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Everything posted by acidreign

  1. Same as. But when the yoyo is hovering around 1.20 to 1 pound, the summer holiday in yoyoland just ain't as expensive, as thought, back in January (approx). On a sidenote. I recall reading on here some time ago that Turkey have quite a large military force plus arsenal?
  2. Not according to this: http://www.guardian.co.uk/business/marketforceslive/2010/jun/28/premieroil
  3. Hold the fort - Labour agree that borrowing must come down
  4. Just done that but still coming up as 515k initial entry found? Thanks for your help anyway, I'm away to investigate. Wouldn't like to be missing out on valuable information now! EDIT - Fixed now. Note to self 'Full History'
  5. Here, is what my bee is buzzing me... History date event domingo, 13 de junio de 2010 * Initial entry found.
  6. Personally I'de be interested to see the CML loan historic pattern going back as far as early/mid 2000's, then it would be a better indication of this news piece.
  7. Don´t think this article has been posted. Wasn´t it Labour who removed HPI from the Inflation data or am I getting muddled up in the information? Target inflation to include housing costs Housing costs should be included in the headline rate of inflation, or the consumer prices index (CPI), the new Chancellor George Osbourne has said. In a letter to the Bank of England Governor today, Osborne said: 'As we have discussed, over the longer term I would welcome your views on how we might accelerate the process of including housing costs in the CPI inflation target.' The Office for National Statistics today reported that CPI inflation for April came in at 3.7%, higher than the 3.5% that the City had expected, and well above the 2% target set by the Government. Mervyn King's obligatory letter to Osborne - to explain why inflation was more than 1% above target - blamed 'temporary factors' like high oil costs, a weaker pound and the rise in VAT to 17.5%. He argued inflation would fall back to its 2% target 'within a year'. But Osborne's reply indicates that a new volatile factor will soon be included in the index. It appears that depending on what Osborne means by 'housing costs', the headline rate of inflation that the Bank targets will be adjusted towards something like the current retail prices index (RPI) or RPI-X. RPI-X - which has previously been the target rate for the monetary policy committee - includes housing costs like insurance, estate agents fees and council tax. RPI meanwhile also included mortgage interest payments. They are typically more volatile than CPI and give a higher reading. RPI jumped to 5.3% today from 4.4% in March as mortgage interest payments edged higher last month, in contrast to a year earlier when lenders passed on rate cuts. RPI-X meanwhile rose to 5.4% from 4.8%. The ONS collects about 120,000 prices every month for a 'basket' of about 650 goods and services. The change in the prices of those items is used to compile the two main measures of inflation: CPI and RPI. The Bank of England uses the CPI as its inflation target while the RPI is used to calculate increases in pensions and other state benefits. • RPI includes mortgage interest payments, so changes in the interest rates will affect RPI. • The RPI also includes council tax and some other housing costs not included in CPI. • The CPI includes some financial services not included in the RPI • The CPI is based on a wider sample of the population for working out weights. • RPI-X is the same as RPI minus mortgage interest payments. • So RPI-X is closer to CPI but not exactly same. And what about RPI-Y? • This is RPI-X minus taxes such as VAT and excise duty. Thus a cut in VAT would reduce RPI but not reduce 'core' RPI-Y. • It is referred to as 'core inflation' because it strips out volatile elements in the CPI and RPI like VAT, excise duties and mortgage interest. http://www.thisismoney.co.uk/news/article.html?in_article_id=504743&in_page_id=2&ct=5
  8. More bad news on the Southern job front: Pfizer to cut 6,000 jobs and to close more plants (Reuters) - Drugmaker Pfizer Inc (PFE.N) will cut 6,000 jobs, or 18 percent of the workforce, at its 78 manufacturing plants over the next five years as it pares back operations following last year's purchase of rival Wyeth. Business The world's biggest drugmaker plans to cease operations at eight plants in Ireland, Puerto Rico and the United States by late 2015 and reduce activities at six factories in those countries, plus Germany and Britain. Pfizer had 40 manufacturing sites before acquiring more than three dozen Wyeth facilities in the October merger. The affected plants make conventional pills, injectable medicines, biotech drugs and consumer healthcare products. Pfizer will wind down their operations over the next 18 months to five years, depending on business considerations such as the time required to transfer product manufacturing. The company said in November it would close six research sites and trim jobs in the United States and Britain as part of its absorption of Wyeth. It then began a six-month study of how to reconfigure its manufacturing sites. "We have a complex network of manufacturing plants, with excess capacity that is not good for costs," Nat Ricciardi, Pfizer's president of manufacturing, said in an interview. Pfizer can be more competitive, both in its operations and drug pricing, by streamlining its plants and improving their processes, Ricciardi said. "It's not disproportionately Wyeth," Ricciardi said, adding that many legacy Pfizer plants and employees are on the target list. Half of the plants slated for ceased operations are legacy Pfizer sites, the company said. One of the biggest incentives for companies to merge is the ability to cut overlapping operations and employees. Pfizer said it is on track to realise total cost reductions from the deal of $4 billion (2.8 billion pound) to $5 billion by 2012. Pfizer is counting on the savings to help offset expected plunging sales of its $12 billion-a-year Lipitor cholesterol fighter, which will face generic competition late next year. The 14 plants slated to cease or cut back operations are among Pfizer's 40 main sites for making prescription drugs. By June, the company plans to make recommendations for facilities that make animal-health products and later this year will evaluate those that make drugs in emerging markets or nutritional products. "We're not announcing closures, we're announcing exits," Ricciardi said, citing hopes that Pfizer will be able to sell some of the plants to owners that would continue to operate them. Although affected employees will have as long as five years to look for other jobs, Ricciardi predicted relatively few of the workforce cuts would come from attrition, given the attractiveness and good pay of the positions. Pfizer plans to discontinue operations over the next 18 months to five years at three sites that make tablets and capsules: Caguas, Puerto Rico; Loughbeg, Ireland and Rouses Point, New York. Another such facility will be phased out at Guayama, Puerto Rico, although it will expand its consumer healthcare operations. The company expects to reduce the size of two others, in Illertissen, Germany and Newbridge, Ireland. Two plants that make sterile injectable drugs -- in Dublin, Ireland, and Carolina, Puerto Rico -- are also ending operations. Although Pfizer is making a concerted push into sophisticated biotech drugs -- medicines made in living cells rather than crafted from chemicals -- the company plans to trim operations that make biotech products and vaccines. It aims to exit operations in Shanbally, Ireland and biotech manufacturing at a longtime Wyeth facility in Pearl River, New York. Moreover, it plans to reduce operations at U.S. plants in Sanford, North Carolina and Andover, Massachusetts, and at Havant in the United Kingdom. Consumer healthcare products will no longer be made at plants in Richmond, Virginia and Pearl River, N.Y., but consumer healthcare research will continue in Richmond, and the Pearl River site will remain a major centre for vaccine research and development. "In both Pearl River and Richmond, research and development jobs will be unaffected by the planned manufacturing exits," Pfizer said. Shares were up 1 cent at $16.12 in morning trading on the New York Stock Exchange. (Reporting by Ransdell Pierson; Editing by Lisa Von Ahn and Derek Caney) http://uk.reuters.com/article/idUKTRE64H37E20100518
  9. From the Beeb today. Is this the beginning? Cameron announces audit of 'crazy' Labour spending David Cameron has announced an audit of the government's books after finding examples of "crazy" spending decisions in Labour's last year in power. The prime minister told BBC One's Andrew Marr show the review would be launched on Monday by the new Office of Budget Responsibility. He also said there would be a crackdown on top civil service pay and bonuses. And he reassured Lib Dems that deputy prime minister Nick Clegg would be part of the "inner core" of his government. Mr Cameron said the audit would form part of a wider programme to set out government spending plans for the coming three years. He said that would involve "difficult decisions" in most Whitehall departments to reduce Britain's record budget deficit. 'Stink bombs' He also refused to rule out an increase in VAT in Chancellor George Osborne's forthcoming emergency budget, but said: "We believe that spending should bear the brunt of the burden in terms of cutting the deficit." This is not just about a group of people who have got together for power Prime Minister David Cameron Mr Cameron announced the setting up of an inquiry into top civil service salaries, to be headed by left wing campaigner Will Hutton, vice chairman of think tank The Work Foundation. He said he wanted a clampdown on civil service bonuses, which he expected to be reduced by two-thirds, saving £15m a year. The prime minister said: "What we have seen so far are just individual examples of very bad procedures and bad behaviour, spending decisions taken in the last year or so of the Labour government that no rational government would have done - giving something like 75% of senior civil servants bonuses after everything that's happened in the current year. "That's not a fiscal stimulus. It is a crazy thing to do. We are beginning to find individual decisions like that." His words appeared to be backed up by Scottish Secretary Danny Alexander, a Liberal Democrat, who suggested on BBC One's Politics Show that Labour may have been reluctant to do a coalition deal with the Lib Dems because they knew what was in store for an incoming government. "Maybe one of the things they've been doing over the past few months is laying a few stink bombs around Whitehall, and maybe some of them knew that and didn't want to be there when they went off," he said. Mr Cameron said NHS managers and other senior civil servants should not earn "more than 20 times the lowest paid" in their organisation and they should not be paid large bonuses, of the kind he said had been approved "in the the last days of the Labour government". The same principles should apply to the BBC, he added, although the corporation would not be included in the review as it was independent. 'National interest' Labour MP Frank Field is also understood to have been offered a role with a new Poverty Commission. Mr Field was minister for Welfare Reform in Tony Blair's government and last year led a successful campaign against the abolition of the 10p tax band. Mr Cameron said he had considered trying to set up a Conservative minority government, with a Lib Dem agreement not to vote it down, rather than a full coalition, when his party failed to win an overall majority in last Thursday's general election. Although such a move would have been "easier and simpler" and was what people expected, Mr Cameron said he and Mr Clegg " decided to take that risk" and go for a full coalition which he said was "in the national interest, had a majority and is strong and stable". He said a document would be published shortly setting out in greater detail how the coalition will work together - but he insisted Mr Clegg would be in the "inner core" of the government, which meant he would chair cabinet committees, which guide policy formation, and be consulted on ministerial appointments and sackings. "The deputy prime minister is clearly part of the inner core. When it comes to government appointments and, if I can put it this way, disappointments, of course that is the prime minister's job. "But this is going to be something that we try and do together". 'Progressive alliance' Mr Clegg will stand in for Mr Cameron at prime minster's questions, when the Conservative leader cannot attend, but Lib Dem MPs would continue to sit together in the Commons and the two parties would fight each other at by-elections. But the prime minister made clear he expects the two parties to work closely together in government and hopes to avoid holding separate "political cabinets" made up only of Tory or Lib Dem ministers. Like Mr Clegg, Mr Cameron acknowledged the coalition deal would upset some in his party, but insisted it was more than a marriage of convenience, saying: "I have always described myself as a Liberal Conservative." And he paid tribute to the "brave and courageous" actions of Mr Clegg, whose party is meeting later to discuss the coalition deal and who has faced criticism from one of his predecessors, Charles Kennedy. Mr Cameron described his deal with the Lib Dems as a "progressive alliance" based on shared values of "more freedom in our society" and the decentralisation of power. He insisted "this is not just about a group of people who have got together for power". http://news.bbc.co.uk/2/hi/uk_news/politics/8685125.stm
  10. Surely there are some Telegraph journos lurking on this site. Has to be worthy of a few lines at least, eh?!
  11. Appreciate the feedback all. Seems I must diversify to protect what little I do have. Are there any online savings banks recommendable and safe? Especially those with which I could transfer between currency? I'm with BBVA here currently.
  12. Yikes I have quite a significant part of my Euro savings with a large Spanish Bank here in Spain... oh no. Just opened up a Goldmoney account and thinking of jumping on that bandwagon... but I´m an amateur to this I admit... What is now considered a safe haven in these troubled times???
  13. Don't really know if this is news old nor new but thought it worthy of a thread nonetheless. What are HPC'ers thoughts on Gerald Celente? Having read the below article I can only concur. This is for definite the way I see things playing out very soon Gerald Celente Says This Is Among His Most Important Trends Ever The world's top trend forecaster, Gerald Celente, who has been publishing the Trends Journal since 1991, says his Spring 2010 report is one of the most important Trends he's ever published: "Of all the Trends Journals® I have published since 1991, this issue stands apart. Were I to rank it, I would say it is among the most important. The United States is on a path that, if not diverted, will lead the world into the first "Great War" of the 21st century. This is not fear-mongering, "pessimism porn," or hyperbole. Though the historical and external circumstances are so different that similarities are not easily discerned, the policies currently being pursued by the "great powers" are very much the same as those followed by other doomed Empires past. Mired in debt and sinking deeper, America's reckless domestic spending and engagement in expensive, drawn-out, unwinnable wars is characteristic of other empires in their waning days. In the past, the last-ditch attempt to preserve power was to wage more war." Mr. Celente describes the various hot spots and flashpoints around the globe, mostly focused on the middle east, including Pakistan, Afghanistan, Israel, Palestine, Iraq, and of course, Iran. As Celente points out, it has not been out of the question for governments, including the US government, to take our nation to war based on fabrications such as the Gulf of Tonkin, which ignited the Vietnam war and cost the lives of 58,000 American soldiers and left hundreds of thousands wounded. Weapons of mass destruction in Iraq was another pretext to war, pushed heavily by the Bush administration, with the mission quickly changing to "making the world a better place" once it was learned that no WMD existed. The world would certainly be a much better place if a lot of dictators and regimes were overthrown, but you don't see our military in Africa (or any real UN support), where millions are being ethnically cleansed. The reason, suggests Celente, is that, as President Eisenhower warned, war is a big business that enriches the few at the expense of the many. Celente backs up his claim with the words of Major General Smedley Butler, the most decorated Marine ever to serve at the time of his death in 1940, who said: "It [war] is the only one in which the profits are reckoned in dollars and the losses in lives. A racket is best described, I believe, as something that is not what it seems to the majority of the people. Only a small 'inside' group knows what it is about. It is conducted for the benefit of the very few, at the expense of the very many. Out of war a few people make huge fortunes." There is much more going on when wars are waged than just bringing freedom and democracy to the countries which we invade, and it comes at the expense of the lives of our fathers, mothers, daughters, and sons. Self interest, with no regard for the lives of others, drives those like the bankers funding the wars, the corporate interests profiting from the natural resources that are conquered, and the politicians who use war as a way to scare the population into keeping themselves in power. It's not just Gerald Celente who believes that governments have no scruples when it comes to war and empire building, but economic adviser Marc Faber, as well. Both of these men have accurately forecast trends over the last three decades, and both warn of impending wars as politicians at home attempt to deflect blame for the economic distress being caused by their policies. This financial bust, according to Faber, will not end well: "I think eventually there will be a big bust and then the whole credit expansion will come to an end. Before that happens, governments will continue printing money which in time will lead to a very high inflation rate, and the economy will not respond to stimulus. The average family will be hurt by that, and then in order to distract the attention of the people, the governments will go to war. People ask me against whom? Well, they will invent an enemy." When Americans are protesting en masse in the streets because of lost jobs, lowered wages, foreclosed homes, higher taxes, broke pension funds, a worthless dollar and restrictions on their freedom, they will be blaming the politicians who got us into this mess. Mass protests of this nature can lead to riots, which can very quickly lead to violence in the streets. Out of fear and self preservation, politicians will respond the only way they know how: blame someone else. In this case, it will be not be finger pointing at each other, but rather, they will collectively point their fingers at other nations, and those nations' leaders will subsequently point their finger at us. There are many scenarios that can play out in the future, including hyperinflationary meltdown of our currency, a slide into a severe deflationary depression, or a peak oil driven economic collapse, but the long-term trend, the end result of any of these dire scenarios, is one that has been proven time and again throughout history: war. http://www.silverbearcafe.com/private/04.10/trends.html
  14. Good to see the Civil Service acting accordingly with the times we are in :angry: £500k bonuses paid at ‘failing’ Northern Ireland agency Monday, 29 March 2010 Almost £500,000 in bonuses has been handed out to civil servants at a government agency which was the subject of a damning Stormont watchdog report, the Belfast Telegraph can reveal. The Northern Ireland Planning Service was heavily criticised by the Assembly’s Public Accounts Committee for “consistently failing” to meet targets over a long period. The committee found customer satisfaction levels had fallen from 76% to 32% in the last decade, with significant differences in performance levels between divisional offices. Yet it has emerged that some civil servants were still paid huge bonuses — despite a series of high-profile failures. Payouts went to staff at divisional offices which failed to meet basic targets for processing planning applications. Documents released by the Planning Service reveal 3,178 bonus payments totalling £457,263 were made to staff in the last six financial years. Some £348,378 was paid in non-consolidated bonuses, with a further £108,885 in “special bonuses”. The details were obtained by the Belfast Telegraph after a Freedom of Information (FOI) request. The Planning Service refused to reveal the identities of those who received a bonus because they regard it as “personal information”, which is exempt from disclosure under FOI. The Planning Service is headed by chief executive Cynthia Smith. She, along with Marianne Fleming, director of corporate services; Anne Garvey, director of operations; and director of strategic planning, Tom Clarke, make up the agency’s top level management board. It is not known whether any of these four received bonuses. Separate documents obtained by this newspaper reveal the total included £216,330 in bonuses paid to staff at six divisional planning offices. Yet just one of those offices — based in Omagh — met every target for processing applications, and in only two of the six financial years. Some £34,790 in special and non-consolidated bonuses were paid to staff at the Downpatrick office — which failed to hit a single target for processing applications in any of the six years — and which was singled out for criticism in the PAC report. Last month's report also found that four officials who oversaw the flagship IT project, e-PIC — which is lagging four years behind schedule and £7million over budget — were given bonuses totalling £60,000. SDLP Assembly member Patsy McGlone, who is a member of the PAC, said he was astonished by the bonus payments. “It is unbelievable that officials have been given bonuses for not meeting targets,” he said. The Planning Service was unable to provide details of the reasons why bonuses were awarded, or which officials had received payments. Last month’s PAC report found the planning applications system used by the Planning Service was “not fit for purpose”. A spokesman for the Planning Service said the special bonus scheme rewarded “exceptional performance”. Read more: http://www.belfasttelegraph.co.uk/news/local-national/pound500k-bonuses-paid-at--lsquofailingrsquo-northern-ireland-agency-14746848.html#ixzz0ja4lzJWl
  15. A bit of good news for a change: 88 IT jobs for Antrim Northgate Managed Services in Antrim is to create 88 IT jobs as part of a £19.4m investment. The firm provides infrastructure and specialist ICT managed services to public and private sector organisations throughout Ireland and Britain from its head office in Newtownabbey. The investment also seeks to safeguard 241 jobs and will help Northgate achieve £62m of new business in external sales over the next three years and deliver over £8m in salaries annually into the local economy, according to Enterprise Minister Arlene Foster. The wider project will see the company centralise a number of back office functions, and engage in a major training and development programme. Invest NI has offered £2.64m of support to the investment which includes £1.12m of training assistance part funded by the European Regional Development Fund. Minister Foster said: “This major investment demonstrates Northgate’s focus on ensuring that it is competitively positioned to win further new business. “Maintaining such skilled jobs paying above average salaries in a key industry sector, particularly in the current economic climate, is a very welcome boost for the Northern Ireland economy.” “By 2011, over 530 people will be employed by Northgate in Northern Ireland, that’s almost half of its total UK workforce. This is a strong endorsement of the local skills base which will be further enhanced as the training element of the project is implemented.” North Belfast DUP MP Nigel Dodds said: "This is excellent news for the local economy. These new posts represent the employment skills of the future. They will increase the skill base in IT services in North Belfast and Newtownabbey and lay a strong foundation in this economic growth sector." http://www.insideireland.ie/index.cfm/section/news/ext/northgatejobs001/category/1084
  16. Great article. And as one of those young Irish abroad, i'll be back one day to build it up again (and for the record was never one of the ones to help wreck it during the Celtic Tiger years to begin with)
  17. Not sure if this has been posted earlier. 'UK economy must face new world order' The British economy will never be the same again and boardrooms are refusing to accept the reality: that is the stark warning that came from a panel of experts today. The environment for business will 'never return to pre-recession normality' argues the hard-hitting report from a panel of academics convened by BDO LLP. Moreover, the panel warned that the economy's precarious condition is here to stay until 2015. The report was published at the same time as research from accounting and business services firm BDO showing that 44% of firms believed that the economy would return to 'business as usual' within the next two years. Peter Hemington of BDO said that the global economy has become 'unnaturally skewed through the rise of India and China'. 'Although this recession may be over - we hope – the consequences still remain. As a result, the economic environment will remain tough for some time to come. 'Linked to this, we are going through a period of profound societal and technological change which will mean that some business models will wither away and die, while others will thrive and grow. He added: 'Businesses need to think carefully about how the world is changing and reinvent themselves to make sure they survive and thrive in the new environment.' The report included forecasts by senior economists from bodies such as the CBI, the Institute of Directors and the Institute for Public Policy Research, in collaboration with think-tank the Centre for Future Studies. It accused business leaders of being 'blinkered' and complacent in the face of what promises to be a new economic order. The study pointed out that in 2009, the UK economy shrank by 4.8%, the fastest pace of decline in a single year for 88 years. Recent data from the International Monetary Fund reveals the UK's recession to be six times more severe than the global average. Taking the recession into account, the UK economy has grown by an average of only 1.7% during the last decade. The study concludes: 'We believe the next five years will be precarious for companies with high levels of uncertainty, risk and complexity. Although we will see recovery, the word will have a new meaning. We will not return to how things were.' http://www.thisismoney.co.uk/news/article.html?in_article_id=500105&in_page_id=2&ct=5 Seems to me to be a different 'panel of experts' each day of the week predicting pretty much every scenario that could possibly happen. One of these groups has to get it right in the end! Still, this seems to be especially hard hitting in my opinion. Comments as always are worth checking out.
  18. But how? For a 30yo with a very modest 20k currently sitting in Euros and no debt to my name? I couldn't agree more, and have learned greatly from this site. It is going down, but where and what is safe...
  19. I know this house. It's just outside of Kilrea, that being the biggest downfall. It is certainly one of the better 'newage builds' but boy is it not a typical representation of building homes in the country and wanting to retire from it with a very healthy profit? And for that very reason, I'll take enjoyment in watching the lot fall further
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