5 killed, 900 people saved from Philippine ferry

updated 9:34 a.m. ET Sept. 6, 2009

More than 60 are missing after vessel listed and sank in south of country

MANILA, Philippines - A ferry carrying nearly 1,000 passengers sank in the southern Philippines early Sunday, leaving at least five dead and more than 60 missing.

The Superferry 9 began to list before dawn about nine miles (15 kilometers) off Zamboanga del Norte province, rousing terrified passengers from their sleep and sending many jumping into the water, coast guard chief Admiral Wilfredo Tamayo said.

Rescuers transferred 900 of 968 passengers and crewmen to two nearby commercial ships, a navy gunboat and a fishing boat, he said. A search was under way for more than 60 people who remained missing, Tamayo said, adding that they may have drifted with their life jackets or have been rescued but were not yet listed as survivors.

"We really hope they're just unaccounted for due to the confusion," Tamayo told The Associated Press.

A Canadian tourist, Jeffrey Predchuz, was among the survivors, officials said.

Navy ships were deployed and three military aircraft scoured the seas, Defense Secretary Gilbert Teodoro said. American troops providing counterterrorism training to Philippine soldiers in the region deployed a civilian helicopter and five boats, some carrying paramedics, to help, U.S. Col. William Coultrup said.

Teodoro said two men and a child drowned during the scramble to escape the ship. The bodies of two other passengers were later plucked from the sea by fishermen, the coast guard said, adding that three passengers were injured.

The cause of the listing was not clear. The ferry skipper initially ordered everyone on board to abandon the ship as a precautionary step, said Jess Supan, vice president of Aboitiz Transport System, which owns the steel-hulled ferry.

There were reports that the ferry listed to the right due to a hole in the hull, the National Disaster Coordinating Council said. As the 7,268-ton ferry tilted, some passengers may have panicked and jumped into the water, the coast guard said.

Passenger Roger Cinciron told DZMM radio that he felt the ferry was tilting around midnight but he was assured by a crewman that everything was well. About two hours later, he was roused from sleep by the sound of crashing cargo below his cabin, he said.

‘Really tilting’
"People began to panic because the ship was really tilting," he said as he waited for rescuers to save him and a group of more than 20 other passengers.

Reymark Belgira, another passenger, said many panicked as the huge ferry turned. He said he saw parents tossing children to people on life rafts below, but he could not immediately jump himself.

"I held on to the ferry for hours until day break. I couldn't jump into the water in the dark," he said.

Aerial photos from the navy showed survivors holding on to anything as the ferry tilted. Others climbed down a ladder on the side of the ferry as a lone orange life raft waited below.

The ferry left the southern port city of General Santos on Saturday and was scheduled to arrive in Iloilo city in the central Philippines later Sunday but ran into problems midway, Tamayo said.

There were no signs of possible terrorism, he said.

Al-Qaida-linked Abu Sayyaf militants bombed another Superferry in Manila Bay in 2004, setting off an inferno that killed 116 people in Southeast Asia's second-worst terrorist attack.

The weather was generally fair in the Zamboanga peninsula region, about 530 miles (860 kilometers) south of Manila, although a tropical storm was battering the country's mountainous north, the coast guard said.

Sea accidents are common in the Philippine archipelago because of tropical storms, badly maintained boats and weak enforcement of safety regulations.

Last year, a ferry overturned after sailing toward a powerful typhoon in the central Philippines, killing more than 800 people on board.

In December 1987, the ferry Dona Paz sank after colliding with a fuel tanker in the Philippines, killing more than 4,341 people in the world's worst peacetime maritime disaster.

U.N. Tackles Universal Problem for Women: Divorce

Run Date: 09/06/09

By Theresa Braine WeNews correspondent

Women the world over lose out financially in divorce, say custodians of the U.N. treaty on women's rights. That's why they are reviewing what CEDAW says on the matter, with a new general recommendation expected next year UNITED NATIONS (WOMENSENEWS)--Guardians of the U.N.'s treaty on women's rights have begun to address one of the most daunting challenges for women the world over: financially surviving divorce. Setting international standards on this issue strikes at the core of cultural identity and even into people's personal sense of self, says Marsha Freeman, a member of the committee currently reviewing the treaty's position on divorce. And that, she says, is "the hardest place to make these changes." Freeman is the director of International Women's Rights Action Watch, a human rights group based at the University of Minnesota Law School that promotes worldwide recognition of the tenets of the U.N. Convention on the Elimination of All Forms of Discrimination Against Women, or CEDAW. She is also a member of the CEDAW working group that is studying the issue of divorce and its economic consequences for women. Freeman helped draft the statement given by Ruth Halperin-Kaddari, vice president of the U.N. committee overseeing implementation of CEDAW, during the most recent review session on CEDAW, which took place from July 20 through August 7 this summer. During the meeting the convention began airing current research and findings on the economic consequences of divorce on women. While revising the treaty's criterion for divorce won't be easy, CEDAW overseers consider it necessary. That's because although women the world over lead vastly different lives, most of them invariably lose out financially in divorce. States party reports, nongovernmental organizations and the U.N.'s own research has determined over the years that in many countries laws and customs do not support either women's accumulation of property during marriage or equal division of marital property upon divorce, says Freeman. Growing Concern "The economic consequences of divorce have been of growing concern to social scientists and policy makers," said Halperin-Kaddari in her statement. Halperin-Kaddari, the main presenter before the CEDAW committee, said research in industrialized countries has demonstrated that while men usually experience minimal income losses after divorce, most women experience a substantial decline in household income and an increased dependence on social welfare where it is available. "Throughout the world, female-headed households are the most likely to be poor," she said. Women's median income drops by 20 percent or so in the United States and 24 percent in the European Union, studies show. But the financial impact on men isn't as drastic. According to 1996 U.S. Census data, 21 percent of recently divorced women were living below the poverty line, while only 9 percent of men were. In many parts of the world the penalty is far worse, with women cast out of their in-laws' homes with nothing but the clothes on their backs. Halperin-Kaddari told Women's eNews that the CEDAW committee will continue collecting information on legal issues and data on the situation of women around the world after such family relations are dissolved. Based on this and other material, the committee next year will issue a new general recommendation that creates a global standard that gives divorcing women a fair economic shake. CEDAW Silent on Aspects of Divorce Adopted in 1994, CEDAW's current text addresses the social and legal aspects of a woman's right to choose a spouse and enter freely into marriage but does not delve into family life power structures or the economic consequences of divorce for women. The treaty grants women and men the "same rights and responsibilities during marriage and at its dissolution" and touches on divorce's aftermath, but it does not get specific about how to lessen the economic impact on women. The committee has said that any new recommendation will take into account the effect of globalization and development on family relations and divorce. Halperin-Kaddari said the goal is to set up a framework that can guide CEDAW member countries to create "an egalitarian legal regime under which the economic benefits of marriage and the costs and economic consequences of marital breakdown are equally borne by men and women." The recommendations aren't binding, but countries can use them as a guide in dealing with issues related to divorce and dissolution of the family unit. A few nongovernmental organizations and advocacy groups had their say as well. Women Often Give Up Claims Laurel Eisner, executive director of the New York City nonprofit Sanctuary for Families, noted that in the United States women often opt for an uncontested divorce, giving up their claim to property, because it is quicker to file a no-contest divorce that seeks nothing but the dissolution of the marriage. Such women may want a quick exit because it can help free them from an abusive relationship or avoid a costly legal battle, Eisner told Women's eNews. Women often don't know how to safeguard their rights, nor can they circumvent corruption that's built into the legal and judicial professions, said Silvia Pimentel, a CEDAW committee member from Brazil. Pimentel said that Brazil and other Latin American countries have passed a number of laws that benefit women. One example is Chile's legalization of divorce in 2004. But she said judges and lawyers don't necessarily respect CEDAW nondiscrimination principles when it comes to putting the laws into practice. "They always find ways of perpetuating stereotypes of women's inferiority," Pimentel said. And this means that women are often not given their fair share of assets or financial provisions for children in their custody. Theresa Braine is a freelance journalist based in New York City. Women's eNews welcomes your comments. E-mail us at editors@womensenews.org.

ICC announces nominations for Annual Awards 2009

Updated at: 1306 PST, Wednesday, September 02, 2009
MUMBAI: International Cricket Council (ICC) has announced the names of players for Annual Awards 2009.

No Pakistani player is included in the list of cricketer of the year and test player of the year. However, Umer Gul is included in one-day list whereas four other players including Shahid Afridi included in T20 list.

In a function here, ICC Chief Executive Haroon Logart in a function announced names of nominated players for ICC Annual Awards 2008-09.

Indian players dominated the eight different categories. Umer Gul is included in the list of One Day Players of the Year along with MS Dhoni, Verendar Sehwag and Yuvraj Singh.

Twenty20 Player of the Year includes four Pakistani cricketers Shahid Khan Afridi, Saeed Ajmal, Umer Gul and Abdul Razzaq.

The function of ICC Annual Awards will be held in South Africa during Champions Trophy.

Federer, Williams, Clijsters succeed US Open Tennis

Updated at: 1808 PST, Thursday, September 03, 2009
NEW YORK: The remarkable comeback of Kim Clijsters gathered pace at the US Open on Wednesday, underlining her growing threat to the domination of the Williams sisters.

The 26-year-old Belgian defeated 14th seed Marion Bartoli of France 5-7, 6-1, 6-2 to reach the third round.

In just her third tournament back after a two year "retirement" during which she got married and had a baby daughter, 26-year-old Clijsters started slowly but moved up through the gears to stun the former world top tenner.

She will next play another Belgian, Kirsten Flipkens, for a place in the last 16, where she could run into Venus Williams, who is struggling with a knee injury.

The 29-year-old American, who won back-to-back titles here in 2000 and 2001, wore a heavy white strapping to support her left knee in her tie against compatriot Bethanie Mattek-Sands, but she was rarely stretched and won 6-4, 6-4.

Younger sibling Serena, who is in the same half of the draw, later produced an awesome display of power hitting to demolish Hungary's Melina Czink 6-1, 6-1 and reinforce her position as the tournament's outstanding favourite.

Williams apart, other leading seeds to make it through from the second round were eighth-ranked Victoria Azarenka of Belarus, who coasted past Barbora Zahlavova Strykova of the Czech Republic 6-2, 6-1, and seventh-seeded Russian Vera Zvonareva, who hit back to defeat compatriot Anna Chakvetadze 3-6, 6-1, 6-1.

In-form Italian Flavia Panetta, the 10th seed, recorded the first whitewash of the tournament, defeating India's Sania Mirza 6-0, 6-0, but China's top player Li Na kept Asian hopes alive with a 6-1, 6-3 win over tempestuous teen Michelle Larcher de Brito of Portugal.

In other games, French veteran Amelie Mauresmo lost 6-4, 6-0 to Aleksandra Wozniak and said she would consider her future in the game at the end of the year, while Maria Kirilenko of Russia upset Polish 12th seed Agnieszka Radwanska 6-4, 2-6, 6-4.

Bartoli was in command early on against Clijsters as both players struggled to hold their serves and she took the first set when Clijsters overcooked a forehand drive and then played a poor drop shot from 30-all on the French player's serve at 6-5 up.

But the Belgian, who won her only Grand Slam title here in 2005, varied her shot-making at the start of the second and Bartoli quickly unravelled as she was knocked out of her comfort zone.

The deciding set was all Clijsters with Bartoli looking increasingly tired and frustrated.

Venus Williams, who came within three points of a shock first-round loss to Vera Dushevina of Russia, said she was trying to play through the pain of her injured knee.

Williams will next play Slovakian suprise Magdalena Rybarikova with a likely fourth round matchup with Clijsters looming at the weekend should they both win.

Sister Serena, the defending champion and second seed who is seeking a fourth US Open title and a 12th Grand Slam title overall, took just 53 minutes to dismantle the unfortnate Czink in what was the first time a women's match had concluded the night-time session on the Arthur Ashe Stadium court.

Williams sisters, Nadal reach 4th round at US Open

Updated at: 1125 PST, Saturday, September 05, 2009
NEW YORK: Seeking her third grand slam victory of the year, Serena Williams withstood a strong test from Maria Jose Martinez Sanchez of Spain 6-3, 7-5 to advance to the fourth round of the U.S.Open.

No. 3 Venus Williams, the 2000-01 Open champion, avoided adding to the list of stunning results when she got past 46th-ranked Magdalena Rybarikova of Slovakia 6-2, 7-5. Next up for the elder Williams. Other winners included No. 7 Vera Zvonareva of Russia, No. 10Flavia Pennetta of Italy, No. 18 Li Na of China and No. 26 Francesca Schiavone of Italy.

No. 1 Dinara Safina made it to Saturday's third round, but barely. She needed more than 4 hours to get through two three-set victories.

The best men have faced no such problems: No. 3 Rafael Nadal's 6-0, 3-6, 6-3, 6-4 victory Friday night in the last match of Day 5means the men seeded 1-16 all reached the third round at a Grand Slam tournament for the first time in the 41-year Open era.

Friday's other winners included No. 2 Andy Murray, No. 7Jo-Wilfried Tsonga and No. 9 Gilles Simon. None of the top 10 men had even dropped a single set much less lost until 2008runner-up Murray's little slip in his 6-2, 3-6, 6-0, 6-2 win over87th-ranked Paul Capdeville of Chile on Friday afternoon.

3 Hitler paintings to go up for auction

Updated at: 1038 PST, Saturday, September 05, 2009
BERLIN: A German auction house today sell three watercolor paintings attributed to Nazi leader Adolf Hitler.

The works, depicting cottages, mills, and churches nestled in rural landscapes, will go under the hammer on Sept. 5, Weidler’s auction house in Nuremberg said.

The three paintings are dated from 1910 and 1911 and originate from Vienna, where a young Hitler spent several years as a struggling artist. He then joined the army and fought in World War I.

One of the paintings, “White church in the Wachau,’’ was authenticated in 1963 by the late Peter Jahn, a renowned expert on Hitler’s early pieces.

Although the precise number of works by Hitler is unknown, Weidler said there were an estimated 723 pictures, including sketches, in existence. The auction house is expecting a five-figure sum for each picture. Earlier this year they sold two other watercolors by Hitler for a total of $45,530.

Sugar price goes up to Rs60 per kg in Peshawar

Updated at: 1450 PST, Sunday, September 06, 2009
PESHAWAR: Price of sugar has went up to Rs60 per kg in Peshawar while operation against those selling sugar at higher rates continues in the city.

Official rate of sugar in Peshawar has been fixed at Rs47 per kg but it is being sold in markets at Rs60 per kg due to which citizens are facing difficulties.

Meanwhile, crackdown continues against traders selling sugar at higher rates and 17 shopkeepers were arrested yesterday while five were fined on the spot.

Nation celebrating Defence Day with renewed commitment

Updated at: 1111 PST, Sunday, September 06, 2009
KARACHI: The nation celebrating the Defence Day today, Sunday to commemorate the great sacrifices for guarding the country against aggression and renew the pledge to make country's defence invincible.

The nation paid homage to the heroes of September 6 besides the change of guards ceremonies were held at the Mausoleum of Quaid-e-Azam and Mazar-e-Iqbal.

The day dawned with the Quran Khawani particularly for Martyrs in the unit mosques after Fajr prayers and for the solidarity of the country. Flag hoisting ceremonies held at unit and formation level and floral wreath laid at the Mazar-e-Quaid on behalf of the three services. Special prayers were held for all those who laid their valuable lives for the safety of the country and the nation, while the nation along with the Armed Forces of Pakistan celebrating the Defence Day with the pledge to leave no stone unturned in rendering any kind of sacrifice for the security of our country.

Change of Guards ceremony at the Mazar of Quaid-e-Azam Mohammad Ali Jinnah, the founder of the nation was held in the city. Pakistan Air Force cadets presented the Guard of Honour and hoisted the national flag, while assuming the Guard duty at the Mazar-e-Quaid.

In Lahore, change of guards’ ceremony was held at the Mazar of the poet laureate, Allma Muhammad Iqbal. Garrison Commander Major General Shafqat Ahmad laid the wreath on the Mazar. Brigadier Imtiaz Haider laid wreath at the grave of Lance Naik Muhammad Mahfooz located on Kahuta Road in the outskirt of Rawalpindi and offered ‘Fateha’. Brigadier Syed Hussain Shah Abbas laid wreath on the mazar of Captain Col Sher Shaheed (Nishan-e-Haider) at Swabi and an elegant and smart contingent of Pak Army presented guard of honour. Station Commander Okara Garrison, Brigadier Manzoor Ahmad laid wreath at the mazar of Major Tufail Muhammad Shaheed (Nishan-e-Haider) at Boreywala and offered’Fateha’.

Tendulkar suggests 25-over ODI matches

Updated at: 0711 PST, Sunday, September 06, 2009
NEW DELHI: The world's leading batsman Sachin Tendulkar of India has suggested that 50-over one-day internationals be split in two innings of 25 overs each to revive interest in the game.

With the growing popularity of Twenty20 cricket threatening to overshadow the 50-over format, the former India captain said the idea would also provide similar conditions to both teams.

"Today, we can tell the result of close to 75 per cent of matches after the toss. We know how conditions will affect the two teams," Tendulkar told the media.

"But it (splitting the game) is not too dependent on the toss because if, for example, it's a day-night match, then both the teams will have to bat under lights.

"In those 25 overs you can use your 10 wickets the way you want. Suppose if it rains, then also you can plan. The conditions change very dramatically, but this would ensure that it's the same for everyone."

Tendulkar, the world's top scorer in Tests (12,773) and one-dayers (16,684), said he thought of the idea in 2002 when India and Sri Lanka had to share the Champions Trophy in Colombo following the rain-hit final.

"First, they played 50 overs and we played two before the rain interruption. The next day (reserve day), Sri Lanka again played 50 overs and we played eight. In the end, we were declared joint winners," he said.

"I thought, 110 overs and still no result. That's when I thought we should have 25 overs each for both sides and then 25 overs each again."

The debate over the future of one-day cricket has grown after the England and Wales Cricket Board (ECB) last month abandoned their domestic 50-over competition from 2010.

13 superior courts judges to take oath tomorrow

Updated at: 1900 PST, Sunday, September 06, 2009
ISLAMABAD: The two newly appointed judges of the Supreme Court will take oath of their office on Monday while the oath taking of 7 new additional judges of Peshawar High Court and 4 of Balochistan High Court will also be held tomorrow.

Justice Khilji Arif Hussain and Justice Rehmat Hussain Jafri have been inducted as SC judges and they will be taking oath of their offices here at the Supreme Court building tomorrow. Chief Justice of Pakistan Justice Iftikhar Muhammad Chaudhry will administer the oath.

The total number of SC judges will become 17 after addition of the above two judges who hail from Sindh province.

President Asif Ali Zardari granted approval to the appointment of 13 judges – two judges for Supreme Court and 11 additional judges for NWFP and Balochistan high courts.

Additional judges appointed in Peshawar High Court include Abdul Aziz Kundi, Fasih-ul-Mulk, Liaquat Ali Shah, Mazhar Alam Mina Khel, Attaullah Khan, Mohammad Safdar Khan and Mufftahuddin.

Justice Jamal Khan Mandokhel, Justice Tahira Safdar, Justice Mohammad Noor Muskan Zai and Justice Ghulam Mustafa Mengal have been inducted in Balochistan High Court as additional judges.

Safina, Sharapova crashed out of US Open Tennis

Updated at: 1319 PST, Sunday, September 06, 2009
NEW YORK: World number one Dinara Safina and three-time Grand Slam champion Maria Sharapova crashed out of the US Open at
the hands of teen titans on Saturday, aiding fellow Russian Svetlana Kuznetsova's title bid.

Petra Kvitova, a 19-year-old Czech who won her first WTA title in January at Hobart, and US giant-killer Melanie Oudin, two weeks shy of her 18th birthday, became the darlings of Flushing Meadows after their third-round shockers.

Kvitova, ranked 72nd, saved three match points in the 12th game of the final set and eliminated Safina 6-4, 2-6, 7-6 (7/5).

Safina will remain atop the rankings after the Open but is still searching for a first Grand Slam title and a way to play her best when it matters most.

Oudin stunned former world number one Sharapova 3-6, 6-4, 7-5 at Arthur Ashe Stadium by holding serve in the final game after six consecutive service breaks to book a quarter-final berth against Russian 13th seed Nadia Petrova.

Reigning French Open champion and sixth seed Kuznetsova dispatched Israel's Shahar Peer 7-5, 6-1, to become the highest remaining seed in her half of the draw with dangerous Sharapova also gone.

Oudin followed her upset of former world number one Jelena Jankovic at Wimbledon with a second-round US Open ouster of fourth seed Elena Dementieva and added Sharapova to her victims list.

Sharapova, who returned from right shoulder surgery in May, double faulted 21 times and committed 63 unforced errors, 19 more than Oudin, who converted on only 8-of-26 break-point chances.

There was no such optimism for Safina, who made 39 unforced errors and nine double faults with only 12 winners. While Kvitova had 59 unforced errors, she fired 47 winners with only five double faults.

Critics says Safina is less worthy of the top ranking than US Open second seed Serena Williams, the 11-time Slam winner who holds the Australian Open and Wimbledon titles.

Safina, who was upset that officials moved her match off Ashe stadium due to night session time issues, spoke of wanting to ease her tension but said losing the top ranking would not bring her relief.

Safina did nothing to support her cause with a third consecutive match in which she lost the first set, roared back to win the second, then gave away an early break in the third.

This time, she could not overcome her mistakes to advance.

Safina forced three match points on Kvitova's serve in the 12th game of the last set, but the Czech sandwiched a backhand and forehand winner around a Safina mis-hit backhand to escape the threat and reach the tie-break, which she won on her second match point when Safina sent the ball long.

Kvitova plays for a quarter-final spot against Belgian Yanina Wickmayer, who beat Italy's Sara Errani 6-3, 6-4.

Kuznetsova, the 2004 US Open winner, plays Danish ninth seed Caroline Wozniacki - who beat Romanian Sorana Cirstea 6-3, 6-2 - for a last-eight spot against Oudin or Petrova, who ousted China's Zheng Jie 6-4, 6-1.

Argentina's Gisela Dulko ousted Kazak Yaroslava Shvedova 6-3, 6-4, and will next face Ukraine's Kateryna Bondarenko, who eliminated Australian qualifier Anastasia Rodionova (AUS) 7-6 (7/4), 6-4.

Personal debt dips for first time

The total amount of personal debt in the UK has fallen for the first time since records began in 1993, the Bank of England has said.

Personal borrowing fell by £600m in July, taking the total owed by individuals down to £1.457 trillion.

There was a drop in both mortgage debt and other forms of borrowing such as bank loans.

The number of mortgages approved in July rose again to 50,123, suggesting property sales will continue to rise.

"Total net lending to individuals fell by £0.6bn in July, showing a net repayment for the first time in the series," the Bank said.

The amount outstanding on mortgages fell by £400m as people repaid more than they borrowed during July.

The amount accumulated on what is called consumer credit, such as loans and hire purchase agreements, dropped by a net £200m, once a small rise in credit card borrowing of £92m was taken into account.

"Today's news will not make happy reading for policy makers who have taken significant steps over the last year to encourage greater volumes of lending throughout the economy," said Benjamin Williamson at the centre for Economics and Business Research (CEBR).

Homeowner Richard Otten told the BBC that the interest payments on his mortgage had fallen in the past 18 months from £1,800 a month to just £200, but instead of spending the saved cash he had been using it to pay off his home loan quicker than planned.

"I left my repayments as they were, so what's in practice happening is that I'm paying off capital much faster than I would otherwise have been doing, and therefore the length of my mortgage is reducing very significantly," Mr Otten said.

Still subdued?

The increasing number of mortgages approved, but not yet lent, is widely seen as a good indicator of future trends and indicates that the revival in sales seen this year will continue into the autumn.

July's increase in mortgage approvals was the sixth monthly rise in a row and took the number of approvals to nearly twice the level recorded last November.

If sales continue to rise then prices may continue their recent pick-up as well.

"The mortgage market continues to show signs of some sort of recovery when compared to the first few months of this year," said Adrian Coles, director-general of the Building Societies Association (BSA).

However, he pointed out that activity was still much lower than in previous years.

"The BSA expects the mortgage market to remain similarly subdued over the remainder of 2009," said Mr Coles.

Dwindling savings

With the Bank of England's bank rate still at a historical low of 0.5%, the BSA warned that interest rates were so low that this year savers might take more money out of their savings accounts than they put in.

Withdrawals from building society accounts have outstripped new deposits every month since March.

Even taking into account interest added to people's accounts, July was the third month in a row that savings balances held by building societies customers had fallen.

Adrian Coles warned that this process would hinder the ability of banks and building societies to lend money to potential home buyers.

"Total UK savings balances might struggle to increase by £11bn in 2009, much lower than the £60bn increase in balances in 2008," he said.

"These figures include interest added to accounts. If this amount of interest were not included, such a low forecast for 2009 suggests that savers will actually withdraw more money than they deposit this year across the entire savings market," Mr Coles added.

The Royal Institution of Chartered Surveyors (Rics) warned that the reduced number of lenders in the market would also put a cap on any increased mortgage borrowing.

"The fundamental issue remains the withdrawal of many lenders from the mortgage market over the past year and the reluctance of new participants to play a meaningful role in delivering finance to potential homebuyers," said Rics chief economist Simon Rubinsohn.

Source : news.bbc.co.uk

Millions make finance complaints

More than nine million individual complaints were made to firms in the financial services industry in the 2006-2008 period, figures have shown.

Banking and loans accounted for more than half the formal complaints made to financial companies in that period.

The Financial Services Authority (FSA) has published the complaints figures for the first time.

During the second half of 2008, 40% were being settled in the customers' favour.

The figures have been driven by huge numbers of complaints about bank overdraft charges, and the mis-selling of payment protection insurance and mortgage endowments.

"Publishing this information will mean that consumers and firms can now see how many complaints the industry receives and how it deals with them," said FSA director Dan Waters.

Individual companies will start to publish their own complaints data from July 2010.

'Unhappy customers'

The total number of complaints rose from 2,727,000 in 2006 to 3,411,000 in 2007 before dropping back last year to 2,903,000.

There would have been more but for the fact that the FSA told regulated firms in the middle of 2007 they they did not have to include new complaints about charges for unauthorised overdrafts levied by banks and building societies.

More than 1.2 million of these complaints have since been "parked" until the issue is settled by the courts.

"It's a poor reflection on the industry that there are so many unhappy customers out there," said Which? personal finance campaigner Phil Jones.

"Financial firms simply aren't treating consumers well enough and things must change if the industry is to rebuild its reputation," he added.

Current accounts

The FSA's figures were dominated by complaints about current accounts, especially by demands for the return of overdraft fees, which reached 3,513,000 over the three-year period.

"The spike in the total number of complaints in the first half of 2007 is the result of a large increase in complaints about overcharging and poor customer service in relation to banking and loans products at that time," said the FSA.

There were 908,000 complaints about the mis-selling of mortgage endowments during the period, although their number tailed off dramatically during the three years.

Complaints about credit cards came a close third at 745,000.

But a surge in complaints about payment protection insurance (PPI) saw the number of complaints about general insurance and "pure protection" policies double, from 62,000 to 127,000, between the first half of 2006 and the second half of 2008.

Unhelpful

In April this year, the Financial Services Ombudsman (FOS), which deals with complaints that firms cannot settle themselves, accused many firms of being deliberately unhelpful.

However, a spokeswoman for the British Bankers' Association welcomed the publication of the data, saying that the vast majority of bank customers had "no problems" with their accounts or bank services.

"Millions of transactions for millions of customers go through the banking system every day," she said.

"Put in context, the proportion of reportable complaints is still very small at 3.5 per thousand products held," she added.

The vast majority of industry complaints were settled within eight weeks with, by the end of last year, just 10% taking longer to deal with.

Last year, the firms most likely to admit making a mistake were building societies, who settled 59% of complaints in their customers' favour.

Simon Morris, of City law firm CMS Cameron McKenna, was more critical of the FSA's publication of the data.

"Presenting crude statistics about complaints that firms receive provides no useful information to help investors make important decisions," he said.

"Instead it creates an alarming and inaccurate impression that firms are not to be trusted. It is irresponsible for the FSA to be undermining consumer confidence in such as insidious manner."

National Express gets £765m bid

The largest shareholder in National Express has made a £765m ($1.25bn)takeover offer for the transport group.

Spain's Cosmen family - which owns an 18.5% stake - together with private equity firm CVC has offered 500p a share, up from an earlier bid of 450p.

Rival Stagecoach also said it had agreed in principle to buy National Express's bus and rail operations from the consortium if a deal went through.

National Express's shares surged 13.8% to 469p, the biggest gain since May.

The CVC-Cosmen consortium said its latest offer was final, and would be withdrawn if not recommended by the board of National Express.

Route row

The offer follows recent turmoil at National Express, which lost the rights to the East Coast route this year.

In July, the government said it would take the route back into public ownership after National Express lost about £20m in the first half of the year and suffers from falling passenger numbers.

This caused another transport firm, First Group, to pull out of bidding for National Express earlier this year.

Four years ago the Cosmen family sold the coach firm Alsa to National Express for £149m and a 10% holding in the firm, which employs 43,000 people through operations in the UK, North America and Spain.

The Cosmen stake has been built up since then and Jorge Cosmen is deputy chairman of the National Express board.

Joint call for bank bonus rules

The Group of 20 richest nations must adopt "binding rules" to regulate bank behaviour, the leaders of the UK, France and Germany have said.

UK Prime Minister Gordon Brown, French President Nicolas Sarkozy and German Chancellor Angela Merkel made the comments in a joint letter.

They also agreed to explore ways of limiting bonuses at banks to prevent future financial meltdowns.

The leaders also said banks could not go on as if the crisis never happened.

Finance ministers meet in London from Friday, ahead of the G20 meeting, in Pittsburgh later this month, with bonuses on the agenda.

UK Chancellor Alistair Darling told the CBI in Scotland, that bonuses were not a problem if they were "deserved for long term success or hard work" but added "a bonus shouldn't be guaranteed, it should be earned".

Alistair Darling: '' A bonus shouldn't be guaranteed, it should be earned"

He echoed the view that nations must work together, saying international co-operation was needed to "prevent banks playing one country off against another".

'Reprehensible'

In the letter, the three leaders say "speculative activities that constitute a risk to financial stability should also be discouraged by increasing capital requirements".

They also discussed bankers' pay, which has been the subject of much debate in the run-up to the G20.

"We should explore ways to limit total variable remuneration in a bank either to a certain proportion of total compensation or the bank's revenues and/or profits," they said.

"Our citizens are deeply shocked at the revival of reprehensible practices, despite taxpayers' money having been mobilised to support the financial sector at the height of the crisis," the letter said.

"The abatement of financial tensions has led some financial institutions to imagine they can return to the same modes of action prevalent before the crisis. This is not an option."

The statement is a sign of unity on bank bonuses, after mixed signals on the European Union's willingness to act on the issue.

'Partying like 1999'

France is proposing a series of mandatory caps on bonuses - which the head of the Eurogroup of eurozone finance ministers, Luxembourg's Jean-Claude Juncker, said he "totally supported".

The UK opposes curbs on bonuses, with Gordon Brown preferring payouts based on long-term success.

However, it has been acknowledged that the UK must be persuaded to give its support if French President Nicolas Sarkozy's desire to push through strong G20 regulation on the issue is to succeed in Pittsburgh.

UK Chancellor Alistair Darling told the Independent newspaper that the French plan to cap bonuses would be "unworkable".

But he saw "no problem" with the French plans to claw back bonuses after three or four years if they were not justified by performance.

In comments ahead of the finance ministers' meeting in London, Sweden's Anders Borg said it was "very important that we as politicians give a clear message that old bonuses must come to an end".

Boosting economy to top G20 talks

Finance officials from the Group of 20 richest nations are set to outline a commitment to boosting the global economy when they meet in London later.

While there is expected to be consensus over continuing to spend, there is some friction over the pace of spending and when to scale down stimulus efforts.

And a European proposal to curb bankers' bonuses may face opposition from the US.

A full G20 meeting takes place in Pittsburgh later this month.

Early exit warnings

The head of the International Monetary Fund (IMF), Dominique Strauss-Kahn, has said the G20 must proceed cautiously.

With Japan, France and Germany officially out of recession, minds are turning to co-ordinating the withdrawal of billions of aid and stimulus measures that were injected into countries by their governments over the past year.

And finance ministers and central bankers are set to co-ordinate plans for the eventual tapering off of government support.

But Mr Strauss-Kahn warned leaders should not unwind stimulus measures too soon.

"I see a real danger that policy makers may jeopardise the recovery by exiting from crisis measures too soon. Having said this, the time is right for policy makers to formulate their exit strategies," he told a Bundesbank conference in Berlin.

Andrew Walker, BBC World Service economics correspondent, says Mr Strauss-Kahn's remarks reflect the growing body of evidence that points towards some degree of recovery taking hold.

Joint letter

The issue of bankers' bonuses is also set to be prominent at the finance ministers' meeting.

The leaders of the UK, France and Germany have agreed to explore ways of limiting bonuses at banks to prevent future financial meltdowns, saying banks could not go on as if the crisis never happened.

UK Prime Minister Gordon Brown, French President Nicolas Sarkozy and German Chancellor Angela Merkel made the comments in a joint letter, released on Thursday.

The statement is a sign of unity on bank bonuses, after mixed signals on the European Union's willingness to act on the issue.

Darling: 'Bank bonuses should be earned'

UK Chancellor Alistair Darling told the CBI in Scotland that bonuses were not a problem if they were "deserved for long term success or hard work" but added "a bonus shouldn't be guaranteed, it should be earned".

He echoed the view that nations must work together, saying international co-operation was needed to "prevent banks playing one country off against another".

Call for EU meeting

Other financial reforms are up for discussion, including the US proposal for an international agreement on forcing banks to increase their capital reserves to help prevent another financial crisis.

Meanwhile, Sweden, which holds the rotating European Union presidency, has called for an extra informal meeting of EU leaders ahead of the G20 summit in Pittsburgh.

It wants to discuss the overall economic situation, financial regulation, as well as governance of the IMF and energy efficiency.

"All these questions and proposals needs to be discussed among EU Heads of State and Government before Pittsburgh, so that the EU can have a common and strong position at the G20 summit and speak with one voice," Swedish Prime Minister Fredrik Reinfeldt said in a statement.