Telegraph
"The Federal Reserve reiterated its desire to keep American interest rates “exceptionally low” for an extended period, but gradually reduce some of its quantitative easing as the US economy begins to recover."
----------------------------------
U.S. to Sell $81 Billion in Long-Term Debt Next Week (Bloomberg)
Wednesday, 4 November 2009
UK interest costs 'equal to entire Transport bill'
Telegraph
"The IMF singled out the UK as being at significant risk from the threat of rising debt interest costs as it absorbs the effects of the financial and economic crisis. It said that the proportion of UK taxes that will go towards financing the national debt will, in five years' time, be double what it was just before the onset of the crisis.It said: "Just the increase in interest spending in the United Kingdom is about twice annual outlays for environmental protection and is equivalent to annual spending on public transportation."
"The IMF singled out the UK as being at significant risk from the threat of rising debt interest costs as it absorbs the effects of the financial and economic crisis. It said that the proportion of UK taxes that will go towards financing the national debt will, in five years' time, be double what it was just before the onset of the crisis.It said: "Just the increase in interest spending in the United Kingdom is about twice annual outlays for environmental protection and is equivalent to annual spending on public transportation."
Tuesday, 3 November 2009
Billions of dollars in aid but nothing in return from Afghanistan
The Times
"If you are putting that much into a country — $38 billion (£23 billion) in aid since 2001 and $10 billion planned for 2010, according to the Congressional Research Service — you have a reason to ask for co-operation. ..."
"If you are putting that much into a country — $38 billion (£23 billion) in aid since 2001 and $10 billion planned for 2010, according to the Congressional Research Service — you have a reason to ask for co-operation. ..."
Taxpayers hit for £28.7bn more amid banks break-up
Independent
"Taxpayers were hit for at least another £28.7 billion today as two state-backed lenders unveiled break-up plans on a seismic day for the UK banking sector.Royal Bank of Scotland and Lloyds Banking Group will have to shed more than 900 branches to ease European competition concerns over the vast state support given to them in the past year.The disposals - which could take up to four years - will put around 10 per cent of the UK retail banking market up for grabs for smaller players or new entrants."
"Taxpayers were hit for at least another £28.7 billion today as two state-backed lenders unveiled break-up plans on a seismic day for the UK banking sector.Royal Bank of Scotland and Lloyds Banking Group will have to shed more than 900 branches to ease European competition concerns over the vast state support given to them in the past year.The disposals - which could take up to four years - will put around 10 per cent of the UK retail banking market up for grabs for smaller players or new entrants."
Australia raises rates for second month
Telegraph
"Australia's central bank increased interest rates by a quarter point for the second month in a row as the recovery in the economy gains traction."
"Australia's central bank increased interest rates by a quarter point for the second month in a row as the recovery in the economy gains traction."
RBS & Lloyds: the cost to you
Telegraph
"According to experts at Fitch, this move will cut the total potential losses to the taxpayer by a half from £485bn or 30pc of GDP to£208bn or 14.4pc of GDP – though this assumes that everything in the APS is worthless. In July it said it expected the eventual net cost to be £41bn, but whether or not that should now be halved they are yet to calculate."
"According to experts at Fitch, this move will cut the total potential losses to the taxpayer by a half from £485bn or 30pc of GDP to£208bn or 14.4pc of GDP – though this assumes that everything in the APS is worthless. In July it said it expected the eventual net cost to be £41bn, but whether or not that should now be halved they are yet to calculate."
Bank of England Poised to Sustain Crisis Aid
WSJ
"The U.K.'s top central banker, Mervyn King, faces a tough call at a pivotal meeting this week: Whether to continue showering money on Britain's troubled economy while other countries consider dialing back emergency relief measures.Many signs suggest Mr. King and officials on the Bank of England's interest-rate policy committee will expand their sweeping bailout of the economy. Growth prospects are dimmer for Britain than nations such as France, Germany and the U.S. The British economy, heavily dependent on the financial-services industry and fueled by high levels of consumer debt, is seen by some as acutely vulnerable to the aftershocks of the global crisis."
"The U.K.'s top central banker, Mervyn King, faces a tough call at a pivotal meeting this week: Whether to continue showering money on Britain's troubled economy while other countries consider dialing back emergency relief measures.Many signs suggest Mr. King and officials on the Bank of England's interest-rate policy committee will expand their sweeping bailout of the economy. Growth prospects are dimmer for Britain than nations such as France, Germany and the U.S. The British economy, heavily dependent on the financial-services industry and fueled by high levels of consumer debt, is seen by some as acutely vulnerable to the aftershocks of the global crisis."
Gold Trades Near Record in Asia After IMF Sale, Dollar Decline
Bloomberg
"Gold futures in India and Dubai surged to records today after the IMF said it sold 200 metric tons of bullion to the Reserve Bank of India for about $6.7 billion. The Washington- based lender agreed in September to sell 403.3 tons of gold as part of a plan to shore up its finances and lend at reduced rates to low-income countries."
"Gold futures in India and Dubai surged to records today after the IMF said it sold 200 metric tons of bullion to the Reserve Bank of India for about $6.7 billion. The Washington- based lender agreed in September to sell 403.3 tons of gold as part of a plan to shore up its finances and lend at reduced rates to low-income countries."
Sunday, 1 November 2009
Labour's great bank sell-off could cost taxpayers another £40bnTreasury sources have told The Sunday Telegraph that the move will be announced to the
Guardian
"The EU is demanding branches be carved out of Royal Bank of Scotland and Lloyds Banking Group that will be sold to new entrants and operate alongside a rejuvenated Northern Rock, creating three new banking players in an industry that was becoming dominated by a handful of high street names. ....The £40bn estimate is subject to change and will be finalised once the delicate negotiations with the EU are concluded in the coming 24 hours"
------------------------------------
High street banks to be broken up (Telegraph)
"Treasury sources have told The Sunday Telegraph that the move will be announced to the House of Commons after the European Union made it clear that the state aid pumped into Lloyds Banking Group and RBS meant that they had to be reduced in size."
"The EU is demanding branches be carved out of Royal Bank of Scotland and Lloyds Banking Group that will be sold to new entrants and operate alongside a rejuvenated Northern Rock, creating three new banking players in an industry that was becoming dominated by a handful of high street names. ....The £40bn estimate is subject to change and will be finalised once the delicate negotiations with the EU are concluded in the coming 24 hours"
------------------------------------
High street banks to be broken up (Telegraph)
"Treasury sources have told The Sunday Telegraph that the move will be announced to the House of Commons after the European Union made it clear that the state aid pumped into Lloyds Banking Group and RBS meant that they had to be reduced in size."
The slow-motion New Labour putsch that swept our nation away
Daily Mail
"This is the disclosure, by a New Labour apparatchik, Andrew Neather, of the real purpose of his party’s immigration policy.The Blairites’ aim was to undermine and get rid of traditional conservative British culture. They really did want to turn Britain into a foreign land. Mr Neather wrote an article praising immigration because it provided lots of cheap nannies and gardeners for funky Londoners like him.Apparently thinking nobody would notice, he then revealed that there had been ‘a driving political purpose: that mass immigration was the way that the UK Government was going to make the UK truly multicultural’."
"This is the disclosure, by a New Labour apparatchik, Andrew Neather, of the real purpose of his party’s immigration policy.The Blairites’ aim was to undermine and get rid of traditional conservative British culture. They really did want to turn Britain into a foreign land. Mr Neather wrote an article praising immigration because it provided lots of cheap nannies and gardeners for funky Londoners like him.Apparently thinking nobody would notice, he then revealed that there had been ‘a driving political purpose: that mass immigration was the way that the UK Government was going to make the UK truly multicultural’."
Why is America gloomy when the news is good?
The Times
"They are fearful that a new banking crisis will emerge. They see an administration and a Congress that are spending America into such deep debt that the dollar will continue to decline, forcing the Fed to raise interest rates to prevent a collapse of the currency."
"They are fearful that a new banking crisis will emerge. They see an administration and a Congress that are spending America into such deep debt that the dollar will continue to decline, forcing the Fed to raise interest rates to prevent a collapse of the currency."
Labour’s secret scheme to build multicultural Britain
The Times
"Can the recent success of the British National party be explained by the misguided immigration policy of the government? That was the killer question from the floor during the notorious episode of Question Time 10 days ago. Four times it was put to Jack Straw, the justice secretary, and four times he avoided answering it. Until that evening I had thought Straw was a fairly decent sort of bloke, for a politician. No longer. In a man so central to the new Labour project, who has served in cabinet under Tony Blair and Gordon Brown, who has been home secretary and foreign secretary, evasion on such an important subject is shocking. ....Under these circumstances, Labour’s obvious gerrymandering by mass immigration — black and ethnic minority people are very likely to vote Labour — is perhaps the least of its crimes. ...But it is obvious that if you abandon any attempt to know whether a visitor has left, according to the rules of immigration, then you have given up control of your borders and what would also be a useful security measure. ....But the first thing to do is to expose the patronising lies, the seigneurial arrogance and the criminally foolish social engineering of the Blair-Brown regime; it does not deserve the name of Labour government."
"Can the recent success of the British National party be explained by the misguided immigration policy of the government? That was the killer question from the floor during the notorious episode of Question Time 10 days ago. Four times it was put to Jack Straw, the justice secretary, and four times he avoided answering it. Until that evening I had thought Straw was a fairly decent sort of bloke, for a politician. No longer. In a man so central to the new Labour project, who has served in cabinet under Tony Blair and Gordon Brown, who has been home secretary and foreign secretary, evasion on such an important subject is shocking. ....Under these circumstances, Labour’s obvious gerrymandering by mass immigration — black and ethnic minority people are very likely to vote Labour — is perhaps the least of its crimes. ...But it is obvious that if you abandon any attempt to know whether a visitor has left, according to the rules of immigration, then you have given up control of your borders and what would also be a useful security measure. ....But the first thing to do is to expose the patronising lies, the seigneurial arrogance and the criminally foolish social engineering of the Blair-Brown regime; it does not deserve the name of Labour government."
Subscribe to:
Posts (Atom)