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UK National Loan Guarantee Scheme (NLGS) Dealt a Blow

During the Asian session equities have fallen as China has raised fuel prices, adding to concern that the powerhouse of the Far East is slowing down combined with a Federal Reserve official stating that “..the US rebound still faces risks.

The UK government has been dealt a setback at is new flagship credit scheme for small businesses has failed to get all of the UK’s major banks on board. HSBC will not be participating in the National Loan Guarantee Scheme (NLGS) which is a government plan to assist in jump starting the UK economy. Though ‘HSBC accounts for 15% of small business banking’ (CityAM) it is an embarrassing blow for the UK government, as HSBC have said that is uneconomical for the lender to take part.

After considerable speculation surrounding Apples announcement of its plans for its $100bn cash pile, it has unsurprisingly decided to pay investors a quarterly dividend of $2.65 a share. This move by Tim Cook is polar opposite to Steve Jobs (the late CEO) who insisted on not paying dividends to investors.

Economic Data:

First thing German PPI came out roughly in line with expectations. The next important releases are from the UK 9:30am, CPI and RPI (measures of inflation). This afternoon there is housing starts and building permits from the US at 12.30pm and the Fed’s Bernanke Speech* at 16.45pm.

*The Chairman of the Fed is lecturing to college students: “The Federal Reserve and the Financial Crisis” part 1.  


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