The Washington-based IMF stressed the importance of a new series of stress tests on banks The International Monetary Fund has warned that the eurozone debt crisis could spread across the region unless European countries step up efforts to fix their banks. In its latest economic outlook for Europe , the IMF said that the debt crisis in Greece, Portugal and Ireland could hit the wider eurozone by hitting bank lending and delivering a confidence shock, despite the rescue packages that are already in place. “Financial linkages between countries with sovereign debt troubles and the rest of Europe could potentially pose more risk to the outlook,” the IMF said on Thursday. “Restoring fiscal health, squarely addressing weak banks, and implementing structural reforms to restore competitiveness are key.” The Washington-based organisation stressed the importance of stress tests on banks, saying they are a key opportunity to force those found to be weak to raise new capital to bolster their finances. The European banking regulator is busy running a new round of stress tests and will publish the results in June. Tests conducted last year were regarded as too easy. The IMF estimates that the eurozone will grow by 1.7% this year, the same as in 2010, and 1.9% next year, assuming debt crises don’t derail the economy. It also expressed concern about Britain’s economic position. The UK faces “considerable short-term uncertainty, as growth turned flat in late 2010 – taking out temporary weather-related effects – and fiscal consolidation accelerates,” said the IMF. However, the drop in sterling and low interest rates should help mitigate the effects of the “sizeable” government spending cuts, it added. The report was issued just hours after Finland agreed to support a rescue package for Portugal. The Finnish finance minister said that Finland was prepared to sanction the €78bn (£67bn) aid deal, as long as Portugal started negotiations to persuade private investors to keep their funds in the country. Shocks could spread fast With banks in countries like Germany, the UK and France holding bonds from highly indebted nations, “a shock to confidence could spread quickly throughout Europe,” the organisation warned. A default or restructuring of Greek, Portuguese or Irish debt could hit those banks so hard they would have to cut lending to companies and threaten the European recovery. Morgan Stanley estimates that France’s BNP Paribas is the most exposed of the non-Greek banks to Greek debt, holding about €5bn of bonds, but fellow French bank Société Générale and Germany’s Commerzbank are also at risk. The IMF report said: “Restoring confidence in the euro area’s banking system is a prerequisite to turning the page on the crisis. The upcoming round of strong, broad, and transparent stress tests provides an opportunity to address remaining vulnerabilities. But to be effective, the stress tests need to be followed by credible restructuring and recapitalisation programmes. Efforts to strengthen the banking systems in vulnerable countries will need to accelerate.” European debt crisis IMF Economics Global economy European banks Banking Julia Kollewe guardian.co.uk
Continue reading …Laws suspended from the house for seven days and forced to apologise to MPs after standards watchdog rules former minister deceived Commons for seven years David Laws, once the rising star of the coalition government, is to face one of the toughest sanctions of the expenses scandal after a year-long inquiry ruled that he seriously and extensively broke the rules to claim rent which was paid to his partner. Laws will be suspended from the house for seven days after the standards commissioner, John Lyon, ruled that over seven years he deceived the Commons authorities by submitting claims to pay a landlord with whom he was in a relationship and sharing a home. The deception was “serious” and the sums involved “substantial”. Laws has already paid back nearly £60,000 and will now also be forced to apologise to the Commons. Lyon accepted what Laws has always claimed: that he broke the rules to protect his privacy and prevent people finding out that he was in a gay relationship, rather than to profit and that the way he claimed reduced the cost to the taxpayer. But he also suggests that the amount claimed in rent as a “lodger” in the property may have been above market value while he also claimed for other costs, such as maintenance work, that was justified as a cohabitee but were in conflict with the rules if he was simply a lodger in the property. Inadvertently or not, his partner, the lobbyist James Lundie, “benefited” under the arrangements. He said that he had “great sympathy” with the MP’s predicament, that to be honest about his relationship would have forced him to be open about his sexuality describing it as a “conflict between his private interest in secrecy and public interest in him being open and honest in relation to his expenses claims.” But whatever the MP’s motivation the deception was serious. He should have either been open with the Commons about the true nature of relationship, or not claimed expenses at all, the report says. Lyon’s report says: “I consider that Mr Laws’ breaches of the rules in respect of his second home claims were serious. I have no evidence that Mr Laws made his claims with the intention of benefiting himself or his partner in conscious breach of the rules. But the sums of money involved were substantial. He made a series of breaches. Some of them continued over a number of years.” In the accompanying report by the Commons standards and privileges committee, MPs accepted Lyon’s judgment and recommended the seven-day suspension. It is likely to dash any immediate hopes of a return to government for Laws though its understood it is very unlikely that he will resign his Yeovil seat. He will appear in the Commons this afternoon to make his apology. Laws said in statement following the publication of the report: “I accept the conclusions of the inquiry and take full responsibility for the mistakes which I have made. I apologise to my constituents and to parliament. Each of us should be our own sternest critic, and I recognise that my attempts to keep my personal life private were in conflict with my duty as an MP to ensure that my claims were in every sense above reproach. I should have resolved this dilemma in the public interest and not in the interests of my privacy.
Continue reading …We thought the latest version of Microsoft’s Surface was pricey at $7,600, but it’s cheapo IKEA compared to Pioneer’s WWS-DT101 Discussion Table . We just reported that this beast is due to hit the Japanese market in July , but now we discover you might need as much as
Continue reading …PRINCESS BEATRICE ANTICHRIST QUEEN BEE OF ENGLAND On CelebTV’s Radar: Lady Gaga, Donald Trump & More Sarah Ferguson Speaks Out on Royal Wedding Snub [ABC: 5-11-2011] Princess Beatrice to auction royal wedding hat; mom Fergie talks … Princess Beatrice will auction her royal wedding hat. The hat Princess Beatrice wore to the royal wedding will probably go down in history as one of the hallmarks of Prince William and Kate Middleton’s royal wedding. Princess Beatrice To Auction Headline-Grabbing Royal Wedding Hat … Story photo: Princess Beatrice To Auction Headline-Grabbing Royal Wedding Hat For Charity Princess Beatrice of York aarrives at the Royal Wedding of Prince William to Catherine Middleton at Westminster Abbey on April 29, … Cele|bitchy » Blog Archive » “ Princess Beatrice's fascinator of … You can own Princess Beatrice ‘s hat! [Dlisted] Katherine Heigl’s country-western look is such a giant FAIL. [LaineyGossip] Bedhead’s Will Ferrell Career Assessment. [Pajiba] Oh, here are those topless Pippa Middleton photos! … Princess Beatrice's Hat: The Royal eBay Auction | VF Daily … Fantastic millinery news: Princess Beatrice is selling her enormous silly hat on eBay! Beatrice wore the Philip Treacy fascinator, above, to William and Kate’s April 29 wedding. Although the hat was not a critical darling—nearly 80 … Princess Beatrice to auction off Royal Wedding Hat on eBay … You can finally get your hands on the Royal Wedding Hat! Princess Beatrice will auction it off for UNICEF and for Children in Crisis. lorettanig says: RT @lolocaust : Princess Beatrice is putting her hat on eBay to raise money for charity. Halloween is looking much brighter this year.
Continue reading …Zombie Ants. Zombie ants’ death grip and other gruesome details explained Zombie Ants of Brazil Tropical fungus demands zombie ants take death bite from life … Ant found in the rainforest with zombie fungus on its brain. Picture: David Hughes. Information Fanatic: Zombie ants : How fungus can turn an insect … Zombie ants : How fungus can turn an insect into a puppet. Zombie ants : recent discoveries of how a parasitic fungus controls so-called zombie ants . By Wynne Parry. Christian Science Monitor. Posted by Krista at 8:10 PM … And this is how zombie ants lose their minds New gruesome details have emerged explaining how a parasitic fungus manipulates an unfortunate ant, filling its head with fungal cells and changing its muscles so the ant can grab a leaf in a death grip just when and where the fungus … Dogs and Jeans: Drunken, Paraniod, Skinny, Loser Zombies The Zombie Ants are back in the news. Further studies released today show that the fungus infecting the brain of the ant species Camponotus leonardi coordinates the dying activities of large numbers of the ants to collectively harvest … Petro Views: Photos: ” Zombie” Ants Found With New Mind-Control Fungi Photos: “ Zombie” Ants Found With New Mind-Control Fungi: “Photos: ‘ Zombie’ Ants Found With New Mind-Control Fungi” The undeadn coming to a rain forest near you. Maybe there is some truth to the Zombie Apocalypse! Posted by DI at 4:27 PM … jonrussell says: National Geographic meets Thailand's zombie ants http://ow.ly/4SGFV
Continue reading …Police have launched a murder hunt after boy was attacked in Camberwell and died six hours after he was taken to hospital A teenage schoolboy who as stabbed in a south London street has died. Police say the 15-year-old who was set upon in Camberwell, south London, was pronounced dead at 10.30pm on Wednesday – six hours after he was taken to hospital. His family has been informed. Police sources confirmed a murder hunt had been launched. Emergency services arrived at Cormont Road on Wednesday afternoon and found the teenager with stab wounds to his body. Police are investigating the death and are understood to have made several arrests overnight. Detectives are still trying to establish a motive for the attack and it is not yet known if the murder was gang-related. Formal identification of the victim has yet to take place. The victim is the fifth teenager to be stabbed to death in the capital this year, Scotland Yard said. The Guardian is interested in covering this story in more depth. Please contact matthew.taylor@guardian.co.uk if you have any information about this case. Knife crime Crime London Matthew Taylor guardian.co.uk
Continue reading …Britney Spears invited celebrity friends and family to a charity dinner in LA to raise support for victims of Hurricane Katrina. Walking the red carpet with boyfriend Jason Trawick, she was joined by Kim Kardashian, Kellan Lutz and Kelly Osbourne.(May 12)
Continue reading …The Truth Revealed: Kim Kardashian Kim Kardashian Plastic Surgery Celebrity Predictions 2011 Kim Kardashian Surgery Questions – Shaping Kim, Kourtney and Khloe … National Ledger Kim Kardashian Surgery Questions – Shaping Kim, Kourtney and Khloe Kardashian National Ledger Kim Kardashian Surgery Questions – Shaping Kim, Kourtney and Khloe Kardashian. Hollywood Life has more details on the cosmetic … Pix n Pix: kim kardashian surgery kim kardashian surgery . Kim Kardashian Forced To Have Plastic Surgery The beautiful Kim Kardashian and her sisters are all but being forced to undergo the plastic surgeon’s knife. The culprit behind this undue pressure is their … MONEY: Kim Kardashian & surgery PSP: ‘Gunsmoke’ actor William Campbell dies – Search: ‘Gunsmoke’ actor William Campbell dies. Google loses No. 1 brand spot. Google loses No. 1 brand spot. Beyoncé Spent How Much on Leggings? Beyoncé Spent How Much on Leggings? … Painless way to stay ageless – mydigitalfc.com Painless way to stay ageless – mydigitalfc.com · Nancy’s Steady Weight Loss Proves There is No Magic Pill – International Business Times · Kim Kardashian Surgery Questions – Shaping Kim, Kourtney and Khloe Kardashian – National Ledger … Nancy's Steady Weight Loss Proves There is No Magic Pill … Nancy’s Steady Weight Loss Proves There is No Magic Pill – International Business Times · Kim Kardashian Surgery Questions – Shaping Kim, Kourtney and Khloe Kardashian – National Ledger · How weekly injections of Botox could make … newsoxy says: Kim Kardashian Surgery Pressure From Mother – http://www.newsoxy.com/entertainment/ kim-kardashian-surgery -24134.html
Continue reading …Corpse found near site where two badly beaten bodies were discovered on Tuesday A third body has been found in a country lane close to where two others were discovered by a passing motorist. Firefighters were called to a fire in Holme Lane, near Tong, Bradford, where they found the corpse at about 6.40am. A spokesman for West Yorkshire police said detectives would examine any links between the death and the ongoing investigation into the murders of two men whose badly beaten bodies were found in nearby New Lane on Tuesday night. It is not yet known whether the body discovered on Thursday is male or female. West Yorkshire police said the bodies of two men in their mid-20s to 30s were discovered by a motorist in New Lane, near the junction with Raikes Lane on the outskirts of Bradford, at about 10.20pm on Tuesday. Neither victim has been identified. The area where the bodies were found is open countryside, a mile or two from the suburbs of south Bradford. It is thought that the first two murders may be gang-related. Crime Helen Carter guardian.co.uk
Continue reading …Corpse found near site where two badly beaten bodies were discovered on Tuesday A third body has been found in a country lane close to where two others were discovered by a passing motorist. Firefighters were called to a fire in Holme Lane, near Tong, Bradford, where they found the corpse at about 6.40am. A spokesman for West Yorkshire police said detectives would examine any links between the death and the ongoing investigation into the murders of two men whose badly beaten bodies were found in nearby New Lane on Tuesday night. It is not yet known whether the body discovered on Thursday is male or female. West Yorkshire police said the bodies of two men in their mid-20s to 30s were discovered by a motorist in New Lane, near the junction with Raikes Lane on the outskirts of Bradford, at about 10.20pm on Tuesday. Neither victim has been identified. The area where the bodies were found is open countryside, a mile or two from the suburbs of south Bradford. It is thought that the first two murders may be gang-related. Crime Helen Carter guardian.co.uk
Continue reading …