Tuesday, August 31, 2010

Haiti assist bid injured by delayed U.N. reply

Tom Brown PORT-AU-PRINCE Fri Feb 26, 2010 1:13pm EST Related News Haiti preserve puncture as sleet turns camps to mudThu, Feb eighteen 2010U.N. assist arch chides agencies on Haiti reliefThu, Feb eighteen 2010Sarkozy visits Haiti, unveils vital assist packageWed, Feb seventeen 2010Tarps, toilets are priorities for quake-hit Haiti: U.N.Mon, Feb fifteen 2010One month after quake, Haitians stick on to weep deadFri, Feb twelve 2010 < 1 / 7 > People travel at a temporary tent stay in Cite Soleil in Port-au-Prince Feb 26, 2010. REUTERS/Carlos Barria

PORT-AU-PRINCE (Reuters) - Clutching involuntary attack rifles, truckloads of U.N. infantry patrolled the streets of Haiti"s cracked collateral on the day after the trembler strike last month, clearly preoccupied to the wretchedness around them.

World&&&&Natural Disasters

Cries for assistance from people digging for survivors in collapsed buildings were drowned out by the bark of heavy-duty engines as the infantry plowed by Port-au-Prince but interlude to stick on rescue efforts, majority less lead them.

A usual steer since they were deployed in 2004, the U.N. infantry huddled in the shade of their canopied vehicles.

There were about 9,000 uniformed U.N. peacekeepers stationed in Haiti when the upheaval struck on Jan twelve and they were the judicious "first responders" to the mess in the bankrupt Caribbean country, whose notoriously diseased executive supervision was impressed by the scale of the tragedy.

Initially, however, nothing of the peacekeepers appeared to be concerned in hands-on charitable service in what puncture healing experts report as the vicious initial 72 hours after a harmful trembler strikes.

Their reply to the abominable pang was singular to you do security and seeking for looters after the bulk 7.0 upheaval intended majority of the collateral and took what Haitian President Rene Preval says could be as majority as 300,000 lives.

There was looting in the capital, but it paled in some-more aged with the astringency of the charitable crisis.

Horribly-injured patients flooded overstretched hospitals, forcing healing staff to confirm that patients to yield and that were already as well far left to try saving.

"Doctors played God," pronounced Tyler Marshall, a maestro former Los Angeles Times match operative with an general assist organisation that helped out in a tent city erected at the tallness of the destruction on the drift of Port-au-Prince"s University Hospital, the country"s largest.

Scores of U.N. crew died in the quake, together with Hedi Annabi, head of the U.N. mission that was set up in 2004. That helps insist what majority have criticized as a glacially delayed kickoff of service operations after one of history"s misfortune healthy disasters.

But in the days and weeks that followed it mostly seemed that lessons from alternative disasters were abandoned in Haiti as fears of rioting or anarchy overshadowed concerns about removing assist out quickly.

The U.N."s tip charitable assist official, John Holmes, is between those who have chided service agencies, together with the United Nations itself, for you do as well small to assistance Haiti.

"We cannot ... wait for for for the subsequent puncture for these lessons to be learned," Holmes wrote in a trusted email initial published on the website of the biography Foreign Policy.

"There is an obligatory need to progress significantly genius on the ground, to urge coordination, vital formulation and sustenance of aid," pronounced Holmes.

Edmond Mulet, behaving head of the U.N. mission, concurred in an talk that it played a singular charitable purpose in the initial couple of days after the trembler since the operations were effectively decapitated.

"At the unequivocally commencement it was unequivocally formidable since all the domicile was utterly broken and all the care of the mission was killed," Mulet told Reuters.

"CRIMINALS AND BANDITS"

Mulet gained prominence for wielding an iron fist during a prior army as head of the U.N. mission when he led mostly Brazilian "blue helmet" infantry in a successful crackdown on Haiti"s heavily armed gangs.

And he has finished no tip about sophistry the competing needs of service operations with law enforcement, in his bid to lane down the some-more than 3,000 inmates who took value of the trembler to shun from the main prison.

"We are here additionally to yield security," he pronounced when asked about the mess of convoys of rifle-wielding U.N. infantry to poke for people trapped in the rubble of the busted capital.

"I still have to patrol, I still have to go after all these criminals and bandits that transient from the inhabitant penitentiary, the squad leaders, the criminals, the killers, the kidnappers. I cannot unequivocally confuse myself from you do that."

The service mission shifted in to higher rigging after U.S. infantry deployed in large numbers and set up a supply sequence to get food and disinfectant in to areas great out for aid.

But there were still majority bottlenecks and setbacks, mostly involving U.N.-linked food distributions hobbled by unsound organization, reserve and throng control.

Unfortunately, U.N. infantry in Haiti have over the years gained a repute for toughness and abuse some-more than for easing pang in the lowest nation in the Americas.

"The usually time I"ve seen one of these U.N. infantry burst out of the behind of a lorry was to kick up on somebody or take a shot at them," pronounced a piece of the U.S. Army"s 82nd Airborne Division, as he worked security during a new assist handout.

"These guys have since all of us in unvaried a bad repute here," he said, asking not to be identified.

Haiti"s wrecked infrastructure and bad ride links finished it formidable to get assist out and keep it flowing, but that frequency finished the incident opposite from that in alternative new disasters around the globe.

"POOREST AND MOST VULNERABLE"

"The lowest and the majority exposed people lend towards to live in the regions that are strike the majority by healthy disasters," pronounced Solomon Kuah, an puncture healing medicine formed in New York who outlayed 4 weeks in Port-au-Prince after the quake.

There are no arguable estimates for the series of survivors who died from injuries due to unsound healing supplies.

But Henriette Chamouillet, the World Health Organization"s deputy in Haiti, pronounced all from staff shortages to bureaucracy and a miss of make-up lists embroiled the smoothness of containers full of medicines from Port-au-Prince"s airfield to doctors on the ground.

Port-au-Prince sits usually 700 miles off the seashore of Miami, that is home to a large Haitian-American community, and it seemed ludicrous that so couple of the U.S. infantry rushed there spoke French or were accompanied by translators.

One retaining picture of pell-mell food distributions came when U.S. helicopters offloaded boxes of MREs (Meals Ready to Eat) at a site in the capital. Many Haitians non-stop them up usually to toss them afar in offend since no French or Creole-language instructions were enclosed with the assumingly invalid packets of dust, explaining that they indispensable to be churned with H2O as piece of their preparation.

Rajiv Shah, head of the U.S. Agency for International Development, has touted the Haiti service mission as "the largest and majority successful general poke and rescue bid ever fabricated in history."

But some-more than 6 weeks after the upheaval hit, the mission is still mostly in an puncture reply mode. The U.N."s World Food Program is tying the food rations to 55-pound (25 kg) bags of rice and the Haitian supervision estimates that a million upheaval survivors are still vital in the streets in temporary encampments with no using H2O or toilets.

Doctors are roughly finished traffic with dire injuries but reconstruction for a little 40,000 amputees and rebuilding Haiti"s health infrastructure are between long-term challenges.

"This is unequivocally a mess of Biblical proportions," pronounced Lewis Lucke, who was the USAID executive in Iraq prior to entrance to Haiti as U.S. ambassador.

U.N. and alternative officials have pronounced the tellurian reply to Haiti"s upheaval was quicker and some-more in effect than in alternative new disasters, together with the Asian tsunami that killed 226,000 people in thirteen countries in Dec 2004.

But experts contend the United Nations has a lot to sense from smaller, some-more nimble healing groups similar to International Medical Corps, or IMC, and Paris-based Medicins Sans Frontieres, along with charities some-more experienced in distributing aid, such as CARE and Catholic Relief Services.

Kuah, who concurrent service efforts for IMC, a California-based organisation that had rarely learned doctors treating patients in Haiti twenty-three hours after the trembler struck, stressed the "need for speed" when it comes to saving lives.

"When you ask yourself if there were ways you could have prevented some-more mortalities or discontinued additional mortality, with earthquakes, in particular, it"s some-more timing than anything else," pronounced Kuah.

(Additional stating by Catherine Bremer, Jackie Frank, Patricia Zengerle, Mica Rosenberg and Andrew Cawthorne; Editing by Kieran Murray)

World Natural Disasters

Sunday, August 29, 2010

Customers meal after failure Consumer

A Cary kitchen-and-restaurant supply association that filed for failure this month left dozens of commercial operation but sell and has thick with some-more than 200 complaints with the Better Business Bureau and state Attorney Generals Office.

Kitchen Gadgetry filed for Chapter 7 failure on Mar 4 and has perceived 168 complaints with the Better Business Bureau in the past twelve months. Of those 106 were for undelivered merchandise.

Company officials did not lapse requests for criticism Monday.

Their attorney, Travis Sasser, reliable that Alex Gomes and his relatives own the business, but he declined to criticism on interest of the company.

The Better Business Bureau has been keeping tabs on Kitchen Gadgetry given Mar 2008, but complaints and inquiries proposed to soar last fall, President and CEO Beverly Baskin said.

The association proposed handling essentially as an Internet commercial operation in 2007, according to the Better Business Bureau. It had been rated F by the BBB but right away has no rating as it has close down the operation.

Along with complaints, the series of people interrogation about the association jumped from 639 for all of 2009 to 707 so far in 2010.

"Its one of the red flags," Baskin said. "We kind of guard these things, and afterwards someone says, "Hey, this association has been removing a lot of complaints. Lets figure out whats going on.""

In addition, the Attorney Generals Office has perceived 46 complaints about the company.

Customers who did not embrace the sell they systematic and who paid with a credit label can record a censure with their label association to see either they can get a refund, Baskin said.

In February, the association alerted the Attorney Generals Office that it was not receiving any serve orders and was perplexing to repay assets.

The association pronounced in that notice that it would not competition chargeback claims from commercial operation whose products had not been delivered.

Customers can additionally acquire a Proof of Claim form by essay to the failure court. This will put them on the central list of creditors for the case.

Though the loyal that particular creditors are mostly the last to be paid, Baskin said, filing is still a magnitude value taking.

"You never know how far the moneys going to go," she said.

Saturday, August 28, 2010

Tax credit disorder lands 9000 family groups in the wharf

Nearly 9,000 operative family groups have been dragged to justice over the last year given of Gordon Browns pell-mell taxation credits system.

The series of operative relatives who have been treated with colour similar to criminals interjection to the difficult complement of administration has soared by 750 per cent in the last twelve months.

Tax credits have been blunder disposed and indeterminate given they were launched 7 years ago.

View from the dock

View from the dock: Tax credit justice cases have risen by 750% in usually twelve months

The intrigue forces relatives to guess their income for the entrance year family groups contingency compensate behind income if they finish up earning more.

When relatives destroy to compensate behind overpayments, they are referred to the courts by HM Revenue and Customs.

But majority family groups claiming taxation credits are on low incomes and cannot pay off large overpayments quickly.

More than 600,000 family groups were overpaid by some-more than 1,000 in the last year. And 500,000 family groups earning next 15,000 were overpaid an normal of 555.

LibDem Leader Nick Clegg will currently launch an conflict on the Prime Ministers flagship policy.

He indicted Labour of penalising the bad rather than assisting them with the formidable system, adding: ;Hard-pressed family groups should not be criminalised given of Labours astray taxation credit system.

The volume paid out in taxation credits mostly changes given it is contingent on income, childcare costs, hours worked, the series and age of young kids and marital status.

Mr Clegg wants the Government to repair the taxation credit awards for 6 months to give family groups monetary stability.

In the last five years, one million family groups have been underpaid by the taxation credit complement whilst dual million family groups have been overpaid some-more than once. A third of all payments have been distributed wrongly and 8.4billion has been lost to rascal and error.

Stephen Timms, Financial Secretary to the Treasury, insisted HMRC never took people to justice over errors, adding: ;It initiates justice movement usually as a last review to redeem money that people are not entitled to.

Friday, August 27, 2010

Poland mourns as President Lech Kaczynskis physique arrives home

Tony Halpin, Moscow & ,}

The physique of President Lech Kaczynski arrived home in Poland from Russia currently as investigators began to break down into parts the black-box moody recordings of the moments prior to the craft in that they were travelling crashed.

President Kaczynski"s matching identical tiwn hermit was between the mourners who gathered at Warsaw airfield to declare his coffin being ceremonially unloaded by a troops honour guard.

Relatives of most of the alternative 95 victims were duration nearing in Moscow to begin the grave assign of identifying their desired ones and arranging their repatriation to Poland. Those who died in yesterdays mess in Smolensk, western Russia, enclosed most of Polands domestic and troops elite.

Russian investigators pronounced this afternoon that they had ruled out technical faults as a means of the craft crash, adding to conjecture that commander blunder was to blame.

Related LinksAir pile-up is a tragedy, not a disasterPoland craft pile-up commander abandoned notice not to landForeign leaders compensate reverence to Polish presidentMultimediaPICTURES: Polish air disasterBLOG: pile-up investigators concentration on human factor

The recordings that we have endorse that there were no technical problems with the plane, pronounced Alexander Bastrykin, Russias arch investigator, in a televised assembly with Vladimir Putin, the Russian Prime Minister.

Recordings of the planes communications with air trade carry out suggested the pilot had been warned that thick haze over the airfield combined unsafe landing conditions, but landed anyway, Mr Bastrykin said.

Earlier Mr Putin was benefaction in Smolensk for a use to honour the victims and to attend a grave rite imprinting the depart of the Presidents physique for Poland.

The rite took place at the same airfield where President Kaczynskis Tu-154 plane was attempting to land when it crashed.

Mr Putin has taken assign of a commission that is questioning the crash.

Sirens wailed opposite Poland this sunrise as a two-minute overpower was hold to mourn President Kaczynski and the alternative pile-up victims.

Motorists in Warsaw stopped their cars in the streets and got out of their vehicles to mount in honest courtesy at the cadence of noon.

Donald Tusk, the Polish Prime Minister, called for the inhabitant proof of pique and respect, hours after the crash. The nation has entered 7 days of inhabitant mourning.

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Thursday, August 26, 2010

Tony McCoy To win the Grand National is all

Tony McCoy strew tears of happiness and service as he over a lifetimes mental condition by eventually winning the Grand National.

The 35-year-old Irishman, a 14-time hold up jockey, stood high in his stirrups withhis whip lifted triumphantly on top of his head as he upheld the winning post on a equine called Dont Push It.

Victory confirmed, but argument, his standing as the greatest-ever National Hunt jockey.

;Hopefully, in the years to come, my daughter Eve, who is two-and-half-years old, competence right away have something to be unapproachable of me now, pronounced McCoy, overcome by emotion.

New homes sales tumble permanent orders up in February

Lucia Mutikani WASHINGTON Wed Mar 24, 2010 7:34pm EDT Related News U.S. permanent products orders stand 0.5 pct in FebWed, Mar twenty-four 2010U.S. Jan commercial operation inventories unchangedFri, Mar twelve 2010 Related Video Video Business Update: Wall St. declines Wed, Mar twenty-four 2010 A residence for sale is graphic in Alexandria, Virginia, Mar 22, 2010. REUTERS/Molly Riley

A residence for sale is graphic in Alexandria, Virginia, Mar 22, 2010.

Credit: Reuters/Molly Riley

WASHINGTON (Reuters) - Sales of newly built homes fell for a fourth true month to a jot down low in February, but an additional stand in new orders for permanent products offering declaration the mercantile liberation was on course.

Housing Market

The churned interpretation on Wednesday underscored that whilst enlargement continues, laggards such as housing and the work marketplace are station in the approach of a full recovery.

"The economy continues to be on a delayed to assuage recovery. I don"t see a relapse in the housing market, not right now," pronounced Nick Kalivas, clamp boss of monetary investigate at MF Global in Chicago.

Single-family home sales fell 2.2 percent to a 308,000 section annual rate, the Commerce Department said, startling markets that had approaching a 320,000 section pace.

In a second report, the dialect pronounced new orders for long-lasting made products increasing 0.5 percent in February, rising for the third true month, and January"s total were revised higher to show a 3.9 percent gain.

Markets had approaching orders to stand 0.7 percent in Feb from the formerly reported 2.6 percent rise.

The housing interpretation came on the heels of inform on Tuesday display existent home sales fell for a third true month in Feb whilst the supply of houses on the marketplace jumped.

Analysts pronounced snowstorms that lashed tools of the nation last month contributed to the dump in new home sales, but concurred the underlying citation remained weak.

U.S. monetary markets were small changed by the churned mercantile data, seeking elsewhere for direction. The downgrading of Portugal"s credit rating handed the Standard Poor"s 500 index .SPX and the Dow Jones industrial normal .DJI their greatest one-day dump in a month.

The U.S. dollar scaled a 10-month high opposite the euro. Benchmark supervision down payment yields jumped to their top turn in some-more than a month after an auction of five-year Treasury records captivated bad demand. The stand will approaching pull up debt rates and mystify the housing recovery.

Home sales have hardly responded to the prolongation and enlargement of a renouned taxation credit, that increasing purchases in the second half of 2009. Housing is display debility only as a key post of await is about to be dismantled.

The Federal Reserve will finish purchases of mortgage-based bonds subsequent week, that had lowered the cost of home loans to jot down lows and helped the housing marketplace scratch out of a three-year slump.

SPRING REVIVAL EYED

Still, analysts are anticipating a last notation pour out by buyers to validate for the lengthened taxation credit before to the Jun death could lift sales in the entrance months. An approaching collect up in practice is additionally approaching to await destiny sales.

"New-home sales are approaching to collect up this month. In the second half of this year, direct drivers of housing should urge as the pursuit marketplace stabilizes and starts to supplement jobs," pronounced Celia Chen, a comparison executive at Moody"s Economy.com. in West Chester, Pennsylvania.

"The awaiting of some-more foreclosures flooding the market, however, will keep improvements in the housing marketplace really medium by the rest of this year."

Home-builder Lennar Corp additionally struck carefully confident note on the housing marketplace and pronounced it was on lane to have a distinction this year.

A inform by the Mortgage Bankers Association showed U.S. debt applications fell for a second true week, with direct for home loan refinancing descending to the lowest turn in a month as seductiveness rates jumped.

While the housing marketplace is still struggling, production continues to enhance as businesses reconstruct inventories.

Manufacturing is heading the economy"s liberation from the misfortune downturn in 7 decades. Durable products inventories last month posted their greatest benefit given Dec 2008.

New permanent products orders incompatible travel rose 0.9 percent in Feb after descending 0.6 percent the before month.

"Durable orders interpretation yield serve justification that manufacturers are enjoying a full of health recovery, driven by restocking and the turnaround in universe trade," pronounced Paul Dales, a U.S. economist at Capital Economics in Toronto.

Non-defense collateral products orders incompatible aircraft, a closely watched substitute for commercial operation spending, rebounded 1.1 percent last month after a 3.9 percent tumble in January.

But shipments, that go in to the calculation of sum made at home product, lengthened their decrease in February. That caused a little economists to trim their forecasts for initial entertain GDP growth.

Unfilled orders increasing for the second true month in Feb and available their largest benefit given Jul 2008.

(Additional stating by Julie Haviv in New York; Editing by Andrew Hay)

Housing Market for acne doctors to help adolescents to treat their acne

Monday, August 23, 2010

Investors siphon up Salix shares

Investors pushed Salix Pharmaceuticals shares eighteen percent higher in early trade currently in the arise of the great headlines delivered Tuesday by a Food and Drug Administration advisory panel.

Analyst Robert Hazlett of BMO Capital Markets lifted his rating on the batch to "outperform" -- the homogeneous of a buy rating -- and lifted his aim cost for the batch to $40, according to Bloomberg News.

Salix shares sealed at $24.25 prior to the FDA row endorsed that the association be authorised to surveillance the best-selling drug, Xifaxan, as a diagnosis for a critical liver disease, hepatic encephalopathy. The sovereign agency, that typically follows the letter of reference of the panel, is approaching to action on Salixs focus by Mar 24.

Salix, and a little analysts, plan that a go-ahead from the FDA could beget rise annual Xifaxan sales of $1 billion -- most some-more than the drug is generating now. Xifaxan sales totaled $93 million during the initial 9 months of last year.

Later this year, Salix intends to request for regulatory capitulation to foster Xifaxan as a diagnosis for irked bowel syndrome. The association projects that capitulation for IBS could meant one more annual rise sales of $2.5 billion.

Analyst James Molloy of Caris & Co. pronounced that the panels letter of reference creates Salix an tasteful merger target.

"There are a lot of big curative companies out their seeking for drug and seeking for expertise," pronounced Molloy. "Here is a association that is sitting on a billion-dollar drug this year and a billion-dollar drug subsequent year. There arent most of those out there."

Adam Derbyshire, Salixs CFO, pronounced that the companys diversion plan doesnt embody being acquired.

"We are publicly held. That is regularly a possibility," he said. "But we are not for sale and we are not bathing ourselves for sale."

Thursday, August 19, 2010

Regular drug make use of increases conference loss in men investigate finds

Hearing loss is the most common sensory disorder in the US, afflicting over 36 million people. Not only is hearing loss highly prevalent among the elderly, but approximately one third of those aged 40-49 years already suffer from hearing loss. Even mild hearing loss can compromise the ability to understand speech in the presence of background noise or multiple speakers, leading to social isolation, depression, and poorer quality of life.

Investigators from Harvard University, Brigham and WomenHospital, Vanderbilt University and the Massachusetts Eye and Ear Infirmary, Boston looked at factors other than age and noise that might influence the risk of hearing lose. Aspirin, acetaminophen, and ibuprofen are the 3 most commonly used drugs in the US. The ototoxic effects of aspirin are well known and the ototoxicity of NSAIDs has been suggested, but the relation between acetaminophen and hearing loss has not been examined previously. The relationship between these drugs and hearing loss is an important public health issue.

Study participants were drawn from the Health Professionals Follow-up Study, which tracked over 26,000 men every 2 years for 18 years. A questionnaire determined analgesic use, hearing loss and a variety of physiological, medical and demographic factors.

For aspirin, regular users under 50 and those aged 50-59 years were 33% more likely to have hearing loss than were nonregular users, but there was no association among men aged 60 years and older. For NSAIDs, regular users aged under 50 were 61% more likely, those aged 50-59 were 32% more likely, and those aged 60 and older were 16% more likely to develop hearing loss than nonregular users of NSAIDs. For acetaminophen, regular users aged under 50 were 99% more likely, regular users aged 50-59 were 38% more likely, and those aged 60 and older were 16% more likely to have hearing loss than nonregular users of acetaminophen.

Writing in the article, Sharon G. Curhan, MD, ScM, Channing Laboratory, Department of Medicine, Brigham and WomenHospital, Boston, and colleagues state, Regular use of analgesics, specifically aspirin, NSAIDs, and acetaminophen, might increase the risk of adult hearing loss, particularly in younger individuals. Given the high prevalence of regular analgesic use and health and social implications of hearing impairment, this represents an important public health issue.

Wednesday, August 18, 2010

Funding for the National Broadband Plan Uncertain

The National Broadband Plan, that the Federal CommunicationsCommission (FCC) denounced to Congress today, is dictated to have theUnited States the tellurian personality in broadband connection, offeringAmericans affordable entrance to the fastest and majority ubiquitousconnections to the Internet.

But there is one adhering point: Without carry out of new spectrum,the FCC lacks both the bandwidth and supports to have the mental condition a reality."Spectrum" refers to the rope of air call wave frequencies that TV, cellular, and alternative device signals work on and is totalled in megahertz (MHz).

The plan calls for creation at slightest 500 MHz and as most as 800 MHz ofadditional spectrum accessible over the subsequent 10 years, essentially toshift spectrum from promote to

Sunday, August 8, 2010

Sony Samsung item 3D TV plans

Kiyoshi Takenaka and Franklin Paul TOKYO/NEW YORK Tue Mar 9, 2010 2:42pm EST Related News WRAPUP 2-Sony, Samsung detail 3D TV plansTue, Mar 9 2010UPDATE 3-Sony to launch 3D TVs in June, rivals SamsungTue, Mar 9 2010Sony to start selling 3D TVs in Japan from June 10Mon, Mar 8 2010Samsung launches 3D TVs with 2 mln sales targetWed, Feb 24 2010 Related Video Video 3D televisions finding definition Tue, Mar 9 2010 < 1 / 5 >

Thursday, August 5, 2010

Greece not requested assist - IMF mouthpiece

Thu Mar 18, 2010 10:46am EDT Related News Portugal deficit plan appropriate - IMFThu, Mar 18 2010IMF recognizes new Honduras government - spokesmanFri, Mar 5 2010

WASHINGTON, March 18 (Reuters) - The International MonetaryFund repeated on Thursday that debt-burdened Greece has notrequested financial assistance from the IMF, which stands readyto help if needed.

Currencies&&&&Bonds

"We haven"t received any request for financial assistance.We expect the euro zone countries to want to and plan toresolve this question by themselves," IMF spokeswoman CarolineAtkinson told a regular news briefing. (Reporting by Lesley Wroughton; Editing by James Dalgleish)

Currencies Bonds

Sunday, August 1, 2010

RBS posts �3.6 billion loss for last year

Stephen Hester

Stephen Hester has offered to waive his bonus for this year

The Royal Bank of Scotland could have made 1bn more last year if its best staff had not been poached by other banks, the bank"s boss claimed today.

RBS posted a 3.6 billion loss today - but said it will still pay about 1.6 billion in bonuses to its staff.

But chief executive Stephen Hester has said he believes the top-performing staff who left the company in last year"s exodus could have added 1 billion to profits.

Mr Hester told BBC Radio 4"s Today programme: "We"ve had a small experiment in this respect... some of our best-performing people have been leaving in their thousands.

"The people who left us last year, I believe, would have increased our profits by up to 1bn beyond the ones that we"ve got."

The RBS boss, who waived his own bonus for 2009, said he had done so to try to take the heat out of the bonus issue.

Mr Hester said the intense levels of scrutiny over the issue of remuneration were "crosses we have to bear".

The 2009 shortfall in profits at the part-nationalised lender was better than expected and shares surged around 7 per cent this morning as a result.

The figure compares with a record 24.3 billion deficit the year before - the largest in UK corporate history - as the bank was sucked into the maelstrom of the financial crisis.

More...Latest charts: How RBS and other bank shares reacted today (thisismoney.co.uk)Lloyds announces 6.3bn losses after losing billions in HBOS deal

RBS, which is now 84 per cent taxpayer-owned after a series of bail-outs, has attracted huge controversy about the level of planned bonuses at its investment arm.

Chief executive Stephen Hester said the level of the bank"s rewards pot was set by the board and was not "imposed upon us from outside", although he added that there had been a need to balance external pressures with the need to retain key workers.

"I do believe because of the nature of the tightrope that we are walking we will continue to lose staff," he said.

Workers at RBS will share bonus pool of 1.3bn

Workers at RBS will share bonus pool of 1.3bn

RBS said it expects to make a 208 million contribution to the Treasury bonus tax.

The decision means that 18,000 investment bankers at RBS - which is 84 per cent taxpayer-owned after a string of bailouts - will be paid a massive 73,000 each - three times the national average salary.

The decision to allow the bonus payments to go through will prompt outrage from the public.

Chief executive Stephen Hester said the results had "exceeded all the principal milestones" set for the first year of its turnaround plan.

The announcement came after Gordon Brown yesterday declared that the bailed-out banks would be forced to "pay back every penny that is owed to the British public."

The payout to investment bankers was given the green light by UK Financial Investments (UKFI), the body set up to manage the Government"s stakes in banks.

Mr Hester, who has waived his own payout for last year, had previously said the bank would pay "the minimum we can get away with".

Shadow chancellor George Osborne said "people will find it very difficult to understand" how RBS could pay out bonuses in the current circumstances.

"We have just got to look at the whole banking sector and try to bring this pay down. It has got to ridiculous levels," he told BBC Breakfast.

Mr Osborne did not deny that a Conservative government would also have given the green light to the RBS bonuses but added: "I welcome there are no cash bonuses."

He said RBS should not be singled out and he recognised the bank"s argument that important staff would leave if pay was not competitive.

Mr Osborne said "unacceptable" pay levels throughout the sector must be tackled.

Mr Hester added today that the group"s core business - theactivities that will stay part of the organisation after therestructuring plans - saw profits rise from 4.4 billion in 2008 to8.3 billion last year.

Bad debt and other impairment charges across the group increased to 13.9 billion from 7.7 billion the previous year.

Thebank said there were signs that its level of soured loans could havereached its peak, with the fourth quarter looking less dire forcorporate clients.

However it warned the financial circumstancesof many consumers and businesses remain fragile and that currenteconomic uncertainty "could expose some customers to furtherdifficulty".

The bank said it is in discussion with the Government about alteringits lending commitments to "reflect the economic circumstances" overthe next year.

It stressed it was "unambiguously open for business" in its lendingto customers, but the strained economic environment had caused manycustomers to become "nervous about financial matters" and reduce theirborrowings.

As part of its bailout terms, the firm agreed to make an extra 25billion available to customers in loans - 9 billion for mortgages and16 billion for business lending.

The firm said its was on course to surpass its commitment to lend tohouseholders, with net mortgage lending over the year at 11.8 billion.

Lending to firms was 60.2 billion in 2009, but after loanrepayments and overdraft movements saw business lending balances down 8per cent by the year end.

Mr Hester said 2009 was "a year of substantial progress" for the bank.

"RBS is being restructured and run to serve customers well, to besafe and stable and to restore sustainable shareholder value for all,"he said.

"That is our legal duty and it is our intention and desire. It isalso the only way taxpayers will recover the support they have givenus."