The great interest rate rip off part 1

nosnewois · April 8, 2009

http://www.dailymail.co.uk/news/article-11...Parliament.html

All MP's are piggies with their snouts in the trough.

All in it for what they can get out of it. The taxpayer is very generous.

Why is this only just coming to light now? What the hell has that stupid bint, whose spouse claimed back the porn fee's, whose job it is to bloody prevent these robberies, been doing? These chancers have been ripping the government off for years, where is the enquiry?

I don't claim to know the in's and out's of politics but I reckon we need a new leader who is just and makes decisions/takes actions for the GOOD of the nation.

Who has the power, and thus heeds the blame, to say: "Oi, PC Plod, that dude over there in the suit has been fleecing the public for millions of pounds therefore I want you to shackle him and escort him in front of a judge".

The blame must lie somewhere. Are there too many people involved to arrest? I don't think not having any space in the prisons is any reason let thousands of financial crooks walk the streets, let alone continue to do their "job".

interestrateripoff · April 8, 2009

Michigan Facing "Economic Katrina" If GM Files for Bankruptcy Rep. McCotter Says: Tech Ticker, Yahoo! Finance

Already saddled with the country's highest unemployment rate, Michigan faces "an economic Katrina" if GM or Chrysler file for bankruptcy, says Representative Thaddeus McCotter (R-MI).
Last month, President Obama rejected the automakers' proposals that included combined job cuts of 50,000 workers. McCotter now fears job cuts beyond that level will result, as well as the potential for a "cascading effect" in auto suppliers (which have been given a $5 billion TARP lifeline) and other related industries if either GM or Chrysler files for bankruptcy.

Staring March 30, GM has 60 days and Chrysler 30 days to come up with new viability plans. McCotter says GM is striving to come up with a new restructuring plan, but also must prepare for the possibility of a bankruptcy filing. Meanwhile, the proposed Chrysler-Fiat deal is "doable," he says, but the devil is in the details.

Beyond the human toll, McCotter's main concern is twofold:

The Obama administration had laid out "policy goals" but no clear-cut guidelines for what kind of restructuring they will accept.

GM doesn't have a lot of time to negotiate with stakeholders, including the UAW, retirees and its bondholders.

On a related note, McCotter has petitioned the White House, Fed and Treasury to determine whether any GM bondholders have credit default swaps with AIG. Considering AIG's counterparties have been made whole to date, such CDS holders might favor a forced GM bankruptcy, as we discuss in more detail in part 2 of our interview with the Congressman.

GM may be forced to go bust so the insurance can be claimed.

interestrateripoff · April 8, 2009

New footage shows powerful blow to G20 fatality Ian Tomlinson

Dramatic new footage emerged tonight showing what appears to be the powerful blow from a policeman’s baton that struck Ian Tomlinson shortly before he collapsed and died at last week's anti-capitalist protests in London.

The ITN video shows a fresh angle of the incident which is being investigated by the Independent Police Complaints Commission.

The footage appears to show a policeman in riot gear make a forceful swing of the baton from head height towards the newspaper vendor, who was attempting to make his way home.

The law about not filming the police is only there for one reason and one reason alone to stop people from filming incidents like this.

interestrateripoff · April 8, 2009

Royal Bank of Scotland staff voice anger over bosses’ blunders - Times Online

Video: Osborne points to break-up of British banks - Times Online

Shop prices soar as pound pushes up food costs - Times Online

Food inflation at 2% and probably going to get higher.

UK managers bossnapped by French workers - Times Online

Food prices blamed for shock rise in inflation - Times Online

Madoff baseball tickets to be sold on eBay - Times Online

JD Sports beats gloom with 9% profit rise - Times Online

Growth outlook gloomy as factory output drops - Times Online

Worldwide shipping rates set to tumble 74% - Times Online

Ireland's dream is over as bankers chase McJobs - Times Online

Defence industry must plan offensive moves - Times Online

Change of venue, and cast, for City awards - Times Online

Desert riches but the real problems remain - Times Online

interestrateripoff · April 8, 2009

World Economy Falling Faster Than in 1929-1930

Barry Eichengreen, an expert on the Great Depression, and Kevin O’Rourke, take issue with the notion that the current downturn is less severe than the Great Depression. While the slump in the US is not as bad, that mis-states the global picture.
Note that many economists expect the US to suffer less than the big exporters, namely China, Germany, Japan. The reason is that the economic adjustment required of surplus nations is greater than that of debtors. Similarly, in the Great Depression, the US, then a major exporter, was harder hit than the overconsuming importers such as Britain, who defaulted on their debts.

The one bit of cheer is that this time around, government action is more aggressive, but it remains to be seen whether it is sufficient.

interestrateripoff · April 8, 2009

http://business.timesonline.co.uk/tol/busi...icle6058358.ece

Global shipping rates are primed for a wrenching 74 per cent plunge in 2009 as commodity demand continues to fall in Asia and the massive glut of vessels ordered during the boom years finally hits the oceans.

The expected collapse in rates, which could push dozens of shipowners close to bankruptcy, follows a 92 per cent decline in the Baltic Dry Index (BDI) of shipping rates over the course of last year. The misery is expected to continue well into 2010, with a further 15 per cent drop in rates before any rebound brings relief to fleet owners.

The closely-watched gauge of world trade in iron ore, coal and other bulk cargoes has fallen for 19 straight days – the same ferocity of decline that followed the collapse of Lehman Brothers and the catastrophic freezing of trade finance.

The stark warning of a continuing collapse in the BDI, issued today by analysts at Nomura Securities in Hong Kong, comes despite industry predictions of multiple order cancellations by shipowners and forecasts that record numbers of vessels may be put into storage. According to the gloomiest forecasts, fleet owners may lay-up the greatest number of ships since the oil crisis of the 1970s.

But these measures, however drastic, may not be enough to fight further alarming declines in freight rates. Even if 40 per cent of worldwide order books are cancelled this year, the slump in global demand and the sharp rise in Chinese inventories of iron ore and coal, say analysts, suggest that the worst is yet to come.

“We expect industry fundamentals [for bulk carriers] to deteriorate further as demand continues to remain weak and the large order book begins to be delivered,” wrote Nomura’s Andrew Lee in a note to clients. On container shipping, the outlook is similarly miserable: “International routes are loss-making and are likely to remain so,” he said.

Chinese imports of iron ore are falling because, despite Beijing's promise of massive infrastructure spending as part of the country’s vast $586 billion stimulus package, the pace of construction has slowed dramatically. Iron ore inventories loaded up along the docksides at Chinese ports are thought to have swollen by about eight million tons over the course of February, while the country’s exports of finished goods – the sort that used to fill container ships bound for the US and Europe – continue to fall.

Can we expect another blow out in the global economy shortly? It appears that once more the global economy is grinding to a complete halt and yet shares have had a recovery.

interestrateripoff · April 8, 2009

http://www.telegraph.co.uk/finance/finance...-10m-sq-ft.html

Approximately 11.9pc of City offices are vacant – equivalent to 10 large city towers – up by a tenth already in 2009 and more than double the 5.2pc prior to the onset of the credit crisis in 2007, as increasing numbers of businesses collapse or downsize.

It is first time since 2004 that empty office space has breached the 10m sq ft mark, according to research by property agent NB Real Estate.

The slump is placing immense pressure on rents, which have now fallen 27pc in the past year from an average of £65 per sq ft to £47.50.

Increasing supply through the completion of new developments is hastening the fall in rents, although the situation is even more dire in the West End. The failure of a large number of hedge funds, many of which are based in the area, has pushed rents down 37.5pc to £75 per sq ft.

Alan Dornford, managing director of markets at NB Real Estate, said: "Sentiment-wise this has probably been the toughest quarter in the leasing market.

"Many landlords have been aggressively adjusting the rents they quote but in isolation this will not stimulate a recovery. A broader recovery relies on confidence returning to the employment market."

Landlords beginning to panic??

So over 10% of office space is empty, well I'm sure the green shoots of recovery will soon get all of these offices full.

interestrateripoff · April 8, 2009

Germany increases car subsidy to €5bn - Telegraph

Lukewarm verdict on US financial rescue plan - Telegraph

Recession keeps tight grip on UK economy, NIESR warns - Telegraph

TV at the Telegraph - watch online videos, live news, free video clips, daily shows and film trailers - Telegraph

Aon to cut pension payments to workers - Telegraph

JD Sports Fashion profit soars - Telegraph

Moody's downgrade Irish banks - Telegraph

Shock warning on US municipal bonds - Telegraph

Set-top box maker Pace shares jump as demand soars in stay-at-home Britain - Telegraph

http://preview.telegraph.co.uk/finance/newsbysector/industry/5120884/UK-production-shrinks-to-lowest-in-over-40-years.html

http://preview.telegraph.co.uk/finance/newsbysector/industry/5120701/Europe-rides-to-rescue-of-Jaguar-Land-Rover-and-Nissan.html

Pearl seeks £500m and London market listing - Telegraph

Top ratings agencies face investigation over bail-out payments - Telegraph

Fingers in pies?

Italy stands to gain from end of tax haven secrecy - Telegraph

Number of grown-up children returning to live with parents triples amid recession - Telegraph

Business failures could be avoided - Telegraph

The only thing that is certain is that business rates will haunt Darling - Telegraph

interestrateripoff · April 8, 2009

RBS to cull 9,000 staff as it hands out options to directors - Business News, Business - The Independent

JLR and Nissan access European funds - Business News, Business - The Independent

Fall in manufacturing output slows - Business News, Business - The Independent

Australia plans super-fast broadband - Business News, Business - The Independent

Faster access to porn for the Aussies? :lol: :lol:

Jeremy Warner: Public sector must follow private one in addressing pensions - Jeremy Warner, Business Comment - The Independent

Jeremy Warner: Few Budget options as public finances spiral out of control - Jeremy Warner, Business Comment - The Independent

Hooray for Hollywood: Film industry bucks the economic trend - Business Analysis & Features, Business - The Independent

interestrateripoff · April 8, 2009

London Array wind farm developers seek bailout | Business | guardian.co.uk

Interest rates: Bank of England expected to show zero tolerance | Business | guardian.co.uk

Is that because interest rates have failed as an economic policy?

Recession: Latest surveys point to bleak outlook for Britain | Business | guardian.co.uk

UK bottom of league for economic gloom | Business | The Guardian

US finance pundit Cramer a 'buffoon' says leading economist Roubini | Business | guardian.co.uk

Karmann goes bankrupt as Daimler car workers stage protest | Business | guardian.co.uk

Unions protest as Aon slashes pension contributions | Business | guardian.co.uk

Standard Life bosses receive large bonuses despite fall in profits | Business | guardian.co.uk

Bank of England pressed to reaffirm spending boost | Business | guardian.co.uk

RBS cuts 9,000 jobs - days after boss denies staff are at risk | Business | The Guardian

French workers release 'bossnapped' British bosses | Business | guardian.co.uk

Ireland raises tax on rich | Business | guardian.co.uk

interestrateripoff · April 8, 2009

Tom Cunningham: Britons gloomy about the future misguidedly think things aren't so bad right now | Comment is free | guardian.co.uk

Recession: Latest surveys point to bleak outlook for Britain | Business | guardian.co.uk

Economic recovery could be three years away, thinktank warns | Business | guardian.co.uk

If we follow Japan, the recovery could be decades away.

Simon Jenkins: Why Gordon's G20 failure is good news for the people | Comment is free | The Guardian

Jon Cruddas and Andrea Nahles: A new path for Europe | Comment is free | The Guardian

World Bank sees China recovery from recession this year | World news | guardian.co.uk

UK industrial production falls at fastest rate in four decades | Business | guardian.co.uk

Chris Colvin: Change the law to make Sir Fred repay the £700k | Comment is free | guardian.co.uk

Editorial: The budget: The big squeeze | Comment is free | The Guardian

Jenni Russell: Want to be a nude cleaner? Then pop into the jobcentre | Comment is free | The Guardian

interestrateripoff · April 8, 2009

Colette Marshall: Crisis-hit families need urgent government help | Comment is free | guardian.co.uk

The fortunate few who are prospering because of this recession | Business | The Guardian

UK bottom of league for economic gloom | Business | The Guardian

Marilyn Stowe: Brian Myerson should abandon his bid for his divorce settlement to be set aside | Comment is free | guardian.co.uk

interestrateripoff · April 9, 2009

http://www.timesonline.co.uk/tol/life_and_...icle6062841.ece

Up to 50,000 sixth-formers will be denied places at university this autumn because of a surge in applications combined with a freeze in undergraduate places.

Vice-chancellors and the head of the admissions service warned yesterday of a looming crisis, with many popular courses already full. Nearly one in ten applicants could be left without places at a time of bleak employment prospects for school-leavers.

The number of places available through the clearing system — which gives students who missed their A-level grades another chance to apply — will be restricted severely.

University heads accused ministers of threatening them with big fines if they took on too many students while encouraging more teenagers to apply.

John Denham, the Universities Secretary, has written to vice-chancellors ordering them not to offer any extra student places. He warned that universities which did increase their student numbers could have funding clawed back. Universities fear that they will be penalised by up to £10,000 for each extra student.

Baroness Warwick of Undercliffe, the head of Universities UK, which represents vice-chancellors, has written to the Chancellor saying that without a rethink thousands of students would not get a place this year. “Many institutions will not enter clearing, and the impact on students from lower socio-economic groups will be most pronounced,” she wrote.

“The threat of fines, which may go into several millions for institutions who accidentally over-recruit, means that most institutions will aim low, possibly even under-recruiting, in order to avoid crippling financial penalties. Anthony McClaran, head of Ucas, the admissions service, told The Times: “Pressure to obtain a place in clearing will be greater than in the past. There may be less flexibility this summer and fewer places available in clearing. It’s essential that universities communicate very clearly what is and isn’t available and students are realistic in what might be available. There are not suddenly going to be places opening up in courses which are very popular.”

Plenty of students fancying getting into huge debt then.

The govt has educated them well.

interestrateripoff · April 9, 2009

http://www.timesonline.co.uk/tol/money/pen...icle6062814.ece

Aviva, Britain's biggest insurer, has scrapped free pensions for almost 16,000 staff, The Times has learnt.

The owner of Norwich Union has also increased the amount that it expects the thousands of members of its final-salary scheme to contribute.

The 15,900 members of Aviva's defined contribution pension scheme have not had to make any contributions until now, but, from July, they will have to pay at least 1 per cent of their salary until next April and 2 per cent after that.

In return, Aviva will commit to increase its maximum contribution to the pension scheme, the retirement payout of which is based on the performance of the stock market, from 12 per cent to 14 per cent.

Only staff who contribute the maximum 8 per cent of salary to the scheme each year will trigger the biggest contribution from their employer. The new terms will apply across the group.

Aviva is also asking the 7,249 members of its final-salary pension scheme to increase their contributions or consider leaving the fund. The insurer said that the increased contributions, from 5 per cent to 10 per cent of salary, over two years would mean that Aviva could maintain its retirement commitment.

Staff in the defined benefit pension scheme have the options of increasing their contributions to 6 per cent of salary and take a lower pension or leave the fund.

Aviva said that it was imposing contributions on staff to encourage them to save and emphasised that it would not be cutting the amount that it paid into the scheme.

Aviva's revised pension arrangements come a day after Aon Limited, a subsidiary of the American insurance group and one of Britain's biggest pension advisers, said that it would cut contributions to its scheme by up to half.

Another day another pension story.

Tick tock, tick tock.

interestrateripoff · April 9, 2009

Bank of England Governor Mervyn King weighs case for forcing banks to split their operations - Times Online

The Bank of England is examining whether Britain's biggest banks should formally separate their investment banking and retail banking operations, The Times has learnt.
News that such a move is under discussion at such a high level will send fresh shudders through the UK banking sector, still reeling from the fallout of toxic debt and the credit crunch.

George Osborne, the Shadow Chancellor, hinted yesterday that a Conservative Government would break up Britain's nationalised banks and would also consider whether to block other lenders from becoming too big.

Mr Osborne's plans would trigger the biggest change in the structure of the City since 1986, when Margaret Thatcher deregulated financial markets in a banking revolution that came to be known as Big Bang.

The Shadow Chancellor's remarks form part of a wider debate among governments and regulators about how to reduce systemic risk among the banks.

Last month, Mervyn King, the Governor of the Bank of England, gave a speech to the City in which he referred to the former American law that until 1999 separated investment and retail banking, saying: “Should there be a Glass-Steagall type of provision to prevent retail deposits from being used to fund investment banking activities?

“There are good arguments in favour, to separate the utility functions of a retail bank taking household deposits and running the payments system from the casino trading of an investment bank, and good arguments against - the difficulty of maintaining a credible boundary between those institutions that are eligible to receive government support and those that are not. We need a public and informed debate on the merits of the arguments.”

It is also understood that the US Federal Reserve is considering the feasibility of splitting up giant banking institutions to try to limit the systemic risk posed by the collapse of another large bank.

Horse bolted.

Hey I know lets shut the stable door.

interestrateripoff · April 9, 2009

http://www.telegraph.co.uk/comment/columni...the-bottom.html

Remember Ian Tomlinson. Strolling, hands in pockets, he seemed a man at ease. Seconds later, came the blow dealt by a baton-wielding police officer and the silent crash of body against pavement. Mr Tomlinson had planned an evening watching football on the television. Instead, he was destined to die in the public eye.

But for an amateur video his last minutes would have remained a private tableau of seemingly gratuitous violence. Instead, millions have watched Mr Tomlinson, a newspaper vendor, walk back from work through the G20 crowds, and fall to the ground after being pushed from behind. Witnesses saw him climb to his feet before he collapsed of a fatal heart attack a short distance away.

The shaky film footage was the cameo of a death foretold, except that the script was not supposed to run like this. Back in February, Britain's most senior police officer in charge of public order warned of social meltdown. Superintendent David Hartshorn predicted violent protests, in which middle-class individuals who had never previously joined a demonstration vented their anger.

A flashpoint, he said, could be the G20. And so the police prepared to subdue a window-smashing orgy by Tupperware anarchists and mobsters in twinsets and pearls. Things did not work out that way.

An attack on a bank aside, the main allegation of brutality centred on the police's own apparent assault on Mr Tomlinson; an episode made doubly ugly by its aftermath. As with the shooting of Jean Charles de Menezes, the original explanation – that police had been impeded by bottle-throwing protesters from tending Mr Tomlinson – was wrong. Without a bystander's camera, the truth might never have come to light.

Ian Tomlinson's story is not simply about rogue elements in the police or one man's suspicious death. His fate is a parable of a recession that has exposed the dark heart of authority.

Forecasts of middle-class mayhem and a lawless populace running amok have proved mendacious. People have lost their homes, their savings and their jobs with extraordinarily little complaint or protest.

Nine thousand workers are set to follow their former head, Sir Fred Goodwin, out of the Royal Bank of Scotland's door, but without his £703,000 annual pension. Behind worsening unemployment statistics lie stories of deprivation, uncertainty, fear and impotence. Yet people have borne their anguish with dignity, offering a template of good conduct. In contrast, many elements of the establishment, from police to bankers to politicians, have behaved abysmally.

The mounting clamour for a criminal investigation into Mr Tomlinson's death was met initially by silence from the Home Office. Jacqui Smith's subsequent statement was a model of neutrality. While Ms Smith, who has no operational control over the police, is doubtless limited in what she can say, her intervention may have struck critics as low key.

No such lack of passion applied on Tuesday when the Home Secretary mounted Operation Bathplug. In a tour of TV and radio stations, she explained again why she was quite right to furnish her family home at our expense. It is useless for Ms Smith to protest that she bought some (mostly unspecified) items with her own money. The Home Secretary's compendium of Hotpoint cookers, ceramic tiles and patio sets has branded her the Imelda Marcos of the Argos catalogue. Her splurge would be inexcusable at the best of times. Right now, it's an assault on public decency for the Home Secretary to recline on her freebie £575 armchair while the bailiffs hammer at voters' doors. Yes, she's unlucky that her details were leaked early. Yes, other senior politicians on both sides of the House will also be exposed. And yes, MPs should be better paid rather than boosting their income in ways not much more palatable than in 1782, when Edmund Burke advanced an anti-sleaze Bill aimed at "cutting off all those sources of influence which… have proved so fatal to this country".

But cashing in is not mandatory. No one is forcing duvet covers and stone sinks on our elected members, or insisting that backbench MPs flit around the world inspecting human rights depredations from the comfort of five-star spas. As scrupulous MPs (and there are many) could tell their colleagues, you do not need to be Aristotle to work out the ethics of expenses and "fact-finding" free trips. Bad rules do not justify bad conduct. If the system stinks, then so do its exploiters.

Gordon Brown is not one for the high life. His Scottish home, on the occasion I saw it, featured no suede scatter cushions or designer sofas. His frugal tastes may have blinded him to the mortal danger of recession sleaze. An inquiry due to report in the autumn will be far too late. While reshuffling Ms Smith would not unduly upset some colleagues ("She is nice but weak," says a fellow-minister), it would not bridge the growing chasm between the governing and the governed.

People feel helpless in the face of tainted authority. What are they meant to do? In the unlikely event that they took up smashing politicians' windows, they would have to foot the glaziers' repair bills. But most citizens don't hanker for revenge against ministers and bankers. They want humility, apologies and proof that the pain of recession is shared by all. Instead, they are being palmed off with platitudes and self-indulgence by an establishment in whom they have lost faith. Why, many wonder, should we believe that ministers are truthful about our economic future when they are so duplicitous on bathplugs? How can we rely on the police to protect us when Ian Tomlinson dies in sickening circumstances? "Trust us", the cry of authorities everywhere, has rarely sounded so hollow.

Good governance and the rule of law are the cornerstones of democracy and the glue of our fragile social contract. Britain will eventually emerge from financial chaos, but the legacy of recession may be a shattered nation, broken not – as David Cameron suggests – by those at the bottom of society, but by those at its apex.

The kinder future Mr Brown envisages, of caring capitalism, fewer nuclear arms, greener industries, civic cohesion and electric cars all round, is far from assured. Such laudable dreams risk being smashed not by a patient electorate which has made all the sacrifices required of it, but by a venal and unscrupulous establishment.

So remember Ian Tomlinson, strolling towards death in his Millwall shirt. Perhaps he believed a Home Secretary who pledged to keep people safe on the streets. Maybe he thought himself protected by all agents of law and order. If he did, he was mistaken. And so he ended his last walk home as a martyr of recession Britain and the symbol of trust betrayed.

Good article.

The elite need to lead from the front and not have the gimme gimme gimme attitude and full their boots at every opportunity.

If we are going to fix what's wrong in society it has to be a top down approach. The biggest thieving "chavs" aren't living on the "sink" estates they are the ones running the country and working in the top jobs. Money for nothing.

interestrateripoff · April 9, 2009

EU warns China over increasing steel exports - Telegraph

ArcelorMittal, the world's biggest steelmaker, yesterday told its European workforce that production cuts of 50pc would continue indefinitely due to the "exceptional economic environment", raising fears that chunks of Europe's steel industry face closure.

"It is a catastrophe, particularly as management does not say when production will be resumed," Jaques Laplanche, secretary of Mittal's European Works Council, said.

A 166-page report by the European Parliament has accused China of systematic distortion of its steel market, resulting in "irrational capacity extension". This is promoted, it said, by "artificially depressed cost levels" and export rebates.

The European Commission, the EU's trade enforcement arm, said some Chinese measures to support the steel industry are permissible under World Trade Organisation rules but there has been an escalation into "borderline" subsidies.

"The EU is taking this very seriously and we're in discussions with the Chinese," Lutz Gullner, the commission's trade spokesman, said.

"While steel production is declining all over the world to reduce over-capacity, it is still going up in China. This puts pressure on world markets," he said. The EU steel industry employs 440,000 workers. China's steel exports to the EU were 1.6m tonnes in 2005, 5.6m in 2006, 11.5m in 2007 and almost certainly higher in 2008.

China cut output late last year as steel prices collapsed, but the EU authorities are worried that China is shifting to a strategy of long-term support – effectively opting to offload extra capacity on the rest of the world rather than accepting a surge of unemployment at home.

Beijing says 20m workers have already lost their jobs since the crisis began. Sporadic riots have occurred in the Pearl River industrial hub.

Europe's steel lobby Eurofer said there had been a worldwide dash towards steel tariffs and subsidies since the first G20 summit in November pledged to avoid the sort of "beggar-thy-neighbour" protectionism that blighted the 1930s. Renewed vows of piety at the second G20 last week may prove no better.

The trade war appears to be bubbling along.

The long term game it to try and put your competitors out of business.

interestrateripoff · April 9, 2009

One in 20 £1 coins could be fake, experts say - Telegraph

They claim that so many fake £1 coins are in the system threatens to undermine public confidence in the money supply, and could damage the businesses of small shopkeepers who rely on the coins for small transactions.
Royal Mint figures last year suggested that 2 per cent of the coins – around 30 million in total – were fakes, but in January that figure was increased to 2.5 per cent.

But Andy Brown, managing director at Willings, a company which tests coins collected at car parks and in vending machines, said the machines used by the Royal Mint to test for fakes were not accurate enough.

He said the figure could be closer to 5 per cent, meaning one in 20 coins are fake. In 2002, one in 100 £1 coins was a worthless fake and in 2007 the figure was one in 50.

Technically any person using a fake coin to pay for goods is breaking the law, meaning that millions of people are unwittingly committing a crime every year.

Mr Brown said: "The Mint has started a process of finding the fraudulent coins but the machines they use only find 30 per cent to 40 per cent of the fakes.

"They are using high-volume machines which are checking a lot of coins and they also do not want to reject real coins so they are potentially erring on the side of caution with their calculations.

"We carried out our own sample and withdrew £2,000 in pound coins from the bank and we found 3 per cent to 4 per cent were fakes."

Surely this is just private individuals assisting with the BoE QE plans?

interestrateripoff · April 9, 2009

Irish bank shares slump as fears grow over financial crisis | Business | guardian.co.uk

Shares in Irish banks tumbled today amid fears that the country's financial crisis was deepening and could have implications for Britain.Coming the day after Dublin announced a belt-tightening budget, worries in markets about a plan to create a "bad bank" to buy up commercial banks' most toxic assets came on top of a downgrade to 12 Irish banks from ratings agency Moody's. Shares fell by nearly a third at one stage though recovered some of the lost ground. Bank of Ireland closed 7% lower, having been 32% down at one stage in the day. Allied Irish Bank closed 30% down and Irish Life and Permanent was down 6%.
"Ireland has suffered a blow to her reputation abroad and that must be fixed and it will be fixed," prime minister Brian Cowen told parliament.

On Tuesday the government unveiled an emergency budget to try and combat a yawing budget deficit caused by a property collapse and a surge in joblessness, which have given the former "Celtic Tiger" the worst public finances in the euro zone. Its efforts won praise from the European Commission, which has become increasingly concerned that Ireland, like Spain and Greece, represents a threat to the euro's stability. The Commission said Dublin had taken "decisive, broad-based action" to bring the deficit back below its limit of 3% of national income by 2013 – only around a quarter of current levels.

But investors were less than impressed by plans to squeeze money out of an economy already on its knees and is expected to shrink by up to 8% this year – twice as bad as Britain.

"It seems very clear that the government is committed to restore order to the public finances. The problem is that so much effort is yielding relatively little short-term progress," said Austin Hughes, chief economist with KBC Ireland.

One of Ireland's largest unions, Unite, predicted that unemployment will rise to 14% cent this year in the Republic, two percentage points higher than the government expects, with close to one in five people out of work by 2010. "This budget runs a real risk of turning Ireland into an economic wasteland," said Unite Irish regional secretary, Jimmy Kelly.

Ireland is in big big trouble.

interestrateripoff · April 9, 2009

Barclays sells iShares to CVC for $4.4bn - Times Online

Forbes: GE replaces HSBC as world's biggest company - Times Online

Mortgage rates fall to five-and-a-half year low

But no one can afford to borrow.

US trade gap narrows to $26bn in February - Times Online

Video: UK interest rate held at historic low of 0.5% - Times Online

Hays cuts 250 UK jobs amid fresh slump in fees - Times Online

John Lewis suffers 6.7% slump in sales - Times Online

HSBC drops interest on low-deposit mortgages

Wells Fargo predicts record $3bn profits - Times Online

Setback for Sarkozy as French parliament rejects controversial internet law - Times Online

Japan launches 'do or die' rescue fund package - Times Online

ING to shed €8 billion of assets - Times Online

Why no one listened to the harbingers of doom - Times Online

interestrateripoff · April 9, 2009

Bank of England leaves interest rates on hold for first time since September - Telegraph

Interest rate decision: what next for mortgage rates? - Telegraph

If printing money sparks inflation, are index-linked gilts the solution? - Telegraph

Northern Rock gets tough on mortgage borrowers who have made overpayments - Telegraph

Latest car may be final Spark of inspiration from GM - Telegraph

Recruiter Hays lays off 200 staff as vacancies fall by over 50pc - Telegraph

Companies 'to cut back on pensions payments to save money' - Telegraph

All 19 US banks pass Treasury's 'stress tests' - Telegraph

Germany's bank move edges country towards first nationalisation in 60 years - Telegraph

Warren Buffett loses coveted triple-A rating - Telegraph

Bank of America chief Ken Lewis hints he could step down - Telegraph

interestrateripoff · April 9, 2009

Interest rate held at record low - Business News, Business - The Independent

HSBC restores 90 per cent loans - Business News, Business - The Independent

SEC invites comment on short selling curbs - Business News, Business - The Independent

M Currie wins Chinese pension fund mandate - Business News, Business - The Independent

Cramer vs Roubini: Another war of words for CNBC star - Business News, Business - The Independent

German car scheme piles pressure on UK - Business News, Business - The Independent

Jeremy Warner: Is scrappage subsidy really such a great idea? - Jeremy Warner, Business Comment - The Independent

Jeremy Warner: Tories may break up the banking goliaths - Jeremy Warner, Business Comment - The Independent

Jeremy Warner: Ireland's shock therapy has got its merits - Jeremy Warner, Business Comment - The Independent

Jeremy Warner: Public sector must follow private one in addressing pensions - Jeremy Warner, Business Comment - The Independent

Pensions again. Tick tock tick tock.

interestrateripoff · April 9, 2009

Interest rates: Bank of England holds at 0.5% but quantitative easing continues | Business | guardian.co.uk

Weak pound helps exports | Business | guardian.co.uk

Brown says tax havens must end culture of secrecy or face sanctions | Business | guardian.co.uk

Recession: Latest surveys point to bleak outlook for Britain | Business | guardian.co.uk

Recession hits Aim companies | Business | guardian.co.uk

Barclays boss Bob Diamond gets £5m for iShares sale | guardian.co.uk

US billionaire Warren Buffett sees investment firm Berkshire Hathaway downgraded | Business | guardian.co.uk

US finance pundit Cramer a 'buffoon' says leading economist Roubini | Business | guardian.co.uk

Japanese spending boost lifts Asian stockmarkets | Business | guardian.co.uk

Germany moves to take over ailing bank Hypo Real Estate | Business | guardian.co.uk

Recession watch: job cuts and closures | Business | guardian.co.uk

Industrial output slumps across Europe | Business | guardian.co.uk

Japanese spending boost lifts Asian stockmarkets | Business | guardian.co.uk

Heather Stewart: Markets seek gilt rather than anxiety | Business | The Guardian

John Harris: Regional differences persist despite recession | Comment is free | The Guardian

Seumas Milne: Ignore the Tories. You can't cut your way out of a slump | Comment is free | The Guardian

Editorial: Bank of England - Getting queasier | Comment is free | The Guardian

interestrateripoff · April 13, 2009

Union anger at Virgin Media bosses’ bonuses after jobs cull - Times Online

Beazley sees a silver lining in the stormy times ahead - Times Online

More companies cut payouts as slowdown hits - Times Online

Barclays fund managers set to win higher cash payouts if group sells whole of BGI - Times Online

FSA to investigate banks' risk management practices - Times Online

3 reduces its mobile phone losses in the UK to £152m - Times Online

Online price war looms as Waitrose ends delivery charges - Times Online

BT to slash another 10,000 jobs - Times Online

Britain’s best-paid banker takes home £16m bonus - Times Online

Guess what, Darling? Your Vat cut seems to have worked - Times Online

ALISTAIR DARLING’s temporary cut in Vat, widely criticised as being an expensive failure, has worked, according to a report to be published this week by a leading economics consultancy.
The Centre for Economics and Business Research (CEBR) compared the trend for retail sales before the 2.5-point Vat cut, which took effect on December 1, with what happened subsequently. It also looked at the pattern of sales growth in the last recession.

Its conclusion is that there was an immediate boost to sales growth after the cut’s introduction and it has been maintained. The CEBR’s assessment is that in the first three months of the lower rate, retailers’ turnover was £2.1 billion higher than it would otherwise have been.

“The rise in retail growth is even more remarkable given the economic context over this period,” said Doug McWilliams at the CEBR. “Following the intensification of the credit crunch in October, the UK economy was in freefall. Indicators of business and consumer confidence declined markedly, interbank lending spreads rose to new record levels and lending volumes fell to a trickle.

Chinese taste for fried food may keep vegetable oils hot despite slump - Times Online

Panama holds out against campaign to end era of banking secrecy - Times Online

Wells Fargo takes the reins for recovery with first quarter soundly in the black - Times Online

Profit alert by Sumitomo leads to fears for Japan’s banks - Times Online

The credit crunch has stolen our smiles | Alice Thomson - Times Online

Political courage is vital for a real recovery - Times Online

Accountants now make the calls at BT - Times Online

Spending is the key to avoid Ireland’s plight - Times Online

One million bank customers in limbo