The great interest rate ripp off part 2

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Bernanke defends easy money policy and calls for currency reform

 

US Federal Reserve Chairman Ben Bernanke defended his country's easy money policy ahead of the G20 leaders meeting in Paris, and joined Bank of England Governor Mervyn King in calling for currency reform.

G20 Paris: the key issues

 

 

 

 

Anglo hives off Tarmac into Lafarge venture

 

The world's fourth-largest diversified miner unveiled a tie-up between its Tarmac UK unit and Lafarge to create a leading construction materials business as it reported a 171pc jump in profits driven by higher commodity prices.

Tarmac: from lucky accident to aggregates giant

 

 

 

Who'll win the war of words, King or Sentance?

 

Andrew Sentance's latest swipe at Mervyn King - and the other Monetary Policy Committee members who are still resisting an interest rates rise - was timed for maximum devastation.

Sentance steps ups rate rise battle

 

 

 

Bahrain killings bring turmoil to oil epicentre

 

Escalating violence in the Persian Gulf and North Africa have raised widespread concerns over the stability of global oil supplies for the first time since the Mid-East turmoil began.

Bahrain: home to big businesses from Kraft to KPMG

 

 

Middle East economies: by numbers

 

 

Which countries have the most oil?

 

 

 

Loss of high-roller costs Ladbrokes £60m

 

 

 

 

Rentokil profits plunge 78pc as Citylink fails to regain health

 

 

 

 

Retail sales bounce back in January

 

 

 

 

Australian tycoon Twiggy Forrest faces ban

 

 

 

 

£385K fine in first corporate manslaughter case

 

 

 

 

Coalition 'lacks growth strategy', warns BIS Committee

 

 

Ethical banking: the cost of a clear conscience

 

Are ethically minded consumers missing out on the best rates? We compare these products with the market leaders.

'Most green funds hold oil companies'

 

 

 

 

Families may be £2,500 worse off this year

 

 

 

 

Home buyers under pressure amid drop in lending

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Local, Organic Milk: Nice Idea, but Try Making a Profit

 

By KATIE ZEZIMA 10:46 AM ET

 

 

A dairy co-operative in coastal Maine that produces slow-pasteurized organic milk is struggling to find enough customers to stay in business.

 

• Video: MOO Milk
  

 

 

 

Matt McInnis for The New York Times

 

In the miliking room at Tide Mill Farm, in Edmunds, Maine. The farm is part of a small, farmer-run outfit called Maine’s Own Organic Milk — MOO Milk for short.

 

 

 

 

 

 

Bernanke Warns of Money-Flow Imbalances Between Nations

 

By LIZ ALDERMAN 2:53 PM ET

 

The Fed chairman urged countries that export more than they import to allow their currencies to reflect their overall economic performance.

 

• Video: G20 Panel Discusses inflation
  

 

DealBook

 

Nasdaq and ICE Hold Talks Over Potential N.Y.S.E. Bid

 

By MICHAEL J. DE LA MERCED 1:03 PM ET

 

Nasdaq OMX and the InterContinental Exchange are in talks about potentially teaming up to take over NYSE Euronext, in an effort to scuttle the New York Stock Exchange's merger with Deutsche Borse.

 

‘Flash Crash’ Panel Urges Tighter Safeguards

 

By GRAHAM BOWLEY 30 minutes ago

 

A committee set up in response to the brief market plunge last May said regulators had done much, but not enough, to prevent a recurrence.

 

• Reuters Video: Stopping a Wall Street 'Flash Crash'
  

 

Economix Blog

 

Why Does College Cost So Much?

 

By DAVID LEONHARDT 20 minutes ago

 

A conversation with Robert B. Archibald and David H. Feldman, economists at the College of William & Mary and the authors of a book on the cost of college.

 

Mannequins That Make Fashion Come Alive

 

By ELISABETTA POVOLEDO 12:38 PM ET

 

In the world of mannequin makers, Bonaveri is among a handful of companies whose brand is as recognizable as the fashion designers its models plug.

 

• Slide Show: The Art of the Mannequin
  

 

Spain Gives Savings Banks Six More Months to List Equity

 

By RAPHAEL MINDER 11:15 AM ET

 

The Spanish government bowed to pressure from the ailing savings banks, known as cajas.

 

Illinois Pension Bonds to Test Investors’ Faith

 

By MARY WILLIAMS WALSH and MICHAEL COOPER

 

The state hopes to sell $3.7 billion of bonds to make this year’s contribution to its teetering pension fund, adding to its already heavy debt load.

 

Apple Is Weighing a Cheaper iPhone

 

By MIGUEL HELFT and NICK BILTON

 

To broaden the appeal of the iPhone, Apple has been exploring ways to make the popular device less expensive.

 

• Federal Regulators Are Said to Look at Apple’s Subscription Plan
  

 

Media Decoder

 

New Leader of Time Inc. Forced Out

 

By JEREMY W. PETERS

 

Jack Griffin is leaving after less than six months — forced out because his management style was not a good fit.

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http://www.ippr.org.uk/uploadedFiles/pressreleases/Part-time%20and%20temporary%20work%20technical%20briefing.pdf

 

1. The number of people in both part-time and temporary jobs because they are unable to

find full-time or permanent work has increased sharply during the recession

• The previous peak of part-time workers unable to find full-time work was in Q4 1994 after the

recession of the early 90’s. The number reached 846,000 and levels stayed high for several

years before declining again. The current rise began in 2008 Q3 to reach 1,041,000 in Q4

2009

• There has also been a substantial increase in temporary workers unable to find permanent

work increasing by 40 per cent since the recession began. Note that temporary and part-time

work are not mutually exclusive, so the same worker may be counted in both measures

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http://www.nytimes.com/2011/02/18/opinion/18krugman.html?src=me&ref=general

 

There are three things you need to know about the current budget debate. First, it’s essentially fraudulent. Second, most people posing as deficit hawks are faking it. Third, while President Obama hasn’t fully avoided the fraudulence, he’s less bad than his opponents — and he deserves much more credit for fiscal responsibility than he’s getting.

 

About the fraudulence: Last month, Howard Gleckman of the Tax Policy Center described the president as the “anti-Willie Sutton,” after the holdup artist who reputedly said he robbed banks because that’s where the money is. Indeed, Mr. Obama has lately been going where the money isn’t, making a big deal out of a freeze on nonsecurity discretionary spending, which accounts for only 12 percent of the budget.

 

But that’s what everyone does. House Republicans talk big about spending cuts — but focus solely on that same small budget sliver.

 

And by proposing sharp spending cuts right away, Republicans aren’t just going where the money isn’t, they’re also going when the money isn’t. Slashing spending while the economy is still deeply depressed is a recipe for slower economic growth, which means lower tax receipts — so any deficit reduction from G.O.P. cuts would be at least partly offset by lower revenue.

 

The whole budget debate, then, is a sham. House Republicans, in particular, are literally stealing food from the mouths of babes — nutritional aid to pregnant women and very young children is one of the items on their cutting block — so they can pose, falsely, as deficit hawks.

 

Krugman once again ramping spending money that isn't generated nor exists. Due to how growth is calculated of course it's going to collapse if the govt stops spending, but govts can't keep spending more than income at some point they will face bankruptcy. At what point is hard to predict, but at some point in time that point will be reached.

[interestrateripoff]

Breaking news

 

• Sanctions better than debt brakes - ECB's Mersch - Reuters
  
• G20 communique takes softer tone on FX policies - Reuters
  
• Greek NBG's bid for Alpha has compelling merits-source - Reuters
  
• China raises fuel prices to trim demand - Reuters
  
• French announce G20 compromise deal on imbalances - Reuters
  
• Egypt must manage workforce's high expectations - Reuters
  
• China PBOC's Yi says China to buy more, not sell less - Reuters
  
• China c.bank adviser calls for interest rate hikes - Reuters
  
• Finland's Liikanen may join race to lead ECB -FinMin - Reuters
  

 

 

 

• Barclays paid just £113m in corporation tax in 2009
   
  Admission stuns politicians and tax campaigners on the eve of a day of protests planned against high street banks
  1,005 comments
  
  • Osborne promises big bonuses but smaller tax rate
    
  • UK Uncut: protests spread from Wales to Mississippi
    
  • Oakeshott: more transparency over banks' tax
    
  • How Barclays tried to gag Guardian
    

  [*] Retail sales jumped in January

   

  Sales volumes jumped 1.9% in January from December, the biggest monthly gain since February 2010, much higher than 0.5% forecasts

  60 comments

  • Retail wasteland: Margate's miserable claim to fame
    
  • Retail sales: what the economists say
    
  • Consumer confidence hit by VAT hike
    
  • MPs criticise ministers over growth
    

  [*] Banks' millionaires could be revealed

   

  Treasury select committee may be given information about top pay at nine biggest banks by end of April

   

  • Financial watchdogs get new powers
    
  • City regulatory reforms criticised
    
  • Inside Job: How bankers caused the financial crisis
    

  [*] Anglo doubles profits to $9.8bn

   

  Mining firm to merge Tarmac construction with rival's British operations, with 'minimal' job losses expected

  [*] Nobel-winning economist attacks King

   

  Paul Krugman says Mervyn King, the Bank of England boss, has jeopardised his independence in wake of criticism of governor by Ed Balls

  109 comments

  • Poll: Should Mervyn King stay out of politics?
    
  • War of words at the MPC
    
  • Q&A: Who's right?
    

 

 

• Ireland turns to bankruptcy tourism
   
  Personal bankruptcy, once rare, offers a way out for Irish left crushed by debt from heady property boom
   
  
  • Will Hutton Irish austerity is self-defeatingly harsh
    

  [*] Fears for eurozone bank after €16bn borrowed from ECB's overnight fund

   

  Spike in borrowing from emergency facility is highest since June 2009 but cause of request is unclear

  [*] Co-op commits to ambitious ethical plan

   

  Co-op aims to cut carbon emissions by 35%, increase Fairtrade product lines and invest £1bn in green energy

  51 comments

  • Co-op boss sets sights on retail's premier league
    
  • Sarkozy asks Bill Gates to help raise cash for Africa
    
  • Action on climate change is 'cost-effective' – EU
    

  [*] BBC to buy out Lonely Planet

   

  BBC Worldwide to pay £42m to complete controversial purchase of travel guide publisher Lonely Planet

  79 comments

  [*] More business news

  [*] New bluecoat plans Disney-style magic at faded Pontins

  [*] BAE warns defence cuts will hit sales

  [*] TNK-BP oligarchs move in on BP's joint venture

  4 comments

  [*] Cable gaffe over Murdoch will cost taxpayer £300,000

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http://renegadeeconomist.com/blog/downing-street-letters-gordon-brown-read.html

 

In 1997 Fred Harrison wrote to Tony Blair and his Ministers: “I am your worst nightmare. I know exactly why New Labour will fail”. For ten years Harrison identified for Gordon Brown the policies that could prevent the next boom bust.

Brown failed to adopt the reforms. Instead, he fostered the state of denial that led Blair’s spin doctor, Alistair Campbell to write: “Dear Fred, I am a little bemused as to why you believe this country’s economic policy is ‘a shambles’.”

Brown and his Chancellor Alistair Darling, through the strategies in their budget on Wednesday, are using the same technique to camouflage the policy failures that will deepen the depression.

The Renegade Economist team is releasing the letters that the Prime Minister doesn’t want you to read because they establish his guilt as the architect of the worst recession in Britain since the 1930’s. Read and judge for yourselves.

Here is the correspondence: The Renegade Economist Letters

 

Enjoy reading.

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China reluctant to get involved in balancing act

 

 

Hopes for an agreement to address the huge trade surpluses being run up by China, Japan, Germany and other successful exporters – the most important of the so-called global imbalances – were dashed even before the first G20 summit under French chairmanship got under way in Paris.

 

 

• Barclays paid £113m tax as bonus pool was £1.5bn
  
• Rentokil's profits tumble after £95m City Link hit
  
• Anglo finds a new home for Tarmac with Lafarge deal
  
• Retail sales rebound as confidence returns
  
• TomTom profits head the wrong way
  
• Business Diary: A parting shot from Tesco boss
  
• Cameron bids to unblock Cairn sale
  

 

Stephen Foley: Apple's days in the sun are numbered as Google's freedom fight gains pace

 

 

US Outlook: President Barack Obama was able to get Eric Schmidt, chairman of Google, and Steve Jobs, founder of Apple, round the table for dinner this week, but that was a photo op, not peace talks.

 

 

• Stephen Foley: Papers should profit from Groupon's model
  
• David Prosser: Risk versus return: the familiar trade-off now facing regulators
  
• David Prosser: Bringing the salesmen to book at last
  
• David Prosser: ITV celebrates shorter commercial breaks
  
• David Prosser: Why the commodity bulls are getting back on their bikes
  

[interestrateripoff]

• Up to Portugal to convince markets - ECB's Trichet 6:10pm GMT
  
• Shell to sell Africa downstream stake for $1 billion 12:23pm GMT
  
• Irish deposit sales cause ECB borrowing spike - source 12:50pm GMT
  
• TNK-BP says interested in joining BP-Rosneft pact
  

 

G20 ministers fudge deal on imbalance indicators

 

PARIS (Reuters) - Finance ministers of the world's major economies reached a fudged accord on Saturday on how to measure imbalances in the global economy after China prevented the use of exchange rates and currency reserves as indicators.

 

Nasdaq, ICE eye tie-up to bid on NYSE - report

 

NEW YORK (Reuters) - Nasdaq OMX and IntercontinentalExchange are in talks to team up on a possible bid for NYSE Euronext , in an attempt to break up the Big Board's deal with Deutsche Boerse , the New York Times' Dealbook reported on Friday.

18 Feb 2011

 

Sanctions better vs constitutional debt brake - ECB's Mersch

 

ATHENS (Reuters) - Automatic sanctions to discipline fiscal offenders in the euro zone are preferrable to setting constitutional debt brakes, ECB Governing Council member Yves Mersch told Greek newspaper Real News on Saturday.

5:33pm GMT

 

China central bank adviser calls for interest rate hikes

 

BEIJING (Reuters) - China needs to increase interest rates because real rates remain in negative territory, a central bank adviser said on Saturday.

8:54am GMT

 

Luxembourg says euro's value acceptable - report

 

ZURICH (Reuters) - The value of the euro compared to other currencies is at an acceptable level and the single currency is a very strong instrument for Europe's political unification, Luxembourg Finance Minister Luc Frieden was quoted as saying on Saturday.

1:15pm GMT

 

Irish woes may overshadow earnings at RBS, Lloyds

 

LONDON (Reuters) - Ireland's economic problems are set to cast a shadow over the results of part-nationalised banks Royal Bank of Scotland and Lloyds next week, and may even push RBS into making a loss.

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19 February 2011 Last updated at 18:57

 

Go-ahead for JJB Sports cash call

 

Loss-making retailer JJB Sports gains 99% shareholder approval for a new share issue to raise £31.5m in cash.

 

Barclays reveals corporation tax

 

Barclays paid £113m in corporation tax to the UK in 2009, 2.4% of its annual profit of £4.6bn, a Labour MP reveals.

 

 

Wedding spending can be at risk

 

The Financial Ombudsman Service is warning engaged couples to make sure they give enough time and thought to their wedding insurance.

 

 

 

• G20 reaches accord on imbalances
   
  The G20 reaches a deal on economic indicators for detecting global imbalances after the two-day meeting ends in Paris.
  
• Retail sales rebound in January
   
  UK retail sales rebounded in January, rising 1.9%, after heavy snow caused a big drop in December sales, figures show.
  
• Thousands face benefit error fine
   
  Plans to fine people £50 each for "preventable" errors in their claims for benefits prompt an angry response.
  
• Bank says inflation figures wrong
  
• UK mortgage lending falls by 13%
  
• TNK-BP pondering Arctic oil role
  
• Commodity prices bolster Anglo
  
• Cable Murdoch gaffe 'cost £300k'
  
• Councils 'missed' £530m in taxes
  
• China raises bank reserves again
  
• Business growth plan 'not enough'
  
• More bus passengers lift Go-Ahead
  
• TomTom profits slump by a third
  

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The Murdoch in Waiting

 

By TIM ARANGO 9:28 AM ET

 

 

It’s an open question whether James Murdoch will one day run the News Corporation. But he could soon be responsible for about half of it.

 

 

 

Eddie Keogh/Reuters

 

As Rupert Murdoch nears 80, many see his son James as the heir apparent.

 

 

 

 

 

 

Prototype

 

A Swarm of Wasps, if Not Investors

 

By AMY WALLACE 1:33 PM ET

 

Research shows that wasps can be taught to sniff out most anything, even bedbugs. Two scientists want to turn the idea into a product but face challenges in raising capital.

 

Case on Mortage Official Is Said to Be Dropped

 

By GRETCHEN MORGENSON

 

The closure of the case after two years of inquiry follows last October’s settlement by Angelo Mozilo, former head of Countrywide Financial, of insider trading allegations.

 

Digital Domain

 

A Chance to Keep Up With New Technology (for a Price)

 

By RANDALL STROSS 12:49 PM ET

 

A look at Best Buy’s buyback plan, in which customers pay for the option to sell new products back to the retailer later.

 

As G20 Leaders Set Deal, Geithner Criticizes China

 

By LIZ ALDERMAN 17 minutes ago

 

The finance ministers from the Group of 20 economic powers reached a compromise, after pressuring China, on how to track imbalances in the global economy.

 

Can You Frisk a Hard Drive?

 

By DAVID K. SHIPLER

 

“Digital inspections” at the U.S. border raise new constitutional questions about searches and seizures.

 

Strategies

 

Writing ‘Danger’ in Ever-Larger Letters

 

By JEFF SOMMER 12:48 PM ET

 

Despite the market’s rally, the forecaster Robert Prechter says he is sticking to his forecast of catastrophe.

 

Mortgages

 

New Fed Rule for Mortgage Brokers

 

By LYNNLEY BROWNING

 

Borrowers who get their home mortgages through a broker will likely be paying less under a new Federal Reserve rule that goes into effect in April.

 

• More Mortgages Columns
  

 

Off the Shelf

 

Two Cosmetics Giants, Flaws and All

 

By BRYAN BURROUGH 1:43 PM ET

 

A new book offers concise historical looks at Helena Rubinstein and Eugène Schueller, the founder of L’Oréal.

 

Preoccupations

 

Independent Scholars: A Nomadic Lot

 

By KATHERINE WENTWORTH RINNE 1:38 PM ET

 

Always searching for knowledge and, often, for new apartments in new cities.

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[problem] ALERT? Irish Banks

Now this ought to lead to some handcuffs:

IRISH BANKS are issuing bonds to themselves under the Government guarantee to borrow cheaply from the European Central Bank and to avoid drawing more heavily on emergency lending from the Irish Central Bank.

Four banks issued bonds worth €17 billion to themselves last month under the Government’s extended guarantee, the Eligible Liabilities Guarantee, to use as collateral to borrow from the ECB.

That's raw money printing which is supposed to be illegal in the EU.

It is identical to me printing up a $100 billion bond on my laser printer, putting my name on it as the issuer and the owner, and then saying "ok, I have $100 billion."

No I don't. It's a circle jerk. I have nothing (well, ok, I have the value of one piece of paper!)

Be aware folks. This entire mess - worldwide - is now circling the bowl as the handle has been pulled down.

To the Irish: If you sit for this your nation will be destroyed. It is time to go Iceland - or Egyptian - on these clowns.

 

Denniger on the money printing farce in Ireland.

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Barclays' 'shocking' tax pay-out

 

Barclays paid out just £113m in corporation tax in 2009, despite making a pre-tax profit of £11.6bn, its chief executive admitted.

Barclays' corporation tax bill dulls Bob Diamond’s sparkle

 

 

Bob Diamond's letter: in full

 

 

 

 

G20 Paris: Nicolas Sarkozy calls for action against inflation's 'great threat'

 

Inflation poses a "great threat" to global growth, risking dangerous unrest if food prices soar out of people's reach, Nicolas Sarkozy, the French president, has warned the world's finance ministers.

G20 Paris: the key issues

 

 

Bernanke defends easy money policy and calls for currency reform

 

 

Sarkozy dares to dream in a G-Zero world

 

 

 

David Cameron intervenes for Cairn and Vodafone in India

 

David Cameron has personally intervened on behalf of two British companies with problems in India, Cairn Energy and Vodafone, by raising their concerns with the country's prime minister.

David Cameron's letter to India: key issues

 

 

Risks to doing business in India

 

 

 

Who'll win the war of words, King or Sentance?

 

Andrew Sentance's latest swipe at Mervyn King - and the other Monetary Policy Committee members who are still resisting an interest rates rise - was timed for maximum devastation.

Sentance steps ups rate rise battle

 

 

 

US House passes $61bn of cuts to domestic programs

 

 

 

 

Essar may pump Indian fuel into UK

 

 

 

 

Apple draws anti-trust attention

 

 

 

 

Retail sales bounce back in January

 

 

 

 

Anglo hives off Tarmac into Lafarge venture

 

 

 

 

Rentokil profits plunge 78pc as Citylink fails to regain health

 

 

India corruption worries shouldn't dishearten investors

 

Manmohan Singh, the embattled Indian prime minister, will be hoping that the Cricket World Cup which starts this weekend will provide the bread and circuses his government desperately needs.

[interestrateripoff]

* House of cards http://www.economist.com/node/1794873

 

* Acknowledgements (and links to even older related articles, many) http://www.economist.com/node/1794861

 

* Risky office affairs http://www.economist.com/node/1794945

 

* A boom out of step http://www.economist.com/node/1794913

 

* Castles in hot air http://www.economist.com/node/1794899

 

* Location, location, location http://www.economist.com/node/1794925

 

* Design flaws http://www.economist.com/node/1794961

 

* Heading for a brick wall http://www.economist.com/node/1794987

 

* Property prices: The next bubble to pop?" http://www.economist.com/node/1812326

[interestrateripoff]

Breaking news

 

• Dutch say time has passed for Icesave talks - Reuters
  
• Bahrain c.bank says banks operating normally - Reuters
  
• Egypt investors demand bourse trades be cancelled - Reuters
  
• Sapporo eyes soft drinks as Japan beer dries up - Reuters
  
• GLOBAL MARKETS WEEKAHEAD-Red hot markets may start to cool - Reuters
  
• Global mergers a wake-up call to UAE - Reuters
  
• Dubai economy grew 2.5 pct in first 9 months of 2010 - Reuters
  
• UK's Osborne-BoE credibility is not under threat - Reuters
  
• UAE to sign $7bln U.S. missile deal in spring - Lockheed - Reuters
  

 

 

 

• Reveal number of women seeking top jobs, urges Davies
   
  Ex-banker's official review may force firms to reveal how many women they have interviewed for senior jobs
  4 comments
  
  • UK lags behind Nordic nations
    

  [*] Barclays paid just £113m tax in 2009

   

  Admission on level of corporation tax paid by bank stuns politicians and tax campaigners

  1,091 comments

  • UK Uncut protesters target Barclays
    
  • Lloyds and RBS poised to announce better figures
    
  • Osborne promises big bonuses but smaller tax rate
    

  [*] European Union faces legal action over fraudulent carbon emissions trading

   

  British energy minister Greg Barker is demanding that standards across the EU states need to match UK levels to prevent fraudulent trading

  [*] Inflation obsession blows up in King's face

   

  William Keegan: The Bank of England has a history of fixations, of which inflation is just the latest

  27 comments

  • Nobel-winning economist attacks King
    

 

 

• Is this the second dotcom bubble?
   
  Loss-making Twitter has been valued at $10bn. Facebook is said to be worth more than Ford. Now, for some investors, the alarm bells are starting to ring
  27 comments
  
• InterContinental Hotels has room for manoeuvre in China
   
  Andrew Clark: The unsung British firm, the world's biggest hotels group, is planning a Chinese brand that could be a winner
  5 comments
  
  • Tallest UK-designed skyscraper tops out in Shenzen
    

  [*] More business news

  [*] Invensys stalked by engineering rivals

  4 comments

  [*] Co-op commits to ambitious ethical plan

  53 comments

  [*] Retail sales jumped in January

[interestrateripoff]

Last chance to get women on UK boards

 

 

Lord Davies of Abersoch will warn British companies this week that they are in the "last chance saloon", and if they don't move quickly to appoint more women to top positions, they will face quotas.

 

 

• Xstrata's Davis still in the market for Lonmin
  
• Development Securities buys half stake in Lichfield scheme
  
• Waitrose to test foreign markets with far-flung franchise partners
  
• Banks' profits soar as interest rates rise
  
• Metamorphosis: Victoria's secret spreads its wings
  
• Blackstone counts on caravans
  
• New Bill 'would stop cases against multinationals'
  

 

Stephen Foley: Apple's days in the sun are numbered as Google's freedom fight gains pace

 

 

US Outlook: President Barack Obama was able to get Eric Schmidt, chairman of Google, and Steve Jobs, founder of Apple, round the table for dinner this week, but that was a photo op, not peace talks.

 

 

• Stephen Foley: Papers should profit from Groupon's model
  
• David Prosser: Risk versus return: the familiar trade-off now facing regulators
  
• David Prosser: Bringing the salesmen to book at last
  
• David Prosser: ITV celebrates shorter commercial breaks
  
• David Prosser: Why the commodity bulls are getting back on their bikes
  

 

Pa-pah pa-paaaah PAH! Presenting the star of screen advertising

 

Every film buff knows the Pearl & Dean signature tune. And selling that jingle is the best job in media, says the firm's chief. Laura Chesters meets Kathryn Jacob

 

 

• Singh whips up a grand expansion
  
• Trading places with the market moguls
  
• The business on...Jack Griffin, Unemployed publishing executive
  
• Robert Wiseman: A modern milkman with a lot of bottle
  
• The Business On: Marius Kloppers, Chief executive, BHP Billiton
  

[interestrateripoff]

• Waitrose develops new website, ups Ocado competition 2:40pm GMT
  
• Air France, Delta to examine Virgin Atlantic bid - report 2:59pm GMT
  
• Invensys eyed as takeover target by global rivals - report 3:49pm GMT
  
• Seymour Pierce to end merger talks with Gerova - report
  

 

G20 ministers fudge deal on imbalance indicators

 

PARIS (Reuters) - Finance ministers of the world's major economies reached a fudged accord on Saturday on how to measure imbalances in the global economy after China prevented the use of exchange rates and currency reserves as indicators.

 

ECB's Trichet says wage rises would be folly

 

PARIS (Reuters) - European Central Bank President Jean-Claude Trichet warned on Sunday against raising wages in the euro zone as inflationary pressures heat up in the bloc.

Osborne says Bank credibility not under threat

 

PARIS (Reuters) - Britain has no plans to alter the Bank of England's inflation-fighting remit and Governor Mervyn King's support of fiscal tightening has not harmed the central bank's credibility, Chancellor George Osborne said.

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http://www.heraldmalaysia.com/news/Europe-grapples-with-youth-unemployment-8134-8-1.html

 

British policymakers are not alone in grappling with the problem of youth unemployment as the number of young jobless in the UK edges towards a million.

 

In the 17 countries forming the Euro zone, joblessness among the young now stands at 20.4 per cent, up from 14.6 per cent in February 2008, before the start of the financial crisis.

 

...........

 

Germany

The number of young jobless in Germany fell in 2010 as the country rebounded strongly from the economic crisis. In January 2011, 6.5 per cent of 15-25 year olds -- 305,000 youths in all -- were unemployed, down from 7.5 per cent a year earlier. This relatively low level is also the result of demographic developments. Germany's population is ageing, and the birth rate falling.

 

However, there is still a sharp divide between east and west Germany. More than 20 years after the fall of the Berlin Wall, the unemployment rate in eastern Länder -- at 10.8 per cent -- is twice as high as in the west of the country.

 

France

France has long had a problem creating jobs for its young people.

 

Youth unemployment during the downturn has increased more than twice the overall rate, according to an OECD report, and in the second quarter of 2009 almost one youth in four was jobless compared with one in ten among all workers.

 

The global crisis has also encouraged a rapid growth in short-term contracts rather than full-time permanent employment, leaving French youth increasingly vulnerable and among the poorest segment of society.

 

According to official statistics, roughly 800,000 young people arrive on the job market every year, with only 650,000 pensioners quitting the labour market.

 

President Nicolas Sarkozy, aware that this will be one of the major issues of the presidential campaign due to get under way later this year, last week announced a series of measures aimed at getting youth and the long-term unemployed back into work, ordering government ministries to make a further €500m in savings to fund new initiatives.

 

He has also introduced a bonus system to reduce social charges for companies that take on more than the required number of apprentices.

 

Ireland

With the collapse of the property market and the onset of recession, unemployment in Ireland has risen sharply, particularly among 15-19 year olds where the rate was 36.4 per cent in the third quarter of 2010, against a national level of 13.9 per cent. Economists say this may understate the problem, with participation rates falling as people go back to education and the country sees a return to large-scale emigration.

Greece

Official figures last week showed the jobless rate among young Greeks hit a record 35 per cent last November. It is forecast to rise further as recession continues, with the economy set to shrink by 3 per cent this year.

 

The public sector is hiring one recruit for every five who leave or retire, while private companies are cutting payrolls. Many university graduates are seeking jobs abroad.

 

"I'm close to landing a job in Australia where I have relatives. Emigrating is a big step but there doesn't seem to be an alternative," said Antonis Iliades, 23, an economics graduate who has been unemployed since last October when his seasonal job as a hotel barman ended.

 

Spain

But it is Spain that has the highest youth unemployment rate in Europe, with 42.8 per cent of under-25s seeking work - more than double the 19.1 per cent rate of mainstream unemployment.

 

Still it's all contained. Luckily it's still below 50% in Spain...

[interestrateripoff]

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US shutdown looms in budget war

 

Treasury Secretary Tim Geithner warns that the Republican Party's deal to slash budget by $61bn will hit the economy's fragile recovery

US House passes $61bn of cuts to domestic programs

 

 

 

 

KFC drops 'finger lickin' good' to boost image

 

Fast-food chain KFC is to replace its 50-year-old claim that its chicken fillets and burgers are "finger-lickin' good" as part of a menu of changes aimed at promoting healthy eating and combatting its negative image.

Five food brands that tried to get fit

 

 

KFC's Colonel joins the health kick

 

 

 

Lloyds and RBS: Rebuilding the public's banks

 

Harry Wilson reports on the story of how improved lending and lower bad debt charges helped turnaround bailed-out banks Lloyds and RBS.

Rivals blast RBS insurance 'madness'

 

 

 

G20 Paris: last-ditch China deal saves summit

 

The G20 nations have agreed a crucial first step on the road to unwinding trade imbalances, despite fears that China's resistance would lead to stalemate.

G20 Paris: Nicolas Sarkozy calls for action against inflation's 'great threat'

 

 

Bernanke defends easy money policy and calls for currency reform

 

 

G20 Paris: the key issues

 

 

 

'Government must incentivise philanthropy'

 

After 17 years as a City trader and barely half that time in charity fund-raising, Save the Children's Douglas Campbell Rouse is in no doubt about the harder job.

Save the Children – by numbers

 

 

 

Roger Faxon:don't break up EMI

 

 

 

 

Shareholders to force progress on FTSE women

 

 

 

 

Centrica heads for record profits under watchdog's critical gaze

 

 

 

 

Ireland lenders behind spike in ECB overnight lending

 

 

 

 

Waitrose casts £10m net for online shoppers

 

 

Water bills to break £500 barrier

 

Millions of households face an inflation-busting rise in water bills this week, with some increasing by up to 8.5 per cent.

Nationwide warns on fixed rate mortgages

 

 

China's influence is on the rise – the West must stop this self-delusion

 

The Middle East could be heading for a game-changing implosion. US bond yields are surging and Western central banks, despite growing tension within their ranks, remain in ostrich mode.

 

A Evans-Pritchard

 

Vibrant exports will save Spain, and perhaps the euro

 

 

Liam Halligan

 

The West is deluding itself over the extent of China's growth

[interestrateripoff]

20 February 2011 Last updated at 14:55

 

G20 reaches accord on imbalances

 

The G20 reaches a deal on economic indicators for detecting global imbalances after the two-day meeting ends in Paris.

 

• Currency war's key battlegrounds
  
• Currencies to dominate G20 talks
  

 

Plan to bring UK clocks forward

 

Longer and brighter evenings could move a step closer this week with a government proposal to move the UK's clocks in line with most of Europe.

 

 

Call to extend internship scheme

 

Small businesses call on the government to extend a graduate paid internship scheme in England following the rise in youth unemployment.

 

 

 

• Mail's rubber band use revealed
   
  Postal workers get through two million red rubber bands per day, the Royal Mail reveals.
  
• Rolls-Royce to show electric car
   
  Luxury car maker Rolls-Royce will unveil an electric version of its Phantom flagship model at next month's Geneva motor show.
  
• Top Tory urges pensions rethink
   
  The leading Conservative in local government urges the chancellor to rethink plans to make public sector workers pay more into their pensions.
  
• Barclays reveals corporation tax
  
• Peru moves on illegal gold miners
  
• Go-ahead for JJB Sports cash call
  
• Wedding spending can be at risk
  
• Retail sales rebound in January
  
• Thousands face benefit error fine
  
• Bank says inflation figures wrong
  
• UK mortgage lending falls by 13%
  
• TNK-BP pondering Arctic oil role
  
• Commodity prices bolster Anglo
  

[interestrateripoff]

IF This Is True...

...then we now have outright felonious acts:

WisPolitics reported the reason the Assembly adjourned rather abruptly after attempting to take up the budget repair bill (in special sessions, identical bills are filed in both houses of the Legislature) was because

enough credible threats to the security of the Assemblymen and their staff came into the Capitol Police to cause them to tell the Assembly leadership that their safety could no longer be assured.

If this in fact did take place then all who did so must be identified and prosecuted.

Political protest, "sit ins" and the withdrawal of consent via a labor boycott (that is, a refusal to engage in commerce) is not the same thing as making credible threats of violence.

Notice how this has not been "featured" on the evening news?

I wonder why not....

 

Global revolt looming?

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Time To Boycott These Banks

That's enough of the threats *******s:

What if you go to use your debit card but find you have a $100 spending limit — even if you have more money in your account?

Right now, the idea is a bargaining chip being used by some of the nation's biggest banks, including

JP Morgan Chase, Bank of America and Citigroup.

That's enough.

You banksters have threatened the people, you screw up mortgage servicing, and you whine and complain to get bailouts, threatening financial Armageddon.

Now you want to play games with people accessing their own money at the store?

Screw you pukes.

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http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8336841/Germany-must-choose-EMU-fusion-or-fission.html

 

German Chancellor Angela Merkel is teasing Europe and deluding herself.

 

For all her fiery language in defence of the euro - as if a currency trading so high against the yuan, dollar, and sterling could be under meaningful external attack - Chancellor Angela Merkel has not yet agreed to pay one cent in help to crippled debtor states. Nor has she faced up to the elemental question hanging over monetary union.

 

Her own Bundesbank argued years ago that EMU is unworkable without fiscal union, and it has been vindicated by the events of the past two years. Either creditor states agree to an EU treasury, 'Transferunion' and debt pool, or EMU will be subject to unending stress and ultimately fracture or shrink to a viable core, or so goes the argument.

 

This 'Fusion or Fission’ debate has not been settled. Yes, there has been much talk about Eurobonds and rescues. Talk is cheap. The reality of Germany's 'rescue policy' is to extract subsidy from the periphery by lending to Greece and Ireland at rates far above its own borrowing cost, widening the gap between core and periphery yet further.

 

Ireland is paying 5.8pc for the EU part of its €67bn package, a crippling rate for a country that has been in core deflation and seen a 22pc contraction of nominal GNP. This is not a bail-out. It is not an IMF austerity regime either, since the Fund lends on terms that allow countries to escape from their debt traps.

 

All that has occurred so far is that Irish and Greek taxpayers have taken on fresh debt so that creditors do not crystallise losses. It remains a disguised rescue for North European banks and insurers. As the Left always warned, monetary union is a “bankers’ ramp”.

 

.........

 

A few months ago, capital flight might have spread instantly from Portugal to Spain. Events have since moved on. Spain’s industrial orders and exports are recovering. Its fiscal deficit is narrowing fast. Its bond spreads no longer move in rhythm with Lisbon’s troubles.

 

Global growth has alleviated the liquidity crisis. I share the view of Albert Edwards at Societe Generale that this is a deformed economic recovery built on extreme levels of government debt across the West and highly-questionable use of monetary policy to inflate stock markets, but it may take some time for the chickens to come home to roost.

 

.........

 

The Weber debacle comes at a bad moment. Germany is already in full cyclical upswing and needs higher rates, even as the South languishes in a slump. Jim O’Neill from Goldman Sachs said Germany had decoupled from Europe, becoming the first “developed BRIC” as supplier in chief to China’s industrial revolution. “The Germans are going to have to accept 3pc inflation, even if they don’t know it yet,” he said.

 

Or 4pc, or 5pc. Germany’s producer price inflation reached 5.7pc in January. The country is hitting capacity limits. Yet ECB rates are still 1pc. This has the makings of an almighty punch-up.

 

I've long said that a single interest rate is unworkable, either you set the rate for the boom area and you permanently cripple the weaker areas economically or you set the rate too low and create a huge bubble as the stronger area becomes even stronger. The imbalances in global trade aren't just limited between nations they exist within nations as well. Addressing these imbalances is a policy makers worse nightmare.

 

Labour in a sense attempted to do this by creating state jobs in economically weaker areas, but that just creates more problems.

 

Still it's all contained. I mean it couldn't possible get any worse....

[interestrateripoff]

Breaking news

 

• Lloyds takes 500 mln stg hit on mortgage mishap - Reuters
  
• Gold jumps 1 pct, over $1,400 on Mideast violence - Reuters
  
• France aims to streamline, unify nuclear industry - Reuters
  
• Saudi says world has enough oil as Libya in ferment - Reuters
  
• Iceland faces renewed uncertainty over Icesave - Reuters
  
• Commerzbank to extend CEO's contract--paper - Reuters
  
• Brazil says wins WTO ruling in US orange dispute - Reuters
  
• Germany sees '12 net new borrowing under 35 bln eur - Reuters
  
• Jazeera tracks jamming signal to Libya spy building - Reuters
  

 

 

 

• Halifax mortgage mix-up costs Lloyds £500m
   
  Confusion caused by wording in a popular mortgage deal forces Lloyds Banking Group to repay up to 300,000 customers
  39 comments
  
• Oil hits 2½-year high on Libyan unrest
   
  Oil up more than $1 on fears over supplies from Libya, which exports 1.1m barrels a day
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  • BP announces $7bn deal with India's Reliance
    
  • Oil money makes Libya major world shareholder
    
  • Libya uprising - follow the live updates
    

  [*] Alibaba.com chief resigns over frauds

   

  A delay in tackling a jump in fraud claims at China's online marketplace has cost David Wei his job

   

  • Renren, China's answer to Facebook, plans US float
    

  [*] George Osborne shelves bank tax plan

   

  Idea about preventing banks from offsetting losses from financial crisis against tax had been floated in opposition

   

  • Barclays paid just £113m in corporation tax in 2009
    
  • Datablog: Corporation tax rates around the world
    

  [*] Shops will struggle to pay rent as cuts bite, warns Hammerson

   

  But Brent Cross and Bullring owner says its large portfolio will offer it protection

   

  • Household gloom dents recovery hopes
    
  • London property prices boosted by bonuses
    

 

 

• The new scramble for Africa must have the courage to curb corruption
   
  Europe needs to force businesses to be transparent if Africa's poor are to benefit from oil, says Larry Elliott
  10 comments
  
  • Microfinance guru Yunus may be ousted from bank
    

  [*] Scottish biotech star bought by Japanese

   

  Japan's Kyowa Hakko Kirin has agreed to buy ProStrakan for £292m, following a tussle between rival pharmaceutical groups

  1 comment

  [*] Maersk claims new 'mega containers' could cut shipping emissions

   

  Danish firm signs a deal for 10 of the world's biggest ships that it says will save fuel and lower emissions

  18 comments

  [*] More business news

  [*] Elisabeth Murdoch to join News Corp board after buyout

  62 comments

  [*] Waitrose goes head to head with Ocado

  [*] Cable U-turn over department he pledged to scrap

[interestrateripoff]

21 February 2011 Last updated at 16:42

 

Oil price jumps on Libya unrest

 

As unrest in oil-rich Libya spreads to the capital, the price of Brent crude hits a new post-financial-crisis high.

 

• Oil wealth not trickling down
  
• Gaddafi regime shaken by protests
  

 

Halifax to pay £500m to customers

 

The Halifax is to make payments to 300,000 mortgage customers after admitting confusing some people over mortgage rate charges.

 

 

 

• BP in pact with India's Reliance
   
  UK oil giant BP and Reliance Industries announce a $7.2bn "transformational" strategic oil and gas partnership in India.
  
• Bank member seeks early rate rise
   
  Martin Weale tells the BBC it would be better for the Bank of England to raise rates gradually now than to do it quickly later.
  
• Diageo to buy Turkish drinks firm
   
  Drinks manufacturer Diageo says it will buy Turkish spirits firm Mey Icki and expand its presence in emerging markets.
  
• Companies 'wary' of state workers
  
• Women find glass ceiling 'intact'
  
• Rising fraud cases hit Alibaba
  
• Profits up at shopping mall giant
  
• Network Rail admits crash guilt
  
• Property market faces 'paralysis'
  
• Eurozone factory output grows
  
• China increases fuel prices again
  
• Russian tax hits Carlsberg profit
  
• Thailand emerges from recession