The great interest rate rip off part 1

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Breaking news

 

• 
  
• Saudi Airlines buys Boeing planes - Reuters
  
• Sawiris sceptical on Orascom/Vimpelcom deal - Reuters
  
• China hopes G20 to focus on global recovery - Reuters
  
• Saudi Airlines to buy Boeing planes - Reuters
  
• UDPATE 1-UAE approves draft 2011 budget of 41 bln drhms - Reuters
  
• Israel debt-GDP ratio to fall below 75 pct by end-2012 - Reuters
  
• China offers to help Portugal but silent on debt - Reuters
  
• Meirelles unlikely to stay head of Brazil central bank-report - Reuters
  

 

 

 

• G20 showdown likely over Fed's quantitative easing
   
  Angela Merkel expected to lead opposition in Seoul to Bernanke's QE2 programme
  24 comments
  
• Serco admits two of its suppliers gave in to its rebate demands
   
  Shamed government contractor returns payments as Royal Mail's negotiations with suppliers also come under scrutiny
  
• Orders for wind turbines to fall by 93%, energy experts predict
   
  Windfarm developers are worried that the hiatus in the industry will last several years, which could result in large-scale job losses
  
• Gas plants now eligible for £9bn carbon capture demonstration programme
   
  Programme to store emissions rather than release them into atmosphere was previously only open to coal plants
  
• FTSE 100 companies could be forced to ensure boards consist of 40% women
   
  Former business minister Lord Davies is looking at a range of options to tackle the glass ceiling
  
• FSA reforms scare off bank candidates
   
  Regulator insists interviews with candidates for boardroom roles are 'clearly having an impact'
  
• Call of Duty to fight global games slump
   
  The latest instalment in the best-selling Call of Duty series launches in the UK on Tuesday, having broken records for advance orders in the US
  

 

 

• EMI's case is lost: now Guy Hands must face the music over debts to Citigroup
   
  Victory for Guy Hands against his bankers could have rescued the label, which boasts big names like Kylie Minogue. Now his options are greatly diminished
  26 comments
  
  • The story of the Guy Hands/Citigroup trial
    

  [*] Bondholders may take legal action against Iceland over failed banks

   

  Bondholders in the collapsed banks – Landsbanki, Kaupthing and Glitnir argue that nationalising the Icelandic banking system was unlawful

  [*] Papandreou turns local elections into referendum on his economic policies

   

  IMF inspectors are due in Athens on 15 November to monitor progress of Greek government's austerity programme

  [*] US accused of forcing up food prices

   

  New US quantitative easing will weaken dollar and push up commodity prices, hitting consumers, say critics

  29 comments

  [*] Traders unite to fight cigarette display ban

   

  Lobbying ahead of a ban on behind-the-counter displays of tobacco for supermarkets in October next year

  12 comments

  [*] More business news

  [*] Let them eat cheese, says Dublin

  181 comments

  [*] Rail firms want easyJet-style fares

  [*] Tax avoidance service comes under fire

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APEC ponders free trade area as frictions loom

 

YOKOHAMA (Reuters) - Asia-Pacific economies, including China and the United States, were laying the groundwork on Sunday for a vast free trade area, but frictions over currencies and geopolitical rivalries threatened to undermine regional harmony. | Video

Continue Reading

 

 

 

E.ON in talks over £3.5 billion UK unit sale - report

 

LONDON (Reuters) - E.ON , the German power company, is in advanced talks to sell Britain's second-largest electricity distribution network to a group of foreign investors for up to 3.5 billion pounds ($5.6 billion), the Sunday Times reported.

2:09pm GMT

 

Tesco and Dairy Farm bid for Carrefour assets - sources

 

HONG KONG/LONDON (Reuters) - Britain's Tesco and Singapore's Dairy Farm are among those to submit second-round bids for French retailer Carrefour's Southeast Asian assets, sources familiar with the matter told Reuters on Sunday.

2:46pm GMT

 

China hopes G20 to focus on global recovery

 

LISBON (Reuters) - China hopes this week's G20 summit in Seoul will help promote recovery in the global economy and deepen reforms of the world's financial systems, Chinese Commerce Minister Chen Deming said on Sunday.

G20 4:40pm GMT

 

Oil price rise not threat to global recovery - IMF

 

KUWAIT (Reuters) - The International Monetary Fund does not see a rise in oil prices as a threat to the global economic recovery and will closely monitor a new round of U.S. policy easing, a senior IMF official said on Saturday. "No, it seems that in the current environment the energy prices seem to be responding to strengthening growth certainly relatively close to a range that has appeared consistent with continued expansion in the global economy," first managing director John Lipsky told repo

06 Nov 2010

 

Bernanke says Fed not trying to spark inflation

 

JEKYLL ISLAND, Georgia (Reuters) - The Federal Reserve is trying to help a weak economy with its new $600 billion (370 billion pounds) bond purchase plan, not jump-start inflation, central bank chairman Ben Bernanke said on Saturday.

06 Nov 2010

 

China offers to help Portugal but silent on debt

 

LISBON (Reuters) - China will back Portugal's efforts to deal with fallout from the world financial crisis, President Hu Jintao said on Sunday, but he stopped short of promising to buy Portuguese bonds as the debt-ridden country had hoped.

4:52pm GMT

 

Japan takes half-step towards U.S.-led trade pact

 

TOKYO (Reuters) - Japan said on Saturday it would start talking with other countries about a U.S.-led free trade deal, but stopped short of pledging to formally join negotiations, reflecting its worries over fallout for farmers.

06 Nov 2010

 

Eurogroup's Juncker to propose common euro bond - report

 

BERLIN (Reuters) - Eurogroup chairman Jean-Claude Juncker said in an interview published on Saturday that he would put forward a new proposal for a common euro bond as a way to strengthen solidarity in the euro zone. "It's an intelligent way to keep economically weaker euro countries attractive for investors in the future," Juncker was quoted telling the German Sueddeutsche Zeitung newspaper.

06 Nov 2010

 

China gets major stake in IMF vote overhaul

 

WASHINGTON (Reuters) - In a historic decision, the International Monetary Fund board agreed Friday to boost the voting power of big emerging economies and make China the third leading voice in the global lender.

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G20 tensions rise over the future of the global economy

 

As G20 leaders gather in Seoul, peace and love have given way to currency wars and the battle drums are beating for protectionism and trade barriers.

Geithner denies US plans to weaken the dollar

 

 

David Cameron eyes China's heartland

 

 

 

UK closes in on $11bn fighter deal

 

The European-made Typhoon fighter is winning the fight for the contract to supply 126 fighters to the Indian Air Force.

 

Rolls-Royce faces fresh legal row over A380 engine

 

Rolls-Royce's involvement in Airbus's A380 programme could be at risk as the result of a legal counter-blow from rival engine maker Pratt & Whitney.

 

Serco feels the fall-out of 'cash for Coalition cuts' demand

 

 

 

 

Alliance Boots plans major push into China

 

 

 

 

Allan Leighton challenged James Murdoch on BSkyB bid

 

 

 

 

Road to Europe beckons as M&S profits leap

 

 

 

 

BBC aims to gain from global iPlayer

 

 

• The rest of the world goes West when US prints more money
  

 

• George tells Lloyds: stick to your knitting
  

 

 

• Fed's reflation express must keep on rolling
  

 

David Cameron eyes China's heartland

 

 

 

Employers fear strike action, new report reveals

 

 

 

 

Fed's reflation express must keep on rolling

 

 

 

 

Geithner denies US plans to weaken the dollar

 

 

 

 

Producers' price rises gain pace feeding UK inflation threat

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FSA to investigate online forums accused of ‘talking down’ shares

 

 

The Financial Services Authority (FSA) is examining the regulation of online discussion boards after a string of oil & gas firms handed over files claiming market manipulation and personal threats.

 

 

• German banks provide loans for £200m stake in Nomura's HQ
  
• Murdoch to use media rules to seize BSkyB?
  
• Miner aims for 2011 promotion
  
• Bank bosses asked to review cost of red tape
  
• Spanish ministers in talks with business after zero growth
  
• Hands's lawyers to consider EMI appeal
  
• Business News in Brief: 07/11/2010
  

 

Mark Leftly: Proof that a word in the right ear changes policy

 

Government made to see sense on migrant cap

 

 

• Stephen Foley: The song may have ended but for Guy Hands, the malady lingers on
  
• Stephen Foley: A long-term labour challenge
  
• David Prosser: Why a generation of first-time buyers are set to miss out
  
• David Prosser: When consumers are the problem
  
• David Prosser: Canada embraces protectionism
  

 

The bookseller who doesn't read novels

 

Foyles' head Sam Husain tells Deirdre Hipwell about the book store's trust in value and service

 

 

• After precious potash, what else is hot?
  
• Look to the future Marc, it's only just begun...
  
• The business on...Gary Hoffman, Chief executive, Northern Rock
  
• Rapha cashes in on classy clobber for the chain gang
  
• The business on: Frederic Oudea, Chief executive, Société Générale
  

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7 November 2010 Last updated at 20:06

 

Bernanke defends Fed economy plan

 

US Federal Reserve Chairman Ben Bernanke backs the the central bank's new $600bn package to boost the economy.

 

Long-term jobless 'made to work'

 

Benefit claimants could be forced to do manual labour under government proposals being put forward by Iain Duncan Smith, it has emerged.

 

 

 

• Microsoft boss in sale of shares
   
  Microsoft chief executive Steve Ballmer sells $1.3bn worth of shares in the firm, the first time he has sold its stock in seven years.
  
• Chinese boost for Scotch whisky
   
  Scotch Whisky is to get greater legal protection in China following an agreement between the UK and Chinese officials.
  
• Obama announces India trade deals
   
  US President Barack Obama - visiting Mumbai - praises Indian's economic progress and announces $10bn (£6.2bn) in new trade deals.
  
• DP World updates bond prospectus
  
• Volcano forces cancelled flights
  
• RBS back in red with £1.4bn loss
  
• UK high-speed rail link is sold
  
• Global criticism of US stimulus
  
• Europe seals military plane deal
  
• Russia's Mail.ru sees shares jump
  
• German bank could be wound down
  
• US new jobs data beats forecasts
  
• Upbeat HSBC warns on regulation
  

 

Small UK, big China

 

Can the UK close its massive trade deficit with China?

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http://www.bbc.co.uk/news/business-11705576

 

US Federal Reserve Chairman Ben Bernanke has backed the the central bank's new $600bn (£371bn) package to boost the economy.

And he has rejected fears that it may spur inflation.

Some Fed officials worry the money being pumped into the economy could create inflation or speculative bubbles in the prices of bonds or commodities.

But Mr Bernanke says the programme, unveiled on Wednesday, will not push inflation to "super ordinary" levels.

 

What the hell is "super ordinary" meant to mean! A massive inflation surge must be looming, however the workers will be ones suffering as they aren't getting any of the benefits for free money, although those benefits would be short lived as printing free money never works.

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Chasing Pirates: Inside Microsoft’s War Room

 

By ASHLEE VANCE

 

 

Microsoft’s theft fight has implications beyond the bottom line in an industry that relies on intellectual property.

 

• Post a Comment | Read (58)
  

 

 

 

Hazel Thompson for The New York Times

 

Donal Keating, Microsoft’s forensics expert, displaying sample images of forged certificates of authenticity.

 

 

 

 

 

 

When a Rig Moves In Next Door

 

By CLIFFORD KRAUSS and TOM ZELLER Jr.

 

In states accustomed to its risks, drilling for natural gas is seen as an economic lifeline. But in the Northeast, some residents fear the long-term environmental impact.

 

• Post a Comment | Read (103)
  

 

Bernanke Attempts to Soothe Doubters

 

By SEWELL CHAN

 

At a conference, the Fed chief, Ben Bernanke, says, “Our purpose is to provide some additional stimulus to help the economy recover and to avoid, potentially, additional disinflation.”

 

In Japan, U.S. Defends Fed Actions

 

By HIROKO TABUCHI

 

Timothy F. Geithner, the Treasury secretary, said that the United States was not trying to devalue the dollar.

 

Democrats Divided on Tax Cut Strategy

 

By JACKIE CALMES

 

The Obama administration and House Democrats are seeking a strategy for the soon-to-expire Bush-era tax cuts.

 

• Post a Comment | Read (96)
  

 

Taking 2nd Mortgage to Pay Foreclosure Lawyer

 

By DAVID STREITFELD

 

Some defense lawyers call the mortgages crass. Yet they solve a vexing issue: How can clients who are broke pay?

 

Russian Journalist Beaten in Moscow

 

By ELLEN BARRY

 

A journalist is in an induced coma after an attack his editor said was likely connected to his work.

 

Unboxed

 

Apple and I.B.M. Aren’t All That Different

 

By STEVE LOHR

 

The two companies can be viewed as the yin and the yang of high-tech innovation, with more in common than is generally understood.

 

Novelties

 

When a Camcorder Becomes a Life Partner

 

By ANNE EISENBERG

 

Tiny, wearable cameras, which can be tucked over an ear or worn in a headband, are entering the mainstream.

 

Bloomberg Questions U.S. Inquiry Into China Trade Practices

 

By KEITH BRADSHER

 

In Hong Kong, Mayor Michael R. Bloomberg was skeptical about a United States decision to open an inquiry into whether China violated trade rules.

 

 

 

• In Venezuela, a New Wave of Foreigners
  
• American Sikhs Decry Screenings
  
• Antibiotics Research Subsidies Weighed by U.S.
  
• Shell Presses for Drilling in Arctic
  
• Jobs Data Highlights the Challenges for Washington
  

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http://www.youtube.com/watch?v=XK4dxacv7jY&feature=player_embedded

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GMAC Sued In Federal Court - 42 USC 1983 (!)

Uh, this is going to be interesting......

The “technical” problems and other issues seen in

foreclosure courtrooms

across this country are merely symptoms of much larger issues that impact our broader economy and in fact our national security and the economic survival of this country.

Yep.

We should have learned during the 2008 economic collapse that the the entire

subprime mortgage industry

was an unregulated, unchecked fleecing of the entire country. We did not learn, instead we bailed out the con artists and criminals and there were no consequences for this fundamental breakdown. Next, we shoveled more money at the criminals and con artists during the Modification Madness of 2009 and 2010.

Why of course. We've already discovered that "HAMP" played right into the PSAs that made foreclosing a racket - a very profitable racket.

The only hope we have is that passionate and ethical attorneys will stand up and fight against the tyranny of the big monied interests through class action lawsuits. It’s time for a popular uprising, for consumers to join together and fight for the principles of justice and the rule of law.

Well, that's not the only hope. It may be the only peaceful hope, and the one that we all pray takes place. I'm not very confident, unfortunately.

Note that this is a particularly-nasty suit, in that it invokes 42 USC 1983 - Deprivation of Rights under color of law or authority. I presume the argument here is that GMAC is effectively an arm of the federal government. That ought to be nice.

The entire complaint is well worth reading. In addition, this isn't a hack-job legal outfit - pay close attention here folks as the Mason Law Firm of DC is involved.... and they're quite-well known for nailing people to the cross when systematic screwing has been practiced by an industry.

Link to the PDF of the complaint

 

The fun about to begin.

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Non-Revolving Credit Is Up Eh?

I suspect someone's gonna have some 'splaining to do on this one.... Remember, The Fed claims that non-revolving credit increased last month.

Uh, if that's not obvious, only the Federal Government is expanding credit.

Huh?

The Federal Government doesn't hold credit. Or do they?

Well, yes they do - for student loans. Gee, that nice ramp right as the kids go to college in The Federal Government's holdings of credit is right on schedule, isn't it?

Incidentally, The "Step function" you see in the graph is due to a change requiring off-balance sheet paper to be brought back on earlier this year; it is not actual expansion of credit (as you can see from the gross outstanding table, shown here)

Notice, however, that since the beginning of 2009, which is when credit contraction began, the only holder who expanded in size was The Federal Government.

Including this last month.

It's student loans folks.

That's all it can be.

Bluntly: We're still financially raping our nation's kids.

 

See charts at the link.

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http://www.nytimes.com/2010/11/07/opinion/07kristof.html?_r=1&src=ISMR_HP_LO_MST_FB

 

In my reporting, I regularly travel to banana republics notorious for their inequality. In some of these plutocracies, the richest 1 percent of the population gobbles up 20 percent of the national pie.

 

But guess what? You no longer need to travel to distant and dangerous countries to observe such rapacious inequality. We now have it right here at home — and in the aftermath of Tuesday’s election, it may get worse.

The richest 1 percent of Americans now take home almost 24 percent of income, up from almost 9 percent in 1976. As Timothy Noah of Slate noted in an excellent series on inequality, the United States now arguably has a more unequal distribution of wealth than traditional banana republics like Nicaragua, Venezuela and Guyana.

C.E.O.’s of the largest American companies earned an average of 42 times as much as the average worker in 1980, but 531 times as much in 2001. Perhaps the most astounding statistic is this: From 1980 to 2005, more than four-fifths of the total increase in American incomes went to the richest 1 percent.

 

That’s the backdrop for one of the first big postelection fights in Washington — how far to extend the Bush tax cuts to the most affluent 2 percent of Americans. Both parties agree on extending tax cuts on the first $250,000 of incomes, even for billionaires. Republicans would also cut taxes above that.

The richest 0.1 percent of taxpayers would get a tax cut of $61,000 from President Obama. They would get $370,000 from Republicans, according to the nonpartisan Tax Policy Center. And that provides only a modest economic stimulus, because the rich are less likely to spend their tax savings.

 

At a time of 9.6 percent unemployment, wouldn’t it make more sense to finance a jobs program? For example, the money could be used to avoid laying off teachers and undermining American schools.

 

Likewise, an obvious priority in the worst economic downturn in 70 years should be to extend unemployment insurance benefits, some of which will be curtailed soon unless Congress renews them. Or there’s the Trade Adjustment Assistance program, which helps train and support workers who have lost their jobs because of foreign trade. It will no longer apply to service workers after Jan. 1, unless Congress intervenes.

So we face a choice. Is our economic priority the jobless, or is it zillionaires?

 

And if Republicans are worried about long-term budget deficits, a reasonable concern, why are they insistent on two steps that nonpartisan economists say would worsen the deficits by more than $800 billion over a decade — cutting taxes for the most opulent, and repealing health care reform? What other programs would they cut to make up the lost $800 billion in revenue?

 

Surely they are expecting lost revenue to be made up by more printing?

 

America the biggest banana republic of them all?

 

Can they keep selling the American dream in the face of such inequality? Still I'm sure the recovery will help with it all.

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From Griftopia by Matt Taibbi

 

http://www.rollingstone.com/politics/news/17390/222206

 

America is quite literally for sale, at rock-bottom prices, and the buyers increasingly are the very people who scored big in the oil bubble. Thanks to Goldman Sachs and Morgan Stanley and the other investment banks that artificially jacked up the price of gasoline over the course of the last decade, Americans delivered a lot of their excess cash into the coffers of sovereign wealth funds like the Qatar Investment Authority, the Libyan Investment Authority, Saudi Arabia’s SAMA Foreign Holdings, and the UAE’s Abu Dhabi Investment Authority.

 

Here’s yet another diabolic cycle for ordinary Americans, engineered by the grifter class. A Pennsylvanian like Robert Lukens sees his business decline thanks to soaring oil prices that have been jacked up by a handful of banks that paid off a few politicians to hand them the right to manipulate the market. Lukens has no say in this; he pays what he has to pay. Some of that money of his goes into the pockets of the banks that disenfranchise him politically, and the rest of it goes increasingly into the pockets of Middle Eastern oil companies. And since he’s making less money now, Lukens is paying less in taxes to the state of Pennsylvania, leaving the state in a budget shortfall. Next thing you know, Governor Ed Rendell is traveling to the Middle East, trying to sell the Pennsylvania Turnpike to the same oil states who’ve been pocketing Bob Lukens’s gas dollars. It’s an almost frictionless machine for stripping wealth out of the heart of the country, one that perfectly encapsulates where we are as a nation.

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Breaking news

 

• 
  
• World Bank chief surprises with gold proposal - Reuters
  
• FUND VIEW-Mellon Capital reverses bearish view on euro - Reuters
  
• Euro slides as market frets about euro zone debt - Reuters
  
• No Greek banking stability problems - fin minister - Reuters
  
• Mexico, Brazil launch talks toward bilateral trade deal - Reuters
  
• Oracle enlists private eyes to find HP CEO -source - Reuters
  
• Prices slip, but 30-year bond suffers less - Reuters
  
• EU ministers agree more air cargo security needed - Reuters
  

 

 

 

• Obama defends quantitative easing ahead of G20 summit
   
  President hits back at critics who say the Federal Reserve's latest bout of QE risks destabilising the global economy
  9 comments
  
  • G20 showdown likely over Fed's quantitative easing
    
  • Quantitative easing explained
    
  • Larry Elliott: Fed's latest QE may lead to disaster
    

  [*] World Bank head calls for debate on new gold standard

   

  Robert Zoellick argues more co-operative monetary system would increase investor confidence and stimulate growth

  18 comments

  • Poll: Would gold standard fix the global economy?
    
  • A return to the gold standard would solve nothing
    

  [*] Gartmore up for sale amid departures of its top performing fund managers

   

  Gartmore's business model attracted investors by promoting the high profile status of its fund managers to deliver outstanding returns

   

  • Gartmore departures spark sell-off
    

  [*] Rok goes into administration following shock profit warning

   

  Rok's move comes after building services company reported half-year loss of £3.8m

  [*] FSA reforms scare off bank candidates

   

  Regulator insists interviews with candidates for boardroom roles are 'clearly having an impact'

  [*] FTSE 100 companies could be forced to ensure boards consist of 40% women

   

  Former business minister Lord Davies is looking at a range of options to tackle the glass ceiling

 

 

• EMI's case is lost: now Guy Hands must face the music over debts to Citigroup
   
  Victory for Guy Hands against his bankers could have rescued the label, which boasts big names like Kylie Minogue. Now his options are greatly diminished
  32 comments
  
  • The story of the Guy Hands/Citigroup trial
    

  [*] Bondholders may take legal action against Iceland over failed banks

   

  Bondholders in Landsbanki, Kaupthing and Glitnir argue that nationalising the banking system was unlawful

  [*] Papandreou turns local elections into referendum on his economic policies

   

  IMF inspectors are due in Athens on 15 November to monitor progress of Greek government's austerity programme

  [*] Orders for wind turbines to fall by 93%, energy experts predict

   

  Windfarm developers worry the industry hiatus will last several years, resulting in large-scale job losses

   

  • Gas plants eligible for £9bn carbon capture scheme
    

  [*] More business news

  [*] Traders fight cigarette display ban

  27 comments

  [*] Serco: two suppliers gave in to its rebate demands

  [*] Let them eat cheese, says Dublin

[interestrateripoff]

Biotech firms hit as cash dries up and research shifts eastward

 

 

The global biotechnology business model is "breaking down" as investors tighten purse strings and the industry's research base shifts to emerging economies, a report suggests.

 

• Threat to 3,800 jobs as builder Rok enters administration
  
• G20 leaders urged to impose Robin Hood tax on banks
  
• Royal Mail set for lighter-touch regulation
  
• Few companies meet carbon reporting norms
  
• Shoppers expected to keep spending in 2011
  
• Little thirst for stores closed by First Quench
  
• UK bosses eye China and India
  

 

Sean O'Grady: Higher tuition fees will be paid for in lower house prices

 

Outlook: Cutting back 'reckless' lending means those without a thriving Bank of Mum 'n' Dadwon't have access to the property market's leveraged returns

 

• Mark Leftly: Proof that a word in the right ear changes policy
  
• Stephen Foley: The song may have ended but for Guy Hands, the malady lingers on
  
• Stephen Foley: A long-term labour challenge
  
• David Prosser: Why a generation of first-time buyers are set to miss out
  
• David Prosser: When consumers are the problem
  

 

The bookseller who doesn't read novels

 

Foyles' head Sam Husain tells Deirdre Hipwell about the book store's trust in value and service

 

 

• After precious potash, what else is hot?
  
• Look to the future Marc, it's only just begun...
  
• The business on...Gary Hoffman, Chief executive, Northern Rock
  
• Rapha cashes in on classy clobber for the chain gang
  
• The business on: Frederic Oudea, Chief executive, Société Générale
  

[interestrateripoff]

Rolls says progress made in Qantas A380 engine probe

 

LONDON/SYDNEY (Reuters) - Rolls-Royce Group Plc moved to contain a crisis of confidence in the safety of its engines on Monday, saying progress was being made in finding out what caused last week's blowout on a Qantas Airbus A380 flight. | Video

Continue Reading

 

 

 

Europe debt woe taints stocks as gold tops $1,400

 

NEW YORK (Reuters) - Stocks fell on Monday as renewed concerns about Ireland's resolve to address its debt load dragged the euro lower and gave the dollar a reprieve from weeks of drubbing, but gold surged on inflation worry.

6:37pm GMT

 

BP, firms didn't cut safety over money - panel

 

WASHINGTON (Reuters) - The White House oil spill commission said on Monday it found no evidence to support accusations that the largest offshore oil spill in U.S. history happened because BP Plc and its partners cut corners to save money.

7:36pm GMT

 

Goldman, Natixis to clash in court over credit deal

 

LONDON/PARIS (Reuters) - French investment bank Natixis is due to clash with Wall Street heavyweight Goldman Sachs in a British court on Tuesday over a credit derivatives deal which Natixis wants scrapped.

6:27pm GMT

 

World Bank chief surprises with gold proposal

 

LONDON/WASHINGTON (Reuters) - The world's largest economies should consider gold as an indicator to help set foreign exchange rates, the head of the World Bank said on Monday in a proposal that threw open the acrimonious currency debate days before a summit of G20 nations.

G20 7:47pm GMT

 

Social housing firm Rok calls in administrator

 

LONDON (Reuters) - Building and social housing repairs firm Rok Plc went into administration on Monday, two months after bigger rival Connaught collapsed.

2:44pm GMT

 

Nevsky plans new fund as it drops $3 billion mandate

 

LONDON (Reuters) - Asset manager Nevsky Capital will stop running a $3.3 billion (2 billion pound) global emerging market fund for Traditional Funds Plc after the exit of two managers, and plans to launch a new global equities fund of its own.

4:18pm GMT

 

Watchdog gets complaint on base metal ETPs

 

LONDON (Reuters) - Britain's financial services regulator said it has received a complaint over plans for base metal exchange traded products (ETPs), reflecting fears they could tip a finely balanced copper market into deficit and distort prices.

UK 3:05pm GMT

 

U.S. SEC focuses on "crazy" algos after flash crash

 

NEW YORK (Reuters) - The U.S. Securities and Exchange Commission will take further steps to make markets more stable and trustworthy following the May "flash crash," and is zeroing in on lightning fast computer trading codes that "go crazy," the agency's head said on Monday.

6:36pm GMT

 

Doughty Hanson to buy Vue, No. 3 cinema chain

 

LONDON (Reuters) - Private equity firm Doughty Hanson agreed to buy Vue Entertainment , Britain's third-biggest cinema chain, in a deal that a source said valued the business at about 450 million pounds.

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8 November 2010 Last updated at 17:18

 

Stamps could face record 5p rise

 

Royal Mail is given permission to raise the cost of a first-class stamp by a record 5p to 46p next year.

 

UK in major push for China trade

 

A UK government and trade mission to China is the "largest and most high powered" visit to the country from a UK delegation, says Chancellor George Osborne

 

• Cable on trade talks Watch
  
• Peston: Closing the China gap
  
• Chinese boost for Scotch whisky
  
• Chinese artist in UK rights call
  

 

 

'Progress' in A380 engine probe

 

Rolls-Royce says that it has "made progress" in its investigation into the cause of engine problems on the Airbus A380.

 

• Qantas finds A380 engine problems
  
• Factfile: Airbus A380
  

 

 

 

• Administration for builders Rok
   
  Unable to face its financial obligations, building and repairs group Rok is forced to call in the administrators.
  
• Gartmore plummets as staff leave
   
  Shares in money manager Gartmore dive after key personnel leave and the firm announces a strategic review of the business.
  
• EU visits Dublin as worries mount
   
  EU economy commissioner Olli Rehn is reviewing the Irish Republic's draconian draft budget as markets increasingly fear a default.
  
• US drops target amid dollar spat
  
• Hesketh resigns amid carrier row
  
• Threshers stores fail to reopen
  
• Profits soar at Russian gas giant
  
• UK space earnings now at £7.5bn
  
• Bernanke defends Fed economy plan
  
• Chinese boost for Scotch whisky
  
• Long-term jobless 'made to work'
  
• Microsoft boss in sale of shares
  

[interestrateripoff]

[/url]

 

Qantas finds oil leaks in three Rolls A380 engines

 

Fresh blow for Rolls-Royce as Qantas grounds A380s for a further 72 hours after discovering leaks.

 

Rok heads for administration, 5,000 jobs at risk

 

Company that bills itself as the nation's local builder is to be placed into administration in a shock development.

 

Gartmore considers options as star manager Guy leaves

 

Fund manager seeks talks on merger or sale as star manager quits, sparking a sell-off in its shares.

 

Cable backs Diageo's attempt to buy Chinese firm

 

 

 

 

Commodity funds 'may be next financial bubble'

 

 

 

 

Sita to turn plastic into diesel

 

 

 

 

Shell to sell $3.3bn stake in Woodside

 

 

 

 

UK closes in on $11bn fighter deal

 

 

 

 

G20 tensions rise over the future of the global economy

 

BoE likely to remain cautious over growth

 

 

 

 

David Cameron eyes China's heartland

 

 

 

 

Employers fear strike action, new report reveals

 

 

 

 

Fed's reflation express must keep on rolling

 

 

 

 

Geithner denies US plans to weaken the dollar

[interestrateripoff]

A Tale Of Two Fed Governors.....

This isn't going to make the housing harpies happy....

Thomas Hoenig told the

National Association of Realtors

in New Orleans that moving the rate off zero, where it's been since December 2008, represents "highly accommodative policy."

Yeah, well, good luck with that. Especially with the NAR. But then again, all it takes to a Realtard is a short class and paying a fee. College Degree? Nope. How about demonstrating an understanding of exponents and how they graph over time? Nope. But the latter is something that any financial professional in any form or type should be required to demonstrate - repeatedly - before being "licensed" to do any such thing.

He supports scrapping

Fannie Mae

and

Freddie Mac

in favor of a new "public entities that focus solely on the securitization of conventional, conforming mortgages with strong underwriting standards, tight public oversight and balance sheets limited to holding amounts necessary for warehousing loans to be securitized."

Who's going to eat the one trillion in losses in their paper? That's the problem, in a nutshell. The bubble fraudulently inflated prices far beyond any sort of reason, and deflating that bubble will of necessity result that someone eat the hidden loss.

Who will that be?

Then there's Kevin Warsh....

Fiscal authorities should resist the temptation to increase government expenditures continually in order to compensate for shortfalls of private consumption and investment. A strict economic diet of fiscal austerity has greater appeal, a kind of penance owed for the excesses of the past. But root-canal economics also does not constitute optimal economic policy.

Root canal? Well, that does depend on whether you have an infection in the root of that tooth, no? If so, what are you going to do? Pop your pustule on your gumline every morning and hope it gets better? What happens when you pop it and the infection is driven into your circulatory system instead - and causes sepsis?

Pro-growth policies include reform of the tax code to make it simpler, more transparent and more conducive to long-term investment. These policies also include real regulatory reform so that firms—financial and otherwise—know the rules, and then succeed or fail.

Well that would be nice. But before you credibly do that, you have to punish the existing and previous frauds. If you don't, the bad money drives out good. After all, I will always wind up with all the money at the poker table if I am allowed to cheat. Eventually, nobody who isn't cheating will play with me, because they will ultimately discern that I have to be cheating or I couldn't possibly win all the time against what are otherwise skilled opponents.

But that's what's happened to our financial system. We have "HFT" games in the markets that are effectively front-running - seeing your orders and getting in front of them, providing guaranteed profits. Those profits are small per-trade, but they're stolen from you.

We have Citibank who's former chief underwriter has admitted under oath to have watched (and warned) while 60% of loan production was defective in 2006 - and 80% in 2007. Nothing was done about it, and nothing has still been done about it. Well, if you're an honest bank how do you compete when the true risk-adjusted rate for a given borrower is 7% - and Citibank gives him a loan at 5%, undercutting you and selling off what they know (with 80% certainty) will blow up in the future. You, the honest banker who strives for a 1% default rate, cannot compete with that.

Monetary policy also has an important role to play. However, the Federal Reserve is not a repair shop for broken fiscal, trade or regulatory policies.

Bullcrap. QE1 was all about saving the banks who have admitted to intentionally making bad loans. So is QE2. So was TARP - corralling Congress in a conference room in the dark of night to demand $700 billion - which the FOMC did do.

The Fed can lose its hard-earned credibility—and monetary policy can lose its considerable sway—if its policies overpromise or under deliver.

The Fed's credibility is already gone. Why do you think commodities - including Gold and Silver - are on such a tear? It's a repudiation of the dollar - the currency bearing YOUR NAME. Is that well-founded? Well that's a good question, isn't it?

The Fed's increased presence in the market for long-term Treasury securities poses nontrivial risks that bear watching. The prices assigned to Treasury securities—the risk-free rate—are the foundation from which the price of virtually every asset in the world is calculated. As the Fed's balance sheet expands, it becomes more of a price maker than a price taker in the Treasury market.

The Fed's increased presence and "price maker" position is the destruction of the Treasury Bond Market's essential purpose in controlling fiscal deficits.

Responsible monetary policy in the current environment requires attention not only to near-term macroeconomic conditions, but also to corollary risks with long-term effects. Should these risks threaten to materialize, however one gauges the probabilities, I am confident that the FOMC will have the tools and conviction to adjust policies appropriately.

The risks have already been realized. Witness the price charts for Corn, Oats, Wheat, Soy, Silver, Gold, Copper and Oil. Pick one. They're all straight up since The Fed's threat and announcement. Oh, and the Dollar? Down 16%.

But heh, you guys think this is all ok, right? I don't hear you calling for Bernanke's head on a plate - or a pike.....

That will have to wait for the American People when they are literally starving, or, alternatively, when the multiple expansion you have driven folds back as input cost pressures into a 10% unemployment rate cause the collapse of profit margins.

Pick one - either way this ends badly, and I'll lay a Benjamin on the table that says you won't take responsibility for it when the obvious, expected and inevitable occurs.

 

The housing bubble still hasn't fully imploded yet.

 

Luckily it's all contained.

[interestrateripoff]

Here Come The Depositions

Gee, there's nothing wrong here with this sort of signing of documents, right?

 

 

Don't Worry, I'm a Vice-President (Of Two Dozen Companies)

It's a very demanding job, you know.

[interestrateripoff]

A Tale Of Two Fed Governors.....

This isn't going to make the housing harpies happy....

Thomas Hoenig told the

National Association of Realtors

in New Orleans that moving the rate off zero, where it's been since December 2008, represents "highly accommodative policy."

Yeah, well, good luck with that. Especially with the NAR. But then again, all it takes to a Realtard is a short class and paying a fee. College Degree? Nope. How about demonstrating an understanding of exponents and how they graph over time? Nope. But the latter is something that any financial professional in any form or type should be required to demonstrate - repeatedly - before being "licensed" to do any such thing.

He supports scrapping

Fannie Mae

and

Freddie Mac

in favor of a new "public entities that focus solely on the securitization of conventional, conforming mortgages with strong underwriting standards, tight public oversight and balance sheets limited to holding amounts necessary for warehousing loans to be securitized."

Who's going to eat the one trillion in losses in their paper? That's the problem, in a nutshell. The bubble fraudulently inflated prices far beyond any sort of reason, and deflating that bubble will of necessity result that someone eat the hidden loss.

Who will that be?

Then there's Kevin Warsh....

Fiscal authorities should resist the temptation to increase government expenditures continually in order to compensate for shortfalls of private consumption and investment. A strict economic diet of fiscal austerity has greater appeal, a kind of penance owed for the excesses of the past. But root-canal economics also does not constitute optimal economic policy.

Root canal? Well, that does depend on whether you have an infection in the root of that tooth, no? If so, what are you going to do? Pop your pustule on your gumline every morning and hope it gets better? What happens when you pop it and the infection is driven into your circulatory system instead - and causes sepsis?

Pro-growth policies include reform of the tax code to make it simpler, more transparent and more conducive to long-term investment. These policies also include real regulatory reform so that firms—financial and otherwise—know the rules, and then succeed or fail.

Well that would be nice. But before you credibly do that, you have to punish the existing and previous frauds. If you don't, the bad money drives out good. After all, I will always wind up with all the money at the poker table if I am allowed to cheat. Eventually, nobody who isn't cheating will play with me, because they will ultimately discern that I have to be cheating or I couldn't possibly win all the time against what are otherwise skilled opponents.

But that's what's happened to our financial system. We have "HFT" games in the markets that are effectively front-running - seeing your orders and getting in front of them, providing guaranteed profits. Those profits are small per-trade, but they're stolen from you.

We have Citibank who's former chief underwriter has admitted under oath to have watched (and warned) while 60% of loan production was defective in 2006 - and 80% in 2007. Nothing was done about it, and nothing has still been done about it. Well, if you're an honest bank how do you compete when the true risk-adjusted rate for a given borrower is 7% - and Citibank gives him a loan at 5%, undercutting you and selling off what they know (with 80% certainty) will blow up in the future. You, the honest banker who strives for a 1% default rate, cannot compete with that.

Monetary policy also has an important role to play. However, the Federal Reserve is not a repair shop for broken fiscal, trade or regulatory policies.

Bullcrap. QE1 was all about saving the banks who have admitted to intentionally making bad loans. So is QE2. So was TARP - corralling Congress in a conference room in the dark of night to demand $700 billion - which the FOMC did do.

The Fed can lose its hard-earned credibility—and monetary policy can lose its considerable sway—if its policies overpromise or under deliver.

The Fed's credibility is already gone. Why do you think commodities - including Gold and Silver - are on such a tear? It's a repudiation of the dollar - the currency bearing YOUR NAME. Is that well-founded? Well that's a good question, isn't it?

The Fed's increased presence in the market for long-term Treasury securities poses nontrivial risks that bear watching. The prices assigned to Treasury securities—the risk-free rate—are the foundation from which the price of virtually every asset in the world is calculated. As the Fed's balance sheet expands, it becomes more of a price maker than a price taker in the Treasury market.

The Fed's increased presence and "price maker" position is the destruction of the Treasury Bond Market's essential purpose in controlling fiscal deficits.

Responsible monetary policy in the current environment requires attention not only to near-term macroeconomic conditions, but also to corollary risks with long-term effects. Should these risks threaten to materialize, however one gauges the probabilities, I am confident that the FOMC will have the tools and conviction to adjust policies appropriately.

The risks have already been realized. Witness the price charts for Corn, Oats, Wheat, Soy, Silver, Gold, Copper and Oil. Pick one. They're all straight up since The Fed's threat and announcement. Oh, and the Dollar? Down 16%.

But heh, you guys think this is all ok, right? I don't hear you calling for Bernanke's head on a plate - or a pike.....

That will have to wait for the American People when they are literally starving, or, alternatively, when the multiple expansion you have driven folds back as input cost pressures into a 10% unemployment rate cause the collapse of profit margins.

Pick one - either way this ends badly, and I'll lay a Benjamin on the table that says you won't take responsibility for it when the obvious, expected and inevitable occurs.

 

The housing bubble still hasn't fully imploded yet.

 

Luckily it's all contained.

[interestrateripoff]

http://www.guardian.co.uk/business/2010/nov/09/record-trade-deficit-for-uk

 

Government hopes that economic recovery will be spearheaded by manufacturing and exports took a dent today as official figures showed the UK running a record trade deficit in the three months to September.

 

Data from the Office for National Statistics revealed that the gap between exports and imports in the third quarter widened to more than £14bn – despite the boost provided by a weak pound.

 

The ONS said the trade gap in goods alone edged above £25bn for the first time between July and September, but was offset by a healthy surplus in trade in services.

 

In September, the ONS recorded a slight improvement in the UK's trade performance. Imports into Britain of £30.6bn topped exports of £22.4bn by £8.2bn, slightly below the £8.5bn shortfall recorded for August. A £3.6bn surplus in services meant the overall trade gap narrowed from £4.9bn to £4.6bn.

 

Separate ONS figures showed that the output of UK factories rose by 0.1% in September – slightly below City expectations and the weakest performance since April.

 

If we weren't having an export recovery just think how bad this gap would have been. The cheap pound is helping to keep out exports up to keep down increase in the balance of trade to a bare minimum.

[interestrateripoff]

http://www.guardian.co.uk/business/2010/nov/09/palin-criticises-bernanke-quantitative-easing

 

First it was the might of the emerging economic superpowers, Brazil and China. Then Germany weighed in. Now Sarah Palin, the controversial failed Republican vice-presidential candidate, has entered the debate over the Federal Reserve's $600bn package (£370bn) to revive the moribund US economy.

 

With world leaders heading to Asia to discuss the imbalances of the global economy at the G20 summit in Korea this week, Palin was set to use a speech in Phoenix, Arizona, to declare that she was "deeply concerned" and would call on the US Federal Reserve chairman, Ben Bernanke, to "cease and desist" buying up government debt.

 

"If it doesn't work, what do we do then? Print even more money? What's the end-game here? Where will all this money printing on an unprecedented scale take us? ... All this pump-priming will come at a serious price," Palin will say, according to snippets of the speech obtained by National Review.

 

"Everyone who ever goes out shopping for groceries knows that prices have risen significantly over the past year or so. Pump-priming would push them even higher," Palin adds, putting a populist slant on monetary policy. Her remarks place her firmly, if awkwardly, in company with an international chorus of critics opposed to a US policy that many fear is not only designed to ward off deflation but to drive down the value of the dollar and of US debt.

 

Yesterday, Beijing warned that the US policy could swamp emerging economies with destabilising inflows of speculative capital. China's deputy-finance minister, Zhu Guangyao, said the US "is not recognising the responsibility it should take as a reserve currency issuer, and not taking into account the effect of this excessive liquidity on emerging-market economies".

 

The harshest criticism so far came from Germany's finance minister, Wolfgang Schäuble, who said: "With all due respect, US policy is clueless."

He said: "It's not that the Americans haven't pumped enough liquidity into the market. Now to say 'let's pump more into the market' is not going to solve their problems." Officials in Brazil and South Africa have also added dissenting voices to the debate over US policy.

 

But as US administration and treasury officials fanned out to build support for QE2, as the second round of quantitative easing is known, Barack Obama used his visit to India to hit back at critics, arguing that the stimulus package would drive up US growth rates, which would be "good for the world as a whole".

 

The next US Presidential election could be interesting, if more printing hasn't solved the problem Obama is going to get one hell of a kicking during the campaign.

 

The free money is to try and save the banking system and fiat. However history says this will fail, although it's just possible they may print the right sort of money this time to make it work, perhaps all previous attempts failed because they got the formula wrong?

[interestrateripoff]

Breaking news

 

• 
  
• Following Zoellick down the rabbit hole: James Saft - Reuters
  
• US banks' mortgage practices reap more lawsuits - Reuters
  
• Judge dismisses part of Citi investor lawsuit - Reuters
  
• Euro falters for 3rd straight day on debt fears - Reuters
  
• Southwest, AirTran get second US request on deal - Reuters
  
• US STOCKS-Wall St falls after recent gain; gold edges off high - Reuters
  
• 30-year leads prices lower in auction concession - Reuters
  
• Microsoft sues Motorola over Xbox patent issue - Reuters
  

 

 

 

• Marks & Spencer to revamp stores and push own brand
   
  Boss Marc Bolland announces his strategy, expanding overseas and overturning much of the legacy of his predecessor, Sir Stuart Rose
  65 comments
  
  • Nils Pratley: Bolland plays it safe
    
  • What the analysts say
    
  • Poll: Is the new M&S boss right?
    
  • Tesco chases Asian Carrefour stores
    

  [*] Barclays sets aside £1.6bn for bonuses

   

  Third-quarter results from the bank hint at size of December payouts, despite a loss this quarter from Barclays Capital

  28 comments

  • New Lloyds chief urged to stop job losses
    
  • Investigation launched into soaring executive pay
    
  • Robin Hood tax 'could raise $26bn a year'
    

  [*] UN's International Labour Organisation faces pickets by staff

   

  The United Nations workers' rights body, the ILO, is in conflict with its employees over new contracts

  [*] Vodafone launches multimedia offensive

   

  Chief executive Vittorio Colao focuses on mobile internet market and says UK business 'resilient' to public spending cuts

 

 

• Cable rows with bank bosses during Chinese trade mission
   
  Business secretary disagrees with RBS and Standard Chartered chiefs after they warned a bonus crackdown could trigger a staff exodus to Asia
  74 comments
  
  • Record trade deficit for UK
    

  [*] Rolls-Royce secures £750m China deal

   

  Rolls-Royce to supply and service jet engines for China Eastern Airlines in order secured as part of David Cameron's trade mission

   

  • Rolls-Royce plays down Airbus fears
    
  • Latest on the engine safety crisis
    

  [*] Post Office bank proposals scrapped

   

  Plans too lengthy and costly, ministers claim, but pensioners call move 'extremely short-sighted'

  69 comments

  • Jill Treanor: Post Office banking's troubled history
    

  [*] More business news

  [*] Yell recruits Cisco executive as new chief

  Post your comment

  [*] Morgan Sindell's Connaught deal scaled back

[interestrateripoff]

Gartmore puts up 'for sale' sign as top manager quits company

 

 

The fund manager Gartmore is facing a potentially catastrophic exodus of funds after it announced the departure of its star manager, Roger Guy, and hoisted a "for sale" sign above the business yesterday.

 

• BA fined over cargo route price fixing new
  
• Job woes continue as thousands face axe new
  
• Lloyds to axe another 400 jobs
  
• New M&S boss expanding own brand strategy
  
• Rolls-Royce wins £750m jet engine deal
  
• Profits dip at Barclays investment banking arm
  
• Retailers see no respite from weak trading
  

 

David Prosser: When star fund managers decide to jump ship, it is time to turn out the lights

 

The decision of Roger Guy yesterday to leave Gartmore plunged the company into outright crisis and looks set to hand it on a plate to an opportunistic buyer

 

• Sean O'Grady: Higher tuition fees will be paid for in lower house prices
  
• Mark Leftly: Proof that a word in the right ear changes policy
  
• Stephen Foley: The song may have ended but for Guy Hands, the malady lingers on
  
• Stephen Foley: A long-term labour challenge
  
• David Prosser: Why a generation of first-time buyers are set to miss out
  

 

Chrysler: from bust to vroom

 

The American car giant, steered by Sergio Marchionne, has put a lot of road behind it in the 16 months since exiting bankruptcy. Stephen Foley reports

 

• The Business on: Nick Robertson, Chief executive, Asos
  
• The bookseller who doesn't read novels
  
• After precious potash, what else is hot?
  
• Look to the future Marc, it's only just begun...
  
• The business on...Gary Hoffman, Chief executive, Northern Rock
  

[interestrateripoff]

Trade push into China yields Rolls-Royce deal

 

BEIJING (Reuters) - Prime Minister David Cameron's efforts to double trade with China by 2015 received a boost Tuesday when aero-engine maker Rolls-Royce won a $1.2-billion (747.4 million pounds) order from China Eastern Airlines | Video

Continue Reading

 

 

 

FTSE rises as corporate earnings spur investors

 

LONDON (Reuters) - The leading shares closed higher on Tuesday boosted by results from Barclays , Schroders and Associated British Foods .

G20 5:05pm GMT

 

House price index hits 18-month low in October

 

LONDON (Reuters) - House prices fell last month at their fastest pace in 18 months and manufacturing growth slowed, according to data on Tuesday that flagged the risk of a sharp slowdown in the coming months.

UK 7:21pm GMT

 

Special report - How Jean-Claude changed the ECB

 

FRANKFURT, Nov 9 - In September 2006, at a meeting of European Union finance ministers in Helsinki, two officials called Jean-Claude were vying for the title of "Mr Euro".

5:44pm GMT

 

Economy likely grew 0.5 percent in 3 mths to October - NIESR

 

LONDON (Reuters) - Economic growth in Britain is likely to have slowed to 0.5 percent in the three months to October from 0.8 percent in the three months to September, a leading think tank said on Tuesday.

3:08pm GMT

 

Bank to hold off on QE - Reuters poll

 

LONDON (Reuters) - The Bank of England is unlikely to follow the United States' lead and inject further cash into the money supply but it is still a close call as the recovery remains fragile, a Reuters poll found on Tuesday.

2:53pm GMT

 

Post offices to serve RBS and NatWest customers

 

LONDON (Reuters) - Royal Bank of Scotland (RBS) and NatWest customers will be able to access current and business accounts at Britain's 12,000 post offices after the government ditched plans for a state-backed Post Office bank.

UK, 2:12pm GMT

 

IMF says UK spending cuts will be tough to deliver

 

LONDON (Reuters) - The government's plans for deep public spending cuts to help wipe out a record deficit will be tough to implement and could strain services, the International Monetary Fund said on Tuesday.

3:11pm GMT

 

China, Germany slam U.S. policy before G20 summit

 

SEOUL (Reuters) - China kept up a drumbeat of criticism of U.S. easy money policies on Tuesday, warning two days before a G20 world economic summit that Washington could destabilise the global economy and inflate asset bubbles.

G20 11:39am GMT

 

Special report - Lilly's survival plan is far from generic

 

INDIANAPOLIS (Reuters) - Eli Lilly CEO John Lechleiter has become the holdout kid. Unlike his chief rivals, he vows the 134-year-old drugmaker will strike no mega-deals as its top medicines face a seeming Apocalypse of patent expirations.