The great interest rate rip off part 8

[interestrateripoff]

http://www.hm-treasury.gov.uk/as2012_statement.htm

 

In the medium term these savings across Whitehall will help departments maintain the right trajectory for the years that follow the spending review – and help us to pay off the deficit in future.

 

I can't believe Osborne said this today. You cannot pay off the deficit only a lobotomised idiot would come out with such stupidity.

 

The deficit is the difference between expenditure and income, there is nothing to pay down. Now debt is a different matter, however a deficit doesn't mean an automatic increase in debt as you could cover the difference with savings. If you have no saving, then your only option is debt.

[interestrateripoff]

5 December 2012 Last updated at 20:11

 

 

UK warned on debt 'credibility'

 

The UK's failure to meet a key public debt target "weakens the credibility" of its top AAA credit rating, the Fitch ratings agency says.

 

• Autumn Statement as it happened
  

 

Benefit squeeze as economy slows

 

Chancellor George Osborne announces a squeeze on benefits as he admits the UK economy is doing worse than expected and he will miss debt reduction targets. 1333

 

• At-a-glance: Key points
  
• Q&A: How will it affect you?
  
• Robinson: Why's Osborne confident?
  
• Flanders: The OBR and Mr Osborne
  

 

 

Irish budget sees property tax

 

The Irish government announces a package of fresh austerity measures, including a new property tax, worth billions of euros in its 2013 budget.

 

• Human cost of Irish bust
  
• Eurozone in crisis graphics: Debt
  

 

 

Autumn Statement 2012

 

 

• Confused about the Autumn Statement?
  
• Analysis: Plugging tax leaks
  
• Firms welcome Osborne measures
  
• Science boost in Autumn Statement
  
• Teachers' pay tied to performance
  
• Chancellor cancels fuel duty rise
  
• Benefits squeeze 'to save £3.7bn'
  
• Analysis: Little cheer for benefit claimants
  

 

 

 

 

 

• Citigroup in 11,000 staff cull
   
  Citigroup says it is cutting 11,000 jobs worldwide in an efficiency drive, with most of the jobs being lost in its consumer banking division.
  
• EADS overhauls share structure
   
  Germany is set to join France and Spain as a direct shareholder in EADS under new plans unveiled by the European aerospace and defence firm.
  
• Gas power plants given go-ahead
   
  The chancellor approves the building of more than 30 new gas-fired power stations to replace the UK's ageing coal, nuclear and gas stations.
  
• New transport schemes unveiled
  
• UK economy 'to contract in 2012'
  
• Elisabeth Murdoch dies at 103
  
• £40bn of UK money in Swiss banks
  
• Benefits squeeze 'to save £3.7bn'
  
• Pensions tax relief is cut again
  
• India backs foreign retail entry
  
• Tesco to review US chain future
  
• Greece 'most corrupt' EU country 539
  
• US worker productivity increases
  
• Autumn Statement: Carrot and stick for business
   
  7 hours ago
  Business leaders will like tax cuts given to most businesses - except those who run banks, whose levy is being increased. But they won’t enjoy the new cuts in tax relief for those on high pay saving for a pension.
  
• The Bank, the OBR and Mr Osborne
   
  5 hours ago
  There are two surprises in George Osborne's Autumn Statement, pleasant for everyone except perhaps the opposition.
  

[interestrateripoff]

http://www.bis.gov.uk/news/speeches/vince-cable-denning-lecture

 

What I mean by structural is this: the current level of public spending – and all the sense of entitlement built around it – is based on the revenues from an economy artificially boosted by a debt fuelled spending boom, an inflated housing market and a bloated banking sector. The position is unreal and unsustainable.

 

And here we have the problem...

[interestrateripoff]

Osborne bets on business in last-ditch attempt to save economy

 

Autumn Statement 2012: The Chancellor has put business at the heart of a last-ditch drive to rescue the economy before the next general election.

Comment

Autumn Statement 2012: as it happened

 

 

Autumn Statement 2012: key points

 

 

Autumn Statement 2012: reaction

 

 

George Osborne axes 3p rise in fuel duty

 

Autumn Statement: George Osborne has scrapped a planned 3p rise in fuel duty in a victory for millions of drivers.

15 Comments

 

Chancellor warned over QE cash grab

 

George Osborne has been warned by the Office for Budget Responsibility that his £35bn cash grab at the Bank of England risks saddling Britain with higher interest payments.

1 Comment

OBR predicts negative growth for this year

 

 

Government is just tinkering, warns business

 

 

Autumn Statement: 4G auction will bring in £3.5bn

 

 

 

UK to drive G8 crackdown on tax avoidance

 

Britain is to drive a co-ordinated international crack-down of tax avoidance by global firms - to ensure that companies like Amazon, Google and Starbucks “pay their proper share”.

13 Comments

 

DIY pension savers get 20pc rise in income

 

Pensioners are among the big winners from Autumn Statement 2012, despite the Chancellor imposing curbs on high earners' retirement funds.

4 Comments

Households face energy premium to cover blackout risk

 

 

Pain for workers as wages growth slows

 

 

Employee 'shareholders' face tax bill on shares-for-rights swap

 

 

 

Brewers and pubs left high and dry

 

 

 

 

Infrastructure plans are a 'drop in the ocean'

 

 

 

 

Shale gas 'could help UK by 2020s’

 

Autumn Statement: Business boost to rescue economy

 

The Chancellor has put business at the heart of a last-ditch drive to rescue the economy before the next general election, with £5.4bn set aside for roads and schools, a surprise cut in corporation tax, a tenfold increase in the capital investment allowance, and £1.5bn of support for exporters.

Comment

Defence spending cut again

 

 

 

 

UK credit rating at risk after Osborne failure

 

 

 

 

S&P cuts world's oldest bank to junk status

 

Man cannot live by deficit reduction alone

 

Autumn Statement: Fine as far as it goes but not radical enough

 

400,000 middle-class earners pushed on to 40p tax rate

 

Autumn Statement: Professionals will pay more income tax because they will be pushed on to a higher rate under “fiscal drag”.

Autumn Statement 2012: key points

 

 

Autumn Statement 2012: reaction

 

 

Autumn Statement: as it happened

 

 

Osborne: Britain faces austerity until 2018

[interestrateripoff]

Citigroup to Cut 11,000 Jobs and Take $1 Billion Charge

 

By JESSICA SILVER-GREENBERG 2:07 PM ET

 

The cuts will reduce Citigroup’s work force by roughly 4 percent and come after the chairman, Michael E. O’Neill, engineered the ouster of the bank’s former chief executive.

 

• Post a Comment
  

Brendan McDermid/Reuters

 

A Citibank branch in New York.

 

 

 

DealBook

 

Freeport to Buy Plains Exploration and McMoRan

 

By MICHAEL J. DE LA MERCED 1:37 PM ET

 

The transactions will create a natural resources titan worth about $60 billion, including debt, and will reunite Freeport with McMoRan, the oil exploration company it spun off in 1994.

 

Europe Fines Electronics Makers $1.92 Billion

 

By JAMES KANTER 2:09 PM ET

 

Seven companies were accused of fixing the price of picture tubes for television and computer screens.

 

EADS Confirms Change in Ownership Structure

 

By NICOLA CLARK 2:29 PM ET

 

The European aeronautics giant said it would dissolve a decade-old arrangement that grants the governments of France and Germany an effective veto over strategic management decisions.

 

Blue-Chip Shares Jump

 

By REUTERS 1:51 PM ET

 

The Dow Jones industrial average rose nearly 1 percent, although the broader Standard & Poor’s 500-stock index added only 0.4 percent and the technology-heavy Nasdaq composite index fell 0.5 percent.

 

Bits Blog

 

Twitter Loses Ability to Properly Display Instagram Photos

 

By NICK BILTON

 

Instagram cut off the integration of its photos with Twitter, escalating tensions between the two companies, which were once friends in the battle against Facebook.

 

Spending Data Point to Continuing Woes in Euro Zone

 

By DAVID JOLLY 9:43 AM ET

 

Retail sales in the 17-nation bloc fell 1.2 percent in October and 3.6 percent from a year earlier, adding to worries about recovery.

 

• Austerity in Britain Will Stretch to 2018, Osborne Says 8:49 AM ET
  
• Greece Slips in Corruption Rankings 10:12 AM ET
  

 

Don’t Use Debt Ceiling as Weapon, Obama Tells G.O.P.

 

By PETER BAKER and JONATHAN WEISMAN 2:13 PM ET

 

President Obama said he refused to engage again in the sort of brinkmanship that brought the country close to default last year and damaged its credit rating.

 

Apps Redirect Text Messages, and Profits, From Cellular Providers

 

By BRIAN X. CHEN

 

Smartphone apps that use the Internet to send text messages are forcing wireless providers to change pricing models.

 

• Post a Comment | Read (60)
  

 

 

 

• To Stop Climate Change, Students Aim at College Portfolios
  
• DealBook: 2 More Officials Plan to Leave the S.E.C.
  
• DealBook: HSBC Sells Stake in Chinese Insurer for $9.4 Billion 9:34 AM ET
  
• Storm Hits Hiring in November but Service Sector Grows
  

[interestrateripoff]

ISM Services: 54.7

Hmmm....

The report was issued today by Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management™ Non-Manufacturing Business Survey Committee. "The NMI™ registered 54.7 percent in November, 0.5 percentage point higher than the 54.2 percent registered in October. This indicates continued growth at a slightly faster rate in the non-manufacturing sector. The Non-Manufacturing Business Activity Index registered 61.2 percent, which is 5.8 percentage points higher than the 55.4 percent reported in October, reflecting growth for the 40th consecutive month. The New Orders Index increased by 3.3 percentage points to 58.1 percent.

The Employment Index decreased by 4.6 percentage points to 50.3 percent, indicating growth in employment for the fourth consecutive month but at a slower rate.

The Prices Index decreased 8.6 percentage points to 57 percent, indicating prices increased at a slower rate in November when compared to October. According to the NMI™, 11 non-manufacturing industries reported growth in November. Respondents' comments are mixed; however, the majority of survey respondents reflect a cautious optimism about current economic conditions."

Employment, my friends, employment.

That's the only place that's bad, but it's really, really bad, dropping to just barely positive.

 

More at the link.

[interestrateripoff]

Rational Exuberance

 

Guest Post: The Obesity Puzzle

 

Guest Post: Thought Experiment: Why Obama Wants The Fiscal Cliff

 

Worst Day In Over 2 Months For Spanish Bonds As Swiss Rates Hit 3 Month Low

 

Who Said It?

 

The Chart That Obama Should Have Checked Before He Started Speaking

 

Market Takes Leg Lower As Treasury Supports Use Of "McConnell Provision" In Debt Ceiling Fight

 

Boozterity: Ireland Hikes Alcohol Tax

 

Non-Manufacturing ISM Beats Expectations As Employment Index Slides

[interestrateripoff]

USA Seen More Corrupt Than UK, Japan, And Barbados

 

Citi Firing 11,000

 

UK's Osborne Delays Fiscal Target; Leaves AAA Future In Limbo

 

ADP Print Of 118K Misses Expectations, Drops; Manufacturing Jobs Decline For Fifth Month: Zandi Blames Sandy

 

Mainstream Media Finally Reports On GM's Channel Stuffing Scandal

[interestrateripoff]

Breaking news

 

• Intel CEO Otellini expects insider to replace him - Reuters
  

 

 

 

• Rolls-Royce faces prosecutions and fines in corruption probe
   
  Last updated five minutes ago
  World's second largest aircraft engine manufacturer said the Serious Fraud Office had approached the business over allegations of malpractice
  
• Starbucks to pay £10m tax after customer revolt
   
  MD of Starbucks UK said the coffee chain will pay corporation tax over the next two years after consumer anger comes across 'loud and clear'
  399 comments
  
  • Kris Engskov: Why Starbucks has decided to pay more tax
    

  [*] Topshop boss Sir Philip Green sells 25% stake in company

   

  Topshop and Topman sale to Leonard Green & Partners values high street chain at £2bn

   

  • Mulberry sees first-half profits fall
    

  [*] No anti-Virgin bias in west coast mainline decision, says McLoughlin

   

  Transport secretary clears path for franchising process to resume, saying Laidlaw inquiry has exonerated ministers

  41 comments

  • Virgin Rail gets west coast mainline for two more years
    
  • No anti-Virgin bias, says transport secretary - video
    

  [*] Berlin, Europe's new Silicon Valley

   

  Startups are springing up all over Berlin, as the once 'poor but sexy' German capital expands into a creative technology hub

 

 

• George Osborne insists rich will lose greater share of income
   
  Chancellor dismisses claim that poor will bear brunt of fresh cuts announced in autumn statement
   
  
  • UK trade gap widens in October
    
  • Autumn statement 2012: full coverage
    

  [*] Eurozone crisis: Italian government faces turmoil

   

  • Mario Monti government in crisis • Fitch said UK's failure to meet public debt target 'weakens the credibility' of its triple-A rating • ECB and Bank of England hold interest rates

  218 comments

  • 
    
  • Larry Elliott: Why the UK would cope with a downgrade
    

  [*] Cineworld buys Picturehouse

   

  Arthouse cinema deal will make chain's co-founder Lyn Goleby a multi-millionaire

  62 comments

  • Is the Picturehouse deal good news for cinema-goers?
    
  • Should independent film-lovers be concerned?
    

  [*] Interview: Apple CEO Tim Cook

   

  Cook says Apple will build some lines in US and not China and admits it 'screwed up' when it dumped Google's maps for its own

  16 comments

  [*] US needs a financial system that tackles inequality

   

  Joseph Stiglitz: US economy must shift from speculative and proprietary trading to lending and job creation

  8 comments

  [*] More business news

  [*] Sellafield to create 500 extra jobs

  [*] House prices 'to remain flat in 2013'

  49 comments

  [*] Standard Chartered to pay $670m to settle Iran sanctions allegation

[interestrateripoff]

South Africa's Eskom raises concerns over Glencore - Xstrata

 

Africa 7:46pm GMT

 

ArcelorMittal pulls French bid for EU steel project

 

7:44pm GMT

 

Aston Martin seen in deal with Investindustrial on Friday - sources

 

7:40pm GMT

 

Rolls-Royce could face prosecution in bribery probe

 

Aerospace & Defence 7:34pm GMT

 

ECB discusses rate cut, depicts bleak 2013 |

 

7:30pm GMT

 

ECB doesn't aim to eliminate bond spreads with OMT - Coeure

 

7:30pm GMT

 

Intel CEO Otellini expects insider to replace him

 

7:21pm GMT

 

Starbucks bows to pressure on UK tax |

 

7:17pm GMT

 

Greece to raise tax on businesses, middle incomes - Finance Minister source

 

6:54pm GMT

 

Prada seeks $55 million refund from Italian tax body

 

6:22pm GMT

 

More job losses on Wall Street even as profits keep rising

 

6:20pm GMT

 

No-frills Germanwings aims to woo more business travellers

 

Aerospace & Defence 6:11pm GMT

 

EU sets out detailed "map" for euro zone's overhaul

 

6:10pm GMT

 

Italy finance minister Grilli says reforms will go on despite tensions

 

6:10pm GMT

 

EADS shares soar as Daimler nets $2 billion from stake sale

 

Aerospace & Defence 5:46pm GMT

 

EADS shares soar as Daimler nets $2 billion from stake sale

 

Aerospace & Defence 5:43pm GMT

 

Diamond smuggling in lawless Amazon mocks international pact

 

5:41pm GMT

 

Shares hit two-month high but fail to break out of range

 

FXpert 5:33pm GMT

 

Government heading for political blow from debt downgrade

 

UK, David Cameron 5:32pm GMT

 

UK seeks new way for companies to repair pension scheme deficits

 

UK 5:32pm GMT

 

EU, U.S. step up WTO action in Argentina trade row

 

5:08pm GMT

 

Brazil launches $26 billion port investment drive

 

4:55pm GMT

 

Bombardier wins order for up to $3.29 billion from Delta

 

Aerospace & Defence 4:48pm GMT

 

Brazil launches $26 billion port investment drive

 

4:42pm GMT

 

ECB forecasts grim 2013 for euro zone, then gradual recovery

 

4:34pm GMT

 

Highlights - Draghi comments at ECB news conference

 

3:59pm GMT

 

German state of Baden-Wuerttemberg to sell EADS stake

 

3:48pm GMT

 

China excludes bank wealth products from shadow banking -sources

 

3:28pm GMT

 

Apple's market cap falls below $500 billion as shares keep falling

 

3:06pm GMT

 

Europe needs joint effort to tackle tax avoidance - EU

 

2:56pm GMT

 

ECB's Asmussen seeks to allay inflation fears

 

2:47pm GMT

 

Bombardier wins order for up to $3.29 billion from Delta

 

Aerospace & Defence 2:37pm GMT

 

Cost-cutting and human error blamed for UK rail fiasco

 

UK, 2:35pm GMT

 

ECB discussed negative deposit rates - Draghi

 

2:07pm GMT

 

Court rules for Maldives in airport dispute with India's GMR

 

1:33pm GMT

 

ArcelorMittal pulls French bid for EU steel project

 

1:14pm GMT

 

State intervention counterproductive for steel - Voestalpine

 

1:14pm GMT

 

Starbucks to pay more UK tax |

 

6:24pm GMT

 

Barclays seals $2.1 billion Africa deal with Absa

 

Africa 12:55pm GMT

 

ECB holds rates, waiting to use new bond-buy tool

 

12:53pm GMT

 

Mulberry sales recover in second half

 

12:41pm GMT

 

EADS shares soar as Daimler nets $2 billion from stake sale

 

12:37pm GMT

 

BoE keeps policy steady despite darker UK outlook

 

UK 12:36pm GMT

 

ArcelorMittal pulls French bid for EU steel project

 

12:35pm GMT

 

Iran crude exports to hit lowest since sanctions - sources

 

12:34pm GMT

 

EU's Ryanair, Aer Lingus review not at decision stage -Almunia

 

12:21pm GMT

 

State intervention counterproductive for steel - Voestalpine

 

11:48am GMT

 

Exclusive - Argentina's YPF to draw 1st big post-takeover investment

 

11:39am GMT

 

Vivergo UK biorefinery starts operations

 

UK 11:31am GMT

 

Daimler raises $2.2 billion from EADS stake sale

 

Aerospace & Defence 11:03am GMT

 

ArcelorMittal says not permanently ditching ULCOS plan

 

10:54am GMT

 

Record Greek jobless rate highest in euro zone in September

 

Spain 10:44am GMT

 

Euro zone trade prevents a deeper downturn in third quarter

 

10:41am GMT

 

Record Greek jobless rate highest in euro zone in September

 

Spain 10:40am GMT

 

Insight - Riddle persists of Ukraine gas deal that-never-was

 

Spain 10:36am GMT

 

StanChart sees $330 million settlement on Iran, denting profits

 

10:35am GMT

 

Europe says China's latest bid to join procurement agreement "highly disappointing"

 

10:27am GMT

 

Goods trade gaps grows as exports fall in October

 

David Cameron 10:25am GMT

 

Ukraine government reshuffle delays IMF loan talks

 

IMF 10:02am GMT

 

Billionaire Green sells Topshop stake to U.S. group

 

9:55am GMT

 

Osborne says credit rating important |

 

9:39am GMT

 

Van Rompuy wants framework on ESM bank aid by March 2013

 

9:04am GMT

 

Daimler gets 1.66 billion euros from EADS stake sale

 

9:04am GMT

 

Standard Chartered sees 2013 UK bank tax jump to $330 million

 

9:03am GMT

 

ECB set to cut economic forecasts, but not rates

 

8:33am GMT

 

Renault-Nissan deal with AvtoVAZ expected next week-sources

 

Japan 8:30am GMT

 

French jobless rate hits 10.3 percent, highest in 13 years

 

8:08am GMT

 

Nivea-maker Beiersdorf raises 2012 sales outlook

 

7:52am GMT

 

Mulberry sees improvements after first-half profit fall

 

7:47am GMT

 

Kodak receives $500 million bid for patents - WSJ

 

6:57am GMT

 

Oil and euro drop after ECB comments, shares rise

 

FXpert, 7:04pm GMT

 

Absa to buy Barclays' African operations for $2 billion

 

Africa 6:43am GMT

 

Samsung files redacted copy of Apple-HTC deal in U.S. court

 

3:33am GMT

 

Nikkei rises to seven-month high above 9,500; in overbought territory

 

Japan 3:29am GMT

 

Exclusive: HSBC might pay $1.8 billion money laundering fine - sources

 

2:07am GMT

 

Apple's shares swallow biggest loss in four years

 

1:54am GMT

 

Japan corporate mood up, weakness persists: Reuters Tankan

 

Japan 1:53am GMT

 

Starbucks back on expansion path in Americas, China

 

1:52am GMT

 

Ex-Deutsche Bank employees say bank hid $12 billion in losses - FT

[interestrateripoff]

6 December 2012 Last updated at 18:13

 

 

Starbucks agrees to pay more tax

 

Coffee chain Starbucks takes the "unprecedented" step of agreeing to pay about £20m more in UK corporation tax over the next two years following a public outcry. 677

 

• How do companies avoid their tax?
  
• Tax avoidance schemes 'immoral'
  
• EU clamps down on tax avoidance
  
• The rise of 'tax shaming'
  

 

More spending cuts 'on the cards'

 

More welfare cuts and tax rises "must be on the cards" for the government's Autumn Statement numbers to add up, the Institute for Fiscal Studies says.

 

• Tax credit debt collection fears
  
• Debt v deficit explained Watch
  
• Q&A: How the changes affect you
  
• At-a-glance: Key points
  

 

 

Row over 'tax on strivers' claim

 

Labour calls government plans to squeeze benefits a "strivers' tax", but ministers insist "strivers" will be better off after the Autumn Statement.

 

• PM: Changes 'good for working people' Watch
  
• Balls explains Commons hesitancy
  

 

 

Autumn Statement 2012

 

 

• Is the government borrowing less?
  
• Analysis: Plugging tax leaks
  
• UK warned on debt 'credibility'
  
• Osborne right to sound confident?
  

 

 

 

 

 

• Software delay hits Green Deal
   
  Assessments under the government's energy saving scheme called Green Deal have been delayed by a lack of computer software.
  
• ECB cuts euro growth forecasts
   
  The European Central Bank revises down its eurozone economic forecasts for this year and next as "economic weakness extends into 2013".
  
• Bank refrains from new stimulus
   
  The Bank of England decides not to increase its quantitative easing stimulus programme and keeps interest rates unchanged at 0.5%.
  
• Philip Green sells Topshop stake
  
• Apple to make Mac computers in US
  
• Tax credit debt collection fears
  
• Rolls-Royce in SFO bribery talks
  
• Tax avoidance schemes 'immoral'
  
• EU clamps down on tax avoidance
  
• Hundreds of workers risk job loss
  
• Car sales set for four-year high
  
• Npower fined for abandoned calls
  
• Report exposes rail bid 'flaws'
  
• Does the UK's AAA rating matter?
   
  11 hours ago
  If, as seems likely, the UK loses its AAA, will it matter?
  
• What has changed?
   
  11 hours ago
  What has changed as a result of this Autumn Statement? The answer is nearly everything about the UK's economic and fiscal situation, though not as dramatically as it did in the last one.
  

[interestrateripoff]

A Hedge Fund Titan Is Missing at the Art Fair

 

By DAVID SEGAL 42 minutes ago

 

 

Steven A. Cohen, the founder of SAC Capital Advisors, is usually a regular at the Art Basel Miami Beach, but not this year.

 

• DealBook: Trail to a Hedge Fund, From a Cluster of Cases
  

 

 

 

Katie Orlinsky for The New York Times

 

Art Basel's V.I.P. opening at the Miami Beach Convention Center on Wednesday, seen through Olafur Eliasson's work, "Your Shared Planet."

 

 

 

 

 

 

Apple to Resume U.S. Manufacturing

 

By VICTORIA SHANNON

 

The company’s chief executive, Timothy D. Cook, said in interviews that he would bring back to the United States a small portion of manufacturing from Asia.

 

• The iEconomy: Apple and Technology Manufacturing
  
• Bits Blog: Does Apple's Tim Cook Want an Apple Television? 1:19 PM ET
  
• Post a Comment | Read (106)
  

 

Obama’s Tax Plan Would Spare Many Affluent Families

 

By CATHERINE RAMPELL and BINYAMIN APPELBAUM 1 minute ago

 

Under the president’s plan, a large majority of families making up to $300,000 – and hundreds of thousands of families with even larger incomes – would not pay taxes at a higher marginal rate.

 

Senate Passes Russian Trade Bill, With Conditions

 

By JEREMY W. PETERS 1:50 PM ET

 

The bill, which eliminates cold-war-era restrictions on trade but also condemns Russia for human rights abuses, has now received overwhelming support in Congress.

 

DealBook

 

Diamondback to Close After Investors Withdraw $520 Million

 

By MICHAEL J. DE LA MERCED and PETER LATTMAN 1:46 PM ET

 

Diamondback Capital Management, a hedge fund ensnared in the government’s insider-trading investigations, will close after investors asked to withdraw $520 million in capital.

 

European Central Bank Cuts Growth Forecast

 

By MELISSA EDDY and JACK EWING 37 minutes ago

 

The bank’s move is a reversal from previous optimism that the euro zone economy would start to recover next year.

 

• Bank of England Holds Interest Rates at Record Low 7:10 AM ET
  
• European Leaders Oppose Issuing Common Debt 2:47 PM ET
  

 

DealBook

 

Standard Chartered Settles Iran Money-Laundering Claims

 

By NEIL GOUGH 1:00 PM ET

 

The British bank’s expected $330 million settlement with American authorities comes on top of a $340 million settlement it agreed to pay the top New York State banking regulator in August.

 

For PC Virus Victims, Pay or Else

 

By NICOLE PERLROTH

 

Ransomware — when a virus freezes a user’s computer and criminals demand money to unlock it — has become a lucrative online scheme.

 

• Post a Comment | Read (55)
  

 

John McAfee, Software Pioneer, Is Arrested in Guatemala

 

By ELISABETH MALKIN

 

Mr. McAfee slipped over the border from his home in Belize, where police want to question him in a neighbor’s death.

 

Wall Street Flat

 

By REUTERS 1:57 PM ET

 

Stocks were little changed in choppy morning trading as upbeat guidance from Broadcom partially offset weakness in Apple shares, while traders kept an eye on fiscal negotiations in Washington.

 

• Jobless Claims Fall Back to Pre-Storm Range
  

 

Starbucks Offers to Pay More British Tax Than Required

 

By ERIC PFANNER 3 minutes ago

 

In a concession, the American coffee chain said it would refrain from claiming certain deductions so that it pays some taxes regardless of whether it makes a profit.

 

 

 

• Bits Blog: T-Mobile Will Sell Apple Devices in 2013
  
• DealBook: Daimler Sells Half of Its Stake in EADS for $2.2 Billion
  
• Fraud Office Opens Investigation Into Rolls-Royce
  

[interestrateripoff]

[/url]

 

Starbucks caves in to tax criticism and volunteers to pay £20m more

 

Starbucks has volunteered to pay a least £20m to HM Revenue and Customs over the next two years in an effort to appease customers following weeks of controversy over its tax affairs.

564 Comments

Starbucks to start paying more UK tax: Kris Engskov speech in full

 

 

 

 

ECB mulls negative rates as crisis deepens

 

The European Central Bank has slashed its eurozone growth forecasts and warned that recession will drag on into the middle of next year, sending the euro plunging.

1 Comment

Debt Crisis: as it happened - December 6, 2012

 

 

IFS: £7bn in new taxes to plug Britain's budget black hole

 

 

 

HSBC set to pay more than $1.5bn in fines

 

HSBC is expected to pay more than $1.5bn (£933m) in fines to US authorities within weeks to settle money-laundering investigations into its business.

Comment

Standard Chartered faces further Iran fine

 

 

 

Weak trade renews triple dip fears

 

The chances of a triple-dip recession have risen after Britain’s trade deficit widened by more than expected in October, economists warned.

29 Comments

 

Rolls-Royce faces charges in SFO bribery probe

 

Rolls-Royce, the engines and power systems company, revealed it is facing the possibility of prosecution after the Serious Fraud Office raised concerns over bribery and corruption allegations.

Barclays lines up Hector Sants for 'senior role'

 

Former chief of the Financial Services Authority is understood to be looking at taking a senior role at Barclays.

Comment

 

EIB could lend £3.5bn to 4G bidders

 

 

 

 

Virgin to run West Coast line for two years

 

 

 

 

Green pays off bank debt after selling Topshop stake

 

 

 

 

Mulberry chief defends strategy as profits fall 36pc

 

ECB mulls negative rates as Europe's economic crisis deepens

 

The European Central Bank has slashed its eurozone growth forecasts and warned that recession will drag on into the middle of next year, sending the euro plunging below €1.30 to the dollar.

1 Comment

 

You need to axe an entire Government department to get a grip on spending

 

 

 

 

UK credit rating at risk after Osborne failure

 

 

 

 

MoD chief's £275,000 package breaks pay rules

 

Starbucks has tried to do the right thing - but failed

 

You need to axe an entire department to get a grip on spending

 

Man cannot live by deficit reduction alone

[interestrateripoff]

The Simple Reality On Bank "Regulation"

 

From the FT and Bloomberg:

Three former Deutsche Bank AG (DBK)employees told U.S. regulators that the German lender covered up paper losses during the financial crisis, the Financial Times reported. The company disputed the allegation.

The employees -- a trader and two risk managers -- told the Securities and Exchange Commission that the Frankfurt-based bank inflated the value of credit derivatives to avoid recognizing as much as $12 billion in losses, the newspaper reported, citing people it didn’t identify. The portfolio had a notional value of $130 billion, the FT said.

Let's drill into this at the most-fundamental level -- the reason we have reports like this that surface is that we do not require that all of these instruments trade on an exchange, and thus we continue to have people make claims of asset valuations that are not supported by an actual trade at an actual price.

This sort of intentional distortion became effective law in the United States in 2009 following the Kanjorski hearing when FASB was effectively extorted by Congress.

 

Remember if you ran a business and did this it would be fraud, if you're a banker it's just part of the working day.

[interestrateripoff]

Claims: +370k

Meh....

In the week ending December 1, the advance figure for seasonally adjusted

initial claims

was 370,000, a decrease of 25,000 from the previous week's revised figure of 395,000. The 4-week moving average was 408,000, an increase of 2,250 from the previous week's revised average of 405,750.

So now that Sandy has blown and gone we find that there still are too many claims to make any sort of actual progress.

Oh, and the unadjusted number of claims? 498,619, nearly 140,000 more than the week prior.

 

More at the link

[interestrateripoff]

The Total Animated, Annotated US Debt

 

Bumble Bees 'Technically' Can't Fly; Just Don't Tell Them!

 

Santelli Sums It Up In 10 Words: "Debt Ceiling Is Not The Problem. Debt Is The Problem"

 

Europe's Scariest Chart - Update

 

Gallup Finds Unemployment Rate Soars Follwing Presidential Election

 

ECB Head Forced To Defend His Goldman "Conflicts Of Interest"

 

Il Giornale: "The Monti Government Is Increasingly Hanging By A Thread"

 

Margin Debt Rises To 18 Month High As Net Free Credit Plunges To -44 Billion: Keep The Margin Calls Away

 

Guest Post: ISM Composite - Back To Pre-Crash Levels, But...

 

As Apple Implodes, One Generation Lasts Less Than Three Weeks

 

Greece 'Selective Default' And Geithner's 'Selective Memory'

[interestrateripoff]

Claims Drop To 370K, Beat Expectations Even As Unadjusted Claims Soar By 140K In One Week

 

Charts Of The Day: Greek Unemployment Hits Escape Velocity

 

ECB Keeps Rate Unchanged At 0.75% As Expected

 

Goldman Furiously Selling Spanish Government Bonds To Clients As Its Fourth "Top Trade For 2013"

 

Sentiment Shaken By Concerns Of Political Circus Returning To Italy

 

US, French Troops Prepare For Syria Invasion In Response To "Chemical Weapons" Threat

 

Visualizing The World's Shifting FX Reserves

 

A Millisecond Analysis Of The Latest Gold Smackdown

 

On The Changing Face Of M&A In A ZIRP World

 

Citi On Why QE Isn't Working

 

Bombshell: Deutsche Bank Hid $12 Billion In Losses To Avoid A Government Bail-Out

[interestrateripoff]

http://www.bloomberg.com/news/2012-12-06/depression-deepens-greek-middle-class-despair-with-crime-rising.html

 

Anastasia Karagaitanaki, 57, is a former model and cafe owner in Thessaloniki, Greece. After losing her business to the financial crisis, she now sleeps on a daybed next to the refrigerator in her mother’s kitchen and depends on charity for food and insulin for her diabetes.

 

“I feel like my life has slipped through my hands,” said Karagaitanaki, whose brother also shares the one-bedroom apartment. “I feel like I’m dead.” For thousands of Greeks like Karagaitanaki, the fabric of middle-class life is unraveling. Teachers, salaries slashed by a third, are stealing electricity. Families in once-stable neighborhoods are afraid to leave their homes because of rising street crime.

 

Still at least no banker has suffered and get unlimited money from our central banks to push prices higher.

[interestrateripoff]

Breaking news

 

• austerity protestors target Starbucks cafes - Reuters
  

 

 

 

• UK on triple-dip recession alert
   
  PM says manufacturers need to learn lessons from Germany, after weak data from sector targeted by government for growth
  602 comments
  
  • 'Dire' manufacturing data pushes UK to brink
    
  • Wages in developed world slump again
    
  • Osborne warned protecting AAA rating is lost cause
    
  • British recessions: a short history
    
  • IFS - more welfare cuts needed to save public sector
    
  • Larry Elliott: Osborne needs a snow-free winter
    
  • Autumn statement 2012: full coverage
    

  [*] Bundesbank slashes German economic growth forecasts

   

  Germany's central bank has cut its GDP forecasts, warning that 2013 will be much weaker than previously thought

  320 comments

  • Eurozone crisis: Friday, as it happened
    
  • US economy adds 146,000 jobs
    
  • Germany slashes growth forecasts
    
  • Thursday as it happened: Italy faces turmoil
    

  [*] Starbucks tax row could hit sales

   

  Predicton based on research by Gary Davies, professor of corporate reputation at Manchester Business School

   

  • Voluntary payments 'could mean less tax overall'
    
  • Starbucks tax offer angers critics
    
  • Has Starbucks done enough to avert a boycott?
    
  • Starbucks bows to tax revolt
    
  • Nils Pratley: row exposes timidity of the taxman
    

  [*] Banks braced for hefty fines over rule breaches

   

  Regulators in the US and UK are expected to announce a series of expensive and potentially explosive actions against banks

 

 

• Aston Martin stake bought by private equity firm
   
  Italian firm Investindustria said it planned to 'rejuvenate' a brand most famously associated with James Bond
  
• Google's Mr Maps sets his sights on world delineation
   
  Brian McClendon tells Dominic Rushe about Google's ambitious attempt to map the world, from street plans to penguins and beyond
  15 comments
  
• Germany's Financial Times Deutschland closes after huge losses
   
  Gallows humour cartoons mark paper's final edition as column bemoans failure to develop online service
  
• Nuclear giant EDF postpones decision on new Hinkley Point reactor
   
  UK energy policy cast into doubt after company breaks pledge to make investment decision by end of 2012
  
• More business news
  
• Rolls-Royce faces prosecutions and fines
  
• More Comet stores to close this weekend
  
• Aldi heir Bertholdt Albrecht dies
  

[interestrateripoff]

SEC threat to prosecute Netflix boss over update on Facebook

 

08 December 2012 12:00 AM

Regulator may take action after viewing figures announced by social media

 

 

 

Plunge in output raises fears of a triple-dip recession

 

08 December 2012 12:00 AM

The ONS singled out lower public demand for beer as a prime culprit

 

 

Photo-Me aiming to clean up with washing machines idea

 

08 December 2012 12:00 AM

Not all of us like airing our dirty laundry in public — except Photo-Me International that is, which is planning to roll out coin-operated washing machines in car parks and shopping centres across the UK.

 

 

 

Boss in the money after Berkeley's £20m payout

 

08 December 2012 12:00 AM

The chairman of Berkeley, Tony Pidgley, will pocket £1m after the housebuilder he part-owns announced a £20m dividend pay-out.

 

 

 

US jobs defy blow from hurricane

 

08 December 2012 12:00 AM

The American labour market improved in November, defying expectations of a pullback in the wake of Hurricane Sandy, with the economy adding 176,000 non-farm jobs last month.

 

 

 

Jewellery chains sold to US buyout firm

 

08 December 2012 12:00 AM

The group behind the Goldsmiths and Mappin & Webb retail jewellery chains has been sold to a US private-equity firm in a deal worth £175m, including debt.

 

 

 

Blue Inc creates 500 jobs with expansion

 

08 December 2012 12:00 AM

Blue Inc, the menswear retailer backed by the former boss of Marks & Spencer, is to create 500 jobs next year, as it steps up its expansion in the UK and overseas.

 

 

 

Staff 'pressured to put sales before service'

 

08 December 2012 12:00 AM

Mis-selling scandals have failed to stop banks pressurising their staff into pushing products which may be unsuitable, Which? claims.

 

 

 

Aston Martin's Italian job

 

08 December 2012 12:00 AM

The Italian private-equity fund Investindustrial has snapped up a 37.5 per cent stake in James Bond's favourite car maker, Aston Martin, for €190m (£154m).

 

 

 

World stocks rise after positive US jobs figures

 

07 December 2012 04:08 PM

Global stock markets mostly rose after a forecast-busting US jobs report today offset gloomier data showing consumer confidence in the world's largest economy had slumped.

 

 

 

Cineworld snaps up Picturehouse

 

06 December 2012 11:05 PM

The movie giant Cineworld has swallowed up the arthouse group Picturehouse, making its co-founder Lyn Goleby a multimillionaire.

 

 

 

Barclays seals its push to become Africa's largest bank

 

06 December 2012 11:05 PM

Barclays has finalised its plan to become the largest bank in Africa, selling its operations there to its South African offshoot Absa for £1.3bn.

 

 

 

Hamleys proves its worth to the French as profits leap to £2.3m

 

06 December 2012 11:05 PM

Hamleys has shown why a French company paid £60m in September for the Regent Street-based toy chain by posting a huge leap in profits.

 

 

 

PZ Cussons is undaunted by Nigerian storms

 

06 December 2012 11:05 PM

Violent religious clashes, an eight-day national strike and flooding failed to dent PZ Cussons' profits during the first half of the year.

 

 

 

Home prices to stay flat, says the Halifax

 

06 December 2012 11:05 PM

Property prices will remain flat across the UK next year as pressure builds on household finances, it emerged yesterday.

[interestrateripoff]

Swatch Group CEO: 8 billion Sfr sales possible in 2012 - paper

 

6:55pm GMT

 

Hester faces three-year grind to finish RBS turnaround

 

6:53pm GMT

 

Anti-austerity protestors target Starbucks cafes

 

UK, 6:41pm GMT

 

Volkswagen November deliveries up 10 percent, paper

 

4:16pm GMT

 

Europe economic recovery seen mid-2013 - ECB

 

3:53pm GMT

 

ThyssenKrupp CEO seeks review of German steel business - paper

 

2:59pm GMT

 

Air Berlin seeks 15 percent cost cuts - paper

 

1:14pm GMT

 

Investors offer about 30 billion euros in Greek debt buyback - source

 

12:58pm GMT

 

German finance minister: Greek debt deal will cost billions - paper

 

12:31pm GMT

 

Cyprus gets report on bank bailout needs

 

11:16am GMT

 

Foreigners seen offering 15-16 billion euros in Greek debt buyback - papers

 

8:17am GMT

 

JPMorgan nearing UK tax settlement: FT

 

1:40am GMT

 

Standard Chartered settlement to come Monday- source

 

12:43am GMT

 

Canada approves Nexen and Progress Energy bids

 

12:19am GMT

 

Factbox - Canada's new foreign investment guidelines

 

Canada approves Nexen and Progress Energy bids

 

07 Dec 2012

 

Chinese group in talks to buy AIG air lease arm

 

Japan, Aerospace & Defence 07 Dec 2012

 

Apple and Samsung: A defining rivalry in a changed mobile market

 

07 Dec 2012

 

Hester faces three-year grind to finish RBS turnaround

 

07 Dec 2012

 

Mittal to ramp up investment at French site from the first-quarter

 

07 Dec 2012

 

New Dutch government picks ABN Amro to advise on Urenco - sources

 

07 Dec 2012

 

EU regulators receive fresh patent complaints - official

 

07 Dec 2012

 

Canada ministers meet as CNOOC-Nexen deadline looms

 

07 Dec 2012

 

FTSE buoyed by U.S. jobs data

 

FXpert 07 Dec 2012

 

Factories show UK economy on verge of shrinking again

 

UK 07 Dec 2012

 

UK economy likely grew 0.1 percent in three months to November - NIESR think tank

 

UK 07 Dec 2012

 

No quick dividend seen for Siemens' Osram listing

 

07 Dec 2012

 

Greek banks say will take part in bond buyback

 

07 Dec 2012

 

Italian families lose 40 percent of their wealth in a decade

 

07 Dec 2012

 

ECB rate cut possible following "serious" debate

 

07 Dec 2012

 

Deutsche Bank directors to question board - sources

 

07 Dec 2012

 

Europe insurers call for national approach to capital rules

 

07 Dec 2012

 

Airbus orders surge in November but lag Boeing

 

Aerospace & Defence 07 Dec 2012

 

Boeing books jet order cancellations of $1.2 billion net

 

07 Dec 2012

 

GlaxoSmithKline in deal with MD Anderson on cancer drugs

 

07 Dec 2012

 

EU's Rehn says leaders must agree on bank supervision

 

07 Dec 2012

 

Europe's banks hopeful key meetings will disperse regulatory fog

 

07 Dec 2012

 

Barclays to invest in Spanish "bad bank" -source

 

07 Dec 2012

 

Spain's bad bank swerves critical questions

 

Spain 07 Dec 2012

 

Osram to pay no dividend after spin-off from Siemens

 

07 Dec 2012

 

Fiat Poland to cut a third of workforce

 

07 Dec 2012

 

Greece's National Bank approves taking part in buyback

 

07 Dec 2012

 

Hibu settles to repay 39 percent to lenders owed 65 million pounds

 

07 Dec 2012

 

Citi gas trades among those that sparked UK probe

 

UK 07 Dec 2012

 

ICBC, Chinese firms in talks to buy AIG unit ILFC - Bloomberg

 

Aerospace & Defence 07 Dec 2012

 

ECB warns Hungary again over central bank independence

 

07 Dec 2012

 

Gloom and jokes as Financial Times Deutschland laid to rest

 

07 Dec 2012

 

ECB rate cut possible if situation does not improve -Makuch

 

07 Dec 2012

 

Court freezes bank accounts of Philippine tycoon Ongpin

 

07 Dec 2012

 

Portugal slump deepens as export lifeline disappears

 

07 Dec 2012

 

Greek banks propose taking part in buyback - sources

 

07 Dec 2012

 

French banks won't be broken up under reform - finance minister Moscovici

 

07 Dec 2012

 

France's Moscovici says too early to talk Eurogroup job

 

07 Dec 2012

 

ICBC, Chinese firms in talks to buy AIG unit ILFC - Bloomberg

 

Aerospace & Defence 07 Dec 2012

 

German industry output slumps in October, durables weigh

 

07 Dec 2012

 

German government in "no doubt" economy still growing

 

07 Dec 2012

 

Eurosceptic Czech president says won't sign ESM treaty

 

07 Dec 2012

 

Analysis - SE Asian governments gamble on making cheap labour less cheap

 

07 Dec 2012

 

Developed country wages show no growth in 2012 - ILO

 

07 Dec 2012

 

Transport for London routes cash into hedge funds

 

UK 07 Dec 2012

 

Billionaire Aldi heir dies aged 58

 

07 Dec 2012

 

French finance minister says not campaigning for Eurogroup job

 

07 Dec 2012

 

Investindustrial confirms Aston Martin stake buy

 

07 Dec 2012

 

Greek deal terms not applicable to Portugal - PM

 

07 Dec 2012

 

ECB funding to Italy banks edges lower in November

 

07 Dec 2012

 

Housebuilder Berkeley signals confidence with early dividend

 

07 Dec 2012

 

Inflation expectations rise in November - BoE

 

07 Dec 2012

 

Stocks, dollar up modestly after strong jobs data

 

FXpert, 07 Dec 2012

 

China insurer PICC debut shines through Hong Kong IPO gloom |

 

07 Dec 2012

 

Euro zone inflation pressures set to ease - ECRI

 

07 Dec 2012

 

French trade deficit narrows in October

 

07 Dec 2012

 

India government seeks parliamentary approval for more spending

 

07 Dec 2012

 

MegaFon completes $1.1 billion deal for Euroset stake

 

07 Dec 2012

 

Morgan Stanley shifts broker bonuses to reward growth

 

07 Dec 2012

 

Rolls-Royce could face prosecution in bribery probe

 

Aerospace & Defence 07 Dec 2012

 

Google to charge small businesses for Web-based Apps software

 

07 Dec 2012

 

Apple, Samsung spar in court, ruling to come

 

07 Dec 2012

 

ArcelorMittal pulls French bid for EU steel project

[interestrateripoff]

8 December 2012 Last updated at 14:01

 

 

Sharp fall in UK factory output

 

UK manufacturing output in October fell at its fastest rate since June, official figures show, with food and drink output particularly low.

 

Tax protesters target Starbucks

 

Tax avoidance campaigners say they are protesting at UK Starbucks cafes, despite the firm's pledge to pay millions of pounds of extra corporation tax.

 

• 'Cynical PR move' Watch
  
• Starbucks agrees to pay more tax
  

 

 

Canada backs Nexen sale to CNOOC

 

Canada's government approves the sale of oil company Nexen to state-owned Chinese firm CNOOC, but says it will block any such future takeovers.

 

 

Autumn Statement 2012

 

 

• Is the government borrowing less?
  
• Analysis: Plugging tax leaks
  
• UK warned on debt 'credibility'
  
• Osborne right to sound confident?
  

 

 

 

 

 

• Cities see 'anti-cuts' marches
   
  Campaigners "protesting against the Autumn Statement" take part in marches in Manchester and Liverpool.
  
• Hemerdon mine firm secures £50m
   
  A further £50m of funding to reopen a tungsten mine near Plymouth is secured, the Australian company behind the project says.
  
• US jobless rate at four-year low
   
  The US adds a surprise 146,000 new jobs in November, cutting the jobless rate to 7.7%, as the economy shrugs off storm Sandy.
  
• Crisis dims German growth hopes
  
• Lagarde urges fiscal cliff deal
  
• Aston Martin gets cash injection
  
• Fiat to cut 1,500 jobs in Poland
  
• IoM and UK broker tax agreement
  
• Bank rules eased for bankrupts
  
• Trains fiasco 'to cost taxpayer'
  
• Scots newspapers see sales slump
  
• Netflix rebuked for Facebook post
  
• India upper house approves reform
  
• The tax choices faced by companies
   
  09:47 UK time, Friday, 7 December 2012
  Companies have more discretion over how much tax they pay than they often admit
  

[interestrateripoff]

A Data Vault, for Taking Charge of Your Online Life

 

By NATASHA SINGER 1:05 PM ET

 

Reputation.com is building a business around helping people store personal data about themselves as a way to manage their online reputations.

Peter DaSilva for The New York Times

 

Michael Fertik, the founder and chief executive of Reputation.com, at its offices in Redwood City, Calif., where he has amassed a database of information collected on millions of consumers.

 

 

 

Slipstream

 

A Tumultuous Trip to Mobile App Transparency

 

By NATASHA SINGER 27 minutes ago

 

A panel, devising a way to tell consumers what data is being collected about them by mobile apps, has had a hard time getting along, let alone reaching an agreement.

 

Big Money Bets on a Housing Rebound

 

By JANET MORRISSEY 41 minutes ago

 

Investment companies have spent billions of dollars to buy thousands of individual homes in hopes of reaping big profits when the industry rebounds.

 

Climate Talks Yield Commitment to Ambitious, but Unclear, Actions

 

By JOHN M. BRODER 12:15 PM ET

 

Delegates agreed to extend the increasingly ineffective Kyoto Protocol and other unspecified actions to reduce emissions of climate-altering gases.

 

Digital Domain

 

Billion-Dollar Flop: Air Force Stumbles on Software Plan

 

By RANDALL STROSS 5 minutes ago

 

An effort to modernize a logistics management system is canceled after six years and a cost of more than $1 billion.

 

Ebony Looks to Its Past as It Moves Forward

 

By MATT HABER

 

Ebony magazine has served as a repository for major events that have happened to African-Americans.

 

American Airlines All Clear for Bankruptcy Exit

 

By JAD MOUAWAD

 

The pilots union approved a new contract, freeing American Airlines to come out of bankruptcy, and possibly pursue a merger with US Airways.

 

Jobless Rate Edges Down to Its Lowest Level in 4 Years

 

By NELSON D. SCHWARTZ

 

Unemployment dropped to 7.7 percent as the economy continued to recover in spite of the lingering budget stalemate and the damaging effects of Hurricane Sandy.

 

• Economix Blog: Little Clarity on the Jobs Front
  
• Consumer Borrowing Rises to $2.75 Trillion
  

 

 

 

• Letters: The Outsourcing of Human Resources 36 minutes ago
  
• Letters: A Game-Changer for Nintendo 36 minutes ago
  

 

 

• Justices to Take Up Generic Drug Case
  
• DealBook: Canada Clears $15 Billion Chinese Takeover of an Energy Company
  

[interestrateripoff]

JPMorgan 'close to £500m UK tax settlement over offshore trust'

 

JPMorgan is said to be close to a £500m settlement with the Government over taxes avoided through an offshore trust used for bonuses.

98 Comments

Isle of Man joins Treasury's tax clampdown

 

 

Investors offer '€30bn in Greek debt buyback'

 

Greece is set to purchase back about half of its debt owned by private investors, broadly succeeding in a bond buyback that is key to its bailout, according to reports.

12 Comments

Germany's GDP growth forecast cut

 

 

 

Starbucks branches hit by tax protests

 

Coffee chain Starbucks was on Saturday hit by protests at branches across the country over its tax arrangements, despite announcing changes to its payments.

170 Comments

 

ENRC agrees £343m deal for Congo miner

 

ENRC, the mining giant, has moved to take control of its copper operations in the Democratic Republic of Congo after agreeing a £343m deal with Israeli businessman, Dan Gertler.

Comment

 

Shock manufacturing fall fuels triple-dip fears

 

UK manufacturing output fell in October at the fastest pace since June, raising fears the economy will contract in the final three months of the year.

177 Comments

UK inflation expectations rise in November

 

 

 

Shale gas deposit '50pc larger than thought'

 

The huge shale gas deposit around Blackpool is 50pc larger than previously thought, according to reports.

455 Comments

 

Italian police raid Facebook HQ

 

 

 

 

US adds 146,000 jobs, shrugs off Sandy

 

 

 

 

Bumi row takes another twist

 

 

 

 

BP partner Rosneft and Exxon to drill in Siberia

 

The perfect present for a love-struck couple? A pair of interlocking gloves called 'Smittens'

 

If only we could divert to the Exchequer the money we waste on fruitless Christmas gifts, says Michael Simkins

1 Comment

'Further recession for Eurozone' in 2013

 

 

 

 

Government is the missing piece in growth puzzle

 

 

 

 

'Triple dip' fears rise on collapse in factory output

 

Osborne’s vision of grim stagnation sets scene for QE III

 

Real recovery task is to scale back the state

 

Government is the missing piece in growth puzzle

 

You need to axe an entire department to get a grip on spending

[interestrateripoff]

Consumer Credit October: Whassup?

What do we have here?

In October, consumer credit increased at a seasonally adjusted annual rate of 6-1/4 percent. Revolving credit increased at an annual rate of 4-3/4 percent, while nonrevolving credit increased at an annual rate of 7 percent.

Hmmm...

Revolving increased by about $1.4 billion, while non-revolving credit increased by $8.9 billion. But... only $1.9 billion of that was "other than federally issued" -- that is, not student loans.

 

More at the link.