The great interest rate ripp off part 2

[interestrateripoff]

http://market-ticker.org/akcs-www?post=177673

 

Oh God, please no.....

 

Forged commercial paper?

 

FORGED?

 

This is a joke, right?

 

Who forges commercial paper? Why someone who wants to pledge it in a repo or other operation, of course. Otherwise there's no point - if you claim to have it and really didn't lend it, it's a nothing, so why would you do it - except to deceive someone else up the line?

 

Yeah, $227 million isn't much in the grand scheme of things. But if in point of fact China now has a bunch of banks that are stuffed full of forged paper at this level, then who knows what other fun and games are going on behind the scenes that we're not aware of.

 

There's a terminal point in all bubbles, as we saw in the Housing Market, where people start cheating outright - not because they really want to, but because it's the only way you can keep the Ponzi-like expansion of compounding going. You run out of suckers when you can't manage to entice anyone else to be stupid, so you do the only thing that's left - you invent imaginary suckers.

 

This is the same terminal phase we saw with OptionArmZeroDownNinja loans made to straw buyers, and it's the same phase we saw with Internet IPOs that had the word "Internet" on the face of the S1 and thus were worth an instant $300 a share the day of the offering - and $0.00 a year later.

 

Anyone who is still believing in the "Chinese Miracle" had better pay attention to this story - and do their diligence on whether it's a "one-off" or is endemic of systemic problems that are starting to bubble to the surface.

 

If the latter - and I strongly suspect it is - we're about to hear another big "pop" - this time in the East.

 

Dennigers take on this.

[interestrateripoff]

Breaking news

 

• Morgan Stanley revenue beats; Smith Barney pays off - Reuters
  
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• Morgan Stanley revenue beats; Smith Barney pays off - Reuters
  
• Airbus tanker plane for Australia damaged in test - Reuters
  
• US seeks more details on Caterpillar-Bucyrus deal - Reuters
  
• US seeks more details on Caterpillar-Bucyrus deal - Reuters
  
• Swiss economy robust, deflation threat gone-SNB - Reuters
  
• Dollar up broadly on encouraging U.S. data - Reuters
  

 

 

 

• China's rapid growth fuels fears of overheating
   
  Higher-than-forecast inflation causes concern as China's GDP growth of 10.3% for 2010 makes it the world's second biggest economy
  50 comments
  
  • FTSE falls on manufacturing figures and China
    

  [*] EasyJet warns loss could double

   

  Budget airline's shares fall 12% after it warns of damage from higher fuel prices and lower baggage fee takings

  45 comments

  • BA trades for last time ahead of merger
    

  [*] Michelle Obama to support Walmart initiative for healthy eating

   

  World's largest retailer pledges to cut prices of fruit and vegetables and reduce salt and fat content

  3 comments

  [*] Primark shrugs off snow disruption

   

  But parent company Associated British Foods set for £20m hit from effects of weather on UK sugar beet crop

  2 comments

  • Christmas on the high street: retail winners and losers
    

 

 

• Insurance firm RSA puts snow claims figure at £142m
   
  Insurer joins easyJet, Enterprise Inns and Associated British Foods in revealing that they have suffered multimillion pound losses because of the snow
  6 comments
  
• Morgan Stanley awards staff $16bn as profits triple
   
  Staff can expect pay and bonuses of an average of £160,000 each but employees must defer 60% of their bonus payouts
  58 comments
  
  • Goldman to lift £1m cap on UK bonuses
    
  • Goldman Sachs results day: as it happened
    
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  • Citigroup returns to profit
    
  • Andrew Clark: Self-regulation of bonuses won't work
    
  • Anger as JP Morgan bankers get $10bn
    
  • More on bank bonuses
    

  [*] Amazon takes full control of Lovefilm

   

  Retailer to buy the 58% of DVD rental and online video business it does not already own for undisclosed sum

  28 comments

  • Is there a future in online DVD rental?
    

  [*] More business news

  [*] Mitchells & Butlers faces new shareholder revolt

[interestrateripoff]

One in five young people out of work as jobless total hits 2.5m

 

 

James Moore: Number of 16- to 24-year-olds out of work close to a million, the highest since records of youth unemployment were first kept in 1992.

 

• Opec's grip on oil market to return to 1970s levels
  
• Deal gives Amazon full control of Lovefilm
  
• Car production rises by more than a quarter
  
• BA trades for last time ahead of merger
  
• Last-quarter drop will hit Goldman staff payouts
  
• Kesa warns on profits after snow hits Comet
  
• Domino's Pizza lines up Tesco boss for top post
  

 

David Prosser: China holds the trump cards in any showdown with the US

 

 

Outlook The timing of Chinese President HuJintao's arrival at the White House yesterday was rather neat. Just as the television cameras began beaming pictures of Mr Hu glad-handing well-wishers in the White House gardens round the world, the Treasury published data that makes one wonder about the long-term relationship between the US and China – and what might happen in the financial markets should it ever deteriorate.

 

 

• David Prosser: Goldman is more open than British banks
  
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• David Prosser: The inflation outlook has not changed
  
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Brian Davidson: Turnaround artist: what next for Crown Paints?

 

The Business Interview: After a tricky few years, Britain's biggest independent paintmaker is back. Sarah Arnott meets its chief executive

 

 

• 2011: The year of the takeover?
  
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[interestrateripoff]

Miners slide, dragging FTSE to 5-week closing low

 

LONDON (Reuters) - The top share index sank to its lowest closing level in more than five weeks on Thursday, weighed down by mining stocks on concerns over potential further monetary tightening by China and its impact on demand.

Continue Reading

 

 

 

U.S. housing and jobs numbers signal firmer economy

 

WASHINGTON (Reuters) - U.S. home resales jumped more than expected in December and claims for new jobless claims last week posted their biggest decline in nearly a year, showing two key economic trouble spots on the mend.

6:53pm GMT

 

U.S. Rep. Edward Markey seeks immediate review of BP-Rosneft

 

WASHINGTON (Reuters) - U.S. Representative Edward Markey on Thursday asked Treasury Secretary Timothy Geithner to launch an immediate investigation into a $16 billion (10 billion pounds) share-swap plan between BP and state-owned Russian oil firm Rosneft .

7:31pm GMT

 

Authorities right to probe Lloyds, RBS split - OFT

 

LONDON (Reuters) - The head of Britain's Office of Fair Trading (OFT) put new pressure on bailed-out banks Lloyds and Royal Bank of Scotland on Thursday, saying authorities were right to examine splitting them up.

7:29pm GMT

 

Eurogroup's Juncker: response to crisis in a few weeks

 

LUXEMBOURG (Reuters) - The chairman of euro zone finance ministers Jean-Claude Juncker said the euro zone's comprehensive response to the crisis was likely to be ready in a few weeks, but would not comment on any specifics.

7:00pm GMT

 

Morgan Stanley revenue beats; Smith Barney pays off

 

NEW YORK (Reuters) - Morgan Stanley posted stronger-than-expected quarterly revenue and retail brokerage profit jumped, validating the bank's strategy of bolstering businesses that are less threatened by tougher regulation after the financial crisis.

7:55pm GMT

 

Factory price hikes fuel inflation fears - CBI

 

LONDON (Reuters) - Manufacturers expect to raise prices at their fastest rate since before the recession despite a fall in orders, raising concerns inflation will remain high for months to come, a survey showed on Thursday.

3:18pm GMT

 

Trichet seeks to win respect for new EU watchdog

 

FRANKFURT (Reuters) - European Central Bank President Jean-Claude Trichet rebuffed questions about the relevance of Europe's new financial 'super watchdog' on Thursday, saying it would gain authority.

5:07pm GMT

 

ECB policymakers watchful as price pressures build

 

FRANKFURT (Reuters) - European central bankers stressed the need to keep a close eye on price pressures as figures from Germany on Thursday showed producer price inflation jumped above 5 percent last month.

4:59pm GMT

 

China's sizzling end to 2010 calls for tighter policy

 

BEIJING (Reuters) - China finished 2010 with a bang, its growth soaring past forecasts and inflation slowing less than expected, numbers that could prod the government to intensify its easy-does-it approach to tightening.

[interestrateripoff]

20 January 2011 Last updated at 19:07

 

Renault executives take action

 

Sacked Renault executives linked to allegations of industrial espionage begin legal action to clear their names.

 

• Renault seeks 'espionage' probe
  
• China denies Renault spying role
  

 

IEA doubles global gas estimates

 

The world may have twice as much natural gas than previously thought, according to the rich nations' think tank the International Energy Agency.

 

• Can Europe benefit from shale gas?
  
• Harrabin's Notes: Mission impossible?
  
• Is extracting gas from shale rock safe? Watch
  
• Coal-to-gas shift 'to cut costs'
  

 

 

Easyjet hit by higher fuel costs

 

Shares in Easyjet sink more than 16% after the budget airline warns higher fuel costs could double half-year losses.

 

• Oil 'could hit $200 a barrel' Listen
  
• How are airports kept open in cold weather?
  

 

 

 

• Morgan Stanley sees profits jump
   
  US bank Morgan Stanley reports a 60% jump in fourth-quarter profit, helped by rising revenue in its retail brokerage business.
  
• Regulation for financial advisers
   
  Investment advisers must hold accreditation in order to operate in the UK from the start of 2013, the City watchdog says.
  
• Keydata £247m compensation bill
   
  Investment firms and financial advisors must pay another £247m of compensation for people who lost money when the Keydata investment firm collapsed.
  
• UK factory orders down, says CBI
  
• Amazon buys Lovefilm DVD service
  
• China's GDP up by 10.3% in 2010
  
• Wal-Mart planning healthier food
  
• Sales of digital music 'slowing'
  
• UK car production rises sharply
  
• Builders face 'another hard year'
  
• Regulators pull plug on Bangladesh shares
  
• 'Cheaper broadband' for rural UK
  
• Flat end to Sony Ericsson's year
  
• [problem] mail 'should be intercepted'
  

 

UK unemployment

 

No labour market miracle, but no doomsday yet

[interestrateripoff]

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SocGen crafts strategy for China hard-landing

 

Société Générale fears China has lost control over its red-hot economy and risks lurching from boom to bust over the next year, with major ramifications for the rest of the world.

Strong China growth boosted by near £1 trillion of loans

 

 

World 'needs $100 trillion more credit to grow'

 

 

 

 

BP sees greater world dependence on OPEC

 

The oil giant predicts the oil cartel will become as powerful as it was in 1970s as the world becomes increasingly dependent on Iraq and Saudi Arabia for fossil fuels in its latest Energy Outlook.

BP energy outlook: demand forecasts in graphs

 

 

BP energy outlook: main points

 

 

 

Brazil slams brakes to curb inflation

 

Brazil has raised interest rates sharply, following China, India and host of countries across the emerging world in acting to curb inflation and counter the flood of dollar liquidity from the US.

 

Kaupthing's £1.69bn loans for Arsenal owner

 

Kaupthing approved loans worth €2bn for Alisher Usmanov, the billionaire behind Arsenal Football Club, less than two weeks before the Icelandic bank went bust.

 

Amazon takes control of Lovefilm

 

Amazon’s dominance in online retailing has taken its latest step forward after it agreed to buy Lovefilm, the British DVD and games rental group.

10 most popular LoveFilm movies

 

 

Can LoveFilm survive the streaming revolution?

 

 

 

Snow and strikes cost easyJet £31m

 

 

 

 

American trader drives up oil price

 

 

 

 

Primark trades well as ABF warns on rising cotton prices

 

 

 

 

Morgan Stanley raises bonus pot to £10bn

 

 

 

 

Google set to report bumper profits

 

 

Why top investors are betting against China

 

As well as the most impressive growth story in global markets, China is also the biggest paradox, and a growing number of the world's leading financial brains can see trouble ahead.

Savings of Chinese bank customers are financing the boom

 

 

 

 

Strong China growth boosted by near £1 trillion of loans

[interestrateripoff]

Morgan Stanley’s Quarterly Profit Rises 60% to $600 Million

 

By SUSANNE CRAIG 6 minutes ago

 

Morgan Stanley swung into a profit for the fourth quarter, as earnings jumped to 42 cents a share - good news for a Wall Street bank that has been struggling to turn around its operations.

Tomohiro Ohsumi/Bloomberg News

 

James P. Gorman, Morgan Stanley’s chief executive.

 

 

 

DealBook

 

S.E.C. Approves New Rules for Asset-Backed Securities

 

By BEN PROTESS

 

The Securities and Exchange Commission approved new regulations aimed at curbing the risks of asset-backed securities and bringing more clarity to the still struggling market.

 

China’s Growth Unsettles Wall Street

 

By THE ASSOCIATED PRESS 16 minutes ago

 

China’s inflation rose 4.6 percent in December, according to the latest report, which raised concerns that the central bank may raise interest rates to slow growth.

 

• Data Show Parts of U.S. Economy Stirring
  

 

China’s Economy Grew 10.3 Percent in 2010

 

By IAN JOHNSON and BETTINA WASSENER

 

The report from the National Bureau of Statistics did little to quell concern that China’s economy was growing at an unsustainable pace.

 

• Video: Chinese Economy Powers Ahead
  

 

Beijing Tightens Its Control of Vital Minerals

 

By KEITH BRADSHER 54 minutes ago

 

China invoked a seldom-used mining law to take direct control of 11 rare earth mining districts in southern China.

 

G.M. Names New Product Development Chief

 

By NICK BUNKLEY and BILL VLASIC 45 minutes ago

 

Mary Barra was already the carmaker’s highest-ranking woman, having served as vice president for global human resources.

 

Fired Renault Executive Sees 'Dirty Trick' by Company Rival

 

By DAVID JOLLY 35 minutes ago

 

Matthieu Tannenbaum, who was accused of passing on secrets about the company's electric-car program, said he believed Renault had been duped.

 

Prescriptions Blog

 

Insurers Reporting Healthy Profits

 

By REED ABELSON 21 minutes ago

 

UnitedHealth Group reports 10 percent earnings increase in the fourth quarter.

 

Wal-Mart Shifts Strategy to Promote Healthy Foods

 

By SHERYL GAY STOLBERG

 

The company said it would lower the price of fresh produce and cut sugar, fat and salt in its house brands, and would press other food manufacturers to do the same.

 

• Post a Comment | Read (179)
  

 

DealBook

 

Arby's Fast-Food Chain Is Up for Sale

 

By DEALBOOK

 

Nelson Peltz, who drove a $2.3 billion merger of the chains in 2008, is now seeking a new strategy.

 

Crackdown on Tax Evasion Yields Results in Spain

 

By RAPHAEL MINDER 11:44 AM ET

 

The government reported a 23 percent jump in money recouped from tax cheats, to a record $13.4 billion.

 

 

More in Business

 

 

• Solar Firms Frustrated by Permits
  
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[interestrateripoff]

Export Your Inflation, Here Comes Capital Flight

This is not going to be good...

UK inflation jumped in December with the Consumer Prices Index (CPI) rising to 3.7%, up from 3.3% in November.

Retail Prices Index (RPI) inflation - which includes mortgage interest payments - rose to 4.8% from 4.7%.

So what happens when you can buy a short-term government bond over in the UK at a materially-higher yield than one here in the US?

Why, capital flies over there, right?

And what happens when capital leaves?

So do jobs.

So does industry.

So does national vitality.

Bernanke is cornered. I know, I know, we have massive commodity price increases.

But watch what happens when the insane liquidity games are forced out by the market.

We've been real good at exploiting our reserve currency status, and with that has come a paradox - we don't get the monetary inflation from these liquidity games - everyone else does.

But what comes next is what always comes next when you push the pendulum too far - it swings the other way, and we will not avoid the impact from that.

The pincers are closing folks, and it looks like I might have missed on my $100 oil call, if only because the peak came sooner than I thought, and the ability to sustain this game was short of my expectations.

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http://www.telegraph.co.uk/news/worldnews/middleeast/dubai/8271643/The-World-is-sinking-Dubai-islands-falling-into-the-sea.html

 

But the World, the ambitiously-constructed archipelago of islands shaped like the countries of the globe, is sinking back into the sea, according to evidence cited before a property tribunal.

 

Developed with tailor-made hotel complexes and luxury villas, and sold to millionaires, the islands, off the coast of Dubai, are accessible by yacht or motor boat.

 

.........

 

 

With little business, it is trying to exit the contract, which involves paying an annual fee of just under £1 million to Nakheel.

Nahkeel say they will cash an advanced payment guarantee worth just over £1 million if that happens.

Penguin claim that work on the islands has "effectively stopped". Mr Wilmot-Smith described the project as "dead".

Graham Lovett, for Nakheel, said the project was not dead but admitted it was "in a coma".

"This is a ten-year project which has slowed down," he said. "This is a project which will be completed."

He said Penguin would make money eventually. "That's the price Penguin makes to stay in the game," he said. "They have the potential to earn millions."

 

 

Sounds like a Monty Python sketch involving a parrot.

[interestrateripoff]

Breaking news

 

• GE earnings climb on strenghening global economy - Reuters
  
• Schlumberger profit up, stock slips after good run - Reuters
  
• Vale denies in negotiations to buy fertilizer firm - Reuters
  
• GNC favors IPO as Bright Food walks away - source - Reuters
  
• Trading probe reveals the temptations for 'experts' - Reuters
  
• Trading probe reveals the temptations for 'experts' - Reuters
  
• Northern Foods agress to $544 million takeover by Boparan - Reuters
  
• Airgas & Air Products results a prelude to court drama - Reuters
  
• Fund managers to post higher profits, mixed flows - Reuters
  

 

 

 

• BA cabin crew vote to strike
   
  Unite tells British Airways to 'wake up and listen' – but union has not announced strike dates and calls for negotiations
  67 comments
  
  • BA crew plan new tactics for industrial action
    
  • British Airways strike: time to grow up
    
  • BA trades for last time ahead of Iberia merger
    

  [*] Spain to part-nationalise weakest banks

   

  While major Spanish banks like Santander can comfortably cope with bad real estate loans, there are fears some cajas may not be able to

   

  • Blog Should Ireland's Department of Finance be overhauled?
    

  [*] Google's surprise shakeup sees Larry Page take on CEO role

   

  Long-time chief Eric Schmidt to become executive chairman as web giant reports better-than-expected profits of $2.5bn

  30 comments

  • Google shuffle: why Eric Schmidt had to go
    
  • Larry Page: Google's king of search
    

  [*] City superwoman fights for equality

   

  Fund manager Helena Morrissey, who oversees £47bn of investment and a family of nine children, doesn't believe in quotas as a route to equality

  [*] Boparan set to swoop on Northern Foods

   

  Poultry entrepreneur looks likely to trump Northern's merger with Greencore as Takeover Panel extends its deadline

  [*] Cheezburger Network raises $30m

   

  Niche humour website behind Lolcat craze attracts venture capital funding to back ambitious expansion plan

 

 

• Shops see worst month's sales since 1998
   
  Sharp fall in sales of food and fuel hit retailers amid the Arctic conditions in the run-up to Christmas
  102 comments
  
  • VAT rise makes a dent in John Lewis sales
    
  • Has the VAT rise curbed your spending?
    
  • Table: Retail sales December 2010 breakdown
    
  • Online shopping hit record in December
    
  • Christmas retail winners and losers
    
  • Retail sales slump: what the economists say
    
  • Mulberry smashes sales forecasts
    
  • Laura Ashley shares soar on profit expectatons
    
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  [*] Edgar Bronfman convicted in Vivendi case

   

  Warner Music Group chairman receives €5m fine for insider trading, while Jean Marie-Messier is convicted of another offence. By Mark Sweney

   

  • EMI may be bid target in Warner Music sell-off plan
    

  [*] Traders condemn EU's 'Mickey Mouse' carbon market after botched statement

   

  Regulatory mistake causes carbon price to soar then plunge, while concern grows over spot market, closed in the wake of cyber-attacks

  10 comments

  [*] More business news

  [*] Williams F1 firm considers stock market listing

  [*] Morgan Stanley awards staff $16bn as profits triple

  Staff can expect pay and bonuses of an average of £160,000 each but employees must defer 60% of their bonus payouts

  62 comments

  • Goldman to lift £1m cap on UK bonuses
    
  • Nils Pratley: Goldman Gives, and taketh away
    
  • Anger as JP Morgan bankers get $10bn
    
  • More on bank bonuses
    

[interestrateripoff]

BA cabin crew vote for fresh round of strikes new

 

 

Unite said its members voted by 5,751 to 1,579 to take further industrial action following 22 days of strikes last year.

 

 

• Worst December on record for shops
  
• China's overheating economy stokes fears for global inflation
  
• Postal workers to protest against privatisation
  
• Email blunder reveals National Grid job cut plans
  
• Stelios attacks easyJet after profits warning
  
• Export-led recovery is on track, reports CBI
  
• Primark to keep a lid on price rises as sales surge
  

 

David Prosser: A quick and painless way to end Hunt's BSkyB dilemma

 

 

Outlook Just get on with it. That's the advice Jeremy Hunt, the Culture Secretary, should be listening to as he ponders what to do with the hot potato that is News Corp's bid for full control of Sky. Mr Hunt has had Ofcom's recommendation on how the News Corp bid should be handled since New Year's Eve. The regulator is widely believed to have told him the case should be referred to the Competition Commission for a full investigation into whether the deal would threaten the plurality of the UK's media. So why, three weeks on, has that referral not come?

 

 

• David Prosser: Give HMV a chance to find the right tune
  
• David Prosser: Do you trust your financial adviser?
  
• David Prosser: China holds the trump cards in any showdown with the US
  
• David Prosser: Goldman is more open than British banks
  
• David Prosser: Cheap fixed rates are disappearing fast
  

 

How the recession killed the high street

 

Where shops and pubs once thrived, now bookmakers and boarded up premises live

 

 

• Brian Davidson: Turnaround artist: what next for Crown Paints?
  
• 2011: The year of the takeover?
  
• Cadbury deal turns sour for Green & Black's
  
• The Business On: Andy Hornby, chief executive, Alliance Boots
  
• Polar pioneers: Is arctic oil the final frontier?
  

[interestrateripoff]

http://uk.finance.yahoo.com/news/Spain-plans-partial-reuters_molt-292686077.html?x=0

 

Spain plans a partial state takeover of its weakest savings banks as it seeks to reassure investors a rescue will not weigh on its deficit. A source familiar with the matter told Reuters on Friday the government would force debt-laden regional savings banks to become conventional banks and seek stock market listings to persuade skittish investors that they are good investments.

The state-backed bank restructuring fund (FROB) would then take stakes in the banks -- known as cajas -- that fail to attract private investment, the source said.

Up to now the FROB has functioned as a lender of last resort to the cajas.

 

So a quick summary here:

 

Spanish banks are insolvent, the Spanish govt is virtually bankrupt and now the Spanish govt bails out it's banks.

 

Amazing.

 

Even better the Spanish can print their own Euro's to fund all of this. We are heading towards total implosion of the financial system.

 

Still it's all contained.

[interestrateripoff]

21 January 2011 Last updated at 18:49

 

BA cabin crew back strike action

 

British Airways cabin crew vote for more strike action in their most recent ballot, the Unite union says.

 

• Unite to ballot on new BA strike
  
• Q&A: What's the BA dispute about?
  
• BA Iberia merger gets green light
  

 

Larry Page to become Google chief

 

Google co-founder Larry Page is to take over as chief executive of the search giant in April, with Eric Schmidt moving to executive chairman role.

 

• Page takes over: Reactions
  
• 'I was Google's first employee'
  
• The internet billionaire rich list
  
• Google announces jump in profits Watch
  

 

 

Mortgage lending at nine-year low

 

Total mortgage lending fell to its lowest level for nine years in 2010 - the third annual fall in a row, a lenders' group says.

 

 

 

• Ryanair in boarding pass threat
   
  Ryanair has threatened to turn away passengers arriving at check in without their pre-printed boarding pass.
  
• HTC smartphone profits rise 160%
   
  Smartphone maker HTC, which has emerged as a major rival to Apple's iPhone, saw net profits rise 160% during the October to December quarter when compared with a year earlier.
  
• Reliance post big jump in profits
   
  India's Reliance Industries reports a big jump in profits, thanks to higher margins at its refining and petrochemical business.
  
• Snow hits Christmas retail sales
  
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• Bank of America sees $1.2bn loss
  
• Williams consider stock flotation Sport
  
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• Wait and see for Tunisia tourists
  
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• China helps drought-hit farmers
  
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• Australians may face 'flood tax'
  

[interestrateripoff]

GE earnings climb on strengthening global economy

 

BOSTON (Reuters) - General Electric Co posted a better-than-expected profit, helped by strong emerging-market demand for heavy equipment and setting the stage for what could be wave of strong manufacturing earnings reports. | Video

Continue Reading

 

 

 

Energy stocks power FTSE bounce; RBS jumps

 

LONDON (Reuters) - Energy stocks led the top shares in a rebound on Friday after a sharp sell-off in the previous two sessions.

6:31pm GMT

 

RBS surges on possible early state scheme exit

 

LONDON (Reuters) - Royal Bank of Scotland and the Treasury are in talks over RBS's possible early exit from the government asset protection scheme that insures the bank's riskiest assets, an industry source said.

7:43pm GMT

 

Retailers suffer worst December on record - ONS

 

LONDON (Reuters) - Harsh weather and higher inflation combined to give retailers their worst December on record, data showed on Friday, reinforcing signs that growth slowed sharply in the last three months of 2010.

UK 7:54pm GMT

 

Bank of America posts loss on mortgage problems

 

CHARLOTTE, N.C./NEW YORK (Reuters) - Bank of America Corp , the largest U.S. bank, reported a second straight quarterly loss after writing down the value of its limping mortgage business.

5:54pm GMT

 

Bank's Adam Posen sees greater CPI risks from Europe

 

LONDON (Reuters) - Bank of England policymaker Adam Posen said in an interview on Friday that he saw increased risks of higher inflation from sterling weakness against the euro and upside surprises to euro zone economic growth.

4:03pm GMT

 

Spain plans partial nationalisation of savings banks

 

MADRID (Reuters) - Spain plans a partial state takeover of its weakest savings banks as it seeks to reassure investors a rescue will not weigh on its deficit.

3:19pm GMT

 

Car insurance prices post record rise - AA

 

LONDON (Reuters) - Car insurance prices rose at a record pace last year as providers sought to protect themselves against rising personal injury claims, insurer and roadside recovery group AA said on Friday.

4:29pm GMT

 

Insider dealer jailed, record 27-month sentence

 

LONDON (Reuters) - A court sentenced a man to jail for 27 months for insider trading in shares of the waste company he worked for, the latest victory in a campaign against the practice by Britain's financial watchdog.

4:13pm GMT

 

Warner Music shares soar as company seeks buyers

 

NEW YORK (Reuters) - Shares of Warner Music Group surged nearly 23 percent on Friday on news that the world's No. 3 music company is up for sale.

[interestrateripoff]

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Spain to rescue its banks

 

The Spanish government is set to launch a sweeping restructuring of its troubled regional savings banks in an attempt to reassure the market it can sort out the problems of its financial system.

 

 

Google's Larry Page to become chief

 

Larry Page is to replace Eric Schmidt as chief executive in the biggest management change since the search engine was founded.

Will Larry Page be a Steve Jobs or Jerry Yang?

 

 

Schmidt: why I'm stepping down

 

 

 

British Airways last day on the stock exchange

 

Almost a quarter century of stock market history draws to a close tonight, when the British Airways name is removed from Stock Exchange screens.

British Airways: highs and lows

 

 

Profile: The five men who have piloted British Airways

 

 

 

Vivendi and Warner Music chiefs convicted by French court

 

A French court has convicted Warner Music head Edgar Bronfman Jr. of insider trading, and former Vivendi chief Jean-Marie Messier of misusing company funds and misleading investors.

 

Mulberry shrugs off gloom to ride luxury boom

 

Luxury handbag and fashion group became the latest upmarket retailer to report a strong Christmas, helped by Asian demand.

 

Northern Foods accepts £342m Boparan bid

 

 

 

 

SocGen crafts strategy for China hard-landing

 

 

 

 

Kaupthing's £1.69bn loans for Arsenal backer

 

 

 

 

Mortgage lending at lowest level for a decade

 

 

 

 

Miners may face Queensland reconstruction tax

 

 

Retailers suffer worst December on record

 

British retail sales suffered their worst December on record as retailers battled with Arctic weather conditions and shoppers shunned higher prices.

 

Bar on foreign staff bodes ill for NHS

 

Fears are growing that the NHS cannot cope with the immigration cap after recruiters warned the temporary limit on foreign doctors was already “compromising patient care”.

Construction firms cut back training

[interestrateripoff]

You Think Houses Are a Slow Sell? Try Unloading a Yacht

 

By GERALDINE FABRIKANT 15 minutes ago

 

 

The market for yachts is still depressed long after the recession has ended, discouraging would-be buyers and leaving owners unable to sell.

 

 

 

Jim Raycroft

 

The 161-foot Mine Games was put on the market for $28 million several months ago because its owner had a larger boat on order.

 

 

 

 

 

 

Obama Adds to Emphasis on Business With Adviser Choice

 

By SHERYL GAY STOLBERG and ANAHAD O’CONNOR 2:20 PM ET

 

President Obama’s selection of Jeffrey R. Immelt, the G.E. chief, for his economic council is the latest in a string of pro-business steps he has taken.

 

• Post a Comment | Read (80)
  

 

Aided by Finance Unit, G.E. Earnings Top Forecasts

 

By CHRISTINE HAUSER 11:21 AM ET

 

The company “ended 2010 with three consecutive quarters of strong earnings growth,” the chief executive said.

 

• DealBook: GE Capital Bounces Back
  

 

Shares on Wall Street Soften Amid Mixed Earnings

 

By THE ASSOCIATED PRESS 6 minutes ago

 

General Electric posted quarterly earnings that topped expectations, but Bank of America’s results were below estimates.

 

Obama Is Latest to Hunt for Elusive ‘Dumb’ Rules

 

By BINYAMIN APPELBAUM and EDWARD WYATT 3 minutes ago

 

President Obama’s effort to weed out needless rules will probably find that regulations reviled by some are cherished by others, analysts say.

 

• Economix: Which Are 'Dumb'?
  

 

Union Membership in U.S. Fell Sharply in 2010

 

By STEVEN GREENHOUSE 48 minutes ago

 

The number of workers in unions fell by 612,000 last year to 14.7 million, a report said, with declines coming in both public and private sector unions.

 

DealBook

 

Bank of America Posts Loss

 

By NELSON D. SCHWARTZ 12:53 PM ET

 

The quarterly loss underscored the lingering effects of the mortgage mess. Excluding one-time hits, the bank earned $756 million, compared with a loss of $194 million last year.

 

A Path Is Sought for States to Escape Their Debt Burdens

 

By MARY WILLIAMS WALSH

 

Policy makers are working to find a way to let states declare bankruptcy and get out from under debts including the pensions they promised public workers.

 

• Slideshow: Weighing In on State Bankruptcies
  
• Post a Comment | Read (1039)
  

 

China and U.S. Businesses See Gains in Deeper Ties

 

By SEWELL CHAN 11:44 AM ET

 

Referring to large American corporations, China’s president told executives that China was in many cases the “biggest source of profits in their global operations.”

 

French Court Convicts 2 Executives in Vivendi Case

 

By MATTHEW SALTMARSH and ERIC PFANNER 2:22 PM ET

 

Jean-Marie Messier and Edgar M. Bronfman Jr. were both fined and given suspended sentences.

 

• Video: Former Vivendi Chief Sentenced
  

 

E.P.A. Approves More Ethanol in Auto Fuel

 

By MATTHEW L. WALD 47 minutes ago

 

Cars and light trucks in the 2001 model year and later can safely use a fuel with up to 15 percent ethanol, rather than the 10 percent that is now the standard.

[interestrateripoff]

A Teaser, Part Deux

 

To properly look at GDP in terms of actual economic progress one must back out all the borrowing that takes place during the same period. That is, the proper way to look at GDP is to subtract back out that which is paid for not with today’s output, but with promises to pledge tomorrow’s. The reason for this is clear – you may in fact only spend a dollar once. When looked at this way one gets a very different view of “growth” in the economy, and the depth of the hole we have dug for ourselves becomes clear.

There has been little actual positive GDP growth during the entire period from 1953 onward – until the 4th quarter of 2009, and since 1980 the true GDP numbers, when one looks at output (not what one “pulls forward” via debt) has been hideously bad. The spike upward in actual debt-adjusted growth that began in the 4th quarter of 2009 and peaked in the 1st quarter of 2010 was due to total systemic debt reduction – the very thing the government is trying to prevent, but which is necessary to bring the economy back into balance.

This, incidentally, is why median incomes haven’t moved upward at all in the last decade and why it seems to be harder and harder every year to maintain a middle-class lifestyle - and has been since the 1950s. The loss of purchasing power in real terms, the drive to “two income” households and finally the wild screams from the media, government, and lastly Bernanke’s recent assertion that “QE2” has been a “success” because the stock market has gone up all underlie the truth – we have not grown the economy at all during the last sixty years! Instead we serially pulled out the credit card and said “Charge It!”, continually rolling over the debt and adding more to it.

The last time we saw an actual positive 2% print annualized? 1980.

If you look at the stock market, one has to ask – when did it start to “take off”? In 1991 the S&P 500 printed 300 and the Dow stood at 2,500. That was the start of the monstrous "bull run" in stocks.

Exactly none of the alleged “stock market appreciation” has come from actual economic growth since that time. It has all come from ever-increasing amounts of leverage (debt) that, when subtracted back out of the change in GDP, show that on an actual output basis the economy of the United States has not printed a positive number since 1992.

 

If this is accurate the global economy is in deep deep trouble.

 

Fiat currencies are dead men walking we are staring into the abyss.

[interestrateripoff]

Bank Of Scamerica (BAC) Earnings MISS

The market, thus far, doesn't seem to care much....

Fourth-Quarter Net Loss of $1.2 Billion, or $0.16 per Diluted Share, Includes Goodwill Impairment Charge of $2.0 Billion

Excluding Goodwill Impairment Charge, Fourth-Quarter Net Income Was $756 Million, or $0.04 per Diluted Share

1

2010 Net Loss of $2.2 Billion, or $0.37 per Diluted Share, Includes Goodwill Impairment Charges of $12.4 Billion

Excluding Goodwill Impairment Charges, 2010 Net Income Was $10.2 Billion, or $0.86 per Diluted Share

1

Ya, ok. Goodwill impairment charges eh? You mean writing off worthless "goodwill" - one of the best scams out there in the accounting world, by the way - the "value" you pay in excess of actual value, otherwise known as "speculative premium" or "that other bastard got us to overpay for that acquisition" (but never called that) is being written down pretty aggressively.

That is known among honest people as "we're never going to recognize anything of value from that, and the auditors won't let us get away with it any more."

Oh yeah, Revs missed too.

 

More at the link.

[interestrateripoff]

Ireland "Printing"?

Ehhh.... yeah, it's a bit old, but....

The Irish Independent

learnt last night that the

Central Bank

of

Ireland

is financing €51bn of an emergency loan programme by printing its own money.

A spokesman for the ECB said the Irish Central Bank is itself creating the money it is lending to banks, not borrowing cash from the ECB to fund the payments.

The ECB spokesman said the Irish Central Bank can create its own funds if it deems it appropriate, as long as the ECB is notified.

I thought the Eurozone had a centralized control over the amount of money that was "printed" (emitted without debt behind it) - and it sure wasn't centered in Ireland!

Oh, and what did you say Ireland's GDP again?

This, coupled with the inflation print out of Britain, ought to sink in eventually... when it does, it should have an..... interesting..... reaction in the Euro marketplace.

 

The end game coming.

 

The Weimar tried printing to make up it's tax shortfalls, that turned out well......

[interestrateripoff]

Umm.... Can Someone Explain This One? (KMP)

I was sent a teaser and analysis on Kimber-Morgan (KMP) along with a link to a SCRIBD document this afternoon.

After reading it, well, let's say it makes an interesting case, and some pretty-strong charges.

We have the current results from a couple of days ago too:

Q4 profit per unit $0.44 vs est $0.43

The company, valued at $22.6 billion, expects to raise its 2011 cash distribution by 4.5 percent to $4.60 per unit

Am I missing something here?

Earn 44 cents in a quarter, distribute about $1.10.

Ummmmmm...... where have I seen that before?

Oh yeah, I remember..... it was WaMu, the reason I started writing Tickers.

What ultimately happened to them?

Right?

Back then I was able to key in on the why - they were booking negative amortization as income, and paying it out in dividends. Eventually that little game caught up with them and they blew up. It took more than a year after I started yelling about it, but it happened.

I am not keyed in enough on this company or the sector in general to know whether the analysis sent to me has any merit or not, and I'm not inclined to embed it - it's incendiary, to be frank, and I can't vet the person who sent it to me as they're using a public email provider and didn't sign their name.

But this much I do know - if you earn 44 cents, and distribute $1.10, eventually you will run out of money.

 

More at the link.

[interestrateripoff]

Breaking news

 

• SNAP ANALYSIS-Iran may face more pressure after talks fail - Reuters
  
• UK's Vickers unlikely to seek formal banks' break-up - Reuters
  
• EFSF could use different interest rates - Bruederle - Reuters
  
• Saudi king in Morocco after surgery in United States - Reuters
  
• Don't rule out debt buy-back idea-Juncker in magazine - Reuters
  
• Apple's App Store hits 10 bln downloads - Reuters
  
• SEC urges new fiduciary rule for brokers, advisers - Reuters
  
• Google's Page brings change and questions - Reuters
  
• Kraft, Starbucks spar over market share losses - Reuters
  

 

 

 

• BA cabin crew vote to strike
   
  Unite tells British Airways to 'wake up and listen' – but union has not announced strike dates and calls for negotiations
  175 comments
  
  • BA crew plan new tactics for industrial action
    
  • British Airways strike: time to grow up
    
  • BA trades for last time ahead of Iberia merger
    

  [*] Banks at crucial point in lending talks

   

  Banks await thoughts on break-up and competition from head of Independent Commission on Banking, Sir John Vickers

   

  • Spain to part-nationalise weakest banks
    
  • Blog Should Ireland's Department of Finance be overhauled?
    

  [*] Former Google boss Schmidt sells shares

   

  The outgoing chief executive announced he is to sell shares worth $326m, but that still leaves him with a holding in Google of around $5.5bn

   

  • Google shakeup sees Larry Page take on CEO role
    
  • Google shuffle: why Eric Schmidt had to go
    
  • Larry Page: Google's king of search
    

  [*] Boparan buys Northern Foods

   

  The poultry entrepreneur has agreed a cash bid of £342m for the owner of Goodfella's pizzas and Fox's biscuits

  [*] City superwoman fights for equality

   

  Fund manager Helena Morrissey, who oversees £47bn of investment and a family of nine children, doesn't believe in quotas as a route to equality

  [*] Cheezburger Network raises $30m

   

  Niche humour website behind Lolcat craze attracts venture capital funding to back ambitious expansion plan

 

 

• Shops see worst month's sales since 1998
   
  Sharp fall in sales of food and fuel hit retailers amid the Arctic conditions in the run-up to Christmas
  105 comments
  
  • VAT rise makes a dent in John Lewis sales
    
  • Has the VAT rise curbed your spending?
    
  • Table: Retail sales December 2010 breakdown
    
  • Online shopping hit record in December
    
  • Christmas retail winners and losers
    
  • Retail sales slump: what the economists say
    
  • Mulberry smashes sales forecasts
    
  • Laura Ashley shares soar on profit expectatons
    
  • Cashmere price rise hits Dawson International
    

  [*] Edgar Bronfman convicted in Vivendi case

   

  Warner Music Group chairman receives €5m fine for insider trading, while Jean-Marie Messier is convicted of another offence. By Mark Sweney

   

  • EMI may be bid target in Warner Music sell-off plan
    

  [*] Iceland court orders Kevin Stanford to honour £1.3m loan guarantee

   

  The £39m, 2005 loan was advanced to retail entrepreneur Kevin Stanford by Icelandic bank Kaupthing, which collapsed two and a half years ago

  [*] Traders condemn EU's 'Mickey Mouse' carbon market after botched statement

   

  Regulatory mistake causes carbon price to soar then plunge, while concern grows over spot market, closed in the wake of cyber-attacks

  29 comments

  [*] More business news

  [*] No Beatles as Liverpool takes embassy to London

  23 comments

  [*] Williams F1 firm considers stock market listing

  [*] Lush website hack sees customers defrauded

[interestrateripoff]

Worst December retail sales since records began

 

 

Terrible winter weather and rising prices kept shoppers away from the high street and prompted the worst December retail sales on record, official figures revealed yesterday.

 

 

• Vickers to hint at banking reforms
  
• Mulberry fashions 66% rise in trade from handbags
  
• BA faces more strikes as Iberia merger is sealed
  
• Boparan wins over Northern Foods with £342m bid
  
• Mortgage lending falls to a nine-year low
  
• Business Diary: Lord Mandelson goes into banking
  
• Williams float on the starting grid
  

 

Stephen Foley: Some 'adult supervision' will ensure Page keeps Google's fortune safe

 

 

US Outlook: Has Google just picked the wrong chief executive? Eric Schmidt, the Silicon Valley veteran who has been Obi-Wan to Larry Page's Luke Skywalker for the past decade, declared on Twitter that it was a case of "Day-to-day adult supervision no longer needed!" I'm not sure he is right about that. Without proper oversight, Larry Page could turn out to be the great squanderer of shareholders' money.

 

 

• Stephen Foley: Warner's stock rises on Goldman Sachs hiring
  
• David Prosser: A quick and painless way to end Hunt's BSkyB dilemma
  
• David Prosser: Give HMV a chance to find the right tune
  
• David Prosser: Do you trust your financial adviser?
  
• David Prosser: China holds the trump cards in any showdown with the US
  

 

The Tesco trainees are taking over

 

Executives who used to work for Britain's biggest supermarket are leading a retail revolution. James Thompson reports

 

 

• The business on...Andrew Tinkler, Chief executive, Stobart Group
  
• How the recession killed the high street
  
• Brian Davidson: Turnaround artist: what next for Crown Paints?
  
• 2011: The year of the takeover?
  
• Cadbury deal turns sour for Green & Black's
  

[interestrateripoff]

Vickers unlikely to seek formal banks' break-up

 

LONDON (Reuters) - Possible reforms to Britain's banks are unlikely to include a formal break-up of the top lenders, the head of a government-backed body probing the sector in the wake of the credit crisis said Saturday.

Continue Reading

 

 

 

Don't rule out debt buy-back idea - Juncker

 

BERLIN (Reuters) - European leaders should not shy away from a proposal to buy back the bonds of troubled euro member states but should not rely too much on rich countries, Eurogroup Chief Jean-Claude Juncker said.

5:27pm GMT

 

TUI AG mulls buying back TUI Travel soon - sources

 

FRANKFURT (Reuters) - TUI AG is mulling to quickly use the proceeds of a planned divestment to buy more shares in Europe's largest tour operator TUI Travel , two sources close to the company told Reuters.

6:04pm GMT

 

Northern Foods agrees to £342 million Boparan takeover

 

LONDON (Reuters) - Food manufacturer Northern Foods Plc has agreed to be taken over by businessman Ranjit Boparan in a deal valuing the business at 342 million pounds, the company said on Friday.

21 Jan 2011

 

Google's Page brings change and questions

 

SAN FRANCISCO/NEW YORK (Reuters) - One day after Google's surprise announcement that Larry Page would once again run the company, investors and industry insiders were wondering if he is up to a now very different job. | Video

4:55am GMT

 

EFSF could use different interest rates - Bruederle

 

BERLIN (Reuters) - The European rescue fund could offer bonds at different interest rates to account for its members' divergent levels of credit worthiness in its attempt to boost lending capacity, Germany's Economy Minister said.

5:12pm GMT

 

Facebook to unveil financials, raises $1.5 billion

 

SEATTLE (Reuters) - Facebook is preparing to open its books this year or early in 2012 to give investors a glimpse into the financial workings of the world's No. 1 social network, after it sealed an oversubscribed $1.5 billion (937 million pound) round of financing led by Goldman Sachs. | Video

12:18am GMT

 

GE earnings climb on strengthening global economy

 

BOSTON (Reuters) - General Electric Co posted a better-than-expected profit, helped by strong emerging-market demand for heavy equipment and setting the stage for what could be a wave of strong manufacturing earnings reports. | Video

21 Jan 2011

 

RBS surges on possible early state scheme exit

 

LONDON (Reuters) - Royal Bank of Scotland and the Treasury are in talks over RBS's possible early exit from the government asset protection scheme that insures the bank's riskiest assets, an industry source said.

21 Jan 2011

 

Retailers suffer worst December on record - ONS

 

LONDON (Reuters) - Harsh weather and higher inflation combined to give retailers their worst December on record, data showed on Friday, reinforcing signs that growth slowed sharply in the last three months of 2010.

[interestrateripoff]

Maybe Japan Was Just a Warm-Up

 

By STEVE LOHR 1:22 PM ET

 

 

The trade tensions with China sometimes seem like a rerun of the 1980s rivalry with Japan. But can Washington use its old strategies?

 

 

 

A General Electric engine in China. Tensions over America’s trade gap recall the debate about Japanese competition in the 1980s.

 

 

 

 

 

 

Media Decoder Blog

 

Olbermann Leaves 'Countdown' on MSNBC

 

By BILL CARTER

 

MSNBC and Keith Olbermann have ended their contract, the network said Friday night.

 

Quarterback for a Team of 1,900

 

By SRIDHAR PAPPU 34 minutes ago

 

DeMaurice Smith, hard-charging director of the N.F.L. players’ union, has sought the advice of other labor leaders in its contract dispute with owners.

 

Prototype

 

Growing Grapes as Part of a Real-Life Script

 

By AMY WALLACE 44 minutes ago

 

The actor and director Emilio Estevez considers his vineyard a complementary pursuit to his work in film, and not merely a hobby.

 

Digital Domain

 

Please, Just Tell Me When I’m Nearing My Limit

 

By RANDALL STROSS 1:20 PM ET

 

The F.C.C.’s proposal for mandatory alerts to cellphone users facing overage charges seems logical enough. So why is the industry opposed?

 

Strategies

 

Chasing the China Bandwagon

 

By JEFF SOMMER 1:23 PM ET

 

The recent visit of China’s president gives investors more reasons to take notice of its surging economic growth.

 

The Haggler

 

Don’t Just Complain. File the Appeal.

 

By DAVID SEGAL 59 minutes ago

 

When a Zipcar renter says he wasn’t responsible for damage to a vehicle, the Haggler swings into action — and receives a sensible possible solution from the company.

 

Scene Stealer

 

Product Placement, Turned Inside Out

 

By BROOKS BARNES 53 minutes ago

 

How does a documentarian dissect the world of product placement, advertising and marketing? By financing his film entirely through product placement, advertising and marketing.

 

A Creator Prepares to Take the Reins at Google

 

By CLAIRE CAIN MILLER

 

Larry Page’s move to chief executive will test his skills at handling the daily grind of running a business.

 

DealBook

 

Big Paydays Return With Big Profits at Wall St. Banks

 

By ERIC DASH and SUSANNE CRAIG

 

As bonus checks are being doled out at the big banks, it is clear that 2010 is shaping up to be a very good year - although perhaps not as good as 2009.

[interestrateripoff]

22 January 2011 Last updated at 17:39

 

Bank inquiry head urges reforms

 

The head of the commission reviewing whether the UK's biggest banks should be broken up says wide-ranging reform is needed.

 

• Banks break-up 'being considered' Watch
  
• Peston: Pushing reform further
  
• What do investment banks do?
  
• Q&A: Osborne's reforms
  

 

MP urges jail terms for VAT fraud

 

The government should impose prison sentences on traders who charge VAT but do not pass the money to the government, an MP tells Radio 4's Money Box.

 

 

Facebook offering raises $1.5bn

 

Facebook says it has raised $1.5bn from investors, valuing the world's most popular social networking site at $50bn.

 

 

 

• BA cabin crew back strike action
   
  British Airways cabin crew vote for more strike action in their most recent ballot, the Unite union says.
  
• Station car park fees irk drivers
   
  Train operators are accused of topping up their profits by increasing the cost of car parking.
  
• Larry Page to become Google chief
   
  Google co-founder Larry Page is to take over as chief executive of the search giant in April, with Eric Schmidt moving to executive chairman role.
  
• Mortgage lending at nine-year low
  
• Ryanair in boarding pass threat
  
• HTC smartphone profits rise 160%
  
• Poland gets $30bn IMF credit line
  
• Reliance post big jump in profits
  
• Snow hits Christmas retail sales
  
• Former Vivendi bosses convicted
  
• Bank of America sees $1.2bn loss
  
• Williams consider stock flotation Sport
  
• GE profit lifted by rising orders