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RBS says to cut up to 9,000 jobs
LONDON (Reuters) - Part-nationalized British lender Royal Bank of Scotland (RBS.L) said it could shed up to 9,000 jobs over the next 2 years, including 4,500 in the UK, as part of a shake-up of its back-office operations.
The actual number of job losses is expected be "significantly lower than this," and compulsory redundancies will be used only as a last resort, RBS said on Tuesday.
"We have set a new strategy for RBS to restore the bank to standalone strength as soon as practicable," RBS Chief Executive Stephen Hester said in a statement.
"To do so we need to cut our costs, as in all businesses, given the current recession."
RBS shares were down 6.7 percent at 27.8 pence at 1215 GMT (8:15 a.m. EDT), while the FTSE 100 share index was 1.9 percent lower.
Probably good thing Only Legatus and Bilderbergers have them...
Power like that could really corrupt someone like Mr Stander...totally...
Read the entire conspiracy thread here, complete with lots of dates of things that happened in the past. And Legatus itself? Well, it's not really a secret group. It's apparently actively soliciting members.
More at Link...
Sales likely gloomy for retailers
NEW YORK (Reuters) - Major U.S. retailers likely ended March with lackluster sales as consumers put off Easter and Spring purchases for April.
Overall, March same-store sales are expected to fall 0.3 percent, and a steeper 4.7 percent, excluding Wal-Mart, according to Thomson Reuters data.
Excluding Wal-Mart, sales fell by the same amount in February.
"We don't see any signs of significant improvement with the exception of a continued full-fledged flight to value retailers," said Craig Johnson, president of Customer Growth Partners, a retail research firm.
Wal-Mart Stores Inc (WMT.N), the world's largest retailer, is expected to post a 3 percent gain in same-store sales, according to Thomson Reuters data.
While tight inventory control and lower discounts could help cushion the decline every retail segment, with the exception of discounters, is expected to post a same-store sales decrease in March.
Same-store sales, which track sales at stores open at least one year, are seen as a key gauge of retail performance.
U.S. retailers are expected to report March same-store sales later this week, with Wal-Mart set to post results on Thursday.
ECB attacks G20 plan to boost IMF drawing rights to pump cash into global economy
"This is helicopter money for the globe," said Jürgen Stark, the ECB's chief economist and Germany's member on the bank's executive board.
"There hasn't been a study to see whether the world needs additional liquidity. In the old days one would take a long time to to explore such a thing," he told the German business newspaper Handelsblatt.
The paper cited an "unidentified" central banker protesting that the G20 had rammed through radical changes that could do "irreperable damage" to the global financial system " What is happening with the IMF is scandalous. They are going to lay waste to everything in this crisis as a result of political horse-trading," he said.
Markets have been in confusion over the implications of the G20 deal last week instructing the IMF to issue $250bn (£170bn) in Special Drawing Rights, a hybrid instrument that lets governments around the world take out an overdraft but also contains the seeds of a global currency in is own right.
The summit communique stated clearly that the purpose of the activating the Fund's SDR powers was to "inject $250bn into the world economy and increase global liquidity". This is separate from the move to tripple the IMF'fire-fighting fund to $750bn.
If used to create liquidity, the plan turns the Fund into a proto-central bank for the world, running an expansionary monetary policy over the heads of existing central banks. It appears that G20 delegations from Germany and other EU states may signed the agreement in the rush last Thursday without studying the exact details.
The use of SDRs on this scale poses a immediate threat to the ECB, which is worried about a resurgence of inflation once recovery begins. It has pursued a more restrictive "steady-as-you-go" policy than the Anglo-Saxons, Swiss, and Japanese.
Dennis Snower, head of the IWF Institute in Kiel, said the scheme not only risks inflation down the road but also incubates future crises as badly-run countries are able to put off their day of reckoning. "If the international community does not take steps against this, the future bill for this stimulus could prove expensive," he said.
The dispute between the ECB's hawks and policy-makers in the rest of the world stems from a deep disagreement about the nature of this crisis. The IMF fears that the globe is in the grip of self-feeding spiral akin to the events of the early 1930s. It has warned of widespread civil unrest and even wars if this process is allowed to unfold.
United States ran trade surpluses of 2 percent to 4 percent of GDP. We regularly ran surpluses until the late 1970s. Since the late 1970s, the United States has run increasingly large trade deficits, reaching 6 percent of GDP in 2007. For the last three decades, Americans have tried to spend their way to prosperity.
The government politicians and their moneyed backers have sold the idea that Americans could be the thinkers for the world, while other countries could do the menial work of producing stuff. After thirty years we are left with a hollowed out economy of paper pushers. It may be a reach to transition the Wall Street geniuses who created MBSs, CDSs, and CDO’s into jobs building bridges. The manufacturing jobs are gone. Our workers are left to sweep the streets they used to own.