儲かったお金で大学を設立するのが最大の目的...。
相場という海原には大量の魚が群れを作り、塩の流れによって左右されながら泳ぎまわっている。
この業界は、まさに食うか食われるかの世界なのである。
2005年09月25日（日）
The LIBREU Project 最初発表
2006年04月01日
Fine Traders Website 完了！
Dove splits MPC for second month
| The Bank of England's rate-setting committee voted 8-1 to keep the cost of borrowing at 4.5% earlier this month, latest minutes show.
One member of the Monetary Policy Committee (MPC), Stephen Nickell, broke ranks for the second month in a row to push for a quarter-point rate cut.
But interest rates were kept steady for the fifth month running.
The MPC had unanimously voted to keep rates steady during November, October and September.
Mr Nickell argued that economic growth had been below trend for some time and said he believed projections made in the Bank's November inflation report appeared too optimistic.
Waiting game Inflation was likely to fall below target once the effects of higher energy prices were accounted for, he claimed.
However, the rest of the committee's members said UK growth was broadly in line with expectations and that inflation would meet targets.
They cited stronger-than-forecast signals from the services sector, consumption growth and the housing market.
The Bank of England's next quarterly inflation report is due in February and will be a key influence on the future direction of interest rates.
"It looks like the MPC are playing their cards very close to their chest, with a bias towards easing still lurking beneath the surface," said David Brown, economist with Bear Stearns.
"We think that the odds probably still fall on the March MPC meeting for the next quarter-point cut."
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UK Economy (Still Weak)
| Worsening economic trends seen in 2005 may be stabilising but manufacturing still faces "acute threats", a leading business organisation warns. The quarterly economic survey from the British Chambers of Commerce (BCC) says the economy is still weak despite a modest improvement at the end of 2005.
Domestic sales by UK manufacturers improved in the fourth quarter, although factory export sales slipped.
Service sector sales, which make up the majority of the UK economy, also rose.
The BCC said its quarterly net balance for domestic manufacturing sales rose to 13 in the final three months of last year from a two-year low of 3 in the third quarter.
Meanwhile, the service sector recorded a balance of 18 in the fourth quarter from 13 in the third.
Positive figures indicate survey respondents expect growth, although the BCC said they remained low from the point of view of supporting a sustained economic recovery.
Rate appeal The data is likely to support expectations that economic growth in the fourth quarter picked up from just 0.4% in the third quarter, the BCC said.
"On the basis of this report my expectation is that it's going to be about 0.5% or a little bit above," the BCC's economic adviser David Kern.
"The worst is over but the economy is still below trend."
The BCC said that the fourth quarter figures strengthened the argument for the MPC to consider a cut in interest rates.
The largest independent business survey in the UK warned that any UK recovery in 2006 was likely to be weak and below trend.
"Without supporting action by the Bank of England and the Chancellor there is danger of renewed relapse," said BCC director general David Frost.
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UK Economy (Shows Recovery Sign)
| The UK economy is showing signs of reviving in 2006, the influential Ernst & Young Item Club has said. But the body, which uses Treasury data in its research, also warns that there are concerns over long-term stability.
The group's winter forecast envisages 2.3% growth in GDP in 2006, after what it calls a "dismal" growth rate of 1.7% during 2005.
Strength in house prices, shares and other assets, coming after good winter shop sales, will aid growth, it said.
'Not out of woods' The club also says that in a boost for Gordon Brown the Consumer Price Index (CPI) level of inflation has fallen back towards its target of 2% faster than "anyone dared hope".
That, it says, leaves the Bank of England's monetary policy committee (MPC), free to cut interest rates again if needed.
Yet, according to the body's chief economist Peter Spencer, there are still worries ahead.
"We are certainly not out of the woods yet," he warned.
"Growth is still well below par - just hitting the Eurozone average - and with consumer spending dropping and the pressure piling on exports to take up the slack, we could be in for a bumpy 2006."
Mr Spencer says a fall in the strength of sterling would help to aid growth in exports and investment, particularly in Europe and the Middle East.
Reduced borrowing The club also says data shows the recent UK consumer spree - much of it fuelled by spending on plastic - has come to an end.
Spending rose by only 1.3% in 2005, the slowest increase in 10 years.
In April last year the club had complained that Gordon Brown had created no incentives to make the public spend rather than save.
Now it says that over the past 12 months households have reduced their borrowing and increased savings.
Debt remained at "historically high levels" which means there is much less scope for households to support their spending through increased borrowing.
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UK Jobless Total Jan2006
| The number of people out of work in the UK rose by 111,000 to a three-year high of 1.53 million in the three months to November, official figures have shown. The rise was the biggest for 12 years and lifted the unemployment rate to 5%.
The Office for National Statistics (ONS) figures also showed that the number of job vacancies fell 12,700 in the period to 606,500.
Meanwhile, the number of people out of work and claiming benefit rose by 7,200 to 909,100 last month.
The manufacturing sector continued to suffer, the ONS figures showed, with 109,000 jobs in the sector lost over the three-month period.
The ONS figures also revealed that the number of people classed as "economically inactive" rose to its highest level since records began in 1971.
The figure - which includes students, people looking after relatives and those who have given up looking for a job - rose 25,000 during the three months to November to 7.94 million.
The ONS data also revealed that average earnings grew by 3.4% in the year to November, down from the 3.6% rate recorded the month before.
Rate cut soon? Analysts said the news was likely to increase the likelihood of a rate cut in coming months as it followed a fall in inflation and signs of a slowdown in consumer spending.
"The UK labour market is showing the first genuine signs of weakening, as employment is now falling, unemployment is rising and wage growth slows," said John Butler, UK economist at HSBC.
"This set of data support our view that the next move in interest rates will eventually be down."
However, while analysts expect the Bank of England to cut rates, they are unsure as to the timing of such a move.
"There is some uncertainty over whether rates will be brought down assoon as next month, but we would not be at all surprised if it happens," said Investec chief economist Philip Shaw. |
UK Inflation Rate Jan2006
UK inflation has fallen for a third month in a row, figures from the Office for National Statistics (ONS) show. The Consumer Prices Index (CPI) fell to 2% in December from 2.1% in November, in line with Bank of England targets, mainly because transport costs fell.
Meanwhile, the headline rate of retail price inflation- which includes mortgage interest payments - fell to 2.2% from 2.4% a month earlier.
The underlying rate of RPI fell to 2.0% last month from 2.3%, the ONS added.
"For the second consecutive month, the largest downward effect on the CPI annual rate came from transport with large downward contributions from air travel, fuels and lubricants," the ONS explained.
Fuel pressures ease It added that the price of international flights had increased less in December than a year ago, while petrol and diesel costs fell for a third month in a row.
Meanwhile, shop prices of furniture, furnishings and carpets rose by less than they did a year ago. Elsewhere, retailers also helped to restrain inflation by cutting prices of goods ranging from books and computer games, the ONS said.
But there were some upward pressures from the High Street. Prices of clothing and shoes fell by less than they did a year ago, as fewer shops opted to move their sales forward, while more expensive goods were put on shelves.
The figures came a day after the ONS revealed that manufacturers were struggling to pass on higher raw material costs to customers, deciding to cut their profits instead.
Rate hopes News that inflation pressures are under control prompted predictions that the Bank of England could be in a position to offer another rate cut in coming months.
"The UK is over the recent inflation spike and over the coming months, inflation should be dipping below 2.0%. By the MPC's own monetary policy logic, that should mean they must cut rates again,"Bear Stearns economist David Brown said.
But experts were split over whether rates would comedown in the near term, with some suggesting a February rate cut, while others expected the Bank to wait for further economic data.
"This [CPI data] very much keeps the door open for an interest rate cut in February, although the Bank of England may still prefer to wait while it monitors the strength of consumer spending and wage settlement levels early in 2006," said Howard Archer, chief UK economist at Global Insight.
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UK Interest Rates Jan2006
UK interest rates have been kept on hold at 4.5% at the end of the Bank of England's January meeting, in line with market expectations. This is the fifth month in a row that the bank's Monetary Policy Committee (MPC) has chosen to keep the cost of borrowing unchanged. Economists believe the Bank is waiting for more news on Christmas spending before it makes any move. Rates were last cut in August, when they were trimmed from 4.75% to 4.5%.
In recent weeks, financial markets had scaled back their hopes for a rate cut after surveys showed that retail sales bounced back in the run up to Christmas.
Upbeat trading statements from major High Street names such as Marks & Spencer, John Lewis, Sainsbury and Boots had also raised expectations that the Bank would take no action this month. We think the door is still open for a cut in rates over the next two months, perhaps as soon as next month Philip Shaw, Investec Securities
Official figures released earlier on Thursday also showed that UK factory output enjoyed its biggest rise in seven months in November. The Office for National Statistics (ONS) saidmanufacturing output grew by 0.4% in November after a fall of 0.8% inOctober. However, output was still 1.8% lower than a year earlier.
Waiting game Though the MPC's decision to leave interest rates unchanged at 4.5% was widely expected by the financial markets, business leaders said they were "disappointed" .
"We understand that the MPC faces major uncertainties,"said David Frost, director general of the British Chambers of Commerce(BCC).
"But we reiterate that waiting too long before taking corrective action could be dangerous, and could cause long-term damage."
But the Bank of England is said to be keen to avoid assessing the all-important Christmas trading season too early. And after high energy prices lifted inflation above its 2.0% target for five months running last year, the MPC is likely to be keeping on eye on whether workers' pay increases have risen to compensate.
"Until the impact of rising energy prices and wage setting behaviour become clearer, the Bank will be reluctant to change its stance," said Ian McCafferty, chief economic adviser at the CBI.
Focus on February The EEF manufacturers' organisation supported the Bank's decision to keep rates on hold this month, believing that it needs clearer evidence on the state of the domestic economy, particularly consumer spending.
"Should the evidence point to a weak Christmas periodfor consumer spending, the case for a cut in rates would be significantly stronger," said EEF chief economist Steve Radley.
All eyes will now be on next month's meeting, when MPCmembers will have the Bank of England's quarterly inflation report to hand.
If inflation is weaker than expected, the committee could vote for a rate cut as early as February.
"We think the door is still open for a cut in rates over the next two months, perhaps as soon as next month," said Philip Shaw at Investec Securities.
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Online Library Part III
| Online Library I Part I of the online library list. |
| LaGrange Park Public Library District eContent Collection NetLibrary provides access to your library’s eContent collection. eContent is the digital version of books, journals, and database content. You can access your library’s eContent 24 hours a days, seven days a week. |
"May librong naghihintay sa'yo..."
Vine Linux PostgreSQL
and PostgreSQL to manage its database.
The Prayer of the Optimist
"God, grant that I may see the joke of things, The little things that bother now and then,
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Danger: Cloaking Moral Judgment
"This is a major pitfall. It is a pitfall because we ascribe to science much more authority than it deserves. We do so for two reasons. One is that very few of us understand the limitations of science. The other is that we are too dependent upon authority in general.
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