Pimco CEO Mohamed El-Erian is worried the Fed won’t be able to end its bond buying program without ‘collateral damage.’
See the article here: El Erian: Fed will struggle to unwind its giant trade
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Insurers paid out £1.19bn for flood and storm damage in the UK in 2012 – the highest annual figure for five years, an insurance trade body says.
Follow this link: Flooding payouts broke £1bn in 2012
Tax chiefs at the Big Four accountancy firms defend themselves against claims they are behind tax avoidance schemes that damage the UK’s interests.
See the article here: Tax chiefs hit back at criticism
Money will help cover living costs of 325 people in England affected by thalidomide
Survivors of the thalidomide drug scandal are to receive £80m of public funding over the next decade to improve the quality of their lives and fulfil what a minister called society’s “responsibility” to them. The money, announced on Thursday by the government, will help the 325 remaining people in England who were affected by thalidomide to adapt their homes or cars and buy hearing aids.
They were born to mothers who between 1958 and 1961 took thalidomide while pregnant for morning sickness, before its dangers were realised. It led to their babies being born with serious physical disabilities, such as shortened arms or legs, as well as damage to internal organs, eyesight and hearing. The money will go to the Thalidomide Trust, which represents survivors. It will replace an initial three-year pilot grant funding scheme agreed in 2009 by the then Labour government, which runs out in March.
“It struck me that there was a powerful case to provide long-time stability and funding. Society has a responsibility to this group of people,” said Norman Lamb, the care and support minister. The £80m would give “the maximum power and control to the individual to meet their needs”, he added.
Only the 325 survivors in England will benefit from the money, which will be disbursed by the Thalidomide Trust. The devolved administrations in Edinburgh, Cardiff and Belfast will decide on their own arrangements to help the other 106 survivors still living in the UK, in Scotland, Wales and Northern Ireland.
The trust’s national advisory council welcomed the move. “The renewed grant means a great deal to the 431 thalidomiders still living in the UK today. Practically, it will cover some of the costs of their ever-increasing health needs and the rising expense of their day-to-day living with thalidomide injuries,” it said. Grunenthal, the company which made thalidomide, recently issued its first ever apology for the huge damage it had caused, though many survivors rejected its statement.
Geoff Adams-Spink, chairman of EDRIC, a pan-European group set up by thalidomide survivors, said the £80m “comes as a huge relief to myself and the several hundred other survivors in England who have to cope every day with the damage caused to us by thalidomide. It’s a sad fact that many affected have not lived to see this day but those who have are in our sixth decade and are facing increasing costs to help us stay as healthy and independent as possible.”
Insurance market Lloyd’s of London says it expects to face claims of between $2bn and $2.5bn for the damage caused by Storm Sandy.
Read this article: Storm Sandy costs Lloyd’s $2.5bn
Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage from Superstorm Sandy.
Read more: Stock certificates feared damaged by Sandy
Obama gets opportunity to show his leadership
President Obama is greeted by New Jersey Gov. Chris Christie after arriving in Atlantic City on Wednesday to visit areas hit by Sandy. (Photo: Jewel Samad, AFP/Getty Images). 12:15AM EDT November 1. 2012 – President Obama got to do something the past …
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Businesses on the US East Coast continue to be disrupted by storm Sandy, with total damage estimated at between $10bn and $20bn (£6bn-£12bn).
Read more: Sandy damage estimated at $20bn