RBS to cut 3,500 UK support centre jobs

Around 3,500 Royal Bank of Scotland employees are set to lose their jobs, after the lender announced a second wave of staff cuts among its nationwide business support centres.

In total 20,600 UK-based jobs have been cut, with the bank keeping many operations under review for further staff reductions.

RBS ships more jobs abroad

Unite, Britain’s largest union, said it expected 500 jobs to be shifted to RBS operations in Singapore, India and the US.

A spokesman for the taxpayer-owned bank (up 0.35p to 46.13p) confirmed that many positions would be moved abroad, but said the bank had not yet decided how many.

Retrenchment is good for RBS

but not for the newly-unemployed.
Martin Flanagan of The Scotsman says “Painful it may be for the victims but retrenchment is good for RBS.”

‘Unlike many of our competitors we remain committed to our long-standing principle of situating customer contact work within the country or region where the customer is located,’ said the bank.

Reaction on the London Stock Exchange has been rather surprising:

records  RBS cuts jobs and ships jobs abroad september 2010  home

‘We still believe R.B.S. is one of most geared banks into recovery in Europe,’ the broker said.

‘We think it can turn a profit in 2010 and that profitability can recover strongly thereafter driven by rising margins, tight cost control and falling bad debts.’

The brokers also said
‘We think it can turn a profit in 2010 and that profitability can recover strongly thereafter driven by rising margins, tight cost control and falling bad debts.’

Yesterday’s post on banking prospects doesn’t look so naive

records  Royal Bank of Scotland get Merrill Lynch boost  home

report from India Times- http://economictimes.indiatimes.com/infotech/internet/Google-says-AdMob-deal-gets-FTC-review/articleshow/5372989.cms

“SAN FRANCISCO: Google Inc said the US government is seeking more information about the competitive impact of its proposed $750 million purchase of AdMob on the nascent market for mobile advertising.

The world’s No 1 Internet search engine said in a post on its company blog on Wednesday that it received a “second request” from the US Federal Trade Commission this week.

The FTC is “asking for more information so that they can continue to review the deal,” read the post, written by Google Product Manager Paul Feng.

“While this means we won’t be closing right away, we’re confident that the FTC will conclude that the rapidly growing mobile advertising space will remain highly competitive after this deal closes,” the post continued.

Google announced plans to acquire AdMob in November in what would be its third most expensive purchase behind the $3.1 billion acquisition of DoubleClick and the $1.65 billion purchase of YouTube.”

records  Google, Admob and competition  home

Bids are rumoured to have been made by KKR, Warburg Pincus, Advent International, Bain Capital, Permira, CVC, TPG and Silverlake.

The GMS business is expected to sell for between £2bn and £3bn, which would cover around 15% of the outstanding debt to the government following RBS’s collapse in late 2008.

records  R.B.S. Global Merchant Services unit auction  home

dog who chewed off his owner’s big toe when he passed out after a day of drinking has been hailed a lifesaver.

‘Have-a-toe-hero’ Kiko, a Jack Russell terrier, apparently sensed an infection in Jerry Douthett’s right big toe.

And he munched on it while his master was asleep at home in Rockford, Michigan.

full story

records  Dog Saves Drunk Man’s Life By Eating His Toe  home

banking scandals

disrupting-the-climate-criminals

royal-bank-of-scotland

popular-current-affairs

oil companies

finance news

all current affairs posts

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The Republican side of the US ‘government’ is now blocking Obama’s Environmental clean up bill, and seems to be leaning on him to apply further pressure on BP. It’s so much comforting to focus on other people’s faults; and maybe they still hope for an American company to buy out BP …

records  BP Gulf calamity in pictures  home

The Royal Bank of Scotland has now sold its 318 high street branches to Spanish bank Santander, and has also sold the relatively small offshoot in Pakistan yesterday for approximately $52 million.

The transaction is subject to regulatory and other approvals and expected to complete on 1 September 2010.

records  RBS to buy back shares from government?  home

Update 21 June 2010

Santander were the only bidder left, come the auction, and have bought the branches.

records  Virgin Money and Santander bid for R.B.S. branches  home

I wondered how long it would be before the tasty prospect of a US company taking over BP for a song raised its very plausible head:

Remember Iraq …

Quote from Guardian online:

These senators are being extremely provocative.

This is a mercantilist act of war against the UK. These thieves are using this crisis as an opportunity to steal a major UK business.

First, no escrow fund.

Second, $5 billion or less compensation, including funds already spent.

If the US bankrupts BP so that Exxon or whoever can pick it up for a song, I think we can take it as a drastic change in relations between the US and the UK.

We would be entitled to hurt US interests in return. Withdraw from Afghanistan. Seize US economic assets to compensate. Expel all US forces from the UK and pressure European neighbours to expel them also. Help other countries across the world to roll back US domination. Change the oil currency to anything but the dollar.

It’s time for Cameron to start hitting back. There’s an Exxon refinery near Southampton. That should be appropriated in compensation for unreasonable US treatment of BP.

Some of the above sounds cranky. Exxon at Southampton haven’t done any harm there; leastways not on te Gulf of Mexico scale.

Iraq changed their oil currency to the Euro shortly before USA suddenly realised they had invisible, non-detectable Weapons of Mass Destruction. This was the only objective change in their dictatorial regime that the USA had previously supported.

records  BP, environment and the dollar  home

BP catastrophe and environmental safeguards

As many as 40,000 barrels (1.7 million gallons) of oil a day may have been gushing out from a blown-out Gulf of Mexico well, doubling many estimates.

The US Geological Survey says that flow rate could have been reached before a cap was put on the well on 3 June.

The big question: when BP subcontracted the drilling of the well, did the contract insist on strict environmental safeguards?

Japan’s government borrowing even worse than UK

“Our country’s outstanding public debt is huge… our public finances have become the worst of any developed country,” he said.

After years of borrowing, Japan’s debt is twice its gross domestic product.

records  BP catastrophe and Japanese debt  home

Maybe its time for politicians and sociologists to leave their consulting rooms and take a look at the state of Britain:

Imagine a country so witless that it lives through an oil boom, and rather than use the £billions of profits to build a foundation for the country for the next 1,000 years, as one might reasonably expect, it plunges the government into such massive debt that every child is born with a £13,000 handicap of debt.

Imagine a country so witless that it has spent 60 years taxing decent people to fund its policies of paying drunks, drug addicts and crooks to breed; of ensuring that its policies are so clear that the underclass will ensure that their children have the same ‘aspirations’.

Imagine a country so witless that the many varieties of crook that enslave the vulnerable with addictions to consumer junk, alcohol and tobacco and overpriced rented accommodation (through buy to let – that inflates house prices even beyond the means of decent workers that lack help from well-off relatives) are never prosecuted or jailed.

Imagine a country so naïve that all policies are administered from central government; so that good people in need can apply for help – and sometimes get it; and dishonest layabouts can also apply – and get it.

Imagine a society so witless that wealthy people with considerable power can fool themselves that all disadvantaged people ‘deserve it’, and invest their spare cash to maintain the status quo.

Imagine a society so witless that the underclass read of the dire straits their country is in, apply for endless handouts, tell themselves that the £30,000 noose around their children’s necks isn’t their fault … and find they need to drink their child benefit to keep the truth repressed.

You can’t imagine this? Then try walking around with your eyes and ears open.

Related news:

Labour MP Frank Field is to lead a poverty review on behalf of the Tory-Liberal Democrat coalition Government, David Cameron has announced. (Saturday 5th June 2010).

Frank Field was briefly in the Cabinet, during the reign of Tony Blair, but was hoofed out for reporting the truth.

Currently, the combination of benefits and taxes in Britain reward ‘giving up’ and tax those who make an effort. Fortunately millions of people have the moral strength to keep going, but sadly many do not. Let’s hope a coalition government has the courage to stand back, look at the real mess the country is in, and attack all those who profit from recreating the poverty trap, recreating slavery through addictions and monopolies, and strenuously repressing awareness of their own guilt.

Public sector debt for the UK was recently estimated to be £743 billion (per approx 60million people).

records  oil boom and expanding the underclass  home

BP conference call

British oil giant BP (BP.L) will speak with analysts on Friday, a spokeswoman for the company said after analysts pointed to a planned conference call.
Arbuthnot Securities analyst Dougie Youngson. “This procedure is fundamentally very risky and it’s not over yet.” reported by Reuters.

BP’s press release of current action

Subsea efforts continue to focus on progressing options to stop the flow of oil from the well through interventions via the blow out preventer (BOP) and to collect the flow of oil from the leak points. These efforts are being carried out in conjunction with governmental authorities and other industry experts.

Plans continue to develop a so called “top kill” operation where heavy drilling fluids are injected into the well to stem the flow of oil and gas and ultimately kill the well. Successfully killing the well may be followed by cement to seal the well. Most of the equipment is on site and preparations continue for this operation, with a view to deployment in a few days.

BP dividends

US Democratic Senators Ron Wyden of Oregon and Charles Schumer of New York have written to BP saying a payout of dividends to shareholders would be “unfathomable” until the obligations are met. I think they mean “inappropriate” or “in very bad taste”!

A payout would be “unfathomable” until the obligations are tallied, Democratic Senators Ron Wyden of Oregon and Charles Schumer of New York said yesterday in a letter to Chief Executive Officer Tony Hayward.

BP finances

BP’s profits were down last year to about $25b before tax, and the Gulf of Mexico spill has already created bills of close to $1b (reports vary), and this doesn’t include legal action, long term loss of earnings, possible banishment from US coastal waters.

The level of uncertainty of BP’s future is mirrored in ‘experts’ reports whcih vary from ‘catastrophic’ to ‘ready for a takeover bid with their huge assets and reserves’.

records  BP prospects and financials  home

Today, 10th May 2010, 440bn euros of loan guarantees and 60bn euros of emergency European Commission funding has been arranged by European Union (EU) finance ministers to attempt to save the Euro from further contamination by Greece’s debts.

Question: Given that trade and finance are such eminently quantifiable fields of study, why do they continue to mess up so thoroughly? Could it be that finance, like politics, attracts exceptionally weird individuals? Answers on a billboard, please

The International Monetary Fund (IMF) will also contribute up to 250bn euros.

Economic Affairs Commissioner Olli Rehn said the agreement proved “we shall defend the euro whatever it takes”.

Stock markets have recovered slightly on the news that massive aid packages are being arranged, but the jitters are still plain to see. Last week, shares fell sharply around the world on fears of the Greek banking catastrophe spreading across the eurozone, and then beyond.

Andrew Balls runs the European division of Pimco, the world’s biggest bond investor. He says the current situation is alarmingly reminiscent of the period in 2008 surrounding the collapse of Lehman Brothers.

“You have big concerns about liquidity and of markets starting not to function properly,” Mr Balls told the BBC.

Last Thursday, Moody’s said banking systems faced “very real, common threats” if doubts were raised about their governments’ abilities to pay debts.

It referred specifically to UK, Irish, Italian, Portuguese and Spanish banking systems.

The Greek government owes about 300bn euros ($400bn; £260bn) and has to pay off part of it during May 2010.

This should now be met – the European Union and International Monetary Fund (IMF) announced a bail-out package on 2 May – the biggest in recent history

records  the cost of Greek financial disaster  home

housing as if people mattered.

The end of council/social housing

Last month, official figures showed a 21% fall over the last year in homeless households placed in temporary accommodation across England. Yet, according to campaigners, the numbers in private rented accommodation are actually increasing, as councils look to shift applicants into the private sector for good rather than put them on a waiting list for a council home.

For tenants, that can mean the insecurity faced by families such as the Nahers. It also means sky-high rents that don’t allow them to come off benefits – and, at worst, slum-like conditions. All that without even the hope of a permanent council home.

Jacky Peacock, executive director of campaigning charity Brent Private Tenants’ Rights Group, says much tougher “gatekeeping” by councils is keeping people off their waiting lists. Would-be council tenants are pressured into accepting a private sector home, and then often left without support if things go wrong with their new landlord.

And as Mr. and Mrs. Average foot the bill to support the ‘landlords’, it’s making all decent people worse off. Well this is election time in UK, and I still don’t see the re-invention of slavery through Buy-to-Enslave on the agenda.

Could it be that party doners are ‘landlords’? Or maybe politicians are so buesy balancing the books that they don’t see the people involved.

The tax and benefits system keeps all the victims trapped in benefits (so called) until they become listless, depressed and succumb to the other creeps – the purveyors of drugs, some legal, some not.

records  Vote for Slavery landlords  home

recent trends:

Today’s related news:

Government-owned lender Royal Bank of Scotland has confirmed it will impose stricter criteria on its long-term bonus scheme for bosses.

Shareholders will be asked to vote in favour of the new scheme, which will raise the target price that triggers payments from 50p, at Wednesday’s annual meeting, the bank said.

“An extensive consultation has been undertaken and the remuneration committee will give close consideration to the range of shareholder views before reaching a final position,” read a statement.

“The share price has been hugely volatile in the last year and that needs to be taken account of in a way that ensures the scheme is both motivating and exacting in performance terms. This is the board’s intent and the remuneration committee will endeavour to align all interests in the matter.”

Chairman Sir Philip Hampton is fully expected to flag an increase to targets set for chief executive Stephen Hester.

Hester, whose rolling three-year incentive plan runs until the end of 2012, boasts an annual salary of about £1.2m and last year waived his bonus of £1.6m after a public backlash against bankers’ bonuses.

Royal Bank of Scotland is the stand-out stock in a buoyant banking sector despite BNP Paribas suggesting that shareholders, including the UK government, should sell the shares at this price.

records  More broker zest for R.B.S.  home

Mr. Darlingtold the Guardian newspaper that

The US and the eurozone countries were agreed that action needed to be taken to cut banks down to size and to prevent another crisis putting pressure on public finances.

The future of over-sized banks looks bleak, and on the London Stock Exchange today the modest Lloyds and Royal Bank of Scotland shares were faring better (both up slightly) than Barclays:

Share prices over the last month paint an even clearer picture

Barclays bank share price April 2010

Lloyds bank share price April 2010

R.B.S. Royal Bank of Scotland share price April 2010

records  International accord on finance reforms  home

For the UK the report emphasised the high government borrowing and the need for banking reform.

The International Monetary Fund (I.M.F.) has proposed that all financial institutions pay a bank levy – initially at a flat rate – and also a further tax on profits and pay.

UK National Debt

The UK national debt is the total amount of money the British government owes to the private sector and other purchasers of UK gilts.

From figures published February 18th 2010, UK public sector net debt was £848.5 billion. (or 59.9% of National GDP) – Source: Office National Statistics [1]

Excluding Financial sector intervention, public sector debt is £743 billion or (52.7% per cent of GDP)

The PBR (annual government borrowing) forecast for 2009/10 is for net borrowing of £178 billion or 12.6% of GDP.

thanks to www.economicshelp.org/ for the summary.

records  Global recovery at 4.2% April 2010  home

I’m beginning to wonder, especially since government expressed the desire to curb the size and power of banks, if RBS is likely to do better. They had enough of a shock to LEARN a valuable lesson, whereas Barclays seem to be back to their bullish former selves, seeking to expand whenever there’s a chance.

Their are two sides to banking – one is seeking opportunities to invest for a good return; the other is safeguarding depositors savings. I suspect RBS is likely to become the better balanced of the two over the next few years; and they’ll probably clear the government debt at a pace modest enough to leave a permament memory of what happens with inadequate caution.

Current share price trends support the recovery view of RBS and the levelling off of Barclays.

barclays 3 months share price

More current affairs stories, banking news and RBS (Royal bank of Scotland) news from the past year or so.

records  British banking prospects  home

Not about pregnancy …

the best of the April 1st news stories!

Labour re-think election strategy with advise from Saatchi, Saatchi and Sean Connery et al …

political satire

whimsy

records  Labour to get tough  home

The Royal Bank of Scotland was one of the worst hit UK banks, following the collapse of 2007/8. It has surprised some people that they have already repaid over a third of their bail out from the government, and confidence is slowly returning. Hopefully, so slowly that they don’t forget the useful lessons of the last three years. In 2007 their shares were worth over £5 on the London Stock Exchange, and are currently £0.55. What is a reasonable value of their shares if they pay off all their debts to the government?

banking current affairs

all current affairs

today’s RBS news

Royal Bank of Scotland has handed middle managers a bonus equivalent to 5pc of their salary – by backdating an increase in “benefits” to January 2009. Thousands of RBS staff have received the backdated addition to their “value account”, which is usually used to buy benefits such as health care or a company car. Unused sums are typically paid in cash to employees at the end of the tax year, the Telegraph reports.

Britain should be prepared to “go it alone” with radical reforms to the banking system in the wake of the £1.2 trn bailout of the industry if a cross-border deal cannot be achieved, an influential committee of MPs will recommend today. The Treasury Select Committee will also call on the Government to look again at restricting the types of business that deposit takers can do in the wake of moves by US President Barack Obama to enforce “narrow banking”, the Independent reports.

By Jana Weigand

Date: Monday 29 Mar 2010

LONDON (ShareCast) – Part-nationalised lender Royal Bank of Scotland has agreed to sell its German factoring business to General Electric unit GE Capital for an undisclosed sum.

The deal is subject to regulatory approval and expected to complete by the third quarter.

RBS Factoring GmbH had gross assets of about €169m as at 31 December 2009.

“As part of the group’s strategic plan, announced in February 2009, it was concluded that the assets would be better placed with a new owner outside of RBS,” the lender said.

“The sale represents further progress against RBS’ five-year strategic plan. RBS will continue to have a significant presence in Germany, focused on the growing corporate and institutional market, as well as general insurance.”

The Government is considering plans to start offloading its stakes in Lloyds Banking Group and Royal Bank of Scotland just weeks after the general election, it has been reported.

UK Financial Investments (UKFI), which oversees State bank assets, is looking at proposals to sell bonds that can be swapped for shares in Lloyds and RBS, according to The Sunday Times.

It is thought these so-called “convertible gilts” could be exchanged for shares once certain price targets are met that would give the taxpayer a profit – and could be launched for sale as early as June.

Treasury plans for its bank interests have been in sharp focus recently with the general election looming and following recent rises in Lloyds and RBS share prices.

An update from UKFI released alongside the Budget last week showed the State was finally sitting on a slim paper profit on its shares in Lloyds, which is 41% owned by the state after its rescue of HBOS at the height of the financial crisis.

The Government pumped £19.9 billion into Lloyds, but after the bank paid back £2.5 billion to avoid a taxpayer-backed insurance scheme for toxic debts, the average net investment for its 27.6 million shares is 63.2p.

Lloyds’ shares closed at 64.1p on Friday, giving the taxpayer a theoretical paper profit of around £330 million.

Shares in RBS are also moving closer to break-even, although still in the red.

UKFI said the State had made a £42.5 billion net investment in RBS in return for 84% of the struggling bank at an average 49.9p a share.

Shares closed at 45.6p on Friday, giving the taxpayer a loss of more than £4 billion so far, but close to break-even.

records  Royal Bank of Scotland (RBS) prospects  home

On this morning’s news plans for a new high-speed rail network will be announced by the government. If their strategy is to entice car drivers onto the railway that would be good news, but the Conservatives, who turned down an invitation to see the plans ahead of today’s announcement, are keen for the route to go directly to Heathrow airport in west London. It seems that the witless wanderings of rampant consumerism – in this case tourism – are still close to the Tory heart. The connection between air transport and global environmental damage, burning capital (irreplaceable fossil fuels) as though it is income, seems to have still failed to penetrate the minds of the rich. Maybe they have shares in BP and aviation companies?

Quote:
Plans for a high-speed rail (HSR) network featuring 250mph trains will be announced today by the Government.

But it is likely to be 2025 at the earliest before the first section of new track – from London to Birmingham – is completed.

Nearer to home>>

Morrisons profits continue to grow

In a year where Morrisons supermarkets have invested in many new stores. They opened 45 new stores this year (2 were replacements) taking their total to 425.

Pre-tax profits climbed to £858m from £655m from the same period the previous year, including an exceptional credit of £91m arising from steps taken to strengthen pension schemes, as turnover climbed to £15.4bn from £14.5bn. Like-for-like sales excluding fuel and VAT were up by 6%, lower than the 8.2% growth seen the previous year.

The full-year dividend was lifted by 41% to 8.2p a share.

records  morrisons profits; high-speed rail proposal  home

Ar you (sic) of sapiens? Feel free to tell us why

beeb news story is here: http://news.bbc.co.uk/2/hi/science/nature/7926277.stm

related stories are http://news.bbc.co.uk/2/hi/science/nature/7918497.stm and

http://news.bbc.co.uk/2/hi/science/nature/7870562.stm

records  Alternatives to homo sapiens (sic) sapiens (sic)  home

A US study of more than 200 people aged 45 to 55 and of “normal” weight found those doing the most exercise were the most likely to suffer knee damage.

Running and jumping may also do more damage to cartilage and ligaments than swimming and cycling, researchers said.

One arthritis charity said it was important to keep fit and most people would not have any problems.

Osteoarthritis – the most common form of arthritis – is a degenerative joint disease that causes pain, swelling and stiffness and affects 8m people in the UK.

Typically, earlier news suggests much the opposite!

Running makes you live longer

The work tracked 500 older runners for more than 20 years, comparing them to a similar group of non-runners. All were in their 50s at the start of the study.

Nineteen years into the study, 34% of the non-runners had died compared to only 15% of the runners.

Both groups became more disabled with age, but for the runners the onset of disability started later – an average of 16 years later.

(http://news.bbc.co.uk/1/hi/health/7554293.stm)

and

Running offers protection against arthritis

Running can offer up to 12 years protection from the onset of osteoarthritis, doctors have said.

People who exercise often are less likely to develop the condition than inactive “couch potatoes”, they say.

Osteoarthritis is traditionally thought of as developing from “wear and tear” on the joints.

records  optimum excercise for middle age  home

FT report

My, my, what a difference a few weeks make.

Earlier this month — when all still seemed relatively well in the UAE emirate of Dubai — Barclays Capital was among those touting Dubai-related debt as a decent investment for clients. The bank even confidently predicted the repayment of the now infamous Nakheel sukuk.

In fact on November 4 — the day Moody’s slashed its ratings on five Dubai government related entities — BarCap analysts wrote:

We expect several developments to act as positive catalysts for Dubai’s sovereign spreads. First, the likely repayment of the Nakheel sukuk in December. Second, Dubai’s ability to raise the second USD10bn tranche with the support of Abu Dhabi. Third, a successful conclusion of the merger between Emaar and Dubai Holding, as well as a solution allowing mortgage providers Amlak and Tamweel to resume lending.

On that basis, we recommend a long position in Dubai sovereign credit and see today’s negative price actions as an opportunity to buy. While the newly issued sukuk is our preferred instrument, we also feel comfortable in a recommendation to sell 5y CDS outright or against the CDX EM Index in a relative value trade.

Moody’s, by the way, had warned Dubai’s government was under no obligation to extend support to any government-related issuers either directly or through the support fund.

records  How much faith in bankers?  home

The biggest underlying fear is that Dubai’s problems could reignite the financial turmoil of the credit crisis. That would lower global demand for a whole range of commodities, including oil.

Oil prices also fell. US crude dropped 4.5% to $74.51 a barrel and London Brent Crude was down $1.26 to $75.73.

Dubai World, the conglomerate that led the emirate’s expansion, had $59bn (£36bn) of liabilities as of August, a large proportion of Dubai’s total debt of $80bn. Nakheel was the builder of the landmark palm tree-shaped island developments off Dubai.

The news shook markets that are recovering from the collapse of the US housing market and contagion that threatened to rupture the global financial system last year.

related news

The US economy grew by far less than originally forecast between July and September, according to revised official figures.

Example: Barclays opened today at £2.91, having been £3.80 a few weeks ago.

records  Stock market jitters November 2009  home

http://news.bbc.co.uk/1/hi/world/asia-pacific/8380106.stm

Beijing said it will aim to reduce its “carbon intensity” by 40-45% by the year 2020, compared with 2005 levels.

Carbon intensity, a measurement unique to China, is the amount of carbon dioxide emitted for each unit of GDP.

But experts say it will not necessarily mean an overall emissions cut as China’s economy is growing so rapidly.

The BBC’s Quentin Sommerville in Beijing says this is a commitment to make Chinese factories and power plants use fuel more efficiently and get better results, producing fewer greenhouse gases.

But that does not mean that the absolute levels of carbon dioxide and other pollutants will start falling, he adds.

China also announced on Thursday that Prime Minister Wen Jiabao would be attending the climate talks in Copenhagen, which aim to find a successor to the Kyoto Protocol on cutting greenhouse gases.

Plutonium Cuts chaos

http://news.bbc.co.uk/1/hi/sci/tech/8379956.stm

The British Pugwash Group (BPG) says the way 100 tonnes of the deadly powder is being stored is “ludicrous”.

Its experts fear the stockpile at the Sellafield nuclear site in Cumbria – the largest in the world – could be a target for terrorists.

The government said the plutonium was stored safely and securely but recognised the need to make progress.

Sir Hugh Beach, said: “It’s a total absurdity that we should have 100 tonnes of separated plutonium sitting up at Sellafield in tin cans… that is manifestly ludicrous.”

The report also said the failure of a taxpayer-funded facility to make nuclear fuel from the plutonium was “scandalous”.

It said the UK had no policy to deal with the deadly material, which was reclaimed from used nuclear fuel by reprocessing, because there are no UK reactors which can use it.

anti-viral (and superbug) plasma

http://news.bbc.co.uk/1/hi/technology/8379604.stm

Writing in the New Journal of Physics, the authors say plasmas could help solve gum disease or even body odour.

Plasmas are a soup of atoms that have had their electrons stripped off by, for example, a high voltage.

It has been known for some time that the resulting plasma is harmful to bacteria, viruses, and fungi – the approach is already used to disinfect surgical tools.

“It’s actually similar to what our own immune system does,” said Gregor Morfill, of the Max Planck Institute for Extraterrestrial Physics, who led the research.

“The plasma produces a series of over 200 chemical reactions that involve the oxygen and nitrogen in air plus water vapour – there is a whole concotion of chemical species that can be lethal to bacteria,” he told BBC News.

records  CO2 cuts, plutonium chaos, plasmas defeat superbugs  home

http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article6930428.ece

A long, long time ago — two years ago to be precise — there lived some baddies with names like Adam Applegarth and Fred Goodwin, who almost destroyed the country. But that’s all history now, or rather just a “story”, as David Hare calls his new play, The Power of Yes, about the global financial meltdown.

How the bankers laughed when they went to see it at the National this week. “That’s me,” said one managing director when the actor crowed at the end: “I still have my health, wealth and wife.” They grinned when the former Lehman’s banker admitted that the employees had nicked all the Milky Ways and crisps from the canteen on their way out. But the part they liked best was when one character explained that the City had accounted for 9 per cent of the economy and generated 27 per cent of the country’s taxes.

“You see, you need us,” explained the hedge fund manager afterwards. “We’re not like coal miners, fishermen or politicians. We are indispensable. Without the City, Britain is nothing. It’s in everyone’s interests for us to succeed even if you don’t like us very much.”

Hare may think he’s articulating left-wing rage against the greedy capitalists who got us all into this mess, but for the bankers it’s back to business as usual. They pretend to be mildly contrite about the noise they are causing as they build their new underground swimming pools across London. But they’re not. They genuinely believe they are carrying out a public service by boosting the country’s coffers and rebuilding the City.

“We aren’t a drain on society, we send our children to private schools, have private GPs and health insurance and rarely use public transport,” one investment banker said. As they take out their wallets, bulging with this year’s bonus, the past two years seem like a blip.

Arrogant, complacent, yes; but they could also be wrong. We haven’t yet seen the final act of the drama, which could be nastier than anything Hare envisaged. The City of London may have survived the credit crunch, but there could yet be a final twist to the plot.

The first threat comes from Europe. While the Goldman Sachs executives have been booking the NetJet to Ibiza this summer, the French have set their sights on controlling the EU’s economic agenda. Britain can have Baroness Ashton of Upholland as foreign affairs chief, but in return the French want Michel Barnier, their former Foreign Minister, overseeing the financial services portfolio. A Frenchman will not want to encourage a renaissance of the City of London. Mr Barnier, a staunch defender of French protectionism, is more likely to propose sweeping regulations to restrain those Anglo-Saxon capitalists.

Then there are the Tories. The City should be worried, very worried by a rather dishevelled man called Phillip Blond, who until recently worked at the University of Cumbria. Mr Blond, who can’t do up his top button and brush his hair on the same day, has become the Tory philosopher king. Tomorrow David Cameron will “drop in to offer words of support” as the “Red Tory” launches his new think-tank ResPublica.

Mr Blond, a Liverpudlian theo- logian, despises the City, arguing that “the great error of the last fifty years is that the Conservatives think they must believe in the free market, but the free market … destroys almost all things, traditions, family life, societies, cultures”. Communities, not capitalism, will save the world, according to Mr Blond.

records  End of bankers immunity and monopoly?  home

Lloyd’s Bank are issuing shares to their existing shareholders at well below the current trading price of such shares.

The 37p price is a discount of 38.6% on the so-called theoretical ex-rights price – which takes into effect the number of new shares on the market.

A total of 36.5 billion new shares will be issued – that amounts to 1.34 new shares for every one already in existence.

The sheer number of new shares has raised fears that the value of each one will be diluted.

Robert Talbot from Royal London Asset Management said the company’s fate is ultimately linked to the performance of the UK economy.

“I think it puts them into a much stronger capital position to be able to withstand whatever lies ahead. The crucial question facing the bank over the next two to three years is what happens to the UK economy,” he said.

Previous bad news for Lloyds shareholders:
http://news.bbc.co.uk/1/hi/business/8347400.stm

First of all, their hand is being forced because Lloyds is very likely to stop making regular payments to holders of its preference shares.

This is because the European Commission does not want a taxpayer supported company paying money to its creditors.

Secondly, anyone whose holdings are worth less than £1,000 will not be eligible to exchange their preference shares.

This has the effect of excluding some 120,000 investors from the exchange offer, although Lloyds has insisted that a cash offer will eventually be made to these people.

News on the re-introduction of capital punishment for fat cats is still pending …

records  UK banking chaos continues  home

Facebook has been targeted by malicious hackers seeking to steal valuable data from members.

The social network site has been hit by five separate security problems in the last seven days, say security experts.

the BBC story is here!!!

hey admin, what does .stm mean on the address?!!!

records  more facebook agravation  home