US data run fails to energize subdued markets

LONDON (AP) ? A raft of U.S. economic figures failed to give markets any momentum Friday at the end of a week that's seen many of the world's major stock indexes rise to multi-year highs.

U.S. stock markets have been at the forefront of the global advance, with the Dow Jones index recording a series of highs during a 10-day winning streak ? its best run since 1996 ? and the broader S&P 500 on the cusp of its own historic peak.

The run of U.S. economic data did not alter the flat tone that had prevailed in markets through the day as investors cashed in following a stellar run. However, the Dow remained within striking distance of a higher close, which would be its eleventh consecutive.

A stronger-than-expected increase in February industrial production figures offset a surprisingly big fall in consumer sentiment as measured by the University of Michigan.

In Europe, the FTSE 100 index of leading British shares was down 0.7 percent at 6,483 while Germany's DAX fell 0.2 percent to 8,042. The CAC-40 in France was 0.7 percent lower at 3,844.

In the U.S., the Dow Jones industrial average was down 0.2 percent at 14,497 while the S&P fell 0.1 percent to 1,560, about five points from its all-time high.

Developments on Wall Street and the U.S. economy have largely dominated market sentiment this year despite ongoing worries over the global economy, particularly in Europe.

"Among the investor community, the idea that, economically speaking, the U.S. is leading the pack is still widely shared," said Herve Goulletquer, an analyst at Credit Agricole.

A summit of the 27 European Union leaders in Brussels failed to deliver any fundamental change in economic strategy though there was more talk of the need to promote growth rather than just cut debt.

"Despite the previously entrenched positions, there are signs from the tone and language of the meeting that there may be a slight softening of their austerity position," said Rebecca O'Keeffe, head of investment at Interactive Investor.

The soft tone in stock markets was echoed in the currency markets as investors booked some recent dollar gains. The euro was up 0.3 percent at $1.3055 while the dollar fell 0.8 percent against the Japanese yen, to 95.47 yen.

One currency that has been in the ascendancy over the past day has been the British pound after Bank of England Governor Mervyn King said he suggested the currency was "properly valued."

Traders took his remarks as a sign that the Bank does not want to see further falls in the currency, which has been in retreat for the past few weeks on expectations of another monetary stimulus from the central bank. His comments Thursday pushed the pound back above the $1.51 mark.

Earlier in Asia, Japan's Nikkei 225 rose 1.5 percent to 12,560.95 ? its highest close in more than four years ? after both houses of parliament endorsed Haruhiko Kuroda, the current president of the Asia Development Bank, to head the Bank of Japan.

The vote allows Kuroda to stand in for current Bank of Japan governor, Masaaki Shirakawa, after he steps down on March 19. Another vote is required to make Kuroda's appointment permanent.

Hong Kong's Hang Seng fell 0.4 percent to 22,533.11. Australia's S&P/ASX 200 advanced 1.8 percent to 5,120.20. Benchmarks in mainland China, Thailand and Indonesia rose.

Oil markets were relatively subdued, with the benchmark New York rate up 43 cents at $93.44 a barrel.

Source: http://news.yahoo.com/us-data-run-fails-energize-subdued-markets-135212901--finance.html

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Trading the bus for butler: New pope's new lifestyle

? Reuters Photographer / Reuters / REUTERS

Pope Francis was known for his common touch when he was cardinal of Argentina.

By Jeff Black and Tracy Connor, NBC News

The Mercedes popemobile. The 10-room penthouse apartment. The Swiss Guards.

The worldly trappings of the papacy will be a big adjustment for a former prince of the church who tried to live like a pauper.

Before he was Pope Francis, Argentinian archbishop Jorge Bergoglio was known for shunning the perks of the job -- the palace, the chauffeur, the red vestments -- for a simpler life befitting a Jesuit priest.

Now that he's leader of the world's 1.2 billion Roman Catholics, the man who took a vow of poverty at age 22 will have to get off the bus and get used to having a butler.

Or maybe it's the Vatican that's in for a change. Within minutes of being named pontiff, the new boss was already putting a stamp of simplicity on papal life.

He did not sit on the papal throne to receive the cardinals, he didn't don a red cloak over his white cassock, and he declined to take an official car back to the hotel, opting to take the bus with the rest of the group, a Vatican spokesman said Thursday.

Osservatore Romano / Reuters file

He used to take the bus, but this is Pope Francis' new ride.

In Buenos Aires, Bergoglio walked to his office and often used buses -- likened by one travel writer to "old men in a bar ? loud, smoky, rough around the edges" -- to get around town.

He's unlikely to have that lack of luxury as pope, if only for security reasons. His main ride will be the white armored Mercedes SUV with an elevated glass enclosure, known to the world as the popemobile. The interior is white leather with gold trim.

For longer jaunts across Italy he has the option of a helicopter, staffed by pilots from the Italian Air Force. Commercial jets are chartered for flights around the world, and the pope sits up front.

His new digs will be first-class, too.

As a cardinal, Bergoglio was entitled to live in an opulent mansion but chose to bed down in a spartan downtown apartment, keeping warm with a stove when the building turned off the heat on weekends, according to The Associated Press.

Soon he'll move to a sprawling wrap-around suite on the top floor of the Apostolic Palace that 200 workers spent three months renovating in 2005.

There's a private chapel, a medical office, a library large enough to hold Pope Benedict XVI's 20,000 books, a state-of-the-art German kitchen with onyx counters, and the office from which he blesses the crowd in St. Peter's on Sundays.

A lavish home fit for a pope
The floors are 16th century inlaid marble polished to a gleam. The loggia that leads to the apartment is covered in historic frescoes. There's access to a rooftop garden, and the attic has small apartments for guests and staff.

The household retinue includes a butler, a couple of secretaries, and women from a lay association known as Memores Domini who cook and clean.?

That will seem like a crowd to Pope Francis, who lived alone in Argentina and spent every morning sitting next to his landline phone, personally taking calls from parish priests and recording their complaints and requests in a small notebook, a former aide told NBC Latino.

Luciano Thieberger / AP file

No fancy wines for Pope Francis. He prefers "mate," a traditional South American beverage.

Bergoglio also cooked for himself, and his?favorite meal?might horrify the average Italian: skinless chicken and salad. He does enjoy a glass of wine -- or a shot of espresso while in Rome -- but usually settles down with a spot of Argentinian tea called?mate.

At the Vatican, typical meals might include pasta with salmon and zucchini or rigatoni with prosciutto, prepared on a marble table with vegetables imported from the papal vacation home, Castel Gandolfo. Rich desserts like strudel or tiramisu were on the menu under Benedict's watch.

If he packs on a few pounds, no worries: A major wardrobe change is also in the offing.

While some cardinals seem to love cloaking themselves in the crimson robes that advertise their rarefied status, Bergoglio covered up with a black overcoat. The Argentinian newspaper La Nacion reported that he didn't order new clothes when he was elevated; he had the previous cardinal's hand-me-downs tailored to fit him.

Osservatore Romano / Reuters

As a cardinal, he covered up his telltale red vestments with a plain black overcoat. Pope Francis will now wear white and be outfitted by tailor Gammarelli's.

After Pope Francis was elected on Wednesday evening, the papal tailor Gammarelli's would have offered him a burgundy mozzetta, a short cape either in red velvet trimmed in white fur or in silk brocade to wear over his cassock. He demurred, and no one will be shocked if he decides against the red leather slippers that became Benedict's trademark.

Even though he was his country's top church official, Bergoglio rarely interacted with the press, preferring to make his points from the pulpit. Soon he'll have reporters from around the world scrutinizing his every word and gesture.

Father Jorge, as he was called at home, will be known as His Holiness. But those close to him expect the railway worker's son will cling to some of the pared-down aspects of his former existence.

"This routine is his life's backbone," Father Guillermo Marc?, who worked for him for eight years, told NBC Latino. "And he will try to keep it in place as much as possible."

Related:

The pope's to-do list; 7 challenges facing Francis

Pope likely to back status quo on gays, abortion

At a papal briefing, the Vatican offered details about what happened inside the Sistine Chapel and afterwards following the election of Cardinal Jorge Mario Bergoglio of Argentina as the next pope.

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Source: http://worldnews.nbcnews.com/_news/2013/03/14/17309135-trading-in-the-bus-for-a-butler-the-new-popes-new-lifestyle?lite

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Obama, GOP in 'great conversation' on Capitol Hill

President Barack Obama waves to members of the media as he heads to a meeting with House Democratic Caucus on Capitol Hill in Washington, Thursday, March 14, 2013.(AP Photo/Pablo Martinez Monsivais)

President Barack Obama waves to members of the media as he heads to a meeting with House Democratic Caucus on Capitol Hill in Washington, Thursday, March 14, 2013.(AP Photo/Pablo Martinez Monsivais)

Continuing his effort to end political gridlock with Congress, President Barack Obama comes to Capitol Hill to meet with the Senate Republican caucus, in Washington, Thursday, March 14, 2013. From left to right, he is greeted by Sen. Susan Collins, R-Maine, Minority Whip John Cornyn, R-Texas, and Senate Minority Leader Mitch McConnell, R-Ky. (AP Photo/J. Scott Applewhite)

House Speaker John Boehner of Ohio, takes questions from reporters on Capitol Hill in Washington, Wednesday, March 13, 2013, following a closed-door meeting with President Barack Obama and House Republicans to discuss the budget. From left are, Rep. James Lankford, R-Okla., House Majority Leader Eric Cantor of Va., Boehner, Rep. Jackie Walorski, R-Ind., House Majority Whip Kevin McCarthy of Calif., and Rep. Cathy McMorris Rodgers, R-Wash. (AP Photo/J. Scott Applewhite)

WASHINGTON (AP) ? President Barack Obama said he had "a great conversation" with Senate Republicans on Thursday, the third stop in his ice-breaking tour of the Capitol this week on the budget and other contentious topics.

The 90-minute meeting with GOP rivals, senators said, featured exchanges on the budget, the proposed Keystone XL oil pipeline, tax reform and the regulatory burden on businesses.

"He was very candid. He certainly understands that you can't fix the country without adjusting entitlements to fit the demographics of our country," said Minority Leader Mitch McConnell, R-Ky., referring to benefit programs like Social Security and Medicare. "We'll see where we go from here, but it was a great meeting."

Obama then walked across the Capitol to meet with his House Democratic allies, capping visits this week to the Democratic and GOP conferences of both House and Senate.

Thursday's meetings came as a key Senate panel moved toward party-line approval of a fiscal blueprint that would only modestly trim the budget deficit while protecting safety net programs from slashing cuts proposed by Republicans.

The Senate budget plan, drafted by Sen. Patty Murray, D-Wash., blends about $1 trillion in modest cuts to health care providers, the Pentagon, domestic agencies and interest payments on the debt with an equal amount in new revenue claimed by ending some tax breaks.

But because Democrats want to restore $1.2 trillion in automatic spending cuts over the same period ? cuts imposed by Washington's failure to strike a broader budget pact ? Murray's blueprint increases spending slightly when compared with current policies. And after realistic assumptions about war spending are factored in, Murray's proposal would curb the deficit by only a few hundred billion dollars over 10 years. Murray's plan allocates just $50 billion for overseas military operations next year and assumes no war spending whatsoever starting in 2016.

In the House, Budget Committee Republicans approved a 2014 budget plan late Wednesday with an entirely opposite approach. It whacks spending by $4.6 trillion over the coming decade and promises sweeping cuts to Medicaid and domestic agencies while setting a path to balancing the government's books within 10 years. The party-line vote sent the measure to the full House for a vote next week.

The partisan activity in the rival Budget panels contrasts with Obama's charm offensive, which is aimed at exploring the possibility of bipartisan agreement over politically challenging budget issues that have long gridlocked Washington.

Obama is signaling a willingness to adopt some modest steps on Medicare and Social Security, even as many of his Democratic allies wince at the idea. He told House Democrats that he could support a less generous inflation adjustment for Social Security but only as part of a larger budget bargain that includes new taxes.

He told senators to expect a decision on the keystone pipeline sometime this year though he didn't signal whether to expect his administration to approve it, said Sen. John Hoeven, R-N.D.

"This will be hard, and it will have to go against his own party to some extent as will some of us on the other side, but that we need to fix the debt for the country," said Sen. Lamar Alexander, R-Tenn. "He was candid and open and direct and he didn't sugar coat it. He recognizes that we have some pretty big differences and we ought to keep expectations under control, but he said he believes ? and I think all of us believe ? this is the way we should be doing business together."

Separately, debate continues in the Senate on a bipartisan spending measure wrapping up unfinished work on this year's budget ? the annual spending bills funding the day-to-day operating budgets of federal agencies. Leaders hope to finish that measure, which is required to prevent a government shutdown at the end of the month, on Thursday. Hopes were fading, however.

Senate passage would send the measure, with numerous changes, back to the House, which initially approved it last week.

The debate in the Senate Budget Committee is the first time since 2009 that Democrats in charge of the Senate have advanced a budget blueprint, which opened to predictably poor reviews from the panel's Republicans, who said it was heavy on tax increases and light on cuts to rapidly growing benefit and safety-net programs.

"Is it really possible that after four years, the majority has failed to identify any reforms? That all we have is just a tax-and-spend budget that makes no alteration to our dangerous debt course?" said the top Senate Budget Committee Republican, Sen. Jeff Sessions of Alabama. "Does the majority believe the government is perfect and requires no reform?"

At issue is the arcane and partisan congressional budget process, which calls for a unique, nonbinding measure called a budget resolution. When the process works as designed ? which is rarely ? budget resolutions have the potential to stake out parameters for follow-up legislation specifying spending and rewriting the complex U.S. tax code.

The House budget plan embraces tough new spending levels required under the unpopular, across-the-board spending cuts that began to take effect this month. But in order to protect the Pentagon, Republicans cut even more deeply into the day-to-day operating budgets of domestic agencies next year, slashing them from the $506 billion projected under the 2011 debt and budget pact to $414 billion ? an unprecedented 18 percent cut.

Murray's budget, meanwhile, not only preserves the spending caps set in the hard-fought 2011 deal but proposes $100 billion in stimulus spending for road and bridge construction, school repairs and worker training.

House Budget Committee Chairman Rep. Paul Ryan, R-Wis., has revived his plan that, starting in 2024 for workers born in 1959 or after, would replace traditional Medicare with a voucher-like government subsidy for people to buy health insurance on the open market. Murray proposes modest cuts to Medicare providers.

Ryan proposes slashing the Medicaid health care program for the poor and disabled by more than $700 billion over 10 years, while Murray would trim it by a negligible $10 billion. Ryan promises to eliminate $1.8 trillion in subsidies in the president's health care law; Murray doesn't touch them.

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Associated Press writer Donna Cassata contributed to this report.

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Follow Andrew Taylor on Twitter: https://twitter.com/APAndrewTaylor

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2013-03-14-Budget%20Battle/id-ec97a8d43f494544bab726675b47fa3f

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A Foreigner's Guide to Identifying Real Estate Fraud in the ... - Expatch

The Philippines? real estate sector has developed at a rapid pace in the past few years. In particular, Metro Manila is in the midst of a residential real estate boom. Between 1999 and 2010, for example, the average new condominium supply in Metro Manila was about 5,000 units. Between 2011 and 2015 that figure will increase fivefold to 26,000 units. However, despite the undoubted investment opportunities, there are a number of risks that foreigners looking to buy or rent in the Philippines must be aware of.

The Philippine Constitution states that foreigners are permitted to buy condominiums, but at present cannot purchase land titles unless married to a Filipino citizen. Foreigners are permitted to form a Philippine corporation and to purchase land, as long as the corporation is 60% Filipino-owned.

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Some of the most prevalent real estate crimes reported over the years include:

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Lack of Full Disclosure

Developers in the Philippines are often able to hide the actual cost of a property by simply advertising their properties at net price. These hidden charges sometimes only materialize when the buyer is in the process of purchasing the property. Net listings are normally associated with hidden charges such as tax delinquency, title history complication, encumbrances, and arrears. PSA recommends hiring the services of a licensed broker, one who has access to the Philippine National Listing System (PNLS), a database of all official properties for sale/rent in the Philippines, and the corresponding listed price. It is important to note that only licensed brokers have access to the PNLS.

Similarly, some less-than-reputable brokers have been known deliberately fail to inform buyers of potential issues associated with the property?s location, such as if it is located on an earthquake fault line (as are several properties in Bonifacio Global City), or an area that is prone to flooding. Likewise, condominium unit buyers are often not informed in advance of construction plans close to the building, that could create noise pollution and obstruct the view from the unit. Despite some pressure, there is no mandatory ?full-disclosure? agreement between buyers and brokers in the Philippines.

Below is the recommended procedure for buying/renting a property in the Philippines:

PSA also recommends that buyers only consider reputable property developers. Take the time to research property developers online. For example, BCI Asia, a leading Asia-focused construction media group, rated the top ten developers in the Philippines in 2012 as follows:

1. Ayala Land, Inc.
2. Century Properties Group, Inc.
3. DMCI Homes, Inc.
4. Eton Properties Philippines, Inc.
5. Federal Land, Inc.
6. Filinvest Land, Inc.
7. Megaworld Corporation
8. Robinsons Land Corporation
9. SM Development Corporation
10. Santa Lucia Land, Inc.

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?Colorum? Agents

Colorum agents are unlicensed and unregistered real estate agents often found illegally operating in the public domain. Colorum agents are responsible for the majority of real estate fraud scams and schemes in the Philippines. There are over 20,000 licensed real estate agents in the Philippines, but according to IPORESP, there are at least 100,000 active colorum agents, posing as property owners, dealers, appraisers, brokers, and even attorneys. Republic Act 9646, the ?Real Estate Service Act of the Philippines?, states that even those who distribute flyers, occupy real estate property booths, or act as sales agents without a license are considered colurum agents.

PSA advises to remain cautious when dealing with real estate agents. Always ask to see the broker?s license number, and accompanying documents. If in any doubt, seek verification from the Professional Regulation Commission (PRC), a government agency that keeps records of all licensed brokers in the Philippines. Performing due diligence on potential real estate agents is an effective way of determing whether or not an agent is licensed or not.

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Copy & Paste Property Advertising

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Some of the more unscrupulous real estate agents and brokers in the Philippines have been known to copy genuine advertisements from property owners, and simply edit the name and contact information as theirs, before reposting the advert in the same magazine or on the same website. Potential buyers responding to these adverts are often fooled into paying the broker fictitious fees for rent collection applications and credit checks.

Printed classified adverts ? found in magazines such as Buy & Sell Free Ads ? remain a popular medium for buyers and sellers in the Philippines. Real estate analysts have suggested that, in some editions, less than 50 percent of adverts in the real estate section are genuine. Similarly, websites such as Buyandsell.ph, Sulit.com, and Ayosdito.ph are littered with bogus real estate listings.

PSA advises to be wary of such advertisements, particularly the acute difference between advertising a property and advertising a lead. Advertising a property specifies several details about the property, including the exact address, while advertising a lead only states that a property is for sale at a ?cheap price? located in a certain city. A fake advert never specifies the address, to prevent potential buyers from being able to inspect the property for themselves.

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Bait for Buyers

PSA has received several reports of real estate agents posting adverts for properties that they are not authorized to sell. Furthermore, these properties are advertized at exceptionally low prices, to entice potential buyers. The agents will attempt to develop a close relationship with the buyer and earn their trust, before making up an excuse that the property in question had already been sold, or had been taken off the market by the owner. The agent will then suggest an alternative property, one that he/she is authorized to sell.

PSA advises to look for referrals and recommendations from the real estate agent to verify their intent to sell. This will confirm if the agent is authorised to rent or sell a particular property. Buyers are also advised to conduct research into property prices in locations of interest.

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Information Brokerage

Information brokerage occurs when agents collude to pass on details of listed propertiesto each other, each adding their own individual commission fee until the property is purchased. For example,one agent will directly deal with the seller, and another agent will represent the buyer. However,there will often be an additional two agents in-between. The superfluous agents? fees inflate and distort the true value of the property.

According to the IPORESP, commission for a full-time broker is approximately five percent per property. In deals that have been distorted by information brokerage, however, commission payments often total between 10 and 13 percent.

Information brokerage is a violation of the Code of Ethics and Responsibilities for Real Estate Service Practitioners. PSA recommends contacting the PNLS to verify that any property transactions that they are considering only involves three parties: the seller, the broker, and the buyer.

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Rental Fraud

Rental fraud is one of the most profilic scams in the Philippines? real estate sector. Scam artists will identify vacant or abandoned properties (usually for foreclosure or only used for vacation purposes), break into the property and change the locks. Posing as a real estate broker, they will advertise the property for rent at an exceptionally low price, to pique the interest of potential buyers. Buyers are then tricked into paying the ?broker? a security deposit and two months advance rent. By the time victim realizes that they have been the subject of a fraud scam, the scam artists have disappeared.

PSA advises to be wary of the possibility of rental fraud, especially when utility bills are found to be addressed to a different name (and not the seller). All payments should be prepared and accompanied by official receipts. If in doubt about the legitimicyof the business deal, seek assistance from other recognized agencies or brokers. Contracts between parties should always be reviewed and notarized by lawyers.

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Counterfeit Land Titles

Numerous unregistered real estate agents scour Metro Manila and other large cities in the Philippines searching for vacant lots, particularly those in gated communities or near commercial areas. Once a particular lot has been identified, the agents will research the property by obtaining copies of the land titles and other official documents from local government units, all of which are easily accessible in the Philippines.

The agents will then purchase a counterfeit land title, often from Quiapo Shopping District, a notorious market for counterfeit and pirated goods in Manila City. They will then advertise the vacant lot, targeting expatriates and middle class Filipinos. The victim will be lead to believe that the agent is authorized to sell/rent the lot. However, once the victimpays a deposit on the land, the agent will disappear.

PSA recommends conducting an appropriate level of due diligence and research on the land titles and the seller before considering a purchase. PSA is aware of several stories of victims losing significant amounts of money from fraudulent land titles.

The most effective precaution against real estate fraud is to deal with reputable developers and agents. According to the Republic Act 9646, all brokers must have a PRC license. If in doubt, clients are advised to call the PRC trunk line (02-314-0026) or fill out an IPORESP Anti-Colorum form (http://iporesp.org/anticolorumform.pdf) for official investigation.

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***The Code of Ethics and Responsibilities for Real Estate Service Practitioners under the Republic Act 9646 (Real Estate Service Act of the Philippines) and written by the Professional Regulatory Board for Real Estate Service (PRB-RES), is a set of rules and regulations to be strictly observed by those practicing real estate services with a license (consultants, appraisers, assessors, brokers, and salespersons).

In 2013, the Chamber of Real Estate and Builders? Association, Inc. (CREBA), the largest real estate organization in the
Philippines, partnered with the De La Salle- College of Saint Benilde, an arts university in Taft, Manila, to design a college program in Real Estate Management to support the PRB-RES and Republic Act 9646.

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Kindly contributed by?John Orenz Nito?of?Pacific Strategies and Assessments

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Source: http://www.expatch.org/2013/03/13/a-foreigners-guide-to-identifying-real-estate-fraud-in-the-philippines/

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Health workers in CIA's bin Laden plot reinstated

Abbottabad, Pakistan (AP) ? A defense lawyer says a Pakistani court has reinstated 17 health workers who were fired last year for allegedly participating in a CIA scheme to confirm the presence of Osama bin Laden in a town in northwest Pakistan.

Lawyer Javed Awan says Thursday's court order came 11 months after the health workers were suspended for failing to inform the government about Pakistani doctor Shakil Afridi's fake polio vaccination program.

The health workers say they didn't know Afridi was working for CIA to run a polio campaign in Abbottabad where bin Laden was later killed in a U.S. raid.

Afridi was sentenced to more than three decades in prison for ties to militants. But it is widely believed that he was punished as he helped CIA track down bin Laden.

Source: http://news.yahoo.com/health-workers-cias-bin-laden-plot-reinstated-134655321.html

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Everything You Need to Know About Electrons

Electrons are tiny little particles that whizz around atoms, right? Well, kinda, but they're actually far better understood as waves. Wait, what? If that makes you stop and scratch your head don't worry! Just watch this video, and you'll know everything you need to about the exciting world of electrons. More »

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UK industrial output unexpectedly falls in January

LONDON (AP) ? British industrial production fell sharply in January, official figures showed Tuesday, raising fears that the country will suffer its third recession in not much more than four years.

The Office for National Statistics said industrial production dropped a monthly rate of 1.2 percent from December, in contrast to expectations for a 0.2 percent rise. Industrial output includes manufacturing, as well as sectors such as construction and oil and gas production, and accounts for around 20 percent of the British economy, which is Europe's third-largest.

The pound fell sharply on the news as traders think it's more likely now that the Bank of England will back another monetary stimulus in the months ahead. At one point, the pound fell to $1.4830, its lowest level since June 2010, from $1.4905 just before the figures were released. It has since settled around the $1.4860 mark.

The industrial figures are the latest in a series of downbeat indicators suggesting that Britain's gross domestic product, or GDP, may shrink again in the first quarter of 2013. If it does so, the country would be in its third recession, defined as two consecutive quarters of economic contraction, since the end of 2008.

"Overall, a dire set of U.K. data," said Ross Walker, an economist at the Royal Bank of Scotland. "The slump in industrial production in January leaves a decline in Q1 GDP looking more likely than not."

That's the gloomy backdrop to next week's annual budget statement from the government. However, given the country's continuing high borrowing levels and the government's primary debt reduction policy stance, Treasury chief George Osborne is thought to have little room to raise spending or cut taxes.

As a result, much of the burden to revive the ailing British economy has fallen on the Bank of England. In an effort to stimulate growth in the wake of the financial crisis, the central bank has kept its key interest rate at a record low 0.5 percent since March 2009 and pursued a monetary stimulus program.

But so far, government cutbacks, financial troubles among key trading partners in Europe and difficulties in restructuring the banking industry have held Britain back.

Over the past few months, the Bank of England has held off from boosting its stimulus program ? under which it buys government bonds from banks to increase the amount of money flowing through the economy ? in the hope the economy will recover on its own. Above-target inflation has also been a concern.

"The data will pile more pressure on the Bank of England to inject more stimulus into the economy at its next policy meeting, and on (Osborne) to accept that more needs to be done to boost growth in next week's budget," said Chris Williamson, chief economist at Markit.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-03-12-Britain-Economy/id-5a94c14a685e40c799a1dfac76467f90

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