Money world

British and Hong Kong leaders said Monday they will team up to develop London into an international trading center for China’s currency.

British Treasury chief George Osborne said in Hong Kong that his trip to Asia this week, which also includes stops in Beijing and Tokyo, furthers dialogue with Chinese authorities and Chinese and British banks “on establishing London as a new hub for the renminbi market as a complement to Hong Kong.”

Hong Kong’s leader, Chief Executive Donald Tsang said a new private sector-led group will be set up to look at strengthening ties between Hong Kong and London in terms of settlement systems, market liquidity and the development of renminbi financial products.

Beijing is promoting the international use of the renminbi, also known as the yuan. It’s also promoting Hong Kong, a semiautonomous Chinese territory with its own financial system and currency, as an offshore trading center for the yuan.

Last year, yuan-denominated bank deposits in Hong Kong doubled to 630 billion renminbi ($100 billion) as savers sought higher returns from the yuan, which has been strengthening 4-5 percent a year.

Beijing would like to see the currency become an alternative to the dollar, although tight capital controls limit its circulation overseas.

“It’s clear that there’s scope for substantial expansion of the renminbi market in coming years,” said Osborne, who was speaking at a financial conference.

He said that in June 2011, China’s share of world trade was 11 percent but the yuan’s share of global foreign exchange trading last year was only 0.9 percent.

Source

Fast and Secure application for cash advance lenders and payday loans. We offer cash advance loans with a low cost guarantee.

Sales (RSTAMOM) at U.S. retailers rose less than projected in December, confirming forecasts for a slowdown in consumer spending at the start of 2012.

The 0.1 percent gain in purchases last month followed a 0.4 percent increase in November, according to figures from the Commerce Department released today in Washington. The median estimate in a Bloomberg News survey called for a 0.3 percent rise. Another report showed more Americans than projected filed claims for jobless benefits last week.

Merchants like Williams-Sonoma Inc. (WSM) cut prices during the most important shopping season of the year amid concern stagnant wages and lower property values would hold customers back. The slowdown in demand means households are looking to rebuild savings after spending jumped early in the fourth quarter, showing further job gains are needed to fuel purchases.

The availing process of payday loans no faxing is very simple and convenient as compared to other regular loans.

Hungary

The Sappington Farmers Market, which filed for bankruptcy Friday, will remain open despite its troubles.

“The reorganization of Sappington Farmers Market will allow the store to remain open and viable,” said Nancy Smith, the market’s manager, in a written statement. “We feel this will position us to be successful in the future.”

Smith didn’t provide an interview.

The store, on Watson Road in Marlborough, has roots going back to the early 1980s, and has been at its present location since 1995 where it has gained a loyal following of bargain hunters and proponents of local farming.

The store’s mission has long been to support area farmers by featuring their products.

In her statement released Saturday, Smith said the store would continue to feature local farmers, and would continue distributing their products not only through the store, but through schools, restaurants and a “mobile market instant payday loans.”

The store’s founder, Tessa Greenspan, sold it in 2008 to a cooperative of small-scale farmers known as the Missouri Farmers Union, which formed a company called Farm to Family Naturally LLC to buy the business.

Farm to Family Naturally, which does business as Sappington Farmers Market, was the organization that filed forChapter 11 bankruptcy on Friday.

Members of the original cooperative who purchased the store have since left, according to employees.

Source

Rite Aid Corp. says its third quarter loss narrowed, as sales at stores open at least a year improved and the drugstore operator more than doubled the number of flu shots delivered.

The third-largest U.S. drugstore chain says it lost $54.5 million, or 6 cents per share, after paying preferred dividends in the latest quarter. That compares to a loss of $81.5 million, or 9 cents per share, a year ago.

Revenue climbed nearly 2 percent to $6.31 billion.

Analysts were expecting a loss of 12 cents per share on $6.29 billion in revenue.

The Camp Hill, Pa., company says sales at stores open at least a year climbed 2 percent, driven by an increase in pharmacy business.

Rite Aid had 4,679 stores as of Nov. 26, down 62 from a year ago.

Source

Asian stocks fell Wednesday after the Federal Reserve offered no new initiatives to help a slowly recovering U.S. economy.

Japan’s Nikkei 225 index fell 0.6 percent to 8,498.63. South Korea’s Kospi lost 0.5 percent at 1,854 and Hong Kong’s Hang Seng shed 0.7 percent to 18,326.98. Australia’s S&P/ASX 200 slipped 0.2 percent to 4,184.80. Benchmarks in Singapore and Taiwan fell while mainland China rose.

U.S. stocks gave up gains Tuesday after the Fed released a policy statement that made clear it was not offering any new steps to help the economy.

The Dow Jones industrial average fell 0.6 percent to close at 11,954.94. The Standard & Poor’s 500 index fell 0.9 percent to 1,225.73. The Nasdaq composite fell 1.3 percent to 2,579.27.

The Dow dropped more than 70 points in the last hour of trading and had risen as high as 126 points earlier Tuesday after two strong auctions of European debt. The Spanish government was able to sell short-term debt at much lower interest rates compared with a month ago, a signal that markets are becoming less fearful about the government’s ability to repay its debt.

And in its first sale of short-term bills, the European Financial Stability Fund raised 1.9 billion euros ($2.6 billion).

Still, investor sentiment remained fragile amid threats by Standard & Poor’s to downgrade the credit ratings of 15 countries that use the euro because of the region’s debt crisis.

“We are likely to continue seeing some cautious trading as the threat of S&P coming out to issue some downgrades at some stage this week looms,” said Stan Shamu of IG Markets in Melbourne, Australia.

“Some would argue that this is already priced in, but it will still likely rock the boat should it happen.”

Benchmark oil for January delivery was down 28 cents to $99.86 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.37 to finish at $100.14 an ounce on the Nymex on Tuesday.

In currencies, the euro fell to $1.3031 from $1.3043 late Tuesday in New York. The dollar rose to 77.99 yen from 77.97 yen.

Source

The European Union, never known for its light touch, is pushing through the euro crisis with an unusually heavy hand. Surprisingly, few people seem to be complaining.

Brussels _ and the leaders of the EU’s two most powerful countries _ have come close to ordering that a government of national unity be formed in Greece, that a national referendum there be scrapped, and that Italy accept humiliating international financial inspection of its books.

But voters in those beleaguered member states seem weary for now of politics and the fine mess their elected leaders have gotten them into. They’ve looked over the precipice and seem to have decided just for the moment to forego politics, ballot-going and little quibbles over sovereignty.

The normally fiercely independent-minded people of Greece and Italy _ both countries in dire trouble over their sovereign debts _ seem willing to accept as their new prime ministers technocrats who are veterans of pan-European institutions with reputations for meddling in national affairs.

The new prime minister of Greece is Lucas Papademos, a 64-year-old former vice president of the European Central Bank. The expected new leader of Italy, once the flamboyant and often embarrassing Silvio Berlusconi resigns, is 68-year-old Mario Monti _ a former competition commission for none other than the EU.

It’s beyond doubt that France and Germany play a huge role in making decisions on behalf of all 27 EU nations. French President Nicolas Sarkozy and Germany Chancellor Angela Merkel often meet in advance of EU summits to hash out a common position on the issues of the day, which they then present to the other 25 heads of government, almost as a fait accompli.

These pre-summit meetings have evolved now into an informal committee called the Frankfurt Group, which also includes officials from the EU the IMF.

And though the European Union casts itself as a global supporter of democracy, some recent actions by Sarkozy, Merkel and EU officials based in Brussels could be viewed pretty much as diktats that were not particularly deferential to the rights of national voters to shape national policies.

EU leaders erupted in rage at the call by George Papandreou, then Greece’s prime minister, for putting the terms of Greece’s bailout to a referendum. After Merkel and Sarkozy summoned him to the G-20 summit in Cannes to explain himself, the referendum was duly scrapped.

Wielding the power to withhold a desperately needed euro8 billion ($11 billion) batch of bailout money, EU leaders strongly urged that Greece’s two main parties join in a government of national unity _ which they did. And EU honchos made no secret of their preference for Papademos to lead that government of national unity.

So, after four days of wrangling, the Socialists and Conservatives tapped Papademos.

In Italy, EU officials imposed International Monetary Fund financial monitoring on Italy _ essentially an expression of mistrust of the elected government there.

But people in Greece and Italy, feeling badly let down by the governments they elected, do not seem to be taking offense at the outside help.

In Greece, where democracy was invented, recession-weary citizens seem less than keen to hurry back to the ballot box. According to a recent poll, 79 percent of them opposed Papandreou’s plan to hold the referendum on a bailout. The Alco telephone poll of 1,000 adults conducted Nov. 2-4 also found that more than half of Greek voters _ 52 percent _ preferred the formation of a coalition government to early general elections. No margin of error was given.

Italians are angry, but their wrath is directed more toward Berlusconi and Italian politicians in general for the mess they are in, rather than at EU headquarters in Brussels.

“We’re angry with our government for its lack of action,” said Amadeo Lefevre, as he arranged the shelves in his bookshop a few blocks from Berlusconi’s residence and the Chamber of Deputies. “They have no policy, no strategy.”

Adriaan Schout, an expert on European politics at the Clingendael international affairs institute in the Netherlands, said voters have reason to feel let down by what their democracies have achieved.

“Politics have done great damage to the economic and monetary union,” Schout said.

Furthermore, he said, it is not the business of democracy to hold referendums on every issue that comes along, and the lack of them does not make the EU undemocratic. Democracy sets goals and parameters, and then it is up to technocrats to implement those policies, he said.

But if the EU is in fact democratic _ it has its rules, it is governed by elected heads of government and an elected parliament _ another unelected force is at play in the current crisis: the markets.

Market reaction played perhaps as big a role in forcing the cancellation of Greece’s proposed referendum as did the EU or Sarkozy or Merkel. And those faceless markets also put huge pressure on Berlusconi to go.

The reason the markets are now able to wield such power is because the political class has fumbled and simply handed it over to them.

“It is not the markets who have a 120 percent public debt,” said Roberto D’Alimonte, a political analyst at Rome’s LUISS University. “It is the politicians who created the 120 percent public debt. These debts are now offering the markets the chance to dictate their conditions.”

Source

Nebraska rancher Bruce Boettcher was ecstatic when he learned the rumors swirling out of Washington were true: plans to build a 1,700-mile oil pipeline from Canada to Texas were on hold to study how environmentally sensitive areas in his state could be avoided.

He’d fought the project with neighbors whose land also sits atop the Ogallala aquifer, a massive underground water supply in the pipeline’s path _ and at the epicenter of the national debate. Nebraska officials including its Republican governor pushed against the project, as had environmentalists and national groups.

Until Thursday, when the U.S. State Department announced a delay in its federal permitting decision for the TransCanada Corp. pipeline, Boettcher wasn’t sure if the protests and public hearings had made a difference.

“I didn’t think we’d get this far this quick, to tell you the truth,” the 55-year-old, fourth-generation rancher said. “TransCanada is persistent. But when they get persistent, I get persistent.”

The Obama administration said other potential routes for the Keystone XL through Nebraska needed to be studied, creating a delay that likely puts off a final decision until after the 2012 election _ a move that didn’t go unnoticed by supporters and opponents of the project.

The $7 billion pipeline would carry oil from the tar sands in Alberta, Canada, to refineries on the Texas Gulf Coast. TransCanada is seeking to build the 36-inch pipeline through Montana, South Dakota, Nebraska, Kansas, Oklahoma and Texas.

Russ Girling, TransCanada’s president and CEO, called the pipeline “shovel-ready,” adding that it could create as many 20,000 jobs.

But Thursday’s announcement means the Calgary-based company will have to figure out how to move the pipeline around the Nebraska Sandhills region and the aquifer, which flows under eight states and provides water crucial to huge swaths of U.S. cropland.

An environmental review of the new section is expected to be completed in early 2013. The State Department has authority over the project because it crosses a U.S. border.

President Barack Obama said the pipeline could affect the health and safety of the American people as well as the environment.

“We should take the time to ensure that all questions are properly addressed and all the potential impacts are properly understood,” Obama said in a statement.

The heavily contested project has become a political trap for Obama, who risks angering environmental supporters _ and losing re-election contributions from some liberal donors _ if he approves it, and criticism from labor and business groups for thwarting job creation if he rejects it.

The Keystone XL pipeline would carry as much as 700,000 barrels of oil a day, doubling the capacity of an existing pipeline operated by TransCanada in the upper Midwest. Supporters say the pipeline could significantly reduce U.S. dependence on Middle Eastern oil while providing thousands of jobs.

Among its supporters are Oklahoma’s governor, congressional delegation and even the oil and gas industry. They say the Keystone XL would provide additional takeaway pipeline from large oil storage facilities in Cushing, a city in northwest Oklahoma dubbed the “Pipeline Crossroads of the World.”

“The influx of crude oil from Canada and increased production in the northern United States has overwhelmed outbound pipeline capacity at Cushing, forcing more oil into storage,” said Cody Bannister, a spokesman for the Oklahoma Independent Petroleum Association.

Bannister said the excess oil is resulting in the estimated 60 million barrels of oil produced each year in Oklahoma selling for an average of $15 less per barrel than crude oil from other parts of the globe.

“In one year, the state would lose $63 million in gross production taxes,” Bannister said, adding the overall economic impact would be “far greater.”

But the project has become a focal point for environmental groups, which say the pipeline would bring “dirty oil” that requires huge amounts of energy to extract. They also worry that the pipeline could cause an ecological disaster in case of a spill.

Thousands of protesters gathered across from the White House on Sunday to oppose the pipeline, and celebrities including “Seinfeld” actress Julia Louis-Dreyfus have made videos against the pipeline.

Environmental activist Bill McKibben, who led protests against the pipeline and was arrested in a demonstration earlier this year, said on Twitter that the protests had an effect on the Obama administration.

“A done deal has come spectacularly undone!” he wrote.

But fellow environmentalist Matthew Tejada, executive director of the Houston Air Alliance, was more cautious.

“We just got a stay of execution,” Tejada said. “I don’t know that we’ve actually fundamentally changed the mind of anyone in the Obama administration.”

Tejada said the pipeline wouldn’t lead the U.S. toward a sustainable energy policy, but he doesn’t think that played into the State Department’s decision.

“This is more of a political calculation to get Keystone off the books of this next election cycle,” he said.

TransCanada said in a statement it was disappointed in the delay but confident that the project ultimately would be approved. The company previously said a delay could cost millions of dollars and keep thousands of people from getting jobs.

“If Keystone XL dies, Americans will still wake up the next morning and continue to import 10 million barrels of oil from repressive nations, without the benefit of thousands of jobs and long-term energy security,” said Girling, the company’s president and CEO.

The American Petroleum Institute, the oil industry’s chief lobbying group, said the decision put election-year politics above job creation. House Speaker John Boehner, R-Ohio, used similar language, saying Obama had sacrificed thousands of jobs “solely to appease his liberal base. It’s a failure of leadership.”

Canadian Prime Minister Stephen Harper, through a spokesman, said he was disappointed. He also noted the lost job opportunities and “billions in economic growth on both sides of the border,” but remained hopeful the project would eventually be approved.

Nebraska Gov. Dave Heineman said the State Department decision was due largely to pressure from Nebraskans. Heineman called a special session of the Nebraska Legislature to address pipeline concerns, including a possible rerouting of the pipeline around the Sandhills, a region that includes a high concentration of wetlands and the Ogallala aquifer.

Heineman, a Republican, called the State Department decision “an exceptional moment for Nebraskans” and a sign their voices have been heard.

The decision to reroute the project comes as the State Department’s inspector general has begun a review of the administration’s handling of the pipeline request. That examination follows complaints from Democratic lawmakers about possible conflicts of interest in the review process.

The inspector generator will look at whether the State Department and others involved in the project followed federal regulations.

“I strongly believe that the more the American people learn about this project, the more they will understand that it would be disastrous for our environment and for our economy,” said Sen. Bernard Sanders, I-Vt., who requested the review.

Source

Rupert Murdoch jousted with disgruntled shareholders Friday as the 80-year-old chairman and CEO of News Corp. defended his handling of a phone hacking scandal in Britain and deflected any notion that he plans to step down soon.

More than 100 protesters gathered outside the 20th Century Fox studio lot where News Corp. held its annual shareholders meeting. Inside, with his sons Lachlan and James seated before him in the front row, Murdoch parried allegations that he had poor oversight of the company, sometimes cutting off speakers to jab in an insult or dispute a fact.

Votes from the shareholders were still being counted in the afternoon but the company said a proposal from the Christian Brothers Investment Services to force the company’s chairman to be an independent director had failed. Few had held out any hope they could overcome Murdoch’s control of 40 percent of voting shares through a family trust, or the 7 percent stake Saudi Prince Alwaleed bin Talal had almost certainly cast in support of him.

“It was pretty perfunctory,” said Rev. Seamus Finn, who attended on behalf of the organization. “It was a nice meeting, but it didn’t offer much in terms of how they’re going to put this behind them.”

Questions and comments from shareholders focused on the phone-hacking scandal, which caused the company this summer to shutter the tabloid News of the World and drop its $12 billion bid for full control of British Sky Broadcasting. Britons and other people worldwide were outraged to learn that a private investigator hired by the paper had hacked into the cellphone voicemail of 13-year-old Milly Dowler, potentially impeding a police investigation and giving false hope to her family. Dowler was later found to be murdered.

The phone hacking scandal has forced the resignation of two of London’s top police officers, ousted top executives such as Dow Jones & Co. CEO Les Hinton, and claimed the job of Prime Minister David Cameron’s former spin doctor, Andy Coulson, an ex-News of the World editor. The company said in London on Friday that it had agreed to pay 2 million pounds ($3.2 million) to her family and 1 million pounds ($1.6 million) to charities the family will choose.

Friday marked the first time Murdoch faced shareholders with small stakes in the company since the scandal broke in July.

Outside the studio lot, some demonstrators carried anti-Murdoch signs, including one that stated “Fire the Murdoch Mafia.” Another read, “Rich media equals poor democracy.” Some of the demonstrators were from an organization that has been staging rallies recently to demand good jobs.

Tom Watson, a member of Parliament with Britain’s Labour Party, flew to Los Angeles to make a new allegation about covert surveillance techniques by company employees.

Watson asked Murdoch if he was aware that a person who had left prison was hired by News Corp.’s British newspaper unit and hacked into the computer of a former army intelligence officer. He later said the incident happened around 2005 and that evidence of the computer hacking is with London’s Metropolitan Police. He said it could lead to the discovery of further victims of computer hacking. Watson said he has made the allegation before but it hasn’t been widely reported.

Watson represented nearly 1,700 non-voting shares for labor group AFL-CIO and got up twice and spoke for a few minutes during the 90-minute meeting. He is been a key driver of a 2 1/2-year probe into phone hacking and alleged police bribery at the company’s British newspaper unit.

Murdoch said he wasn’t aware of the allegation, and board director Viet Dinh said the company would look into it.

“I promise you absolutely that we will stop at nothing to get to the bottom of this and put it right,” Murdoch said.

Watson evoked private investigator Glenn Mulcaire, who was jailed in 2007 for eavesdropping on the phones of royal staff. He warned that this investigation could mean more problems ahead for the company.

“News Corp. is potentially facing a Mulcaire 2,” Watson said. “You haven’t told any of your investors about what is to come.”

Several shareholders took issue with a chart Murdoch put up showing the stock’s upbeat performance compared with most media peers since the beginning of the year and since the beginning of July. They said its performance over 10 years or more lagged its peers. Murdoch said the chart was to address criticism that the company had been hurt by the hacking scandal.

Edward Mason, secretary of the Ethical Investment Advisory Group, which advises the Church of England’s investments, began speaking about News Corp.’s shareholder returns when Murdoch butted in, saying “Your investments haven’t been that great, but go on.”

Stephen Mayne, a journalist and shareholder activist who once worked for News Corp.’s Australian newspapers, protested when Murdoch tried to bring the meeting to a close.

“Never before have you attempted to shut it down quite like this,” Mayne said.

Murdoch retorted: “You had a lady friend who shut you down in the past.”

Murdoch then got a laugh when he claimed he was being as open and fair as possible in letting critics air their concerns. “We even had Mr. Watson on Fox television this morning,” he said. “It’s called fair and balanced.”

Despite the circus-like atmosphere, several large shareholder groups quietly registered their concerns, including Todd Mattley, investment officer for the California Public Employees’ Retirement System, which has some $225 billion in assets.

Mattley said CalPERS voted its 1.4 million voting shares in favor of the Christian Brothers’ proposal demanding an independent chairman. Although he said he knew the vote was “symbolic” he said later, “This is something we’ve said is a governance best practice.”

The company also came under renewed fire for its dual-class share system, which allows the Murdochs to control the company despite owning voting shares that account for less than 15 percent of the company’s total $44 billion market value.

Dinh said the last time the company voted on the dual-share structure was in 2007, when it passed with 77 percent of the votes.

News Corp.’s non-voting shares are down about 5 percent from when the scandal broke in early July, although they have been buoyed recently by a $5 billion share buyback plan that is about a third complete. On Friday, News Corp.’s stock rose 35 cents, or 2.1 percent, to close at $17.20.

Proxy advisory firm Institutional Shareholder Services had recommended voting out all existing board members, including Murdoch and his sons James and Lachlan. Two other firms, Glass Lewis and Egan-Jones, recommend voting against the sons, among others.

Although the vote count hadn’t yet been tallied, the company said all of its director nominees had been elected.

Jay Eisenhofer, co-lead attorney in a shareholder lawsuit against News Corp. on charges of mishandling the affair, said on a conference call with Watson on Thursday that if even 20 percent of votes are cast against the re-election of Murdoch and his two sons, it would be a victory. That’s because that would be nearly half the 53 percent of votes unaffiliated with the family, he said.

Source

The conspiracy involved enlisting star-studded bait in an exotic locale for a high-stakes job.

Heidi Fleiss, the infamous “Hollywood Madam,” sat among the fountains at the Bellagio Hotel in Las Vegas, pleading for a woman she didn’t know to help trap a man almost everybody in St. Louis knew.

The target: Ray Vinson, the homespun mortgage salesman whose twangy rendition of the “99-99″ suffix on his American Equity Mortgage phone number made him a staple of St. Louis radio and TV advertising.

The point: Vinson was embroiled in a nasty, high-stakes divorce, with tens of millions of dollars hanging on the decision of a St. Louis County judge.

The plan: To coax Pamela Brensinger, a former exotic dancer, to claim that she had an affair with Vinson and that he was a dangerous, abusive boyfriend.

The problem: Brensinger didn’t remember anyone named Ray Vinson.

The intrigue that September day in 2005 ran deep. Unknown to Fleiss, Brensinger’s husband, a driver for a Las Vegas escort service, sat at a nearby table, surreptitiously listening in. Unknown to Brensinger and her husband, private detectives who hired Fleiss were nearby.

Those detectives were working with Joe Adams, a flamboyant private eye from St. Louis who was the bodyguard of Vinson’s estranged wife, Deanna Daughhetee.

Court records show that Adams enlisted Fleiss after Brensinger refused entreaties from other investigators. They presumed that a dancer couldn’t turn down Fleiss. And Brensinger didn’t.

In 2006, Daughhetee walked out of the courthouse in Clayton with the lion’s share of American Equity Mortgage. Later that year, she married Adams, whose vanity license plates once read “BYE RAY.”

They may have been done with Vinson, but he was not done with them. He filed a lawsuit in Las Vegas, claiming Adams, Brensinger and others had conspired to discredit him with a fabric of lies. The case plodded through the court system for the last few years.

Finally, two months ago, a jury