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.

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.”

http://www.pjf.org.uk/blog/tag/2009/page/2/

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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

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.

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.

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.

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.

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.

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 …

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?!!!

It claims the rate on authorised overdrafts is at its highest level since records began in the mid-1990s.

Times update today (24/11/2009):

RBS chief Stephen Hester and his slice of humble pie

Stephen Hester, chief executive of Royal Bank of Scotland, came to the CBI conference to eat humble pie, but ended up telling bank customers that they must reassess their attitude to risk and unsustainable borrowing.

Mr Hester, whose bank is more than 80 per cent-owned by the taxpayer after its latest bailout, said that RBS and other banks must show “a dose of humility” and reconnect with their customers.

He said that his bank was open for business and able to lend again, but that bank customers, including small businesses, must understand that the lending environment had changed once and for all.

Quote:
Facebook would retain personal data even if someone deleted their account.
this caused the rumpus. It might seem easy to ’succeed’ with an idea like Facebook, but it’s also easy to come to grief ..

Is anywhere exempt from this madness? a tiny country somewhere? an island?

On the BBC news today, and with a full story here

It has just exceeded the level of 1992, and the speed of increase is alarming.