The great intrest rate rip off part 5

[MARTIN3030]

Continued from part 4 here;

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?320005-Re-The-great-interest-rate-rip-off-part-4&p=3673452#post3673452

[interestrateripoff]

Breaking news

 

• EU launches WTO suit on Canadian renewable power - Reuters
  

 

 

 

• WEF warns of economic turmoil and social upheaval
   
  Ahead of annual World Economic Forum meeting in Davos, Global Risks 2012 report says the 'seeds of dystopia' are being sown
  51 comments
  
• Eurozone crisis: Osborne says UK could increase IMF payments
   
  Last updated four minutes ago
  Live Chancellor tells MPs that Britain could be swayed by a 'well-argued case' put forward by the IMF and the G20
  117 comments
  
  • Latest “8.07pm: Tomorrow could be a hectic day in the eurocrisis. Spain is holding its first sale of government bonds this year (it is selling three and four…”
    Eurozone live blog with Graeme Wearden
     
    
  • UK trade deficit widens unexpectedly
    
  • Heather Stewart: Monti fights back against austerity
    
  • Fiat boss: Euro crisis puts future in doubt
    
  • Euro countries to learn ratings fate this month
    
  • Merkel to Greece: no bond deal, no bailout
    
  • ECB takes record €464bn in overnight deposits
    
  • Eurozone crisis: calendar of key events in January
    
  • Datablog: the key charts
    

  [*] How world economies will rank in 2050 – if the planet can bear it

   

  Larry Elliott: A study predicts big changes in the economic balance of power – but could the planet cope with so much industrialisation?

  10 comments

  [*] UKFI: who needs it?

   

  Nils Pratley: With RBS and Lloyds unable to pay back the taxpayer's investment in them any time soon, it's hard to see a reason to retain UKFI

  3 comments

 

 

• Retail
  Christmas on the high street and online
   
  Retailers have had a torrid time in the last few months - how have Britain's high street and online shops fared over the festive period?
   
  
  • Sainsbury's boosted by Christmas food sales growth
    
  • Little Chef to close 67 restaurants putting 600 jobs
    
  • Marks & Spencer clothing profits hit by rivals
    
  • Nils Pratley: M&S saves its Christmas with cost cuts
    
  • Game shares slump as Christmas sales fall 15%
    
  • Majestic Wine enjoyed corking Christmas
    
  • Retail sales in December up 4% on bargain hunting
    

  [*] Twinkies maker files for bankruptcy

   

  The Ring Dings and Wonder Bread baker Hostess Brands blames high ingredient costs and pensions for its financial woes

  Post your comment

  [*] Why a shaky housing market could cripple small businesses

   

  Katie Allen: Entre-preneurs often secure loans against their homes, but with house prices forecast to stagnate, lenders may not play ball

  4 comments

  [*] More business news

  [*] Ulster Bank job losses expected

  [*] Orange juice prices hit record high after fungicide found

  [*] EDF Energy cuts gas bills by 5%

[interestrateripoff]

M&S price cuts fail to stop festive sales fall

 

11 January 2012 12:00 AM

Disappointing figures for retail giant, while discounts see shop price inflation tumble

 

 

4.4% rise in air passengers for BAA

 

11 January 2012 12:05 PM

A snow-free end to 2011 helped BAA record a 4.4% increase in passengers at its six UK airports last year.

 

 

 

EDF announce plans to cut gas bills by 5%

 

11 January 2012 10:23 AM

One of the UK's major energy suppliers offered a glimmer of hope for cash-strapped households today by announcing a cut in tariffs.

 

 

 

Little Chef to close 67 outlets

 

11 January 2012 11:25 AM

Roadside restaurant chain Little Chef is to close 67 of its 161 sites in a move expected to lead to the loss of between 500 and 600 jobs, it announced today.

 

 

 

Sainsbury's pledges to extend price matching scheme

 

11 January 2012 08:52 AM

Supermarket giant Sainsbury's pledged to extend its price matching scheme today as it revealed better-than-expected sales in the run-up to Christmas.

 

 

 

George Osborne tells banks to cut bonuses

 

11 January 2012 05:52 PM

Chancellor George Osborne today issued a sharp warning to the banks against making big bonus payouts.

 

 

 

More women break into top boardrooms

 

11 January 2012 12:00 AM

Women have a long way to go before being properly represented in the boardroom, but research has shown progress is being made.

 

 

 

Temporary jobs fall for first time in two years

 

11 January 2012 12:00 AM

The number of temporary job placements fell in December for the first time since the recession, according to a survey of recruitment consultants.

 

 

 

Four million complained to Big Six

 

11 January 2012 12:00 AM

Home energy users may be missing out on millions of pounds of unclaimed compensation every year.

 

 

 

Time is running out for Greece to avoid default

 

11 January 2012 12:00 AM

Chancellor Angela Merkel met the International Monetary Fund's managing director Christine Lagarde in Berlin yesterday for talks dominated by the worsening Greek debt crisis and Athens's race against time to avoid a disorderly default in little over two months time

 

 

 

Europe set to block New York Stock exchange merger

 

11 January 2012 12:00 AM

The odds of a merger between the stock exchanges of New York and Europe dramatically lengthened last night after it emerged the European Commission competition regulator has recommended blocking the deal.

 

 

 

Surge in liabilities as Bank buys government bonds

 

11 January 2012 12:00 AM

Pension liabilities among British businesses swelled to a record £255.2bn in December as the Bank of England waded into the market to buy government bonds, the latest figures from the Pension Protection Fund revealed yesterday.

 

 

 

Failed tycoon Quinn loses court case over bankruptcy

 

11 January 2012 12:00 AM

Sean Quinn, the failed property tycoon who was once Ireland's richest man, is likely to be barred from relaunching his business career after a British court ruled that his bankruptcy must be judged in the tougher jurisdiction of Ireland.

 

 

 

Smiths pins the blame on tablets for slump in book sales

 

11 January 2012 12:00 AM

Print book sales were lower than expected at Christmas and the soaring popularity of tablet devices could be to blame, the distributor Smiths News warned yesterday.

 

 

 

Hoberman raises £6m

 

11 January 2012 12:00 AM

Lastminute.com's founder Brent Hoberman was celebrating yesterday after his latest start-up – the online furniture sales firm Made.com – raised £6m in a second round of funding.

[interestrateripoff]

Monti says markets must recognise Italian reforms

 

8:08pm GMT

BERLIN - German Chancellor Angela Merkel praised Italy's new government on Wednesday for the speed with which it has launched reforms, prompting Prime Minister Mario Monti to say it was important for markets also to recognise Italian economic policy progress soon.

 

 

• ECB must do more to avert "cataclysmic" euro - Fitch | 5:14pm GMT
  
• Greek bond swap falling short, governments may fill gap - sources 7:28pm GMT
  
• FTSE pulls back after further baulk at 5,700 5:10pm GMT
  
• UK may add funds to IMF with other G20 states
  

Exclusive - At least 2 serious suitors eye LME

 

LONDON - At least two serious potential bidders have emerged so far for the London Metal Exchange (LME) from 15 suitors who expressed interest in the world's biggest metals marketplace, a source with knowledge of the matter said on Wednesday.

German financials blast euro zone transaction tax

 

FRANKFURT - German institutions and banks condemned efforts by Germany and France to push ahead with a financial transaction tax in the euro zone without including leading centres such as London.

3:32pm GMT

 

Fed should keep easy policy to boost economy - Evans

 

LAKE FOREST, Illinois - The U.S. Federal Reserve should stick to its super-easy monetary policy to fight unemployment and spur a "painstakingly slow" economic recovery, even if doing so pushes inflation temporarily higher, a top Fed official said on Wednesday.

4:41pm GMT

 

Deutsche Boerse's NYSE deal seen heading for the rocks

 

FRANKFURT - Deutsche Boerse AG's last-ditch lobbying efforts in support of its proposed takeover of NYSE Euronext look set to fail, leaving the deal heading for the rocks with European antitrust regulators expected to block the deal

7:14pm GMT

 

Exclusive - GM, German union in talks to restructure Opel

 

DETROIT - General Motors Co could shift more vehicle production to its European factories in a cost-cutting deal with its German union that could avert a damaging standoff and keep Opel out of bankruptcy, people familiar with the discussions said.

[interestrateripoff]

11 January 2012 Last updated at 19:54

 

EDF Energy to cut gas price by 5%

 

EDF Energy is to cut its typical gas bill for UK domestic customers by £38, or 5%, in February after raising prices by 15% in November.

 

• How to read your gas bill
  
• Saving through energy efficiency
  
• Energy costs explained
  
• Explaining the ways to complain
  

 

Wonga backs down on student loans New

 

Payday loan company Wonga removes pages from its website after it was branded "incredibly irresponsible" for targeting students.

 

• Q&A: Payday loans
  
• Help to cope with debt problems
  

 

 

German economy 'probably shrank'

 

The German economy is likely to have shrunk by 0.25% in the last quarter, but a strong start to 2011 meant it grew by 3% over the year.

 

 

 

• Little Chef to close 67 outlets
   
  Motorway restaurant group, Little Chef, says it is to close 67 of its 161 outlets and make between 500 and 600 job cuts.
  
• Bank signs up for cloud computing
   
  Spanish bank BBVA tells the BBC it is switching its 110,000 staff to use Google's cloud-computing software in the largest deal of its kind.
  
• EU threatens Hungary over deficit
   
  The European Commission threatens action against Hungary after deciding the country has taken "no effective action" to contain its budget deficit.
  
• PCS renews pension strike threat
  
• Sainsbury's sales hit new record
  
• Inequality is 'top global risk'
  
• UK trade gap widens in November
  
• Orange juice prices hit new high
  
• New retirees expect lower incomes
  
• Superdry in Christmas sales boost
  
• Greggs sees Christmas sales rise
  
• Virgin doubling broadband speed
  
• Geithner in Beijing talks on Iran
  
• Toyota eyes US as big export base
  
• Web domains face major overhaul
  
• City ‘to be offshore currency market for China’
   
  10 hours ago
  There is growing optimism among bankers that the City of London will join Hong Kong as an offshore centre where the Chinese currency, the Renminbi, can be traded.
  

[interestrateripoff]

[/url]

 

George Osborne says Britain could increase IMF funding

 

Chancellor insists UK is an "absolutely enthusiastic supporter of a well-funded IMF," as EU leaders drop plans to alter rules on the single market in a move that signals a significant victory for Britain.

388 Comments

German growth grinds to halt

 

 

New draft of EU treaty a victory for Cameron and UK

 

 

UK trade gap widens more than expected as exports fall

 

 

Angela Merkel praises Italy for implementing tough reforms

 

 

Business sets out blue print for economic recovery

 

 

 

 

EDF customers are still £166 worse off

 

EDF Energy customers are still paying 16pc more to heat and light their homes than they were two years ago, despite the company's decision to cut gas bills by 5pc.

4 Comments

EDF Energy to cut gas bills by 5pc

 

 

 

Sainsbury says shoppers to cut back this year

 

Supermarket shoppers will continue to cut back by putting one fewer item in their basket each week, according to Justin King, the chief executive.

Comment

Supergroup says clothes prices should fall

 

 

N Brown sales to be helped by lower gas bills

 

 

 

Unilever loses shine as FTSE runs out of steam

 

Consumer goods giants Reckitt Benckiser and Unilever were in focus on Wednesday as the FTSE 100 retreated amid whispers of a French downgrade.

 

Greggs to venture into Cornish pasties

 

Greggs, the sandwich and bakery chain, is to venture into the land of Cornish pasties for the first time, after it announced it would hit its target of 2,000 shops quicker than expected.

1 Comment

 

Little Chef to close 67 restaurants

 

Chain to close 70 roadside eateries with the loss of hundreds of jobs just months after announcing a £30m "drive through" revamp.

16 Comments

 

Heathrow constraints 'damaging UK economy'

 

 

 

 

UKFI appoints fourth chairman since 2008

 

Angela Merkel praises Italy for implementing tough reforms

 

 

 

New eurozone-plus draft treaty dilutes role of EU institutions

 

 

 

 

NYSE deal hits EU block

 

This crisis in capitalism only exposes Labour’s limitations

 

The missing link in the high-speed rail argument is that I'd rather fly to China

[interestrateripoff]

As Romney Advances, Private Equity Becomes Part of the Debate

 

By PETER LATTMAN and ANNIE LOWREY

 

 

The private equity industry has come under scrutiny as Mitt Romney’s Republican rivals have attacked his record at the investment firm Bain Capital.

 

• Post a Comment »
  

 

 

 

Jon Chase/Associated Press

 

Mitt Romney in 1994, when he was chief of Bain Capital, announcing his Senate candidacy.

 

 

 

 

 

 

DealBook

 

Regulator Adopts New Customer Protection Rules

 

By BEN PROTESS 46 minutes ago

 

The Commodity Futures Trading Commission rules seek to protect the accounts of swaps customers by segregating them from a brokerage firm's money.

 

Monti, in Berlin, Calls for Growth Policies in Europe

 

By NICHOLAS KULISH 50 minutes ago

 

Italy’s technocratic prime minister said that austerity alone was not the answer to Europe’s debt crisis, and that Italy could deteriorate rapidly without more assistance from European institutions.

 

Data Show German Economy Stalling

 

By DAVID JOLLY 7:08 AM ET

 

The government reported that the German economy expanded by 3 percent in 2011, but estimated that it actually contracted in the final quarter of the year.

 

• E.U. Threatens to Sue Hungary Over New Constitution 12:44 PM ET
  
• Awaiting a Greek Payout
  
• Stocks Dip After Tuesday’s Gains 12:26 PM ET
  
• Interactive Feature: Tracking Europe's Debt Crisis
  

 

DealBook

 

Hostess Files for Bankruptcy

 

By BEN PROTESS 1:15 PM ET

 

Hostess Brands, the baking company best known for its sweet treats like Twinkies and Ding Dongs, filed for bankruptcy just three years after emerging from an earlier restructuring process.

 

China Balks as Geithner Presses on Iran Curbs

 

By MICHAEL WINES 8:08 AM ET

 

Beijing again dismisses a U.S. plan for a campaign against the Iranian nuclear program.

 

Dividends Rise in Sign of Recovery

 

By CHRISTINE HAUSER

 

If analysts’ forecasts come true, higher dividend payouts will continue in 2012, as companies release more cash and try to win over investors.

 

• Graphic: Dividend Payouts Pick Up
  

 

Big Banks Face Inquiry Over Home Insurance

 

By LOUISE STORY

 

New York State is investigating whether several banks fraudulently steered homeowners into overpriced policies.

 

DealBook

 

Icahn Drops Bid for Commercial Metals

 

By MICHAEL J. DE LA MERCED

 

The announcement is the latest takeover defeat for Carl C. Icahn, who also failed to win the likes of Clorox in the last year.

 

Divining the Business and Political Risks of 2012

 

By ERIC PFANNER 3:47 AM ET

 

Professional risk analysts have alarming warnings about the year and decade ahead, including growing income disparity, economic turmoil, global warming, cyberattacks and disruptions in the water supply.

[interestrateripoff]

Draghi Gets Bitch-Slapped

The water's rising around your ankles, jackass....

Banks are hoarding the European Central Bank’s record 489 billion-euro ($625 billion) injection into the banking system, thwarting attempts by policy makers to avert a credit crunch in the region.

Almost all of the money loaned to 523 euro-area lenders last month wound up back on deposit at the Frankfurt-based central bank instead of pouring into the financial system, according to estimates by

Barclays Capital

based on ECB data. Banks will use most of the money from the three-year loans to meet their refinancing needs for this year and next, analysts at Morgan Stanley and Royal Bank of Scotland Group Plc estimate.

No, really? Gee, that wouldn't have anything to do with this chart, would it?

 

More at the link.

[interestrateripoff]

Health Care And Hospitals: [problem]

 

We must tear down the entire medical system in this nation and imprison virtually all of the financial folks involved in it -- especially Hospital-affiliated entities.

That's a strong statement. But it's supported by reports like this in the NY Daily News, which illustrate nicely what I've talked about on The Ticker for a long time in relationship to health care, how it's broken, and what we must do to fix it.

The charges, in fact, were mind-boggling. A statement the hospital sent to my insurance company, Aetna, showed that Good Samaritan billed $22,214.92 for a four-hour emergency room visit that included a physical exam, sedation, endoscopy and extraction of the stuck food.

Even more astonishing, Aetna agreed to pay only $2,885.67 for the services — just 13% of the bill — and the hospital settled for that amount.

This sort of game-playing, where the intent is to catch "uninsured" people and "gotcha" them into bankruptcy, would be felonious in virtually any other line of business.

 

More at the link.

 

Just show this to anyone who wants to get rid of the NHS.

[interestrateripoff]

The NY Times Fails Math

Oh Good Lord....

DESPITE some small signs of optimism about the United States economy, unemployment is still high, and the country seems stalled.

Time and again, Americans are told to look to Japan as a warning of what the country might become if the right path is not followed, although there is intense disagreement about what that path might be. Here, for instance, is how the CNN analyst David Gergen has described Japan: “It’s now a very demoralized country and it has really been set back.”

But that presentation of Japan is a myth. By many measures, the Japanese economy has done very well during the so-called lost decades, which started with a stock market crash in January 1990. By some of the most important measures, it has done a lot better than the United States.

Really?

Japan's government Debt-to-GDP ratio has roughly quadrupled since 1990 -- from right around 50% to about 200%.

Well, gee, if I whip out my credit card to pretend that I have more money than I do, and spend it, I can make my financial condition look absolutely fabulous!

 

More at the link.

[interestrateripoff]

Guest Post: Why 308,127,404 Americans Are Going To Get Hosed

 

Europe Closes Weak After Hopeful Start

 

The Coercive Greek Restructuring Is Now Imminent: UBS Explains What It Means For Europe (Hint: Nothing Good)

 

China's Debt Maturity Problem Has Arrived

 

FoxConn Workers Threaten With Mass Suicide If Working Conditions Aren't Fixed

 

Goldman Unveils The Script In The Greek Haircut Kabuki

 

The US Debt Ceiling Theater Is Back: Think The Issue Is On Autopilot? Think Again

 

Iran Interest Rates Raised To 20% To Fight Hyperinflation; Iran Nuclear Scientist Killed In Street Bomb Explosion

 

EURUSD Pops On Merkel Statement She Is Ready To Pay More Capital Into ESM To "Send Message To Markets"

[zaccolbert]

Even HMV experienced a drop in sales of, i think it was 8%, over the christmas period, and they were absolutely manic in december. I don't see why these retailers can't be satisfied with making a good profit, rather than massive profits ALL the time, they will have to accept that the web is changing retail for ever.

[interestrateripoff]

Breaking news

 

• German union says no concessions for GM over Opel - Reuters
  

 

 

 

• Bleak day for high street as Tesco slump spooks retail sector
   
  More than £4bn was wiped off the stock market value of Britain's biggest retailer after it delivered its worst Christmas sales performance in decades
  411 comments
  
  • Nils Pratley: The trouble at Tesco
    
  • Should Tesco stop building new stores?
    
  • Tesco suffers Christmas sales fall
    
  • Winners: Superdry, Sainsbury's and Greggs
    
  • Little Chef to cut 600 jobs in 'aggressive' strategy
    
  • Retail - Christmas on the high street and online
    

  [*] Eurozone crisis live: Euro will survive, says George Osborne

   

  Live Chancellor also blames euro crisis for UK's slow growth, and says eurozone has been 'very damaging' for the whole world

  167 comments

  • Latest “7.58pm: There are reports tonight that Italian taxi drivers are holding imprompru strike action - in protest at some of the economic reforms being…”
    Eurozone crisis live blog
     
    
  • Enda Kenny rejects need for second Irish bailout
    
  • UK may have to pay billions more into IMF - Osborne
    
  • UK trade deficit widens unexpectedly
    
  • Heather Stewart: Monti fights back against austerity
    
  • Eurozone crisis: calendar of key events in January
    
  • Datablog: the key charts
    
  • Industrial production figures fuel recession fears
    
  • Italy's PM Mario Monti hopes for focus on EU growth
    
  • The trouble at Tesco
    

  [*] RBS to axe 3,500 jobs

   

  Last updated 15 minutes ago

  Latest jobs cuts in investment banking arm mean 33,000 posts have gone under Stephen Hester's tenure

  223 comments

  • RBS balance sheet still as big as UK economy
    
  • Ulster Bank cuts nearly 1,000 Irish jobs
    
  • Global bank job losses rise above 130,000
    
  • Nils Pratley: UKFI: who needs it?
    

 

 

• Interactive
   
  Christmas on the high street and online
   
  
  
• Lunch isn't for wimps: Hong Kong traders protest against cuts to break
   
  Several hundred Hong Kong stockbrokers have marched to the city's stock exchange to protest plans to trim their lunchbreak
  4 comments
  
• Can co-operation rebuild UK business?
   
  • How can co-operation and shared ownership create more sustainable business models?
  • Join us for a live panel discussion
  
• Bank of England holds off QE boost
   
  The MPC waits for more evidence of a slowdown in the UK economy before it decides whether to expand its £275bn programme of quantitative easing
  
• More business news
  
• Ryanair adds 25p green tax levy to fares
  
• British Gas cuts electricity prices but keeps gas on hold
  25 comments
  
• Ofcom outlines 4G spectrum plans
  

[interestrateripoff]

Even HMV experienced a drop in sales of, i think it was 8%, over the christmas period, and they were absolutely manic in december. I don't see why these retailers can't be satisfied with making a good profit, rather than massive profits ALL the time, they will have to accept that the web is changing retail for ever.

 

Because if your a CEO shareholders judge you on getting a bigger year on year profit, rather than just making a profit and a reasonable return.

 

Yep the web means big changes to how the high street will operate.

[interestrateripoff]

Bank holds rates at record low

 

12 January 2012 12:05 PM

The Bank of England held fire on further emergency measures for the UK economy today, despite another dose of worrying news from the manufacturing sector.

 

 

 

Poor Christmas hits Tesco shares

 

12 January 2012 07:43 AM

Tesco saw billions of pounds wiped from its shares today after the supermarket admitted it messed up its pricing strategy in a "disappointing" Christmas.

 

 

 

More RBS sackings to spark union showdown

 

12 January 2012 12:00 AM

Chief executivecould pocket £10m as Osborne urges City bonus restraint

 

 

Successful debt auctions give boost to Spain and Italy

 

12 January 2012 05:08 PM

Spain and Italy gave financial markets a boost as they successfully raised nearly €22 billion ($27.98 billion) in two keenly watched debt auctions that showed renewed investor confidence in the countries' attempts to get a grip on their debt problems.

 

 

 

More power firms cut energy tariffs

 

12 January 2012 11:25 AM

British Gas cut bills for more than five million customers today by announcing an average 5% drop in its standard electricity tariff.

 

 

 

Ulster Bank axes 950 jobs

 

12 January 2012 10:18 AM

Ulster Bank confirmed today it is to cut its workforce by 950, with 600 redundancies in the Republic of Ireland and 350 in Northern Ireland.

 

 

 

Argos reports sharp drop in sales

 

12 January 2012 09:01 AM

The owner of Argos blamed the weak consumer electronics market today for another sharp drop in sales at the catalogue retailer.

 

 

 

Mothercare reports 3 per cent sales decline

 

12 January 2012 07:56 AM

Under-pressure retailer Mothercare today announced another drop in UK sales as it continues to flounder at home but flourish abroad.

 

 

 

RBS axes 3,500 jobs at investment arm

 

12 January 2012 03:48 PM

Around 3,500 jobs will be cut at Royal Bank of Scotland over the next three years under plans to shrink its investment banking arm, the taxpayer-backed lender said today.

 

 

 

Barclays to axe over 400 jobs

 

12 January 2012 03:04 PM

The finance sector suffered a fresh jobs blow today when Barclays announced plans to axe over 400 posts under "essential changes" to its technology and infrastructure division.

 

 

 

Thorntons sees drop in sales

 

12 January 2012 08:58 AM

Chocolatier Thorntons today said it had suffered at the hands of tough competition in the run-up to Christmas as cost-conscious consumers hunted for the best deals.

 

 

 

Britain wins key concession over euro stability pact

 

12 January 2012 12:00 AM

George Osborne hinted Britain might be prepared to give extra funding to the IMF to support eurozone countries

 

 

SuperGroup says 'product wins the day' as sales jump

 

12 January 2012 12:00 AM

The fashion retailer SuperGroup has shown its UK fashion rivals a clean pair of heels by delivering almost a 10 per cent leap in underlying sales over the festive period.

 

 

 

Upmarket foodies boost Sainsbury's festive sales

 

12 January 2012 12:00 AM

Sainsbury's has hailed a "record" Christmas after the grocer delivered third-quarter sales ahead of City expectations, driven by a surge in customer transactions and hard-pressed customers treating themselves to champagne and premium turkeys.

 

 

 

Hedge funds blamed as Greek debt deal falters

 

12 January 2012 12:00 AM

Confidence in financial markets lurched downwards yesterday as hedge funds held up a crucial deal to restructure Greece's €350bn (£290bn) debt pile.

[interestrateripoff]

World stocks edge up as debt fears lessen

 

NEW YORK - The euro jumped as strong demand at auctions for Italian and Spanish government debt on Thursday eased fears over the region's debt crisis, while gold rose to a one-week high.

 

 

• Osborne sees reason for economic optimism 8:02pm GMT
  
• ECB sees "substantial" effect from cheap money | 5:58pm GMT
  
• Insight - SEC tightens leash on exchanges post "flash crash" 7:53pm GMT
  
• Greece euro exit worse than catastrophic - Toscafund
  

Tesco issues profit warning after poor Christmas

 

LONDON - Tesco issued its first profit warning in living memory on Thursday, sending shares in grocers tumbling on fears the world's third-biggest retailer would launch a price war to fight back from its worst Christmas in decades. | Video

UK 4:39pm GMT

 

Time for Greek debt swap deal "running short" - IIF

 

ATHENS - Time is running short to clinch a deal on a voluntary debt exchange for Greece, private sector bondholders warned on Thursday during crunch talks, while euro zone sources said Athens might force reluctant investors to accept losses.

6:23pm GMT

 

RBS ditches investment bank in fresh jobs cull

 

LONDON - Royal Bank of Scotland abandoned ambitions to be a top global investment bank and said it would cut another 4,450 jobs as it bows to pressure from the government to shut down risky operations and prepare for tougher international regulations. | Video

4:49pm GMT

 

U.S. retail sales weak, jobless claims up

 

WASHINGTON - U.S. retail sales rose at the weakest pace in seven months in December and first-time claims for jobless benefits moved higher last week, signs the economic recovery is shaky despite a recent pick-up in growth. | Video

7:25pm GMT

 

Analysis - 2012 starts with bad weather signs for insurers

 

BOSTON - Damaging hailstorms in Australia. Unprecedented tornadoes in the southeastern United States. Constant windstorms in northern Europe. Sound familiar?

[interestrateripoff]

12 January 2012 Last updated at 20:51

 

Tesco festive trade 'disappoints'

 

Tesco reports a fall in UK sales over Christmas and says it expects "minimal" profit growth in the coming year.

 

• Peston: End of Tesco UK growth?
  
• How retailers fared at Christmas
  
• Tesco: Challenging conditions Watch
  
• How High Street retailers are faring
  

 

Bank holds interest rates at 0.5%

 

The Bank of England holds UK interest rates at 0.5% and no new quantitative easing measures are announced.

 

• UK industry declined in November
  
• Stephanomics: UK growth flat
  
• Business basics: Interest rates Watch
  

 

 

British Gas and SSE drop prices

 

British Gas announces a 5% cut in its domestic electricity prices with immediate effect, while SSE will reduce gas tariffs on 26 March.

 

• How to switch energy suppliers
  
• How to read your gas bill
  
• Saving through energy efficiency
  
• Energy costs explained
  

 

 

 

• RBS to cut 3,500 jobs in shake-up
   
  The Royal Bank of Scotland says it is to cut a further 3,500 jobs in the UK and elsewhere as it shrinks its investment bank.
  
• MPs attack rising whiplash claims
   
  The cost of car insurance could be cut if the government restricted the huge number of subjective "whiplash" injury claims, a committee of MPs says. 253
  
• US retail sales rise in December
   
  US retail sales continue their upward crawl in December, posting a 0.1% monthly rise, according to initial estimates.
  
• Dividend cut as Argos sales fall
  
• ECB leaves euro rates unchanged
  
• Spain's cost of borrowing falls
  
• Air Asia X ends European flights
  
• Betfair and IOC monitor 2012 bets
  
• Festive sales blow for Thorntons
  
• Ocado stock up after sales growth
  
• Energy pushes up German inflation
  
• China's inflation rate stays high
  
• Japan 'to cut Iran oil imports'
  
• HK ranked world's freest economy
  
• A flat economy (cont'd)
   
  2 hours ago
  There could be little room for the Bank of England to buy bonds any faster, or buy much more than another £200bn over the course of 2012.
  
• Is this the end of Tesco's UK growth?
   
  10 hours ago
  Are Tesco’s British problems mainly the result of pricing errors made in the past few months by the new chief executive, Philip Clarke, who took over from Sir Terry Leahy in March, or do they represent structural flaws that Mr Clarke inherited.
  

[interestrateripoff]

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British economy barely grew in fourth quarter, says think tank

 

Gross domestic product grew by just 0.1pc in the fourth quarter, according to the National Institute of Economic and Social Research, but weaker data elsewhere darkened the economic outlook.

342 Comments

UK grew 0.1pc in fourth quarter, says think tank Niesr

 

 

ECB's cheap loans have stopped 'serious' credit contraction

 

 

Italy and Spain pass key bond tests

 

 

British industry contraction fuels recession fears

 

 

 

 

Tesco shares tumble after warning on profits

 

Tesco saw £4bn wiped off the value of its shares after the UK's largest retailer warned on profits and revealed 'disappointing' Christmas sales figures.

502 Comments

Home Retail Group to slash dividend

 

 

Halfords bike sales fail to offset weak motoring arm

 

 

Tesco 'suffers from being the one to beat'

 

 

 

US retail sales fall flat in December

 

US shoppers shied away from department store sales and cut back on gadget spending during the key Christmas period, as retailers posted their smallest monthly sales rise since the height of the recession in 2008.

1 Comment

 

RBS cuts 3,500 jobs at investment bank

 

Royal Bank of Scotland, the lender that is 83pc owned by the British taxpayer, is to cut around 3,500 jobs as it sells and shrinks its investment bank.

65 Comments

RBS has poisoned the debate on City pay for long enough

 

 

UK banks told to slash pay to fund reforms

 

 

 

Housebuilder Barratt sees profits rise

 

Barratt Developments reported rising revenues despite the state of the wider housing market, continuing the run of steady trading updates from the housebuilding sector.

5 Comments

 

Government proposes nameless CVs

 

 

 

 

Ofcom sets out 4G auction plans

 

 

 

 

Dechra's US strategy boosts revenues

 

RBS has poisoned the debate on City pay for long enough

 

Britain set to outgrow even the mighty Germany

 

UK grew 0.1pc in fourth quarter, says think tank Niesr

 

 

 

Savers lose out on £44.5bn

 

 

 

 

ECB's cheap loans have stopped 'serious' credit contraction

[interestrateripoff]

In Greek Yogurt, a Boon for New York State

 

By WILLIAM NEUMAN 2:44 PM ET

 

 

Sales of Greek yogurt are booming, and leading brands are expanding their operations, and the production jobs they entail, in the state.

 

 

 

Heather Ainsworth for The New York Times

 

An employee inspects yogurt containers at the Chobani packaging plant in New Berlin, N.Y.

 

 

 

 

 

 

Borrowing Costs Fall for Italy and Spain in Debt Auctions

 

By RAPHAEL MINDER AND DAVID JOLLY 6:44 AM ET

 

Successful bond sales for the financially stressed nations suggested progress in countering the euro crisis.

 

• Interactive Feature: Tracking Europe's Debt Crisis
  
• DealBook: For Europe, Few Options in a Vicious Cycle of Debt
  
• Post a Comment | Read (18)
  

 

E.C.B. Promises Continued Support for Europe Banks

 

By MELISSA EDDY 28 minutes ago

 

The bank's president, Mario Draghi, said that billions pumped into the financial system last month had reduced the threat of a credit freeze.

 

Signs Multiply of a Serious Slump in Britain

 

By JULIA WERDIGIER 1:54 PM ET

 

Profit warnings from Tesco, Britain’s biggest retailer by sales, and other retailers are adding to analysts’ fears that the economy is heading for recession — or may be there already.

 

• DealBook: Royal Bank of Scotland to Cut 3,500 Jobs 1:16 PM ET
  

 

Smaller Magnetic Materials Push Boundaries of Nanotechnology

 

By JOHN MARKOFF 54 minutes ago

 

Findings from research conducted at I.B.M., being reported Thursday in the journal Science, could lead to a new class of more powerful and efficient nanomaterials.

 

• Post a Comment | Read (0)
  

 

Consumer Agency Sees Problems in Student Loan Business

 

By EDWARD WYATT 44 minutes ago

 

The Consumer Financial Protection Bureau’s new director compared some of the industry’s tactics to those of the subprime mortgage market.

 

Target Plans Apple Mini-Stores

 

By STEPHANIE CLIFFORD 39 minutes ago

 

Apple already has centers within Best Buy stores, but an expansion to Target could make the computer brand accessible to shoppers who aren’t necessarily looking for electronics.

 

CVS Caremark Settles Charges Over Prescription Prices

 

By REED ABELSON and NATASHA SINGER 12:26 PM ET

 

The pharmacy benefits manager agreed to pay $5 million to settle charges by the Federal Trade Commission that the company had misrepresented the price of certain prescription drugs in one of its Medicare drug plans.

 

DealBook

 

Delta and TPG Weigh Bids for American Airlines Parent

 

By MICHAEL J. DE LA MERCED and JAD MOUAWAD

 

Delta has hired the Blackstone Group as an adviser, but AMR's bankruptcy restructuring is still in its early days.

 

Wall Street Stocks Turn Higher on Economic Data

 

By REUTERS 2:42 PM ET

 

Stocks traded slightly higher, as investors tried to reconcile an increase in American jobless claims with well-received auctions of European bonds.

 

• Labor and Retail Reports Show Economic Slippage 9:48 AM ET
  

 

Foxconn Resolves Pay Dispute With Workers

 

By DAVID BARBOZA 8:38 AM ET

 

More than 100 workers had protested on the roof of a three-story building at the company's factory in Wuhan, China, with several threatening to commit suicide if their demands were not met.

 

DealBook

 

Goldman Lost 50 Partners Last Year

 

By SUSANNE CRAIG

 

The exodus of senior executives for the year was among the largest since Goldman Sachs became a publicly traded company in 1999.

[interestrateripoff]

WEF: Once Again, We Dissemble

 

Eh, am I am supposed to be impressed?

The financial crisis threatens to drag the world back to the dark days of the 1930s and wipe out the gains of globalisation, a hard-hitting report said tonight.

In its annual assessment of the global economy, the World Economic Forum warned of a rising tide of protectionism, nationalism and protests as seen during the Great Depression.

It blamed the ‘chronic’ state of government finances and the widening gap between the rich and poor as the world lurches from one crisis to another.

Oh really? And why would that be?

 

More at the link.

[interestrateripoff]

Claims: Almost "4" Again!

And here we are again with the bloom coming off the employment "rose" as well...

In the week ending January 7, the advance figure for seasonally adjusted

initial claims

was 399,000, an increase of 24,000 from the previous week's revised figure of 375,000. The 4-week moving average was 381,750, an increase of 7,750 from the previous week's revised average of 374,000.

Unadjusted as 642,381 (!) for the week ending January 7th, which would be quite alarming were it not for the fact that people usually get laid off from their seasonal work right about... now.

[interestrateripoff]

THAT Is A Turd In The Punchbowl (Retail Sales)

There is no good way to spin this one.

The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for December, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $400.6 billion, an increase of 0.1 percent (±0.5%)* from the previous month and 6.5 percent (±0.7%) above December 2010. Total sales for the 12 months of 2011 were up 7.7 percent (±0.4%) from 2010. Total sales for the October through December 2011 period were up 7.0 percent (±0.5%) from the same period a year ago. The October to November 2011 percent change was revised from +0.2 percent (±0.5)* to +0.4 percent (±0.2%).

Sorry folks, this report just plain sucks.

Remember, this includes seasonal adjustments. This report says that on a monthly basis both ex-autos and general merchandise sales were down.

[interestrateripoff]

Sharpening The Long Knives (Banks)

Hoh hoh look what Jonathan penned!

There’s a simple explanation for why the world’s zombie banks remain so reluctant to write off worthless assets and tap the equity markets for fresh capital. They don’t want to end up like

UniCredit SpA. (UCG)

This month has been a nightmare for the Italian bank’s shareholders. Since embarking last week on a 7.5 billion euro ($9.7 billion) stock sale at a steep discount to its Jan. 3 closing price, UniCredit shares have fallen 39 percent to 2.56 euros. It seems no good deed goes unpunished when it comes to lenders besieged by

Europe

’s debt crisis. A little bit of candor about the true state of a company’s finances can hurt a lot.

Jonathan and I have sparred in the past over his columns; I've often said that I believe he coddles people more than a bit, and that some of his criticism comes late -- somewhat like barring the door after all the horses have already escaped.

He's right in this column, but again the problem isn't just his (correct) observation that Unicredit told (at least part of) the truth and got a knee to the nether regions in response.

 

More at the link.

[interestrateripoff]

Why Do Zombie Banks Hate Writing Off Bad Loans? Jonathan Weil Explains

 

Obama Sends Request To Congress For $1.2 Trillion Debt Ceiling Increase

 

Guest Post: Dear U.S.A.: Your Account Is Overdrawn

 

Bill Gross Vomits All Over "Putrid" 30 Year Bond Auction

 

Market Implies Greek Devaluation To 1530 Drachma Versus Euro

 

Egan-Jones Downgrades Sears To Lowest Rating Above Default

 

Want To Trade FX On Inside Information? Here Is How To Do It, Straight From Kashya Hildebrand

 

China Soaring Skyscrapers Latest Confirmation Of Housing Bubble, Barclays Finds

 

UK Debt Infographic: All You Need To Know

 

Art Cashin Explains Why The One Key Indicator That Matters For Italy Is Flashing Red

 

Houston, We Have Recoupling - Initial Claims Back Over 400,000 (Post Next Week's Revision), Retail Sales Ex Autos Worst Since Early 2010

 

Draghi Sees Substantial Downside Risks

 

Merkel Party Lawmaker Says Greece Must Leave Eurozone

 

ECB: Expect Nothing And You Won't Be Disappointed

 

Pimco Doubles Down On All In Bet Fed Will Monetize MBS

 

China Enters The Danger Zone, SocGen Presents The Four Critical Themes

 

Bankrupt Buffett: Donate $50 Billion Toward Paying Down The US Debt

[interestrateripoff]

Breaking news

 

• S&P downgrades to cut EFSF firepower, boost firewalls in March - Reuters
  

 

 

 

• Eurozone crisis live: S&P cuts French credit rating on night of downgrades
   
  Last updated 15 minutes ago
  Live France and Austria could both be downgraded by S&P imminently, as Greek debt talks collapse
  447 comments
  
  • Sarkozy's worst election fear realised
    
  • Euro plunges on France rating downgrade fears
    
  • Greece races to tie up writedown deal
    
  • Slovenia scrambles to avoid economic crash
    
  • Heather Stewart: We really are in it together now
    
  • UK may have to pay much more into IMF - Osborne
    
  • Datablog: the key charts
    

  [*] Tesco's UK boss sold shares days before profits warning

   

  Bob Robbins, head of Tesco's UK stores, sold 50,000 shares days before profits warning wiped £5bn off retailer's value

   

  • Nils Pratley: Clarke should have blocked share sale
    
  • Tesco promises major shake-up
    
  • Tesco slump 'due to divine intervention'
    
  • Nils Pratley: The trouble at Tesco
    
  • Should Tesco stop building new stores?
    

  [*] Lloyds boss forgoes £2m bonus

   

  Boss of Lloyds will not take a bonus due to his two-month absence, the bank's performance and the tough times faced by customers

  [*] Scuffles at China's iPhone launch

   

  Apple suspends retail sales of iPhone 4S in China after scuffles break out between security and shoppers who queued overnight to be told store would not open

  [*] One look at the Christmas figures proves we're not all in it together

   

  Last updated 10 minutes ago

  Upmarket retailers such as John Lewis struck gold in December, and so did the likes of Lidl, but Argos took a battering

   

  • Ted Baker enjoys 'excellent' Xmas
    
  • A consumer revolution changing the way we shop
    
  • Winners: Superdry, Sainsbury's and Greggs
    
  • Losers: Argos, Mothercare and Halfords
    
  • Interactive: Christmas on the high street and online
    

 

 

• Many Americans gave up hope last year – 2012 will be worse
   
  Joseph Stiglitz: The chance of realising the American dream is receding as jobs are lost, savings run out and houses repossessed
  109 comments
  
  • Nouriel Roubini: US economic upturn? Don't be too hopeful
    

  [*] The UK and the eurozone in the shifting global economy

   

  Guest blogger, LSE professor Danny Quah, looks at the economic difficulties facing the UK and the eurozone and what can be done about them

  11 comments

  [*] Factory gate prices drop

   

  Drop in factory prices may suggest inflation is also declining, clearing path for Bank of England to pump more money into UK economy

   

  • Recession fears boosts QE hopes
    
  • Larry Elliott: Don't read too much into the runes
    

  [*] Müller in takeover talks with Robert Wiseman Dairies

   

  Shares in Robert Wiseman leapt by a third on Friday after the company told investors that negotiations were taking place

  [*] Accused fraudster denies knowledge of forged paperwork

   

  Allegedly fraudulent loans worth £750m led to heavy losses for Allied Irish Bank, which lost £56m and Lloyds Banking Group lost €5.8m

  [*] More business news

  [*] Chairman of G4S to step down

  [*] Invensys shares crash on profit warning