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Business News
for 12/18/2008

(last updated 7:30am EST 12/18/2008)

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• BERNIE'S BRAVADO BERNIE'S BRAVADO
12/18/2008
In a desperate bid to keep his sinking business afloat, disgraced Wall Street big Bernard Madoff demanded that friends and investors pump even more funds into his failing firm right up until the feds put the cuffs on him, The Post has learned... (1 h ago)

• BARCLAYS, LEHMAN LAYOFFS DELAYED BARCLAYS, LEHMAN LAYOFFS DELAYED
12/18/2008
Barclays Capital employees will have to wait until after the holidays to hear whether they've still got jobs. Sources said earlier this week staffers were slated to learn who'd be getting pink slips among the bank's roughly 14,000 employees... (1 h ago)

• OIL FALLS ON HUGE CUTBACKS OIL FALLS ON HUGE CUTBACKS
12/18/2008
ORAN, Algeria - Crude oil sank to $40.20, a level not seen since the summer of 2004, after OPEC agreed to its single largest cut ever, slashing 2.2 million barrels from its daily production. At the same time, OPEC non-members Russia and... (1 h ago)

• MOTOROLA FREEZES PENSION PAYMENTS MOTOROLA FREEZES PENSION PAYMENTS
12/18/2008
Motorola Inc., the second-biggest US seller of mobile phones, will freeze US pension plans and reduce executive salaries to help cope with the economic slump. Co-Chief Executive Officers Greg Brown and Sanjay Jha are taking a 25 percent cut in... (1 h ago)

• CREDIT DEAL LIFTS MACY'S CREDIT DEAL LIFTS MACY'S
12/18/2008
Macy's Inc., the second-largest US department-store company, jumped the most in almost 17 years in New York trading after it negotiated a more flexible bank-credit agreement to remove doubts about its ability to pay off $950 million in debt... (1 h ago)

• DOING A DOUBLE 'TAKE' DOING A DOUBLE 'TAKE'
12/18/2008
Video-game publisher Take-Two Interactive Software had good and bad news for investors yesterday, signing a new long-term contract with a key development team while at the same time reporting a sharply wider fiscal fourth-quarter loss. Slammed by... (1 h ago)

• FOX BUSINESS SPARS WITH GRINCH CRAMER FOX BUSINESS SPARS WITH GRINCH CRAMER
12/18/2008
Still a distant second to CNBC in the ratings race, Fox Business News is having a hard time getting into the Christmas spirit. The one-year-old network sent out a corporate holiday card depicting CNBC host Jim Cramer as the Grinch. Aside from a... (1 h ago)

• SCREECHING HALT SCREECHING HALT
12/18/2008
The crippled auto industry suffered another body blow yesterday when Chrysler announced it will close all 30 of its North American manufacturing plants for a month, idling tens of thousands of workers, starting tomorrow. The bombshell... (1 h ago)

• MORGAN SLASHES BONUSES MORGAN SLASHES BONUSES
12/18/2008
Morgan Stanley, which yesterday reported its lowest full-year net income since 1995, cut annual compensation expense 26 percent to $12.3 billion as most employees had their year-end bonuses trimmed in half on average. Total compensation and... (1 h ago)

• FEDS' DREIER INFORMER WHISTLES HAPPY TUN... FEDS' DREIER INFORMER WHISTLES HAPPY TUNE
12/18/2008
Hedge-fund manager Shelley Greenhaus at Whippoorwill Associates is taking credit for blowing the whistle on disgraced Manhattan attorney Marc Dreier. Greenhaus said he alerted the Securities and Exchange Commission to Dreier's involvement in... (1 h ago)

• WALL STREET'S COPS BEAT WALL STREET'S COPS BEAT
12/18/2008
Sniping among present and former officials at Wall Street's watchdog is further rattling investors - who are discovering that the top cop has ''for years been little more than a toothless hound snoozing at the gate. An exchange of tense words... (1 h ago)

• SCHAPIRO WILL GET SEC NOD SCHAPIRO WILL GET SEC NOD
12/18/2008
President-elect Barack Obama plans to name Mary Schapiro, chief executive officer of the Financial Services Regulatory Authority, to be chairman of the US Securities and Exchange Commission, people familiar with the selection said. Obama will... (1 h ago)

• MADOFF FALLOUT: VICTIMS COULD BE SUING E... MADOFF FALLOUT: VICTIMS COULD BE SUING EACH OTHER
12/18/2008
IF you think the Bernie Ma doff scandal is messy, just wait. Pretty soon Madoff's victims could be suing each other. New York attorney Barry Slotnick tells me that he soon expects to be representing 20 clients of Madoff, who allegedly admitted... (1 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
12/18/2008
Bad buck The dollar sank to a fresh 2-month low against the euro and a 13-year low versus the yen yesterday, a day after the Federal Re serve cut a key lending rate target to historic lows. The 15-nation euro surged to $1.4349 in late trading... (1 h ago)

• JUST SOLD! JUST SOLD!
12/18/2008
Manhattan EAST VILLAGE $1,100,000 133 Second Ave. One-bedroom, 1½-bath loft condo, 990 square feet, with 14-foot ceilings, washer/dryer, kitchen with granite countertops and stone floors and floor-to-ceiling windows; building features... (1 h ago)

• STAMFORD, CONN. STAMFORD, CONN.
12/18/2008
Bedrooms: 3 Bathrooms: 2 Square feet: 2,503 "Loaded with charm," this contemporary cedar-clad Colonial boasts a marble fireplace and a vaulted ceiling in the living room, crown molding in the formal dining room, a skylight on the second floor and... (1 h ago)

• KENSINGTON, BROOKLYN KENSINGTON, BROOKLYN
12/18/2008
Bedrooms: 2 Bathrooms: 1½ Square feet: 1,200 Maintenance: $849 This Avenue C duplex co-op might be far from Alphabet City, but with plenty of space, a new washer/dryer and a convenient location near public transit, it has a lot to offer... (1 h ago)

• LOWER EAST SIDE LOWER EAST SIDE
12/18/2008
Bedrooms: open layout Bathrooms: 1 Square feet: 2,000 Maintenance: $900 With just a little foresight, you can turn this Forsyth Street co-op into a big family home - or just enjoy some seriously spacious loft living. The choice is yours: Keep the... (1 h ago)

• HELL'S KITCHEN HELL'S KITCHEN
12/18/2008
Bedrooms: 2 Bathrooms: 2½ Square feet: 1,407 Common charges: $1,646 At Worldwide Plaza on West 50th Street, this duplex condo offers plenty of sun inside (south and west exposures through a "wall of windows") and out - the terrace is... (1 h ago)

• FINANCIAL DISTRICT FINANCIAL DISTRICT
12/18/2008
This neighborhood might not be such a happy place these days, but that doesn't mean you can't find a bit of domestic bliss way downtown. Take this duplex loft, atop Philippe Starck's 15 Broad St., spreading out over 3,000 square feet, with four... (1 h ago)

• China decides to cut fuel prices from Fr... China decides to cut fuel prices from Friday
12/18/2008
China has decided to slash fuel prices starting midnight Friday, by 900 and 1,100 yuan per tonne for gas and diesel, the National Development and Reform Commission said Thursday. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• Hong Kong stocks close 0.24% higher Hong Kong stocks close 0.24% higher
12/18/2008
Hong Kong stocks rose 37.29 points, or 0.24 percent, to close at 15,497.81 on Thursday. Turnover dropped to 52.26 billion HK dollars (6.74 billion U.S. dollars) from Wednesday's 56.41 billion HK dollars (7.28 billion U. S. dollars). &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• China approves scheme on fuel taxation, ... China approves scheme on fuel taxation, pricing
12/18/2008
China has approved a long-awaited scheme on fuel taxation and reform of the country's refined oil pricing mechanism, the country's economic planner said Thursday. The State Council had decided to put the scheme into effect on Jan. 1, 2009, said the National Development and Reform Commission. The country will annul six types of fees on road maintenance and management, and at the same time raise the gasoline consumption tax from the current 0.2 yuan each liter to one yuan per liter ... (1 h ago)

• Yearender: Asian economies hard hit, but... Yearender: Asian economies hard hit, but act quickly in global financial crisis
12/18/2008
In September 2008, the global financial turmoil emanating from the U.S. sub prime mortgage meltdown worsened dramatically as several financial institutions imploded. It soon evolved into a full-blown economic downturn in developed countries. The ripple effect of the crisis reached Asia, taking its toll on the regional economy and prompting a series of policy measures by Asian countries to stabilize financial markets, restore investor confidence and mitigate the impact of the crisis on th ... (1 h ago)

• Indonesian parliament passes bill to pro... Indonesian parliament passes bill to promote tourism
12/18/2008
The Indonesian parliament passed a new tourism bill on Wednesday to launch an independent board in charge of the promotion of Indonesian domestic and overseas tourism. "The Tourism Promotion Board is an independent body. It will not be under any government institution. It will thus have greater freedom to develop creative ideas and promote Indonesia overseas," the Jakarta Post daily on Thursday quoted a lawmaker Djabaruddin Ahmad as saying. The Indonesian Tourism Promotion Board ... (1 h ago)

• Inflation rises to 12.3% in Tanzania Inflation rises to 12.3% in Tanzania
12/18/2008
Tanzania's annual inflation rate has risen to 12.3 percent in November, up from 11.8 percent in the previous month, the country's National Bureau of Statistics reported. The statistical office has attributed the rise to rising food prices. "The increase in the rate of inflation was mainly attributed to increase of food inflation of 16.3 percent over the period," said the statistical bureau in a statement. Food inflation stood at 14.6 percent in October. Food carri ... (1 h ago)

• Japan may take measures to stop yen's ap... Japan may take measures to stop yen's appreciation
12/18/2008
The Japanese government will possibly intervene in the foreign exchange market to limit the strength of yen, which has hit a 13-year high, said the top government spokesman Thursday. "We have stepped in the foreign exchange market before. We will take appropriate measures, including such an option," Chief Cabinet Secretary Takeo Kawamura was quoted by Kyodo News as saying at a press conference. Also on Thursday, Finance Minister Shoichi Nakagawa told reporters he would "implement ... (1 h ago)

• China stocks close 1.97% higher, led by ... China stocks close 1.97% higher, led by banking shares
12/18/2008
A strong rally of banking shares within an hour before the closing pushed China stock prices up by 1.97 percent Thursday, after government stimulus plans to boost the real estate sector failed to bolster the market in the earlier session. The benchmark Shanghai Composite Index finished the day at 2,015.69 points, up 38.88 points. The smaller Shenzhen Component Index advanced 125.6 points, or 1.72 percent, to 7,412.47. The combined turnover in Shanghai and Shenzhen reached 109.49 ... (1 h ago)

• LA, Caribbean countries call for new reg... LA, Caribbean countries call for new regional financial architecture
12/18/2008
Leaders from 33 Latin American and Caribbean countries here on Wednesday called for "the gradual creation of a new regional financial architecture." According to the Declaration of Salvador, adopted after the first Summit of Latin America and the Caribbean on Integration and Development (SLAC) in this northeastern Brazilian city, the leaders underlined the need of establishing a multilateral and voluntary payments system, including mechanisms for payments in national currencies, to tackl ... (1 h ago)

• Canada to run deficit in 2009 after a de... Canada to run deficit in 2009 after a decade surplus
12/18/2008
Canada will run a deficit for the 2009-2010 fiscal year, after a consecutive budget surplus for more than a decade, Finance Minister Jim Flaherty said Wednesday. At a press conference in Saskatoon after meeting with his provincial counterparts to discuss a stimulus package for the battered economy, Flaherty said: "There will be a deficit...It's quite clear on the basis of the forecasts." Canada has been the only Group of Eight industrialized nation to post a budget surplus, conse ... (1 h ago)

• POSCO announces first-ever production re... POSCO announces first-ever production reduction
12/18/2008
POSCO Co., South Korea's largest steelmaker, announced the first-ever production cut plan on Thursday. The company said it would reduce crude steel production by a total of 570,000 tons by the end of next month. "We decided to cut output as many of our clients have been in an output-cutting mode since November and the recession in local demand is deeper than expected," POSCO said in a statement. POSCO said it plans to cut output by 200,000 tons this month and another 370, ... (1 h ago)

• S Korea's household loan grows 0.6% in O... S Korea's household loan grows 0.6% in October
12/18/2008
South Korean banks' household lending grew 0.6 percent in October from a month ago, decelerating for two consecutive months, the Bank of Korea (BOK) said Thursday. According to the BOK, the outstanding household loans by local lenders reached 509.91 trillion won (392.24 billion U.S. dollars) as of end of October Growth in household lending slowed from August, when they expanded by 0.9 percent as student loans increased. "Household demand for loans declined as borrowers fe ... (1 h ago)

• S. Korea to set up $15.4 bln fund to boo... S. Korea to set up $15.4 bln fund to boost bank capital
12/18/2008
South Korea's Financial Services Commission (FSC) said Thursday it plans to set up a 20 trillion won (15.4 billion U.S. dollars) fund in bid to improve the financial health of local banks. "The creation of the fund will help local banks beef up their capacity to absorb possible losses in the face of a prolonged economic downturn and industrial revamp," the FSC said in a policy report to President Lee Myung-bak. The financial watchdog said a fund is to be created in January and wi ... (1 h ago)

• Tokyo stocks close 0.6% higher Tokyo stocks close 0.6% higher
12/18/2008
Tokyo stocks closed slightly higher Thursday with the key Nikkei index up 0.64 percent. The benchmark Nikkei 225 Average advanced 54.71 points to 8,667.23. The Topix index was up 0.23 points, or 0.03 percent, to 838.69. Tokyo stocks edged up as investors expect that the Bank of Japan (BOJ) will slash its key rate at the end of its two-day policy meeting through Friday to stem the dollar-selling and yen-buying trend. Value leader Sumitomo Mitsui Financial Group ju ... (1 h ago)

• Japan's new auto sales likely to fall be... Japan's new auto sales likely to fall below 5 mln units in 2009
12/18/2008
Japan's new vehicle sales are likely to fall by 4.9 percent year-on-year to 4.86 million units in 2009,sinking below 5 million for the first time in 30 years, the Japan Automobile Manufacturers Association said Thursday. If that proves to be the case, the sales of new vehicles will suffer the fifth consecutive yearly decline, said the industry body. And the total domestic sales in 2008 will shrink by 4.5 percent to 5.11 million units amid the global financial meltdown, the associ ... (1 h ago)

• Vietnam increases steel import tariffs Vietnam increases steel import tariffs
12/18/2008
The tariffs levied on imported steel billet and steel ingot will be raised to five percent from the current two percent as of Dec. 21 the local newspaper Industry and Trade reported on Thursday. According to Vietnamese Ministry of Finance, the adjustment of steel import tariffs is necessary to boost the domestic steel consumption and to ensure the stability of the country's steel market as the current stockpiled steel in companies and manufacturers nationwide has around 3 million tons. ... (1 h ago)

• Singapore lifts suspension on imports of... Singapore lifts suspension on imports of Chinese milk
12/18/2008
Singapore has lifted the suspension on the import of milk and milk products from China, the country's Agri-Food and Veterinary Authority (AVA) said in a statement Thursday. The AVA says it is satisfied with the control measures in place to ensure that milk and milk products from China are not contaminated with melamine. "Products produced on or after Dec. 18 will be allowed to be imported into Singapore," the AVA said. Manufacturers are also required to inspect and test e ... (1 h ago)

• Trade volume between Malaysia, China up ... Trade volume between Malaysia, China up 22.8% in first 10 months of 2008
12/18/2008
In the first 10 months of 2008, the bilateral trade volume between Malaysia and China reached 45.7 billion U.S. dollars, with a year-on-year increase of 22.8 percent, said Liu Jian, ambassador of China to Malaysia. The trade volume between China and Malaysia rose from 8 billion U.S. dollars in 2000 to 46.4 billion U.S. dollars in 2007, Liu said at the 5th China Import & Export Commodities Exhibition (CIEM), which opened in Kuala Lumpur on Thursday. "Bilateral trade between Malays ... (1 h ago)

• Hong Kong stocks finish 0.87% lower at m... Hong Kong stocks finish 0.87% lower at midday
12/18/2008
Hong Kong stocks went down 133. 93 points, or 0.87 percent, to finish Thursday's morning break at 15,326.59. &$ &$Source:Xinhua&$ &$ ... (1 h ago)

• Chinese shares slipped 0.66% in morning ... Chinese shares slipped 0.66% in morning despite government stimulus plan
12/18/2008
Chinese shares opened slightly higher but slipped 0.66 percent to close morning trade, though the government launched stimulus plan to boost real estate. The benchmark Shanghai Composite Index lost 13.14 points to 1963.68, while Shenzhen Component Index edged down 0.75 percent to7231.97 points. Non-ferrous metal and transportation sectors declined 1.21 and 1.26 percent respectively. Property shares was down 0.53 percent though policies released late Wednesday to reduce ta ... (1 h ago)

• Stocks appear headed for higher open Stocks appear headed for higher open
12/18/2008
Wall Street headed for a moderately higher open Thursday, with investors cautiously optimistic ahead of readings on unemployment claims and corporate profits. (1 h ago)

• Chrysler, GM revive merger talks, paper ... Chrysler, GM revive merger talks, paper says
12/18/2008
General Motors and Chrysler have reopened merger talks, The Wall Street Journal reported Thursday, citing people familiar with the discussions. (1 h ago)

• When foreclosure limbo becomes a lifesty... When foreclosure limbo becomes a lifestyle
12/18/2008
Vickie Lewis of Jacksonville, Fla., has been living in foreclosure limbo for more than four years. But she does not fit any stereotypes of today's troubled borrowers. Msnbc.com's Mike Stuckey reports. (1 h ago)

• Shipping sector expects lean holiday hau... Shipping sector expects lean holiday haul
12/18/2008
Delivery of packages and mail has been down with the rest of the economy, and the shipping industry is counting on this week — expected to be the year's busiest — for a final boost to lift it out of its slump before Christmas. (1 h ago)

• ConsumerMan: Freezing your credit ConsumerMan: Freezing your credit
12/18/2008
I finally did it. This week I put a security freeze on my credit files at the big three credit reporting companies. (1 h ago)

• Fed rate cut sparks a rush of refinancin... Fed rate cut sparks a rush of refinancing
12/18/2008
Homeowners across the United States on Wednesday took advantage of the Federal Reserve's extraordinary decision to lower interest rates, refinancing their homes. (1 h ago)

• Chrysler closing all 30 plants for one m... Chrysler closing all 30 plants for one month
12/18/2008
Chrysler says it will close all 30 of its manufacturing plants for a month starting Friday. (1 h ago)

• Obama team considers $850 billion stimul... Obama team considers $850 billion stimulus
12/18/2008
Eager to jolt a worsening economy back to life, President-elect Barack Obama's aides are assembling a two-year stimulus package that could cost $850 billion. (1 h ago)

• Obama reportedly decides on head of SEC Obama reportedly decides on head of SEC
12/18/2008
A Democratic official says Obama has chosen Mary Schapiro to head the Securities and Exchange Commission, turning to a veteran of the agency to try to revitalize it. (1 h ago)

• Small businesses’ hiring outlook is blea... Small businesses’ hiring outlook is bleak
12/17/2008
When it comes to hiring, the news has been brutal. (22 m ago)

• Fed’s rate cut won’t help most credit ca... Fed’s rate cut won’t help most credit card users
12/17/2008
Just because the Federal Reserve is cutting interest rates, don't expect your credit card company to necessarily do the same. (24 m ago)

• Questions surround Madoff auditor Questions surround Madoff auditor
12/17/2008
The fact that a such a small accounting business was the main auditor for Madoff's multibillion-dollar operation has emerged as one of the most mysterious elements of the case. (1 h ago)

• GM delays Volt engine factory GM delays Volt engine factory
12/17/2008
General Motors Corp. has put the brakes on construction of a factory that will make engines for two of its most important new products. (3 h ago)

• Morgan Stanley 4Q loss $2.37 billion Morgan Stanley 4Q loss $2.37 billion
12/17/2008
Morgan Stanley says it lost $2.37 billion during its fiscal fourth quarter as it takes a range of losses on assets amid one of the roughest quarters for investment banks. (3 h ago)

• Newsweek: Madoff scandal's broader rippl... Newsweek: Madoff scandal's broader ripple effects
12/17/2008
Pensioners, municipal workers, students on scholarship and middle-class Americans all are likely to be burned by the spectacular flare-out of Bernard L. Madoff Investment Securities. (3 h ago)

• Bad economy = better job applicants Bad economy = better job applicants
12/17/2008
Your Biz blog: With so many companies scaling back, or shutting their doors, there is a growing pool of talented people who are looking for work. (4 h ago)

• OPEC approves biggest ever output cut OPEC approves biggest ever output cut
12/17/2008
OPEC is cutting 2.2 million barrels a day from its output — the largest ever at one time — to stem crude prices that have plummeted over 70 percent from summer highs of nearly $150. (5 h ago)

• Mortgage applications climb 2.9 percent Mortgage applications climb 2.9 percent
12/17/2008
Mortgage application volume jumped last week, fueled by borrowers seizing on lower rates to refinance home loans, the Mortgage Bankers Association said Wednesday. (5 h ago)

• Motorola to freeze pension plans, cut ex... Motorola to freeze pension plans, cut exec pay
12/17/2008
Motorola says it will permanently freeze its U.S. pension plans, temporarily suspend matching 401(k) contributions and reduce the base salary of its two co-executives. (7 h ago)

• Auto dealers face days of reckoning Auto dealers face days of reckoning
12/17/2008
Amid the myriad problems facing the Big Three automakers, one is often overlooked — a costly, inefficient network of dealers, protected by a byzantine web of state laws. (7 h ago)

• British Airways and Qantas End Merger Ta... British Airways and Qantas End Merger Talks
12/18/2008
Australia’s flagship carrier, Qantas Airways, and British Airways have ended talks on a merger valued at $6 billion, saying they could not agree on terms of the deal. (1 h ago)

• Fed Cut Pressures Japan and China to Fol... Fed Cut Pressures Japan and China to Follow Suit
12/18/2008
Analysts, however, were uncertain about the timing of the rate cuts, with many saying sometime next year. (1 h ago)

• Stocks and Bonds: Wall Street Ends Lower... Stocks and Bonds: Wall Street Ends Lower a Day After Rate Cut
12/18/2008
Investors with an appetite for safety pushed Treasury prices even higher as they faced the prospect of zero-percent interest rates for the foreseeable future. (1 h ago)

• Newry Journal: A Northern Ireland Town I... Newry Journal: A Northern Ireland Town Is a Shoppers’ Paradise
12/18/2008
The euro has surged in value against the British pound, making prices in northern stores so irresistible that southerners are flocking over the border. (1 h ago)

• Capacity of Oil Pipeline to Double Capacity of Oil Pipeline to Double
12/18/2008
Russia, Kazakhstan and a group of oil companies agreed to double the capacity of a pivotal export pipeline that crosses Russia. (1 h ago)

• OPEC Agrees to Another Cut in Production OPEC Agrees to Another Cut in Production
12/18/2008
The cartel hopes the move will help stabilize oil prices and eventually push them up to around $80 a barrel. (1 h ago)

• Honda Cuts Profit Forecast for a 3rd Tim... Honda Cuts Profit Forecast for a 3rd Time
12/18/2008
Honda issued its third profit warning of the year in the latest sign of the dramatic drop in demand that has hammered the global car industry. (1 h ago)

• French Utility to Acquire Part of U.S. N... French Utility to Acquire Part of U.S. Nuclear Giant
12/18/2008
The EDF Group, which includes Éléctricité de France, will buy a stake in Constellation Energy for $4.5 billion. (1 h ago)

• As the Fed Flattens Rates, the Dollar Ge... As the Fed Flattens Rates, the Dollar Gets Bruised
12/18/2008
A day after the Federal Reserve cuts rates, the value of a euro jumped the most since its inception. (1 h ago)

• European Banks Tally Losses Linked to Fr... European Banks Tally Losses Linked to Fraud
12/17/2008
The size of Bernard L. Madoff’s scheme calls into question why big banks in Spain, Britain and especially Switzerland failed to spot the risks of putting billions into Mr. Madoff’s hands. (6 h ago)

• Belgium Fights Shareholder Vote on Forti... Belgium Fights Shareholder Vote on Fortis Sale
12/17/2008
The government has vowed to fight a court decision that would subject to a shareholder vote its plan to sell Fortis to BNP Paribas. (16 h ago)

• Memo From Berlin: Allies See Germany Try... Memo From Berlin: Allies See Germany Trying Bailout With a Thimble
12/17/2008
The country’s neighbors and many of its politicians are criticizing the government for spending plans that seem tight-fisted compared to what European countries or the U.S. are preparing. (17 h ago)

• At Meeting in Brazil, Washington Is Scor... At Meeting in Brazil, Washington Is Scorned
12/17/2008
Latin American leaders, including Cuba’s Raúl Castro, assailed the U.S. for the credit crisis that has also roiled their economies. (18 h ago)

• British Bank Rescue Plan Is Under Fire British Bank Rescue Plan Is Under Fire
12/17/2008
The British prime minister’s initial success has faded and the credit markets still need fixing. (18 h ago)

• Disney Plans a Channel for Russian TV Disney Plans a Channel for Russian TV
12/17/2008
The Russian market is one that Western entertainment companies have been trying to crack for a decade with little success. (18 h ago)

• Siemens to Pay $1.34 Billion in Fines Siemens to Pay $1.34 Billion in Fines
12/16/2008
By agreeing to the record fines, the German engineering conglomerate closes the book on wide-ranging criminal investigations in the United States and Germany. (1 d ago)

• Japan’s Manufacturing Confidence Index D... Japan’s Manufacturing Confidence Index Drops Sharply
12/16/2008
A key measure of business sentiment released on Monday foreshadowed more bad news ahead for the Japanese economy. (1 d ago)

• Russia Devalues the Ruble for a 2nd Time... Russia Devalues the Ruble for a 2nd Time in a Week
12/16/2008
The currency may fall even further against the dollar and the euro unless oil prices rebound soon. (1 d ago)

• Global Car Industry Fearful for Detroit Global Car Industry Fearful for Detroit
12/16/2008
There are growing concerns that the automakers’ problems in the United States will weigh down their more successful units in Europe, Asia and Latin America. (1 d ago)

• Global Layoffs at Electrolux Global Layoffs at Electrolux
12/16/2008
The Swedish appliance maker Electrolux said that it would lay off more than 3,000 staff globally because of a slump in the market. (1 d ago)

• Washington News Bureaus Are Shrinking Washington News Bureaus Are Shrinking
12/18/2008
As newspapers cut costs, coverage of events in the nation’s capital suffers. (1 h ago)

• Gannett Editor Resigns to Lead Freedom F... Gannett Editor Resigns to Lead Freedom Forum
12/18/2008
The editor of USA Today said that he is resigning to head a foundation devoted to press freedom. (1 h ago)

• Advertising: Eating Healthy, Even at You... Advertising: Eating Healthy, Even at Your Desk
12/18/2008
A new program by FreshDirect sends experts into offices to offer tips to employees who want to stay healthy while dining at the desk. (1 h ago)

• Front Row: Give Them Your Tired, Your Ch... Front Row: Give Them Your Tired, Your Chic
12/18/2008
French Vogue is preparing for its 90th anniversary next year and its asking its readers to be a part of the process. (1 h ago)

• Advertising: Churches Welcome Quirky App... Advertising: Churches Welcome Quirky Approaches to Spread Their Message
12/17/2008
Some churches are hoping that nontraditional advertising approaches may attract greater numbers of young people. (5 h ago)

• C. Caracciolo, 83, a Publisher and La Re... C. Caracciolo, 83, a Publisher and La Repubblica Founder, Is Dead
12/17/2008
Mr. Caracciolo was a leading Italian publisher who was a co-founder of the influential newspaper La Repubblica and was known as “the editor prince.” (14 h ago)

• John W. Powell, 89, Dies; Writer in Sedi... John W. Powell, 89, Dies; Writer in Sedition Case
12/17/2008
Mr. Powell was tried for sedition in 1959 in a rare and highly public case after he asserted in print that the United States had used biological weapons in the Korean War. (16 h ago)

• News Corp.’s Stock Listing Shifts to a H... News Corp.’s Stock Listing Shifts to a Higher Bidder
12/17/2008
The News Corporation announced that it would move its stock listing from the New York Stock Exchange to the Nasdaq stock market, effective on Dec. 29. (17 h ago)

• Fewer Papers Will Hit the Porch in Detro... Fewer Papers Will Hit the Porch in Detroit
12/17/2008
The Detroit Free Press and The Detroit News will stop home delivery four days of the week, becoming the first major metropolitan dailies to take such a step. (18 h ago)

• China Is Said to Restore Blocks on Web S... China Is Said to Restore Blocks on Web Sites
12/17/2008
The Chinese government has quietly begun preventing access again to Internet sites that it had stopped blocking during the Olympic Games. (18 h ago)

• Politico and Reuters Forge a News Distri... Politico and Reuters Forge a News Distribution Alliance
12/16/2008
Politico would gain the right to sell ads on newspapers’ Web pages containing Politico and Reuters articles and would share the revenue with the papers. (1 d ago)

• Pellicano Sentenced to 15 Years in Priso... Pellicano Sentenced to 15 Years in Prison
12/16/2008
Anthony Pellicano, a private investigator whose clients included Hollywood stars, was sentenced for wiretapping. (1 d ago)

• Justices Reject Appeal in Anthrax Libel ... Justices Reject Appeal in Anthrax Libel Suit
12/16/2008
Steven J. Hatfill, a former government scientist, contended that he was defamed by a series of New York Times columns about the anthrax mailings of 2001. (1 d ago)

• National Lampoon Chief Faces Charges National Lampoon Chief Faces Charges
12/16/2008
The chief executive of National Lampoon was charged with conspiracy and securities fraud in what prosecutors called an attempt to raise the company’s stock value artificially. (1 d ago)

• Advertising: ESPN Strives to Eject Clutt... Advertising: ESPN Strives to Eject Clutter From Its Site
12/16/2008
ESPN.com is counting on less clutter and more advertising options to bolster revenue at a time when its sister cable channels are battling rare weakness. (1 d ago)

• Actors Petition Their Guild to Cancel Vo... Actors Petition Their Guild to Cancel Vote Over Strike
12/16/2008
Leaders of the Screen Actors Guild came under pressure from a roster of A-list stars to call off plans for a vote to approve a possible strike against studios. (1 d ago)

• Campaign Spotlight: Campaign Seeks to An... Campaign Spotlight: Campaign Seeks to Answer ‘Now What?’
12/16/2008
The country’s largest nonprofit home health care provider has begun an ad campaign that asks people to imagine how they would respond to vexing medical situations. (1 d ago)

• MediaNews Sees Bad Timing on Newspapers,... MediaNews Sees Bad Timing on Newspapers, Not Bad Bets
12/15/2008
Dean Singleton gambled his company on California -- where the crash in housing has hit newspapers especially hard -- just as the bottom was about to fall out for newspapers. (2 d ago)

• Advertising: Banks Use Free Pizzas and H... Advertising: Banks Use Free Pizzas and Humor to Calm Fears
12/15/2008
Banks and financial institutions are buying ads and holding promotions to bolster consumer confidence. (2 d ago)

• Oil Prices Fall Despite Record OPEC Cut Oil Prices Fall Despite Record OPEC Cut
12/18/2008
Oil prices have fallen to 4 1/2-year lows in Asia as investor pessimism over global crude demand outweighs OPEC's largest-ever production cut. (1 h ago)

• OPEC Slashes Global Oil Production OPEC Slashes Global Oil Production
12/18/2008
Saudi Arabia, OPEC's de-facto leader, said the group will slash a record 2 million barrels from its daily production as of Jan. 1, while Russia and other countries said they would remove hundreds of thousands of additional barrels from the market. (1 h ago)

• SEC Criticized For Allowing Madoff Fraud SEC Criticized For Allowing Madoff Fraud
12/18/2008
Disgraced investor Bernard Madoff is out on bail but must observe a curfew and wear a monitoring bracelet. Meanwhile, the SEC chairman admits repeated failures at his agency to investigate the fraudulent money manager. (1 h ago)

• Chrysler Closing All 30 Plants For 1 Mon... Chrysler Closing All 30 Plants For 1 Month
12/18/2008
Chrysler says it will close all 30 of its manufacturing plants for a month starting Friday. (1 h ago)

• Obama Stimulus Plan Could Hit $1 Trillio... Obama Stimulus Plan Could Hit $1 Trillion
12/17/2008
After consulting with economists from across the political spectrum, President-elect Barack Obama's advisers are contemplating an economic recovery plan that could cost as much as $1 trillion over two years. (5 h ago)

• Fed Slashes Interest Rates To All-Time L... Fed Slashes Interest Rates To All-Time Low
12/17/2008
The Federal Reserve has cut its target for a key interest rate to the lowest level on record and pledged to use "all available tools" to combat a severe financial crisis and prolonged recession. (20 h ago)

• Madoff Kept Double Books To Hide Losses Madoff Kept Double Books To Hide Losses
12/17/2008
Investors poring over fraudulent money manager Bernard Madoff's books have discovered that he falsified documents to hide massive losses from investors. A judge has ordered Madoff's business to be liquidated. (22 h ago)

• Paulson: Big Financial Firms Are Stable Paulson: Big Financial Firms Are Stable
12/17/2008
Treasury Secretary Henry Paulson said that he does not expect any more major financial firms to fail during the current credit crisis. He added that he has no plans to ask Congress for the second half of the $700 billion bailout fund. (22 h ago)

• White House Plays It Cool On Auto Bailou... White House Plays It Cool On Auto Bailout
12/16/2008
The White House sought Tuesday to play down prospects for an imminent bailout for distressed U.S. automakers and suggested any deal requiring taxpayer money will require major concessions by the parties involved. (1 d ago)

• Tax Cheats Come Out Ahead During Meltdow... Tax Cheats Come Out Ahead During Meltdown
12/16/2008
Desperate to bring in revenue in the middle of a recession, states across the country are adopting tax amnesty programs, offering to let people pay their past-due tax bills with little or no penalties or interest. (1 d ago)

• Reports Paint Grim U.S. Economic Picture Reports Paint Grim U.S. Economic Picture
12/16/2008
The government says the construction of new homes plummeted in November by the largest amount in a quarter-century as builders slashed production in the face of a recessionary economy. (1 d ago)

• Madoff Once Bragged Of Profits To SEC Madoff Once Bragged Of Profits To SEC
12/16/2008
The money manager accused of duping investors in one of Wall Street's biggest Ponzi schemes once boasted to the Securities and Exchange Commission about how much money he earned. Now, all eyes are on the regulators, who may have dropped the ball. (1 d ago)

• Wall Street Investment Scam Victims Emer... Wall Street Investment Scam Victims Emerge
12/16/2008
From a Jewish youth charity in Boston to major banks as far afield as Zurich, the list of investors who say they were duped in one of Wall Street's biggest Ponzi schemes is growing. (1 d ago)

• Automakers Await Green Light On Loans Automakers Await Green Light On Loans
12/15/2008
Detroit automakers got public reassurance from President George W. Bush that short-term government help for the industry is in the works and could come soon. (2 d ago)

• Executive Pay Limits May Prove Toothless Executive Pay Limits May Prove Toothless
12/15/2008
At the last minute, the Bush administration insisted on a one-sentence change concerning executive pay in the law authorizing Treasury to give $700 billion on troubled banks. That small change now looks like a giant loophole. (2 d ago)

• Google Flip-Flopping On Net Neutrality? Google Flip-Flopping On Net Neutrality?
12/15/2008
According to the Wall Street Journal, Google's proposed arrangements with several major Internet service providers violates the company's long-held stance in favor of Net neutrality. The search giant disagrees. (2 d ago)

• Standard Chartered falls despite cash ca... Standard Chartered falls despite cash call success
12/18/2008
Shareholders in Standard Chartered , the London listed but Asia focussed bank, have almost all backed its £1.8bn cash call. The bank received applications representing nearly 97% of the 390p a share, 30 for 91 rights issue. The rest of the shares were successfully placed in the market at 760p each. Standard said the money would be used to bolster its capital base and give it firepower for acquisitons. The acceptance level far outweighed those achieved by the likes of Royal Bank of Scotland. In the market Standard's shares have slipped 12p to 749p, as worries about a slowdown in Asia soured sentiment. Meanwhile HSBC continued its decline, down another 41.5p to 630.5p on concerns it too may need a capital raising or might cut its dividend. An Asian slowdown would also hit the bank, while its US business could suffer in a near-zero interest rate environment. Standard Chartered HSBC guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Credit crunch a welcome reality check, s... Credit crunch a welcome reality check, says Archbishop of Canterbury Rowan Williams
12/18/2008
The credit crunch is a welcome "reality check" in a climate of unsustainable greed, the Archbishop of Canterbury, Rowan Williams, said today. Williams hit out at Gordon Brown's plans to combat recession by boosting spending, which he compared to an "addict returning to the drug". Speaking on the Today programme, he said the financial sector had been carried away by the "sheer intellectual excitement" and should offer an apology. The archbishop said the recession gave Britain the opportunity to return to a more voluntary society focusing on the vulnerable and a better approach to sustainable wealth. "I'd like to hear more from governement about how a volunteer society can be encouraged," he said Earlier, he had reignited the row over the separation of church and state, saying it would not be "the end of the world" if the established church were to disappear. In an interview published in today's New Statesman, he said there was a "certain integrity" to a church that was free from state sanctions. Asked on the Today programme whether he wanted disestablishment, he replied: "At the moment, no."I see the case for it, and I certainly don't think that the church would be destroyed by disestablishment, I believe the church exists because of God, not because of the state." As a teenager, Williams converted to the Church in Wales, a disestablished church, and spent 10 years working as one of its bishops. He told the magazine his early clerical experience had taught him there were advantages to not needing state approval." Williams said the credit crunch showed that British society had "accepted the message that it's possible to have an endless spiral of accumulating wealth that has nothing to do with producing anything". Although he said society as a whole had been complicit, he criticised the government for "moving along with the tide" of deregulation of the markets over the last 15 years. He said it was now having to ask "some very tough questions internationally about what sort of regulation is feasable internationally at a time when, clearly, an unregulated financial world doesn't make sense". Williams criticised the government for encouraging people to spend though the downturn. "I hope people will understand that spending itself is about need before it is about serving the economy in the abstract," he added. The archbishop warned that there were difficult times ahead for workers affected by redundancies, and an overall approach to "sustainable wealth" and the long-term welfare and basic needs of people needed to be found. "I think there are some huge moral lessons to be learnt about the nature of accumulating wealth...a lot of people are waiting to hear an acknowledgement of some responsibility for irresponsible behaviour." The prime minister's spokesman later played down Williams's comments, saying Brown was intent upon "doing whatever we can" to help people through the economic troubles. "The Archbishop of Canterbury has expressed his views on this and a number of other subjects over the course of the years," the spokesman said. Asked whether he agreed with Williams's phrases, the spokesman said: "The Archbishop of Canterbury chooses his own words." Religion Credit crunch guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• The arrest of fund manager Bernard Madof... The arrest of fund manager Bernard Madoff has brought antisemites out of the woodwork and in to the blogosphere
12/18/2008
It has been a fertile financial week for bigots. The astonishing scale of corruption allegedly unmasked at the offices of Wall Street fund manager Bernie Madoff has caused disproportionate pain in the Jewish community, prompting unedifying sneers on the blogosphere. Madoff, who is thought to have lost $50bn of assets, recruited many of his private clients through informal social networks in New York, Florida and Los Angeles. The sense of disappointment and betrayal is palpable – particularly among Jewish philanthropic organisations. Several charities have had to shut their doors overnight, including the Lappin foundation, which funded trips to Israel for children, and the Chais Family Foundation, which supports educational and health-related projects. The Los Angeles-based Jewish Journal noted that the saga gave "ammo to antisemites everywhere" and highlighted mocking comments posted on a popular financial website, Dealbreaker. Another Jewish blogger, Tvzee's Talmudic Blog, complained that he had had to "moderate out many racist comments" after writing about Madoff. The wrecking impact of Madoff's fraud on Jewish philanthropy has a broad impact which extends far beyond any single religious community. Gary Tobin, president of the Institute for Jewish and Community Research in San Francisco, reckons Jewish philanthropy in the US is worth about $5bn annually. The money is spent on everything from poverty relief to educational initiatives, bridge-building between religions and community centres – which are open to people from any faith. "I know the antisemitic websites are picking this up – they love Jewish cabals and conspiracies," says Tobin. "But for most of the world, the antisemitic reaction will be minimal. This is a philanthropic and charitable tragedy – it's more sad than anything else." The Wall Street Journal noted that older Jewish investors put so much faith in Madoff that they jokily nicknamed him "the Jewish bond". Lawyers for Madoff's victims say that in a close-knit community, people put a disproportionate amount of trust in a small number of individuals. Ross Intelisano, a class-action lawyer based in New York, says: "We've been talking to a lot of direct investors. This is a rare case in which a lot of investors we've spoken to had all their money with one firm." Many have lost everything overnight. Arnold Sinkin, a retired carpet-fitter in Florida, lost the nest egg of nearly $1m he built up with his wife, Joan. "We started out by giving $5,000 to him [Madoff] in the 1970s," said Joan Sinkin. "At the time, $5,000 for us was really a huge amount. I think we probably had about $1.75 left in the bank once we'd given it to him." The septuagenarian couple's retirement planning crashed to earth when Madoff's alleged fraud materialised last week. They will be selling their apartment in New York City and relying on their children for financial help. On an institutional level, the impact goes far beyond any single community. Banks as far afield as Japan, Switzerland and Spain are suffering Madoff-related losses, not to mention Britain's HSBC and Royal Bank of Scotland. Even Hampshire County Council somehow managed to stick part of its pension fund in Madoff's business (although everybody says he was choosy about whose money he accepted). In New York, one secular charity destroyed by Madoff's apparent corruption is the JEHT Foundation, which stands for "justice, equality, human dignity and tolerance". Since 2000, the charity has promoted reform of the criminal justice system to try to reduce the rate of incarceration in the US, handing out $25m to $30m annually. The funds of JEHT's donors, Jeanne and Kenneth Levy-Church, were managed by Madoff and have evaporated overnight. The foundation's director, Robert Crane, has the shattering task of shutting down the charity. "We're going to cease existence at the end of January," Crane told me. "All of our 24 people will lose their jobs." It's a pretty dismal situation – and Madoff ought to be ashamed. "It's devastating not only for us but for the people we support," says Crane. "In the areas we operate, there aren't a huge number of other funds, which makes the impact even worse." Bernard Madoff Corporate fraud guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Repossessions will rise by 67%, says Cou... Repossessions will rise by 67%, says Council of Mortgage Lenders
12/18/2008
The number of people who lose their homes because they can no longer pay the mortgage is expected to rise by 67% by the end of next year. The Council of Mortgage Lenders (CML) said today that repossessions will rise from 45,000 this year to 75,000 by the end of 2009. It also said the number of homeowners falling more than three months behind with their mortgage repayments will more than double to 500,000 households. "Repayment problems will worsen against the backdrop of rising unemployment, but lenders and government are working to try to reduce the negative impact on borrowers," said CML director general, Michael Coogan. He added that while lenders would seek to minimise repossessions, the worsening economic backdrop will mean an "inevitable increase in the number of cases where a sustainable alternative solution cannot be found". A sizeable share of these reposessions will be properties owned by landlords, which could leave thousands of tenants in danger of losing their homes. According to a separate report today from price comparison website uSwitch.com, two million people are already considering taking a mortgage payment holiday. Mortgage lenders often allow borrowers to take a break from repayments for two months a year or more, with the outstanding debt being paid back over the remaining term of the mortgage. But while a break from repayments will ease homeowner's pain in the short term, it could lead to problems remortgaging later. "In the current climate, mortgage payment holidays should not be used by those that have been struggling to pay their mortgage, or to keep up with general living expenses for a long period of time," said Louise Bond of uSwitch. "Some lenders are already withdrawing this facility." Last month, Halifax stopped offering payment holidays to borrowers who have been made redundant, while Nationwide is considering a new rule that will only allow homeowners with at least 25% equity in their property to take a payment holiday. Declining mortgage numbers The CML also said the number of mortgages taken out in November was less than half the number taken out in the same month last year, with total mortgage advances of just £14.6bn, the lowest level since February 2002. The figure was 22% lower than October and 51% below the same month last year. "While there is typically a decline from October to November, this is considerably larger than usual," said Coogan. He added that this reflected the current market disruption and the continued deterioration of confidence in the economy. The CML also said it expected net lending in 2009 to turn negative for the first time since records began in 1964, meaning consumers will repay more on their mortgages than they borrow. Net lending, which strips out repayments and remortgaging, is expected to dive to minus £25bn. The figure is well down on this year's level of £40bn and way below last year's £108bn - a level the government has urged the industry to replicate next year. Total advances in 2009 are also expected to be considerably lower at £145bn, down from around £258bn this year and less than half the £363bn advanced in 2007. Repossessions Mortgages Property Borrowing & debt Housing market guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Christmas business quiz Christmas business quiz
12/18/2008
Banks collapsed, the financial system was plunged into chaos, the housing bubble burst - test your knowledge of 2008's key business events (1 h ago)

• Omnicom set to axe up to 3,500 jobs, say... Omnicom set to axe up to 3,500 jobs, says US media report
12/18/2008
Omnicom, the world's largest marketing services group, is to cut up to 3,500 jobs, according to a US media report. The US company, which handles the advertising for brands including Pepsi, Volkswagen and Sainsbury's, is preparing to cut its 70,000-strong global workforce by 5%, according to a report by trade magazine Advertising Age. Omnicom has not confirmed where the cuts will fall across its global network of advertising, marketing and PR agencies. The New York-based group owns creative ad agency networks such as BBDO, DDB and TBWA and media buying agency networks including PHD and OMD. Omnicom also owns PR operations including Fleishman-Hillard, Ketchum and Porter Novelli. BBDO's US operation is likely to be affected as it handles the advertising account for the struggling Chrysler business and earlier this year lost the American account for Pepsi. Last month BBDO made more than a fifth of the staff in its Detroit office, which services Chrysler, redundant. Earlier this week Digitas, the digital agency network owned by Publicis Groupe, cut 42 jobs, about 2% of its workforce. In November, the WPP chief executive, Sir Martin Sorrell, warned that the company would have to make cuts in mature markets, such as Europe, that were struggling in the downturn. • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 7239 9857. For all other inquiries please call the main Guardian switchboard on 020 7278 2332. • If you are writing a comment for publication, please mark clearly "for publication". Advertising Marketing & PR Media downturn Media business guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Retail sales: what the economists say Retail sales: what the economists say
12/18/2008
Vicky Redwood at Capital Economics She said the retail sales figures were surprisingly resilient given how bad all the surveys and anecdotal evidence has been. " I don't think anybody will be paying much attention to them," she said. However she expressed concern over the public finances: "The public finances look pretty awful," she said. "It's just worrying that they are that bad this early on in the recession." Philip Shaw at Investec He said: "We think it is questionable that the sales volumes have risen in the last three month by 0.5%." He also described the scale of public borrowing as "very disappointing" - "In particular, tax receipts seem to be very weak," he said. James Knightley at ING Knightley said that early Christmas shopping could explain part of the strength. "But it doesn't really tally with the weakness in consumer confidence nor the data seen in the CBI and BRC surveys," he said. "Moreover with unemployment rising sharply and households looking to tighten their budgets we expect to see further weakness in the data over coming months. This will keep up the pressure on the Bank of continue cutting rates. Retail industry Economics guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Apple buys shareholding in Imagination T... Apple buys shareholding in Imagination Technologies
12/18/2008
Apple's shares may have fallen in the US after reports it is cancelling its famous Macworld exhibition after this January's event, but the iPod and iPhone maker has proved a positive influence on the UK market today. Shares in chip designer Imagination Technologies have soared 11p to 50p - a 28% gain - after the US technology giant took a 3.6% stake, buying 8.2m new shares at 39p each. Apple already licences Imagination's technology. Analyst Dan Ridsdale at Teathers said: "[This is] clearly a positive endorsement of Imagination's intellectual property, although it was widely known that Apple was a licensee already. It gives us further confidence that Imagination's royalty per share from Apple devices should increase as it launches devices on its own chips. It is very unlikely to lead to a takeover in our view, given Imagination's broad licensee base and Intel's investment [it has a 3% shareholding]. "[But it] indicates that management was less comfortable with the cash position than suggested at the interims. It may also suggest that licensees are demanding ongoing investment reducing the likelihood of cost savings if demand slows." Ian Robertson at Seymour Pierce was also positive, saying: "This is a considerable vindication of Imagination's intellectual property and potential, and it adds considerable weight to the rumours that the recent multi-license multi-application announcement relates to Apple. We regard Imagination as an undervalued stock that has the potential to replicate the success of ARM, albeit in a smaller way. We initiate on the stock with a buy and a target price of 53p based on a sum of the parts valuation. (Note these numbers do not account for today's share issuance)." Apple guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• First-time buyers offer property market ... First-time buyers offer property market a 'glimmer of hope'
12/18/2008
Number of new buyers entering the market has increased for the third month in a row, according to the estate agents body (1 h ago)

• Budget deficit lurches to record high Budget deficit lurches to record high
12/18/2008
The government's budget deficit lurched to a record high in November, showing the public finances were in deep trouble even before the tax cuts announced by Alistair Darling at the end of last month. The Office for National Statistics said that public sector net borrowing rose to £16bn in November, a much worse number than City pundits had expected and the worst since monthly records began in 1993. The number was also £5bn worse than the same month last year. The public finances are taking a hammering from dwindling tax revenues as unemployment rises and company profits fall and as spending on benefits rises. Last month's pre-budget report tax cuts are set to push borrowing up to a massive £118bn next year, equivalent to 7% of national income. The ONS said that net borrowing surged to £56bn for the first eight months of the fiscal year 2008/09, compared to £29bn a year earlier. The new number means Darling has already hugely exceeded the £43bn deficit he pencilled in for the whole of this year in the March budget - showing just how rapidly the economy is plunging into recession. "The public finances look pretty awful and it's just worrying that they are that bad this early in the recession," said Vicky Redwood, analyst at Capital Economics. Philip Shaw, chief economist at Investec bank, added: "The scale of net borrowing is very, very disappointing, in particular tax receipts seem to be very, very weak." The ONS figures also showed that the national debt stood at £650bn at the end of November, equivalent to 44.2% of gross domestic product. Economics Economic policy Public finance guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Petrofac and Wood Group shine after upda... Petrofac and Wood Group shine after update
12/18/2008
Oil services businesses are in focus this morning, after a positive trading statement from Petrofac and an uprade for John Wood Group . Petrofac has climbed 26.75p to 357p as it said 2008 profits would be in line with expectations and said the bidding pipeline for next year looked promising. The slump in the oil price - despite Opec's announcement of more cuts yesterday - has had little effect. On Petrofac, Evolution Securities said: "The statement is not as downbeat as Wood Group's [yesterday] - reflecting the lack of drilling/ North American exposure and also the relatively robust development market in Middle East and North Africa. Given the increase in production in Energy Developments in 2009 from the start up of the Don field, we do not expect to see the same decline in earnings likely in other oil service stocks. On this basis the rating of 5.2 times looks attractive." Wood however was also on the way up after slipping back yesterday. Its shares added 14.9p to 213.75p as Morgan Stanley raised its recommendation from equal weight to overweight. The bank said: "We think the risk-reward trade-off now looks attractive given relatively resilient earnings, a favourable operating and financial risk profile, and a share price that appears to be discounting a structural fall in profit margins to a level below the all-time low achieved in 1999. The outlook for the European oil service industry has deteriorated in recent months. However, long-term prospects look healthier given the challenges on the supply side of the oil industry. Against that backdrop, we believe it is worth building/maintaining positions in selected Oil Service companies." Petrofac John Wood guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Retail sales show unexpected rise in Nov... Retail sales show unexpected rise in November
12/18/2008
Retail sales unexpectedly rose in November from the previous month thanks to strong electrical goods sales, although the annual growth rate was the weakest since early 2006. Retail sales volumes were up 0.3% last month, the Office for National Statistics said this morning, defying City expectations of a 0.6% fall. However, October's drop was revised lower to 0.3% from a previously reported 0.1%. From a year ago, retail sales were up 1.5% last month - the weakest annual rate since February 2006. Sales of household goods jumped by 3.9% on the month boosted by electricals, marking the biggest increase since July last year. Food sales were 0.2% higher, but clothing and footwear fell 0.1% and department store sales were down 1.5%. Sales at department stores are now at their lowest level since records began in 1986. Over the three months to November, retail sales increased by 0.5% when compared with the previous three months. Analysts cast some doubt on the figures. David Buik at BGC Partners called them "nebulous and meaningless". He said: "It's all about how much money passes into the till and not about whether sales have increased or decreased. No one has gone around in the last two months with their eyes shut. Discounts between 20 and 50% have been commonplace and that will strike a chord with many of us, which means no profits have been made and almost certainly losses in places have been recorded by the retailers." James Knightley at ING said: "Early Christmas shopping could explain part of the strength, but it doesn't really tally with the weakness in consumer confidence nor the data seen in the CBI and British Retail Consortium surveys." "Moreover, with unemployment rising sharply and households looking to tighten their budgets we expect to see further weakness in the data over coming months," Knightley said. "This will keep up the pressure on the Bank of England to continue cutting rates." The euro hit a fresh record high against the pound, boosted by expectations that eurozone interest rates will stay higher than those in Britain. The euro climbed to 95.04p this morning. However, the pound bounced off today's lows against the dollar after the surprise rise in retail sales, to trade at $1.5443. The Bank of England has slashed interest rates by three percentage points since October to 2% in an attempt to kickstart the economy. The Bank's deputy governor Charles Bean said today that UK interest rates could fall close to zero, and further capital injections may be required in the banking sector. "Of course, the bank rate is still at 2% so we still have some margin to go yet, but of course we may find ourselves getting them all the way to near zero," he told the Financial Times in an interview. "Despite the ONS data, the latest indications are that retailers are having a torrid time," said Howard Archer at Global Insight. "The rise in retail sales in November is highly unlikely to deter the Bank of England from delivering another hefty interest rate cut in January." The ONS also reported that the average weekly value of retail sales on the Internet in November was £220m. Internet sales now make up 3.8% of total retail sales, up from 2.8% in June. Retailers will have to adapt to an increasingly competitive market and cannot rely on government to bail them out in tough times, business minister Peter Mandelson said today. He said companies like Woolworths - whose stores are to close by early January ending the retailer's 99-year history - need to change to survive. "Of course with the emergence of very many more very productive, competitive retail outlets, older established names are going to come under pressure," Mandelson told Sky. "Now they have got to change, restructure and keep up and match that competitive pressure if they are going to survive." Retail industry High street retailers guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• U2 to make $25m from selling stake in Li... U2 to make $25m from selling stake in Live Nation - and Madonna could be next
12/18/2008
The Irish rock band U2 stands to make $25m (£16.21m) from selling its shares in music promoter Live Nation under a sweetheart stock deal, and Madonna could follow suit in April. Live Nation has signed deals with a number of high-profile artists, including Jay-Z, Nickelback and Shakira. It has agreed to pay hundreds of millions of dollars to each in exchange for several years' worth of revenue from concerts, online fan clubs and T-shirt sales. The idea has been praised as a novel way of making money in the ailing music business. Madonna and U2 are the only two deals that contain the stock sales provision. As a result of U2's share sale under the sweetheart deal - a deal on special terms that now favour U2 - Live Nation will lose about $19m, the Wall Street Journal reported today . The concert promotion giant had guaranteed that U2 would receive $25m for 1.6m shares as part of a 12-year deal struck in March. But with Live Nation's shares closing at $3.91 on the New York Stock Exchange last night, the market value of U2's stock was just $6.1m, forcing Live Nation to make up the difference. However, Live Nation expects to start recouping its investment in U2 when the band starts touring next year and releases its 12th album. In April, Madonna could cash in and sell $25m of shares under the terms of her contract, even though the stock's market value has plunged 83% since she struck her deal in October 2007. Live Nation lured her away from Warner Music, her record company for 25 years, with an upfront payment of $120m for a 10 year period. Madonna, who is currently on her "Sticky & Sweet" world tour, has recently reached a divorce settlement with former husband Guy Ritchie worth at least £50m, her spokeswoman said this week, although a source close to Ritchie suggested the sum was much less. Music industry U2 guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Oil tumbles to four-year low below $40 a... Oil tumbles to four-year low below $40 a barrel
12/18/2008
Oil tumbled to a four-year low below $40 a barrel today after Opec's biggest ever supply cut failed to boost oil prices, highlighting the impact of the economic downturn on global demand. The 13-nation oil cartel announced yesterday it would cut production by 2.2m barrels a day start in the new year in its third attempt to support crumbling prices. Oil has nose-dived since hitting a record high above $147 a barrel in July, shedding almost three-quarters of its value. But even the slightly larger-than-expected cut in output was trumped by sharply slowing demand due to the financial turmoil. Top forecasters are now predicting the first decline in world energy use since 1983. "The world economy is driving the price more than anything Opec can do at this stage," said Gary Ross at consultancy firm, PIRA Energy. "It will be hard for the cuts to have any traction with regard to price in a deteriorating economic environment." Nymex crude oil hovered around $39.71 a barrel during early trading, down over $4 from yesterday. A demand slump in America - the world's largest oil consumer - has pushed up US crude inventories, further dampening prices. Last week the Energy Information Agency said US oil demand was expected to grow by only 1m barrels per day, or 0.2%, over the next two decades, as higher vehicle fuel standards and increased use of renewable fuels stifle petroleum consumption. Americans are also likely to travel less for the Christmas holiday period for the first time since 2002, the American Automobile Association said. JP Morgan cut its 2009 crude oil forecast to $43 a barrel from a previous $69 a barrel expectation following Opec's cut. Opec's action also sent the dollar tumbling against major currencies, hitting the weakest in more than 13 years against the yen yesterday. Yesterday's slash in production comes on the heels of 2m barrels a day of cuts since September, which also deepened the gloom over demand rather than lift prices. Part of the problem with previous attempts has been the partial compliance by members in the group. Independent observers said only 50% of the cartel joined in on past cuts. Analysts said this was going to cause trouble for countries whose economies are dependent on oil production. "Countries other than the Saudis are going to have difficulty to comply with this cut. Those oil producing countries, if they want to survive, they have to produce, even at $40 oil," said Tetsu Emori, fund manager at Astmax. "Prices have to head lower, now that we are through $40. As long as demand continues to weaken, prices will weaken too." A prolonged period of cheap prices could slow new investment, crimping supply, a stark turnaround just months after worries that high prices were eating into demand. Oil Commodities guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Private equity firm SVG slumps on £200m ... Private equity firm SVG slumps on £200m cash call
12/18/2008
Private equity firm SVG Capital , which is a backer of global buyout business Permira, has lost around a quarter of its value after launching a deeply discounted cash call. Its shares have slumped by 50p to 132p - a 27% decline - as it announced plans to raise £200m with a placing and one for one rights issue at 100p a share. It has also written down the value of its portfolio by 40% in the light of current market conditions, and will cap its commitment to the Permira IV fund at £343m rather than the originally planned £796m. Earlier this month Permira said it would propose a 60% cap on commitments after investors struggled to come up with the cash due to the current turbulent market conditions and the difficulty of finding funding. Permira has around 180 investors but SVG - which was floated in 1996 - is the largest. SVG's shares have been under pressure on concerns about its debt levels, and today's moves - which also include the renegotiation of its banking covenants - are designed to help draw a line under its problems. Nicholas Ferguson, the SVG chairman, said: "This comprehensive package of measures will provide our shareholders with increased certainty against very turbulent market conditions." In contrast rival private equity group 3i - whose shares have been under the cosh this week on concerns about its trading, the state of its investments and its debt levels - has recovered 7.5p to 265p this morning. Overall the London market has got off to a reasonably quiet start, as the curtailed Christmas week looms. Despite a 99 point drop on Wall Street overnight, the Nikkei 225 has edged up 0.6% and the FTSE 100 is currently 1.23 points higher at 4325.42. Predictably British Airways is the biggest faller in the leading index, down 6.3p to 165.7p after the collapse of its merger talks with Australia's Qantas. This however is not the greatest surprise, since Qantas and BA's other possible partner Iberia had both hinted at the difficulties of a three way merger. Marks & Spencer is down 6.5p to 221p on talk it would launch another wave of pre-Christmas price cuts, possiblty today. Yesterday Nick Bubb at Pali International suggested the company's trading had been poor in the last couple of weeks, and it may even need another one day 20% off sale. 3i SVG Capital Marks & Spencer British Airways guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Health insurer Aetna to eliminate 1,000 ... Health insurer Aetna to eliminate 1,000 jobs
12/17/2008
Health insurer Aetna Inc. says it will eliminate 1,000 jobs, or about 2.8 percent of its work force, to reduce costs. (3 h ago)

• Curfew for Madoff as new condition of ba... Curfew for Madoff as new condition of bail
12/17/2008
The judge in the fraud case of Wall Street money manager Bernard L. Madoff has set new conditions for his bail, including a curfew and an ankle-monitoring bracelet. (3 h ago)

• Sports Biz: NASCAR on the skids Sports Biz: NASCAR on the skids
12/17/2008
At least near-term, NASCAR future looks bleak. (22 h ago)

• Madoff boasted to regulators about profi... Madoff boasted to regulators about profits
12/16/2008
The money manager accused of duping investors in one of Wall Street’s biggest Ponzi schemes once boasted to regulators about how much money he earned. (1 d ago)

• Goldman posts first loss since going pub... Goldman posts first loss since going public
12/16/2008
Goldman Sachs says it had its first quarterly loss since it went public in 1999, losing $2.29 billion during its fiscal fourth quarter. (1 d ago)

• Not just super rich caught up in Madoff ... Not just super rich caught up in Madoff case
12/15/2008
The list of investors who say they were duped in one of Wall Street’s biggest Ponzi schemes is growing, snaring banks, the super rich and the famous, pensioners and charities. (2 d ago)

• Falling prices hurt some small gas stati... Falling prices hurt some small gas stations
12/15/2008
With gas prices tumbling to levels last seen in 2004, small independent service station owners say they have struggled to keep pace with plunging gas prices. (2 d ago)

• Court allows lawsuits over ‘light’ cigar... Court allows lawsuits over ‘light’ cigarettes
12/15/2008
The Supreme Court ruled Monday that lawsuits may proceed against tobacco companies for allegedly deceptive marketing of “light” cigarettes. (2 d ago)

• Economic Scene: Finding Good News in Fal... Economic Scene: Finding Good News in Falling Prices
12/17/2008
It’s worth considering what may be the one silver lining in the incredibly bad run of recent economic news: The cost of living is falling. (9 h ago)

• Cost of Living: Coaches for a Game of Mo... Cost of Living: Coaches for a Game of Money
12/16/2008
As the economy sputters, there is a growing impetus to give millions of Americans something they badly need: financial advice. (1 d ago)

• Your Money: Be Smart, but Don’t Think Th... Your Money: Be Smart, but Don’t Think That You’re Special
12/16/2008
Strategies to avoid being an investor caught with one’s life savings in the mess surrounding Bernard L. Madoff. (1 d ago)

• Mortgages: A Possible Drag on Bank Lendi... Mortgages: A Possible Drag on Bank Lending
12/16/2008
A proposal from the Federal Deposit Insurance Corporation could make it harder to get a mortgage from small community banks. (1 d ago)

• Measuring the Shock Waves in Bond Funds Measuring the Shock Waves in Bond Funds
12/16/2008
Many middle-of-the-road bond mutual funds that seemed to promise stable returns in a difficult market have recently taken gut-wrenching plunges. (1 d ago)

• It’s the New Economic Reality. Work With... It’s the New Economic Reality. Work With It.
12/16/2008
An adviser to the rich recommends four strategies that the wealthy (and even the less than wealthy) can use to better manage their financial and emotional lives. (1 d ago)

• Governor to Unveil a Low-Cost Student Lo... Governor to Unveil a Low-Cost Student Loan Program
12/16/2008
Gov. David A. Paterson plans to announce a low-cost student loan program to help 45,000 students in New York secure credit and cope with tuition increases at both public and private colleges. (1 d ago)

• Rise of Bankruptcy Rate in Region Outpac... Rise of Bankruptcy Rate in Region Outpaces Rest of Nation
12/16/2008
Filings for bankruptcy protection, by individuals and businesses, were pouring in at the rate of about 175 per day last quarter, and filings in the city and surrounding area increased by more than 36 percent. (1 d ago)

• As the Rich Get Poorer, Teenagers Feel t... As the Rich Get Poorer, Teenagers Feel the Crunch
12/16/2008
Youngsters from well-to-do families seem to have found a new work ethic as their parents’ finances are squeezed. (1 d ago)

• Goldman Sachs tax lurk Goldman Sachs tax lurk
12/17/2008
Goldman Sachs has reported its first ever quarterly loss of $2.1 billion since it went public in 1999. This is the firm that raised an extra $20.7 billion by selling $10 billion of equity to the US Government as part of its $700 million banks bailout and the rest from investors including Warren Buffett's Berkshire Hathaway. That's more than $20 billion raised from US taxpayers. But read the press release for the accounts and see how much less tax they paid. According to the statement, Goldman Sachs paid a tax rate for just 1% for 2008, down from 25.1% for the first nine months of 2008 and 34.1% for fiscal year 2007. That means Goldman Sachs had a provision for taxes of just $14 million, compared with one of $6 billion for 2007. According to Goldman Sachs, the lower tax rate was "due to an increase in permanent benefits as a percentage of lower earnings and changes in geographic earnings mix". Translated, that means the bank paid less tax because it made a loss and because of tax havens. See full article . Related Entries: Spreading the loot at Goldman Sachs - 23 February 2007 More funny money on Wall Street - 14 November 2007 Goldman Sachs and Third World women - 07 March 2008 C.straits Cafe Restaurant Chain Gets $30m from Goldman Sachs - 13 April 2008 Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com. (8 h ago)

• SEC and Madoff: shutting the stable gate... SEC and Madoff: shutting the stable gate after the horse has bolted
12/17/2008
The Securities and Exchange has switched into damage control mode with SEC chairman Christopher Cox announcing an in-house investigation into why it did not detect the $50 billion fraud case sooner. Cox has admitted has the SEC screwed up badly. "The Commission has learned that credible and specific allegations regarding Mr. Madoff's financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of SEC staff, but were never recommended to the Commission for action. I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them. Moreover, a consequence of the failure to seek a formal order of investigation from the Commission is that subpoena power was not used to obtain information, but rather the staff relied upon information voluntarily produced by Mr. Madoff and his firm. In response, after consultation with the Commission, I have directed a full and immediate review of the past allegations regarding Mr. Madoff and his firm and the reasons they were not found credible, to be led by the SEC's Inspector General. The review will also cover the internal policies at the SEC governing when allegations such as those in this case should be raised to the Commission level, whether those policies were followed, and whether improvements to those policies are necessary. The investigation should also include all staff contact and relationships with the Madoff family and firm, and their impact, if any, on decisions by staff regarding the firm. The Commission believes strongly that it is vital that SEC investigators, examiners, and enforcement staff be above reproach while conducting their duties, in order to ensure the integrity and effectiveness of the SEC." You can't say that the growing list of Madoff's victims would regard the SEC as having much integrity or effectiveness. The SEC was getting warnings about Madoff as far back as 1999, so it's remarkable that the regulator avoided doing anything about it. As TPM Muckraker points out, there was a bunch of cozy family ties that allowed Madoff to get away with his scam, family ties that included his niece, Shana Madoff Swanson, who's married to the former SEC official, Eric Swanson. But then, the victims which include charities, Spain's largest bank, Santander, Japanese financial giant Nomura which says it could lose up to $303m and members of the Palm Beach country club, where many of Mr Madoff's wealthy clients were recruited, have no-one to blame but themselves. As the BBC's Kevin Connolly says, Madoff relied on "irrational euphoria" and creating the illusion around the oldest trick in the book: that there is an inside track to investment. If it was that easy, everyone would be rich. "What made Mr Madoff unusual was the manner in which he recruited his investors. For that he relied on a powerful but elementary piece of human psychology: the more someone tells you that you cannot have something, the more you want it. Membership of the Madoff fund was very strictly by invitation only - merely being rich was not enough in itself." See full article . Related Entries: Madoff and SEC neglect - 13 December 2008 The Madoff debacle: how did people get sucked in? - 14 December 2008 How Madoff played the SEC for suckers - 15 December 2008 Fair Food Organization Is Latest Victim Of Bernard Madoff's Ponzi Scheme - 17 December 2008 Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com. (11 h ago)

• Bernanke the banker Bernanke the banker
12/17/2008
There are two remarkable things about the Fed's decision today to cut interest rates to virtually zero. The first point is that it is bringing the US to Japan's zero interest rate policies. The second is that the Fed has now become the most important commercial bank in the US. In effect, it is taking over the US banking system. Read the Fed's statement and you see that it amounts to nationalization. "The focus of the Committee's policy going forward will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve's balance sheet at a high level. As previously announced, over the next few quarters the Federal Reserve will purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant." All this needs to be seen in the context of some of the worst fundamentals for any economy. Consider this: jobless claims have reached their highest level since the 1980s and some commentators believe US employment might reach as high as 10% in 2010, the destruction of wealth continues with US prices forecast to fall further until end-2010 or mid-2011, the US federal deficit could top $1 trillion if the US government used the same accounting methods as private companies and worries about inflation have been replaced by concerns about deflation. The problem is that when things start recovering, the Fed will have created too much money. "Right now, the crisis is created by the huge demand by banks for hoarding cash. The Fed is providing cash, and the banks want to hoard it. When things start returning to normal, the banks will want to start lending it out. If that much money is left in the monetary base, it would be extremely inflationary," Princeton economics professor Alan Blinder told the New York Times . See full article . Related Entries: The Upside of Rising Interest Rates - 19 June 2006 Bernanke backs Sarbanes-Oxley - 16 February 2007 Helikopter-Ben Bernanke dreht mächtig an den Börsenrädchen - 20 August 2007 Condo stress - 20 March 2008 Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com. (12 h ago)

• The Queen's credit crunch The Queen's credit crunch
12/17/2008
No-one is immune from the credit crunch. Not even Queen Elizabeth. Richard Kay at the Daily Mail reports that she has cut back on the traditional Christmas presents for staff at Buck House. This year, they'll just get a pair of coasters. As Royal Watch News reports , the Queen has now taken to growing fruit on her estate at Balmoral in order to save money. It quotes a source saying: ""The queen wants to make savings like everyone else. She spends hundreds of pounds buying exotic fruits for the kitchen and a lot more on cut flowers. She's decided enough is enough and wants to be self-sufficient. A small fruit crop is expected this year from the new indoor fruits, apricots and grapes, and the rest will be picked next year." Times are tough. Her dressmaker Hardy Amies and favorite porcelain maker Royal Worcester and Spode have both filed for administration, reports AFP . See full article . Related Entries: Subprime explained - crunch time glossary - 14 February 2008 The credit crunch - worst still ahead - 12 July 2008 Credit crisis: views from the inside - 18 September 2008 Indian Outsourcing During the Credit Crunch - 28 September 2008 Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com. (17 h ago)

• Will there be more Madoffs? Will there be more Madoffs?
12/16/2008
Is Bernard Madoff a sign of things to come? Will there be more like him? Is Madoff's $50 billion fraud a sign of things to come? These are valid questions because Madoff was the product of a dysfunctional system, one that had the regulator doing nothing to protect investors because it was all too hard, and one that allowed him to get away with complicit auditors. And the other point too is that Madoff would never have been able to get away with it for so long if investors weren't clamoring to join his club. Greed and the desire for an easy buck are powerful drivers. As Tim Reid in The Times notes, the wealthy were fighting to get on his books. "In the wealthy enclaves of Long Island and Palm Beach, people spent years trying to get on to Bernie Madoff's client list. Some even joined the blue-blooded golf clubs where he was a member - and where he recruited many of his investors - just for the chance of meeting him. Inside this world of predominately older, less flashy investors, there is not just shock and panic over the huge losses inflicted by Mr Madoff's colossal swindle. There is a profound sense of betrayal. To many he was not just a philanthropic pillar of the community: many considered him a friend. Mr Madoff's modus operandi was based on his membership of exclusive clubs in New York and Florida, and on his image as an unimpeachable old-school banker ...If you gave your money to Bernie, he would see you right. Nothing flashy, sure, but he was safe and would always get you a steady return. Yet he often turned investors down." Dick Cheney, bless him, has told the media that the Madoff scandal was simply an example of "bad apples". What crap!!! Madoff's crime highlighted the two big problems with the financial services sector that got us into this mess: the growth of under-regulated investment vehicles, and bullish investors who trusted those institutions and bought without thinking, or even knowing what those investments were worth. Commentator Douglas A McIntyre warns that Madoff will be followed by many more like him. " None may be responsible for his colossal $50 billion disaster, but the circumstances of the times and the character of people like Madoff are in the DNA of the money system. They are the by-product of rapidly rising wealth, narcissism, vanity, and the naïve assumption that the very smart and very rich never make bad judgments ... The first reaction to the Madoff matter is that he was remarkably clever, so clever that what he did could not be replicated. To the extent of its size, that may be true. But, Madoff revealed how very deeply flawed the system has been and that means that he has many others just like him in the financial community." See full article . Related Entries: Some Constructive Criticism for Luc Bernard - 25 March 2008 Madoff and SEC neglect - 13 December 2008 The Madoff debacle: how did people get sucked in? - 14 December 2008 How Madoff played the SEC for suckers - 15 December 2008 Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com. (1 d ago)

• More law suits for big tobacco More law suits for big tobacco
12/16/2008
In a 5 to 4 decision, the US Supreme Court has opened the door to a flood of lawsuits against tobacco companies with a ruling that smokers can sue over the way they promote light and low tar brands. Basically, the court has allowed smokers to sue for fraud. It is, as the New York Times points out, a fraught issue because fraud claims are not suited to class action and in any case, the question before the court was not whether use of the term "light" amounted to fraud but whether plaintiffs should be allowed to sue at all given US law requires tobacco companies to place rotating warnings on their packaging and advertising. Basically, the argument goes that smokers were misled into buying cigarettes they believed were safer than regular ones. Still, this was inevitable. As The Times points out: Packs sold in Britain have to include health warnings covering 30 per cent of the front surface and 40 per cent of the back European law sets an upper limit of tar, nicotine and carbon monoxide in cigarettes. Words such as "light" or "mild" are banned as part of a brand name, unless authorised by member states A study by the American Journal of Public Health found that people who smoke light cigarettes are half as likely to quit as other smokers. A third of respondents said that they smoked lights because of health concerns". See full article . Related Entries: Monoclonal Antibodies Against Cancer From Genetically Engineered Tobacco - 17 July 2006 All Tobacco Forms, Bad for your Heart - 22 August 2006 Smokeless Tobacco Is Dangerous To Your Health Too - 03 September 2006 Compound In Broccoli May Inhibit Tobacco Smoke-Related Lung Cancer - 08 December 2008 Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com. (1 d ago)

• US drivers off the road US drivers off the road
12/15/2008
The Big Three might be sweating blood over whether the Bush administration bails them out or not, but there is a story that's fart broader than the managerial incompetence of US automakers. The bottom line is that Americans are buying fewer cars and driving less. According to American International Automobile Dealers , car sales fell 37% in November, further confirmation that the US is deep in recession. It's the worst sales data in 26 years. And in a statement from the US Department of Transportation , Americans drove more than 100 billion fewer miles between November 2007 and October 2008. And that's despite falling fuel prices. For automakers everywhere, that spells trouble. It means they will have to rethink their business model. See full article . Related Entries: High Loft Drivers - 15 January 2007 Could Teaching Driver's Ed Online Be Life-Threatening? - 26 March 2007 NY to allow Drivers' Licenses to Undocumented Aliens - 24 September 2007 Alpha V5 Driver is a Hit - 12 February 2008 Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com. (2 d ago)

• How Madoff played the SEC for suckers How Madoff played the SEC for suckers
12/15/2008
Over the weekend, I did a blog entry condemning the Securities and Exchange Commission for ignoring the warnings it was receiving about swindler Bernard Madoff. Now Bloomberg reports that the SEC never even bothered to inspect his investment advisory business. This was despite the fact that Madoff registered the unit in 2006. A new business that needed to be checked out first. The regulator failed badly and that is seriously scary. Henry Blodget at Clusterstock provides us with a document from advisory firm Aksia pointing out there were so many red flags with Madoff's business. Read it carefully, and weep. "The Madoff feeder funds marketed a purported 'Split-strike Conversion' strategy that is remarkably simple; however its returns could not be nearly replicated by our quant analyst. The feeder funds had recognized administrators and auditors but substantially all of the assets were custodied with Madoff Securities. This necessitated Aksia checking the auditor of Madoff Securities, Friehling & Horowitz (not a fictitious audit firm). After some investigating we concluded that Friehling & Horowitz had three employees, of which one was 78 years old and living in Florida, one was a secretary and one was an active 47 year old accountant (and the office in Rockland Country, NY was only 13ft x 18ft large). This operation appeared small given the scale and scope of Madoff's activities." Why didn't the SEC pick this up. But an equally important question is why so many hedge funds and supposedly brilliant investors didn't pick it up. See full article . Related Entries: Some Constructive Criticism for Luc Bernard - 25 March 2008 Luc Bernard, Eternity's Child Creator, Decides to Leave Video Game Industry - 11 August 2008 Madoff and SEC neglect - 13 December 2008 The Madoff debacle: how did people get sucked in? - 14 December 2008 Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com. (2 d ago)

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• He's successful -- and undocumented He's successful -- and undocumented
12/17/2008
A small businessman who runs a car repair shop in Minneapolis is doing rather well these days, as customers try to extend the lives of their beaters. But he has a big obstacle to success -- he's an undocumented Mexican immigrant. Stephen Smith reports. (2 h ago)

• In financial crisis, it's still a democr... In financial crisis, it's still a democracy
12/17/2008
There's been a lot of talk about how much it will cost to keep the Big Three automakers in business. But Commentator Robert Reich says there's more on the line than just money. (2 h ago)

• More harm than good in state cuts More harm than good in state cuts
12/17/2008
A majority of states face massive budget deficits. Unlike the federal government, states have to balance their budgets. But the cuts needed to make that happen may only make things worse. Sam Eaton reports. (2 h ago)

• Decoder: Futures Decoder: Futures
12/17/2008
When futures traders buy grain, oil or other commodities, they're paying what they think those products will be worth in several weeks or months. How does the process work? Rico Gagliano explains in The Marketplace Decoder. (2 h ago)

• Time to get your taxes in order Time to get your taxes in order
12/17/2008
You've got two weeks to get your finances in order, when it comes to what you'll be paying Uncle Sam in income taxes. Tess Vigeland talks with the Wall Street Journal's Tom Herman to get some helpful hints on reducing the tax bite. (2 h ago)

• How did SEC miss $50 billion fraud? How did SEC miss $50 billion fraud?
12/17/2008
Bernard Madoff's alleged Ponzi scheme is just the latest high profile mistake made by the SEC. Chairman Christopher Cox has launched an internal probe, and there are many more investigations to come. Steve Henn reports. (2 h ago)

• Dollar drops on Fed rate cut Dollar drops on Fed rate cut
12/17/2008
The dollar has dropped dramatically against key foreign currencies. It now stands at a 13-year low against the yen, and it's back to October lows against the euro. But currency experts expect the U.S. economy to bounce back before others, Jeremy Hobson reports. (2 h ago)

• OPEC makes record cut in production OPEC makes record cut in production
12/17/2008
Alarmed by the plummeting price of oil, OPEC ministers today announced a record cut in future output -- 2.2-million barrels per day beginning Jan. 1. Even so, prices on world markets hit four-year lows today. John Dimsdale explains why. (2 h ago)

• Small businesses’ hiring outlook is blea... Small businesses’ hiring outlook is bleak
12/17/2008
When it comes to hiring, the news has been brutal. (22 m ago)

• In Christmas tree wars, fakes gain groun... In Christmas tree wars, fakes gain ground
12/17/2008
While real trees are still the favored purchase among consumers, artificial trees are gaining ground as prices fall and they become more natural-looking. (27 m ago)

• Small stores face big holiday test Small stores face big holiday test
12/17/2008
With the economy in recession and consumers in cost-cutting mode, this year is expected to be especially tough for smaller shops. Here is a look at how three owners are coping. (7 h ago)

• Do Detroit’s automakers deserve a bailou... Do Detroit’s automakers deserve a bailout?
12/15/2008
A Big Three collapse could cripple many small businesses with ties to the automotive industry. Inc.com asked several major CEOs for their opinions about a possible bailout. (2 d ago)

• In Christmas tree wars, fakes gain groun... In Christmas tree wars, fakes gain ground
12/18/2008
While real trees are still the favored purchase among consumers, artificial trees are gaining ground as prices fall and they become more natural-looking. (1 h ago)

• Mattel settles with 39 states over taint... Mattel settles with 39 states over tainted toys
12/15/2008
Toy maker Mattel Inc. will pay $12 million to 39 states to settle an investigation over Chinese-made lead-tainted toys shipped to the U.S. in 2007, state officials said Monday. (2 d ago)

• Asia markets climb after U.S. rate cut Asia markets climb after U.S. rate cut
12/17/2008
Asian stocks markets climbed Wednesday after the U.S. Federal Reserve slashed its key interest rate to historic lows in an effort to pull the world's largest economy out of recession. (14 h ago)

• A gloomy Christmas from Paris to Hong Ko... A gloomy Christmas from Paris to Hong Kong
12/16/2008
Families around the world are cutting back on Christmas expenses as they try to keep the fires of festive cheer burning in tough economic times. (1 d ago)

• Entrepreneurial Edge: Software That Open... Entrepreneurial Edge: Software That Opens Worlds to the Disabled
12/18/2008
In an effort to help disabled people expand their capabilities, a software-writing competition was organized in Southern California to foster innovative ideas. (1 h ago)

• Small Business: The Fight to Survive, Wr... Small Business: The Fight to Survive, Writ Small
12/18/2008
Bankers returning to rules like requiring 20 percent down payments are making it difficult for many small businesses. (1 h ago)

• Hedge my Job Hedge my Job
12/17/2008
It looks like there may be some good news for those seeking their dream job amidst the financial turmoil of the past few months. Investment managers saw a 22% increase in job offers as rival firms take advantage of the increasing number of financial services workers looking for a job by "snapping up the cream of the crop on much less than they would have been able to 6 months ago" according to Powerchex Limited. Hedge fund and insurance companies also made more employment offers than 6 months ago as those companies who have been able to remain stable through the turmoil prepare to put themselves at the head of the pack to take advantage of any economic recovery. Here is another site I came across , it looks pretty new, but I'll keep tabs on in this blog as I think it has potenital. See full article . Related Entries: Hedge fund facts from the morning Paper - 20 May 2005 Rupee Appreciation & Hedge Funds - 29 January 2008 $2 Billion Raised for Investcorp's Emerging Hedge Fund Talent Fund - 01 July 2008 NY Hedge Fund Manger Joins With Canadian Giant - 21 July 2008 Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com. (8 h ago)

• Madoff Scandal Rocks Hedge Funds Globall... Madoff Scandal Rocks Hedge Funds Globally
12/15/2008
Julie Scuderi writes about the Madoff scandal and the investors that were burned are coming forward in droves, including Spanish bank Santander, French bank BNP Paribas, Fairfield Greenwich Group, Tremont Capital Management and Maxam Capital Management. More on those hedge funds here at HedgeCo. Also at a loss are the Royal Bank of Scotland and hedge fund Man Group, there are also reports coming in from Asia . However , Vienna based hedge fund manager Salus Alpha Group Services GmbH. said that any exposure to Madoff funds were systematically prevented by the proprietary investment approach of their funds at all times. "I am not shocked that Madoff did blow up but I am shocked that so many obviously unqualified naive fund of hedge fund managers who are obviously doing no due diligence nor do they understand hedge fund strategies do manage so much amounts of money and wonder why this happened to them" said Oliver Prock, CIO of Salus Alpha. More at Salus Alpha Hedge Funds Not Exposed To Madoff Strategy See full article . Related Entries: Hedge funds Go West. - 10 February 2006 Hedge fund facts from the morning Paper - 20 May 2005 NY Hedge Fund Manger Joins With Canadian Giant - 21 July 2008 Lehman, Recruitment in Hedge Funds, Nigeria, and Hedge Fund Calculators - 15 September 2008 Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com. (2 d ago)

• Readers split on taking pay cuts to save... Readers split on taking pay cuts to save jobs
12/16/2008
Msnbc.com readers across the country are split on whether they would take a 5 percent pay cut to save jobs in their company. (1 d ago)

• Your Career: Talking to a jobless friend Your Career: Talking to a jobless friend
12/15/2008
With unemployment across the nation at a 15-year high and so many people losing their jobs, one of the most difficult challenges is figuring out what to say to out-of-work friends and family. (2 d ago)

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