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MARKET CURRENTS

  • 6:28 AM While huge bonuses, robo-signings and bailouts are just some reasons why banks aren't too popular, poor everyday service and unreasonable charges that leave customers frustrated and angry are factors too. Delia Ephron provides an entertaining account of the travails of her and her husband. 8 Comments
  • 6:12 AM "High taxes help the richest, too" asserts Cornell economics professor Robert Frank, as the increased public spending would "produce clear gains in satisfaction for the wealthy," such as better-maintained roads. And besides, what difference does it make it if you have a home that's 15,000 square feet or one that's 10,000? 29 Comments [U.S. Economy]
  • 5:46 AM RBS (RBS) Chairman Philip Hampton waives his £1.4M ($2.2M) stock bonus following public anger over the £1M in shares that CEO Stephen Hester will receive. David Cameron defended paying Hester's bonus by saying that bringing in a new team for the bailed-out bank could be even more expensive. Comment!
  • 5:36 AM With the EU imposing oil sanctions on Iran, IAEA inspectors were due to arrive in the country today to press the government on its nuclear program. While Iran has signalled willingness to discuss the issue for the first time since 2008, Western diplomats are skeptical  that Iran will show the concrete cooperation the IAEA wants. 1 Comment [Energy, Global & FX]
  • 5:17 AM The rate of union membership continued to fall last year, slipping to 11.8% of the workforce from 11.9% in 2010, although the number of members rose by 49K to 14.76M. The proportion of of public sector employees in unions was 37% and that for private sector workers was 6.9%. (PR) 1 Comment [U.S. Economy]
  • 5:08 AM RIM (RIMM) is in talks with mobile handset and PC makers about licensing the company's BlackBerry 10 operating system, new CEO Thorsten Heins tells Bloomberg. As to fears that he will be unduly influenced by Mike Lazaridis, Heins declares, "make no mistake, I run the company." 3 Comments [Tech, Consumer]
  • 4:46 AM China's national auditor yesterday reportedly warned of "unignorable" potential risks in various areas, including in those of fiscal, financial and state assets management. Earlier this month, the auditor said it found billions of dollars worth of infractions and misappropriations by local-government financing vehicles. Comment! [Global & FX]
  • 4:37 AM The United Steelworkers union last night warned of the increasing chance of a strike on Wednesday by refinery workers in one or more locations if there's no progress in contract talks for a new three-year deal. The unions have expressed concern about safety protections for workers. 5 Comments [Top Stories, Energy]
  • 4:22 AM Greece and its private creditors may be close to a deal on a debt swap, but the country's officials agrily reject a leaked German proposal that an EU budget commissioner should have veto powers over Greece's budget if it is not in line with targets set by international lenders. 4 Comments [Global & FX]
  • 4:08 AM Six passengers have sued Carnival (CCL) in Florida over the sinking of the Costa Concordia two weeks ago, adding to a $100M complaint in Chicago from a crew member. Marc Bern, the lawyer for the passengers, said he expects to eventually sue on behalf of 1,000 of them. Moody's reckons the insurance costs may reach $1B. (previous) 1 Comment [M&A, Top Stories, Energy]
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