WHAT THE OTHER PAPERS SAY THIS MORNING

first_img WHAT THE OTHER PAPERS SAY THIS MORNING whatsapp KCS-content FINANCIAL TIMES TOUGH TARGETS FOR BENEFIT REFORMSThe Treasury has required Iain Duncan Smith, work and pensions secretary, to find about £5 of savings for every £1 he spends to simplify the benefits system, setting tight financial conditions on dramatic reforms. The fiscal parameters mark an uneasy truce in a cabinet row that gives Mr Duncan Smith some room to manoeuvre but leaves a tense final negotiation ahead.RESURGENCE OF CONTROVERSIAL HEDGE FUND STRATEGYFixed-income relative value trading, the hedge fund strategy pioneered – and made notorious – by Long Term Capital Management is returning to prominence amid one of its most successful years, aided in large part by the massive issuance of bonds by the UK government and other sovereigns.SANTANDER AND M&T REKINDLE US TALKSSantander has rekindled talks in recent weeks with M&T Bank over a merger of the US operations of the Spanish lender with the regional bank based in Buffalo, New York. The talks about combining Santander’s US unit, known as Sovereign, with M&T had collapsed in May, within weeks of a planned announcement. Discussions faltered over which bank would control the enlarged business.CHEYNE CAPITAL POISED TO SHAKE UP MORTGAGE FUNDCheyne Capital, one of London’s most prominent credit hedge funds, is poised to reorganise its listed vehicle Queen’s Walk Investment, which was an early victim of the global housing slump when it hit in 2007. Losses at the fund, which specialised in investing in complex mortgage assets, presaged the collapse of Northern Rock and the spread of problems in the US subprime housing market to the UK.THE TIMESBOA MAY REDUCE ITS HOLDING IN BLACKROCKBank of America is considering reducing its 34 per cent holding in BlackRock, the New York-based investment fund. The bank acquired its holding in the world’s largest asset manager last year through its acquisition of Merrill Lynch and has always regarded it as an investment, rather than a core asset.INVESTORS SCORE AS SKS BETS ON THE POORSKS Microfinance gained as much as 18 per cent in its trading debut in Mumbai today as investors bet that tiny loans extended to some of the world’s poorest people can deliver huge profits. Shareholders in the Indian microlender backed by George Soros were handed a paper profit of as much as $288m.The Daily TelegraphCOST OF WINDING UP LEHMAN BROTHERS NOW CLOSE TO $1BNThe cost of winding up failed US bank Lehman Brothers is close to hitting $1bn after advisers working on the bankruptcy clocked up another $44.5m in fees last month. Overall, Alvarez & Marshall, the restructuring specialists, have charged $326m in fees for “interim management”, according to recent figures filed with the Securities & Exchange Commission for 22 months’ work.PETROL RETAILERS URGE COALITION GOVERNMENT TO TACKLE FUEL PRICESPetrol retailers have fired a “warning shot” to the coalition Government to stick to pre-election pledges over rising road fuel prices. RMI Independent Petrol Retailers Association has written to the Prime Minister asking him to “urgently” set up a working party of Government and industry.WALL STREET JOURNALINTEL TO BUY TI UNITIntel says it’s buying a Texas Instruments unit that makes cable modem chips, which it intends to combine with its own processors for smarter modems and cable set-top boxes. The companies did not reveal the terms of the deal in the announcement yesterday.WEALTH MANAGERS TARGET SPORT STARSThe huge influx of money into professional sport has created a niche but growing market for private banks and wealth managers, keen to provide advice to athletes on how to preserve the wealth they create in often short careers. These specialist sports divisions of wealth managers aim to help their clients avoid the pitfalls of having too much money at too young an age — but they face increasingly tough competition. Monday 16 August 2010 8:42 pm Show Comments ▼center_img More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSidney Crosby, Alex Ovechkin are graying and frayingnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndo whatsapp Share Tags: NULLlast_img read more

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Gambler’s luck needed for investment advice

first_imgSunday 12 September 2010 10:41 pm KCS-content Show Comments ▼ whatsapp With my job some assignments are more taxing than others. Take the Fund Forum in Monaco earlier this summer. My producer Rose managed to turn her €100 into €300 in half an hour on the casino’s blackjack table there. She said the result came from clear strategy and gut instinct. But that was in June and now here we are in September and I’m wondering if investors don’t need a bit of the Rose magic. Look at the FTSE 100. We’ve had three up months, three down months and two flat months. We’ve worried about sovereign debt and bank exposure, we’ve had unexpected growth, we’re concerned about deflation and inflation, double dips and strong corporate profits, rising interest rates and more QE. In short we’ve had nearly every conceivable scenario. And, in all that time and through all that soul searching, guess what the FTSE’s done? It’s up just over one per cent for the year. No wonder celebrated hedge fund managers like Stanley Druckenmiller in the US have quit. It’s almost impossible to deliver superior investment returns in a world driven by the uncertainty of policy and economic outcomes, all overlaid by the destabilising effect of short term, computer aided, momentum traders.In theory this should be a great environment for the stock pickers – those who do their homework, find an undervalued asset and wait for the market to discover the mispricing.Unfortunately we’re living in an age of unparalleled correlation between global asset markets and it’s either risk on or risk off. Risk on and all stocks, euro, pound, commodities rally. Risk off and the yen and bonds get the upper hand, with the dollar caught in the middle. You could wait a long time for the payoff and in the meantime get blown out. Which is why with bond yields so low – and cash offering nothing – so many have been looking at high dividend paying stocks. The problem is there’s no point getting a high yield if the stock loses out by more. One answer is to hedge out the downside with a put option while still getting the benefit of any rally. The difficulty is to make sure the cost of the option doesn’t eat into so much of the dividend income that it makes the exercise pointless. Maybe Rose’s blackjack strategy is worth a second look. Ross Westgate co-hosts Worldwide Exchange daily on CNBC and also anchors Strictly Money — www.cnbc.com Gambler’s luck needed for investment advice Tags: NULL whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comConnecticut man dies after crashing Harley into live bearnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Sharelast_img read more

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CITY MOVES | WHO’S SWITCHING JOBS

first_img whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoam CITY MOVES | WHO’S SWITCHING JOBS whatsapp JP Morgan Asset ManagementThe bank’s asset management arm has poached Nick Gartside from Schroders to join as international chief investment officer of fixed income, effective from December.Gartside joined Schroders in 2002 and was most recently the firm’s head of global fixed income. His responsibilities on Schroders’ ISF strategic bond, ISF global bond and ISF global inflation bond funds have passed to Bhupinder Bahra and Frederick Bourgoin.RBC Capital MarketsThe investment bank has hired Russell King as a senior adviser in its global investment banking team.King joins from miner Anglo American, where he was the chief strategy officer, a member of the executive committee and a board member of subsidiary Anglo Platinum.He also currently holds a non-executive directorship at temporary power provider Aggreko.EPIC Asset ManagementThe fund management arm of Syndicate Asset Management has taken on Nigel Marsh as a senior fund manager.Marsh was previously at New Star Asset Management, now part of Henderson, where he managed the institutional fixed interest and liquidity mandates since 2004. He has also held roles at Pavilion Asset Management, ABN Amro, NatWest Gilts and JP Morgan Gilts.Newedge GroupHaakon Blakstad has joined the multi-asset broker’s strategic flows desk in London, focusing on the secondary market of non-vanilla fixed income assets, including asset-backed and structured products.He was previously at Hoare Capital Markets, where he helped build the asset-backed securities desk.Old Mutual Asset ManagersThe asset manager has hired fund manager Christine Johnson and high yield analyst Bastian Wagner to its fixed income team.Johnson joins from Halbis Capital Management, part of HSBC, where she was a senior fixed income fund manager. Wagner formerly worked at Eaton Vance Management International.BTIGThe broker dealer has expanded its global fixed income team to include a London-based team focused on the emerging markets, led by Darren Reiss.Reiss joins from Knight Libertas, where he was a director on the institutional fixed income sales desk. He is joined at BTIG by Russell Scott, Cornelia Colonius and Alpesh Lad. Scott and Lad were previously at UBS, while Colonius joins from HSBC.LinklatersThe law firm has boosted its high yield practice with the appointment of Mark Hageman as a partner in London. Hageman was formerly European counsel at Cravath, Swaine and Moore, advising on high yield deals, investment-grade debt offerings and equity offerings, general US securities law and corporate law matters. Share KCS-content Tuesday 14 September 2010 8:08 pm Tags: NULL last_img read more

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Taxpayers will pay if BT fails

first_img KCS-content Share Taxpayers will pay if BT fails whatsapp Thursday 21 October 2010 9:05 pm Tags: NULL TAXPAYERS will have to stump up a staggering £23bn to BT’s pension trustees if the telecoms giant ever goes bust.A landmark ruling yesterday means even BT workers who joined after the firm was privatised in 1984 will have their pension liabilities covered.The ruling will increase the government’s contingent liability but will not affect the national debt figure. The government is likely to appeal the decision. It had argued its liability only covers benefits that had accrued up until the date of privatisation, which would have capped the guarantee at £7.3bn. BT insists the scheme will have little financial impact, instead benefitting its trustees. A spokesman said: “The judgment has no impact on our agreed payments to the scheme.”However, the firm’s shares jumped more than six per cent on news of the ruling amid hopes insurance on the liabilities could decrease thanks to the guarantee. They closed at 156.3p.The ruling is unlikely to cause other formerly privatised firms to seek protection for their trustees as it relied on a special deal struck between the government and BT during the privatisation process. BT’s pension deficit stood at £9.1bn when it was calculated in December 2008. center_img Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times whatsapp Show Comments ▼ last_img read more

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Apple cuts out Adobe Flash

first_imgSunday 24 October 2010 10:34 pm whatsapp KCS-content Show Comments ▼ Tags: NULL Share center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald whatsapp Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Apple cuts out Adobe Flash Apple has said it will no longer ship Mac computers with Adobe Systems’ Flash player pre-installed, as the company continues to erect barriers to the software. Apple’s decision does not ban Flash software from its computers – as it has from the iPhone and iPad. Users will still be able to download and install a Flash player, which is widely-used to view videos on the Web. Apple has been hostile toward Flash, with Steve Jobs criticising it as a “battery hog”. last_img read more

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Guardian set to shrink

first_img KCS-content Share Sunday 7 November 2010 8:09 pm Guardian set to shrink Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmMoneyPailShe Was A ’90s Star, Now She Works In {State}MoneyPailDirect HealthyKate Silverton’s PartnerDirect HealthyOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutMartha Stewart CBDShop Martha Stewart’s CBD Products NowMartha Stewart CBDWarped SpeedCan You Name More State Capitals Than A 5th Grader? Find Out Now!Warped SpeedBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionBrake For It40 Features In Cars No One Ever Knew: No.19 Is In Every CarBrake For It Show Comments ▼ Tags: NULL The Guardian Media Group (GMG) is set to get smaller, according to new plans drawn up by its new chief executive Andrew Miller. The group, which owns The Guardian and The Observer, plans to focus on its newspaper arm, hiving off all its other assets into an investment portfolio, from where they could be sold over time. The group’s other assets include Trader Media Group, the owner of Auto Trader, and Emap, which it co-owns with private equity group Apax. last_img read more

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US home sales bounce back, 3rd-quarter GDP raised

first_img Share Show Comments ▼ Tags: NULL alison.lock whatsapp Wednesday 22 December 2010 3:19 pm SALES of previously-owned US homes rose in November, offering the latest sign the economy was ending the year on a more solid footing after a sluggish third-quarter performance.The Commerce Department has said the economy grew at an annual rate of 2.6 per cent in the third quarter, a touch above its earlier 2.5 per cent estimate, but more of that output ended up in warehouses.A separate report from the National Association of Realtors showed existing home sales rose 5.6 per cent in November to a 4.68 million unit annual pace, the highest since June but a still-depressed level that was slightly weaker than expected.Economists, who had expected GDP growth to be revised to a 2.8 per cent rate, were little fazed and drew comfort from a range of other recent data from retail sales to trade that indicated activity has accelerated in the past few months.Many forecasters expect gross domestic product to expand at a 3 per cent to 3.5 per cent pace in the fourth quarter.“We expect more economic momentum here at year end carrying over into 2011, obviously housing remains impaired,” said Robert Dye, senior economist at PNC Financial Services in Pittsburgh.Stocks on Wall Street edged higher, putting the broader Standard & Poor’s 500 index on track for a fifth-straight winning session. Prices for U.S. government debt dipped, while the dollar was flat against a basket of currencies.The economy, which expanded at an anemic 1.7 per cent rate in the second quarter, is expected to receive support next year from an $858bn (£652bn) tax cut deal that led forecasters to raise 2011 growth estimates by as much as a percentage point.The tax plan is seen complementing the Federal Reserve’s program to buy $600bn worth of government bonds to keep borrowing costs tamped down and shore up the recovery.A key question hanging over the economy is whether the level of inventories held by businesses is appropriate given the pace of sales.Business inventories increased $121.4bn in the third quarter rather than the $111.5bn estimated previously. Without the inventory buildup, the economy only expanded at a 0.9 per cent pace.While the stockpiling implies a softer-than-otherwise pace of growth in the fourth quarter, some businesses may be happy to add further to inventories given signs of strong sales in October and November.The government revised down the third-quarter increase in consumer spending to a 2.4 per cent rate from 2.8 per cent, but all indications are that spending has since picked up. More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com whatsapp US home sales bounce back, 3rd-quarter GDP raised last_img read more

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BofA’s Merrill settles SEC fraud

first_imgTuesday 25 January 2011 9:34 pm Show Comments ▼ whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Tags: NULL Bank of America’s Merrill Lynch unit yesterday agreed to pay $10m (£6.3m) to settle US Securities and Exchange Commission charges that it fraudulently misused customer orders so it could trade for its own benefit. The SEC claimed Merrill used the order information to place proprietary trades on a desk it no longer operates. The SEC also accused Merrill of charging hidden trading fees to institutional and wealthy customers. Merrill did not admit any wrongdoing in agreeing to settle the case. center_img KCS-content whatsapp BofA’s Merrill settles SEC fraud Sharelast_img read more

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Chance of May hike increases after two at Bank vote for rise

first_img KCS-content Wednesday 26 January 2011 9:11 pm THE Bank of England took a small step towards raising interest rates during a notably “hawkish” policy meeting earlier this month.Two members of the monetary policy committee (MPC) voted in favour of a 0.25 per cent increase in rates.Implied interest rate futures based on overnight index swaps were pricing in a 44 per cent chance of a 25 basis point rate hike in May, up from 30 per cent before the minutes were released. And the pound rose against the dollar yesterday after the minutes were published, strengthening as much as 0.5 per cent to $1.5892 before falling back slightly throughout the afternoon.The FTSE hovered around the 6,000 mark as the minutes were announced, before giving up some of the morning’s gains.However, six members of the MPC voted to keep rates at half a per cent. And having met on 13 January, the MPC was unaware of the shock contraction in the economy in the fourth quarter of 2010, reported on Tuesday of this week.Martin Weale, who joined the MPC last summer, surprised analysts by voting for a rise in rates. whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBetterBe20 Stunning Female AthletesBetterBeLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmcenter_img Chance of May hike increases after two at Bank vote for rise whatsapp Show Comments ▼ Tags: NULL More From Our Partners Connecticut man dies after crashing Harley into live bearnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comlast_img read more

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Double-dip fears were a false alarm

first_img IT was only last week that many economists were tearing their hair out, despairing at appalling UK GDP figures for the final quarter of last year and hoping that they didn’t signal the onset of a real problem. Those preliminary figures – suggesting output fell 0.5 per cent – came laden with caveats, however, and with statisticians estimating that bad weather in December (and Britain’s appalling inability to cope) were responsible for much of the disappointment. This newspaper, while surprised and worried, was emphatic that it was too soon to panic. Yet many Cassandras ignored the fine print and held up the figures as proof Britain was falling off the cliff, presumably because of spending cuts (the fact that aggregate government expenditure is still rising, apart from on capex, didn’t trouble them). Fortunately, they were wrong. The economy has slowed compared with the buoyancy seen in February to October 2010 – and job creation remains too weak for comfort – but we are not anywhere near recession. Key surveys in recent days have confirmed that growth bounced back in January – and that the fourth quarter figures massively exaggerated the extent of the UK’s problems. The services sector purchasing managers’ index (PMI) climbed from December’s 20-month low of 49.7 to 54.5 – the highest level since last May. A figure above 50 indicates growth. Earlier this week, the manufacturing survey came in extremely strongly, and the construction survey also bounced; the outlook, once again, is for growth of up to two per cent this year. Not great but not bad either in the context of rising interest rates, galloping inflation and oil prices, higher taxes, fiscal tightening and an economy held back by a bloated government, regulatory costs, poor education and a problematic infrastructure. When the weak GDP figures were released, Labour’s shadow chancellor Ed Balls was all over the airwaves, looking a tad gleeful – yet he was nearly invisible yesterday, suggesting a strange negative correlation between face time on TV and the state of the economy. Of course, it is vital that politicians argue over how best to mend the economy but the Labour Party won’t be doing itself any favours if it gives the impression that it would rather have a recession than a recovery. This is not to let the coalition off the hook: its policies are all over the place, it is putting up taxes and not doing enough to cut burdens on enterprise and wealth-creation. It needs more pro-growth, supply-side policies. No Western society could cope with another recession; budget deficits remain almost unbearably large and monetary policy ultra-loose. Inflation and cost pressures are accelerating, as every single survey has confirmed, including yesterday’s. Increasing inflation can easily go hand in hand with stagnation or outright recession. Another slowdown would halt rate rises and allow inflation to spiral out of control, with devastating effects. The February MPC vote is on a knife-edge, according to the MPC-ometer designed by Henderson’s Simon Ward. It is designed to predict decisions based on economic and financial information. The model suggests a 4-4-1 split (with Adam Posen calling for more QE), leaving the hawks just short of a majority. Spencer Dale and Paul Tucker are plausible additions to the Andrew Sentence-Martin Weale anti-inflation axis. Rates are going up – and sooner rather than later. 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