The great interest rate rip off part 1

[interestrateripoff]

Mervynflation

TMM's question for the BoE is "At what point do you accept you have got this wrong?". While conspiracy theories have grown that this is all part of a grand plan to inflate and reduce the real debt burden for both households and the government, TMM think it is more to do with groupthink than anything sinister. The trouble is, we have no idea at what point the BoE will finally respond... 4% CPI? For the time being, both Sterling and Gilts have to be a sell on rallies given the inflation tail risk.

 

http://macro-man.blo...vynflation.html

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Breaking news

 

• 
  
• US STOCKS SNAPSHOT-Google rise lifts Nasdaq 1 pct - Reuters
  
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• European shares close flat; US sentiment weakens - Reuters
  
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• Schwab profit tops view despite trading rev slump - Reuters
  
• GE posts sales slump, rattles recovery hopes - Reuters
  

 

 

 

• Australian dollar reaches parity with the US dollar
   
  Australian currency becomes stronger than US dollar for first time after comments by US Federal Reserve chairman Ben Bernanke lead markets to expect further quantitative easing
   
  
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  [*] Jaguar Land Rover reverses plans to close UK plants

   

  Jaguar Land Rover announces plans to invest billions of pounds in its business, creating thousands of new jobs

  [*] HBOS's leading role in £11.5bn loans to US gambling industry

   

  Full extent of failed bank's lending to Vegas casinos and resorts revealed

   

  • HBOS loses millions on Vegas casino
    
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  • 100,000 British firms face financial distress
    
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• Bloomsbury trading 'resilient' as it prepares for Christmas push
   
  Publisher counts on Eat, Pray, Love and The Finkler Question to boost sales
   
  
  • Star autobiographies lose their lustre for WH Smith
    

  [*] Reckitt Benckiser fined £10.2m by OFT

   

  Drug company stopped NHS doctors prescribing cheaper alternatives to its heartburn medicine Gaviscon

  [*] Google profits up as online ads prosper

   

  World's largest internet company reports net income up 32% in the third quarter as chief executive lauds 'significant momentum'

  [*] More business news

  [*] Head of Prudential's US business to quit

  [*] Robo-signing foreclosures scandal rattles Wall Street

[interestrateripoff]

'New era' as Jaguar creates thousands of jobs

 

Car giant Jaguar Land Rover is to invest billions of pounds in its business, announcing a 'landmark' pay and conditions deal.

 

• Reckitt fined for anti- competitive behaviour
  
• UBS says credit crunch bosses are off the hook
  
• Google earnings beat Wall Street targets new
  
• Marks to take on 20,000 Christmas workers
  
• Pension tax allowances slashed for rich
  
• Pound hits high against dollar following Bernanke vow new
  
• WH Smith boss Kate Swann in line for £4m bonus payment
  

 

James Moore: No, we shouldn't move on: UBS is the latest bank to let former execs off the hook

 

Outlook Jérôme Kerviel must be choking on his croissants this morning. While he's facing a lengthy jail term for his rogue trading at SocGen, the boys who nearly bust UBS, once the pride of Switzerland's financial services industry, are getting off scot-free.

 

• Hamish McRae: Is this a genuine recovery or just a bubble caused by central banks' easy money?
  
• James Moore: Maudlin Mouchel and a sign of the times
  
• Simon Read: System should still leave plenty of room to save for retirement
  
• James Moore: A gift horse due for a dental examination
  
• David Prosser: It's not the Post Office's ownership that matters most but its funding
  

 

The Timeline: Royal Mail

 

The foundations of a national postal service were laid down by Henry VIII.

 

• Nick Anstee: Lord Mayor shows he's up for the fight
  
• The great American mortgage crisis deepens
  
• Can Battersea power station spark to life?
  
• The Business On: Sally Tennant, Chief executive, Kleinwort Benson
  
• What happens when private equity gets it wrong?
  

[interestrateripoff]

HSBC's talks for $8 billion Nedbank deal fall through

 

LONDON/JOHANNESBURG (Reuters) - HSBC has ended talks to buy an $8 billion (5 billion pound) majority stake in South Africa's Nedbank, leaving it without a clear Africa strategy and handing an opportunity to rival Standard Chartered.

Continue Reading

 

 

 

U.S. inflation slows, keeping pressure on Fed

 

WASHINGTON (Reuters) - U.S. inflation unexpectedly slowed in September even as retail sales picked up, keeping pressure on the Federal Reserve to act soon to lessen the risk of a downward price spiral.

4:13pm BST

 

Reckitt fined £10.2 million for market position abuse

 

LONDON (Reuters) - Reckitt Benckiser was fined 10.2 million pounds on Friday after admitting abuse of its dominant position in Britain for the supply of its heartburn medicine Gaviscon.

UK 1:35pm BST

 

Sinochem abandons plan to bid for PotashCorp - sources

 

BEIJING/SINGAPORE (Reuters) - China's Sinochem will not launch a counterbid for Canadian fertilizer giant Potash Corp , sources told Reuters on Friday, removing one of the biggest potential hurdles to BHP Billiton's $39 billion (24 billion pounds) offer.

4:05pm BST

 

Bank's Fisher says more QE may yet be needed

 

LONDON (Reuters) - It remains unclear if the Bank of England's next step with its asset purchase programme will be to buy more bonds or to sell back to the market those it has already bought, Bank policymaker Paul Fisher said.

2:12pm BST

 

FTSE down as HSBC ends Nedbank stake talks with OML

 

LONDON (Reuters) - The top shares were lower around midday on Friday, led down by Old Mutual, which fell after HSBC ended talks to pay $8 billion (4 billion pounds) for a majority stake in South African lender Nedbank from the insurer. | Video

1:50pm BST

 

BHP-Rio in EU talks on troubled iron ore JV

 

BRUSSELS/LONDON (Reuters) - EU regulators told BHP Billiton and Rio Tinto on Friday of concerns about their proposed $116 billion (72.4 billion pound) iron ore joint venture that Germany plans to ban, a source close to the situation said.

2:15pm BST

 

Russia's TNK-BP to buy BP'S Venezuela assets

 

MOSCOW (Reuters) - Russia's TNK-BP , half-owned by BP , is to buy Venezuela oil fields from the British major, one of TNK-BP's owners said, in another step towards its goal of growing outside Russia.

3:06pm BST

 

EU okays sale of RBS branches to Santander

 

BRUSSELS (Reuters) - The European Commission has approved Banco Santander's purchase of retail and commercial banking assets of Royal Bank of Scotland , including about 300 branches around the UK.

4:34pm BST

 

Weak confidence in economy may spoil recovery

 

LONDON (Reuters) - Britain's coalition government is banking on the private sector to drive an economic recovery as it slashes spending, but there is little evidence to suggest consumers or businesses will be able to take the strain.

[interestrateripoff]

15 October 2010 Last updated at 16:17

 

Gaviscon firm agrees £10.2m fine

 

Reckitt Benckiser agrees to pay a £10.2m fine after admitting to abusing its market position for the supply of Gaviscon.

 

NESV completes Liverpool takeover

 

NESV are set to complete their takeover of Liverpool after co-owners Tom Hicks and George Gillett remove a restraining order. Sport

 

 

 

• Bernanke signals economic action
   
  US Federal Reserve Chairman Ben Bernanke opens the way to a new round of quantitative easing in a speech.
  
• Jaguar's plants in Midlands saved
   
  Thousands of jobs at Jaguar Land Rover's plants in the West Midlands are saved after workers agree a new pay deal, the firm reveals.
  
• Cap on interest rates considered
   
  A cap on excessive interest rates charged on credit and store cards is being considered as part of a review of consumer borrowing.
  
• China warns on US currency report
  
• HSBC abandons Nedbank bid talks
  
• Car buyers lift US retail sales
  
• Bupa sells health assurance arm
  
• Ash ban 'may have ended sooner'
  
• Australian and US dollars' parity
  
• London 2012 'wake up' for firms
  
• European car sales see 9.2% fall
  
• Asil Nadir 'did not steal funds'
  
• Chrysalis sees royalties increase
  
• Stagecoach buys London bus firm
  

 

US v China

 

Why a currency war could cause the rest of the world a lot of trouble

Universities 'to face £4.2bn cut'

 

Universities are facing cuts of £4.2bn in the comprehensive spending review, a leaked e-mail suggests.

[interestrateripoff]

Bernanke Signals Intent to Further Spur Economy

 

By SEWELL CHAN 9:51 AM ET

 

 

The Fed chairman indicated that the central bank was poised to take additional steps to try to fight persistently low inflation and high unemployment.

 

• Inflation Was Tame in September 10:00 AM ET
  
• Times Topics: Ben S. Bernanke | Federal Reserve
  
• CNBC Video: Bernanke on the Economy
  
• Post a Comment | Read (34)
  

 

 

 

Adam Hunger/Reuters

 

Ben S. Bernanke, the Fed chairman, said in Boston on Friday that the central bank was poised to take steps to help fight unemployment.

 

 

 

 

 

 

U.S. Plans Inquiry on China’s Subsidies of Clean Energy

 

By SEWELL CHAN 3 minutes ago

 

The announcement is another sign of the Obama administration’s newly assertive posture over China’s trade and commercial policies.

 

U.S. Stocks Wander on Fed Signal and Retail Sales

 

By THE ASSOCIATED PRESS 10:18 AM ET

 

Indications of new moves to stimulate the economy and upbeat economic reports fueled a renewed rise on Wall Street.

 

Mortgage Mess May Cost Big Banks Billions

 

By NELSON D. SCHWARTZ

 

Bank stocks fell as analysts said the political furor over foreclosures could translate into billions in costs.

 

From a Maine House, a National Foreclosure Freeze

 

By DAVID STREITFELD

 

A volunteer’s work helped put one house at the center of a furor over foreclosures.

 

• Judge's Order in Maine Foreclosure Case (pdf)
  
• Key Deposition in Maine Foreclosure Case (pdf)
  
• Post a Comment | Read (125)
  

 

G.E. Quarterly Profit Falls 18%

 

By STEVE LOHR 2 minutes ago

 

But G.E. said profit from continuing operations rose 29 percent to $3.16 billion. And earnings per share increased 32 percent to 29 cents a share, beating expectations.

 

Settlement May Be Near in Countrywide Case

 

By EDWARD WYATT 6:23 AM ET

 

Three former leaders of the mortgage lender are said to be discussing a deal in the S.E.C.’s securities fraud lawsuit.

 

• Times Topics: Foreclosures | Countrywide Financial
  

 

Summers Praises Indian Approach to Economic Development

 

By VIKAS BAJAJ 6 minutes ago

 

He described as "people-centric" and driven by growth in consumption rather than exports, a reference to China.

 

Taking a Vote on Union Construction

 

By STEVEN GREENHOUSE

 

Voters in some communities have approved measures that bar city officials from favoring unions in construction contracts.

 

Push to End Job Barriers Rattles Greece and Economy

 

By SUZANNE DALEY

 

Interest groups oppose breaking down the barriers to entry in lucrative niches, but experts say they cost the economy billions a year.

 

• Interactive: European Voices
  
• Riot Police Clash With Protesters at Acropolis
  

 

 

 

• Fund Manager Doesn't Hedge His Bets on Tories
  
• Google’s Income Rises 32%, Topping Forecast
  
• As French Strikes Continue, Worries About Fuel Supply 8:41 AM ET
  
• Wal-Mart to Buy More Local Produce
  

[interestrateripoff]

[/url]

 

Bernanke sees case for further US stimulus

 

Fed chairman says with US unemployment too high and inflation too low there is a case for easing.

 

China warns US, do not make yuan a 'scapegoat'

 

China says America must not use a dispute over its currency as an excuse for unemployment and flagging growth.

Dollar retreats on speculation of US stimulus

 

 

 

Jaguar Land Rover scraps plans to close UK plant

 

Surprise move by luxury car maker is a major boost to British manufacturing.

 

African Barrick sinks as criminals infiltrate gold mine

 

 

 

 

HSBC ends talks to buy Old Mutual's Nedbank stake

 

 

 

 

UK faces more than 26,500 shop closures by 2015

 

 

 

 

Panmure's Qatari shareholder mulls stake sale

 

 

 

 

Reckitt fined £10.2m for abuse of dominance over Gaviscon

 

 

 

 

Resolution buys Bupa Health Assurance

 

 

• Gazundering returns as house prices fall
  

 

• Chile aced mining rescue, but how will it deal with aftermath?
  

 

 

• Merger of trading bodies is a victory in the war on quangos
  

 

UK has no time to delay on spending reform

 

 

 

Clarke: western economies still in grave danger

 

 

 

 

Dollar retreats on speculation of US stimulus

 

 

 

 

US jobless claims rise more than expected

 

 

 

 

Pimco sells US Treasuries ahead of QE2

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http://www.bloomberg.com/news/2010-10-14/nicklaus-golf-resorts-in-spain-offer-homes-at-50-discount-to-lure-buyers.html

 

Prices of repossessed apartments built on six Spanish golf courses designed by Jack Nicklaus have been slashed by as much as 50 percent as banks try to sell assets acquired during the property market collapse.

A two-bedroom, 74 square-meter (796 square-foot) penthouse in Murcia, southern Spain, is on sale for 128,800 euros ($180,000), down from 272,000 euros three years ago. It overlooks the 18-hole Hacienda Riquelme course and has air conditioning, a 32 square-meter terrace and communal pool.

Spain’s real-estate and construction slump left thousands of vacation properties unsold and their builders facing bankruptcy. The number of homes purchased in Spain by foreigners dropped 78 percent from 2006 through 2009, according to a study published last week by the property website Fotocasa.es and the IESE Business School in Barcelona.

“This shows how desperate the banks are to offload their real estate,” said Borja Mateo, author of the book “The Truth About the Spanish Housing Market.” “The properties still look overvalued.”

 

Luckily it's all contained.

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http://uk.finance.yahoo.com/news/uk-high-street-faces-more-than-26-500-shop-closures-by2015-tele-6912a5593d1b.html?x=0

 

As the UK's economy slowly crawls back to health, more than 26,500 retailers will be forced to close by 2015, according to research by BDO.

The figure includes 15,400 fashion shops, 6,300 bars and restaurants, and 1,500 furniture retailers.

The expected rate of business failures is significantly higher than in the post-recession period that followed the downturn in the early 1990s. Then, 0.6pc of all retailers went bust. This time, 0.9pc are expected to fail, according to the research by BDO, the accountants. Next year will see the highest rate of high-street failures over the five-year period - at 5,017.

Don Williams, head of retail at BDO, said that the thousands of businesses that fail will do so because they have failed to adapt to the "psychology" of post-credit crunch consumers, who are looking for better value for money and better quality.

 

At least the recovery is on track.....

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http://www.nytimes.com/2010/10/16/business/16countrywide.html?_r=1&ref=business

 

Angelo R. Mozilo, the former chief executive of Countrywide Financial, once the nation’s largest mortgage lender, agreed to pay $67.5 million on Friday to settle a civil fraud case brought by the Securities and Exchange Commission last year.

 

Countrywide itself is paying $20 million of Mr. Mozilo’s $67.5 million payment as part of an indemnification agreement he has with the company.

 

As part of the settlement, Mr. Mozilo, 71, also agreed to be permanently banned from serving as an officer or a director at any public company.

 

Federal authorities have been criticized for ineffectively policing Wall Street in the years leading up to the financial crisis and the settlement with Mr. Mozilo represents a significant milestone for the government.

 

Earlier this year, Goldman Sachs paid a $550 million fine to settle securities fraud charges. Securities regulators are also investigating former senior executives at Merrill Lynch for possible securities fraud.

 

While securities fraud cases are complex and often difficult to win, analysts have taken the government to task at times for not moving even more aggressively against Wall Street in the wake of the credit debacle.

 

Still, the settlement by Mr. Mozilo is the first time that a prominent executive has been penalized personally for financial excesses linked to a mortgage boom that, when it went bust, threatened to topple the economy and led to an unprecedented wave of foreclosures.

 

The deal came just four days before a jury trial was scheduled to begin in Los Angeles. David Sambol, the former president of Countrywide, and Eric Sieracki, the former chief financial officer, were also sued by the S.E.C. Both men settled their cases Friday as well; Mr. Sambol agreed to pay $5.52 million and Mr. Sieracki consented to $130,000. Mr. Sambol also is barred for three years from serving at a public company.

 

Mr. Mozilo’s agreement with the government is a humbling moment for one of the country’s most audacious and flamboyant financiers.

 

http://en.wikipedia.org/wiki/Angelo_Mozilo

 

Life and career

 

Mozilo was born in New York City, the son of a Bronx butcher. He received a Bachelor of Science degree from Fordham University in 1960. In 1969, he and his former mentor David S. Loeb, who had already started a mortgage lending company, founded Countrywide Credit Industries in New York. They later moved the headquarters to Pasadena, California and then to Calabasas, California in Los Angeles County. Mozilo and Loeb also cofounded IndyMac Bank, which was founded as Countrywide Mortgage Investment, before being spun off as an independent bank in 1997. IndyMac collapsed and was seized by federal regulators on July 11, 2008.[3]

 

Since Countrywide was listed on the NYSE in 1984, Mozilo has sold $406 million worth of its stock, mostly obtained through stock option grants. $129 million of this was realized in the 12 months ending August 2007.[4]

 

Perhaps more than any single individual, Mozilo has come to symbolize, and bear the blame for, the subprime mortgage crisis. In a New York Times feature on October 20, 2008, Henry G. Cisneros, former secretary of HUD and member of the Countrywide board of directors, describes Mr. Mozilo as “sick with stress — the final chapter of his life is the infamy that’s been brought on him, or that he brought on himself.” CNN named Mozilo as one of the "Ten Most Wanted: Culprits" of the 2008 financial collapse in the United States.[5]

[edit] Compensation

 

Mozilo's compensation during the United States housing bubble of 2001–06 has come under scrutiny. During that period, his total compensation (including salary, bonuses, options and restricted stock) approached $470 million.[6]

 

So in 5 years he made $470m and gets to pay a fine of 10% of that value.

 

Personally if I could earn that and brink the financial system to the brink and only have to pay a fine of $47.5m then I'd quite happily do it. This man should have had all his assets seized and been made bankrupt, there is no moral hazard for the rich.

 

The system is rigged one way.

[interestrateripoff]

Breaking news

 

• 
  
• French protesters rally over pension reform - Reuters
  
• Citi, Terra Firma held settlement talks - WSJ - Reuters
  
• Total says has halted oil products trade with Iran - Reuters
  
• ECB's Trichet: euro zone needs stricter fiscal reforms - Reuters
  
• Portugal cuts growth forecast in 2011 budget bill - Reuters
  
• Euro zone needs more ambitious reforms -Trichet - Reuters
  
• China says US clean energy probe sends wrong signal - Reuters
  
• EU's Rehn: essential China lets yuan strengthen - Reuters
  

 

 

 

• Australian dollar achieves parity with US dollar
   
  Low inflation and declining consumer confidence prompt expectations of further quantitative easing, forcing US dollar down on currency markets
   
  
  • Fears over currency war escalate
    
  • Dollar sinks against yen, euro and Australian dollar
    

  [*] Countrywide's Mozilo settles lawsuit

   

  Angelo Mozilo, highest-profile defendant to face trial over US sub-prime mortgage collapse, pays $67.5m in SEC lawsuit

  [*] Jaguar Land Rover's UK plants saved

   

  Jaguar Land Rover announces plans to invest billions of pounds in its business, creating thousands of new jobs

  [*] Witness deaths hamper Nadir case

   

  Serious Fraud Office case against Asil Nadir unlikely to come to court for another year

 

 

• Migraine goldmine for Botox maker
   
  Botox manufacturer Allergan has seen cosmetic use of the toxin boom but its potential to treat migraine, MS and other illnesses has made the firm 'ecstatic'
  
• Bloomsbury 'resilient' as Christmas nears
   
  Publisher counts on Eat, Pray, Love and The Finkler Question to boost sales
   
  
  • Star autobiographies lose their lustre for WH Smith
    

  [*] Geldof firm hit after Teachers TV axed

   

  Ten Alps shares fall by a third, cutting £2m off Bob Geldof's stake, as Department for Education cuts bite

  [*] More business news

  [*] Reckitt Benckiser fined £10.2m by OFT

  [*] Google profits up as online ads prosper

  [*] Head of Prudential's US business to quit

  [*] Murdoch dismisses exposé of NoW phone hacking

[interestrateripoff]

Inflation fears mount as cotton prices hit new high

 

Poor harvests, soaring demand from China and market speculation have "exploded" the cotton market, traders say, with December future prices in New York hitting record highs of almost 120 cents a pound yesterday, before subsiding in later trading.

 

 

• Bernanke signals second US stimulus plan
  
• OFT fines Reckitt £10m for Gaviscon market abuse
  
• HSBC still out of Africa after walking away from Nedbank takeover
  
• Stagecoach gets back on the buses with £60m East London deal
  
• Business Diary: It's time to buy more gold, fool
  
• Jobs saved as Jaguar scraps closure plans
  
• Former FSA head joins Pru's board
  

 

Stephen Foley: Apple is exceptional but its rivals are queuing up to take a bite

 

US Outlook: The world of technology has only one superpower, and it is Apple.

 

 

• Stephen Foley: How to respond to AOL and Yahoo deal talk
  
• James Moore: No, we shouldn't move on: UBS is the latest bank to let former execs off the hook
  
• Hamish McRae: Is this a genuine recovery or just a bubble caused by central banks' easy money?
  
• James Moore: Maudlin Mouchel and a sign of the times
  
• James Moore: A gift horse due for a dental examination
  

 

Tycoons battle for pole position over the Lotus name

 

The British sports-car maker is adamant the Formula One team has no right to use its name, report Joe Saward and Sarah Arnott

 

 

• The business on...Ian Coull, Chief executive, Segro
  
• The Timeline: Royal Mail
  
• Nick Anstee: Lord Mayor shows he's up for the fight
  
• The great American mortgage crisis deepens
  
• Can Battersea power station spark to life?
  

[interestrateripoff]

Two Fed officials favour aggressive easing options

 

BOSTON (Reuters) - Two top Federal Reserve officials argued for further aggressive action by the central bank, with one saying the economy needs "much more" help and the other pointing to Japan's painful lessons.

Continue Reading

 

 

 

Government to unveil details of £80 billion gamble

 

LONDON (Reuters) - Britain will next week reveal exactly how it will cut spending by more than 80 billion pounds in a long-awaited review that could seal the fate of both the economy and the coalition government that came to power in May.

UK, David Cameron 9:38am BST

 

Citi and Terra Firma held settlement talks - report

 

DETROIT (Reuters) - Citigroup Inc and Terra Firma Capital Partners Ltd founder Guy Hands held settlement talks this week aimed at resolving a legal dispute over the 2007 sale of debt-laden music label EMI, the Wall Street Journal reported on Saturday.

6:43pm BST

 

U.S. backs off in currency dispute with China

 

WASHINGTON (Reuters) - The Obama administration backed away on Friday from a showdown with Beijing over the value of China's currency that would have caused new frictions between the world's only superpower and its largest creditor.

FXpert, G20 15 Oct 2010

 

HSBC's talks for $8 billion Nedbank deal fall through

 

LONDON/JOHANNESBURG (Reuters) - HSBC has ended talks to buy an $8 billion (4 billion pounds) majority stake in South Africa's Nedbank, leaving it without a clear Africa strategy and handing an opportunity to rival Standard Chartered.

15 Oct 2010

 

Portugal cuts growth forecast in 2011 budget bill

 

LISBON (Reuters) - Portugal's minority Socialist government is forecasting a sharp slowdown in growth next year as wage cuts and tax hikes hit the economy, according to a 2011 budget bill which has yet to win opposition backing.

4:29pm BST

 

Euro zone needs stricter fiscal reforms - ECB's Trichet

 

MARRAKESH, Morocco (Reuters) - European Central Bank President Jean-Claude Trichet said on Saturday more ambitious reforms of euro zone budget rules were needed than those proposed by the European Commission.

4:15pm BST

 

Brazil's ruling party denies Vale jobs remark - report

 

SAO PAULO (Reuters) - Brazil's ruling Workers' Party (PT) has denied allegations that some of its officials pressured mining giant Vale for jobs, O Globo newspaper reported on Saturday.

6:34pm BST

 

Germany and Switzerland reject report of tax deal

 

BERLIN/ZURICH (Reuters) - Germany and Switzerland on Saturday rejected a report they had agreed to a landmark tax deal that would reap 30 billion euros (26.2 billion pounds) from tax evaders but said they still aimed for a deal this month.

6:28pm BST

 

EDF wants meeting over Constellation disputes - sources

 

NEW YORK (Reuters) - French power company EDF is proposing to hold an "all hands" meeting with U.S. partner Constellation Energy Group Inc on Tuesday, in an effort to resolve disputes over their nuclear project and a Constellation-held option that could end up costing EDF up to $2 billion (1 billion pounds), according to sources familiar with the matter.

[interestrateripoff]

http://uk.reuters.com/article/idUKTRE69F11W20101016

 

Two top Federal Reserve officials argued for further aggressive action by the central bank, with one saying the economy needs "much more" help and the other pointing to Japan's painful lessons.

 

With nearly one in ten in the U.S. labour force unable to find work and already very low inflation threatening to drop further, the U.S. central bank is expected to offer the economy more support at its next policy meeting on November 2-3.

 

Most analysts expect the Fed will embark on a fresh round of Treasury purchases, over and above the $1.7 trillion (1.06 trillion pounds) in longer-term assets it has already bought.

 

"In my opinion, much more policy accommodation is appropriate today," Chicago Federal Reserve Bank President Charles Evans told a conference hosted by the Boston Fed, repeating an argument he made earlier this month.

 

Boston Fed President Eric Rosengren, speaking at the same event, said Japan's drawn-out battle with deflation shows prevention may be easier than the cure, and policymakers should respond aggressively before "pernicious" deflation takes hold.

 

"Insuring against the risk of deflation may be much cheaper than waiting until it has occurred and then trying to address it," said Rosengren, who has a darker view of the economic outlook than some of his colleagues at the central bank.

 

"A gradual response may not be as effective as a more active response to arrest deflationary pressures before they become embedded in thinking that can affect household and business spending," he said.

 

U.S. inflation unexpectedly slowed in September even as retail sales picked up, keeping pressure on the Fed to act soon to lessen the risk of a downward price spiral.

 

Record low interest rates in rich countries, and the prospect of the Fed pumping more dollars into the economy, are funnelling huge capital flows into high-yielding emerging markets, pushing up their currencies. The resulting currency tensions are expected to be a live issue at meetings of the world's top finance officials in South Korea next week.

 

So we are now insuring against deflation, thank god we've got such economic geniuses in charge who understand basic economics and that deflation must be avoided at all costs especially in a over leveraged system.

 

Of course stopping the build up of such leverage may be a better policy, but then bankers wouldn't get telephone number pay days.

 

At least we can rest assured the bankers will stop at nothing to impoverish us all to ensure we don't get deflation.

[interestrateripoff]

[/url]

 

China hits back at US clean energy probe

 

Relations between China and US are under further tension after claims China is subsidising green technology.

ECB' s Trichet urges vigilance on protectionism

 

 

Currency row simmers as US delays China report

 

 

 

US hints at more stimulus to fight deflation, unemployment

 

The US Federal Reserve has signalled it is prepared to take unprecedented steps in an effort to get American consumers spending again.

Bank of England 'must be prepared' for more QE

 

 

 

Bob Geldof's Ten Alps loses £10m-a-year Teachers TV deal

 

Shares in Sir Bob Geldof's production company Ten Alps plunged 32pc as the Government axed its £10m-a-year contract to make Teachers TV.

 

Equitable life victims to receive £1.5bn

 

 

 

 

Murdoch says US donations are 'necessary for change'

 

 

 

 

Falklands oil failure as Desire comes up dry

 

 

 

 

Standard Chartered dismisses Nedbank bid talk

 

 

 

 

EMI moves to plug pensions hole with £197m injection

 

 

 

 

Resolution swoops for Bupa Health Assurance business

 

 

• Cuts have Boomtown Rats squealing, but US blues are bigger threat
  

 

• Gazundering returns as house prices fall
  

 

 

• Chile aced mining rescue, but how will it deal with aftermath?
  

 

ECB' s Trichet urges vigilance on protectionism

 

 

 

Cuts have Boomtown Rats squealing, but US blues are a bigger threat

 

 

 

 

Currency row simmers as US delays China report

 

 

 

 

Currency Wars: Q&A

 

 

 

 

Bank of England 'must be prepared' for more QE

[interestrateripoff]

16 October 2010 Last updated at 13:12

 

Equitable Life pay-out '£1.5bn'

 

The BBC understands that the government is to pay customers of Equitable Life compensation totalling £1.5bn - but campaigners and policy holders say it is still not enough.

 

• Equitable Life scandal timeline
  

 

 

• Pre-paid card service criticised
   
  A pre-paid card marketed to students and young people travelling abroad is heavily criticised on a website sponsored by the same firm.
  
• NESV completes Liverpool takeover
   
  New England Sports Ventures completes its takeover of Liverpool after former owners Tom Hicks and George Gillett remove the temporary restraining order blocking the £300m sale. Sport
  
• US budget deficit falls to $1.3tr
   
  The US budget deficit hit $1.3 trillion in the year to 30 September, US Congress estimates say.
  
• BP spill fund 'faces fraud risk'
  
• Warning over debt clearance claim
  
• Illegal gas fitters 'cost £100m'
  
• Eurostar faces strike disruption
  
• Bernanke signals economic action
  
• Jaguar's plants in Midlands saved
  
• US launches China trade inquiry
  
• Tata gives $50m to Harvard school
  
• US delays China currency report
  
• HSBC abandons Nedbank bid talks
  

 

War on deflation

 

Why Bernanke's stance means America’s recovery comes first

[interestrateripoff]

http://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2010/10/ben_bernankes_war.html

 

Stephanie Flanders

Ben Bernanke declared war today - not on China, but on the possibility of deflation. he knows that a vicious cycle of slow growth, stagnant or falling prices and high unemployment poses a much greater threat to America's way of life than China's silly exchange rate.

 

But like it or not, the exchange rate will be caught up in the Fed's response.

 

In the 1930s, the deflationary trap was the gold standard. Britain left it first, and was vilified for doing so - but it was also the first major economy to recover.

 

The verdict of economic historians has been that it would have been better for the world if other countries had followed Britain sooner.

 

Now we have no gold standard (though the euro might be playing a similar role for the eurozone). But we do have a collection of countries, most of them Asian, who have created a modern version of it, by pegging their currencies to the dollar.

 

America can't abandon its own currency. But it can make things as uncomfortable as possible for those that choose to stick with it. Ben Bernanke may not have planned it that way, but that is exactly what the Fed's policy will do.

 

Let me say something about what that policy will actually be.

 

The message of today's speech is that chairman Bernanke thinks that US inflation is dangerously low, that unemployment is dangerously high, and that growth can and should be much faster than it is now.

 

You don't have to be the world's most powerful academic economist to grasp these three features of the US economy. The September inflation numbers, also out today, make clear just how serious the threat of deflation is: the annual core inflation rate last month fell to 0.8%, the lowest rate since 1961.

 

Also note that Ben Bernanke doesn't buy the idea - common among some US economists - that a large part of the recent rise in US unemployment is structural, meaning growth will not bring it down.

 

Here's the key sentence in the speech, which Paul Krugman and other US Keynesians will like:

 

"Overall, my assessment is that the bulk of the increase in unemployment since the recession began is attributable to the sharp contraction in economic activity that occurred in the wake of the financial crisis and the continuing shortfall of aggregate demand since then, rather than to structural factors."

 

But if you're the Fed chairman and your mandate is to achieve price stability and full employment, you can't just observe these facts. You also need a plan to fix them.

 

In effect, the speech lays out a four point plan. First, tell investors that you have a roughly 2% inflation target. Second, tell them you are perfectly willing to buy a lot more bonds to push down long-term interest rates and increase nominal spending, and you think it will work.

 

Third, tell them that they're still underestimating your commitment to push up inflation, and you expect to keep rates low for longer than they think. Fourth, actually go out and buy a lot more bonds and hope for the best.

 

Arguably, with this speech the Fed is now up to point three of the plan (though part of its strength will lie in repetition). Apparently, the fourth, "QE 2", is only a matter of time.

 

Naturally, the speech doesn't have details on the likely scale of the Fed's asset purchases, or what, exactly, they would buy. But Bernanke does cite the Bank of England's gilt purchases approvingly.

 

True, the chairman says there is a big downside to such extraordinary measures, because markets will worry about the exit path. But in his next breath he asserts that, with the new tools at the Fed's disposal - primarily the capacity to mop up excess bank reserves - this problem has now been solved. Some will doubt that this is true. But it's noteworthy that he thinks it is.

 

Not all the Fed governors agree on the need for more QE. As in the UK, some have been making the case in recent weeks - while others have talked up the risks. But one has to imagine, on the basis of this speech, that Bernanke believes he has a majority on his side.

 

Some have talked of a linkage between Fed policy and the Chinese exchange rate: if the Fed agrees not to do more QE, then the Chinese will shift the exchange rate. That is not going to happen, and it shows a misunderstanding of the Fed's own view of what it is doing.

 

Ben Bernanke's goal is faster US growth, higher inflation and lower unemployment. A rebalancing of the global economy - and as a small step toward that, a change in the Chinese currency - can play a welcome contribution to that goal, and will also be a sign of the Fed's success. But it's a secondary objective. America's recovery comes first. Whether the rest of the world likes it or not.

Excellent so we are just going to hope for the best!

 

The question which this article fails to address is what happens if US unemployment is structural? You print billions/trillions and what then?

[interestrateripoff]

Rum Battle in Caribbean Leaves Tax Hangover

 

By DAVID KOCIENIEWSKI

 

 

Rum has set off a dispute between Puerto Rico and the Virgin Islands over a tax the U.S. treasury collects on it.

 

 

 

Quiani L. Duncan

 

The new distillery built for Captain Morgan spiced rum in St. Croix in the Virgin Islands.

 

 

 

 

 

 

Lending Magnate Settles Fraud Case

 

By GRETCHEN MORGENSON

 

Angelo Mozilo, the former chief executive of Countrywide Financial, agreed to settle a civil fraud case against him.

 

• Times Topics: Foreclosures | Countrywide Financial
  
• Read Comments (241)
  

 

Bernanke Weighs Risks of New Action

 

By SEWELL CHAN

 

The Federal Reserve chairman, Ben S. Bernanke, indicated that the bank would take steps to try to fight unemployment and low inflation.

 

• Inflation Looks Tame, and Shoppers Take Heart
  
• Times Topics: Ben S. Bernanke | Federal Reserve
  
• CNBC Video: Bernanke on the Economy
  
• Post a Comment | Read (233)
  

 

U.S. to Investigate China’s Clean Energy Aid

 

By SEWELL CHAN and KEITH BRADSHER

 

The Obama administration pledged to investigate Beijing’s subsidies to its clean-energy industries while delaying a politically volatile report on the Chinese currency.

 

Botox Shots Approved for Migraine

 

By NATASHA SINGER

 

Allergan, Botox’s maker, recently agreed to pay $600 million to settle allegations that it had illegally marketed the drug for unapproved uses like headaches for years.

 

Foreclosure Mess Draws in the Lawyers Who Handled Them

 

By BARRY MEIER

 

Lawyers who handle mortgage cases for banks are in the cross hairs, now that big lenders are acknowledging errors in foreclosure processing.

 

New Push on Social Security Benefit Checks

 

By THE ASSOCIATED PRESS

 

Democrats want to give $250 bonus checks to Social Security recipients after a second year without payment adjustments.

 

Many Germans Opt Out of Google’s Street View

 

By KEVIN J. O'BRIEN

 

Google said it would launch its mapping service in Germany despite thousands of requests from citizens asking the company to delete their properties.

 

Independence Journal

 

In Truman Homes, Reflections of a City

 

By A. G. SULZBERGER

 

A Kansas City suburb has struggled to confront urban blight, but its ties to Harry S. Truman serve as an economic and spiritual salve.

 

• Slide Show: Harry S. Truman's Homes
  

 

In Mumbai, Adviser to Obama Extols India’s Economic Model

 

By VIKAS BAJAJ

 

Lawrence H. Summers, one of President Obama’s economic advisers, praised India’s people-centric economic system in a speech in Mumbai on Friday.

 

 

 

• Broadcast Revenue Bolsters Gannett’s Profit
  
• A Dip in Profit and Soft Industrial Sales at G.E. Send Its Shares Down
  
• Suspended Executive Resigns at Tribune
  
• U.S. Shuts Banks in Midwest
  
• E.P.A. Official Seeks to Block West Virginia Mine
  
• Princeton Endowment Posts a 14.7% Return
  
• As French Strikes Continue, Worries About Fuel Supply
  
• Barbie’s Popularity Helps Mattel
  
• Johnson & Johnson Loses Risperdal Suit in Louisiana
  
• Profit Rises 22 Percent at Auto Parts Company
  
• Biotech Company Gains on Prostate Cancer Trial
  

[interestrateripoff]

More Heroin Please

 

One wonders if the futures market this morning is counting on more Bernanke heroin. Oh hell, we know it is. His remarks are about to be released from his "speech" today. Of course Ben's flapping gums cause the market to price in QE2 for the 4,203rd time by going higher.

The dollar? Well, you can see what the dollar thinks of this:

But Charles Hugh Smith adds to the problem that I've outlined - and QE-anything isn't going to fix a damn thing because the problem is a rot in the middle of the banks' balance sheets, which can only be fixed by forcing them to eat it - and that will bankrupt them:

Either there is due process of law or you have a kleptocracy/"banana republic" oligarchy. At present, that is the decision we face as a nation.

If the banking Elites and their partners in the Central State (Fed and Treasury) are allowed to "win" and gut the property laws of the states, then the U.S.A. will be revealed as a kleptocracy/"banana republic" oligarchy.

If state laws are upheld, then the "too big to fail" banks are insolvent and they will fail.

Then the question of kleptocracy arises once again:

will the banks be allowed to fail as per Classic Capitalism, that is, their owners and managers will have to absorb the losses of that bankruptcy/failure, or will the Central State use its powers to collect taxes and cover the private losses of the Bank/Financial Power Elites? Privatizing profits and socializing losses has been the entire game plan since the global house of cards collapsed in 2008.

It's decision time, citizens. Either the banks/Central State "win" and we are a kleptocracy/ "banana republic," or they lose and the U.S. mortgage/ banking sector implodes

and is either formally socialized (i.e. owned lock, stock and barrel by the Central State) or rebuilt from scratch without big banks, Federal guarantees and the Fed's incestuous interventions. ("We create the credit that enables the mortgage, you issue the mortgage, and then we buy the mortgage.")

There is no "fix" or half-measure that can patch this over now.

Yep.

The bottom line now is that Bernanke thinks he can continue to paper over this crap with yet more "QE" and other monetary games. He's wrong. All he's done, along with Greenspan, is enable not just bad behavior but outright lawlessness, while at the same time savers, senior citizens and those on fixed incomes are seeing their mandatory spending soar, destroying their savings. Instead of using his regulatory power to put a stop to it, he feeds the bankster criminals that in their drug-induced mania have trashed our nation with yet another shot of heroin laced with meth, empowering yet another wilding binge of destruction.

Every time Bernanke speaks he talks about "more credit." But we're here because instead of capital formation we have shifted to relying on "more credit." Credit, however, is debt. Those policies great for the debt merchant, including of course The Fed, but highly-destructive to the capitalist who is trying to provide a good or service into the economy. He is slowly asset-stripped by the banksters through his reliance on these mechanisms, where he should be relying on asset accumulation - that is, capital formation.

By destroying capital formation Bernanke both destroys those on fixed incomes and savers through intentional devaluation of their asset base and wrecks the structures that are necessary for productive investment and economic stability, say much less growth.

In a very real sense, Bernanke is throwing Granny and Grandpa down the stairs - on purpose. He is literally threatening those at the lower end of the economic strata, along with all who are retired, with starvation and death, and in a just nation where the rule of law controlled instead of being abused by the kleptocrats he would be facing charges of Seditious Conspiracy, as his policies will inevitably lead to the destruction of our republic.

We're at a crossroads folks. Either the rule of law is restored and the games stopped, with the removal from positions of power of those who have enabled the scams and frauds and the fraudsters themselves put out of business and jailed, or the spiral will tighten and the pressure build as capital flight and destruction of final demand continue until we get this:

[interestrateripoff]

http://images.businessweek.com/ss/07/03/0314_microhomes/index_01.htm

 

Some interesting images here.

 

 

Looks exciting this is what our children can look forward to being able to afford? Nice, parties would certainly be an intimate experience.

 

http://www.businessweek.com/globalbiz/content/mar2007/gb20070313_145902.htm

 

One home design is called unagi (as in "eel") that works on long but narrow strips of land. Another is called kado (or "corner") for a triangular and small plot. The price of Commdesign homes ranges from $171,000 to $214,000. (Those who need to buy land, however, will need to spend two or even three times as much above the cost of home construction.)

 

Securing affordable housing likely will remain a colossal headache in Tokyo, but micro-homes are an option for those willing to sacrifice space for the convenience and amenities of city life. "Compact houses can meet people's fundamental living needs," says architect Kurosaki. It may not be for everyone, but plenty of younger Japanese seem to be warming up to the idea.

 

http://bionicbong.com/japan/lifeinjapan/microhouses-japan-creative-living-dream-houses-tokyo/

 

[interestrateripoff]

Breaking news

 

• 
  
• ECB's Trichet rejects Weber view on bond buying - Reuters
  
• U.S. foreclosure fiasco frustrates homeowners - Reuters
  
• Russia, Poland agree gas supply deal - Reuters
  
• BHP, Rio seek merger exit without break fee -paper - Reuters
  
• Germany may tighten takeover law - govt source - Reuters
  
• Saudi SABIC's Q3 profit up, beats forecasts - Reuters
  
• Germany to hike economic growth forecasts -sources - Reuters
  
• Israel economy to grow 4 pct in 2010 -stats bureau - Reuters
  

 

 

 

• Nobel laureate warns Osborne: don't axe jobless benefits
   
  People will sink into poverty, disillusionment and long-term unemployment, warns ****arides
  
• Banks and government meet to discuss finance plan for small businesses
   
  Banks are hoping their 17-point plan will persuade the government not to impose tough lending targets
  
• Guardian and Apax hold talks on future of Auto Trader
   
  Guardian and Apax strategic review could lead to a flotation or £2bn sale of Trader Media Group, owner of Auto Trader
  
• Item club: double-dip will be avoided
   
  But Item forecast shows bleak outlook on jobs, weak spending and falling house prices will stall recovery over the winter
  
• Aussie dollar wins parity with US dollar
   
  Low inflation and declining consumer confidence prompt expectations of further quantitative easing, forcing US dollar down on currency markets
   
  
  • Fears over currency war escalate
    

 

 

• High & Mighty seeks outsize staff
   
  The outsize clothing chain wants employees who measure up as it plans new outlets across Britain
  2 comments
  
• FSA locks horns with editors over rules to stop insider trading
   
  Editors say proposals to tape journalists threaten press freedom
  
• More business news
  
• Equitable customers to get £1.5bn
   
  
  • Andrew Clark: Is it fair when axe is falling?
    

  [*] Aldi effect fades as big four hit back

  [*] Bankers' exodus fails to take off

  [*] Witness deaths hamper Nadir case

  [*] Countrywide's Mozilo settles lawsuit

  [*] Jaguar Land Rover's UK plants saved

[interestrateripoff]

Centrica and GMB union in historic pay deal to keep the winter lights on

 

British Gas's 8,000 engineers will get a "landmark" 11.3 per cent wage increase in exchange for working a 45-hour week in the winter to tackle the increase of blackouts.

 

 

• Cable puts thumb screws on the tight-fisted banks
  
• US banks to post rise in profits, but investment income slumps
  
• Battle gears up for the right to own the 'YouView' trademark
  
• Bond Buy: Jameel family pay 21m for Piaget store
  
• Pakistan claims rights in BP sale
  
• Morrisons to fund 20 BSc students
  
• Business News In Brief: OFT set to announce Travis Perkins' takeover decision
  

 

Hamish McRae: Europe needs a rise in production to create a healthier, stronger future

 

Economic View

 

 

• Margareta Pagano: Mr Osborne: You must heed the danger of division
  
• Stephen Foley: Apple is exceptional but its rivals are queuing up to take a bite
  
• Stephen Foley: How to respond to AOL and Yahoo deal talk
  
• James Moore: No, we shouldn't move on: UBS is the latest bank to let former execs off the hook
  
• Hamish McRae: Is this a genuine recovery or just a bubble caused by central banks' easy money?
  

 

Passing the postal parcel

 

Vince Cable wants to put the Royal Mail and the Post Office on a stable footing. Easier said than done, says Mark Leftly

 

 

• The way to shatter the glass ceiling is to change it
  
• Tycoons battle for pole position over the Lotus name
  
• The business on...Ian Coull, Chief executive, Segro
  
• The Timeline: Royal Mail
  
• Nick Anstee: Lord Mayor shows he's up for the fight
  

[interestrateripoff]

http://www.independent.co.uk/news/uk/politics/huhne-drops-severn-barrage-to-invest-in-wind-power-2108968.html

 

Ambitious plans to harness the power of the Severn estuary to light up one in 20 of the UK's homes are to be abandoned as a result of the Government's attempt to address the nation's deficit.

 

Chris Huhne, the Secretary of State for Energy, will tomorrow jettison the world's largest tidal energy project, rather than make the taxpayer foot an estimated bill of £10bn to £30bn for the untested technology.

 

So we are going to try rely on the unpredictable wind rather than the guaranteed tide.

[interestrateripoff]

ECB's Trichet rejects Weber view on bond buying

 

RIMINI, Italy (Reuters) - European Central Bank President Jean-Claude Trichet took issue with recent comments on ECB policy by Bundesbank chief Axel Weber, saying they did not represent the views of the central bank's governing council.

Continue Reading

 

 

 

BHP, Rio seek merger exit without break fee - report

 

LONDON (Reuters) - BHP Billiton and Rio Tinto are negotiating how to abandon their proposed $116 billion (72 billion pounds) iron-ore joint venture without triggering a $250 million (156 million pounds) break clause, The Sunday Times reported.

4:28pm BST

 

All banks must sign tax avoidance code - Osborne

 

LONDON (Reuters) - The government will require all banks to sign up to a code of practice by November in an attempt to make them pay more tax at a time of tight public spending, Chancellor George Osborne said on Sunday.

11:08am BST

 

Two Fed officials favour aggressive easing options

 

BOSTON (Reuters) - Two top Federal Reserve officials argued for further aggressive action by the central bank, with one saying the economy needs "much more" help and the other pointing to Japan's painful lessons.

16 Oct 2010

 

AIA CEO says AIG shareholding overhang no issue

 

HONG KONG (Reuters) - American International Group Inc's remaining shareholding in AIA Group Ltd after its listing is not of concern to investors, AIA CEO Mark Tucker said on Sunday, as the mega offer enters its home stretch.

9:30am BST

 

Allianz plans Channel tunnel rail link bid - report

 

LONDON (Reuters) - German insurer Allianz is preparing a 2 billion pound bid for the Channel tunnel rail link put up for sale by the coalition government, The Sunday Times reported.

1:13pm BST

 

China government researcher sees GDP up 9 percent in 2011

 

BEIJING (Reuters) - China's gross domestic product is likely to rise about 9 percent in 2011, showing a slow-down from an estimated growth of 10 percent this year, a senior researcher at a government think tank said in remarks published on Sunday.

3:50am BST

 

Government to unveil details of £80 billion gamble

 

LONDON (Reuters) - Britain will next week reveal exactly how it will cut spending by more than 80 billion pounds in a long-awaited review that could seal the fate of both the economy and the coalition government that came to power in May.

UK, David Cameron 16 Oct 2010

 

Portugal finance minister doesn't see scope for further cuts

 

LISBON (Reuters) - Portugal's finance minister said in a newspaper interview on Sunday he did know what additional austerity steps could be introduced if market scepticism about the country's ability to cut its deficit persists.

3:35pm BST

 

Deutsche Bahn train passes channel tunnel test run

 

FRANKFURT (Reuters) - A German high-speed train, made by Siemens and operated by Deutsche Bahn, has completed a first safety test run in the Channel tunnel between France and England, paving the way to break France's monopoly on the route.

[interestrateripoff]

17 October 2010 Last updated at 17:32

 

UK banks given tax deal deadline

 

UK banks are given until November to back a code of practice on tax - as the chancellor reveals only four of 15 banks have so far signed up.

 

Equitable Life pay-out '£1.5bn'

 

The BBC understands that the government is to pay customers of Equitable Life compensation totalling £1.5bn - but campaigners and policy holders say it is still not enough.

 

 

 

• Call to stop EU maternity plans
   
  UK employers urge MEPs to vote against proposals to raise the amount of full paid maternity leave from 14 to 20 weeks.
  
• Eurostar disruption set to begin
   
  Thousands of passengers are forced to change travel plans because of industrial action due to hit Belgium's rail network.
  
• Pre-paid card service criticised
   
  A pre-paid card marketed to students and young people travelling abroad is heavily criticised on a website sponsored by the same firm.
  
• NESV completes Liverpool takeover Sport
  
• US budget deficit falls to $1.3tr
  
• BP spill fund 'faces fraud risk'
  
• Warning over debt clearance claim
  
• Illegal gas fitters 'cost £100m'
  
• Bernanke signals economic action
  
• Jaguar's plants in Midlands saved
  
• US launches China trade inquiry
  
• US delays China currency report