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The great interest rate rip off part 8


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Some welcome economic news as manufacturing sector shows growth

 

02 January 2013 10:25 AM

The new year kicked off with some welcome news on the economy as figures revealed activity in the manufacturing sector surged to a 15-month high in December.

 

 

 

FTSE tops 6000 after US fiscal cliff budget deal

 

02 January 2013 11:00 AM

Relief over America's deal to avert a budget crisis sent London's FTSE 100 Index smashing through the 6000 barrier for the first time since July 2011.

 

 

 

Cautious Britain shuns urge to borrow and spend

 

28 December 2012 12:00 AM

Companies and households are keener on cutting debt than investing, data shows

 

 

senate.jpg

Senate leader warns fiscal cliff deal unlikely

 

27 December 2012 09:18 PM

Prospects of a deal to pull the American economy back from the "fiscal cliff" appeared dimmer than ever tonight after the Democratic leader of the Senate admitted that attempts to agree an alternative to the automatic tax and spending changes due to kick in next month were likely to fail.

 

 

 

Festive cheer for Waitrose

 

27 December 2012 09:18 PM

Heston Blumethal specials like his figgy pudding and chocolate cake helped Waitrose to its best Christmas period ever, the John Lewis-owned supermarket chain revealed today.

 

 

 

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Fiscal cliff crisis forces Obama to abandon Hawaii trip

 

27 December 2012 09:00 AM

With only days to go before the US goes over the “fiscal cliff”, President Obama cut short his Christmas break in Hawaii to arrive back in Washington DC in a last-ditch attempt to hammer out an alternative to the more than $600bn in looming spending cuts and tax rises.

 

 

 

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Toyota to pay $1bn in car-defect case

 

26 December 2012 11:14 PM

Japan's Toyota has agreed to pay more than $1bn to settle a US class-action suit involving claims of acceleration problems with its cars.

 

 

 

Samsung seeks US ban on Ericsson

 

26 December 2012 07:16 PM

Samsung has set the ball rolling on a new skirmish in the international patent wars, seeking a ban on American imports and sales of some Ericsson products after the Swedish technology company sued the South Korean conglomerate for allegedly infringing its intellectual property.

 

 

 

Markets rise in Japan to greet new premier

 

26 December 2012 07:16 PM

Shares in Japan jumped today on hopes for the world's third-largest economy as Shinzo Abe was voted in as the new Prime Minister.

 

 

 

Christmas high-street spending is 'acceptable but not exceptional'

 

24 December 2012 01:55 PM

High-street spending in the run-up to Christmas has been “acceptable but not exceptional”, the retail industry trade association said today.

 

 

 

Dozens of retailers on the brink as rents fall due

 

24 December 2012 12:00 AM

Insolvency specialists warn of more trouble for high streets shunned by many shoppers

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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MF Global deal frees funds due to creditors in UK

 

23 December 2012 06:57 PM

Thousands of clients at the failed broker MF Global could finally get their money back after administrators settled a long-running legal dispute.

 

 

 

A third of bankers hate their jobs, survey finds

 

23 December 2012 06:57 PM

In many quarters bankers are public enemy number one: a loathed bunch of self-interested schemers who conspired to crash the world economy in pursuit of absurd bonuses.

 

 

 

Jack Wills loses two senior executives

 

23 December 2012 12:00 AM

Jack Wills has previously ridden the wave of soaring demand for its preppy clothing among Middle England teens and university students, boosted by endorsements from the popular boy-band One Direction.

 

 

 

HMV hopes for Christmas to be its saviour

 

23 December 2012 12:00 AM

The beleaguered entertainment retailer HMV faces a critical two day of trading before Christmas Day that could play a pivotal role in shaping whether it survives on the high street.

 

 

 

UK poised to shoot out of recession

 

23 December 2012 12:00 AM

Lower inflation will help consumers to restore growth to the economy, economists say

 

 

Angry insurers call for an end to EU regulation uncertainty

 

23 December 2012 12:00 AM

Britain's insurance industry has expressed its "huge frustration" with the EU for continual delays to new regulations it says have already cost the sector more than £1bn in red tape.

 

 

 

Santa arrives too early for the City

 

23 December 2012 12:00 AM

Seasonal goodwill is said to boosts markets, but this year's peak is premature. Laura Chesters reports

 

 

Tesco 'turns corner' after woeful year

 

23 December 2012 12:00 AM

Supermarket giant set to appoint long-serving executive as new head of its UK operation as it seeks to put the setbacks of 2012 behind it

 

 

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Deficit worsens despite George Osborne's boast

 

22 December 2012 12:00 AM

Public-sector borrowing rose in November continuing a trend of deterioration

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Pilots agree to talk with Iberia about job cuts

 

Aerospace & Defence, Spain 8:01pm GMT

 

SunPower inks $2.5 billion deal with Buffett's MidAmerican Energy

 

7:55pm GMT

 

Euro zone factory slump deepens, U.S., Asia perk up

 

7:48pm GMT

 

Global factory activity rises in December for first time since May - PMI

 

7:48pm GMT

 

Car slump in France, Spain and Italy spells gloomy 2013

 

Spain 7:38pm GMT

 

CVC Capital Partners buys Italy's Cerved for 1.13 billion euros

 

6:10pm GMT

 

Bigger fights loom after U.S. "fiscal cliff" deal | btn_rel_video.gif

 

World 6:07pm GMT

 

U.S. budget deal helps FTSE 100 bust through 6,000

 

FXpert 5:07pm GMT

 

Factory activity unexpectedly rebounds in December - PMI

 

UK, 4:52pm GMT

 

U.S. manufacturing ends 2012 up despite "cliff" fear

 

4:38pm GMT

 

German factory output shrinks again but inflation muted | btn_rel_video.gif

 

4:16pm GMT

 

World shares hit highest since July 2011

 

FXpert 3:37pm GMT

 

West's sweet tooth gives Sudan gum arabic export success

 

2:43pm GMT

 

Wealthy Gulf investors warm to Africa

 

Africa 2:02pm GMT

 

Food prices push German inflation above ECB ceiling

 

1:53pm GMT

 

Leading Chinese firms eye Israeli technology investments

 

12:30pm GMT

 

Rautaruukki to begin job cut talks in offshore business

 

12:23pm GMT

 

Rosneft leads Russian oil output to new high

 

11:52am GMT

 

German sale finds buyers despite U.S. fiscal deal

 

11:30am GMT

 

ArcelorMittal to sell $1.1 billion stake in Canadian unit

 

10:58am GMT

 

Retailer John Lewis posts record Christmas sales

 

UK 10:56am GMT

 

Spain new cars sales drop 13.4 percent in 2012 versus 2011

 

10:43am GMT

 

Czech, Polish manufacturing shrink more, rate cuts seen

 

10:13am GMT

 

Instant View - Manufacturing PMI jumps to fifteen-month high in December

 

UK, 9:57am GMT

 

Lamprell agrees waivers to banking covenants

 

9:45am GMT

 

South Korea's Hyundai, Kia expect slowest sales growth in ten years

 

9:44am GMT

 

Manufacturing PMI hits fifteen-month high in December - Markit

 

UK, 9:29am GMT

 

Cyprus Popular Bank says expects reduced 2012 loss

 

9:12am GMT

 

U.S. "kicks can" towards "fiscal abyss" - China's Xinhua

 

World 8:56am GMT

 

Macau gambling revenue hits record in December

 

8:31am GMT

 

Irish manufacturing growth slows in December - PMI

 

7:42am GMT

 

South Korea's Hyundai, Kia expect slowest sales growth in 10 yrs

 

7:15am GMT

 

Drifting Shell drilling rig grounds on rocks off Alaska | btn_rel_video.gif

 

7:07am GMT

 

Global stocks, commodities rally on U.S. fiscal deal

 

FXpert 6:56pm GMT

 

LG Electronics starts taking orders for next-generation TVs

 

6:25am GMT

 

Europe, Asia banks join U.S. in swap dealer line-up

 

6:04am GMT

 

Asia's factories show signs of revival, but exports sluggish

 

5:50am GMT

 

U.S. fiscal plan averts "dairy cliff," buys time for farm bill

 

World 5:03am GMT

 

Factbox - Key points in bill passed by Congress to avert U.S. "fiscal cliff"

 

World 4:51am GMT

 

Obama resumes Hawaii vacation after "fiscal cliff" bill passes

 

World 4:50am GMT

 

After fiscal win, Obama warns Congress on debt fight

 

World 4:44am GMT

 

"Fiscal cliff" deal looks so-so for U.S. businesses on taxes

 

World, 4:30am GMT

 

U.S. House approves legislation averting "fiscal cliff"

 

World 4:17am GMT

 

U.S. "fiscal cliff" bill sails through House test vote

 

World 2:50am GMT

 

ArcelorMittal to sell $1.1 billion stake in Canada iron ore unit to POSCO group

 

2:23am GMT

 

Top House Republican predicts final passage of "fiscal cliff" bill

 

World 1:45am GMT

 

U.S. House to vote on Senate "fiscal cliff" bill Tuesday night - aide

 

World 1:44am GMT

 

U.S. House preparing to vote on Senate "fiscal cliff" bill - Democrat Hastings

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

2 January 2013 Last updated at 17:47

 

 

Markets rally on US fiscal deal_65044211_65044203.jpg

 

Global stock markets rally after a short-term deal to stave off the US "fiscal cliff" was reached, averting spending cuts and tax increases worth $600bn (£370bn).

 

 

_65041721_m8afjday.jpgAvis buys car sharing firm Zipcar

 

Global car hire group Avis Budget is to get into the fast-growing car sharing market by buying Zipcar for $500m.

 

 

_65039627_johnlewis.jpgJohn Lewis' Christmas sales jump

 

The department store chain John Lewis said its sales in the five weeks to the end of December rose by 13%, with both stores and online doing well.

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Wall Street and FTSE 100 jump in relief rally after 'fiscal cliff' deal

 

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US stock markets open strongly, giving the "fiscal cliff" rally in global markets a second wind that adds £32bn to the value of Britain's top companies.

20 Comments

'Fiscal cliff' deal drives global market rally: as it happened

 

 

Investors hoping for 'January effect' in 2013

 

 

'Fiscal cliff' averted: should you invest in the US stock market?

 

 

Key points of fiscal cliff deal

 

 

Portugal warns troika to back off on austerity

 

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Portugal's president has ordered a legal inquiry into the country’s austerity policies and threatened a showdown with creditors over the draconian terms of its EU-IMF bail-out.

14 Comments

 

Nationwide extends 95pc mortgage

 

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Building Society extends "Save to Buy" mortgage scheme to home movers with small amounts of equity - the deal was previously available only to first-time buyers.

45 Comments

House prices edge up in November

 

 

 

Defence firms bid for £1.5bn air contract

 

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Defence companies competing for a £1.5bn contract to replace Britain’s military air traffic infrastructure will submit proposals over the next few days.

2 Comments

 

Emirates set to become second largest airline

 

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Emirates, the ambitious Dubai carrier, will move within touching distance of becoming the world’s biggest airline this year, research suggests.

Comment

 

UK manufacturing jumps to 15-month high

 

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British manufacturing grew unexpectedly in December at the fastest pace in 15 months, boosting hopes of a better 2013 for the sector.

66 Comments

 

Republican leader faces party backlash over Hurricane Sandy aid

 

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The Republican party was in disarray after a major revolt over the compromise to avert the "fiscal cliff" and fury over the leadership's decision to delay relief for victims of Hurricane Sandy.

13 Comments

UK manufacturing jumps to 15-month high

 

 

 

 

Fiscal cliff deal pushes FTSE 100 above 6,000

 

 

 

 

'Fiscal cliff' deal drives global market rally: as it happened

 

I want to turn bullish, but I can’t see where growth is going to come from

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

http://studiotendra.com/2012/12/29/what-is-actually-going-on-in-iceland/

 

Because I’m tired of you people spreading untruths

 

Since people continue to spread the factually dubious statement that Iceland “told creditors & IMF to go jump, nationalised banks, arrested the fraudsters, gave debt relief and is now growing very strongly, thanks” I find I have to write this here thing.

(This specific example comes from twitter but is almost identical, word for word, to the standard ‘Iceland is an economic utopia’ mantra that is being repeated ad nauseam.)

Because, for some reason, people won’t believe Icelanders when they say that the above is not quite the reality as most Icelanders experience it.

1. Iceland told IMF to go jump, go away, left the IMF program etc.

 

No it didn’t. Just look at the IMF’s country overview page for Iceland and read the reports.

https://www.imf.org/external/country/ISL/

(Too much to read? Well, boohoo. Don’t claim to know what Iceland’s and IMF’s relationship is until you have.)

Even a cursory look should tell you that Iceland didn’t throw the IMF out of the country and that the IMF’s praise for Iceland and our government is effusive and that Iceland followed the IMF’s advice to a tee. There are other details there, if you read through the archives, that are interesting, such as the fact that in several cases, especially when it came to the banks, Iceland actually went further along the libertarian axis than the IMF recommended.

 

More at the link.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Breaking news

 

 

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Switzerland’s oldest bank admits helping rich Americans hide over $1bn (£738m) from US tax authorities

 

03 January 2013 05:43 PM

Switzerland’s oldest bank has admitted it helped wealthy Americans hide more than $1bn (£738m) from US tax authorities.

 

 

 

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Twitter could be worth £7bn if flotation were to go ahead

 

03 January 2013 06:48 PM

Twitter could value up to £7 billion if it goes public next year, according to a financial research firm.

 

 

 

Next posts 3.9% rise in sales

 

03 January 2013 08:39 AM

Next posted a 3.9 per cent rise in sales for November and December today as the retailer weathered the difficult conditions on the high street.

 

 

 

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Osborne's £700m bonus for the banks

 

02 January 2013 09:12 PM

Chancellor faces massive shortfall on anticipated revenue from levy on banks' balance sheets

 

 

 

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Paying tax? That's a question of judgement, claims Martin Sorrell

 

02 January 2013 09:12 PM

The advertising tycoon Sir Martin Sorrell reignited the row over corporate tax after he described the amount big companies pay as "a question of judgement".

 

 

 

John Lewis in line to wear festive crown after storming online sales

 

02 January 2013 08:45 PM

John Lewis has staked a strong claim to be the high street's Christmas winner by posting record sales over the festive period, driven by a scorching online performance.

 

 

 

Avis takes over car club firm Zipcar for $500m

 

02 January 2013 08:45 PM

Zipcar, the car club business, has been snapped up by the rental giant Avis Budget in a deal worth $500m (£300m).

 

 

 

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Shares surge with relief after deal ends US cliffhanger

 

02 January 2013 08:45 PM

Strong manufacturing data also helps FTSE 100 hit highest level since July 2011

 

 

 

Some find inner peace in champagne, others in filing a tax return

 

02 January 2013 08:45 PM

While most were topping up their glasses ready for a midnight toast, 160 Britons spent the hour after 11pm on New Year's Eve filing their tax return, according to HMRC.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Transocean to pay $1.4 billion for role in BP oil spill

 

Gulf Oil Spill 6:57pm GMT

 

FTC ends long Google probe with mild reprimand

 

6:56pm GMT

 

Ex-SAC fund manager pleads not guilty in insider case

 

6:40pm GMT

 

Credit Suisse plans new asset-backed bonus scheme

 

6:18pm GMT

 

Regulators to ease up on banks to get credit flowing - source

 

6:03pm GMT

 

Airbus seen posting 900 orders, 580 deliveries for 2012

 

Aerospace & Defence 5:59pm GMT

 

Banks set to lend more helped by BoE scheme

 

5:54pm GMT

 

Swiss bank Wegelin pleads guilty in U.S. tax evasion case

 

5:36pm GMT

 

German and Spanish jobs - To have and have-not | btn_rel_video.gif

 

Spain 5:22pm GMT

 

FTSE hits fresh 17-month highs after U.S. data

 

FXpert 5:18pm GMT

 

New rules to help exchanges break brokers' grip on swaps

 

5:05pm GMT

 

Productivity problem worse than thought - Bank of England

 

4:57pm GMT

 

Hormel buys Unilever's Skippy peanut butter for $700 million

 

4:46pm GMT

 

Gap moves into luxury market with Intermix buy

 

4:41pm GMT

 

RBS's Ulster Bank to close branches after review

 

2:41pm GMT

 

French government will take few months to plan 2014 spending cuts - PM

 

2:32pm GMT

 

Spain's iconic Parador hotels to lay off hundreds

 

Spain 1:03pm GMT

 

Better margins a bonus for Next as Christmas sales rise

 

UK 5:16pm GMT

 

CRH spent $496 million on deals in second half

 

11:45am GMT

 

German unemployment edges up but holds near lows

 

11:44am GMT

 

Waitrose posts record sales in run-up to New Year

 

11:29am GMT

 

Construction weakest in six months in December - PMI

 

UK 11:28am GMT

 

John Menzies to close Chicago airport ops, take seven million pounds charge

 

11:25am GMT

 

Alaska oil rig drags tugs for miles before grounding | btn_rel_video.gif

 

World 11:34am GMT

 

China services growth adds to economic revival hopes

 

7:40am GMT

 

House prices edge down in December - Nationwide

 

UK 7:12am GMT

 

Global shares steady after rally, dollar jumps

 

FXpert, 6:04pm GMT

 

Clothing retailer Gap to buy Intermix for $130 million - WSJ

 

6:16am GMT

 

Al Jazeera buys Gore's Current TV, terms undisclosed

 

4:38am GMT

 

Google's Schmidt plans North Korea trip - AP

 

4:32am GMT

 

Ex-directors of Satyam win ruling in U.S. class-action suit

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

3 January 2013 Last updated at 19:08

 

 

Transocean agrees oil spill fine_65066353_64439232.jpg

 

Transocean, which owned the Deepwater Horizon oil rig, agrees a $1.4bn (£867m) settlement with the US government for violating the Clean Water Act.

 

 

_65063465_eyw79oxs.jpgStart-up loans scheme expanded

 

The government expands its start-up loans scheme to try to encourage young people to run their own businesses, but critics say it has made a disappointing start.

 

 

 

_65045733_kwp9wr7m.jpgMortgage funds to rise, says Bank

 

The supply of mortgage funds will be increased "significantly" by the Funding for Lending Scheme, the Bank of England says.

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

UK banks 'significantly' increase lending for mortgages and business

 

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UK lenders have reported a significant increase in the amount of credit made available to households and businesses, according to the Bank of England, in the clearest signal yet that efforts to free up credit are working.

166 Comments

Boost for Dragons' Den-style start-up loan scheme

 

 

UK house prices fell 1pc in 2012

 

 

Google settles long-running antitrust probe

 

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Google is agreeing to license certain patents to mobile phone rivals and stop a practice of including snippets from other websites in its search results .

Comment

Twitter 'worth $11bn, likely to float in 2014'

 

 

 

Waitrose enjoys record Christmas sales

 

waitrosenew_2387148g.jpg

Waitrose, the upmarket supermarket group, enjoyed record sales over Christmas as it grabbed more customers from Britain’s “big four” supermarkets.

9 Comments

Next raises forecast on strong Christmas sales

 

 

 

Transocean nears Gulf of Mexico settlement

 

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BP shares have jumped on reports the US Justice Department is nearing a $1.4bn settlement with Transocean, the owner of the drilling rig that sank after an explosion killed 11 workers in the Gulf of Mexico.

3 Comments

 

Phone firms face ban on rising 'fixed' prices

 

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Telecoms providers could be banned from raising prices in the middle of a broadband, mobile or home phone contract, Ofcom has said.

30 Comments

 

Wall Street slips as new budget talks loom

 

markets_2441503g.jpg

Wall Street fell as a global market rally triggered by the fiscal cliff deal faded and attention turned to further negotiations in coming months.

68 Comments

EU to check if Germany hindering capital flow

 

 

 

Construction orders slump to 2009 levels

 

 

 

Demographic timebomb puts paid to hopes of house price revival

 

UK house prices fell 1pc in 2012

 

house_1706829g.jpg

An average of £1,560 was wiped off house prices in 2012 and, without London’s continued climb, prices would have fallen further, according to lender Nationwide.

Comment

FTSE manages to climb as fiscal cliff euphoria fades

 

 

 

 

Small firms upbeat about 2013, but still not spending

 

 

 

 

EU to check if Germany hindering capital flow

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

In Victory for Google, U.S. Ends Antitrust Investigation

 

By EDWARD WYATT 42 minutes ago

 

 

The Federal Trade Commission found that Google has not violated antitrust statutes in the way it structures its Web search application, dealing a setback to Google’s rivals.

 

 

 

 

04antitrust-inline-sfSpan.jpg

J. Scott Applewhite/Associated Press

 

Jon Leibowitz, the F.T.C. chairman, said Google's search engine actions were “not undertaken without legitimate justification.”

 

 

 

 

 

 

14auto-span-thumbStandard.jpg

Car Sales End Strong Year on Modest Note

 

By BILL VLASIC 12:47 PM ET

 

A 10 percent increase over all for the industry for December would put the year’s sales at about 14.5 million vehicles, the best performance since 2007.

 

 

Retailers Post 4.5% Increase in December Sales

 

By STEPHANIE CLIFFORD 10:55 AM ET

 

Despite early indications that the holiday season would be lackluster, the 17 chains tracked by Thomson Reuters reported gains for the month above the 3.3 percent gain analysts expected.

 

Oil Rig’s Owner Settles Gulf Spill Case for $1.4 Billion

 

By THE ASSOCIATED PRESS 1:17 PM ET

 

The Justice Department has reached a $1.4 billion settlement with Transocean Ltd., the owner of the drilling rig that spawned the massive 2010 oil spill in the Gulf of Mexico.

 

Media Decoder Blog

 

Barnes & Noble Reports Tepid Holiday Sales

 

By LESLIE KAUFMAN 9:45 AM ET

 

The company's Nook unit suffered a 12.6 decline in sales compared with the same period a year earlier, a blow to its hopes of building up its digital division to compete with behemoths like Amazon.com.

 

DealBook

 

Swiss Bank Pleads Guilty to Tax Law Violations

 

By PETER LATTMAN 35 minutes ago

 

In federal court in Manhattan, Switzerland's oldest private bank, Wegelin & Company, admitted to helping Americans to evade United States taxes, the first time a foreign financial institution has pleaded guilty to tax-law violations.

 

Media Decoder Blog

 

03jazeera-pic-thumbStandard-v2.jpg

Al Jazeera Seeks a U.S. Voice Where Gore Failed

 

By BRIAN STELTER

 

Al Gore’s low-rated cable channel will provide the pan-Arab news giant with something it has sought for years: a pathway into American living rooms.

 

 

Biogen Gives Up on Drug for Lou Gehrig’s Disease

 

By ANDREW POLLACK 9:39 AM ET

 

The closely watched experimental drug failed to work in a late-stage clinical trial, Biogen Idec said.

 

Some Breaks for Industries Are Retained in Fiscal Deal

 

By NELSON D. SCHWARTZ and MATTHEW L. WALD

 

Hollywood, the railroad industry and rum producers benefited from some obscure provisions that survived the deal between the White House and Congress.

 

 

Stocks Retain Gains After Rally

 

By REUTERS

 

Stocks traded slightly higher on Wall Street as investors locked in profits following a rally in the previous session.

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
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Claims: +372k

I don't see what we've got here that anyone likes....

In the week ending December 29, the advance figure for seasonally adjusted
initial claims
was 372,000, an increase of 10,000 from the previous week's revised figure of 362,000. The 4-week moving average was 360,000, an increase of 250 from the previous week's revised average of 359,750.

Meh. What's the big table tell us as the last number before we get the NFP tomorrow?

 

More at the link.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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ADP: +215k?

This is an amusing report..... and tomorrow we'll see if it's worth the digital ink spilled to print it.

ROSELAND, N.J. – January 3, 2013 – Private sector employment increased by 215,000 jobs from November to December, according to the December ADP National Employment Report®, which is produced by Automatic Data Processing, Inc. (ADP®), a leading provider of human capital management solutions, in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. The November 2012 report, which reported job gains of 118,000, was revised upward by 30,000 to 148,000 jobs.

That's a hell of a jump.

The interesting (and disturbing) internals, however, are that most of the change was found in medium businesses -- and large business was good for more than three times that of small.

 

More at the link.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Breaking news

 

 

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

Co-operative Bank fined over PPI delay

 

04 January 2013 11:44 AM

The Co-operative Bank was punished by the regulator today after it delayed valid claims for payment protection insurance (PPI) compensation "for no good reason".

 

 

 

Recession fears as services sector dip hits economy

 

04 January 2013 11:41 AM

Britain's economy is feared to have plunged back into the red after figures suggested the powerhouse services sector shrank last month for the first time in two years.

 

 

 

Next bolsters hopes for high street sales with a festive leap

 

03 January 2013 08:04 PM

Profits guidance is raised after a fillip from online business and shares go soaring

 

 

Fears over carbon emissions after permit prices dive

 

03 January 2013 08:04 PM

The global carbon market shrank by more than a third to €61bn (£49bn) in 2012, the lowest level in its five-year history, fuelling concerns that key permit schemes designed to force down CO2 emissions are proving ineffective.

 

 

 

Prices struggling and face more gloom, says Nationwide

 

03 January 2013 08:04 PM

House prices are languishing at 12 per cent below their 2007 peak and face another year in the doldrums, Nationwide warned today.

 

 

 

Mortgages soar thanks to the Bank's Funding for Lending

 

03 January 2013 08:04 PM

Mortgage availability has soared to its highest level since the onset of the credit crunch nearly five years ago, the Bank of England said today.

 

 

 

Chemring shake-up as new chief ejects finance boss

 

03 January 2013 08:04 PM

After only two months at the helm of defence firm Chemring, new chief executive Mark Papworth today used the firm’s own ejector seats, replacing his finance boss and appointing a head of human resources in a boardroom shake-up.

 

 

 

Hormel snaps up Skippy from Unilever

 

03 January 2013 08:04 PM

Hormel Foods has agreed to acquire the United States peanut butter brand Skippy from Unilever, the consumer goods giant, for $700m (£430m) cash, in an attempt to capitalise on rising demand for the spread overseas.

 

 

 

Iberia pilots agree to talks with IAG

 

03 January 2013 08:04 PM

International Airlines Group, the owner of British Airways and Iberia, could escape strikes and other industrial action after the Spanish pilots' union agreed to talks on restructuring Iberia by axing staff and cutting salaries.

 

 

 

Transocean settles over oil spill

 

03 January 2013 08:04 PM

Transocean, the oil contractor that owned the Deepwater Horizon rig which blew up in the Gulf of Mexico in 2010, has reached a $1.4bn (£859m) settlement with the United States Department of Justice.

 

 

 

Bumi row is stoked up

 

03 January 2013 08:04 PM

The financier Nat Rothschild has escalated his row with the board of Bumi, after claiming that the latest results from a key subsidiary of the Indonesian coal miner he co-founded lacked credibility.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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4 January 2013 Last updated at 19:13

 

 

Swiss bank to close after US fine_65072423_wegelin.jpg

 

Switzerland's oldest bank, Wegelin, is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes.

 

 

UK service sector activity falls

 

Activity in the UK's services sector fell for the first time in two years in December, a survey suggests, raising fears for the economy.

 

 

 

_65072211_65072029.jpgVirgin France declares insolvency

 

Virgin France is to declare itself insolvent, the latest music chain to fail against a backdrop of consumers shifting to buying digital music.

 

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

Clearwire investor steps up campaign against Sprint deal

 

7:51pm GMT

 

Four Greek banks make offers for Postbank - source

 

6:18pm GMT

 

JPMorgan ordered to comply with U.S. probe of Madoff

 

6:17pm GMT

 

Swiss banks see hope for tax probe deals after Wegelin demise

 

5:51pm GMT

 

U.S. activity picks up, hopes for euro zone rise

 

5:48pm GMT

 

Christmas spending nudges up euro zone prices

 

5:48pm GMT

 

Global private sector expands at fastest pace since March - PMI

 

5:48pm GMT

 

Surprise fall in UK services activity raises recession risk

 

UK 5:46pm GMT

 

Christmas updates to shine light on UK retail prospects

 

UK 5:40pm GMT

 

FTSE sets highest closing level in nearly two years

 

FXpert, 5:32pm GMT

 

Bets against Morrisons high before Christmas update

 

5:25pm GMT

 

Race for weakness to see euro, sterling gain in 2013

 

Japan 4:19pm GMT

 

European heavyweight Rabobank quits Euribor

 

3:44pm GMT

 

Monte Paschi shares soar on short-covering, bond rally

 

3:33pm GMT

 

Credit crunch risk to prompt easing on bank rules

 

3:17pm GMT

 

GM recalls more than 69,000 vehicles that could roll away

 

3:12pm GMT

 

Virgin Megastore France to declare itself insolvent

 

2:12pm GMT

 

Jeweller brings world's first Fairtrade silver to Britain

 

UK 2:08pm GMT

 

UK November mortgage approvals highest since January

 

UK 1:50pm GMT

 

Swiss bank Wegelin to close after guilty plea

 

1:28pm GMT

 

Greece may beat 2012 primary budget gap target - source

 

1:25pm GMT

 

Instant View - UK services PMI shows unexpected fall, mortgage approvals up

 

UK 1:18pm GMT

 

Bank supervisors intervene in global accounting deadlock

 

G20 1:05pm GMT

 

Sky strikes Bundesliga deal with Deutsche Telekom

 

Sports 12:30pm GMT

 

Spanish banking unions brace for more job cuts

 

Spain 11:42am GMT

 

Irish lending still weak in November, though falling at slower pace

 

11:24am GMT

 

Irish jobless claims fall for sixth successive month in December

 

11:24am GMT

 

Co-op hit with FSA fine over PPI complaint handling

 

UK, 11:12am GMT

 

RBS's Ulster Bank to close branches after review

 

9:55am GMT

 

Anglo American sells Brazilian Amapa mine to Zamin

 

9:43am GMT

 

China Galaxy Sec files application for $1.5 billion HK-Shanghai IPO - IFR

 

9:39am GMT

 

Service sector activity falls for first time in two years in December: PMI

 

9:31am GMT

 

Spain services sector shrinks for eighteenth month in Dec - PMI

 

Spain 8:56am GMT

 

German private sector grows for 1st time since April - PMI

 

8:56am GMT

 

Swedish services PMI raises hopes economy has bottomed out

 

8:56am GMT

 

Italy services sector shrinks for nineteenth month in December - PMI

 

8:53am GMT

 

French service sector shrinks faster in December - PMI

 

8:53am GMT

 

India's Infosys denies report of firing 5,000 staff

 

8:51am GMT

 

Deutsche Telekom strikes Bundesliga broadcast deal with Sky

 

8:50am GMT

 

Greece may beat 2012 primary budget target - paper

 

8:35am GMT

 

Transocean to pay $1.4 billion for role in BP oil spill

 

Gulf Oil Spill 8:28am GMT

 

India regulator rejects settlement in Reliance Industries dispute

 

8:26am GMT

 

Infosys says media report of firing 5,000 staff wrong

 

8:03am GMT

 

Santander to cut 3,000 jobs after Banesto merger - report

 

Spain 7:55am GMT

 

Mediocre job growth points to slow grind for U.S. economy

 

7:05pm GMT

 

Fed becoming worried about stimulus side effects

 

7:47am GMT

 

Anglo American sells Amapa stake to Zamin Ferrous

 

7:25am GMT

 

Credit Suisse plans new asset-backed bonus scheme

 

7:24am GMT

 

Automakers in China brace for year of tepid growth as Japanese struggle | btn_rel_video.gif

 

Japan 7:01am GMT

 

Surging exports spur Irish services on in December - PMI

 

7:00am GMT

 

Bank of Japan should be responsible for 2 percent inflation goal - Japan's Abe

 

Japan 6:38am GMT

 

Wal-Mart defends low-price ads after rivals' objection

 

5:26am GMT

 

SEC drops case against ex-Berkshire exec Sokol - lawyer

 

4:28am GMT

 

Swiss bank Wegelin to close after guilty plea

 

Israel 3:07am GMT

 

Damage, flooding on grounded Shell oil rig but no spill | btn_rel_video.gif

 

World 7:54am GMT

 

U.S. ends long Google probe with only mild reprimand | btn_rel_video.gif

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

Link to post
Share on other sites

Finding a Line Between ‘Aggressive’ and ‘Evil’

 

By JAMES B. STEWART 11:43 AM ET

 

The Federal Trade Commission’s antitrust ruling on Google was a victory for the search giant, but it’s unclear if consumers won, too.

 

05stewart-sf-sfSpan.jpg

Andrew Gombert/European Pressphoto Agency

 

The F.T.C. decision in the Google case is likely to set standards for competition on the Internet for years to come.

 

 

 

U.S. Continues to Add Jobs at Slow Pace, Report Shows

 

By CATHERINE RAMPELL

 

American employers added 155,000 jobs in December, about apace with job growth over the last year, the Labor Department reported on Friday. The unemployment rate was 7.8 percent.

 

Economix Blog

 

Four Years Later, 28,000 More Jobs

 

By FLOYD NORRIS

 

It appears that the past four years had a net gain of just 28,000 jobs. Private-sector jobs were up, but government employment was down.

 

 

F.D.A. Offers Sweeping Rules to Stop Food Contamination

 

By STEPHANIE STROM 11:34 AM ET

 

The proposed rules represent a change in the way the agency polices food, a process that currently involves swinging into action after food contamination has been identified.

 

 

Media Decoder Blog

 

Gore-thumbStandard-v2.jpg

Gore Went to Bat for Al Jazeera Network, and for Himself

 

By BRIAN STELTER

 

Al Gore used the same arm-twisting he employed to build up Current TV to persuade cable distributors to keep showing it after it was sold to Al Jazeera.

 

 

Inquiry Into Tech Giants’ Tax Strategies Nears End

 

By CHARLES DUHIGG and DAVID KOCIENIEWSKI

 

Companies like Apple have drawn scrutiny because of their penchant for shifting profits overseas, resulting in low American tax bills.

 

 

DealBook

 

More European Bank Loan Sales Expected

 

By MARK SCOTT 11:58 AM ET

 

Europe’s largest financial institutions, including HSBC and Deutsche Bank, are expected to sell a combined $78 billion of so-called noncore loans this year, a 33 percent rise compared with 2012, estimates from PricewaterhouseCoopers show.

 

China Says Times Reporter Was Not Expelled

 

By THE NEW YORK TIMES 11:14 AM ET

 

A foreign ministry spokeswoman said Chris Buckley’s visa application had been filed incorrectly and foreign news organizations were to blame for his departure from China.

 

 

 

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

Triple-dip recession threat grows as UK service sector shrinks

 

waiter_2087523g.jpg

Britain's services sector shrank for the first time in two years in December, increasing the likelihood that the country is "triple-dipping" back into a recession.

29 Comments

UK service sector shrinks for first time in two years - reaction

 

 

BoE's top minds raise questions over QE

 

 

Worst of eurozone downturn showing signs it has passed

 

 

Ireland unemployment rate holds steady at 14.6pc

 

 

Starbucks, Amazon lack 'scruples' over tax - PM

 

starbucks-amazon-c_2442788g.jpg

Prime Minister pledges to make 'damn sure' that foreign companies that legally avoid large tax bills will pay fair share.

Comment

 

US job growth cools as recovery grinds on

 

workers_1889586g.jpg

America's employers added 155,000 jobs to the economy last month, pointing to a stagnant pace of economic growth that was unable to make further inroads in the country's still high unemployment rate.

2 Comments

US economy adds 155,000 jobs in December - reaction

 

 

Wall Street edges up as US job creation holds steady

 

 

 

'Massive' food price hikes on the way

 

waitrosenew_2387148g.jpg

Britain's recent food price rises are "just the tip of the iceberg," and consumers should brace themselves for "massive" hikes in some commodities this year, the managing director of Waitrose has warned.

442 Comments

Farmland prices forecast to rise 5pc in 2013

 

 

 

Reader’s Digest UK facing administration

 

digest_2443474g.jpg

Reader's Digest UK, the staple of doctors’ waiting rooms, is facing administration less than three years after being rescued by private equity veteran Jon Moulton.

Comment

 

UK borrowing costs climb above France

 

GiltSummary_2442948g.jpg

Britain's borrowing costs have climbed above France's for the first time in almost 20 months.

A year for the Tories to restore their reputation

 

job-centre_2443264g.jpg

Telegraph View: The party must fix the economy, however radical the measures and whatever the impact on its popularity

2 Comments

We may soon need Europe more than Europe needs us

 

 

 

 

Ireland unemployment rate holds steady at 14.6pc

 

 

 

 

US economy adds 155,000 jobs in December - reaction

 

 

 

We may soon need Europe more than Europe needs us

 

Switzerland and Britain are now at currency war

 

Another Balls-up, but do the Tories offer any kind of an alternative?

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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Share on other sites

Bureau Of Lies and Scams: +155k Employment

From our favorite dissemblers:

Nonfarm payroll employment
rose by 155,000 in December, and the
unemployment rate
was
unchanged at 7.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, food services and drinking places, construction, and manufacturing.

Drinking places eh? Makes perfect sense to me

Internally the workweek was up a tenth and the average hourly wage up 7 cents, which is not all that awful.

 

More at the link.

If DEBT is the problem REPAYMENT is the solution

 

Debt revenue doesn't equal tax revenue

 

I will pay for my own stupidity but not for the stupidity of others.

 

Remember, profits are privatised, losses are socialised.

That's the 21-century Free Market.

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