings Accounts On Record, A Flashing Red Alarm?

 

Tell Me Again... Which Of These Nations Is Communist?

 

The Final Round In The Fed's Arsenal

 

Jeremy Grantham Looks At The Future Of America: "On The Road To Zero Growth"

 

Stocks Slump As Bernanke Admits "Doesn't Have Tools To Ease Fiscal Cliff"

[interestrateripoff]

Breaking news

 

• IMA starts talks on new investor body - Reuters
  

 

 

 

• Eurozone crisis: Economies set for weakest quarter since 2009
   
  EU leaders meet on Thursday to try to overcome deep divisions over the eurozone's spending plans amid news of further weakening in bloc's economies
  344 comments
  
  • Eurozone crisis: Leaders meet for EU budget summit
    
  • Anger in Athens over aid delay
    
  • Eurozone crisis: Wednesday's developments
    
  • Nils Pratley: Eurogroup striving for the impossible
    
  • Moody's downgrades France's credit rating to AA1
    
  • Nouriel Roubini: No surprise market surge is over
    
  • Was Moody's right to downgrade France?
    
  • France should not be bounced into reform
    
  • EU budget: how much does each country pay
    

  [*] Splitting retail and investment banks won't make system safe, Tucker says

   

  Frontrunner to be the next governor of the Bank of England says that the economy is still at risk of being 'blown up' by non-retail banks

  25 comments

  • 'Don't tear up Vickers proposals'
    
  • Funding for lending: picture looks bleak
    

  [*] Argentina fears default after American court ruling

   

  Judge orders repayment of $1.3bn to 'vulture funds' as debt campaigners hit out at speculators' behaviour

  [*] China manufacturing grows again

   

  Industry data shows the Chinese economy is recovering from its deepest slump since the 2008 global crisis and is a rare piece of good news for the world economy

  10 comments

  [*] Network Rail pleads for more cash as its debt soars

   

  Figures suggest there will be a record 1.5 billion journeys on the railways this year and more money is needed

   

  • Network Rail debt breaches £28bn
    

 

 

• Income inequality is killing capitalism
   
  Robert Skidelsky: We cannot carry on with a system that allows so much of the national income and wealth to pile up in so few hands
  52 comments
  
  • Gender gap falls for full-time staff
    

  [*] Union criticises Virgin after vote

   

  Union accuses Virgin Media of 'stealing' trade union recognition after referendum showed 52% in favour of company's position

  [*] UK manufacturing stagnation revives double-dip recession fears

   

  Manufacturing orders remain largely unchanged from October's decline despite boost in overseas demand, CBI survey shows

  [*] Heavyweights are doing battle in the Vickers ring fence

   

  Mervyn King and George Osborne differ on the vital issue of the degree of leverage on UK banks' balance sheets

  Post your comment

  • Monthly borrowing rises to £8.6bn
    
  • Datablog: Deficit, debt and borrowing since 1946
    
  • Government borrowing: what the economists say
    
  • Larry Elliott: A headache for George Osborne
    
  • Bank of England split on QE
    

  [*] Autonomy accounts and business model was suspect, analysts say

   

  It's too late for HP – but analysts and accountants say they had doubts about how Autonomy was able to grow its business so quickly

   

  • Analyst: banks warned on Autonomy
    
  • HP's figures reveal bigger problems than Autonomy
    

  [*] More business news

  [*] Mothercare ends 30-month slump

  [*] Ryanair slashes Budapest services

  [*] Reckitt Benckiser buys Schiff Nutrition

  [*] UBS rogue trader's friend sets up football betting website

  [*] DMGT reports profits surge at Northcliffe Media

[interestrateripoff]

France should study takeover of ArcelorMittal plant - minister

 

7:44pm GMT

 

EU details conditions for Glencore-Xstrata green light

 

7:18pm GMT

 

EU steelmakers unhappy with EU conditions on Glenstrata deal

 

7:18pm GMT

 

Italian financier Proto under investigation for market rigging - sources

 

6:53pm GMT

 

EU attempts tricky balancing act in toxic budget row

 

David Cameron 6:38pm GMT

 

Swedish labour boss calls for rate cuts, won't back down on wage demands

 

6:09pm GMT

 

Church groups urge EU to help Greece in crisis

 

6:07pm GMT

 

Irish charms keep U.S. giants sweet for now

 

6:06pm GMT

 

IMA starts talks on new investor body

 

6:01pm GMT

 

Deutsche Bank chief criticised for skipping Libor hearing

 

5:56pm GMT

 

Irish debt agency accuses State Street of fraud

 

5:53pm GMT

 

ECB presses Germany on Greek deal amid debt writedown talk

 

5:48pm GMT

 

Merkel: EU budget deal may not happen this week

 

5:47pm GMT

 

Strong commods drive FTSE to three week high

 

FXpert 5:43pm GMT

 

UBS nears 50 million stg fine on Adoboli case - FT

 

5:42pm GMT

 

Cash for tip-offs puts Brits top of U.S. whistleblower list

 

UK 5:09pm GMT

 

BP, Rosneft formalise terms for tie-up

 

5:03pm GMT

 

EU briefing signals nod for Austria telecoms merger

 

4:59pm GMT

 

Cable wants more scrutiny of companies to restore trust

 

UK, 4:48pm GMT

 

RIM shares rally as optimism around new devices grows

 

4:44pm GMT

 

Final FT Deutschland to appear on December 7 - sources

 

4:34pm GMT

 

Advisory group says raised Autonomy auditor concerns

 

4:15pm GMT

 

Barclays quits London Metal Exchange open outcry trade

 

4:01pm GMT

 

Bullish bankers struggle to adjust to bonus cutbacks

 

3:52pm GMT

 

Ryanair to cut Budapest routes in airport fees row

 

Aerospace & Defence 3:50pm GMT

 

Rosneft board approves deals with BP

 

3:43pm GMT

 

Santander may sell U.S. car finance arm to raise cash

 

Spain 3:41pm GMT

 

Sacked colleague of UBS rogue trader Adoboli opens betting site

 

3:33pm GMT

 

Russia's Sberbank in talks over TNK-BP takeover finance

 

3:19pm GMT

 

Ireland hopes for monthly bond sales from 2013

 

IMF 3:19pm GMT

 

Italian Treasury set for bigger stake in Monte Paschi - source

 

2:58pm GMT

 

Euro zone faces deepest downturn since early 2009 - PMIs

 

2:49pm GMT

 

Germany casts doubt on EU bank supervision deadline

 

2:49pm GMT

 

Royal Opera chief gets top job at scandal-hit BBC

 

UK, David Cameron 6:34pm GMT

 

Societe Generale considers outsourcing 400 jobs

 

2:29pm GMT

 

German finance minister says no public sector haircut for Greece

 

2:13pm GMT

 

BoE's King says new bank rules need to be clearer

 

1:49pm GMT

 

ECB's Asmussen says everyone must move on Greek debt

 

1:47pm GMT

 

German high-speed rail link to London delayed further

 

UK, 1:45pm GMT

 

Barclays quits London Metal Exchange open outcry trade

 

1:24pm GMT

 

WH Smith to open Russian stores in 2013 - consultant

 

1:05pm GMT

 

Analysis - Russian-style quantitative easing may sow trouble

 

1:03pm GMT

 

Ryanair to cut Budapest routes in airport fees row

 

Aerospace & Defence 12:37pm GMT

 

Ferrovial's Heathrow pact opens door to new investments

 

Spain 11:56am GMT

 

EU's Rehn sees definitive deal on Greek aid on Monday

 

11:53am GMT

 

Euro zone in deep downturn as China, U.S. tick up

 

11:53am GMT

 

FSA eyes higher capital for SIPP pension firms

 

11:28am GMT

 

Orange launches smartphone app for free calls, texts

 

11:25am GMT

 

Cyprus says close to bailout deal with EU/IMF lenders

 

11:14am GMT

 

Banks in Hungary eye post-austerity growth plan

 

11:14am GMT

 

West Midlands police latest to axe outsourcing plans

 

UK, 11:12am GMT

 

CBI factory orders improve slightly in November, expectations drop

 

UK 11:06am GMT

 

Exclusive: India's fiscal deficit could reach 5.5-5.6 percent of GDP in 2012/13 - source

 

10:57am GMT

 

Spain starts 2013 funding with 3.9 billion-euro bond sale

 

Spain 10:47am GMT

 

LME confirms Barclays to cease floor trading

 

10:41am GMT

 

Fitch cuts Sony, Panasonic debt ratings to "junk" status

 

Japan 10:29am GMT

 

BoE's Weale sees gradual economic improvement next year - report

 

10:24am GMT

 

SABMiller boosted by emerging markets, Foster's

 

Africa 10:18am GMT

 

In China, car buyers' savvy may be Japanese brands' salvation

 

Japan 9:49am GMT

 

SocGen considers outsourcing 400 back-office jobs

 

9:35am GMT

 

FTSE at one-week highs as China economy recovers

 

9:29am GMT

 

Monuments to waste overshadow EU budget battle

 

9:26am GMT

 

EU leaders to discuss Greece on summit margins- German official

 

9:26am GMT

 

Reckitt clinches deal to buy Schiff for $1.4 billion

 

9:23am GMT

 

Daily Mail says made a good start to new year

 

UK, 8:55am GMT

 

Spain's Santander considers sale of U.S. car financing unit - report

 

Spain 8:48am GMT

 

HSBC China flash PMI at 13-month high as growth quickens

 

8:32am GMT

 

China must speed up financial reform to sustain GDP growth - Moody's

 

8:32am GMT

 

Insurer RSA names Deloitte veteran as new chairman

 

8:21am GMT

 

EU to push for break-up of rail companies by 2023 - paper

 

8:18am GMT

 

Mothercare narrows loss as sales pick-up

 

7:46am GMT

 

London tower developer faces insolvency claim after court row

 

7:45am GMT

 

Australian tax crackdown to target Google, other multinationals

 

G20 7:35am GMT

 

Close Bros makes solid start to new year

 

7:34am GMT

 

EU, Canada attempt final push towards free trade deal

 

7:33am GMT

 

Samsung wins U.S. court order to access Apple-HTC deal details

 

6:46am GMT

 

Global shares gain as global economic outlook improves

 

FXpert 3:21pm GMT

 

AIG, PICC Group ink JV to sell life insurance in China

 

4:42am GMT

 

GM to buy Ally's Europe, Latin America operations

 

3:30am GMT

 

Boeing union moves closer to strike as contracts near expiration

[interestrateripoff]

22 November 2012 Last updated at 19:14

 

 

EU leaders begin budget battle

 

EU leaders meeting in Brussels seek a deal on the bloc's seven-year budget, with many calling for cuts as they rein in spending nationally.

 

• Where the money goes
  
• Q&A: EU budget battle
  
• Viewpoints: UK role in EU
  
• Budget marathon explained Watch
  

 

Earnings rise less than inflation

 

The average annual earnings of full-time workers in the UK rose by 1.4% to £26,500 in the year to April 2012, less than the 3.5% rise in inflation.

 

 

Russia lifts ban on British beef

 

Russia agrees to lift a 16-year ban on importing British beef and lamb put in place after the BSE outbreak.

 

 

 

• BoE boss: 'Bank culture changed'
   
  Bank of England governor, Sir Mervyn King, tells MPs the risk-taking culture at big banks has changed, but retail and investment banking still needs to be separated.
  
• Sony and Panasonic ratings cut
   
  Tech firms Sony and Panasonic have their credit ratings slashed to the level of junk status for the first time.
  
• Eurozone output contracts again
   
  Business activity in the eurozone continued to decline in November and output is set to contract further, a closely-watched survey suggests.
  
• Cable promises takeover scrutiny
  
• New markets help SABMiller grow
  
• EU backs Xstrata-Glencore merger
  
• Million youngsters remain 'Neet'
  
• Mothercare performance improves
  
• Daily Mail owner's profits rise
  
• Apple told to disclose HTC deal
  
• Network Rail debts increase again
  
• Further lettings regulation urged
  
• Rupert Murdoch sells $10m stake
  
• Twinkies liquidation is approved
  
• MPs raise benefit change concerns
  
• EU budget: Small storm in large tea-cup
   
  9 hours ago
  "A big fuss over nothing". That is how many EU budget experts have described today's fight between the UK and the rest of Europe. David Cameron would beg to differ.
  

[interestrateripoff]

Business Secretary calls on 'quick buck' City to change ways

 

Vince Cable wants regulators to define the duty of investment managers to “act in good faith”, as part of the Government’s bid to curb the City’s “quick buck” mentality.

Comment

King: gap in bank reforms puts savings at risk

 

A loophole in the Government’s planned bank reforms risks leaving the taxpayer on the hook for billions of pounds in the next financial crisis, the Governor of the Bank of England has warned.

38 Comments

 

David Cameron: Eurocrats must accept cuts

 

David Cameron is targeting European Union bureaucrats and their perks for the financial cuts that could clinch a budget deal in Brussels at the EU Summit.

419 Comments

EU Budget: as it happened - November 22, 2012

 

 

Latest eurozone PMI figures suggest downturn deepening

 

 

Factories expect to cut output as growth stalls

 

 

 

Ryanair threatens to pull flights from Budapest

 

Ryanair is holding the owners of Budapest Airport to ransom by threatening to pull one in three of its routes from the Hungarian capital unless charges are lowered.

Comment

 

Swiss to vote on tax rules for millionaires

 

Switzerland could scrap tax breaks for foreign millionaires after activists succeeded in getting a more-than-century-old law put to a popular vote.

1 Comment

 

Network Rail debt will 'keep rising for decades'

 

Network Rail’s debt will continue to rise for another three decades, the group’s finance director has admitted, after half-year results showed its borrowings have broken through £28bn.

1 Comment

 

Young's pop-up-pub wins Games gold

 

A Young’s pop-up pub close to the Olympic Park took record sales in the second week of the Games, which helped to boost first-half revenues by 11pc overall, the brewer said on Thursday.

1 Comment

 

E.on €38m fine for damaging seal upheld

 

 

 

 

British love of Peroni lifts SABMiller profits

 

 

 

 

Mothercare cuts losses as it press ahead with turnaround

[interestrateripoff]

[/url] Debt crisis: church groups urge EU to help Greece

 

Greece is facing a humanitarian crisis and growing racism, two international church groups said on Thursday, and appealed to the European Union to help the struggling nation.

1 Comment

 

Latest eurozone PMI figures suggest downturn deepening

 

 

 

 

Factories expect to cut output as growth stalls

 

 

 

 

EU Budget: as it happened - November 22, 2012

 

Debt accord would ensure US Treasury Secretary's place in history

 

Vince Cable's talk of long-termism is hollow while political risks deter investment

 

Merkel's day of reckoning as taxpayer haircut on Greece looms