The great interest rate rip off part 8

[interestrateripoff]

• Global markets slide again following Bernanke comments
   
  European markets continue falling after US Fed hints at ending QE
   
  
  • 
    
  • Poll: have the markets over-reacted?
    
  • Market rout - as it happened
    
  • Nils Pratley: QE withdrawal could spell real trouble
    
  • Markets fall after Bernanke hints at easing stimulus
    
  • Heidi Moore: Fed's dysfunctional relationship
    
  • EU rejects Cypriot leader's plea for more bank aid
    

  [*] Windfall tax on Swiss bank accounts helps reduce government borrowing

   

  May deficit figure of £8.8bn mainly down to QE bonds and tax payments on undeclared Swiss banks accounts, say economists

   

  • Lloyds and RBS may have to sell more branches
    
  • Joris Luyendijk: our banks are beyond control
    

  [*] Flybe says politicians alert to burden of rising aviation taxes on industry

   

  Air passenger duty is compounding problems of economic downtown, says airline boss as firm reports £40.7m pre-tax loss

 

 

• UK's first Boeing 787 Dreamliner takes passengers on inaugural flight
   
  Thomson Airways, the first British carrier to take delivery of the latest Boeing plane, is flying from Gatwick to Minorca
  
• Cadbury accused of 'highly aggressive' tax avoidance schemes
   
  Chocolate maker allegedly paid £6.4m tax a year in decade before it was sold to Kraft, despite annual profits of £100m
  
• Wonga increases its APR by 1,600%
   
  Payday lender reduces the size of the loan its APR calculation is based on to reflect increasing numbers of applicants 'taking smaller and shorter loans'
  
• More business news
  
• Dwell collapse angers customers and suppliers
   
  
  • Online shopping drives UK retail sales higher
    

  [*] Bet365 sees profits leap by a third

  [*] Mortgage lending up 21% in May

  [*] Sony chief says time needed to study Loeb proposal

  [*] Retail sales soar to record high

   

  21 June 2013 12:00 AM

  Britons hit the high street with a vengeance last month, as well as flocking online to shop. They spent a record £27.1bn in total, according to official figures.

   

   

   

  Small manufacturing firms struggle

   

  21 June 2013 12:00 AM

  Manufacturers took the gloss off better retail sales figures yesterday as smaller players struggled to crack export markets and production stagnated, the CBI said yesterday. Its latest industrial trends survey showed production flat in the quarter to June and confidence at a lower ebb than three months ago.

   

   

   

[interestrateripoff]

IMF sees Greek financing deal in July - Lipton

 

IMF 7:48pm BST

 

Fed could start to trim asset program in September - economists

 

7:14pm BST

 

Fed's Bullard: Bernanke bond announcement was poorly timed |

 

6:52pm BST

 

Markets overreacted to U.S. stimulus comment - ECB's Noyer

 

6:52pm BST

 

Fund manager gets 11 years for Facebook, Groupon shares [problem]

 

6:48pm BST

 

Tokyo court says Samsung infringed Apple 'bounce-back' patent

 

6:46pm BST

 

Fiat renews 2 billion euro revolving credit loan

 

6:26pm BST

 

Russia's Putin unveils investment plan, mood gloomy

 

6:19pm BST

 

U.S. arms makers emerging hopeful in face of budget cuts

 

Aerospace & Defence 5:51pm BST

 

FTSE falls to five-month low as stimulus curb hits stocks

 

5:35pm BST

 

Europe tests reusable spaceship

 

Aerospace & Defence 5:20pm BST

 

No improvement in sight as founders hammer out ENRC buyout bid

 

5:14pm BST

 

Italy should reverse parts of Monti's labour reform - OECD

 

5:07pm BST

 

Exclusive: Blackstone interviewing banks for Brixmor IPO - sources

 

5:04pm BST

 

GM's Chevy sales chief in Europe sets September exit

 

4:34pm BST

 

EU to decide who pays when banks fail |

 

4:28pm BST

 

Spain reform to save public sector 6.5 billion euros - minister

 

Spain 3:59pm BST

 

Shell may exit more oil leases in Nigeria

 

Africa 3:57pm BST

 

EU tells France to reform pensions, rein in spending

 

3:37pm BST

 

London new share listings revival driven by rising markets

 

3:23pm BST

 

Wall Street gains modestly after two-day selloff

 

2:52pm BST

 

Global stocks stumble, Treasuries yields at nearly two-year high |

 

5:14pm BST

 

New face of global finance says no more parties in castles

 

2:30pm BST

 

China central bank holds line on shadow banking as rates spike |

 

2:27pm BST

 

Morgan Stanley gets approval to buy remaining stake in wealth management joint venture

 

2:19pm BST

 

BP shuns advanced biofuels investment in EU

 

2:06pm BST

 

Rosneft to double oil flows to China in $270 billion deal

 

2:04pm BST

 

Michael Dell urges shareholders to support his buyout bid

 

1:58pm BST

 

Market reaction to Fed shows world economy still unstable - Merkel

 

1:51pm BST

 

Swiss tax windfall boosts UK public finances in May

 

UK 1:48pm BST

 

BP wants inquiry into alleged payments to oil spill lawyer

 

Gulf Oil Spill 1:20pm BST

 

Rosneft to get $70 billion from China in prepayment for crude - Putin

 

1:17pm BST

 

Putin launches investment drive, hails energy deals

 

1:10pm BST

 

Analysis - As boomers age, Harley hunts for younger riders

 

12:46pm BST

 

Companies ditch renting to cut property costs

 

12:45pm BST

 

Lockheed aims to conquer markets outside U.S.

 

Aerospace & Defence 12:31pm BST

 

China exposed to US stimulus pullback - Russia's G20 liaison

 

G20 12:20pm BST

 

ECB's Mersch: resolution proposal in line with treaty - paper

 

11:52am BST

 

Belgium's $1 billion bpost IPO bodes well for Royal Mail

 

11:26am BST

 

Japan likely to seek extra spending to cushion sales tax hikes - sources

 

Japan 11:20am BST

 

Coal miner Bumi says share trading to restart only after AGM

 

11:12am BST

 

Aluminium makers fight plastic planes with new alloys

 

Aerospace & Defence 10:54am BST

 

Analysis - China cash squeeze exposes risks from short-term funding

 

10:47am BST

 

ICAP invests in analytics firm, bolsters forex clearing service

 

10:30am BST

 

Al Noor Hospitals valued at $1 billion in London listing

 

10:30am BST

 

Plane makers squeeze suppliers as sales soar

 

Aerospace & Defence 10:20am BST

 

Airbus wins order battle at Paris Airshow

 

Aerospace & Defence 10:16am BST

 

Euro bailout fund conditions complicate efforts to separate bad banks and sovereigns

 

9:48am BST

 

Analysis - Creeping mistrust stops euro zone banks lending to peers across bloc

 

7:38am BST

 

Tokyo court says Samsung infringed on Apple 'bounce-back' patent

 

6:37am BST

 

Softbank closer to acquiring Sprint after Dish abandons bid for now

 

Japan 2:30am BST

 

Global stocks, bonds, commodities slump on Fed comments

[interestrateripoff]

European markets fall on Greece in fresh turmoil as coalition breaks up

 

European shares fell for a fourth day after Greece was been thrown into fresh uncertainty after a junior coalition partner confirmed its withdrawal from government.

Comments

BP calls for inquiry into compensation lawyer

 

BP has called for a "comprehensive and independent investigation" into allegations of misconduct by lawyer over Gulf compensation claims.

Comments

Rosneft signs $270bn China oil supply deal

 

 

 

Tchenguiz: HBOS could have rigged Libor

 

Property entrepreneur Vincent Tchenguiz is trying to block a move by Lloyds to put part of his empire into administration by claiming the bank could have been involved in Libor-rigging.

Comments

 

Blow for Osborne as borrowing rose last year

 

A Swiss tax windfall of £3.2bn boosted UK public finances in May, though revised figures showed that UK borrowing rose last year, despite George Osborne's previous claims that borrowing was coming down.

Comments

UK borrowing boosted by Swiss tax payments: reaction

 

 

 

80pc 'prefer high street to internet for clothes'

 

Four in five shoppers still prefer to buy clothing in a store rather than over the internet, a study has shown, boosting hopes for Britain’s beleaguered high streets.

Comments

Dwell customers still waiting for furniture

 

 

 

HSBC debit cards fail as website crashes

 

HSBC customers were denied access to their cash due to technical glitch on Friday.

Comments

 

Google escapes fine over Street View snooping

 

 

 

 

UK tobacco prices 'almost double Europe's'

 

 

 

 

Flybe upbeat despite sixfold rise in losses

 

 

 

 

Saatchi firm 'lost £5million in year'

 

 

 

 

Will the Fed end QE too soon?

 

Ben Bernanke risks repeating the mistakes of 1937 by starting to tighten policy.

Comments

Another shameful day for Europe as EMU creditor states betray South

 

So much for the denials. The Cyprus "template" for banking crises is to be eurozone policy for other countries after all.

Comments

 

Business news and markets: as it happened, June 21

 

Greece's borrowing costs have spiked amid fears the country's coalition government is on the brink of meltdown.

UK borrowing boosted by Swiss tax payments: reaction

 

Britain's public finances were handed a £3.2bn boost from a Swiss tax deal in May, helping Britain to post a smaller than expected deficit. Here's how economists reacted to the data.

Another shameful day for Europe as EMU creditor states betray South

 

Buy America threatens to undermine global supply chain

 

Despite soaring house prices, nothing will stop our urge to buy

[interestrateripoff]

21 June 2013 Last updated at 19:59

 

 

Share prices see-saw back to losses

 

US and European share markets have returned to losses, but at a shallower rate than those seen on Thursday.

 

• BBC market data
  
• Peston: China's credit crunch?
  
• Yueh: Cash, China, the Fed, and Abe
  
• Flanders: The Fed - vive la difference
  

 

Government borrowing rose in 2012-13

 

Government borrowing rose slightly in 2012-13 compared with the previous year, revised figures from the Office for National Statistics show.

 

 

Google given 35 days to delete data

 

Google has been given 35 days to delete wi-fi data "mistakenly collected" in 2010, or face criminal proceedings.

 

• UK reopens data probe into Google
  
• Google fined in Street View probe
  

 

 

 

• Premier League starts piracy swoop
   
  The Premier League has written to internet service providers to signal its intent to have a popular football streaming site blocked.
  
• Duckmarine firm in administration
   
  The company that runs amphibious vehicle tours in Liverpool goes into administration six days after one of its craft sank.
  
• Rosneft in $270bn China oil deal
   
  Russian state-owned oil company Rosneft signs a 25-year deal worth $270bn to double its oil supplies to China.
  
• EU agrees guidelines for rescue fund
  
• HSBC customers suffer card glitch
  
• Samsung unveils two-system tablet
  
• Instagram 'must fund its own future' Newsbeat
  
• Oracle shares hit by weak sales
  
• Flybe reports deeper annual loss
  
• Employers 'want control of training'
  
• More pain for tenants as rents rise
  
• IMF plays down Greek financing fears
  
• Miliband to attack 'land hoarding'
  
• Rio delays shipments from Mongolia
  
• China: credit crunch or worse?
   
  12 hours ago
  Does the drying-up of lending between banks in China presage a financial crisis, following five years of massive credit and investment growth? And for investors, is China a bigger source of concern than the end of massive money creation by the US Fed?
  
• The 'doom loop' between banks and governments
   
  6 hours ago
  Can China and Europe afford to support their banks?
  

[interestrateripoff]

Bull[T]ard: "I didn't do it!"

 

You have to love the "distancing" games that are played when the "reaction" isn't quite what The Fed wants.

As everyone who doesn't live in a pineapple under the sea knows, the last two days have been brutal in the markets after Bernanke basically admitted that QE was going to end. This was, of course, contrary to the many opinions that QE would never end.

Unfortunately this isn't really about what The Fed, or Bernanke, wants. It is about arithmetic. Arithmetic that Bullard understands as well as anyone, but dares not express in public, just as Bernanke hasn't.

The sequester and debt ceiling gridlock in Washington, you see, has produced a dearth of Treasuries for Bernanke to "buy" (that is, monetize.) This leads to a problem as liquidity dries up in a market that is the benchmark for virtually everything in the economy.

 

I didn't do it... Sounds like Bart Simpson.

[interestrateripoff]

China’s Credit Squeeze Relaxes as Interest Rates Drop

 

By DAVID BARBOZA

 

Tight credit eased Friday, but financial markets remained under pressure as Beijing seemed to be tackling poor lending practices.

 

• Credit Tightens in China as Central Bank Takes Hard Line
  

Indexes Swing on Wall Street

 

By REUTERS

 

Wall Street gyrated between gains and losses in a volatile Friday session after two days of sharp declines.

 

• Global Sell-Off Shows Fed Reach Beyond the U.S.
  
• Two Economies in Turmoil, for Different Reasons
  

 

DealBook

 

Michael Dell Defends His Leveraged Buyout Offer

 

By MICHAEL J. DE LA MERCED 50 minutes ago

 

Michael S. Dell on Friday defended his $24.4 billion bid to buy control of Dell, arguing that an alternative proposal by Carl C. Icahn would severely weaken the computer company.

 

Bits

 

F.A.A. to Consider Relaxed Rules for Devices on Planes

 

By NICK BILTON 2:49 PM ET

 

An industry working group assigned by the Federal Aviation Administration is expected to recommend relaxing the ban of portable electronic devices during takeoff and landing.

 

• Comments
  

 

DealBook

 

Senator Criticizes Lack of Supervision for Banks’ Consultants

 

By BEN PROTESS and JESSICA SILVER-GREENBERG

 

A warning from Senator Sherrod Brown of Ohio that there was a risk to the economy in the lax oversight of firms that banks hire to help them comply with federal rules.

 

Advertising

 

When a Founder Is the Face of a Brand

 

By STEPHANIE CLIFFORD 37 minutes ago

 

Tying an executive’s personality to his or her business can be highly successful until the executive ages, leaves, dies or gets into trouble.

 

• 100 Comments
  

 

 

• European Ministers Agree to Stricter Tobacco Laws 12:27 PM ET
  
• Mercurial Mortgage Rates to Stabilize Soon, Analysts Say
  

[interestrateripoff]

Is This The Chart That Scared Bernanke Straight?

 

Friday Humor #1: Keynesian Catechism

 

Fed Misses Investigation Deadline On "Inadvertent" Release Of March Minutes

 

Hilsen-Ramp Off In Credit And Bonds

 

The Most Miserable States

 

Recent Graduates Have Saved A Negative 13% Down-Payment On Their First Home

 

"We Want Fairness. There Is No Fairness If You Do Not Let Us Cheat"

 

Every Asset That Depends On Cheap, Abundant Credit (Housing, Bonds, Stocks) Is Doomed

 

Why Spain And Italy Are Like Cyprus, Slovenia, And Greece

[interestrateripoff]

Every Asset That Depends On Cheap, Abundant Credit (Housing, Bonds, Stocks) Is Doomed

 

The Party Is Over

 

Greek Bonds Plunge As Ruling Coalition Partner Pulls Out, Withdraws Ministers

 

"ETF Losses Today Were Far Beyond What The Most Sophisticated Risk Models Could Have Predicted"

 

Fed's Bullard Explains His FOMC Dissent: Disagrees With Tapering In Light Of Deteriorating Economy

 

32 Facts That Show How Men Are Being Systematically Emasculated In America Today

 

Market Tops Form "At The Margin"

 

Guest Post: The Wealth Effect Shifts Into Reverse

 

Which Chinese Banks Have The Biggest Default Risk?

 

Brazil Protests Return With A Vengeance: Up To A Million Take To The Streets

 

Guest Post: China’s Arctic Strategy

 

Is This Why The PBOC Is Not Coming To The Rescue?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[interestrateripoff]

Bumi scandal delays return to market

 

22 June 2013 01:20 AM

Bumi, the Indonesian coal group co-founded by the banking scion Nat Rothschild and under scrutiny by the Serious Fraud Office, will not meet a self-imposed deadline of next week to resume trading in its shares.

 

 

 

Cupid dating site attracts suitors despite fall in profits

 

22 June 2013 01:11 AM

Someone’s checking out the assets of Cupid, the online dating site, and could be interested in hooking up.

 

 

 

Footsie at a 5-month low amid new eurozone fear

 

22 June 2013 01:11 AM

The FTSE 100 index hit a 5-month low yesterday as it ended a fifth successive week of losses, while disruption in Greece signalled there could be more turmoil ahead.

 

 

 

Gulf oil spill lawyer is suspended for alleged BP [problem]

 

22 June 2013 01:11 AM

Allegations of misconduct have surfaced against a lawyer working for the administrator charged with assessing claims connected to BP’s Deepwater Horizon oil spill in the Gulf of Mexico.

 

 

 

Europe frets as Russia and China strike huge oil deal

 

22 June 2013 01:11 AM

Moscow to provide its eastern neighbour with 300,000 barrels a day for 25 years

 

 

 

Apple patent win over Samsung

 

22 June 2013 01:21 AM

Apple has won its latest court battle with Samsung after a Japanese court ruled that the South Korean firm had infringed on its US rival’s patent for a “bounce-back” feature used on tablet and smartphone models.

 

 

 

Flybe’s losses soar to £40.7m

 

22 June 2013 01:20 AM

The regional airline Flybe has flown further into the red, blaming lower demand for domestic flights, high fuel bills and airport charges.

 

 

 

Former Enron chief Jeffrey Skilling has 10 years cut from jail term

 

21 June 2013 11:20 PM

Jeffrey Skilling, the ex-Enron chief executive who was sent to prison in 2006 after being convicted for his role in the energy giant’s collapse, could be freed by the end of the decade after a US judge cut his sentence from 24 to 14 years.

[interestrateripoff]

Breaking news

 

 

 

• Cadbury accused of 'highly aggressive' tax avoidance
   
  Chocolate maker allegedly paid £6.4m tax a year in decade before it was sold to Kraft, despite annual profits of £100m
  
• Global markets slide again following Bernanke comments
   
  European markets continue falling after US Fed hints at ending QE
   
  
  • 
    
  • Poll: have the markets over-reacted?
    
  • Market rout - as it happened
    
  • Nils Pratley: QE withdrawal could spell real trouble
    
  • Markets fall after Bernanke hints at easing stimulus
    
  • Heidi Moore: Fed's dysfunctional relationship
    
  • EU rejects Cypriot leader's plea for more bank aid
    

  [*] Cost of renting 'outstrips inflation' in England and Wales

   

  LSL index says rents rose 3.5% in May, pushed up by strong demand, while wider cost of living rose 2.7%

  [*] UK's first Boeing 787 Dreamliner takes passengers on inaugural flight

   

  Thomson Airways, the first British carrier to take delivery of the latest Boeing plane, is flying from Gatwick to Minorca

   

  • Flybe says politicians alert to aviation taxes burden
    

 

 

• Sense of fun that has helped send Ted Baker sales soaring
   
  From working in his uncle's clothes shop aged 11, Ray Kelvin has overseen one of the great success stories of British retail
  
• Wonga increases its APR by 1,600%
   
  Payday lender reduces the size of the loan its APR calculation is based on to reflect increasing numbers of applicants 'taking smaller and shorter loans'
  
• Windfall tax on Swiss bank accounts helps reduce government borrowing
   
  May deficit figure of £8.8bn mainly down to QE bonds and tax payments on undeclared Swiss banks accounts, say economists
   
  
  • Lloyds and RBS may have to sell more branches
    
  • Joris Luyendijk: our banks are beyond control
    

  [*] More business news

  [*] UK alcohol and tobacco prices among highest in EU

[interestrateripoff]

Germany may achieve surplus in 2015 - government source

 

6:30pm BST

 

Political crisis, privatisation gap won't derail bailout: Greek PM

 

World 5:57pm BST

 

Barclays under German taxman's gaze over tax credits - report

 

5:30pm BST

 

Henkel CEO tells paper not thinking about job change

 

4:21pm BST

 

Lufthansa says new low-cost brand off to good start

 

4:06pm BST

 

Analysis - After the Fed shock, markets set for more turmoil

 

1:08pm BST

 

Analysis - Oracle's sales miss magnifies fears about cloud missteps

 

1:05pm BST

 

Kuwait's KIPCO hires Rothschild to advise TV arm IPO

 

12:39pm BST

 

Freeport resumes some output at world's No.2 copper mine

 

9:02am BST

 

UBS to exit banking business in India - source

 

8:28am BST

 

MUFG plans $4.1 billion buy of Thai Bank of Ayudhya - sources

 

Japan 4:31am BST

 

Europe unable to break impasse on who pays when banks fail

 

4:28am BST

 

Jefferies readies loans for Icahn's Dell bid - sources

 

12:51am BST

 

AIG extends deadline for consortium to buy aircraft-leasing unit

 

12:32am BST

 

Former Enron CEO Skilling's sentence cut to 14 years |

 

12:32am BST

 

Apple CEO's stock grant now subject to share performance

 

12:24am BST

 

Facebook admits year-long data breach exposed six million users

[interestrateripoff]

22 June 2013 Last updated at 01:39

 

 

Town centres 'missing out on retail'

 

Research suggests the government's new planning rules are doing little to coax local authorities into locating big new retail developments in town centres.

 

• Strong rise in UK retail sales
  
• Ex-Wickes boss in High Street revamp
  

 

Markets stable after sharp falls

 

Markets regain ground during US afternoon trading, following 48 hours of falls prompted by comments from the US Federal Reserve.

 

• BBC market data
  
• Peston: China's credit crunch?
  

 

 

Enron chief sentence cut to 14 years

 

The prison sentence for the former boss of scandal-hit Enron, Jeffrey Skilling, is reduced on appeal from 24 to 14 years.

 

 

 

• Google given 35 days to delete data
   
  Google has been given 35 days to delete wi-fi data "mistakenly collected" in 2010, or face criminal proceedings.
  
• Government borrowing rose in 2012-13
   
  Government borrowing rose slightly in 2012-13 compared with the previous year, revised figures from the Office for National Statistics show.
  
• Premier League starts piracy swoop
   
  The Premier League has written to internet service providers to signal its intent to have a popular football streaming site blocked.
  
• Duckmarine firm in administration
  
• Rosneft in $270bn China oil deal
  
• EU agrees guidelines for rescue fund
  
• HSBC customers suffer card glitch
  
• Instagram 'must fund its own future' Newsbeat
  
• Oracle shares hit by weak sales
  
• Flybe reports deeper annual loss
  
• Employers 'want control of training'
  
• More pain for tenants as rents rise
  
• IMF plays down Greek financing fears
  
• Miliband to attack 'land hoarding'
  

[interestrateripoff]

EU split after 'chaotic' talks over who should pay for bank failures

 

The European Union has failed to agree rules on who should pay in the event of a global banking collapse after eurozone countries clashed with those outside the single currency over how flexible the system should be.

Comments

Lloyds seeks more time to sell branches

 

Lloyds Banking Group has asked the European authorities for a two-year extension to its deadline to complete the sale of 631 branches that was demanded as a condition of the lender’s taxpayer bail-out.

Comments

 

O2 Arena is rocking after a record year

 

London's O2 Arena has defied the gloomy economy and announced a 35pc increase in net profits on revenues which rose 5pc to £62.8m in the year ending December 31 2012.

Comments

 

BP calls for inquiry into compensation lawyer

 

BP has called for a "comprehensive and independent investigation" into allegations of misconduct by lawyer over Gulf compensation claims.

Comments

 

Blow for Osborne as borrowing rose last year

 

A Swiss tax windfall of £3.2bn boosted UK public finances in May, though revised figures showed that UK borrowing rose last year, despite George Osborne's previous claims that borrowing was coming down.

Comments

UK borrowing boosted by Swiss tax payments: reaction

 

 

 

Markets fall as Greek coalition breaks up

 

European shares fell for a fourth day after Greece was been thrown into fresh uncertainty after a junior coalition partner confirmed its withdrawal from government.

Comments

 

80pc 'prefer high street to internet for clothes'

 

 

 

 

750,000 savers face pensions blow

 

 

 

 

Tchenguiz: HBOS could have rigged Libor

 

 

 

 

OFT expected to refer payday lenders to Commission

 

 

 

 

Mr Tyrie’s 'radical idea’ is not radical enough

 

There’s been so much in the news that a UK-based economist could be forgiven for fretting over what to write about this weekend.

Comments

Will the Fed end QE too soon?

 

Ben Bernanke risks repeating the mistakes of 1937 by starting to tighten policy.

Comments

 

Another shameful day for Europe as EMU creditor states betray South

 

So much for the denials. The Cyprus "template" for banking crises is to be eurozone policy for other countries after all.

Comments

 

Business news and markets: as it happened, June 21

 

Greece's borrowing costs have spiked amid fears the country's coalition government is on the brink of meltdown.

Mr Tyrie’s 'radical idea’ is not radical enough

[interestrateripoff]

Limiting the 401(k) Finder’s Fee

 

By TARA SIEGEL BERNARD

 

A wave of lawsuits and a federal effort have helped lower fees for 401(k)’s and pushed companies to offer clearer details about plans, but progress is uneven.

 

• Comments
  

Robert Neubecker

 

 

 

 

News Analysis

 

A Fit of Pique on Wall Street

 

By PETER EAVIS

 

Perhaps more than at any time since the financial crisis, Wall Street knows it must prepare for a world without the Federal Reserve’s largess.

 

• Global Sell-off Shows Fed Reach Beyond the U.S.
  

 

DealBook

 

Ex-Enron C.E.O.’s Prison Sentence Is Cut by 10 Years

 

By PETER LATTMAN

 

A deal between prosecutors and lawyers for Jeffrey K. Skilling, who spearheaded the fraud that destroyed Enron, came after an appeals court ordered his sentence recalculated.

 

Confidence From Chief of SoftBank in Sprint Bid

 

By HIROKO TABUCHI

 

Most analysts agree that SoftBank faces long odds as it seeks to compete in the American mobile market, but the company’s chief has been successful in taking on giant companies — and coming out on top.

 

U.S. Moves to Seize Dietary Supplement From GNC Warehouses

 

By NATASHA SINGER and PETER LATTMAN

 

Federal prosecutors have asked judges in two states to authorize the seizure of about 3,200 cases of workout products from warehouses operated by GNC.

 

Tax Programs to Finance Clean Energy Catch On

 

By DIANE CARDWELL

 

The program allows owners to borrow the money for conservation or clean energy upgrades and pay it back over time through a property tax surcharge.

 

Food Network Drops Paula Deen

 

By JULIA MOSKIN

 

The network announced Friday that it would not renew Ms. Deen’s contract at the end of June, after she apologized for using racist language.

 

• 361 Comments
  
• Video Statements
  

 

Facebook Says Technical Flaw Exposed 6 Million Users

 

By REUTERS

 

Because of a flaw, Facebook users who downloaded contact data for their list of friends obtained additional information that they were not supposed to have.

 

Southwest Cancels 57 Flights After Computer Glitch

 

By THE ASSOCIATED PRESS 10:40 AM ET

 

Cancellations were expected even after service slowly resumed more than two hours later, a company spokesman said.

[interestrateripoff]

Dow(n) Dooby Do, Dow(n) Dow(n)

 

The "End Of Easing" Or "The Start Of Tightening" In 12 Charts

 

David Stockman's Non-Recovery Part 4: The Bernanke Bubble

 

Fact Or Fiction: Financial Sector Thinks It’s About Ready To Ruin World Again

 

Guest Post: Everything Is Being Sold

 

Marc Faber: "Believing In Bernanke Is Like Believing In Santa Claus"

 

The Waste List: 66 Ways The U.S. Government Is Blowing Your Hard-Earned Money

 

Peter Schiff And The Untapering "Waiting for Godot" Era

 

The Illustrated History Of High Yield

[interestrateripoff]

Breaking news

 

 

• Frenkel chosen as next central bank chief to succeed Fischer - Reuters
  

 

 

 

• Stimulating growth threatens stability, bank regulators warn
   
  Monetary stimulus is not the answer, says the Bank for International Settlements in Basel, after share prices plunge
  40 comments
  
  • European ministers to meet again on banking reform
    

  [*] Starbucks pays corporation tax in UK for first time in five years

   

  Starbucks says customers 'should not have to wait for us to become profitable' before corporation tax is paid

  [*] Royal Mail chief in line for almost £1.6m pay for last year

   

  Revelation of Moya Greene's remuneration for 2012 expected to spark storm of protest from union amid plans to privatise business

 

 

• Boeing goes head to head with Airbus after Dreamliner woes
   
  US company fights back after problems that beset Boeing's revolutionary plane allowed Airbus to get its rival A350 off the ground
  8 comments
  
  • UK's first 787 Dreamliner takes inaugural flight
    
  • Flybe says politicians alert to aviation taxes burden
    

  [*] ENRC founders submit lower bid

   

  Billionaires reduce offer already rejected by for their Kazakhstan mining company's independent directors as 'undervaluing' the business

  [*] More business news

  [*] Bangladesh factory deaths spark action among clothing chains

  [*] Cadbury accused of 'highly aggressive' tax avoidance

[interestrateripoff]

Special report: How community spirit pays a dividend

 

23 June 2013 12:00 AM

A Cumbrian town shows how co-operatively owned businesses can keep remote areas alive and thriving

 

 

Double-dip to be wiped from history

 

23 June 2013 12:00 AM

New data could show Britain avoided recession in early 2012, giving the Chancellor a fillip

 

 

Mr Hare looking to hop East

 

23 June 2013 12:00 AM

Mr Hare, one of British luxury's new star brands, is aiming to crack the lucrative Asian market through a huge distribution agreement and a first shop in Hong Kong.

 

 

 

Tough probe into payday loan firms

 

23 June 2013 12:00 AM

Commission to launch an investigation after companies fail the trading watchdog's tests

 

 

Healthier cereals are a bear necessity

 

23 June 2013 12:00 AM

Hayley Gait-Golding, the personal trainer-turned-healthy snacks entrepreneur, is looking to crack the calorie-filled children's cereals market with a no-added-sugar alternative.

 

 

 

City shirtmaker TM Lewin in shop window for £100m after profit fall

 

23 June 2013 12:00 AM

TM Lewin, the 115-year-old City shirtmaker, could go up for sale for as much as £100m, having spoken to potential advisers over strategic options for the business.

[interestrateripoff]

Taper tantrum conceals brightening growth picture

 

7:04pm BST

 

Frenkel chosen as next central bank chief to succeed Fischer

 

6:59pm BST

 

Investor risk lurks in legal structure of China IPOs - lawyers

 

6:03pm BST

 

Bondholders would lose more than $1 trillion if yields spike - BIS

 

5:22pm BST

 

BIS head Caruana extends term until 2017

 

5:22pm BST

 

Virgin Mobile wins one of three Saudi virtual telecom licences

 

Africa 5:19pm BST

 

Yogurt: the new Pepsi challenge

 

4:47pm BST

 

Timeline - PepsiCo's 20-year shift in new products

 

4:47pm BST

 

ECB's Weidmann warns, 'don't count on low rates forever'

 

4:38pm BST

 

Nationwide draws up plan to plug 1 billion capital hole - report

 

4:10pm BST

 

Germany works to weaken EU car emissions law

 

4:01pm BST

 

Lloyds to ask for two-year extension on branches sale - report

 

3:59pm BST

 

Dubai Holding unit hires Citi for Axiom stake sale - sources

 

3:44pm BST

 

China's Sinopec buys Marathon's Angola oil fields for $1.52 billion

 

Africa 2:25pm BST

 

Founders set for reduced $4.7 billion buyout bid for ENRC

 

2:19pm BST

 

ECB's Asmussen calls for stronger European institutions

 

12:35pm BST

 

China's cash squeeze caused by shadow banking - Xinhua

 

12:06pm BST

 

Italy to delay VAT sales tax hike - ministry official

 

World 12:00pm BST

 

Amid China market stand off, calls for a more transparent central bank

[interestrateripoff]

23 June 2013 Last updated at 15:17

 

 

Starbucks pays UK corporation tax

 

Coffee giant Starbucks pays corporation tax in the UK for the first time in four years, the company announces.

 

• G8 leaders agree deal on tax evasion Watch
  
• The rise of 'tax shaming'
  

 

EU split on future bank bailouts

 

EU finance ministers fail to agree on how to rescue troubled banks in any future crisis, with countries split on whether savers should bear some of the burden.

 

• EU agrees guidelines for rescue fund
  
• France's Hollande: Euro crisis over
  

 

 

Osborne: Jobs cut as MoD agrees deal

 

The Ministry of Defence has reached a budget deal which will see a further cut in the number of its civilian staff, the chancellor says.

 

• Miliband rules out more borrowing
  
• Clegg warns party over 'irrelevance'
  
• Soldiers selected for redundancy
  
• Q&A: Spending review
  

 

 

 

• UK and China in £21bn currency deal
   
  The Bank of England and its Chinese counterpart agree a currency deal likely to boost trade between the UK and China in the yuan.
  
• Town centres 'missing out on retail'
   
  Research suggests the government's new planning rules are doing little to coax local authorities into locating big new retail developments in town centres.
  
• Markets stable after sharp falls
  
• Enron chief sentence cut to 14 years
  
• Google given 35 days to delete data
  
• Government borrowing rose in 2012-13
  
• Premier League starts piracy swoop
  
• Duckmarine firm in administration
  
• Rosneft in $270bn China oil deal
  

[interestrateripoff]

BIS fears fresh bank crisis from global bond spike

 

Soaring bond yields across the world threaten trillion of dollars in losses for investors and a fresh financial crisis unless banks are braced for the shock, the Bank for International Settlements has warned.

4 Comments

Starbucks pays first corporation tax since 2008

 

Starbucks, the coffee giant, bowed to customer pressure and paid corporation tax for the first time since 2008.

1 Comment

 

Osborne hints at winter fuel allowance cuts

 

George Osborne has refused to rule out stripping wealthy pensioners of their winter fuel allowance after 2015, as he revealed that he still faces a battle with Vince Cable over the Spending Review.

25 Comments

 

Nationwide in dispute with regulator

 

Nationwide is expected to raise around £500m of new capital in the next few weeks as part of efforts to fill a hole identified by the regulator.

Comment

 

China breaks silence on cash crunch

 

The People's Bank of China (PBOC) alllowed the nation's lenders to approach crisis point this week as part of a crackdown on shadow finance, the government has indicated.

1 Comment

 

Energy regulator to warn over blackouts

 

Ofgem is preparing to issue its starkest warning yet over the growing risk of blackouts in Britain as power stations are shut and investment in new plants stalls.

36 Comments

 

RBS investors turn on Osborne

 

Investors in the Royal Bank of Scotland have criticised the amount of government interference in the state-backed institution following the ousting of Stephen Hester and the Chancellor’s plans to carve out a “bad bank”.

64 Comments

Lloyds seeks extension to branch sale

 

 

 

Walsh attacks 40pc Heathrow price rises

 

 

 

 

EU split over who should pay for bank failures

 

 

 

 

Co-op unlikely to claw back cash

 

 

 

 

We are in an anti-business funk. It should stop

 

Mr Tyrie’s 'radical idea’ is not radical enough

 

Let’s overcome the defeatist narrative and win the battle for the commercial spirit of Britain

 

This is our generation's Churchill moment, a battle for the commercial spirit of Britain. It is a fiercely urgent moment in our history, a battle for growth, a struggle for the restitution of the can-do spirit.

Comment

Osborne to cap welfare spending

 

George Osborne will unveil a fundamental overhaul of spending this week by outlining plans for limits on previously uncontrolled parts of the public finances, such as housing benefit.

63 Comments

 

How hockey shaped the Governor

 

Mark Carney is a confident, sensitive, humble, brave and slightly crazy soul who craves responsibility. We know this, I’m told, because he is an ice hockey goalie.

3 Comments

 

Mark Carney: The making of the boy from Fort Smith

 

Philip Aldrick travels to Canada to find out what made Mark Carney 'the outstanding central banker of his generation'.

[interestrateripoff]

For Solazyme, a Side Trip on the Way to Clean Fuel

 

By DIANE CARDWELL

 

 

A company wants to turn algae into energy. But first it has to make money, so it is developing other products from its algae-derived oils.

 

 

 

Jim Wilson/The New York Times

 

Jonathan Wolfson is a co-founder of the company.

 

 

 

 

 

 

Employers Test Plan to Cap Medical Spending

 

By REED ABELSON 11:01 AM ET

 

Companies are testing medical plans that limit what they will pay for certain procedures, encouraging employees to choose less expensive hospitals.

 

Venture Capital Blends More Data-Crunching Into Choice of Targets

 

By CLAIRE CAIN MILLER 2:37 PM ET

 

Since its founding in 2009, Google Ventures has stood out in an industry whose track record has trailed the stock markets at large.

 

• More Coverage of Big Data on Bits
  

 

News Analysis

 

Central Banks Criticize Europe for Political Gridlock on Economy

 

By JACK EWING and JAMES KANTER 10:01 AM ET

 

The Bank for International Settlements warned political leaders not to expect central banks to hold the global economy together forever.

 

Technophoria

 

Data Security Is a Classroom Worry, Too

 

By NATASHA SINGER

 

Experts warn that educators may be embracing technology without doing enough to secure student data.

 

Data Points

 

Why a Health Insurance Penalty May Look Tempting

 

By ANNA BERNASEK

 

Once health insurance exchanges begin under Obamacare, many companies may save money by dropping coverage and paying a penalty. But they may face another cost: employee dissatisfaction.

 

Preoccupations

 

When Your Office Is Someone Else’s Home

 

By KIM FARMER

 

A Verizon employee traded her office job to install cable service in customers’ homes and climb telephone poles as a technician.

 

The Boss

 

Lee Bowes of America Works, on the Quest for Jobs

 

By LEE BOWES

 

The chief executive of America Works says she was inspired as a student to help others find employment.

 

Backdrop

 

Organize the Desk, and the Mind Follows

 

 

Alexa von Tobel, the founder and chief executive of LearnVest.com, says that if her work environment is messy, she can’t think clearly.

 

 

Shadow Banking Behind China’s Cash Crunch, Xinhua Says

[interestrateripoff]

Profiling Japan's Daytrading "Mister Watanabe"

 

Bernankespeak, Translated

 

China's Mea Culpa: "It Is Not That There Is No Money, But The Money Has Been Put In The Wrong Place"

 

How Resilient Is EM To The End Of QE – A Vulnerability Heatmap

 

The Pandering And Politics Of The Fed's Punch-Bowl

 

This Is An Extraordinary Time

 

End Of QE?

 

The Toxic Feedback Loop: Emerging Money Developed Markets

 

Fact Or Fiction: Financial Sector Thinks It’s About Ready To Ruin World Again

[interestrateripoff]

Breaking news

 

 

• Warner Bros. names new leaders for film studio - Reuters
  

 

 

 

• Fed fears and China crunch send jitters through markets
   
  FTSE 100 falls to just above 6000 from all-time highs last month, while Dow Jones index opens 200 points down in New York
  8 comments
  
  • US stock markets fall sharply
    
  • Markets tumble – Monday as it happened
    
  • Central bankers warn on growth
    
  • European ministers to meet again on banking reform
    
  • Osborne plans capital boost
    

  [*] Vodafone buys German cable firm

   

  UK mobile phone company makes its first move into consumer broadband and television in one of the biggest telecoms deals in recent years

  15 comments

  • Nils Pratley: Vodafone investors relieved
    

  [*] Barclays to sell customer data

   

  Bank tells 13 million customers it is to start selling information on their spending habits to other companies

  48 comments

  [*] Mining giant ENRC takes step closer to evading market scrutiny

   

  ENRC, which has been plagued by rows and scandals about corporate governance, could soon be back in private hands

   

  • ENRC founders submit lower bid
    

  [*] Delta cleared to complete purchase of 49% stake in Virgin Atlantic

   

  Two airlines announce a codesharing agreement on more than 100 routes as the prelude to a proposed joint venture

 

 

• Irish bankers 'hoodwinked' government, recordings show
   
  Taped conversations back up the view that Anglo Irish bankers knew that €7bn would never be enough to save the bank
  
• Five questions MPs should ask Bank of England governor Mervyn King
   
  Phillip Inman: MPs should keep their questioning robust when the outgoing governor makes his final appearance in parliament
  4 comments
  
  • Katie Allen: give Neets a chance
    
  • Case study: young apprentice
    

  [*] Union condemns £15.4m bonus pot for Post Office bosses

   

  NFSP describes payments as 'morally reprehensible' given Post Office's decision to cut £2.2m sub-postmasters incentive scheme

   

  • Royal Mail chief in line for £1.6m
    

  [*] More business news

  [*] Gold price 'set to fall further' – Goldman Sachs

  [*] Big supermarkets cut petrol prices by up to 2p a litre

  [*] Nuclear clean-up could cost £100bn

  88 comments

  [*] Boeing goes head to head with Airbus

  22 comments

  [*] ENRC founders submit lower bid

[interestrateripoff]

Co-operatives' turnover soars to £37bn as record 15m join

 

24 June 2013 12:00 AM

Co-operative businesses have reached an all-time high with a record 15.4 million members, an increase of 36 per cent since 2008 and up 13.6 per cent over the year.

 

 

 

Vodafone to buy Germany's biggest cable operator Kabel Deutschland in £6.6bn deal

 

24 June 2013 10:33 AM

Vodafone today looked to have triumphed in the battle for Kabel Deutschland after the German cable firm accepted a €7.7 billion (£6.6 billion) bid from the British mobile giant.

 

 

 

Serious cases of tax evasion 'have plunged in two years'

 

24 June 2013 12:00 AM

Fears over the current level of tax evasion and its effect on the economy are overblown, the UK law firm Pinsent Masons has claimed, as new analysis shows the number of serious cases being investigated by HM Revenue & Customs (HMRC) has plummeted over the last two years.

 

 

 

Merger? That's a dumb idea, says boss of ad giant Interpublic

 

24 June 2013 12:00 AM

The boss of the world's fourth-biggest advertising group has squashed fresh speculation about a possible merger.

 

 

 

Belgians lead the race to bag crisp maker Tyrrells

 

24 June 2013 12:00 AM

A Belgian private-equity firm with links to the Anheuser-Busch InBev beer empire has emerged as a front-runner to acquire Tyrrells, the upmarket crisp maker, for £100m.

 

 

 

Henderson links with US rival to form £13bn property fund

 

24 June 2013 02:26 PM

The part-owner of the Westfield Stratford City shopping centre today struck a deal to create a £13 billion property fund after joining forces with a larger transatlantic rival.

 

 

 

Buyers fail to take a shine to Rio Tinto’s diamonds arm

 

24 June 2013 02:22 PM

Diamonds are forever for mining giant Rio Tinto, which today scrapped plans to sell or float its $2 billion (£1.3 billion) precious stones division.

 

 

 

SABMiller’s Graham Mackay bags £14m

 

24 June 2013 02:19 PM

Graham Mackay, the former chief executive of SABMiller, pocketed total pay of nearly £14 million last year after a lucrative share scheme paid up.

 

 

 

Oligarchs set to put in lower bid for ENRC

 

24 June 2013 12:00 AM

The scandal-riven oligarchs behind mining group ENRC today looked poised for success in their attempts to buy the company for a knockdown price of £3 billion after they secured the reluctant backing of its biggest shareholder, and rival, Kazakhmys.

 

 

 

Spending on the climb after optimism remains at its highest for two years

 

24 June 2013 12:00 AM

Consumer sentiment is continuing at its highest level in two years, a new report says.

 

 

 

What The Sunday Papers Said

 

24 June 2013 12:00 AM

The Office for National Statistics is set to confirm the economy did not contract at the start of 2012 when it puts out growth data this week. The Q1 revision, up from a 0.1 per cent fall, would put three months of flat growth between two quarters of decline in 2011-2012, meaning the UK did not technically fall back in to recession last year.

 

 

 

Debenhams to post sales rise amid tough times

 

24 June 2013 12:00 AM

The department store chain Debenhams will this week warn that the fashion sector has endured tough early summer trading, although it is still expected to have grown sales.

 

 

 

Accountancy giants hit back over auditing 'dominance'

 

24 June 2013 12:00 AM

The Big Four accountants have heavily criticised the Competition Commission following the regulator's call for tough measures to open a market that sees KPMG, Deloitte, PricewaterhouseCoopers and Ernst & Young run the books of more than 95 per cent of the Ftse 350.

[interestrateripoff]

24 June 2013 Last updated at 15:06

 

 

Vodafone seals Kabel Deutschland bid

 

UK telecoms group Vodafone has agreed with the board of Kabel Deutschland to buy the German cable firm for 7.7bn euros (£6.6bn).

 

• Vodafone faces Kabel bidding war
  

 

China stocks slump on credit fears

 

Chinese stocks fall further as the country's central bank indicates its credit tightening policy will continue.

 

• UK and China in £21bn currency deal
  
• Cash, China, the Fed, and Abenomics
  

 

 

Uncertain future for pension income

 

The future of pensioner benefits is looking increasingly likely to be a key battleground at the next general election.

 

• State pension: The overhaul and you
  
• How to save for a pension
  

 

 

 

• Central banks told to halt support
   
  The Bank for International Settlements (BIS) says banks have done their bit to help economic recovery and now governments must do more.
  
• German business confidence rises
   
  Germany's Ifo index of business sentiment rises slightly in June, raising hopes that the eurozone's largest economy is returning to growth
  
• Saudi Arabia changes weekend start
   
  Saudi Arabia changes the start of its two-day weekend from Thursday to Friday to align its banking and business days with most of the region.
  
• Blanco Cycling signs Belkin deal
  
• 'Serious tax evasion reports fall'
  
• Barclays faces pressure over Somalia
  
• Housing policy 'too short-term'
  
• Suntory unit's IPO price fizzles
  
• Starbucks pays UK corporation tax
  
• EU split on future bank bailouts
  
• Osborne: Jobs cut as MoD agrees deal
  
• UK and China in £21bn currency deal
  
• Town centres 'missing out on retail'
  
• Markets stable after sharp falls
  

Risks to financial system of interest rate rises

 

12 hours ago

The central banks' central bank. the BIS, warns that a clumsy end to quantitative easing would pose risks to the health of the financial system, and that UK may face many years yet of serious austerity.

Do we really want more social mobility?

 

2 hours ago

What would it take to give every child in the UK a fair chance to succeed? What does that kind of equality of opportunity even look like?

China's true crunch time is to come

 

5 hours ago

The growth of 'shadow banking' - the informal, unregulated lending sector - is storing up future trouble for China's economy.