Buddah Lineage

Portugal's commitment to fiscal consolidation targets is essential to calm financial markets and both the Lisbon government and opposition must be clear on them, German Chancellor Angela Merkel said on Friday. Portuguese benchmark 10-year bond yields rose to new record highs above 8 percent on Friday, following the collapse of the government in Lisbon and downgrades of Portuguese debt ratings. "I made clear that the government but also the opposition must not only stick to the fiscal goals for 2012 and 2013 but also back specific targets that are necessary for achieving these goals," Merkel told a news conference after a two-day EU summit. "This is crucial if the markets are to be calmed." She said euro zone countries had now set the framework for stabilising the 17-nation currency area and only technical details remained to be worked out by the end of June. At Germany's insistence, EU leaders agreed on Thursday to extend the period for paying into the perma...

OH BRITAIN, where did we go wrong ? We're "broke" and can't help our own Seniors, Veterans, Orphans, Homeless etc.,????????? Are you aware of the following? The British Government provides the following financial assistance: - BRITISH OLD AGED PENSIONER Weekly allowance £100 ILLEGAL IMMIGRANTS / REFUGEES LIVING IN BRITAIN Weekly allowance £250 BRITISH OLD AGED PENSIONER Weekly Spouse allowance £25 ILLEGAL IMMIGRANTS / REFUGEES LIVING IN BRITAIN Weekly Spouse allowance £225 BRITISH OLD AGED PENSIONER Additional weekly hardship allowance £0;00 ILLEGAL IMMIGRANTS / REFUGEES LIVING IN BRITAIN Additional weekly hardship allowance £100 BRITISH OLD AGED PENSIONER TOTAL YEARLY BENEFIT £6,000 ILLEGAL IMMIGRANTS / REFUGEES LIVING IN BRITAIN TOTAL YEARLY BENEFIT £29,900 Please read all and then forward to all your contacts so that we can lobby for a decent aged pension. After all, the average pensioner has paid taxes and contributed to the growth of ...

Khan, who claims to be a scrap dealer with an annual income of Rs 30 lakh and a passion for thoroughbred horses, is under investigation for violations of the Income Tax Act, Prevention of Money Laundering Act, Foreign Exchange Management Act and Passport Act. The income tax department alleges that he has over $8 billion in an overseas bank account, on which he needs to pay income tax of Rs 71,845 crore. The other charges against Khan include having three passports made (one each in Hyderabad, Patna and Mumbai), receiving kickbacks for an aircraft deal, endangering national security and moneylaundering. The Opposition alleges that Khan enjoys significant political patronage and that is why the investigative agencies are deliberately going slow on the case. Still others feel that the various agencies in the probe — the Central Bureau of Investigation, National Investigation Agency, Enforcement Directorate and income tax department — are working at cross purposes. Whatever the ...

Living it up may not be such a good idea anymore if you come with a closet which has more skeletons than clothes waiting to tumble out. From all powerful dictators to corporate czars — the rich, powerful and arrogant — are having their wings ripped apart by either an angry public or the authorities who are in no mood to overlook even a speck of something shady in the bright trail of success. The Poor Saif, his pet cats (tigers) really do seem tame compared to the rebels who are out to finish him and his family! Gone are the New Year bashes in the Caribbean where Beyonce would perform. With their money, power and homes (the London home has been taken over by squatters) being taken away from them, the despots now are running scared for their very existence. Playboy Prince Jefri of Brunei is another one who is on his way to become a has-been ever since his oil rich brother, the Sultan of Brunei, started taking objection to his decadent lifestyle. Everything from the famous Dorcehster...

Cardiff City's company secretary and solicitor, Alan Whiteley, has been arrested in a serious fraud office investigation. Whiteley's firm, M&A Solicitors, informed the authorities of its suspicions relating to a transaction involving one of its clients and has suspended Whiteley. He was detained along with three other men and a woman in arrests that took place in London, Birmingham and South Wales on Thursday. It is believed the five are being held over the sale of a number of mining sites in South Wales and that it is entirely unconnected to his role at Cardiff City. Whiteley remains a director of the club. "We understand that one of our directors is under investigation and, while that is proceeding, it would be inappropriate to make any further comments," said the club in a statement.

Japan has raised the severity rating of its nuclear disaster, as firefighters continue efforts to cool highly radioactive fuel rods at a nuclear reactor complex crippled by last week's earthquake and tsunami. Japan on Friday increased the severity of the crisis at the Fukushima site from 4 to 5 on a 7-point international nuclear event scale. Firefighters are dousing water on damaged reactor buildings with powerful hoses.  But they have to limit their time inside the complex due to the high radiation levels. Japanese engineers also are extending an emergency power cable to the nuclear reactor complex.  A steady supply of power could enable workers at the Fukushima plant to get water pumps working again. Meanwhile, the head of the International Atomic Energy Agency, Yukiya Amano, says Japan is racing against time to cool the overheating reactors.  Amano arrived in Japan Friday to meet with top Japanese officials and learn how the IAEA can help with the crisis.   The in...

Japanese companies trading in the U.S. took another beating Tuesday, as an evolving nuclear crisis struck fear in global markets. Traders sold off shares of iconic Japanese corporations like Toyota Motor Corp. and Sony Corp. for the third-straight session. Trading was equally bearish on the iShares MSCI Japan Index Fund, an exchange-traded fund that tracks 324 companies, whose decline on Tuesday adds to an 11% slide since the 9.0-magnitude earthquake hit Japan on Friday. The declines in Japanese funds and companies with American depository shares follow an 11% plunge in the Nikkei Stock Average that started a global rout. The Dow Jones Industrial Average was down by triple-digits in late-morning trading. "We saw people throwing stocks out at that open," said Craig Peskin, co-head of technical analysis research at MF Global. "But a potential nuclear disaster is the wild card." For now, however, Standard & Poor's Ratings Services said in a report Tuesday that ...

MAJOR banks doubled their profits in the past 12 months – despite the recession, says a report. The big five – Barclays, HSBC, Lloyds, RBS and Standard Chartered – made combined pre-tax gains of £22.2billion in 2010. That’s up from £11.3billion in 2009, according to accountants KPMG. The increase was driven by a drop in certain “goodwill” charges and a rise in the margins on mortgages. But KPMG warned that income growth had been “lacklustre”.

Troubled sportswear chain JJB Sports has confirmed plans to tap shareholders for an additional £65million in a bid to turn its fortunes around. The company said on Monday that it has entered discussions with its major investors and would provide more details of its business plan on Tuesday. The fundraising comes two days after JD Sports Fashion announced it had abandoned takeover talks with JJB, claiming its rival did not provide it with extra information it had requested .

Migrants from outside the European Economic Area will no longer be allowed to work in the UK as chefs in takeaway restaurants, the government has said. The ruling comes after the Migration Advisory Committee (Mac) was asked to review the country's skill shortages. A similar ban will apply to workers such as hairdressers, beauty salon managers and estate agents from April. The number of skilled migrants not from the European Economic Area is being capped annually at 21,700

Shares in Southern Cross Healthcare, the UK's biggest care homes operator, have plunged 60% on news that financial problems are mounting. The firm has appointed KPMG to look at restructuring options after cuts in local authority spending worsened its trading outlook. Southern provides care to more than 31,000 people, with the bulk of funding coming from the NHS and councils. The company said that budget cuts meant its rent burden was "unsustainable". Southern said it was in discussions with landlords about a restructuring, and also warned it was in danger of defaulting on its debts. "The company's lenders are aware of an impending banking covenant breach but remain fully supportive of the actions which the company is taking to address its problems," said Southern in a statement. The company also confirmed that it was no longer in discussions with potential buyers. "The board considers that none of these proposals are likely to result in a meaningful off...

Japan's devastating earth quake will result in losses that will rank among the largest in history for insurance and reinsurance companies worldwide, two major rating agencies said Monday. However, Moody's Investors Service Inc. and Fitch Ratings added that time is still needed to assess the full extent of Friday's natural disaster. "Estimating claims will be a protracted process, as the size and scope of the event will place significant strain on insurers' claims adjustment resources," the Moody's report said, adding subsequent aftershocks in the weeks ahead could cause additional losses. Fitch said it doesn't expect any major ratings downgrades for insurance and reinsurance companies, as these industries should be able to absorb losses without widespread solvency problems or undue financial strain. However, among the two types of companies, primary insurers are more vulnerable and could be downgraded one or more notches if loss estimates escalate, Fit...

triple blow of earthquake, tsunami and one of Japan's worst nuclear accidents is set to damage the world's third largest economy, possibly more deeply and for longer than initially expected. Power outages and possible tax rises are likely to hurt companies and households and could outweigh the mild economic aftershock from the 1995 Kobe earthquake, given that oil prices and the yen are stronger and Japan's debt pile is much bigger. Rolling blackouts will start Monday, affecting businesses and households as the country grapples with its worst crisis since World War Two. More than 1 million people are without water or power and towns have been wiped off the map. Already saddled with debt that is double the size of its $5 trillion economy and threatened by credit downgrades, the government is discussing a temporary tax rise to fund relief work. Japan's economic growth is in a better profile than it was when the Kobe quake struck. But many say a noticeable hit to GDP, which...

increasing number of Britons are raising concerns about friends and relatives who may have been caught up in the earthquake and tsunami in Japan. More than 4,000 people have so far contacted a Foreign Office helpline for those worried about relatives in Japan. Foreign Secretary William Hague said they were trying to establish how many UK nationals were unaccounted for and urged people to confirm they were safe. Meanwhile, a UK rescue team has arrived in Ofunato on the east coast. Ofunato, about 100 miles north of Sendai, is one of the many coastal communities laid waste by the power of Friday's tsunami, which was triggered by a massive earthquake off Japan's north-east coast. The UK International Search and Rescue (Isar) team said pictures of Ofunato indicated there were many large buildings damaged but still standing in which there may be survivors. So far there have not been any confirmed UK deaths, but on Sunday the number of people contacting the Foreign Office's emerge...

Hacker group Anonymous has released a cache of emails obtained from someone said to be a former Bank of America employee. The group alleges that the emails, dating from November 2010, detail improper lending practices at the bank, an allegation the bank denies. The leak comes as consumer groups have accused major US lenders of foreclosing on many homes without having proper documentation in place. The emails detail correspondence between employees of Balboa Insurance, a Bank of America insurance unit, in which they appear to be discussing the removal of details from documents in loan files. The bank acquired Balboa when it bought Countrywide Financial in 2008. Countrywide was the US's largest seller of sub-prime home loans. Last month Bank of America announced plans to sell Balboa. The emails detail one loan related to GMAC, one of the largest mortgage lenders in the US. "The following GMAC DTN's need to have the images removed from Tracksource/Rembrandt," an operatio...

The foundations are being laid for the sale of RBS and Lloyds. But if September’s banking report recommends a structural shake-up of the financial sector, what will George Osborne do? In a manner that has become familiar, recent results from two of the banks part-owned by the UK taxpayer, Lloyds and the Royal Bank of Scotland, were received with ill-informed ire. The press fulminated at bonuses awarded to RBS staff despite the vast losses announced by the firm, while unions greeted Lloyds's £2.2bn profits with dismay. In reality, the Lloyds results weren't nearly as good as the quoted figure suggests. Meanwhile, RBS seems at last to be gaining traction in the turnaround that its chief executive, Stephen Hester, is overseeing. The Qatar Investment Authority, whose assets are estimated to exceed $65bn (£40bn), has expressed an interest in buying a stake in both banks. With this news, the question of when and how the UK government will sell down its holdings is again unde...

ECB prepares rate rise as global tide turns - Telegraph: "'We are in a posture of strong vigilance: an increase in interest rates at the next meeting is possible,' said ECB president Jean-Claude Trichet, following a meeting of the governing council. The code word 'vigilance' sent the euro rocketing to almost $1.40 against the dollar. The ECB is the first of the big central banks to signal a rate rise to curb inflation, marking a major turning point in the global policy cycle. 'This is a shock,' said Silvio Peruzzo from RBS. 'This raises risks for the eurozone periphery through all kinds of channels. Most mortgages in Spain are on floating rates.' Santiago Carbó from Granada University said the shift was 'very worrying' for Spain. 'It catches us at a bad time: we haven't finished cleaning up the financial system.' Mr Trichet said the ECB aims to stop inflation psychology gaining a foothold, though he played down fears of a ...

Banks blocked vital donations to Red Cross New Zealand quake appeal - mirror.co.uk: "NEARLY £100,000 donated by Brits to the Red Cross New Zealand earthquake appeal was blocked by online banks. The hold-up happened amid unfounded fears that the cards of more than 1,000 donors had been cloned and the appeal website was being used to test them. The Red Cross said it had its own checks and blasted the banks for the “arbitrary decision”, adding: “The losers are the people we are trying to help.”" DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

Motorists face threat of £120 for letting their engines idle - Telegraph: "London’s mayor wants to increase the current £20 penalty and bring it into line with fines imposed for parking offences. If his plans are adopted, it would see motorists in the capital being fined £120 and outside London the charge would be increased to £70. Higher penalties would hit an array of road users from delivery drivers and taxis to mothers waiting to pick up their children from school. Mr Johnson has written to Philip Hammond, the Transport Secretary, urging him to toughen the law. Motorists who leave their cars idling “unnecessarily” while parked can be fined under powers given to local authorities in 2002." DISCLAIMER:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

UPDATE 1-UK house prices fall at fastest rate in a year-Halifax | Reuters: "British house prices fell at their fastest annual rate in more than a year in February, and worries about Britain's recovery are likely to keep prices under pressure, mortgage lender Halifax said on Friday. Halifax said house prices fell 0.9 percent in February, more than offsetting a rise of 0.8 percent in January. Prices fell 2.8 percent in the three months to February compared with a year ago -- the fastest annual pace since October 2009." :Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.