The great intrest rate rip off part 5

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Breaking news

 

• Shipping signal gnaws at market optimism - Reuters
  

 

 

 

• UK moves closer to second recession as economy shrinks
   
  Chancellor says government will not change fiscal plans as sharp drop in manufacturing output dents hopes Britain can avoid slump
   
  609 comments
  
  • Larry Elliott: Dismal figures spell trouble
    
  • Patrick Wintour: Labour is not reaping the benefit
    
  • UK economy: one business bucking the trend
    
  • UK economy: a struggling business
    
  • King warns of arduous recovery ahead
    
  • UK adjusts to 'new equilibrium'
    
  • UK national debt tops £1 trillion
    
  • Datablog: UK GDP since 1948
    

  [*] Eurozone crisis: Greece's creditors head back to Athens for new talks

   

  The Institute of International Finance, which represents Greece's creditors, is heading back to Athens to resume talks over the Greek debt restructuring

  355 comments

  • Eurozone crisis blog: Julia Kollewe
    
  • IMF slashes global growth forecasts
    
  • Confidence of chief executives dented
    
  • Larry Elliott: IMF forecasts cast gloom over Davos
    
  • Datablog: just how bad will things get?
    
  • Global jobs market must absorb 400m new workers
    
  • IMF urges bigger firewall around Italy and Spain
    

  [*] Apple announces record sales of iPhones and iPads

   

  Technology giant more than doubled profits making $13.06bn (£8.35bn) compared with $6bn for the same quarter in 2010

   

  • Apple makes $13bn profit in three months
    
  • Apple's $81bn cash mountain keeps on growing
    

  [*] Facebook suspends private trading

   

  Shares move is commonly-seen precaution in private firms about to file for an initial public offering

 

 

• Davos: Big questions from top delegates to World Economic Forum
   
  As the annual gathering opens Cherie Blair joins others in mapping out the tough challenges ahead for global well-being
   
  
  • Latest “7.43pm: Apologies for the delay in posting this – we've been having some technical problems. Here's a summary of the main developments…”
    Davos 2012 live: Growth predictions set the scene
     
    
  • Davos guide: what you need to know
    
  • Switzerland lifts the lid on its secrets – slightly
    
  • Larry Elliott: Soul searching at Davos
    

  [*] McDonald's says 2,500 new jobs a lifeline for young unemployed

   

  McDonald's has been rare recession winners as Britons flock to its restaurants to save money at mealtimes

   

  • Did your career get off to a frying start?
    

  [*] Nadir 'boosted Polly Peck price'

   

  Prosecution tells jury that Nadir used an array of investment vehicles to covertly buy Polly Peck shares using money allegedly stolen from group

   

  • Asil Nadir and Polly Peck: timeline
    
  • Asil Nadir - in pictures
    
  • More on the Asil Nadir trail
    

  [*] More business news

  [*] Petrol shortage could hit south-east

  [*] Construction industry to lose 45,000 jobs in 2012

  [*] Japan to report first trade deficit since 1980

  [*] Goodwin's lawyers 'censure' criticism in FSA report

  [*]Angela Merkel casts doubt on saving Greece from financial meltdown

  [*] Angela Merkel discovers her inner European

  The euro crisis appears to have ignited in the German chancellor a passion for the EU

  [*] What has Europe ever done for us?

  [*] Jean-Marc Bosman: the Belgian footballer who scored for Spain

  [*] Britain in the EU: please mention the single market, for industry's sake

  [*] The Airbus Military: a very European success story

  [*] Europe in numbers: who gives what in, who gets what out?

  [*] Can theatre save Europe?

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Double-dip recession fears as UK economy shrinks 0.2 per cent

 

 

The economy shrank more than expected as declines in the manufacturing and construction sectors drove a fall in GDP in the final quarter of 2011.

 

 

• David Cameron 'disappointed' as economy shrinks
  
• Ed Miliband accuses Government of 'total arrogance'
  
• Manufacturing sector hit as orders fall
  

UK public debt pile breaches £1 trillion barrier

 

25 January 2012 12:00 AM

Britain's total debt reaches an all-time high, but December's borrowing is lower than expected

 

 

Apple posts record quarterly results

 

25 January 2012 09:33 AM

Technology giant Apple posted record quarterly results after it sold a greater-than-expected 37 million iPhones worldwide in the last three months of 2011.

 

 

 

Motorists face record fuel prices as refinery goes into administration

 

25 January 2012 12:00 AM

Motorists are bracing for record fuel prices after London's biggest oil refinery went bust yesterday, putting about 1,000 jobs at risk.

 

 

 

400 jobs at risk as steel firm enters administration

 

25 January 2012 04:51 PM

A steel firm which employs 400 workers has gone into administration in a “devastating” blow to the industry, union leaders said today.

 

 

 

Steel giant Tata to axe 110 jobs

 

25 January 2012 04:47 PM

Steel giant Tata is to axe 110 jobs at one of its main UK plants under a “recovery plan”, it has announced.

 

 

 

Manufacturing sector hit as orders fall

 

25 January 2012 02:00 PM

Fears over the health of the manufacturing sector were fuelled today by signs that the sector's woes continued into the new year.

 

 

 

P&O receives £150m cross-Channel ferry

 

25 January 2012 11:05 AM

P&O Ferries has taken delivery of a new £150 million ship set for service in one of the world's busiest waterways.

 

 

 

Salway denies rift at the top as he quits LandSec

 

25 January 2012 12:00 AM

The chief executive of the UK's biggest property company, Land Securities, stepped down yesterday denying a rift with chairwoman Alison Carnwath.

 

 

 

Shareholders block Cairn chairman's mega-payout

 

25 January 2012 12:00 AM

The day after Vince Cable, the Business Secretary, announced extra legislation to control fat-cat pay and bonuses, a major blue-chip company, Cairn Energy, has bowed to shareholder pressure over a massive one-off payout for its chairman.

 

 

 

Brothers sell software firm to Playtech in £15m deal

 

25 January 2012 12:00 AM

A designer of gambling software was feeling lucky yesterday after selling his business £11m.

 

 

 

Chocolate maker Zetar sees egg on its face at Easter

 

25 January 2012 12:00 AM

Easter egg sales could well be down on last year, one of the country'stop five manufacturers said yesterday.

 

 

 

NS&I cuts rate after beating target

 

25 January 2012 12:00 AM

National Savings & Investments (NS&I) will cut a key savings rate today after large deposits sent the Government-backed institution through its financing target.

 

 

 

Mecom to charge for 10 online titles

 

25 January 2012 12:00 AM

Mecom, the London-listed European newspapers group, is to charge online for its top 10 titles on all platforms, including the iPad. Tom Toumazis, the chief executive, will also "review" the group's free newspapers and could close those that do not "support paid operations or deliver high margins". Mecom is to charge for online access to newspapers such as De Gelderlander as it increases its reliance on its 1.2 million subscriber base. Debt-laden Mecom wants to save €70m (£58m) by 2014.

 

 

 

Carphone Warehouse hit as pre-pay customers hang up

 

25 January 2012 12:00 AM

Carphone Warehouse has suffered from tumbling pre-paid revenues during the consumer downturn, which hit its third-quarter underlying sales by nearly 5 per cent.

 

 

 

More woe for UK's nightlife sector

 

25 January 2012 12:00 AM

The owner of the Sports Cafe on London's Haymarket and 19 other bars and clubs around the country have been wrapped up in a pre-pack administration, in the latest sign of the downturn which is ravaging Britain's nightlife sector.

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Unemployment to soar as UK heads back into recession

 

Unemployment is set to soar again as businesses start cutting jobs alongside public sector retrenchment as a 0.2pc contraction in the economy in the fourth quarter signals Britain is heading back into recession.

133 Comments

Britain heads back towards recession after slumping 0.2pc

 

 

UK growth contracts 0.2pc in fourth quarter: reaction

 

 

BoE moves closer to more stimulus for economy - minutes

 

 

 

 

US Fed holds rates and slashes growth forecasts

 

The US Federal Reserve has slashed its growth forecast for this year and next and held its key interest rate between 0pc and 0.25pc 'at least' until the end of 2014, as it warns of stubbornly high unemployment.

598 Comments

Federal to hold rates longer, cuts growth forecast

 

 

EU piles on pressure with Greek default threat

 

 

 

PM: Sir Fred's knighthood in Whitehall's hands

 

David Cameron said senior civil servants will meet this week to decide whether former Royal Bank of Scotland boss Sir Fred Goodwin should be stripped of his knighthood.

120 Comments

 

Apple is the world's most valuable company

 

Technology giant has regained its position as the world's most valuable company after it sold a greater-than-expected 37 million iPhones worldwide in the last three months of 2011 and posted record profits.

200 Comments

 

Former Lloyds boss to join StormHarbour

 

Eric Daniels, who retired as chief executive of Lloyds Banking Group last year, has emerged with a new job at a City advisory firm specialising in restructuring bank debt for companies in need of new financing.

1 Comment

 

Channel 4 set to report deficit for 2012

 

 

 

 

Mortgage approvals at 19-month high

 

 

 

 

Bank of England paints bleak business conditions picture

 

 

 

 

WH Smith margin rise as sales fall

 

Federal to hold rates longer, cuts growth forecast

 

America's interest rates will still be at a record low level seven years on from the start of the financial crisis after Federal Reserve chairman Ben Bernanke said he's not ready to declare the US recovery has entered a "new, stronger phase."

3 Comments

Debt crisis: live

 

 

 

 

Davos 2012: as it happened, January 25, 2012

 

 

 

 

Fed's projections expected to show rates frozen until 2014

 

Davos 2012: Merkel calls for 'more Europe'

 

Germany's Chancellor Merkel urges Davos to 'dare more Europe'.

25 Comments

Merkel calls for 'more Europe' to end crisis

 

 

Mandelson row over 'euro flaws'

 

 

Soros: 'Crisis could destroy EU'

 

 

Final salary plans rob young of jobs

 

 

Alarming growth in cyber-attacks

 

Sir Mervyn King's chirpy message: 'There's no reason to despair'

 

Davos can't work miracles but it may see the start of one

 

Bank Guv'nor and protestors now occupy the same ground

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Banks drag on FTSE as brokers turn cautious about rally

 

LONDON - The top shares closed lower on Wednesday as banks fell out of favour after brokers urged caution on the sector after recent gains, while poor growth in the UK highlighted the challenges facing corporates to meet earnings expectations.

 

 

• UK economy heads for recession | 7:45pm GMT
  
• Bank inches towards more QE as global risks loom | 7:46pm GMT
  
• Bankers accuse Commerzbank of "moving goalposts" 5:14pm GMT
  
• Fed extends low-rate vow in bid to help economy
  

Roche targets Illumina in $5.7 billion gene play

 

ZURICH/LONDON - Roche Holding AG is offering $5.7 billion (3.6 billion pound) in cash to buy U.S. gene sequencing company Illumina Inc in an unsolicited takeover bid that marks a major play by the Swiss drugmaker in the gene technology field.

4:13pm GMT

 

Einhorn, Greenlight fined for market abuse

 

LONDON/NEW YORK - David Einhorn's reputation as one of the hedge fund industry's most respected investors took a bit a of a hit Wednesday when Britain's financial regulator imposed a 7.2 million pounds fine on him and his Greenlight Capital fund for alleged trading abuses.

8:06pm GMT

 

Ireland moves to avoid 2014 funding cliff

 

DUBLIN - Ireland cut 3.5 billion euros from its hefty 2014 borrowing requirements on Wednesday as part of a campaign to improve its chances of exiting an EU-IMF bailout next year.

IMF 5:59pm GMT

 

Lloyds to sell ship loan book in parcels - sources

 

LONDON - Lloyds Banking Group is unlikely to sell its $10 billion (6 billion pound) portfolio of shipping loans to a single buyer and aims to parcel up loans for sale as European banks continue to retreat from the maritime sector, industry sources say.

4:39pm GMT

 

Merkel deflects calls for bigger euro zone firewall

 

DAVOS, Switzerland - German Chancellor Angela Merkel deflected pressure on Wednesday to increase the euro zone's rescue fund, saying the key to reassuring markets was to restore lost trust in governments' policies.

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25 January 2012 Last updated at 19:15

 

Fed not to raise rates until 2014

 

The Federal Reserve says it does not now expect to raise interest rates in the US until late 2014, sending the dollar lower.

 

UK economic activity shrinks 0.2%

 

UK economic activity fell by 0.2% in the last three months of last year, according to official government figures.

 

• Flanders: Recovery in rehab
  
• Are we going back into recession?
  
• Robinson: Fears over growth
  
• Economy tracker: GDP
  
• Miliband on attack over economy
  
• Osborne: 'Figures not a surprise' Watch
  

 

 

Merkel says 'big rethink needed'

 

Germany's Chancellor Angela Merkel tells the World Economic Forum that a "big rethink" is needed in the eurozone within the global economy.

 

• Davos 2012: In-depth coverage
  
• Davos debates future of capitalism
  
• Global bosses gloomy about future
  
• World economy in 'danger zone' Watch
  

 

 

 

• IMF warns of Iran oil shock risk
   
  The International Monetary Fund warns of a possible 20-30% spike in oil prices if Iranian exports are disrupted.
  
• O2 apology for mobile disclosure
   
  Mobile network O2 apologises for a problem that could have exposed users' mobile phone numbers to websites.
  
• Winter spurt in mortgage lending
   
  Gross mortgage lending by the major UK banks reached its highest monthly level of the year in December, figures show.
  
• Obama takes jobs messages on tour
  
• Punch insider trader in £7m fine
  
• Bank committee sees fears easing
  
• Surge in plane sales lifts Boeing
  
• Apple in record $13.06bn profits
  
• Government loses appeal on solar
  
• Deutsche Post told to repay aid
  
• EU confirms data penalty proposal
  
• Backlash over Google privacy move
  
• Deadline shift for pension reform
  
• The rich, worried about inequality?
   
  12 hours ago
  The UK is not alone in debating whether the widening gap between the super-haves and the have-littles is an altogether good thing. It is the talk of the World Economic Forum in Davos. But is it just talk?
  
• Recovery in rehab Watch
   
  8 hours ago
  The latest GDP figures have received a mixed response from analysts, but the chances are they will persuade the Bank of England in favour of more direct action.
  

[interestrateripoff]

Fed Signals That a Full Recovery Is Years Away

 

By BINYAMIN APPELBAUM 57 minutes ago

 

 

The Federal Reserve said it was not likely to raise interest rates until the end of 2014, adding 18 months to the expected duration of its response to the slump.

 

• Economix Blog: Behind Closed Doors at the Fed 11:39 AM ET
  
• Markets Lifted by Fed’s Low-Rate Promise 1:35 PM ET
  
• Post a Comment | Read (86)
  

 

 

 

Chip Somodevilla/Getty Images

 

The Federal Reserve, under the chairmanship of Ben S. Bernanke, increasingly has offered guidance about its future decisions.

 

 

 

 

 

 

J.C. Penney to Revise Pricing Methods and Limit Promotions

 

By STEPHANIE CLIFFORD 12:49 PM ET

 

Ron Johnson, the company’s chief executive, said the company would adopt a three-tiered pricing structure and cut down on promotions.

 

DealBook

 

European Banks Raise $53 Billion to Appease Regulators

 

By MARK SCOTT 8 minutes ago

 

Since the third quarter of last year, financial institutions have raised at least 40.7 billion euros, or $52.8 billion, in new capital toward a combined target of 115 billion euros, according to Citigroup estimates.

 

• DealBook: In Europe, a Conflict Over Bank Capital
  

 

DealBook

 

Hedge Funds Scramble to Unload Greek Debt

 

By LANDON THOMAS Jr. 7:48 AM ET

 

Hedge funds that in the last month or so have purchased an estimated $5.2 billion of beaten down Greek bonds that mature on March 20 are now trying to unload their positions.

 

Economic Reports Surprise in Britain and Germany

 

By JULIA WERDIGIER 9:04 AM ET

 

The U.K. economy shrank more than expected in the fourth quarter, while German business confidence rose in January, indicating the economy is growing.

 

• European Central Bank Moves to Avoid Loss on Greek Bonds 1:07 AM ET
  

 

DealBook

 

British Regulator Fines Einhorn in Insider Trading Case

 

By JULIA WERDIGIER

 

The Financial Services Authority says that David Einhorn and Greenlight Capital used inside information in the trading of the shares of the British pub chain Punch in 2009.

 

Republicans Charge Delay in Volt Fire Announcement

 

By MATTHEW L. WALD 12:24 PM ET

 

A House committee is accusing the Obama administration of suppressing the information out of concern for the government’s investment and the president’s re-election.

 

Lawsuit Seeks Records From Toyota Investigation

 

By BILL VLASIC

 

A safety consulting firm accused the National Highway Traffic Safety Administration of holding back evidence that electronic systems in Toyota vehicles were causing unintended acceleration.

 

Obama Urges Tougher Laws on Financial Fraud

 

By EDWARD WYATT

 

President Obama’s State of the Union proposals seek to acknowledge the public frustration that few financial executives were prosecuted after the crisis.

 

• A Tax Proposal Is Brought Out Again
  
• Obama Speech Makes Pitch for Economic Fairness 10:16 PM ET
  

 

 

 

• DealBook: Goldman Makes Money for the Romneys
  
• Apple’s Profit Doubles on Holiday iPhone 4S Sales
  

[interestrateripoff]

FOMC 1/25: Welcome To Japan

Oh my.....

For immediate release

 

Information received since the Federal Open Market Committee met in December suggests that the economy has been expanding moderately, notwithstanding some slowing in global growth. While indicators point to some further improvement in overall labor market conditions, the unemployment rate remains elevated. Household spending has continued to advance, but growth in business fixed investment has slowed, and the housing sector remains depressed. Inflation has been subdued in recent months, and longer-term inflation expectations have remained stable.

In other words there's nothing really going on here that tells us much.

 

More at the link.

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"Tying It All Together" with David Rosenberg

 

Bill Gross' Explains The FOMC Decision: "QE 2.5 Today, QE 3, 4, 5 … Lie Ahead"

 

Fed Slashes Growth Outlook, Six Fed Officials Do Not See Rate Hike Until 2015

 

Spain Is Now Officially Europe's Broke(n) Gramophone

 

No QE3; ZIRP Extended Thru 2014 As Jeffrey Lacker Objects - Full December-January Statement Comparison

 

Just How Much Control Over Central Banks Do The People Have?

 

Guest Post: What Have We Learned In the Past 13 Years?

 

Koo Concerned Keynesian Class Contracting

 

Less Than Two Months Ahead Of The Greek D-Day, Rogoff Says "Europe Is Clearly Not Ready For A Greek Default"

 

European Stress Reemerges As Risk Off Epicenter Following Portugal Admission It Needs €30 Billion Bailout

 

Guest Post: The Loan: An Exchange Of Wealth For Income

 

Guest Post: Paychecks, Perception, Propaganda & Power

 

Cash For iClunkers? Some Observations On Sequential Apple Revenue Growth

 

Desperate Spain Wants European Rescue Fund To Be "The Bigger The Better"

 

Das Kapitulation

[interestrateripoff]

Double-dip looms as slump hits economy

 

26 January 2012 12:00 AM

Manufacturing's worst quarter since early 2009 renews fears of a return to recession

 

 

High street gloom as 2012 sales slump

 

26 January 2012 11:42 AM

The high street suffered a New Year hangover as retail sales put in their worst performance in nearly three years, a business lobby group said today.

 

 

 

'Huge interest' in Peacocks business

 

26 January 2012 10:16 AM

Collapsed retailer Peacocks is moving in on new ownership after administrators were swamped with interest in all or part of the business.

 

 

 

£2,500 Olympics bonus for DLR staff

 

26 January 2012 08:52 AM

A "truly groundbreaking" pay deal was announced today which union leaders said would earn transport staff up to £2,500 for working over the Olympic games.

 

 

 

Sandwich chain to create 6,000 jobs

 

26 January 2012 07:25 AM

Sandwich chain Subway has announced it is to create 6,000 jobs over the next three years.

 

 

 

Fuel tankers roll again from Coryton refinery

 

26 January 2012 05:50 PM

Petrol delivery trucks were once again rolling from the gates of Coryton oil refinery today after a shutdown triggered when the site collapsed into administration.

 

 

 

Hedge fund star Einhorn fined £7.2m for insider trading

 

26 January 2012 12:00 AM

David Einhorn, the brash American hedge fund manager famed for taking huge, aggressive bets against companies' share prices, has been slapped with a £7.2m fine for insider trading in the British pubs giant Punch Taverns.

 

 

 

RBS boss bonus 'capped below £1m'

 

26 January 2012 04:34 PM

A controversial bonus for the boss of taxpayer-funded Royal Bank of Scotland will be capped at less than £1 million, it was reported today.

 

 

 

Nokia sales drop by 21 per cent

 

26 January 2012 03:04 PM

Mobile phone maker Nokia Corp. posted a fourth-quarter net loss of €1.07 billion ($1.38 billion) as sales slumped 21 percent even as the company's first Windows smartphones hit markets in Europe and Asia.

 

 

 

Former Lloyds chief joins StormHarbour

 

26 January 2012 01:57 AM

Eric Daniels, the former chief executive of Lloyds Banking Group, is joining StormHarbour as principal and senior adviser with immediate effect, the firm said last night.

 

 

 

Federal Reserve pledges US rates will stay low for three years

 

26 January 2012 12:00 AM

US interest rates will stay at rock-bottom levels for almost another three years, the Federal Reserve promised last night, signalling its belief that a return to economic prosperity was still over the horizon.

 

 

 

Cruise bookings down 8 per cent at All leisure

 

26 January 2012 12:00 AM

All Leisure Group, the cruise operator with brands including the culture vultures' favourite Swan Hellenic, yesterday played down the impact of the Costa Concordia accident, saying: "our customers are regular cruisers. They know it's inherently safe."

 

 

 

Bankers in High Court claim for £42m in bonuses

 

26 January 2012 12:00 AM

More than 100 London investment bankers yesterday launched a claim in the High Court for £42m in unpaid bonuses from the German banking giant Commerzbank.

 

 

 

Japan reports first trade deficit in 30 years

 

26 January 2012 12:00 AM

Japan recorded its first annual trade deficit for more than 30 years in 2011, as the country suffered the effects of the earthquake, tsumani and nuclear meltdown and a high yen.

 

 

 

Tata Steel axes 110 jobs at Corby plant to cut costs

 

26 January 2012 12:00 AM

Tata Steel is laying off 110 staff at its Corby site in Northamptonshire, as part of a cost-cutting plan that will result in a total of 200 job losses across Europe.

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Breaking news

 

• U.S. DEFENSE SECRETARY PANETTA SAYS PENTAGON TO SEEK $525 BILLI - Reuters
  

 

 

 

• Eurozone live: Greek creditors 'set to offer better deal'
   
  Reports suggest IIF will propose an average coupon of 3.75% on new bonds, but talks with Troika are 'tense'
  261 comments
  
  • “7.16pm: Time to wrap things up. Here's an evening summary. • Eurozone governments and institutions have been warned that they mayu have to increase…”
    Follow the action in the live blog
     
    
  • Greece plays down Merkel's meltdown remarks
    
  • Greece's creditors head back to Athens for new talks
    
  • Portugal's cost of borrowing reaches record 19.4%
    

  [*] Stephen Hester's RBS bonus 'will be capped at less than £1m'

   

  Head of state-owned bank will receive around 3m shares, worth around £900,000 and deferred for three years, reports say

  11 comments

  [*] Federal Reserve plan to keep rates low boosts shares despite Greek crisis

   

  Miners lead the way as Bernanke comments lift FTSE 100 after two days of losses

  7 comments

  • Rise in Americans seeking unemployment benefits
    
  • Fed to keep rates near zero until 2014
    
  • How economists interpret Fedspeak
    
  • Blame game begins as UK nears recession
    
  • Larry Elliott: Dismal figures spell trouble
    

  [*] Coryton refinery restarts shipments

   

  Decision by Essex refinery's administrators eases fears of petrol shortages in the south-east

 

 

• 
  Davos: David Cameron says eurozone problems 'man-made'
   
  PM addresses the annual World Economic Forum , saying three things need to be done urgently: 'Greece, banks and firewall'
   
  
  • Davos: All the action from day two
    
  • Cameron urges eurozone to be 'bold and decisive'
    
  • Davos experts bullish about dollar
    
  • Soros: euro crisis might wreck EU
    
  • Soros addresses World Economic Forum – video
    
  • Larry Elliott: A sanatorium for those in denial
    
  • Davos 2012: the opening day's events
    

  [*] Business travel boosts easyJet

   

  Low-cost airline reports 'strong start to year' with 17% rise in revenue and 8% increase in passengers carried

  [*] Nintendo profits fall sharply as smartphones eat into console market

   

  Games giant also warns of larger than expected full-year loss

  4 comments

  • Nokia puts brave face on 31% decline in sales
    
  • Apple announces record sales of iPhones and iPads
    

  [*] More business news

  [*] Hedge fund manager Einhorn fined for insider dealing

   

  • Nils Pratley Not insider dealing? What is it then?
    

[interestrateripoff]

Soros's secret for saving Europe

 

Look at the European crisis through Germany's eyes: Why can't all of Europe grow and balance budgets? That won't happen, legendary investor George Soros tells Chrystia Freeland. But here's how Germany can save Europe - and how Europe can help itself. Video

 

 

• Why Soros bought Italian bonds
  
• Democracy's odds in Russia and Myanmar
  
• Soros on Obama vs. Romney
  

ECB role under scrutiny as Greek debt talks resume

 

ATHENS - Greece's tortuous negotiations over a debt swap with private creditors honed in on Thursday on demands that the European Central Bank contribute to a deal to bring Athens' messy finances back on track.

 

• Retail sales suffer biggest drop in nearly 3 years - CBI 4:42pm GMT
  
• FTSE rises on Fed growth pledge | 5:53pm GMT
  
• AT&T reports $6.7 billion loss on hefty charges, iPhone costs 5:17pm GMT
  
• UK eyes clampdown on "backdoor" market listings
  

Trichet joins EADS board amid reshuffle

 

PARIS - The former head of the European Central Bank, Jean-Claude Trichet, was nominated to the board of EADS on Thursday as the Franco-German-led group approved a long-awaited reshuffle that will see Airbus chief Tom Enders become chief executive.

6:37pm GMT

 

Bernanke has "finger on trigger" for new bond buys

 

CHICAGO/NEW YORK - The Federal Reserve has moved closer to embarking on a new round of its controversial money-pumping after the central bank and its chairman Ben Bernanke highlighted a grim outlook for the U.S. economy.

7:07pm GMT

 

New EU rules lead to unexpected oil outage reports

 

LONDON - European energy companies have started to disclose the timing of maintenance on oil installations - an unexpected consequence of new EU rules to improve disclosure on energy even though the regulation is not seen as covering oil.

5:47pm GMT

 

RBS awards CEO share-based bonus of £963,000

 

LONDON - Royal Bank of Scotland will give its chief executive Stephen Hester a share-based bonus for 2011 worth some 963,000 pounds, the part-nationalised British bank said on Thursday.

7:42pm GMT

 

Crisis-hit euro zone fades as beacon for neighbours - EBRD

 

DAVOS, Switzerland - The euro zone's obsession with its debt crisis means the bloc is fading as a beacon for newer and potential EU members, raising the risk they soft-pedal or even reverse reforms, the European Bank for Reconstruction and Development (EBRD) said on Thursday.

[interestrateripoff]

26 January 2012 Last updated at 19:40

 

RBS chief to get £963,000 bonus New

 

Royal Bank of Scotland boss Stephen Hester is to receive a bonus of almost £1m for his work at the bank which is 83% owned by the taxpayer.

 

• The rich, worried about inequality?
  
• No bonus for RBS boss - Miliband
  

 

Cameron urges Europe to be bolder

 

David Cameron tells EU leaders they must be "bolder" if they want to shake off their economic troubles, saying "tinkering won't cut it any more". 268

 

• Robert Peston: Cameron's message
  
• 'Tinkering isn't going to cut it' Watch
  

 

 

Key Greece debt talks to resume

 

Key talks between Athens and its private creditors are to resume later to try to agree a debt write-off that could free-up bailout funds.

 

• Tables are turning on Greek debt deal
  
• Q&A: Greece debt write-off talks
  

 

 

Davos 2012

 

 

• Davos tackles 'lost generation'
  
• African leaders urge co-operation
  
• French banker: Eurozone crisis peaked 102
  
• A gloomy mood at Davos
  
• The rich, worried about inequality? 361
  
• Davos debates future of capitalism
  
• A beginners' guide to Davos
  
• Q&A: World Economic Forum Davos 2012
  

 

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• Kiddicare buys 10 Best Buy stores
   
  Kiddicare owner Morrisons is buying 10 former Best Buy megastores to expand the childrens' care specialists chain.
  
• Speed up tax changes, urges Clegg
   
  Nick Clegg says he wants the coalition government to go "further and faster" in raising the level at which people start paying income tax. 212
  
• Nokia hit by falling mobile sales
   
  Mobile phone giant Nokia reports a loss for the final three months of last year, as sales of mobile devices fell sharply.
  
• Retail sales 'falling in January'
  
• US durable goods orders rise 3%
  
• Loss-making NEC cuts 10,000 jobs
  
• PPI payouts 'hit monthly record'
  
• Android tablet market share jumps
  
• 'Huge interest' in Peacocks chain
  
• Rail fare 'dissatisfaction' grows 260
  
• Subway to expand with 6,000 jobs
  
• Strong yen adds to Nintendo loss
  
• Cameron: Eurozone lacks conditions for success
   
  7 hours ago
  David Cameron says the eurozone can be saved. But his analysis of what a proper rescue would involve contradicts bankers' optimism that the worst of the crisis is past.
  
• Tables are turning on Greek debt deal
   
  6 hours ago
  The time for reaching a Greek debt deal is fast running out. That's one thing everyone can agree on here in Davos.
  

[interestrateripoff]

At Euro Talks, a Calm Arm-Twister From Washington

 

By ANNIE LOWREY 45 minutes ago

 

 

Lael Brainard, a Treasury under secretary who is America’s top financial diplomat, is trying to coax European leaders to contribute to a financial firewall.

 

• Davos Updates
  

 

 

 

Daniel Rosenbaum for The New York Times

 

Lael Brainard, Treasury undersecretary for international affairs, in her Washington office this week.

 

 

 

 

 

 

The iEconomy

 

In China, Human Costs Are Built Into an iPad

 

By CHARLES DUHIGG and DAVID BARBOZA

 

A staggering manufacturing system in China has made it possible for Apple and other companies to make devices almost as quickly as they can be dreamed up, but for workers, it can be dangerous.

 

• Chinese Readers on the 'iEconomy'
  
• Video: Made in China | Graphic: Apple's Suppliers
  
• Questions for Li Qiang of China Labor Watch 12:34 PM ET
  
• Post a Comment | Read (1525)
  

 

Live Chat With the Reporters: Charles Duhigg and David Barboza are hosting a live discussion on The Times’s Facebook page.

AT&T’s Net Loss Tied to T-Mobile Merger Fees

 

By JENNA WORTHAM 9:23 AM ET

 

AT&T posted a substantial $6.68 billion loss for the fourth quarter, primarily from the break-up fees incurred after the company’s failed bid to buy T-Mobile USA.

 

1 Billion Euro Loss and a Silver Lining for Nokia

 

By KEVIN J. O'BRIEN 8:18 AM ET

 

Trying to regain its luster, not to mention market share, Nokia said it had sold a million of its new Windows smartphones since October.

 

Markets Flag After Report on Home Sales

 

By THE ASSOCIATED PRESS

 

Stocks declined, despite the Federal Reserve’s promise Wednesday to keep interest rates low until late 2014.

 

• Claims for Jobless Benefits Rise 10:49 AM ET
  

 

Merger Costs Weigh on United Continental

 

By JAD MOUAWAD 10:37 AM ET

 

The nation’s top carrier narrowed its fourth-quarter net loss to $138 million from a year ago, but still blamed 2010’s merger for much of the red ink.

 

French Police Detain Founder of Breast Implant Maker

 

By MAÏA DE LA BAUME and DAVID JOLLY 49 minutes ago

 

Jean-Claude Mas, the founder of a French company that made hundreds of thousands of breast implants from industrial-grade silicon, was detained early on Thursday.

 

Trichet Nominated to Board of Airbus Parent

 

By NICOLA CLARK 1:04 PM ET

 

The long-anticipated management shuffle at EADS preserves the delicate balance of French and German control of the company.

 

New Housing Task Force Will Zero In on Wall St.

 

By EDWARD WYATT and SHAILA DEWAN

 

A new federal task force looking into fraud related to the housing crisis will begin by looking at big banks and investment firms on Wall Street.

 

 

 

• Fed Signals That a Full Recovery Is Years Away
  

[interestrateripoff]

[/url]

 

Debt crisis: RBS chief Stephen Hester awarded £996,000 bonus

 

State-backed lender Royal Bank of Scotland has awarded chief executive Stephen Hester an annual bonus of 3.6m shares, worth £996,000 at today's closing price.

490 Comments

RBS cuts Hester's bonus to just under £1m

 

 

Olli Rehn: more public money could be needed for Greek bailout

 

 

 

 

Stop EU red tape 'madness', says Cameron

 

David Cameron has attacked the "madness" of European regulations and taxes in a speech to global business leaders and warned that a financial transactions tax lead to the loss of cost "thousands of jobs".

97 Comments

Ed Miliband is 'struggling' says Lord Mandelson

 

 

UK nears first double-dip recession since 1975

 

 

Speed up the tax cuts, says Nick Clegg

 

 

 

Retail sales suffer biggest fall in three years

 

Retail sales fell by their largest annual amount in three years during January, according to the latest gloomy set of economic figures.

19 Comments

 

EADS names Tom Enders as CEO

 

EADS has named Airbus head Tom Enders as its CEO when Louis Gallois steps down later this year, and also appointed Jean-Claude Trichet, the former head of the ECB, to its board.

Comment

 

Nokia slides to €1bn loss as sales tumble

 

Nokia widened its losses in the fourth quarter of 2011, putting a dent in hopes of a speedy turnaround under chief executive Stephen Elop.

12 Comments

 

Subway to create 6,000 new jobs

 

Subway, the franchise of sandwich restaurants, said it plans to open 600 new stores across the UK and Ireland by 2015.

7 Comments

 

EasyJet defies aviation gloom as sales take off

 

 

 

 

Fewer bankers to quit over bonuses

 

 

 

 

Coryton oil refinery resumes deliveries

 

Debt crisis: live

 

European markets make strong gains on hopes that a Greek debt deal is nearing completion, and Italian 10-year bond yields dip below 6pc for first time since 2011.

490 Comments

China and Africa to be centre of world trade

 

 

 

 

Gates: Don't ignore the hungry

 

 

 

 

Minimum wage a 'machine to destroy jobs'

 

Cameron's 'stop tinkering' call wins Britain few friends in Europe

 

China’s very mysterious data

 

It's now up to China to save capitalism

[interestrateripoff]

Is It Durable?

The durable goods report is out this morning:

New orders for manufactured durable goods in December increased $6.2 billion or 3.0 percent to $214.5 billion, the U.S. Census Bureau announced today. This increase, up five of the last six months, followed a 4.3 percent November increase. Excluding transportation, new orders increased 2.1 percent. Excluding defense, new orders increased 3.5 percent.

Transportation equipment, up two consecutive months, had the largest increase, $3.0 billion or 5.5 percent to $58.4 billion. This was due to nondefense aircraft and parts, which increased $3.1 billion.

That doesn't look too bad. Let's see if there's anything interesting inside...

 

More at the link.

[interestrateripoff]

Claims: Heh, It's Up!

Well look what the cat dragged in...

In the week ending January 21, the advance figure for seasonally adjusted

initial claims

was 377,000, an increase of 21,000 from the previous week's revised figure of 356,000. The 4-week moving average was 377,500, a decrease of 2,500 from the previous week's revised average of 380,000.

The actual number was 414,122, which is a relaxing of the "Seasonal Adjustment" factors - we're actually far more close to the reported numbers this week.

 

More at the link.

[interestrateripoff]

Has Bernanke Become A Gold Bug's Best Friend?

 

Next Steps: Presenting The Definitive Greek End Game Flow Chart

 

Biderman Explains The Bullish Market Ponzi

 

Taxpayers Lose Another $118.5 Million As Next Obama Stimulus Pet Project Files For Bankruptcy

 

Update: America Has A $16.4 Trillion Debt Ceiling In 52-44 Senate Vote

 

Dow Highest Since May 2008? Maybe Not?

 

Guest Post: AAA Rating or Not - Crowd Sourced Wikirating Values Your Input

 

2011 New Home Sales Fall To Record Low, Median New Home Price At Lowest Since October 2010

 

Another Top: Goldman Recommends Opening Long Positions In Russell 2000

 

¥1,086,000,000,000,000 (Quadrillion) In Debt And Rising, And WhyThe ¥ Will Soon Be A $: "A Lost Decade... Or Two"

 

Baltic Dry Plunges 42% More Than Seasonal Norm To Start The Year

 

Jobless Claims Miss, Durable Goods Better Than Expected

 

Portugal 10 Year Yield Passes 15% For The First Time, Is Where Greek 10 Year Was In August

 

Rumors Start Early: Greek Creditors "Ready To Accept" 3.75% Cash Coupon But With Untenable Conditions

 

Guest Post: Something's Fishy in Tripoli

 

Market Now Pricing In $770 Billion Increase In Fed Balance Sheet

 

"Tying It All Together" with David Rosenberg

[interestrateripoff]

Can't get the NY Times link to work.

 

http://marketmontage.com/2012/01/26/the-new-york-times-continues-to-hammer-at-apple-aapl/?utm_source=rss&utm_medium=rss&utm_campaign=the-new-york-times-continues-to-hammer-at-apple-aapl

 

Yet another eye opener via the New York Times utilizing Apple (AAPL) as an example in describing the Chinese supply chain, especially via Foxconn. Foxconn if you recall suffered from a spate of suicides about 12-24 months ago, and was prominent in the news. While many will argue that even the worst job at Foxconn is a step up from many opportunities in China, these stories are interesting from the perspective that many of Apple's consumers are of the 'higher end' type, some of which supposedly make purchasing decisions not just on price point but a broader range of reasons. While I doubt these stories will put much of a dent (if any) into the unwavering demand for the latest cool electronic gadget they are quite interesting reads.

 

…the workers assembling iPhones, iPads and other devices often labor in harsh conditions, according to employees inside those plants, worker advocates and documents published by companies themselves. Problems are as varied as onerous work environments and serious — sometimes deadly — safety problems.

 

Employees work excessive overtime, in some cases seven days a week, and live in crowded dorms. Some say they stand so long that their legs swell until they can hardly walk. Under-age workers have helped build Apple’s products, and the company’s suppliers have improperly disposed of hazardous waste and falsified records, according to company reports and advocacy groups that, within China, are often considered reliable, independent monitors.

 

More troubling, the groups say, is some suppliers’ disregard for workers’ health. Two years ago, 137 workers at an Apple supplier in eastern China were injured after they were ordered to use a poisonous chemical to clean iPhone screens. Within seven months last year, two explosions at iPad factories, including in Chengdu, killed four people and injured 77. Before those blasts, Apple had been alerted to hazardous conditions inside the Chengdu plant, according to a Chinese group that published that warning.

 

http://market-ticker.org/akcs-www?post=201069

 

...

 

Aluminum dust I know something about. See, it's an ingredient in commercial and amateur rocket fuel. Really. It's explosive, in fact, if fine enough. It just needs the right concentration and an ignition source and boom.

 

It did exactly that.

 

Mr. Lai died, along with others.

 

The problem with this industrial "accident" -- and the second one that occurred 7 months later -- is that both were due to gross negligence. This risk has been known for decades and was solved 100 years ago. You just have to give a damn. You judge if they did.

 

A bit of Denniger on it as well.

[interestrateripoff]

http://krugman.blogs.nytimes.com/2012/01/26/the-greater-depression/

 

One thing everyone always says is that while this Lesser Depression may be bad, it’s nothing like the Great Depression.

But this is in part an America-centered view: we had a very bad Great Depression, and have done better than many other countries this time around. As Jonathan Portes at Not the Treasury View points out, the ongoing slump in Britain is now longer and deeper than the slump in the 1930s (the figure shows how far real GDP was below its previous peak in various British recessions; the red line is 1930-34, the black line the current slump):

 

Chart and a bit more at the link. Although Krugman clearly doesn't want to acknowledge it's credit bubble.

[interestrateripoff]

Breaking news

 

• Geithner presses Europe to increase crisis firewall - Reuters
  

 

 

 

• Anger grows over RBS chief's £900,000 bonus
   
  London mayor Boris Johnson calls award 'bewildering' and Labour leader Ed Miliband describes it as 'disgraceful'
   
  
  • Bailed-out RBS spends millions on US lobbyists
    
  • RBS hands Hester £1m bonus
    
  • Stephen Hester: 'even my parents think I'm overpaid'
    
  • Let's benchmark RBS against the Bank of England
    
  • Should Stephen Hester return his bonus?
    

  [*] Osborne lays down conditions for eurozone fund contribution

   

  Chancellor tells Davos the world must 'see the colour of Europe's money' before the UK pays into $1tn IMF fund

   

  • Osborne announces shakeup of City regulation
    

  [*] Spain: 5.3m unemployed and rising

   

  The conservative government of Mariano Rajoy has started to quietly beg the EU to ease up on deficit targets which require savage spending cuts

   

  • Eurozone data raises fears of second credit crunch
    
  • Greece: EU may accept new writedowns
    
  • The day's events: Martin Farrer and Julia Kollewe
    

  [*] Rare minerals dearth threatens global renewables industry

   

  China's near-exclusive access to terbium and yttrium sent prices soaring in 2011, potentially hobbling clean energy industry

 

 

• Councils bet on icy weather
   
  The soaring cost of gritting roads is forcing local authorities to gamble on weather derivatives
  
• Davos 2012: All the action from day three of the World Economic Forum
   
  Friday's offerings include George Osborne, Ed Miliband, US treasury secretary Tim Geithner, OECD boss José Angel Gurría and Nouriel 'Dr Doom' Roubini
  64 comments
  
  • Davos 2012: WEF in pictures
    
  • Israel calls for tougher Iran sanctions
    
  • Larry Elliott: PM scales unlikely rhetorical peaks
    
  • Cameron: Germany must be bold
    
  • Video: Cameron says euro's problems 'man-made'
    
  • Davos: All the action from day two
    
  • Gates tells Davos 'crisis no excuse for cutting aid'
    

  [*] US economy picked up pace in final quarter of 2011 with 2.8% growth

   

  Commerce department says growth between October and December was fastest of year, but economy grew at 1.7% overall

  [*] More business news

  [*] Hornby warns on profits after Christmas disappointment

  2 comments

  [*] Ford reports high profits but falls short of expectations

  [*] James Murdoch quits GSK board

  [*] FSA fines traders in Einhorn insider dealing case

[interestrateripoff]

RBS settles chief's bonus: not £1m – but not far off

 

27 January 2012 02:00 AM

The state-backed Royal Bank of Scotland (RBS) will hand its chief executive, Stephen Hester, an annual bonus of £963,000, it revealed last night.

 

 

350 steel jobs axed in Kent

 

27 January 2012 12:25 PM

Hundreds of workers at a steel firm which has gone into administration are to be made redundant in a "disastrous" blow to the industry.

 

 

 

Weak demand knocks Hornby profits off track

 

27 January 2012 08:43 AM

Toy firm Hornby has admitted its profits have been knocked off track by weak demand for train sets and Scalextric racing cars over Christmas.

 

 

 

Serco axes 500 jobs in shake-up

 

27 January 2012 12:27 PM

Prisons to defence giant Serco is to chop 500 UK jobs as part of a shake-up in the way it provides back-office services to public and private sector organisations worldwide.

 

 

 

350 steel redundancies 'disastrous'

 

27 January 2012 03:22 PM

Hundreds of workers at a steel firm which has gone into administration are to be made redundant in a "disastrous" blow to the industry.

 

 

 

Enders to succeed Gallois as new chief of EADS

 

27 January 2012 12:00 AM

Airbus manufacturer EADS has finally confirmed that Tom Enders will succeed Louis Gallois as chief executive at the Franco-German group.

 

 

 

Buoyant Starbucks gets set to open franchise stores in UK

 

27 January 2012 12:00 AM

The coffee giant Starbucks has revealed it will open its first franchise stores in the UK later this year, following one of its best December trading periods.

 

 

 

Retailers suffer from a Christmas hangover

 

27 January 2012 12:00 AM

Survey shows worst month for three years on the high street in a dire start to 2012

 

 

 

Paragon looks to buy as its profits take off

 

27 January 2012 12:00 AM

Buy-to-let mortgages specialist Paragon is still looking for new acquisition opportunities as it reported a rise in profits.

 

 

 

Nintendo hurt by free mobile games

 

27 January 2012 12:00 AM

The soaring popularity of free and cheap games on tablets and smartphones appears to be hitting traditional consoles manufacturer Nintendo.

 

 

 

Yum Brands calls in PwC to sell off its Pizza Huts in the UK

 

27 January 2012 12:00 AM

The restaurants giant Yum Brands has appointed an accountancy firm to sell its Pizza Hut UK business.

 

 

 

Morrisons kids' shop takes over leases of 10 Best Buy stores

 

27 January 2012 12:00 AM

Kiddicare, the online baby products retailer acquired by Morrisons last year for £70m, has bought the 10 shops exited by the electricals retailer Best Buy UK this month.

 

 

 

Gloom continues in US homes market

 

27 January 2012 12:00 AM

There is no respite from the gloom in the US housing market, where the number of new homes sold unexpectedly fell last month and prices remain down on the previous year.

 

 

 

Mitchells & Butlers shrugs off its troubles

 

27 January 2012 12:00 AM

There is no chief executive and investors regard the board as in complete disarray, yet sales keep chugging forward at Mitchells & Butlers (M&B), the pub group behind All Bar One and Harvester that recently fended off a nil-premium takeover bid from 26 per cent shareholder Joe Lewis.

 

 

 

Entertainment

 

27 January 2012 12:00 AM

Spirit Music buys Pete Townshend's song catalogue

[interestrateripoff]

Exclusive - Greek PM expects debt swap deal in days

 

ATHENS - Greece expects to conclude difficult debt talks with private creditors within days and negotiations with the EU and the IMF on a new bailout deal by the middle of next week, Prime Minister Lucas Papademos told Reuters on Friday.

 

 

• Treasury to take charge in next bank crisis 2:37pm GMT
  
• U.S. growth quickens in Q4, but speed bumps ahead | 5:22pm GMT
  
• RBS chief's £1 million bonus sparks anger 5:11pm GMT
  
• Commods lead FTSE retreat as US GDP misses forecast
  

Euro ministers upbeat on Greece, crisis solution

 

DAVOS, Switzerland - Euro zone finance officials voiced optimism on Friday that a deal to avert a disorderly Greek default was imminent and that key building blocks to resolve Europe's sovereign debt crisis are gradually fitting into place. | Video

G20 5:41pm GMT

 

No final decision yet on quantitative easing from Bank's Miles

 

LONDON - Bank of England policymaker David Miles said he was more confident of a sharp fall in inflation this year than he had been three months ago, but that his final decision on whether to do more quantitative easing would hinge on fresh forecasts.

4:07pm GMT

 

Ford hit by commodity costs, international woes

 

- Ford Motor Co , the No. 2 U.S. automaker, reported a lower-than-expected fourth-quarter profit on Friday as operations outside North America fell short of expectations and commodity costs shot up across all regions.

5:23pm GMT

 

Three from UK jailed for Swiss bank loan forgery

 

LONDON - A former partner at upmarket London lawfirm Mishcon de Reya was jailed for five years and six months on Friday for trying to trick Swiss bank EFG into granting a 22 million euro (18.45 million pounds) loan, the UK Serious Fraud Office said.

6:01pm GMT

 

Analysis - Long-term investors go bargain-hunting in Europe

 

DAVOS, Switzerland - Long-term investors with deep pockets are scanning Europe for lucrative investment opportunities even though a lasting solution for the euro zone crisis is not yet in sight.

[interestrateripoff]

Outrage at RBS boss's bonus deal

 

A £963,000 bonus in shares awarded to Royal Bank of Scotland boss Stephen Hester is strongly criticised by politicians and unions. 1950

 

• What has Hester achieved?
  
• Parties clash over RBS bonus
  
• RBS chief to get £963,000 bonus
  
• Peston: Fears he would leave
  

 

US economic growth rate picks up

 

The pace of US economic growth quickened to a 2.8% annualised rate in the three months to December, the Commerce Department says.

 

• Geithner: legislation is key Watch
  
• Carmaker Ford's profits increase
  
• Fed not to raise rates until 2014
  
• Obama calls for end to inequality
  

 

 

Greece debt talks 'close to deal'

 

Greece could reach a deal with its creditors over the weekend, according to the EU's Economic Commissioner, Olli Rehn.

 

• Flanders: Greek solutions
  
• Q&A: Greece debt write-off talks
  
• Draghi warns on eurozone credit
  
• Call for IMF funds from UK and US
  

 

 

Davos 2012

 

 

• Tackling inequality 'a priority'
  
• Watch: Insider's guide to Davos Watch
  
• Who's afraid of China?
  
• A gloomy mood at Davos
  

 

Other Top Stories

 

 

• Osborne unveils UK financial bill
   
  The Chancellor George Osborne has revealed details about the new Financial Services Bill that will overhaul regulation of the sector.
  
• Fitch downgrades Italy and Spain
   
  Five eurozone economies, including Italy and Spain, are downgraded by rating agency Fitch, citing financial weakness during the debt crisis.
  
• Spain jobless passes five million
   
  Spain's unemployment figure rose above the five million mark in the last quarter of 2011, official figures show.
  
• Carmaker Ford's profits increase
  
• Serco to cut 500 jobs in the UK
  
• Top Euro MP quits in piracy row 149
  
• Web economy 'to double by 2016'
  
• Mortgage rates 'to be volatile'
  
• Toy maker Hornby warns on profits
  
• BP ordered to share spill damages
  
• Steel worker job losses confirmed
  
• Samsung in year end sales boost
  
• Marston's sees 'strong' trading
  
• Searching for Greek solutions
   
  11 hours ago
  The technicalities of "public sector involvement" in a deal on restructuring Greek debt turn out to be almost as complicated as the private variety.
  
• Treasury feared Hester and board would quit
   
  24 hours ago
  The Treasury feared that if it had demanded a zero bonus for Stephen Hester, chief executive of Royal Bank of Scotland, he and much of the bank's board would have quit
  

[interestrateripoff]

http://www.bbc.co.uk/news/business-16713968

 

Pakistan's Prime Minister, Yousuf Raza Gilani, has told business leaders attending the World Economic Forum in Davos that his government is stable and Pakistan is open for business.

Mr Gilani tried to convince corporate bosses that despite all the worrying news coming out of Pakistan, his country remains one of the best destinations for foreign investment.

It's a tough sell on his part, not least because of the recent political tensions and a fragile security situation at home. But also because of the country's faltering economy, with its public finances in disarray and growth hampered by the steady erosion of investor confidence.

 

And somehow the global economy is going to recover...

[interestrateripoff]

The Wales Economy Slips, but London Cushions the Fall

 

By LANDON THOMAS Jr. 49 minutes ago

 

 

The British government’s so-called money transfers prop up its poorer regions, keeping them from the kind of collapse suffered in euro zone nations like Greece.

 

 

 

Andrew Testa for The New York Times

 

The slate quarries around the town of Blaenau Ffestiniog dominated life here for over 150 years before becoming too expensive to compete with European and Far Eastern alternatives.

 

 

 

 

 

 

U.S. Recovery Slowly Gained Speed in Late ’11, Data Show

 

By CATHERINE RAMPELL 11:24 AM ET

 

The American economy picked up steam last quarter, with output growing at an annualized rate of 2.8 percent, a faster rate than the 1.8 percent of the third quarter.

 

• Stocks Decline After Growth Disappoints
  
• Economix Blog: The Quiet Driver of Economic Growth: Exports 11:54 AM ET
  
• Post a Comment | Read (123)
  

 

Ford Posts Third-Straight Annual Profit

 

By NICK BUNKLEY 8:18 AM ET

 

The automaker’s earnings for 2011 were the largest in 13 years after a one-time gain in the fourth quarter.

 

The Lede Blog

 

Twitter's New Policy on Blocking Posts Is Attacked, and Defended

 

By J. DAVID GOODMAN 30 minutes ago

 

Twitter incited anger among its international users on Friday after it announced a new method of blocking individual posts from appearing in certain countries. But some Internet advocacy groups defended it.

 

DealBook

 

Eastman Chemical to Buy Solutia for $3.4 Billion

 

By MARK SCOTT 1:09 PM ET

 

Eastman Chemical said on Friday that it would acquire the specialty chemicals manufacturer Solutia for $3.38 billion, as it looks to expand in emerging markets.

 

For $2 a Star, an Online Retailer Gets 5-Star Product Reviews

 

By DAVID STREITFELD

 

Agencies like the Federal Trade Commission have been trying to crack down on online product reviews that do not disclose the connection between a merchant and the person doling out the praise.

 

• Post a Comment | Read (183)
  

 

For Greece, the Outlook Is Still Grim

 

By LANDON THOMAS Jr.

 

A new analysis suggests the nation’s economic condition is worsening, throwing a wrench into talks meant to pave the way for more financial support.

 

Big Victory on Internet Buoys Lobby

 

By SOMINI SENGUPTA

 

With their success against antipiracy legislation in Congress, the Internet industry and its allies are weighing their future as a political force.

 

Spy Drone and Missile Sub Are on Military’s Budget-Cutting List

 

By CHRISTOPHER DREW

 

In a round of budget tightening, the Pentagon said that it would stretch out purchases, cancel a high-flying spy drone and delay work on a new missile submarine.

 

• Interactive Feature: How NYTimes.com Readers Cut the Defense Budget
  

 

Energy Tax Breaks Proposed, Despite Waning Support for Subsidies

 

By DIANE CARDWELL

 

Wind and solar companies say they need more government support to be competitive. But in Washington, there’s little enthusiasm for more subsidies.