Channel 4 News
"Ireland's Central Bank said the expected cost of bailing out the Anglo-Irish Bank would be 29.3bn euros but another 5bn euros may need to be poured into the nationalised lender in a "stressed scenario". Allied Irish Bank will also need another 3bn euros on top of the funding it has already received through the banking bail out."
Thursday, 30 September 2010
Wednesday, 29 September 2010
Labour Party Conference: David Miliband 'criticises' Ed's Iraq War comment
Telegraph
"David Miliband was caught admonishing Harriet Harman after she applauded his brother’s declaration that the invasion had been a mistake.In an attempt to please Labour’s faithful at the party’s conference in Manchester, the new leader said Labour had been “wrong” to invade Iraq. ...Alongside him Miss Harman, the deputy leader, clapped enthusiastically. Mr Miliband was caught by television cameras looking at her disdainfully before asking her: “Why are you clapping? You voted for it."
"David Miliband was caught admonishing Harriet Harman after she applauded his brother’s declaration that the invasion had been a mistake.In an attempt to please Labour’s faithful at the party’s conference in Manchester, the new leader said Labour had been “wrong” to invade Iraq. ...Alongside him Miss Harman, the deputy leader, clapped enthusiastically. Mr Miliband was caught by television cameras looking at her disdainfully before asking her: “Why are you clapping? You voted for it."
Tuesday, 28 September 2010
Irish borrowing costs balloon on S&P warning
Telegraph
"An S&P analyst said in an interview broadcast on Tuesday that the agency's estimate that Ireland would have to pour €35bn (£29.6bn) into Anglo Irish, the nationalised bank, looked increasingly realistic and any amount beyond that could trigger rating downgrades. The €25bn of aid earmarked for Anglo Irish so far would already push Ireland's 2010 budget deficit to around 25pc of gross domestic product, compared with an EU limit of 3pc that Dublin aims to reach by 2014."
"An S&P analyst said in an interview broadcast on Tuesday that the agency's estimate that Ireland would have to pour €35bn (£29.6bn) into Anglo Irish, the nationalised bank, looked increasingly realistic and any amount beyond that could trigger rating downgrades. The €25bn of aid earmarked for Anglo Irish so far would already push Ireland's 2010 budget deficit to around 25pc of gross domestic product, compared with an EU limit of 3pc that Dublin aims to reach by 2014."
Monday, 27 September 2010
Labour has climbed in its coffin and is nailing down the lid
Daily Mail
"Unless he performs a self-transformation that would make Superman's quick telephone box changes look amateur, he will spend the next few years in a wilderness familiar in times past to Michael Foot and Neil Kinnock - as a party darling with little to say to the British people that they are foolish enough to believe. Miliband got his job against the wishes of a majority of Labour MPs and party members, because Britain's trade unionists think him the man most likely to fight for their sectional interests - no matter that these priorities are not shared by the nation."
"Unless he performs a self-transformation that would make Superman's quick telephone box changes look amateur, he will spend the next few years in a wilderness familiar in times past to Michael Foot and Neil Kinnock - as a party darling with little to say to the British people that they are foolish enough to believe. Miliband got his job against the wishes of a majority of Labour MPs and party members, because Britain's trade unionists think him the man most likely to fight for their sectional interests - no matter that these priorities are not shared by the nation."
Saturday, 25 September 2010
Ed Miliband's dazed triumph
Yahoo News
"..A stuffed trout would have seemed more animated as Ed Miliband gawped out at his new-found followers. He tottered on to the stage, looking utterly stumped by what to do next. The applause died away as his new-found followers waited for him to speak. He stared out. Was he savouring the moment? Or was he about to expire? An audience member laughed awkwardly. Finally, the new Labour leader spoke up.
"Never in my wildest imagination did I ever dream... I would lead this party," he said.
"..A stuffed trout would have seemed more animated as Ed Miliband gawped out at his new-found followers. He tottered on to the stage, looking utterly stumped by what to do next. The applause died away as his new-found followers waited for him to speak. He stared out. Was he savouring the moment? Or was he about to expire? An audience member laughed awkwardly. Finally, the new Labour leader spoke up.
"Never in my wildest imagination did I ever dream... I would lead this party," he said.
Ed Miliband crowned Labour leader, beating brother David into second
Daily Mail
"Ed Miliband tonight won the Labour leadership contest, edging his older brother David into second place by the tiniest of margins.Once regarded as the dark horse in the competition, the energy spokesman, 40, took the crown thanks to the party's complicated voting system.Seemingly surprised by the result, Ed said: 'I never thought I would be leader of the Labour Party.'
"Ed Miliband tonight won the Labour leadership contest, edging his older brother David into second place by the tiniest of margins.Once regarded as the dark horse in the competition, the energy spokesman, 40, took the crown thanks to the party's complicated voting system.Seemingly surprised by the result, Ed said: 'I never thought I would be leader of the Labour Party.'
Charlie Whelan Wins by a Whisker
Guido Fawkes
"Unite’s massive effort to persuade disinterested union members to vote for Ed Miliband paid off. Ed won 50.65% of the vote. He lost in the MP and membership sections of the electoral college but took so much of the union vote it didn’t matter. The unions bought the election, endorsements and incredibly heavy promotion of their chose candidate paid off.
"Unite’s massive effort to persuade disinterested union members to vote for Ed Miliband paid off. Ed won 50.65% of the vote. He lost in the MP and membership sections of the electoral college but took so much of the union vote it didn’t matter. The unions bought the election, endorsements and incredibly heavy promotion of their chose candidate paid off.
Are the Tories right to rejoice about Iain Duncan Miliband?
Telegraph
"Reading body language is perilous, as Nick Robinson just found out. It turned out that David Miliband’s smile before the result was forced, and Ed Miliband’s look of despair was the dawning realisation of what had just happened to him. The giveaway, in hindsight, was the smug smile on Ed Balls’ face, which should have told us that his deadly rival David M had just been stuffed ....Ed Miliband as leader is something the Tories have been praying for. ...The numbers alone will have them rubbing their hands with glee. The new leader is Labour’s Iain Duncan Smith, elected without the majority support of MPs."
"Reading body language is perilous, as Nick Robinson just found out. It turned out that David Miliband’s smile before the result was forced, and Ed Miliband’s look of despair was the dawning realisation of what had just happened to him. The giveaway, in hindsight, was the smug smile on Ed Balls’ face, which should have told us that his deadly rival David M had just been stuffed ....Ed Miliband as leader is something the Tories have been praying for. ...The numbers alone will have them rubbing their hands with glee. The new leader is Labour’s Iain Duncan Smith, elected without the majority support of MPs."
Obama Stimulus Made Economic Crisis Worse, `Black Swan' Author Taleb Says
Bloomberg
“Obama did exactly the opposite of what should have been done,” Taleb said yesterday in Montreal in a speech as part of Canada’s Salon Speakers series. “He surrounded himself with people who exacerbated the problem. You have a person who has cancer and instead of removing the cancer, you give him tranquilizers. When you give tranquilizers to a cancer patient, they feel better but the cancer gets worse.”
Today, Taleb said, “total debt is higher than it was in 2008 and unemployment is worse.”
Obama this month proposed a package of $180 billion in business tax breaks and infrastructure outlays to boost spending and job growth. That would come on top of the $814 billion stimulus measure enacted last year. The U.S. government’s total outstanding debt is about $13.5 trillion, according to Treasury figures. "
“Obama did exactly the opposite of what should have been done,” Taleb said yesterday in Montreal in a speech as part of Canada’s Salon Speakers series. “He surrounded himself with people who exacerbated the problem. You have a person who has cancer and instead of removing the cancer, you give him tranquilizers. When you give tranquilizers to a cancer patient, they feel better but the cancer gets worse.”
Today, Taleb said, “total debt is higher than it was in 2008 and unemployment is worse.”
Obama this month proposed a package of $180 billion in business tax breaks and infrastructure outlays to boost spending and job growth. That would come on top of the $814 billion stimulus measure enacted last year. The U.S. government’s total outstanding debt is about $13.5 trillion, according to Treasury figures. "
Thursday, 23 September 2010
Irish economy shrinks by 1.2% in second quarter
Irish Times
"Mr Lenihan said the only way Ireland could emerge from recession was to continue to drive exports.“The figures for exports are strong and I am encouraged by this - the necessary competitiveness improvements are working. We must export our way out of our current difficulties, there is simply no other way,” he said.
Bloxham’s chief economist Alan McQuaid said the overall figures were “disappointing to say the least”.
"Mr Lenihan said the only way Ireland could emerge from recession was to continue to drive exports.“The figures for exports are strong and I am encouraged by this - the necessary competitiveness improvements are working. We must export our way out of our current difficulties, there is simply no other way,” he said.
Bloxham’s chief economist Alan McQuaid said the overall figures were “disappointing to say the least”.
Wednesday, 22 September 2010
It’s A Fed Day!
E.M.Smith
"...I’m expecting no interest rate change (so little impact on bonds) but ‘happy talk’ about more Q.E. on the cards (and that spooking some of the market a little with more future inflation fears). With $100 Trillion of shortfall on Social Security (once you figure in the demographics) over the next decade or two and a similar $100 Trillion of shortfall in Medicaid and similar ‘entitlement’ programs, IMHO, the only choice our government and The Fed has is to “inflate away the debt” longer term. So I’m pretty sure they will say “QE2″ is being prepared to sail if needed. And that will cause commodities to rise and stocks to fall. We’ll see if I’m right when The Fed announces."
"...I’m expecting no interest rate change (so little impact on bonds) but ‘happy talk’ about more Q.E. on the cards (and that spooking some of the market a little with more future inflation fears). With $100 Trillion of shortfall on Social Security (once you figure in the demographics) over the next decade or two and a similar $100 Trillion of shortfall in Medicaid and similar ‘entitlement’ programs, IMHO, the only choice our government and The Fed has is to “inflate away the debt” longer term. So I’m pretty sure they will say “QE2″ is being prepared to sail if needed. And that will cause commodities to rise and stocks to fall. We’ll see if I’m right when The Fed announces."
Commonwealth Games 2010: crisis worsens as portion of weightlifting arena roof caves in
Telegraph
"...Jawaharlal Nehru stadium, but Indian Cabinet Secretary, KM Chandreshekhar, was quick to play down the latest disaster.
"The cables which were to be set up for the data network were placed on the false ceiling and due to the weight of the cables the ceiling fell off," he said. "
"...Jawaharlal Nehru stadium, but Indian Cabinet Secretary, KM Chandreshekhar, was quick to play down the latest disaster.
"The cables which were to be set up for the data network were placed on the false ceiling and due to the weight of the cables the ceiling fell off," he said. "
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