Doubts Cloud Takeover Talk For Gold Fields A report that said the South African mining company Gold Fields was the target of a buyout offer may have been a hoax.... Read Full Article Beneath Booming Cities, China’s Future Is Drying Up Groundwater levels are dropping around China, where leaders face tough choices as cities, industry and farming compete for an unbalanced and finite water supply.... Read Full Article Class Divide In Chinese-Americans? Charity Rich Chinese-Americans are more likely to donate to mainstream institutions than to the poor, nonprofits say.... Read Full Article Observatory: How Pond Insects Wind Up Trapped In Tree Resin How did aquatic insects become trapped in amber?... Read Full Article Singing Her Way From Obscurity To Fame On The Internet Ingrid Michaelson, a 28-year-old singer-songwriter whose self-produced album ?Girls and Boys? reached No. 2 on the iTunes pop chart, is enjoying an enchanted transformation as a recording artist.... Read Full Article |
Second NewsProspects of cheaper loans hit as inflation forecast sends Libor soaringHopes of imminent cuts in new mortgage rates were dashed yesterday as the Bank of England’s inflation judgment sent money market interest rates soaring for a second successive day.Read Full Article Women in second bid for powerKuwait City Kuwaiti women will participate in parliamentary elections tomorrow for the second time in the conservative Muslim country’s history. They hope to improve on their performance in 2006 when they failed to win any seats.Read Full Article Economy is key to revival of Gordon Brown’s fortunesThe centre ground is getting crowded. Yesterday we had the second instalment of Gordon Brown’s useful innovation of a draft legislative programme, allowing time for consultation and debate before the Queen’s Speech in roughly six months.Read Full Article SABMiller says beer prices to rise ’ for a couple of years’SABMiller, the world’s second largest beer maker by volume whose brands include Nastro Azzuro, Carling Black Label and Miller, said today that prices will go up across its product range for two years to pay for raw material rises.Read Full Article Mervyn King to grimace and bear bad newsWhen the Bank of England’s Governor unveils its latest prognosis for the economy this week, he is likely to adopt his sternest demeanour. The message from Mervyn King may not be quite as bleak as Churchill’s famous admonition that he had “nothing to offer but blood, toil, tears and sweat”, but it may not be far off. The Bank’s hardline decision last week to keep interest rates on hold despite the latest spate of dreadful news over worsening economic conditions gave a foretaste of the granite-hard façade that it is set to present to the country in its latest quarterly Inflation Report on Wednesday. The “no change” verdict on interest rates from Threadneedle Street can only have appeared to much of the country at large like an exercise in monetary sado-masochism. Yet the harsh reality that confronts the Bank’s Monetary Policy Committee (MPC) is that it remains trapped between an economic rock and a hard place. Far from easing as the economic outlook has grown darker, the conflicting pressures confronting the MPC – from faltering growth and activity on the one hand and simmering inflationary pressures on the other – have intensified. The deluge of ever more dismal economic indicators now leaves little doubt that the economy is facing its most testing two-year stretch since the early Nineties. Yet as the going gets much tougher, the persistence of the inflation threat condemns the Bank to talk, and act, tough, too. The MPC’s mission to ensure that inflation hits its 2 per cent target over the medium term leaves it scant room for manoeuvre. It is forced to act only cautiously, even as the demands for more aggressive and urgent action escalate. The Bank’s dilemma seems set only to be become more acute through the summer, as the Inflation Report is likely to spell out. If anything, the MPC’s latest assessment is likely to understate the full scale of dangers to growth prospects that have emerged. At the heart of the heightened risks is the increasingly dire straits of the housing market, which appears to be locked into a vicious downward spiral triggered by the mortgage lending drought. The severe squeeze on the availability of home loans is combining with falling house prices to cause demand in the property market to dry up, with cautious buyers holding out for the much lower prices they expect in future. As demand and market activity drop, and the supply of unsold houses grows, prices fall farther and faster. In turn, that farther deters would-be buyers and makes lenders become even more cautious, fuelling an ever steeper downward slide. The scale of these trends is underlined by the Council of Mortgage Lenders’ data, highlighted by Michael Saunders, of Citigroup, which shows the drastic tightening of lending conditions since the start of the year. The number of new home loans agreed plunged by more than 30 per cent in the first quarter, compared with the same period a year earlier. In March, approvals of new mortgages fell to the lowest since 1992. Although the Bank of England’s £50 billion lifeline, designed to ease the funding pressures on lenders, may limit the squeeze, Mr King has been bluntly candid that it is far from intended as a cureall for the mortgage market. The clear peril for the economy is that the toll on sentiment and household wealth from an increasingly severe housing correction now sees the credit crunch mutate into a brutal consumer crunch as households pull back their spending. The Bank tends to play down the repercussions of falling house prices for consumer demand. Yet signs are already accumulating that the consumer may embark on a full-scale retreat from the high street. Consumer confidence has slumped to 15-year lows, while polls show that concern over the state of the economy is at its highest levels since 1993. As other signs of economic weakness pile up, it is becoming painfully clear that Britain, far from being better placed than its rivals to weather global economic squalls, as the Chancellor and Prime Minister claim, is markedly worse off. As Mr Saunders argues, the UK is left badly exposed by the highest household debt burden in the Group of Seven leading industrial economies, alongside severely inflated house prices and low household savings. The price of a protracted period of living beyond our means may now have to be paid. Long years of high spending, as well as heavy borrowing excess. are making the fallout from the credit crunch more painful and the boost from the Bank’s limited easing of interest rates less potent. Yet, worse still, the same past excesses, in the form of a swollen current account deficit, are adding to the acute pressure on a sharply weakening pound, already hit by Britain’s worsening growth outlook. Sterling’s steep slide – by about 12 per cent in the past year - is aggravating the Bank’s inflation headache by raising the nation’s import bills and further curbing its scope to cut base rates to underpin faltering growth. With the pound set to tumble still farther, oil prices having surged to record levels of above $120 a barrel and the cost of food in global markets soaring, the City expects that the Bank will raise its forecasts for inflation this week. It is likely to give warning that headline consumer price inflation will rise above 3 per cent over the summer, forcing Mr King to pen what will be only his second explanatory letter to the Chancellor. Against this background, the Governor can be expected to make it brutally plain on Wednesday that further easing of interest rates will be only limited and gradual. Ultimately, the extent of the slowdown now taking hold in the economy will quell the inflationary threat that the Bank is, for now, compelled to prioritise over risks the growth.$Read Full Article External News for: secondM's might move top draft pick to second base - The OlympianMariners.orgM's might move top draft pick to second baseThe OlympianA shortstop in high school, an outfielder/first baseman in college, Ackley has been taking ground balls at second base for the past month in the Arizona ...Ackley to try second base in JanuaryMLB.comMariners to try Dustin Ackley at second baseSeattle TimesDustin Ackley: Ackley to start working out at second baseRotoworld.comHeraldNet -Seattle Timesall 14 news articles »M's might move top draft pick to second base - The OlympianMariners.orgM's might move top draft pick to second baseThe OlympianA shortstop in high school, an outfielder/first baseman in college, Ackley has been taking ground balls at second base for the past month in the Arizona ...Ackley to try second base in JanuaryMLB.comMariners to try Dustin Ackley at second baseSeattle TimesDustin Ackley: Ackley to start working out at second baseRotoworld.comHeraldNet -Seattle Timesall 14 news articles »Giants can find talent in 'second tier' - MLB.comExaminer.comGiants can find talent in 'second tier'MLB.comSAN FRANCISCO -- Exactly who might occupy that "second tier" of free agents that prompted the enthusiasm of general manager Brian ...On Deck: Lincecum highly deserving of second Cy YoungYuma SunLincecum's second Cy Young doubles his valueExaminer.comall 21 news articles »M's might move top draft pick to second base - The OlympianMariners.orgM's might move top draft pick to second baseThe OlympianA shortstop in high school, an outfielder/first baseman in college, Ackley has been taking ground balls at second base for the past month in the Arizona ...Ackley to try second base in JanuaryMLB.comMariners to try Dustin Ackley at second baseSeattle TimesDustin Ackley: Ackley to start working out at second baseRotoworld.comHeraldNet -Seattle Timesall 14 news articles »Giants can find talent in 'second tier' - MLB.comExaminer.comGiants can find talent in 'second tier'MLB.comSAN FRANCISCO -- Exactly who might occupy that "second tier" of free agents that prompted the enthusiasm of general manager Brian ...On Deck: Lincecum highly deserving of second Cy YoungYuma SunLincecum's second Cy Young doubles his valueExaminer.comall 21 news articles »Smith's last-second dunk seals Rockets' loss to Hawks - Houston ChronicleAtlanta Journal ConstitutionSmith's last-second dunk seals Rockets' loss to HawksHouston ChronicleWith the game tied in its final second, Josh Smith escaped the bench long enough to slam home a Mike Bibby miss with seven-tenths of a second left, ...Smith's last-second shot gives Hawks another winThe Associated PressSmith's last-second slam gives Hawks seventh straight winSeattle Post Intelligencerall 231 news articles » |
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