FROM BRITAIN: ANOTHER SIGN THE GLOBAL RECESSION IS ENDING

BBC:

The number of profit warnings by UK-listed firms fell in April-June to their lowest second quarter level since 2003, a report has said.

There were 63 warnings issued by firms listed on the London Stock Exchange in the quarter, down 36% from a year ago, said accountants Ernst & Young (E&Y).

The decline may add to the growing feeling that the UK is nearing the bottom of the recession, E&Y said.

But it added that the economy still had a "difficult road ahead".

"Many companies have withdrawn profit guidance due to a difficult forecasting environment, while three successive quarters of negative growth have diminished market expectations," said Keith McGregor, restructuring partner at E&Y.

"Add in hamstrung banks and a lingering credit crunch, and it's apparent that although the economy appears more stable and the outlook brighter than at anytime in the past year, UK plc still has a difficult road ahead."

REMEMBER: THE BUBBLE IS THE ILLNESS AND THE RECESSION IS THE CURE.

HERE'S WHAT I SEE IS THE GREAT RISK: WE COULD HAVE ANOTHER RECESSION IF OBAMA GETS HIS WAY ON OBAMACARE AND CARBON TAXES.