FOREX-Dollar falls vs yen euro on Bernanke rate oath

Wed Feb 24, 2010 10:39am EST

Currencies

* Dollar falls vs euro, yen on Bernanke testimony

* Fed chief says continues to expect ultra low rates

* Housing data underscores fragility in U.S. economy

(Recasts, updates prices, adds comment, Bernanke remarks)

By Luciana Lopez

NEW YORK, Feb 24 (Reuters) - The dollar slid against theeuro and the yen on Wednesday after U.S. Federal Reserve chiefBen Bernanke reaffirmed expectations that the bank would keepits benchmark interest rate exceptionally low for some time.

A surprise plunge in January new home sales in the U.S.bolstered investor outlooks for low rates as well, underscoringthat a recovery in the world"s largest economy remains anongoing -- and sometimes bumpy -- process.

The euro firmed 0.37 percent to $1.3555 EUR=, as thedollar fell 0.42 percent to 89.820 yen JPY=.

"The (Federal Open Market Committee) continues toanticipate that economic conditions -- including low rates ofresource utilization, subdued inflation trends, and stableinflation expectations -- are likely to warrant exceptionallylow levels of the federal funds rate for an extended period,"read Bernanke"s prepared testimony to the House FinancialServices Committee on Wednesday. For details see[ID:nN23238973]

"The (housing) data is obviously very weak, and I don"tthink Bernanke said anything new," said Marc Chandler, seniorcurrency strategist at Brown Brothers Harriman. "It"s just thatthe economy has recovered but still needs low rates."

Sales of newly built U.S. single-family homes unexpectedlyfell to a record low in January, dropping 11.2 percent.Analysts had expected the figure to gain over the previousmonth. [ID:nN24169849]

The single European currency was also propped up as sometraders further trimmed short positions following broadweakness in recent weeks.

The euro hovered near a nine-month low hit versus thedollar last week, after data showed German consumer sentimentwas set to decline into March, following weak businesssentiment data on Tuesday. [ID:nBAF003980]

Concerns about Greece"s public finances remained in thebackground. A ratings downgrade of Greece"s four largest banksby Fitch on Tuesday reminded investors of the financial woesfacing the country. (Additional reporting by Steven C. Johnson and Naomi Tajitsu;Editing by Padraic Cassidy)

Currencies

Javier Mascherano: Id never be tempted by Citys millions says Liverpool midfielder

Javier Mascherano launched a scathing attack on Manchester City"s attempt to buy their way to the top and insisted: "I wouldn"t want to play for them."

The Liverpool midfielder raised the stakes even higher ahead of the crucial Eastlands showdown by pointing to the lack of history at City.

Count me out: Liverpool"s Argentinian midfielder Javier Mascherano has no intention of joining compatriot Carlos Tevez at mega-bucks Manchester City

"Maybe if City got into the top four, they would build on it, like Chelsea did, but one thing is clear," he said.

"You can buy players, but you cannot buy history. At Liverpool, that counts for a lot. We play with the history of the club.

"We don"t have the money that they have, but we are proud to play for Liverpool. I don"t want to play for Manchester City. Yes, they have money and they are building a good team, but I am still proud to play for Liverpool."

Glory days: Javier Mascherano helps Liverpool to a 1-0 victory over Unirea Urziceni in the UEFA Europa League on Thursday

Liverpool boss Rafa Benitez is convinced his side"s mental strength will prove decisive in the battle for fourth place.

He said: "We have experience of the demands in this situation, and that is important, because it does depend a lot on the players and if they are nervous or not."

More...The making of Manchester City"s Adam Johnson: How the skinny kid they feared was too small to make it became a flying winger at the richest club in the worldBenitez breathes sigh of relief as Man City come to town without TevezMancini admits bust-up with Bellamy but says striker could face Liverpool

Opposition integrate direct year of insurgency opposite Irans rulers

Martin Fletcher & , : {}

The First Couple of the Iranian antithesis transformation have noted the begin of the Persian New Year this week finish by perfectionist a "year of resistance" opposite a tyrannical regime.

In daring video messages posted on the internet, Mir Hossein Mousavi and his wife, Zahra Rahnavard, credit the system of administration of violating the constitution, wrecking the economy and destroying Iran"s general standing.

The entrance year should be well known as the "year of resistance", Mr Mousavi declared. The supposed Green transformation contingency not desert the final for freedom. To do so would be "treason opposite the nation, Islam and the red red blood of the martyrs."

"We wish deception and dark to end," pronounced Ms Rahnavard, a burning artist and educational who champions women"s rights.

Related LinksIran indicted of attempted murder debate opposite KurdsRival claims over Mousavi"s whereaboutsAt slightest eight passed in Tehran travel battles

Mohammed Khatami, a former boss and an additional de facto antithesis leader, additionally weighed in by perfectionist free elections and the recover of domestic prisoners.

The 3 leaders unsuccessful to indicate new ways of opposed a system of administration whose security forces have mostly suppressed the large travel demonstrations that the antithesis staged after last summer"s hotly doubtful presidential election.

Mr Mousavi spoke usually of the opposition"s need to "expand the reach to all segments of society". Ms Rahnavard pronounced that the Green transformation sought to grasp the final by "evolution", not revolution.

The system of administration one after another the hang-up currently by jailing Hossein Marashi, a former Vice-President in Mr Khatami"s reformist Government, for swelling rebellious promotion in the post-election turmoil.

For Mr Mousavi to suggest a name for the entrance year was in itself an action of rebuttal as that is traditionally the pursuit of Ayatollah Ali Khamenei, the Supreme Leader.

The posting of the messages additionally lifted echoes of President Obama"s videotaped New Year nod to the Iranian people twelve months ago when he was still looking a truce with the regime.

Speaking subsequent to a mural of Ayatollah Ruhollah Khomeini, the owner of the Islamic Republic, Mr Mousavi decried the killings and alternative atrocities that followed the election, and indicted the system of administration of violating the constitution by receiving afar the people"s right to free elections, a free press and privacy.

"Our constitution was combined in a sea of martyred blood. It is not something that we can lose simply and we contingency all lapse to the principles," he said.

He additionally likely a deepening mercantile predicament in the entrance year with "greater stagnation and endless and augmenting poverty".

He pronounced that predicament could be compounded by general sanctions since the system of administration was posterior "the misfortune probable general family and unfamiliar policy".

Ms Rahnavard echoed her husband, saying: "In this New Year we wish a lapse of leisure to the country. We wish the order of law. We wish deception and dark to end. We wish an finish to discrimination."

hair wig

Chile trembler kills 122 and triggers tsunami

Robin Henry & , : {}

A large trembler has strike the seashore of Chile, murdering some-more than 100 people, flattening buildings and triggering a tsunami.

The 8.8-magnitude upheaval shook the nation for a notation and half at 3:34am (6:34am GMT) today.

A tsunami notice has been lengthened opposite 53 countries, together with majority of Central and South America and as far as Australia and Antarctica.

The call has already caused critical repairs to the frugally populated Juan Fernandez islands, off the Santiago coast, and is right away travelling opposite the sea at multiform hundred km per hour.

Related LinksThe scholarship at the back of the Chile earthquakeEye declare accounts of Chile earthquakeMultimediaIn pictures: the Chilean earthquakeMap of Chile trembler section

People in the Galapagos and on Easter Island have already taken refuge, whilst the US has proposed evacuating the shoreline communities of Hawaii.

At slightest 122 have been killed in the quake, according to Chiles inhabitant puncture office.

President Michelle Bachelet has spoken a state of disaster in the country. Calling for ease from an puncture reply centre, the effusive boss said: We have had a outrageous earthquake, with a little aftershocks.

Despite this, the complement is functioning. People should sojourn calm. Were you do all we can with all the forces we have. Any report we will share immediately.

The upheaval strike nearby the locale of Maule, 200 miles southwest of Santiago, at a abyss of twenty-two miles underground.

The epicentre was only 70 miles from Concepcion, Chiles second-largest city, where some-more than 200,000 people live along the Bio Bio river.

TV Chile reported that a 15-storey construction collapsed in the city, whilst alternative buildings held glow and large cracks non-stop up in the streets and bridges.

Cars incited upside down lay sparse opposite one shop-worn bridge.

Dozens of people were seen in motion by the streets, a little wheeling suitcases at the back of them and others entertainment around open fires to keep warm.

Many are shocked by the absolute aftershocks and are desperately perplexing to call friends and family.

The write and energy lines are down in most of executive Chile, creation it formidable to consider the full border of the repairs close to the epicentre.

Chile is the worlds tip copper producing nation and the upheaval halted operations at dual vital mines.

Never in my hold up have I experienced a upheaval similar to this, the similar to the finish of the world, one man told internal air call from the city of Temuco, where the quake

forced staff to leave the informal hospital.

Santiago airfield has been close down and will sojourn sealed for at slightest the subsequent twenty-four hours after the newcomer depot suffered vital damage.

In Talca, only 65 miles, from the epicentre, neighbours pulled at slightest five people from the rubble whilst puncture workers, themselves disoriented, asked for report from reporters.

The Foreign Office has updated the transport report for people formulation to go to Chile, saying: The Foreign and Commonwealth Office is in strike with the embassy in Santiago in sequence to settle the contribution on the ground.

Communications are sporadic. We will refurbish this recommendation over the subsequent couple of hours.

The Chilean ambassador, Rafael Moreno, pronounced he was perplexing to assistance disturbed British-based kin have strike with their family groups in the country.

In the coastal city of Vina del Mar, the trembler struck only as people were withdrawal a disco, Julio Alvarez told a internal air call station. It was really bad, people were screaming, a little people were running, others appeared paralyzed. I was one of them.

Several big aftershocks after strike the south-central region, together with ones measuring 6.9, 6.2 and 5.6.

The trembler was caused by the building of the Pacific being pushed next South American land mass.

This remarkable jerking of the sea-floor replaced H2O and triggered a tsunami, that is right away channel the sea at a speed of a jet plane.

The Pacific Tsunami Warning Center released a notice for Chile and Peru, and a less-urgent tsunami watch for Ecuador, Colombia, Panama, Costa Rica and Antarctica.

A orator said: "Sea turn readings prove a tsunami was generated.

"It might have been mortal along coasts nearby the trembler epicentre and could additionally be a hazard to some-more faraway coasts."

All Pacific islands together with the Hawaii and the Easter Islands have additionally perceived warnings.

US Civil Defense officials in Hawaii pronounced they were scheming to begin evacuations from shoreline communities.

The Joint Australian Tsunami Warning Center additionally warned of a intensity tsunami hazard to New South Wales state, Queensland state, Lord Howe Island and Norfolk Island".

Any intensity call would not strike Australia until Sunday sunrise internal time, it added.

On the Easter Islands people are right away looking higher belligerent prior to the call strikes.

Earthquakes are comparatively usual in Chile, that is piece of the peaceable ring-of-fire tectonic-plate boundary, and most buildings are built to ward off tremors.

The largest trembler ever available struck the same segment on May 22, 1960. The magnitude-9.5 upheaval killed 1,655 people and left dual million homeless.

The tsunami that it caused killed people in Hawaii, Japan and the Philippines and caused repairs to the US West Coast.

hair wig

Tempus: Amlin enjoys a ensign year

Nick Hasell & , : {}

If Amlin is regarded as the blue thinly slice between Lloyds of London insurers, there was zero in yesterdays full-year total to change that view. Pre-tax increase some-more than quadrupled to �509.1 million, the companys �3.4 billion investment portfolio generated a full of health 5.9 per cent lapse (against 0.6 per cent in 2008) and the multiplication was lifted by a improved than approaching eighteen per cent.

True, 2009 was a ensign year. An scarcely soft whirly deteriorate in the Gulf of Mexico meant that Amlin, identical to the peers, suffered no poignant disaster losses. Reinsurance rates the majority poignant decding factor of the companys profitability hold organisation and sojourn usually 6 per cent down from their 2007 high, whilst liberation in equities and corporate down payment prices in the second half of the year supposing a fillip to item values. Last years opportunistic $350 million merger of Fortis Corporate Insurance total serve momentum. The former Dutch appendage contributed �53.7 million to yesterdays numbers a 12.8 per cent lapse on Amlins investment in usually five months, or 30.7 per cent on an annualised basis.

If there was a disappointment, it is that the profitability of the Fortis division, despite improved, stays far subsequent Amlin as a whole. Its total comparative magnitude a magnitude of claims and losses relations to premiums warranted was an uncomfortably high 96 per cent, opposite Amlins 72 per cent.

Amlin additionally appears to be in no precipitate to discharge the gangling income on the change sheet. Surplus collateral has risen from �593 million to �656 million at the finish of last year which, at scarcely half of Amlins net discernible resources (NTA), is high both in comprehensive and relations terms. The distance of that raise had lifted hopes that Amlin competence compensate a special multiplication or begin shopping behind shares. However, since the miss of distinctness surrounding new collateral endowment manners due in 2012 to that non-life insurers will be firm as majority as banks the association has singular the earnings to the climb in the unchanging multiplication for now.

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In usual with the sector, Amlin will onslaught to replicate 2009s clever investment returns. With about half the portfolio sitting in short-dated supervision holds or cash, the majority appropriate goal lies with the companys capability to take value of any climb in seductiveness rates. But shrinking investment earnings could additionally work in the favour. With insurers creation less income on their assets, they are display signs of competing less aggressively in underwriting. The UK corporate word marketplace on condition that skill and worker guilt cover for not as big and medium-sized companies has suffered from both retrogression and extreme rivalry, but reward rates here should be over the worst. Farther out, any ordering of AIGs non-life word multiplication a awaiting that would appear to have come closer with Prudentials move on AIG Middle East could additionally progress underwriting earnings if the US behemoth withdraws from less essential business.

At 404p, the shares traffic at a in accord with sixteen per cent reward to Numis Securities guess of NTA. However, it is the 4.9 per cent multiplication produce whose clever cash-backing should strengthen it from any setbacks to Amlins bottom line that is the improved reason to hold.

Xchanging

Xchanging is mostly described as a mid-cap Capita and, from a discerning peek at yesterdays full-year results, the result seems apt. Like the incomparable opposition in back-office processing, Xchanging, whose clients embody Allianz, BAE Systems and Deutsche Bank, reported underlying expansion in revenues of 5 per cent.

Unlike Capita, Xchanging is assured of at slightest repeating that attainment in 2010. This is since the clients are drawn roughly unconditionally from the in isolation sector, where there are signs of a pick-up in outsourcing wake up after the two-year interregnum prompted by recession. The association pronounced yesterday that the tube of impending work value some-more than �20 million a year had risen to 33 deals, up 10 per cent on the half-year stage. The catch is that it is not until the second half of 2010 that it expects contracts to be sealed in bulk.

For now, the 2008 merger of Indias Cambridge Solutions has been entirely integrated, overheads cut by �14 million a year and net income has risen to an above-forecast �21 million.

Xchanging has been behind to do the guarantee of the 2007 boyant and there is a risk that 2010 forecasts might infer as well high. Growth in handling margins right away 8.5 per cent has been behind by the Cambridge deal, whilst the association has shifted the concentration to winning not as big contracts than before. But it has a extended geographic reach, with usually twelve per cent of the impending deals stemming from the UK. More than one third of the work is rubbed in lower-cost offshore locations and a little of the some-more cyclical revenues contract estimate in the United States and Germany should good from mercantile recovery. At 187p, or eleven times this years earnings, buy on weakness.

Arena Leisure

When Mark Elliott saddled up as arch senior manager of Arena Leisure in Oct 2005, it is satisfactory to contend that racing industry pundits were underwhelmed. His prior employer Wembley (the gaming operator, not the stadium) had found itself at the centre of a temptation liaison in the United States and, nonetheless Mr Elliott was not concerned in the purported offences, the sceptics had a margin day.

The mercantile downturn has not been kind to Arena. Attendances at the 7 racecourses have remained pretty robust, rising 2 per cent last year, but the series of big-spending corporate liberality business has depressed sharply. The outlay per head of those that one after another to book is additionally well down.

But Mr Elliotts bad new run is turning. He used full-year formula yesterday to call the bottom of the corporate decline, and a remunerative new media rights understanding value �106 million over the five years from 2012 has since him the certainty to revive dividends progressing than majority had forecast. The TV understanding additionally came in time to secure a new �55 million bank trickery on tasteful terms.

His concentration on creation the majority of Arenas resources additionally looks set to compensate off. The Marriott road house opening at Lingfield Park racecourse subsequent month will yield acquire new income streams and identical projects are in sight at the Wolverhampton, Doncaster and Windsor courses.

The shares, up p to 26p, are trade on a corpulent twenty-five times 2010 earnings, but with the Reuben brothers, owners of Northern Racing, sitting on a twenty-six per cent interest and trade prospects improving, the shares are value a flutter.

Taleban self-murder bombers kill seventeen and harm thirty in Kabul attack

Jerome Starkey in Kabul & , : {}

A array of self-murder blasts in executive Kabul currently killed at slightest sixteen people and harmed some-more than 30.

A car explosve exploded on the corner of a large play ground only after 6.30am, destroying a singular level guesthouse renouned with Indian contractors.

Eyewitnesses pronounced the streets were forlorn as majority people were still defunct on the begin of the Afghan weekend, that is additionally piece of a eremite holiday.

Moments after witnesses pronounced there was a second blast followed by gunfire. Police and chosen conflicting terrorism infantry fought for some-more than 3 hours as rescuers one after another to swell bodies out of 4 wrecked buildings.

Related LinksAssault force killed my family by mistakeAfghan dwindle hoisted over Marjah Taleban put heart of Kabul underneath encircle

The initial blast was the loudest, pronounced Ahmed Shah, 28. I ran outward and saw military lonesome with dust all over their faces. They told me to go inside.

Police pronounced 4 Indians, an Italian, a Frenchman and 3 Afghan military officers were killed in the explosions.

Italian diplomats reliable the inhabitant was operative with their embassy in Kabul. The Frenchman had been in Kabul less than twenty-four hours. Officials pronounced he had been operative on a "cultural co-operation" mission with the embassy.

Eyewitnesses pronounced military at conflicting ends of the travel appeared to be sharpened at each alternative in the disharmony after the blasts.

The receptive to advice of gunfire echoed by the streets as troops, heedful of secluded militants, privileged the buildings room by room.

The Taleban claimed shortcoming for the attacks. Spokesman Zabiullah Mujahid pronounced a patrol of five people launched the attacks opposite dual hotels used by foreigners.

The nine-storey potion façade of an upmarket selling centre and road house formidable collapsed on to the street, whilst a 4 scale void noted the mark of the initial blast outward the Hamid Guesthouse.

Thick branches ripped from circuitously trees and the charred stays of a cars engine retard dirty the streets, as ambulances ferried the bleeding to circuitously hospitals.

US Marines, British explosve ordering experts and French soldiers arrived to consult the damage, whilst Afghan comprehension staff sifted by the waste for evidence.

The dry head of a self-murder bomber was installed in to an ambulance on a stretcher.

General Sayed Abdul Ghafour Sayedzada, the head of military intelligence, pronounced 3 military officers were killed by a self-murder bomber who they chased in to the Park Residence Guesthouse.

He pronounced an Italian inhabitant staying there was additionally killed by the explosion.

The Hamid Hotel and the Park Residence were both renouned with Indians. They were both less than half a kilometre from the Indian Embassy that has been regularly targeted in lethal self-murder attacks.

Afghan and US officials have indicted Pakistans comprehension use of impasse in prior attacks opposite the Indian Embassy.

The conflict appeared to be the greatest in the collateral given Taleban gunmen launched a contemptuous conflict on multiform targets in the centre of the city on Jan 18.

National Bullying Helpline underneath glow as congregation renounce Politics

Christine Pratt pronounced the National Bullying Helpline had perceived calls from Downing Street staff. Photograph: Peter Macdiarmid/Getty Images

The owner of a bullying helpline was roundly pilloried currently for divulgence that her gift had perceived calls from people operative inside of Downing Street and was indicted of being piece of a politically encouraged tract to destabilise Gordon Brown.

Three congregation of the National Bullying Helpline – Tory MP Ann Widdecombe, TV presenter Sarah Cawood and workplace highlight consultant Cary Cooper – give up currently at the poise of Christine Pratt. There were additionally reports tonight that a fourth patron, Tory councillor for Hillingdon Mary O"Connor, had quiescent – that would leave the gift but any patrons.

The gift commission additionally pronounced it was rising an review in to the helpline given of complaints it had perceived in the last twenty-four hours.

But notwithstanding the criticisms, Pratt insisted she had been right to verbalise up and hinted that serve complaints had been finished from employees at the heart of government.

The owner of the National Bullying Helpline tells Steven Morris about her gift and the purported hit with Downing Street Link to this audio

She additionally strongly denied that she or her Swindon-based organization were politically encouraged or she had been in hold with the Conservative celebration prior to she went open with the allegations.

With the row display no signs of abating, Pratt pronounced she had oral out given she felt that the supervision was not receiving complaints about bullying seriously. But she additionally went on to confess the allegations finished about bullying competence have been but substructure or "imaginary" and emphasised that nobody had without delay indicted the budding minister.

Speaking to the Guardian, she referred to that some-more allegations competence have been finished by staff operative close to the budding apportion given the outcry erupted on Sunday.

"I assimilate there competence be some-more entrance down the line. I have to see at it. There are a little issues I need to get my head around."

Asked if she would try to convince any of the ostensible complainants to come brazen she said: "I competence really well do that. I will be giving that really critical consideration. I will find recommendation from curators and colleagues. I"m darned if I do and darned if I don"t now."

Pratt spoke as she was criticised by Tory and Labour MPs, and as congregation of the helpline walked away, observant they had quiescent given of the proceed she had put the gift in the spotlight.

Cary Cooper, a highbrow of organisational psychology and health, quiescent this morning, observant that Pratt had not been "very wise". He added: "It is ostensible to be a trusted helpline."

Cawood followed fit hours later, observant she felt she had no preference but to area herself from the charity.

"I concluded to turn a enthusiast of the National Bullying Helpline given I hold that bullying – in any form and opposite any person, in any case of on all sides or energy – is wrong.

"However, in light of the new events where trusted phone calls were finished public, I feel it is no longer a debate with that I would similar to my name to be associated. I have thus motionless to renounce as a enthusiast of the National Bullying Helpline with evident effect."

It has additionally been reported tonight that Tory councillor for Hillingdon Mary O"Connor has departed.

Pratt, who set up the hotline in 2003 with father David, certified that she was "shocked" and "emotionally drained" after anticipating herself at the centre of a storm.

She described how she had been awaiting a still Sunday, but that altered when her father was out on foot the dog in the morning.

Pratt emailed a internal BBC air wave hire after conference Peter Mandelson being interviewed by Andrew Marr on Sunday morning. She pronounced she thought the commercial operation cabinet part of hadn"t taken the claims of bullying seriously.

Elaborating to BBC reporters, Pratt claimed that her organization had been contacted by people operative at No 10, sparking a outrageous domestic row.

Lord Mandelson claimed that a "political operation" had been launched and the charity"s links to the Tory celebration came underneath scrutiny; the domicile are dual doors down from a Conservative office, and it boasts the Conservative grandee Ann Widdecombe as a patron. The front of the website includes a admiration from David Cameron.

But Pratt pronounced she had "absolutely no contact" with Conservatives prior to creation her comments.

She said: "We"re not politically motivated. If we were politically encouraged we competence be really rich. We"re not. We embrace no supervision funding. This gift is a bad charity."

Pratt pronounced she was not a part of of the Conservative celebration and it was only a fluke that there was a Tory bureau dual doors down.

Pratt certified she was still rough about the sum of how most people from No 10 had finished complaints.

She said: "We have perceived 3 or 4 calls from the budding minister"s bureau or emissary budding minister"s bureau over the last eighteen months or so. I haven"t got the sum in front of me, I will need to dig them out."

Pratt went on to contend that one was someone who downloaded report from the website – and could have been you do so for investigate purposes. But she pronounced she privately had phoned one complainant back.

She continued: "This isn"t about those 3 or 4 calls. The reason we contacted the internal media on Sunday was given we were endangered that an employer here, and No 10 no less, was going in to present rejection when allegations of bullying were levied and that is not how an employer ought to handle in 2010."

Pratt was penetrating to emphasize that conjunction she nor the complainants had indicted Gordon Brown directly.

"They have not pronounced Gordon Brown is a bully. We aren"t observant Gordon Brown is a bully. We are endangered there was a dismissive approach."

Pratt denied that she had damaged manners of confidentiality. "I know a little are job for my resignation. I don"t hold I"ve finished anything wrong. I haven"t disclosed sum or names."

Ann Widdecombe, pronounced it was consequential to apply oneself callers" anonymity. "I instruct she hadn"t finished it," she said.

Pratt, however, remained daring tonight. She insisted: "I would do the same again."