Cairn focuses on Greenland after Indian sell-off

first_img Tags: NULL Cairn focuses on Greenland after Indian sell-off whatsapp INVESTORS will seek signs that Cairn Energy can repeat its Indian success in Greenland when the oil explorer unveils half-year results tomorrow.Cairn, which is selling most of its stake in Indian business Cairn India to miner Vedanta Resources for up to $9.6bn (£6.16bn), is tipped to update the market on drilling two offshore wells in Greenland.Cairn, which will keep up to a fifth of Cairn India, is focusing on new areas after its success in Rajasthan, which transformed the firm.Broker UBS said: “We believe Cairn will update on the progress of both wells, whether they have reached target depth or not.” KCS-content Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Show Comments ▼ whatsapp Sunday 22 August 2010 9:59 pmlast_img read more

Bob Diamond set to lead Barclays

first_img Share Barclays will today name investment banking president Bob Diamond as successor to chief executive John Varley in a surprise shake-up at the top of the British bank.Diamond, who is credited with propelling Barclays Capital into the premier league of Wall Street players, is expected to take the reins next year around the time of the group’s annual general meeting in April. He will run Barclays along similar lines and will continue to defend the merits of universal banking in the face of calls from politicians for giant institutions to be broken up.When he became chief executive in 2004, Varley told the board he would retire at 55. Having reached that age this year he has decided to step down to concentrate on other projects. Varley will continue to sit on the board of drugs maker AstraZeneca as a non-executive director and will devote more time to his charitable activities, which include chairing the Business Action on Homelessness campaign and running the Employers’ Forum on Disability.Diamond and Varley have developed a strong rapport over the past seven years. Diamond will be seen as the natural choice to step into the breach despite his lack of experience in the retail lending arena. The 59-year-old American joined the company from Credit Suisse in 1996 and has enjoyed increasing freedom at the helm of BarCap. His greatest coup to date, the purchase of the US brokerage arm of Lehman Brothers at a knock-down price in the middle of the financial crisis of 2008, gave Barclays a foothold from which to compete against the likes of JPMorgan and Goldman Sachs.However, some UK shareholders will be concerned by Diamond’s more brash style. While Varley won popularity in the City with his quintessentially English manner, Diamond’s overt association with a culture of high remuneration has made him a target for politicians. Before the general election earlier this year, then-business secretary Peter Mandelson dubbed him “the unacceptable face of banking” after taking home a reported £63m pay cheque in 2009.Diamond will take control at a crucial time for Barclays. Internally, he faces the challenge of weaning the group off its dependence on BarCap’s volatile revenue streams. On a broader level he faces myriad regulatory issues including the incoming UK levy on balance sheets and the possibility of a Glass-Steagall separation, which executives have hinted could force Barclays to quit the UK. Bob Diamond set to lead Barclays whatsapp Monday 6 September 2010 8:53 pm Show Comments ▼ Tags: NULL whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal 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.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald KCS-content last_img read more

Q&A: WHAT IS THE DISPUTE ABOUT?

first_img whatsapp Q.WHY ARE WORKERS STRIKING?A.London Underground staff, as represented by unions RMT and TSSA, are striking against proposals by London Mayor Boris Johnson and Transport for London (TfL) to cut up to 800 station jobs, including ticketing staff and station management in a bid to save the cash-starved network from a series of government funding cuts.Q.HOW WILL THE CUTS HIT UNDERGROUND WORKERS?A.TfL has said that it plans to reduce the number of operational hours at Underground ticketing offices by nearly 7,500 a week across the network. TfL has said that at some stations, including Latimer Road and North Ealing, ticket offices sell less than 10 tickets an hour, while only one in 20 Underground journeys begin at a ticketing office. TfL said this is a result of the Oyster card programme. Q.SO WHY ARE THE UNIONS UNHAPPY?A.RMT and TSSA have argued that the proposed cuts are now a safety issue as ticketing staff not only sell tickets but also provide assistance to passengers. The unions have also argued that a brightly lit ticketing office provides a safe haven to passengers, especially for women who are travelling on the underground network, at night or when few people are around. Q.ARE JOB CUTS THE ONLY ISSUE?A.Not entirely. On Sunday evening at 7pm, over 200 Alstom-Metro workers left their posts to strike for 24 hours. The train engineers, who service the Northern and Jubilee Lines are disputing pay levels. The RMT voted against a proposed two per cent pay increase for Alstom staff, but the company called the proposals “fair and reasonable” in the current financial climate. Engineers plan to strike on 2 October, 1 November and 27 November. RMT said this first strike would be “rock solid”. KCS-content Q&A: WHAT IS THE DISPUTE ABOUT? Share Show Comments ▼ Tags: NULL Monday 6 September 2010 8:37 pm More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comConnecticut man dies after crashing Harley into live bearnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com whatsapplast_img read more

Tesco boosted by Asian sales surge

first_img whatsapp Tesco boosted by Asian sales surge 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 Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem whatsapp Tuesday 7 December 2010 2:37 am John Dunne Sharecenter_img Show Comments ▼ Tags: NULL More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Tesco has reported am 8.8 per cent rise in the third quarter – helped by a strong performance from international stores.The supermarket chain said it was performing in line with market expectations while its market share was being boosted by the opening of more store space.Total international sales jumped by 15.7 per cent while Asia surged by 23.4 per cent in the 13 weeks to 27 November.In Europe there were improved sales in Hungary and Turkey, the retailer said.But UK stores open over a year were sluggish, rising only 1.5 per cent.Chief executive Sir Terry Leahy said: “We’ve made good progress in the third quarter with growth from across the Group. Our continued investment in the shopping trip and our new space opening programme across our markets are giving us good sales momentum and market share gains. “As the global economic recovery gathers pace, our broad-based strategy, combined with our ongoing focus on productivity savings, is enabling us to maintain growth in a sustainable, profitable way – delivering value for customers and for shareholders.” last_img read more

CAN THE UK MAKE A PROFIT ON ITS BANK STAKES TOO?

first_imgTuesday 7 December 2010 8:56 pm The US Treasury invested a total of $45bn to bail out Citigroup (headed by Vikram Pandit), taking control of 27 per cent of the banking giant. The government has slowly whittled down its stake, with the bank paying back $20bn in preferred stock earlier this year. Last week the government sold 2.4bn shares for $10.5bn. It now estimates it has a cumulative $12bn profit from the bailout, including interest and dividends of $2.9bn.The Government currently holds a total of 27.6bn ordinary shares in Lloyds (headed by Eric Daniels), including 15.8bn shares taken up in Lloyds’ rights issue. This is equivalent to 41 per cent of total share capital. The total government outlay was £20.3bn. Lloyds’ current market cap is £45bn, valuing the government’s stake at £18bn, meaning an immediate sale would lose the taxpayer in the region of £2bn.The Government currently holds a total of 90.6bn shares in RBS (headed by Stephen Hester), including 51.0bn non-voting B shares. This is equivalent to 68 per cent of voting share capital and 83 per cent of total share capital. The total government outlay was £45.5bn. RBS’ current market cap is £45bn, valuing the government’s stake in the bank at £37bn – meaning an immediate sale would lose the taxpayer £8bn. whatsapp Show Comments ▼ Tags: NULL 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.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org KCS-content 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 Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute Share CAN THE UK MAKE A PROFIT ON ITS BANK STAKES TOO? whatsapp last_img read more

Spain risks firestorm over pensions in an effort to impress the markets

first_img Share Tags: NULL 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 PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 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 FarmZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald whatsapp THE Spanish government’s desperation to calm financial markets means it will risk a political firestorm to impose new pension rules that may not even help its budget for at least a decade.Urged by Brussels and economists, the cabinet is bringing forward the reform, which raises the retirement age — aiming to show it making the hard choices needed to secure public finances and deal with an ageing population in the long-term. The cabinet has already passed a record austere budget and taken tough steps to rationalise its small banks. Over the past week it has also rushed out other measures including state selloffs to ease its cashflow issues. The pensions reform, however, is about convincing investors of its commitment to structural change; savings built up over the last decade mean it will have no impact before 2015 and bring only gradual benefits in the years that follow. That deals with none of the issues of banking, local government spending and growth which have driven a bond market sell-off that shows little sign of abating after engulfing Ireland and Greece.Yet Prime Minister Jose Luis Rodriguez Zapatero last week pulled forward his target for passing the legislation to January from an initial end-March deadline. Madrid’s cost of borrowing continued to rise yesterday – reaching 5.47 per cent on its 10-year bonds – close to levels which drove Greece and Ireland to the IMF. Spain risks firestorm over pensions in an effort to impress the markets center_img KCS-content Monday 13 December 2010 8:42 pm whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller 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.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Show Comments ▼last_img read more

Brussels is calling the shots over banker payouts

first_img MUCH of the rhetoric surrounding bankers’ bonuses is just that: rhetoric. David Cameron yesterday said that he didn’t want to micromanage British banks, a sentiment that should be welcomed, but the truth is that politicians in Brussels – not Britain – really call the shots when it comes to variable remuneration.For the Committee of European Banking Supervisors has imposed on London the most draconian bonus regime in the world. City watchdog FSA is charged with implementing the code, although in truth it is just doing Brussels’ bidding. Essentially, the rules – which came into force at the start of the year – prevent banks and other “systemically important” firms from paying more than 30 per cent of a bonus in upfront cash, shrinking to 20 per cent for particularly high payouts. Guaranteed bonuses – excluding golden hellos – have also been banned.That’s why it should come as no surprise that Stephen Hester, the boss of RBS, or Bob Diamond, Barclays’ chief executive, are unlikely to take significant cash bonuses this year. Reporting in the mainstream media rarely mentions the CEBS rules, nor the damage they will do to London’s standing as a global financial centre (as Europe’s pre-eminent banking hub, London stands to lose far more than Paris, Berlin or Madrid). This silence suits Britain’s political class perfectly. On the Andrew Marr show yesterday, the Prime Minister was only keen to take credit for a “very tough set of rules on bonuses”. Of course, he failed to mention that these rules – like so many of our laws – were written by Europe, and have absolutely nothing to do with British legislators. When bonuses are paid in shares or deferred – as they have to be under the new regime – the coalition will surely take credit; it will claim that it managed to get the banks to show restraint in the face of terrible largesse. The government will also take credit for the fact that the overall bonus pool for 2010 will be lower than a year earlier, although this has more to do with lower investment banking profits that the government’s influence. Sadly, the real issue – that this bonus regime will lead to a flight of top banking talent to competing financial centres such as New York, Hong Kong and Singapore – will be brushed under the carpet. [email protected] Share More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com Brussels is calling the shots over banker payouts Sunday 9 January 2011 11:07 pm Tags: NULLcenter_img whatsapp 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 PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 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 Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com whatsapp Show Comments ▼ KCS-content last_img read more

Echostar to buy Hughes in $2bn deal

first_imgMonday 14 February 2011 9:19 pm whatsapp Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal 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 ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com ECHOSTAR Corp agreed to buy Hughes Communications for about $1.33bn (£830m), excluding debt, as the digital set-top box maker looks to beef up its broadband satellite services offerings.Under the terms of the deal, Hughes’ shareholders will get $60.70 per share, a 31 per cent premium over the stock’s 19 January close, a day before Hughes had hired bankers for a sale.EchoStar, co-founded by Dish Network chief executive and billionaire Charlie Ergen, will pay $2bn for the acquisition including debt.EchoStar’s offer for Hughes follows its largest customer Dish Network’s deal earlier this month to buy DBSD North America, a satellite network operating under bankruptcy, for $1bn. Share whatsappcenter_img Echostar to buy Hughes in $2bn deal Show Comments ▼ KCS-content Tags: NULLlast_img read more

Google lost to Microsoft in Nokia race

first_img Google lost to Microsoft in Nokia race whatsapp Tags: NULL GOOGLE chief executive Eric Schmidt has revealed his firm was in “advanced” talks to provide its Android operating system for Nokia handsets before the Finnish handset maker signed an agreement with Microsoft.Schmidt said Google “would have loved it if they had chosen us over the other guys. We certainly tried.”Nokia instead chose to work with Microsoft, and will use its Windows Phone 7 platform on its handsets from later this year.Android is the fastest growing mobile platform, overtaking Nokia’s soon-to-be retired Symbian, with 3,000 activations every day.Schmidt used his Mobile World Congress Keynote to offer an olive branch to network operators, who say companies like Google put pressure on their networks through services such as YouTube without paying for the burden.He acknowledged that the investment cost to operators is “very high”, with demand for network space growing faster than wireless capacity.He said Google is looking at sharing search revenue on mobile devices but added that governments should play a part in better managing mobile spectrum.Schmidt also did not rule out a sensational $10bn (£6.23bn) bid for microblogging site Twitter.NEW PRODUCT LAUNCHESHTC FLYERJust when it looked like Steve Jobs had killed the stylus, HTC has boldly brought it back with its new tablet. While day-to-day navigation on the seven inch Android device is still done with your fingers, you can write and draw on to the Flyer with a stylus. It looks slick and smacks of quality, but expect to pay high-end rates.HP TOUCHPADHP’s first foray into the tablet market is a solid enough effort. Size-wise the TouchPad comes in almost exactly between the Galaxy Tab and the iPad – its two toughest competitors. It is the first tablet to run WebOS, albeit a customised version of the software, and multi-tasking is brought to the forefront. It’s an attractive enough device but no iPad beater. whatsapp Tuesday 15 February 2011 8:20 pm KCS-content Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap Show Comments ▼ Sharelast_img read more

King insists a rise in rates is not imminent

first_img Show Comments ▼ Tags: NULL MERVYN King yesterday tried to play down expectations that the Monetary Policy Committee (MPC) would imminently start raising interest rates to curb inflation, insisting that it would be a “futile gesture”. Unveiling the Bank of England’s quarterly Inflation Report, in which it lowered its forecast for economic growth this year from 2.6 per cent to around two per cent and confirmed that inflation could reach five per cent before June – more than double its two per cent target for the consumer prices index (CPI), the governor said that people were “running ahead of themselves in saying we are pre-announcing, or laying the ground, for a rate rise.”Despite King’s protestations, economists yesterday said the growth forecasts contained in the report indicated a hike in just three months’ time in May. Under the Bank’s “central projection”, which King stressed was not a “pre-announcement” of policy, rates will rise a quarter point to 0.75 per cent in the next four months and to one per cent by the end of the year. By the end of 2012, rates will be at two per cent and at three per cent by the end of 2013. “The Inflation Report projects that inflation is as likely to be above target as below target 2-3 years ahead and does imply that the MPC is likely to hike rates soon, in the next few months, unless there are major disinflationary surprise,” said Michael Saunders at Citi. Economists at both RBS and Barclays brought forward their rate rise expectations to May after the report. Nomura economist Philip Rush said that King’s personal scepticism about the urgency of action to tackle Britain’s above-target inflation may lie behind the divergence in tone between the Inflation Report and his own comments downplaying a rise. “The forecasts are the MPC’s collective judgment, whereas what King says often seems to verge off more to his dovish stance,” he added. The Inflation Report confirmed the divisions on the rate-setting Monetary Policy Committee, saying there was a “wider than usual range of views” on both growth and inflation. Economists interpreted the disclosure as evidence that Andrew Sentance and Martin Weale have been joined by at least one other MPC member in calling for a rate hike.BANK OF ENGLAND INFLATION REPORT – MAIN POINTS”True clothing prices were around 5.5 per cent higher than measured in the CPI, equivalent to adding around 0.3 per cent to aggregate annual CPI inflation” Share whatsapp In two years inflation is likely to fall below the Bank’s target rate — if interests rates rise.l The forecast is based on interest rates increasing to 2.1 per cent by the end of 2011.“There is a high degree of uncertainty, and a wider than usual range of views among committee members around the overall look for inflation Wednesday 16 February 2011 8:43 pm King insists a rise in rates is not imminent KCS-content whatsapplast_img read more

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