From Times Online September 24, 2009

Sterling hits low as King backs weak pound

Bank of England Governor says currency fall would be 'helpful' in boosting exports and rebalancing UK

Sterling slumped to its lowest level in more than five months this morning after Mervyn King, the Governor of the Bank of England, appeared to back a weak UK currency.

Speaking to The Journal, a newspaper covering the North East of England, Mr King said that the significant decline in the value of sterling in recent months will be helpful to rebalance Britains economy by helping to boost exports.

The pound dropped by 0.8 per cent against the dollar to $1.6202 as the market interpreted his comments to mean that Mr King is comfortable with the falling pound, which has declined by almost a quarter against other major currencies in the past two years. The pound also fell 1 per cent against the euro to 91.04p.

He said: The fall in the exchange rate that we have seen will be helpful to that process but theres no doubt that what we need to see now is a shift of resources into net exports whether directly or in producing things that compete with imports.

Mr King continued, by expressing the note of cautious optimism that has characterised his recent statements relating to Britains fragile economic recovery. He said: Output has stabliised. There are some signs that growth may be beginning to pick up. But we shouldnt get too carried away by this. This is clearly very small growth after a very large fall and unemployment has risen so its a difficult challenge ahead."

Howard Archer, chief UK and European economist at IHS Global Insight, said: I interpret Mervyn Kings comments as saying that a lower pound would be desirable and I agree with him.

Despite its slump, I am still surprised the pound is as high as it is and this could be potentially damaging for the economy, Mr Archer added.

Mr Archer believes that the pound will continue to fall because huge government borrowings and rising unemployment mean that the outlook for the British economy remains bleak.

Mr Kings comments came a day after the Bank of England warned that Britains tentative recovery could be a false dawn, despite issuing a relatively upbeat economic forecast.

According to the minutes of the Banks latest interest rate meeting this month, published yesterday: There had been a number of developments during the month with positive implications for the short term. But the lesson from previous financial crises was that they were not resolved quickly, and that there could be false dawns.

tabasco

re -ALO ALO, he was a thick funny bloke as well

Most likely you are confiusing reality with TV drama, and maybe after all you like me, well I was reaching that conclusiton late yesterday, but this morning as I said earlier, most likely you got up on the wrong side of the bed, and only empty bottles left.

Taking the PISS

Just let you know there is only one " Master", the others like you are just imitations ( pupil )

Alistair Darling, the chancellor, is said to be taking a relaxed view on whether Lloyds plugs its capital gap by turning to private investors or by participating in the scheme

Media suggestions that Lloyds would be forced to join the scheme by the regulator were dismissed as plain wrong by government officials, who pointed out that
the FSA had no authority to make such a decision.

"All possibilities remain open," it added, saying options included finding an alternative to entering the GAPS and "possible changes to the commercial terms" in which it entered the scheme.

Lloyds will move heaven and earth over the next fortnight to try to raise the 20bn-plus

Robert Peston
BBC business editor

SparkyI wont be rushing to swap my bank account with yours.unlike you I put my reasonable success down to a fantastic wifeand a whole lotta luckwith an ounce of shrewdness thrown in [for luck]I live a privileged lifeand one that I would never take for grantedyou on the other hand are a wee bit deluded

Is Ok if one uses The Libray computer ( internet ) but most have a line to pay, on the other hand is only 6

6 broadband tax for everyone with a phone to be introduced before next election

Mail on line - 24th September 2009

A 6-a-year 'broadband tax' on every family with a telephone line could be introduced before the General Election.

Stephen Timms, the Minister for Digital Britain, yesterday said he was aiming to bring in the levy in a forthcoming finance Bill.
It means a tax of 50p a month on all land lines to fund 'superfast broadband' could be made law by the end of the year.

The Government announced the plans to fund quicker broadband services as part of its Digital Britain report in June.
Mr Timms yesterday told a debate hosted by The British Computer Society: 'We want to make high-speed networks nationally available.
'The next generation fund will help that and we plan to legislate for it this side of a General Election.'

The tax will subsidise the cost of installing next generation broadband networks in areas where they would not otherwise be economically viable.
But the Tories said that rather than introducing more taxes the Government should find another way of funding it.
Tory culture spokesman Jeremy Hunt said: 'Rather than taxing Britain's hard-pressed families further, we should be seeking to stimulate investment in broadband through the regulatory structure.

http://www.dailymail.co.uk/news/article-1215660/6-broadband-tax-phone-introduced-election.html#ixzz0S0UhF70Y

You want a proper riser look at WTI..... 30% up on day. Don't see that one on your up's list Mrs i...

Balerboy

re - WTI 6.50p +1.75p

You must be blind or something, it was no. 15 yesterday, and most likely it will move a few places up today

It was selected yesterday on the UPS by -vivgav -

Wed 23 - WTI - 4.75p - vivgav - reason - Chart showing a good recovery from lows. Good buying of late. dyor etc

robert peston knows nothing about business or finance.....he just ear wigs in trendy bars.

anyway lloy back down again.....mind u they went up a massive 1p yesterday, lol.

look at skr, rpt etc go 5p plus up every day......rpt up 20p in a day and a half.

ah well if u r stuck in this muddy share, then better stare at screen all day hoping for 0.5p rise again, haha

marni

re - ha,ha,

If you are not holding this share.
What the F#ck you are doing here, YOU stupit        

PHTM 30p +1.75p

It has double in price since I said "UPS" at 14p on 22 May 09, that is 4 month ago. a BREAKOUT

but u trade u say on RSI......i thought that was an injury!

but this donkey (wrong animal above) has stalled for ages since then whereas theres been huge gains ala rpt, skr, sxx etc

so although u doing well like most of us, u dont get it totally right by buying low sell high and repeating over and over.

anyway thats all i'm saying

but u trade u say on RSI......i thought that was an injury!

but this donkey (wrong animal above) has stalled for ages since then whereas theres been huge gains ala rpt, skr, sxx etc

so although u doing well like most of us, u dont get it totally right by buying low sell high and repeating over and over.

anyway thats all i'm saying

The fact I am in at 3.8p shows your way behind Mrs i
Double your money coming very quickly, .01p ha!!

marni

re - but this donkey (wrong animal above)

You must need glasses also, is a fat cow the URL says.... albums/f105/ScottBleepz2006/fat_cow

or by the way, it seems the "cow" has tried to bite those green wires of the computer and your post had double,
or maybe after all it was only " gremlins "

by popular demand, here is the "UPS" ranking for Thurday 24 3 Stock with over 100% an only on 4 days, let see what tomorrow brings
Ranking at close of play Thursday 24 CSC 5.625 13.00 131.11 double6 1 CHWI 0.825 1.75 112.12 tara7 2 SKR 15.50 31.50 103.22 Master RSI 3 PXS 9.20 15.00 63.04 Master RSI 4 WTI 4.75 6.575 38.42 vivgav 5 EME 18.25 24.75 35.61 debbiegee 6 VELO 91.00 114.50 25.82 Melton John 7 JSG 20.25 25.00 23.45 Master RSI 8 MANA 7.75 8.875 14.51 trading blue 9 KDD 13.375 15.25 14.01 keya5000 10 PELE 73.25 80.00 9.21 Lunartik 11 CFU 14.675 15.75 7.32 asparks 12 EO. 14.25 15.25 7.01 debbiegee 13 TRP 3.75 4.00 6.66 cashandcard 14 RPT 116.25 123.75 6.45 Lunartik 15 TNCI 5.00 5.25 5.00 Melton John 16 HAWK 37.75 38.50 1.98 Jonnyfro 17 NTA 30.00 30.50 1.66 brando69 18 GCM 100.00 101.00 1.00 Metamorphosis 19

So Sparkywho exactly asked for the rankingsor did you just want to see your name in lights againhow about a name changemaster does sound like an infantile maybe Messiahor perhaps James Hunt sounds better

Is that mis spelt tab, shouldn't it be a "c" .... just wondering....

shut it tobacco or I'll stick you in my mouth and set light to you ...

oh dear its dealerboy again who follows Master Bators every word.......his very own arselicker.

skr on list, lol......master rsi bailed out days ago when it spiked to 20p on 1st major breakout, its went up more than 10p since then although finished just under 30p......but of course dealer followed soot once he heard master boy had bailed.
maybe dealer is a 12 year old at school and he's turned on by excitement of buying selling buying elling 50 times a day......he must know every share in the market by now......even crappy corrupt llloy with crap management and governed by brown, darling and treasury.

Lloyds Banking Group Just May Be Able to Exit Bank Bailout
by: Research Recap September 24, 2009

The prospect for Lloyds Banking Group (LYG) escaping the UK Goverments bank bailout scheme have gotten a boost from a new research report on the UK banking sector from Execution analyst Joseph Dickerson.

The Independent reports that Dickerson issued a buy recommendation on Lloyds, arguing that the bank would be better off without the asset protection scheme (APS), which he said was a sub-optimal way to recapitalise the sector and should be reconsidered.

He hopes that the group opts for a rights issue instead, suggesting that banks with substantial government ownership have a higher cost of capital than those that do not. Reduced funding costs would benefit the net interest margin, which in turn would boost earnings, Mr Dickerson explained.

Lloyds has an opportunity to change this by not participating at all, he said. 15bn of net (we forecast 16bn including a 1bn termination fee to [the Treasury]) non-Government capital is likely to reduce Lloydss cost of funding substantially.

For those worried about whether Lloyds could raise the amount required, he added that a 16bn capital raise is not a big ask because, if [the Treasury] takes up its rights, the amount of capital needed from the market is [around] 9bn.

FT Alphaville offers further analysis, adding that based on Dickersons calculations Lloyds would emerge with a fortress balance sheet and a leverage multiple in-line with the major US banks.

The FTs Lex was skeptical on Sep 18 about LLoyds chances of pulling off such a deal:

Lloyds is thought to need at least 15bn-20bn to avoid the APS altogether, maybe more. But that is a tall order. Even if it raised 6bn by selling Scottish Widows and Clerical Medical, that would leave a shortfall of 14bn more than HSBCs record rights issue. A small cash call might be feasible. Yet it is fanciful to believe that Lloyds could raise any equity without the APS, let alone any of the other alternatives Mr Daniels seems so keen to pursue.

The Scotsman reported that most analysts think Lloyds will have to raise money to reduce the amount of assets in the APS, and hence the governments stake in the bank, but not exit it altogether.

The idea of Lloyds exiting the APS is unlikely primarily because raising 15bn to 20bn isnt a viable option, said Exane BNP Paribas analyst Ian Gordon.

Also bullish on Lloyds is UBS, which reiterated its buy rating on Sep 8. Analyst John-Paul Crutchley argues that the bank is fundamentally an undervalued company.

On the basis of normalised earnings, around two years out, we see Lloyds as worth around 180p-200p/share, making the company worth around 80bn. In our view, the debate around the APS comes down to how this value is carved up between the UK Government and private shareholders.

West LBs Neil Smith see the bank as a valuable UK franchise, if not spoiled by state aid disposals, but maintains a Neutral rating pending resolution of the APS issue.

INGs Andreas Mavrikakis also is taking a wait-and-see approach, maintaining a Hold status. On normalised EPS we see up to 100% upside in the long term and more limited downside. However, we believe LLOY will underperform short term especially if the plan works, despite managements signal that impairments peaked in 1H09.

CreditSights on Sep 18 said we felt the most likely alternatives for Lloyds would be a renegotiation of the terms of GAPS and/or a reduction in the assets to be covered by GAPS, in conjunction with a capital raising exercise, rather than a full withdrawal from the scheme.