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Manila, Metro Manila, Philippines (AHN) – Philippine Finance Secretary Cesar Purisima warned that the Standard & Poor’s downgrade of the U.S. credit rating would have an impact on the country’s financial markets.

Purisima said the cut would likely result in dampening of overall appetite of fund owners to invest in the U.S., which would still affect developing nations.

The tentativeness of investors may slow down the global economy, he said.

Purisima added that unless Washington addresses the U.S.’s fundamental issues, the international community may have entered a period of less predictable and less stable global financial markets.

He said another impact of the S&P downgrade is on the Philippines’ foreign exchange reserves which are denominated in the American greenback and invested mostly in U.S. Treasuries.

Philippine Central Bank Governor Amando Tetangco Jr. said the one-notch downgrade may not lead to a sell-off of U.S. treasuries because the new rating of AA plus is still investment grade. Tetangco said that while it is a prudent investment strategy to diversify, the greenback and U.S. Treasuries are still the most liquid assets.

In preparation for a nervous opening of the financial markets on Monday after the S&P downgrade, European Central Bank President Jean-Clause Trichet convened a late Sunday afternoon call with the heads of the continent’s national central banks.

New French Finance Minister Francois Baroin questioned the rating cut, citing Washington’s dispute of the judgment because the rating agency allegedly overstated the U.S. federal debt by $2 trillion.

Chiefs of state are also discussing the downgrade, particularly between French President Nicolas Sarkozy and British Prime Minister David Cameron, and Italian Prime Minister Silvio Berluconi and U.S. President Barack Obama, who also discussed the downgrade on Friday with German Chancellor Angela Merkel.

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<p> <strong>The General Workers’ Union Professionals, Finance and Services Section appeals to local banks and legislators to take note of UNI Global </strong><strong>Union’s Frankfurt declaration.</strong></p>

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Republicans are turning America’s attention back to matters of finance, with the top Republican in Congress drawing a line in the sand in negotiations with Democrats over the raising of the nation’s $US14.3 trillion ‘debt ceiling’.

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Liberal Democrats insist on rigorous checks as MPs debate Andrew Lansley’s NHS bill

The Treasury will only support GP-led consortiums if the new bodies have passed rigorous clinical and financial tests, the chancellor’s deputy said on Monday.

In a sign of the Lib Dems’ determination to introduce major changes to the health and social care bill, Danny Alexander, the chief secretary to the Treasury and No 2 to George Osborne, told the Guardian the reforms would be implemented in a “variable pattern”.

Tory MPs were angered over the weekend when Nick Clegg described the bill as a “disruptive revolution” and said it would be wrong to force GPs to join the new consortiums by 2013. The deputy prime minister felt free to speak so strongly after reaching agreement with Cameron over relaxing the 2013 deadline.

Alexander expanded on Clegg’s remarks by suggesting there would never be a uniform imposition of the NHS reforms. He told the Guardian: “We need to be sure that we only allow GP consortia to go forward where they show they are capable and have got all the right building blocks in place so some will go faster than others and we will have a more variable pattern.

“From a Treasury point of view, consortia only get the permission to go forward when they are capable clinically and financially to go forward. If GP consortia don’t want to go forward, they will hardly develop the capabilities they need. So we are working very hard on timetables and flexibility right now.”

But Alexander makes clear that he hopes the NHS reforms are not abandoned. “Reform is necessary to ensure the NHS is able to deal with these rising health pressures and I just don’t believe the Labour top-down model of the NHS is suitable. So we should not abandon reform.

“But at the end of the day if we think this is a bad bill then having no bill would be better than that so we have to come up to substantial changes. What we have heard in recent weeks and months is growing voices in the NHS that there are new things we need to look at.”

Alexander opened up a new area of controversy by saying he did not want the new pubic services reform white paper to impose a universal blueprint for reform across the pubic sector. Cameron said in February a presumption would be written into legislation that public services will be delivered by the private or voluntary sectors.

Alexander’s intervention came as the Tory whips orchestrated an ostentatious show of support for health secretary Andrew Lansley. Nine cabinet ministers sat with him on the frontbench as he took part in a Commons debate called by Labour. No voting member of the cabinet sat on the frontbench last month when Lansley announced the pause in the health and social care bill that would hand about 60% of the NHS budget to new GP-led consortiums.

Lansley told MPs that the changes to the health and social care bill, which will be introduced at the end of the government’s “listening exercise”, would be substantive. He indicated that the consortiums would be expanded to include patients, doctors and nurses.

Senior Tories made clear there was growing support for Lansley. One ministerial source said: “David Cameron needs to be careful. Andrew is a lot stronger than he thinks. If Andrew tells the prime minister that he is putting his job at his disposal because Downing Street has undermined his credibility that would make David look foolish.”

The Labour motion failed by 284 votes to 231. But Lib Dem MPs expressed anger. Andrew George, the MP for St Ives, called for ministers to “take the guts” out of the reforms because opening the health service to greater free market competition “undermines the NHS ethos”.

John Pugh, MP for Southport, said: “I have this vision of a bill being drafted during the daytime by a sane, pragmatic Dr Jekyll-like minister, but during the night some … Mr Hyde jumps in with a rightwing ideology, breaks into Richmond House [the Department of Health] and changes many of the sentences.”

The findings will alarm the many medical organisations which have voiced alarm that Lansley’s plans would lead to the NHS undergoing privatisation, a fear that has caused severe unease in Downing Street.

Leading cancer charities warn that care received by the growing number of people in England developing the disease could suffer as a result of the government’s NHS plans. Cancer networks, groups of specialists who advise GPs where patients can get the best treatment, are due to be phased out in 2012.

But Lansley is resisting calls to keep funding them. Ciaran Devane, chief executive of Macmillan Cancer Support, said: “It’s a deeply worrying prospect that the care of cancer patients could be compromised by this. Cancer patients need to know their care will not suffer.” Health policy Health Danny Alexander Liberal-Conservative coalition Liberal Democrats Conservatives Andrew Lansley NHS Patrick Wintour Nicholas Watt Denis Campbell guardian.co.uk © Guardian News & Media Limited 2011 | Use of this content is subject to our Terms & Conditions | More Feeds

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Yes, bad credit can ruin your life completely; either you talk about personal, professional or financial life. You feel really helpless when sudden expenses knock your door and you have no money in pocket or bank account. In such situation, lenders do not come forward to help because you already have poor credit ratings. Are you facing same situation? If yes, then apply for bad credit secured loans. These loans do not only help you at time of emergency but also help to improve credit score. As the name refers, these finances are provided to those people who are suffering with CCJs, arrears, defaults, bankruptcy, IVA and late payments. Such situations can happen with anyone due to sudden injury, accident, job loss, divorce etc. especially when you do not repay the money to loan or mortgage lender on time.

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The application is very simple. If you apply form the online then you have a number of benefits tagged along. Instant loans for bad credit bring along ready availability, immediate sanction, no lengthy procedures, simple money, quick assistance, wide range of options, tremendous information and so on. You can get the very same deals at cheaper and convenient rates if you apply through the use of the internet. This mode of application will provide the applicant with wide services wherein he will be able to make a balanced judgment on this advance.

/enpproperty–> BEIJING – China’s Ministry of Finance (MOF) said Friday it will sell 10 billion yuan ($1.53 billion) in book-entry discount treasury bonds next week at an annual interest …

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FINANCE Minister Michael Noonan will today begin a radical overhaul of the banking sector by forcing the Educational Building Society (EBS) into Allied Irish Banks.

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Unsecured personal loans can be borrowed and make use of to meet any kind of wants like purchasing a vehicle, paying off for debt consolidation, traveling expenses or debt consolidation. Some numbers of lenders give these loans to the borrowers at aggressive rates of interest. One can benefit the facility both in local area as well as through online method. These loans can be availed without putting any type of security or security. Thus, it is a risk free loan facility. Other than this does not mean that the borrower can forgo the loan total. The lender can get a legal action against the borrower and file a complaint next to him in the court. If one needs to benefit the unsecured personal loans facility through traditional method, he wants to travel a lot. Although one can obtain all the information from the person concerned but this procedure is something too tedious to head for. Consequently it is simple to go for online system. It is a hassle free procedure as there is no paperwork concerned in that. Using the online style helps in saving time and efforts. All details are obtainable by just a click of website. One can as well download the request form which is accessible on the website. The form requirements to be filled by simple details like name of the borrower, phone address, employment status and earnings status.

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