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Business News
for 01/01/2009

(last updated 7:30am EST 01/01/2009)

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• Gazprom Cuts Gas Deliveries to Ukraine Gazprom Cuts Gas Deliveries to Ukraine
01/01/2009
Gazprom, the natural gas monopoly, began cutting supplies to Ukraine after negotiations over prices between Russia and Ukraine unraveled, state radio reported. (6 h ago)

• Gazprom Set to Halt Gas Shipments to Ukr... Gazprom Set to Halt Gas Shipments to Ukraine
12/31/2008
Negotiations over gas prices unraveled Wednesday and executives at the Russian natural gas monopoly said they were preparing to halt supplies to Ukraine on Thursday morning. (7 h ago)

• Former Head of Chinese Dairy Pleads Guil... Former Head of Chinese Dairy Pleads Guilty
12/31/2008
The former chairwoman of one of China’s biggest dairy producers pleaded guilty to selling fake milk powder. (8 h ago)

• Iraq to Open More Oil Fields to Bidding Iraq to Open More Oil Fields to Bidding
12/31/2008
Iraq announced that it would launch a second round of bids to license international oil companies to develop 11 oil and gas fields, some of which are shared with Iran and Kuwait. (8 h ago)

• China Plans to License 3 Wireless Standa... China Plans to License 3 Wireless Standards
12/31/2008
The move opens the way for cellphone users in China to have faster downloads of video, data and Web-browsing services, and for companies to charge more for their high-speed services. (9 h ago)

• Chinese Court Convicts 11 in Microsoft P... Chinese Court Convicts 11 in Microsoft Piracy Case
12/31/2008
Eleven people were convicted of roles in a counterfeiting ring that distributed pirated software around the world. (9 h ago)

• Austria Weighs Overseer for Bank in Mado... Austria Weighs Overseer for Bank in Madoff Case
12/31/2008
Bank Medici, a small Viennese merchant bank, lost billions of dollars it invested with Bernard L. Madoff. (9 h ago)

• UBS Sells Its Stake in Bank of China UBS Sells Its Stake in Bank of China
12/31/2008
The Swiss banking giant said that it had sold its stake at a discount and would book a gain of a “few hundred million dollars” in the fourth quarter. (9 h ago)

• As Trade Slows, China Rethinks Its Growt... As Trade Slows, China Rethinks Its Growth Strategy
12/31/2008
In the last two weeks, Chinese officials have announced a series of measures to help exporters. (9 h ago)

• Writing the Web’s Future in Numerous Lan... Writing the Web’s Future in Numerous Languages
12/31/2008
The globalization of the Web means that companies have to find ways to reach out to consumers in their native languages, a costly and time-consuming endeavor. (19 h ago)

• The Reckoning: Chinese Savings Helped In... The Reckoning: Chinese Savings Helped Inflate American Bubble
12/30/2008
China, some economists say, lulled U.S. consumers and leaders into complacency about their spendthrift ways. (1 d ago)

• Airline Flies a 747 on Fuel From a Plant Airline Flies a 747 on Fuel From a Plant
12/30/2008
Air New Zealand did a test flight with a fuel made in part with oil from the jatropha plant in a search for an alternative to crude oil. (1 d ago)

• Iranian President Proposes Ending Energy... Iranian President Proposes Ending Energy Subsidies
12/30/2008
Faced with falling oil prices and a weakening economy, President Mahmoud Ahmadinejad proposed what would be a major change of course for the oil-producing country. (1 d ago)

• Italian Makers of Prosecco Seek Recognit... Italian Makers of Prosecco Seek Recognition
12/30/2008
Italian wineries want to protect their newly popular product’s name, as well as expand sales. (1 d ago)

• A South Korean Carmaker Seeks State Aid A South Korean Carmaker Seeks State Aid
12/30/2008
Ssangyong Motor Company and its Chinese majority shareholder, SAIC Motor Corporation, are seeking help from the South Korean government to stave off a collapse of the ailing automaker. (1 d ago)

• Ruble Continues to Slide, to Record Lows Ruble Continues to Slide, to Record Lows
12/30/2008
Russia’s Central Bank allowed its plummeting currency to drop further on the last day of trading before the New Year’s holiday. (2 d ago)

• Mexico’s Fiscal Prudence Fails to Avert ... Mexico’s Fiscal Prudence Fails to Avert a Slowdown
12/30/2008
Mexico is credited for reducing debt and taming inflation, but it has not escaped the pain of global recession. (2 d ago)

• As the U.S. Buys Less, Germany Suffers As the U.S. Buys Less, Germany Suffers
12/29/2008
The United States, with its credit-driven economy, has long ensured that others, notably China, Germany and Japan, have been able to pile up trade surpluses. Now that dynamic has shifted. (2 d ago)

• China’s Financial Industry Recruits Abro... China’s Financial Industry Recruits Abroad
12/29/2008
Chinese institutions are taking advantage of the downturn and focusing on the newly unemployed to upgrade their own staffs. (2 d ago)

• Moscow Journal: A Bank Without Money Dis... Moscow Journal: A Bank Without Money Disillusions Members of a New Middle Class
12/29/2008
The failing of Capital Credit bank has upset a new middle class in Moscow that had begun to feel confident in the country’s banking system, despite its troubled history. (3 d ago)

• Viacom and Time Warner Cable Reach Accor... Viacom and Time Warner Cable Reach Accord
12/31/2008
There was good news in the early hours for tiny tots in New York, Los Angeles and other large cities: The “Sponge Bob” blackout has been avoided. (7 h ago)

• Paul Hofmann, Author and Foe of Nazis, D... Paul Hofmann, Author and Foe of Nazis, Dies at 96
12/31/2008
Mr. Hofmann acted as an informer for the Allies while serving on the staff of the German commandants and later became a foreign correspondent for The New York Times. (8 h ago)

• Critic’s Notebook: What’s Wrong With Vog... Critic’s Notebook: What’s Wrong With Vogue?
12/31/2008
Rumors of Anna Wintour’s ouster (much exaggerated) illuminate doubts about her magazine. (10 h ago)

• Consumers Union to Buy Gawker Blog Consu... Consumers Union to Buy Gawker Blog Consumerist
12/31/2008
The blog, Consumerist, aims at a younger market than the venerable Consumer Reports. (19 h ago)

• Fee Dispute Threatens Some Cable Shows Fee Dispute Threatens Some Cable Shows
12/31/2008
Viacom, which owns Nickelodeon and Comedy Central, among others, says it might remove the channels from key markets on Jan. 1 if Time Warner Cable does not agree to an increase in rights fee. (22 h ago)

• Werner Wiskari, Times Editor, Is Dead at... Werner Wiskari, Times Editor, Is Dead at 90
12/31/2008
Mr. Wiskari was a former foreign correspondent and editor of international news for The New York Times. (1 d ago)

• Lobbyist Sues Times, Citing Report of Mc... Lobbyist Sues Times, Citing Report of McCain Ties
12/30/2008
Vicki L. Iseman charged that an article The Times published in February had falsely created an impression that she had engaged in an improper romantic relationship with the senator. (1 d ago)

• Advertising: Ad Agencies Fashion Their O... Advertising: Ad Agencies Fashion Their Own Horn, and Toot It
12/30/2008
A blog about Michelle Obama’s clothes shows how agencies are moving from promoting to creating brands. (1 d ago)

• Village Voice Lays Off Nat Hentoff and 2... Village Voice Lays Off Nat Hentoff and 2 Others
12/30/2008
Three writers were laid off, including Nat Hentoff, the prominent columnist who has worked for the paper since 1958, contributing opinionated columns about jazz, civil liberties and politics. (1 d ago)

• Breakingviews.com: Liberty Media’s Boss,... Breakingviews.com: Liberty Media’s Boss, a Hero to His Shareholders
12/30/2008
Media moguls have had a rough year, but John Malone appears to have salvaged some value for his shareholders at the expense of another mogul’s shareholders. (1 d ago)

• Photographers Recorded Mumbai Rampage in... Photographers Recorded Mumbai Rampage in Stark Detail
12/30/2008
There were few pictures taken of the Mumbai attacks aside from those of a newspaper photographer and a photography editor. (1 d ago)

• Advertising: TV Retains Marketing Dollar... Advertising: TV Retains Marketing Dollars in Hard Times
12/30/2008
Even in a recession, TV networks still have the power to provide advertisers with mass audiences. (2 d ago)

• Judge Delays Ruling on Blocking Release ... Judge Delays Ruling on Blocking Release of ‘Watchmen’ Film
12/30/2008
A superhero movie may not reach theaters on its scheduled date after a federal judge said that he might block the film’s release because of an ownership dispute. (2 d ago)

• Abbott Combes, 64, Magazine Editor, Dies Abbott Combes, 64, Magazine Editor, Dies
12/29/2008
Mr. Combes spent 27 years as a copy editor at The New York Times Magazine and helped create its "About Men" column. (2 d ago)

• ‘Idol’ Spurs Optimism at Fox Once Again... ‘Idol’ Spurs Optimism at Fox Once Again
12/29/2008
At the end of calendar year 2008, Fox finds itself trailing all its competitors in the ratings competition — in other words, it has them exactly where it wants them. (2 d ago)

• Advertising: Best and Worst Ads: A Year ... Advertising: Best and Worst Ads: A Year the News Eclipsed Commercial Breaks
12/29/2008
In 2008, the best-laid marketing plans of mice and men — or “Mad Men” with mice — proved no match for a historic presidential race and an enormous financial crisis. (2 d ago)

• TV News Winds Down Operations on Iraq Wa... TV News Winds Down Operations on Iraq War
12/29/2008
With a presidential election and its aftermath dominating the news, the three broadcast networks have quietly cut back war coverage. (2 d ago)

• Advertising: Broadway’s Marketing Turns ... Advertising: Broadway’s Marketing Turns Interactive
12/29/2008
To fill more seats, theater producers are stepping up their online presence in an effort to spread word of mouth among Internet users. (2 d ago)

• Bargain Hunting for Books, and Feeling S... Bargain Hunting for Books, and Feeling Sheepish About It
12/29/2008
Book publishers and booksellers are faltering. But don’t blame the recession — it’s all the fault of the Internet used books market. (2 d ago)

• ‘Today’ Show Tries Prime-Time Role ‘Today’ Show Tries Prime-Time Role
12/29/2008
NBC’s juggernaut morning show, now expanded to four hours each weekday, produced last week a prime-time holiday special called “Today Looks Back.” (2 d ago)

• Myanmar exports 150,000 tons of rice in ... Myanmar exports 150,000 tons of rice in first three quarters of 2008-09
12/31/2008
Myanmar exported 150,000 tons of rice in the first three quarters (April-December) of the fiscal year 2008-09 amid storm, the local weekly 7-Day News reported Thursday. Of the rice export, 101,235 tons were shipped to South Africa, 11,908 tons to Singapore, 8,007.85 tons to Sri Lanka, 2,499.7 tons to the United Arab Emirate, 1,500 tons to South Korea and 1,197.7 tons to Egypt, the state-run Myanmar Agricultural Produces Trading was quoted as saying. Meanwhile, Myanmar granted fre ... (7 h ago)

• Slovakia joins eurozone Slovakia joins eurozone
12/31/2008
Slovakia joined the eurozone on Thursday, becoming the 16th member of the single-currency bloc with a population of over 320 million. A celebration gala was staged across the midnight here in Bratislava, capital of Slovakia, featuring firework show and concerts. As of zero hour of Jan. 1, cash machines in Slovakia started to dispense euro notes instead of korunas, and all the koruna accounts were automatically transformed into euro accounts at a fixed exchange rate of 30.126 koru ... (12 h ago)

• Record 8,500 Belgian firms go bankrupt i... Record 8,500 Belgian firms go bankrupt in 2008
12/31/2008
A record 8,500 companies went bankrupt in Belgium this year, according to a study by the Graydon Agency. The bankruptcies account for almost 10 percent of the total number of businesses in Belgium. The sharp economic downturn in the past few months has been particularly tough for small and medium-sized companies. Many were forced out of business. Many newly established companies also went bankrupt. More bankruptcies put more people out of work. More than 20,100people lost ... (12 h ago)

• Ecuador, Italian company begin talks on ... Ecuador, Italian company begin talks on future of oil contract
12/31/2008
Ecuadorian Mining and Oil Minister Derlis Palacios and representatives from the Italian oil company Agip began talks here Wednesday on the future of their oil extraction contract. The talks came after President Rafael Correa on Saturday ordered the suspension of Agip's production (about 25,000 barrels a day) to fulfill the oil reduction plan set by the Organization of Petroleum Exporting Countries (OPEC). According to the plan, Ecuador must cut 40,000 barrels a day of its product ... (12 h ago)

• U.S. dedicated to developing renewable e... U.S. dedicated to developing renewable energy
12/31/2008
The year of 2008 has seen the United States taking critical steps in developing renewable energy to meet the national goal of achieving 25 percent renewable energy by 2025. But most important of all is that the November election of Barack Obama as the next U.S. president marks a shift in U.S. policy towards reducing gas emissions. Obama pledges to cut U.S. emissions to 1990 levels by 2020 and to reduce them 80 percent more by 2050, and these plans are seen as more stringent than ... (12 h ago)

• Precious metals end higher on short cove... Precious metals end higher on short covering, oil rally
12/31/2008
Pushed by the year-end short covering and oil's big rally, precious metals futures on the COMEX Division of the New York Mercantile Exchange climbed quickly and settled higher in the last trading day of 2008. Gold price for February delivery rose 14.30 U.S. dollars, or 1.6 percent, to 884.30 dollars an ounce. March silver gained 31.5 cents to 11.295 dollars per ounce. April platinum ended at 941.5 dollars per ounce, up 24.1 dollars. Analysts indicated it was the year-end short co ... (12 h ago)

• Dollar mixed against most major currenci... Dollar mixed against most major currencies
12/31/2008
The dollar rose against the euro but fell against the pound Wednesday in the final session of 2008. The dollar was bolstered by the latest move to boost economy from the U.S. Federal Reserve and a larger-than-expected drop in the jobless claims. Trade was thin as many investors were absent from the market for New Year holiday. The Fed announced Tuesday night that, in a bid to lower the mortgage cost, it aims to buy 500-billion-dollar mortgage-backed securities by mid-2009. ... (12 h ago)

• U.S. stocks rise on Fed's action, jobles... U.S. stocks rise on Fed's action, jobless data
12/31/2008
Wall Street closed higher on the last trading day of 2008 on Fed's latest move to boost economy and a larger-than-expected drop in the jobless claims. The U.S. stocks won biggest gains in two weeks, with all three major indexes rallying more than 2 percent, on Tuesday after the U.S. government committed six billion U.S. dollars to support GMAC LLC. The rally continued on Wednesday with technology shares gaining strongly. The Federal Reserve announced on Tuesday night tha ... (12 h ago)

• Crude prices jump on final day of 2008 Crude prices jump on final day of 2008
12/31/2008
Crude prices jumped on Wednesday, the last trading day of 2008, on concerns that a slowdown in U.S. domestic refinery activity could lead to tight fuel supplies. U.S. government reported that crude stockpiles rose again last week, despite expectations for a steep drop, while gasoline reserves jumped less than forecast. The weekly data also showed a decline in refinery activity while demand for both gasoline and distillates, which include heating oil, was lower than the same time ... (12 h ago)

• Discounts fail to save retailers' holida... Discounts fail to save retailers' holiday: report
12/31/2008
Heavy discounting by retailers in the days after Christmas didn't prevent the industry from turning in its worst holiday-season performance since at least 1970, and the situation isn't likely to improve before spring at the earliest. That is the view of the International Council of Shopping Centers(ICSC), which said that, based on its estimate that sales in the week ended on Dec. 27 fell 1.8 percent below year-earlier levels, it now expects same-store sales in December to decline by at l ... (12 h ago)

• Japanese PM pledges utmost efforts to cl... Japanese PM pledges utmost efforts to climb out of recession
12/31/2008
Japanese Prime Minister Taro Aso said Thursday that the government will try its utmost to address the uncertainties in the current economic situation and worries among people over their livelihood. In a New Year's speech, Aso vowed to adopt "appropriate measures" to lead Japan out of the global recession. "Japan will be the first country in the world to climb out of this recession," said Aso, expressing his determination to place priority on tackling the worsening economy. ... (12 h ago)

• China refiners cut output as demand wane... China refiners cut output as demand wanes, stockpiles rise
12/31/2008
China refined 27.27 million tonnes of oil in December, down 2.3 percent year-on-year, as demand shrank and product inventories piled up, the top economic planner said in a web statement on Wednesday. In November, China processed 29.79 million tonnes of oil, up 7 percent year-on-year. Inventories at PetroChina and Sinopec, the two major oil refiners, hit record highs this month, the National Development and Reform Commission (NDRC) said. It didn't give details. This month, ... (12 h ago)

• Yearender: China strives to help low-inc... Yearender: China strives to help low-income workers, new grads find jobs
12/31/2008
Feng Guangping finally sees the hope of having a real house, even a rented one. "A house means a real home," said Feng, 41, whose current "home" is a 10 sq m compartment in a residential community's vehicle shed in Yinchuan, the capital of northwestern Ningxia Hui Autonomous Region. He applied unsuccessfully several times for a low-rent house, but he might have better luck this time, thanks to China's 900 billion yuan (about 130 million U.S. dollars) plan for low- and middle-inco ... (12 h ago)

• Cambodian parliament approves Chinese fi... Cambodian parliament approves Chinese firms to build four dams
12/31/2008
The Cambodian National Assembly (NA) has approved deals with two Chinese companies on Tuesday for construction of four hydro-electric dams in Koh Kong province, national media said on Thursday. The investment stands at more than 1 billion U.S. dollars in total, English-Khmer language newspaper the Cambodia Daily quoted Ith Praing, secretary of state at the Ministry of Industry, Mines and Energy, as saying. "We will have enough electricity to use in the whole country by2014. All k ... (12 h ago)

• Noted economist urges China to change pa... Noted economist urges China to change pattern of growth
12/31/2008
Wu Jinglian, a well-known economist with the Development Research Center under China's State Council (cabinet), said in an article that transforming the mode of growth remained China's key task amid the economic hardship caused by the global financial crisis. "In the long run, the key task for China is to change its growth mode since it is the root cause of imbalances in both the internal and external markets," Wu wrote in the Beijing-based Caijing magazine. "Without this transfo ... (12 h ago)

• China expands rural home appliance subsi... China expands rural home appliance subsidies
12/31/2008
China will expand subsidies for farmers' purchase of home appliances nationwide from Feb. 1 to boost consumption, said the General Office of the State Council on Wednesday. At present, subsidies only apply to rural residents in 12 provinces, or less than half of the total. Also, farmers who buy motorcycles, computers, water heaters and air conditioners will get the subsidies, said the Office in a statement on improving the circulation network to boost consumption. China w ... (12 h ago)

• Guangdong to remain China's economic pow... Guangdong to remain China's economic powerhouse
12/31/2008
The southern province of Guangdong, whose economic output exceeded 3.5 trillion yuan (512.1billion U.S. dollars) this year, remains China's economic powerhouse, a report said on Wednesday. The report, released by the Guangdong Academy of Social Sciences, said other provinces, regions and municipalities are unlikely to replace or overtake Guangdong in economic output in the near future. Guangdong's economic output this year is expected to be at least 500 billion yuan more than tha ... (1 d ago)

• Hong Kong's deficit falls to $1.2 bln in... Hong Kong's deficit falls to $1.2 bln in November
12/31/2008
The deficit of Hong Kong Special Administrative Region (HKSAR) for the fiscal year's first eight months ending November fell to 9.3 billion HK dollars (1.2 billion U.S. dollars), revealed the latest official statistics here Wednesday. The Financial Services and the Treasury Bureau of HKSAR government said the HKSAR government collected 48 billion HK dollars (6.2 billion U.S. dollars) in November while spending 20 billion HK dollars (2.58 billion U.S. dollars), yielding a surplus of 28 bi ... (1 d ago)

• China Enterprises Index ends 1.36 pct hi... China Enterprises Index ends 1.36 pct higher
12/31/2008
Major indices tracking the performance of China-related companies listed on the Hong Kong Stock Exchange closed modestly higher on Wednesday. The Hang Seng China Enterprises Index on the Hong Kong Stock Exchange rose 105.61 points, or 1.36 percent, to close at 7,891.8. The H-shares index, initiated in August 1994 and readjusted on March 10, 2008, tracks the overall performance of 42 Chinese mainland state-owned enterprises listed on the Hong Kong Stock Exchange. The Hang ... (1 d ago)

• HK's Exchange Fund assets hit $184 bln i... HK's Exchange Fund assets hit $184 bln in November
12/31/2008
The total assets of Hong Kong's Exchange Fund rose 87.5 billion HK dollars (11.3 billion U.S. dollars) to 1.4261 trillion HK dollars (184 billion U.S. dollars) on Nov. 30 from a month earlier, revealed the Monetary Authority here Wednesday. Among the Exchange Fund's total assets, foreign currency assets expanded 87 billion HK dollars (11.24 billion U.S. dollars) while the Hong Kong dollar assets rose 500 million HK dollars (64.58 million U.S. dollars), according to the Monetary Authority ... (1 d ago)

• Citigroup Agrees To Limit Exec. Pay Citigroup Agrees To Limit Exec. Pay
12/31/2008
The recipient of a $45 billion infusion from the federal government, Citigroup Inc. said it would place strict limits on management's compensation, including no severance for its top five executives. (11 h ago)

• Retailers Face Bleak 2009 Retailers Face Bleak 2009
12/31/2008
The number of shoppers who visited stores during Christmas week was down nearly five percent from a year ago. As Michelle Miller reports, a lot of stores won't be around for the next holiday season. (13 h ago)

• Market Closes On Worst Year Since 1931 Market Closes On Worst Year Since 1931
12/31/2008
Wall Street saw a merciful end to a dreadful year Wednesday as stocks closed the last session of 2008 with a sizable advance. (14 h ago)

• Insurance Industry Floundered In 2008 Insurance Industry Floundered In 2008
12/31/2008
Storms weren't the only thing that battered insurance companies in 2008, and the new year could be just as tough. (17 h ago)

• For Auto Sector, Brakes Gave Out In 2008 For Auto Sector, Brakes Gave Out In 2008
12/31/2008
For the auto sector - and many of its stocks - 2008 was nearly the end of the road. (18 h ago)

• Does Facebook Know Breast? Does Facebook Know Breast?
12/31/2008
Facebook has become a ubiquitous part of our social and professional lives, but the company says some breastfeeding pictures go too far. (18 h ago)

• Money Moves To Make, And Avoid, In 2009 Money Moves To Make, And Avoid, In 2009
12/31/2008
Should you buy a house? A car? Should you refinance? An expert addressed those and many more questions, on The Early Show. (20 h ago)

• Recession Took A Bite Of Restaurant Sale... Recession Took A Bite Of Restaurant Sales
12/31/2008
Declining consumer confidence took a bite out of restaurants' sales and profits in 2008, leading to bankruptcy filings at casual-dining chain's like Bennigan's and the closure of more than 600 Starbucks locations. (21 h ago)

• Many May Be Left Wanting For Their MTV Many May Be Left Wanting For Their MTV
12/31/2008
Media giant Viacom Inc. said its Nickelodeon, MTV, Comedy Central and 16 other channels will go dark for 13 million subscribers if a new carriage fee deal with Time Warner Cable is not agreed upon. (21 h ago)

• Jobless Numbers Offer A Mixed Bag Jobless Numbers Offer A Mixed Bag
12/31/2008
The number of newly laid off workers signing up for unemployment benefits fell sharply last week but those continuing to draw aid climbed to the highest level since 1982. (23 h ago)

• Companies Handing Out Unpaid Vacation Companies Handing Out Unpaid Vacation
12/30/2008
Struggling businesses are requiring employees to take unpaid "furloughs" - temporary layoffs that amount to one-time pay cuts for workers. This year, the number of temporarily laid off workers hit a 17-year high. (1 d ago)

• Treasury Bails Out GMAC With $6 Billion Treasury Bails Out GMAC With $6 Billion
12/30/2008
The Treasury Department said that it will provide $5 billion to GMAC Financial Services LLC, the ailing financing arm of General Motors Corp., from the $700 billion bank rescue program. (1 d ago)

• Housing Slump Makes For Buyer's Market Housing Slump Makes For Buyer's Market
12/30/2008
One of the housing industry's benchmark indexes shows home prices dropped in by 18 percent in October, the sharpest annual rate drop on record, reports CBS News correspondent Kelly Wallace. (1 d ago)

• GM Slashes Financing Rates To Boost Sale... GM Slashes Financing Rates To Boost Sales
12/30/2008
General Motors began offering zero percent financing on some vehicles after its lending unit got $5 billion dollars in bailout money from the Treasury Department, reports CBS News business correspondent Anthony Mason. (1 d ago)

• For Economy, Holidays Fall Short On Hope For Economy, Holidays Fall Short On Hope
12/30/2008
Consumer confidence hit an all-time low in December, dropping unexpectedly in the face of layoffs and deteriorating markets for housing, stocks and other investments. October housing prices also plummeted. (1 d ago)

• GOP Leaders Oppose Haste On Stimulus GOP Leaders Oppose Haste On Stimulus
12/30/2008
Congressional Republicans objected to hurried consideration of President-elect Barack Obama's emerging stimulus proposal, reports The Washington Post, questioning the economic value of many of the projects being floated for inclusion. (1 d ago)

• After Holidays, Retailers Face Nightmare After Holidays, Retailers Face Nightmare
12/30/2008
A rash of store closings, which some experts predict will be the most in 35 years, is likely to cut across areas from electronics to apparel, shrinking the industry and leading to fewer niche players and suppliers. (2 d ago)

• Billionaire Investor Dumps Ford Stock Billionaire Investor Dumps Ford Stock
12/30/2008
Billionaire investor Kirk Kerkorian has sold his remaining 5 percent stake in Ford Motor Co., according to his investment company, Tracinda Corp. (2 d ago)

• Oil Prices Soar As Mideast Fighting Rage... Oil Prices Soar As Mideast Fighting Rages
12/29/2008
Crude prices rose above $40 a barrel as Israel and Palestinian militants exchanged rocket fire and the death toll mounted in the oil-rich region. (2 d ago)

• Retailers Struggle To Boost Sales Retailers Struggle To Boost Sales
12/29/2008
If you hit the malls this weekend you saw that desperate retailers were slashing prices in an effort to move inventory and push shoppers to open their wallets ... but will it be enough to turn business around? (2 d ago)

• Time Warner Cable and Viacom reach deal Time Warner Cable and Viacom reach deal
12/31/2008
Time Warner Cable Inc. said it reached a deal Thursday with Viacom Inc. on carriage fees, avoiding a blackout of 19 cable channels including MTV and Comedy Central. (8 h ago)

• Madoff lawyer: Client will provide asset... Madoff lawyer: Client will provide asset list
12/31/2008
Investigators may get a clue Wednesday into how much money might be available for victims in the Bernard Madoff scandal. (15 h ago)

• Wall Street waves goodbye to dismal '08 Wall Street waves goodbye to dismal '08
12/31/2008
The last trading day of 2008 on Wall Street provided a merciful end to an abysmal year — the worst since the Great Depression, wiping out $6.9 trillion in stock market wealth. (15 h ago)

• Russia to cut gas supplies to Ukraine Russia to cut gas supplies to Ukraine
12/31/2008
The CEO of Russia's state gas monopoly Gazprom said Wednesday Russia will cut off all gas supplies to Ukraine on Thursday morning, raising a threat to Europe's supplies. (16 h ago)

• Oil ends worst year in Nymex history Oil ends worst year in Nymex history
12/31/2008
Oil prices jumped 14 percent on New Year's Eve, capping a year that saw prices soar to unprecedented heights only to give up four years of gains in just five months. (17 h ago)

• Jobless claims drop, but labor market st... Jobless claims drop, but labor market still weak
12/31/2008
The number of laid-off workers continuing to draw unemployment benefits has surged again, as finding new jobs becomes even more difficult amid a deepening recession. (18 h ago)

• Treasury offers hope for auto industry Treasury offers hope for auto industry
12/31/2008
Treasury says it will decide case-by-case if other companies connected to the automotive industry should get emergency aid from the government's $700 billion bailout pot. (18 h ago)

• Big winners of the past were losers in '... Big winners of the past were losers in '08
12/31/2008
As 2008 ends, you may feel like the year's biggest loser is you. It's cold comfort to know that the crash upended everyone. Many of the biggest winners of the past lost their shirts in '08. (19 h ago)

• At 10, euro looks like it's coming of ag... At 10, euro looks like it's coming of age
12/31/2008
Ten years ago, Europe launched its grand experiment with a shared currency — and watched it plunge in value before recovering. (20 h ago)

• Mortgage rates tumble to record low Mortgage rates tumble to record low
12/31/2008
Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring. (20 h ago)

• ConsumerMan: New year, old scams ConsumerMan: New year, old scams
12/31/2008
In the coming year, be on the lookout for more scam artists. Some that will become more prevalent include work-at-home scams and debt relief rip-offs. (20 h ago)

• Sports Biz: Sports and Hollywood Sports Biz: Sports and Hollywood
12/31/2008
In a number of instances, Hollywood has helped promote little-known or down-on-their-luck sports. Here are some sports that could use a little movie magic. (21 h ago)

• Mortgage applications at 5-year highs Mortgage applications at 5-year highs
12/31/2008
Mortgage applications were at their highest level in more than five years last week, as borrowers took advantage of attractive rates and rushed to refinance their home loans. (23 h ago)

• Dell shakes up management, shifts focus Dell shakes up management, shifts focus
12/31/2008
Dell announced the management shake up Wednesday as a part of a broader reorganization of the company. (1 d ago)

• 'Famous last words' of the financial cri... 'Famous last words' of the financial crisis
12/30/2008
Few could have predicted the financial tsunami that hit the U.S. economy in the latter part of this year, but a handful of powerful men should have at least had an inkling. (1 d ago)

• Travel news: Sorry, your bag is in Afgha... Travel news: Sorry, your bag is in Afghanistan
12/31/2008
The Bennett family had decided to spend a fabulous Christmas in Paris, strolling down the boulevards, taking in the sights, enjoying the festive period in one of the world's most romantic cities. Unfortunately, half of their luggage, including the children's gifts, had a rather more adventurous time of it, seemingly ending up in Afghanistan and prompting a security alert when it was returned to the UK. David and Marie Bennett, from Brockenhurst, near Southampton, had packed two cases for their trip to the city of light, one for themselves, one for their children, Françoise, 13, and 10-year-old Remi. They flew from Southampton airport to Charles de Gaulle in Paris just before Christmas but were devastated when the children's bag, loaded with their presents and clothes, failed to make it to the carousel. With many shops closed for Christmas, it meant the family weren't able to dress as stylishly, or warmly, as they would have liked, but they made the most of their time in France. However, when they returned to the UK they discovered just how far from their missing case they must actually have been. The wandering suitcase finally turned up in England after six days away from its owners labelled with the International Air Transport Association airport code "FAH". Although it was an unfamiliar code to airport staff they looked it up and were amazed to find that the code stands for Farah, a city in western Afghanistan. Quite how it could have got there remains a mystery: planes do not fly routinely to Farah from Charles de Gaulle, let alone from Southampton. Mr Bennett, 48, said yesterday: "We are still none the wiser about the suitcase's journey. I imagine it must have just disappeared down a chute to Afghanistan. "It's like some sort of Disney film where a mistake leads to a suitcase taking its own holiday. When we finally picked up the bag it had about five different labels. "Staff didn't recognise the airport code on the label and had to look it up. They said, 'You'll never believe it - your case has been to Afghanistan.' "There was even a note from Hampshire police saying they'd gone through the bag because of where it had come from." Air France is investigating but admitted that it was baffled. Afghanistan France Airline industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Letters: Bumpy take-off for aviation bio... Letters: Bumpy take-off for aviation biofuel
12/31/2008
Letters: In your article on the biofuel test flight you rightly covered environmentalists' caution (14 h ago)

• Editorial: Politics in 2009 ... grim res... Editorial: Politics in 2009 ... grim resolutions
12/31/2008
Editorial: The wisest thing that can be said of prime ministerial new year messages is that they are no guide to what is to come (14 h ago)

• Editorial: Financial markets crashing ba... Editorial: Financial markets crashing back to earth
12/31/2008
Editorial: Some compare financial markets to a casino, but investing in 2008 was hardly a game of chance (14 h ago)

• Business news in brief Business news in brief
12/31/2008
More news from the business world (14 h ago)

• Final whimper after FTSE's biggest fall Final whimper after FTSE's biggest fall
12/31/2008
Trading volume remained thin as just a handful of exchanges open in session (14 h ago)

• Tea and cheap frills lift depression - f... Tea and cheap frills lift depression - for now
12/31/2008
"There might be a recession on, but there's no call for bad underwear," said the woman with the armful of bras in Selfridges. The markdown to £10 for top-of-the range Lejaby and Freya undergarments [£5 for knickers] had turned the London department store's underwear department into a lingerie jumble sale yesterday. While other stores sensed a slowing in the numbers scrabbling about in the sales, Selfridges was still bursting at the seams with sharp-elbowed shoppers. Chantal Warner, 38, and her friend Naomi Morgan, 30, had caught the 8.06am train from Tunbridge Wells to get to the store for opening time. Between them they were holding six bright yellow carrier bags and had just celebrated their purchases with a glass of champagne. "I got the most gorgeous set of Lejaby underwear that I would have paid £70 for, and it was £15," said Warner. "A nice top for this evening and a pair of Whistles trousers that I had bought in black at full price, then in brown at half price just before Christmas, and grey today at 70% off." "Everything we bought had a purpose," said Morgan. "I got a Dolce & Gabbana handbag, which was £995, for £374. I had £270 in Selfridges vouchers for my 30th birthday, so that's what I bought." Warner confessed: "I bought the same handbag in a different colour because it was such a bargain. It's an expensive handbag, but the way I look at it, it will last for years." At the bus stop further down Oxford Street, outside John Lewis, Julie Tung, 44, stood clutching a food processor that she had just bought for £53, less than half price. "I haven't been buying throwaway things like clothes and shoes," she said. "It's about looking after yourself - and feeling good is important because it is winter, it is dull, it is cold and there's a recession ... I spent a couple of hundred pounds on creams from Neal's Yard because they are so good and have 70% off, and that will last me a year. "And I am heading back to Whittards to buy loads of herbal teas, because they do some very good ones and they are now very cheap." High street retailers Retail industry John Lewis Consumer spending Recession Fashion guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Retailers ready to slash prices even fur... Retailers ready to slash prices even further
12/31/2008
Retailers are expected to cut prices further this weekend in a desperate attempt to capture sales before Britain's big return to work on Monday. "Most of us have been clearing stock all week but if you haven't got rid of it by Sunday you never will," said one clothing chief executive. "Demand has been fairly constant, people are buying lots in the sales - the expectation is they will disappear for a while after that." He said sales had been up to 20% below last year's levels during the pre-Christmas weeks despite the hefty discounts on offer. Bargain hunters have been out in force since Boxing Day, but new data suggests the strong demand witnessed during the sales period has not salvaged a poor Christmas overall for retailers. Shopper numbers in December were 3.1% lower than last year, according to Experian, a research firm that tracks high-street footfall. Separate research by PwC found 42% of the consumers it polled had budgeted to spend less in the sales. "Retailers will cut prices further over the next few days as they need to grab as much trade as possible before the consumers ... lose interest in shopping," said Jonathan de Mello, Experian retail director. But he predicts that even aggressive discounting might not be enough to shift unsold Christmas stock, meaning the January sales could linger into February. Concerns about the retail sector have been fuelled by a stream of bad news with 10 retailers including Woolworths, MFI and the Pier as well as clothing chains USC and The Officers Club collapsing in the last two months. The struggling childrenswear retailer Adams was confirmed as the latest casualty yesterday, with PwC appointed to handle its administration. Rob Hunt, a joint administrator, said: "We are continuing to trade as we urgently review the company's financial position so as to assess which stores can remain open. Adams Kids is a well-known brand on the high street and we remain hopeful that it will prove attractive to a purchaser. However, the current difficulties in the retail environment are such that some store closures are likely." Indeed, the January sales are expected to be the last hurrah for consumers as recession bites. Groups such as John Lewis and Debenhams are thought to have enjoyed a strong sale period over the 10 days from Boxing Day until this Sunday. "The first six days of the sale have been very strong and we expect that to last until Sunday, after that sales volumes and footfall will drop rapidly," predicted one senior retailer. "People are being conservative, but are responding to big discounts." A picture of how quoted store groups have weathered the storm will start to emerge next week when the retail reporting season gets under way with updates from large chains such as Marks & Spencer, Debenhams and Sainsbury's. Analysts expect a mixed bag of results with the supermarkets expected to have fared the best. High street retailers Retail industry Consumer spending Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Pound buying less than a euro Pound buying less than a euro
12/31/2008
Almost all high street banks, supermarkets and travel agents ended 2008 offering holidaymakers rates of less than €1 to the pound, after an already battered sterling suffered one of its worst months in recent years. The Post Office, Tesco, Thomas Cook and Marks & Spencer were all offering €0.99 to the pound yesterday. Royal Bank of Scotland and Lloyds TSB were selling at €0.98; Barclays offered €0.97. First Choice Travel and specialist high street bureaux de change operators TTT Moneycorp, Travelex and International Currency Exchange were among the few providers offering travellers parity for their pound. While the exchange rate remains just above parity in the wholesale market - the pound yesterday bought €1.04 - some analysts forecast further weakness for sterling against the euro in early 2009 as monetary policy at the Bank of England and the European Central Bank looked likely to continue diverging. Interest rates in Britain are 2% and in the eurozone they are 2.5%. Neil Mellor, a currency analyst at Bank of New York Mellon, said: "The pound has been among the worst performing currencies in 2008 and a new year appears unlikely to offer it any lasting succour ... The notion of parity with the euro may offer some psychological support, but the fact is that incredulity among market historians is no greater barrier to the attainment of this level than it was for the pound's ascent above $2." At the heart of last month's movements, which saw the value of the euro strengthen by 18% against the pound, was "the ECB's patent unwillingness to entertain the radical policy prescriptions of its Anglo-Saxon counterparts," Mellor said. Former members of the Bank of England's rate-setting committee, including Willem Buiter, have been outspoken not only in their support for further aggressive rate cuts in Britain, but also for more unconventional efforts to increase money supply, as seen in the US, known as quantitative easing. Currencies Euro Bank of England Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Russia prepares to cut Ukraine's gas sup... Russia prepares to cut Ukraine's gas supply
12/31/2008
Gas supplies to Europe were under threat last night as Russia said it would cut off the flow to Ukraine early this morning after the two sides failed to reach an agreement with Ukraine over non-payment of a debt said by Moscow to be worth more than $2bn (£1.4bn). Gazprom, the Russian state-owned gas provider, had warned that it would cut off supplies to its neighbour from midnight if it could not reach agreement on money owed and higher prices for this year. The last time exports were terminated - in January 2006 - there was an immediate impact on mainland Europe as Ukraine was believed to be siphoning off gas meant for onward transit. But Gazprom CEO Alexei Miller said it would continue full shipments to the European Union, which gets about a quarter of its gas from the Russian company, most of it through pipelines that cross Ukraine. The Ukrainian president's energy adviser, Bohdan Sokolovsky, also said Ukraine would guarantee the delivery of gas to Europe. "Whatever Russia ships, we will deliver," he said. "This is what we have committed to." Gazprom had warned it would cut supplies unless Ukraine paid off all of its debt and signed a deal for 2009 deliveries by midnight. Neither was done, Miller said. "Gazprom will cut off 100% of gas supplies to Ukrainian consumers at 10am (0700 GMT) on 1 January," Miller said. "All responsibility for the situation rests on the Ukrainian side." Gazprom, which has its own troubles due to very high debt levels, has accused Ukraine of trying to hold Europe to ransom by saying there could be shortages if the taps were turned off again but Kiev has denied making such a threat. There appeared to be progress when the Ukrainian state energy firm, Naftogaz, and Ukrainian politicians said they had agreed to transfer at least $1.5bn of the $2bn demanded by Russia. There were also suggestions that Ukraine's prime minister, Yulia Tymoshenko, would go to Moscow yesterday to attempt to unblock the dispute but the visit was cancelled. Europe depends on Russia for a quarter of its gas supplies with Germany's BASF and E.ON, which supplies UK consumers, plus Italy's ENI being among the biggest customers. Russian gas supplies to Britain are limited but any reduction in European supplies could cause shortages and force up prices. Gazprom said it had received a letter from Naftogaz stating that if Russia turned off the gas, Ukraine could confiscate Russian fuel bound for western Europe. "We cannot describe this position from Ukraine as anything other than blackmail," said Alexander Medvedev, head of Gazprom's export arm. "And they are blackmailing Gazprom, Russia and western Europe." In Kiev, Naftogaz declined to comment on the letter but President Viktor Yushchenko's first deputy chief of staff, Oleksander Shlapak, said Ukraine guaranteed uninterrupted transit of Russian gas to Europe through its territory. Russia denies any political motive behind the row, saying it was purely a business dispute and it would do all it could to maintain smooth supplies to Europe. Gazprom saw second-quarter profits almost triple on the back of high commodity prices in the middle of the year but its fortunes have waned since. Its declining stock price has taken it from being the world's third-largest company at the start of 2008 to the 47th and it must repay $10.6bn of debt by the end of June. Gas Russia Ukraine Europe European Union guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Nils Pratley: From plumbers' stores to ... Nils Pratley: From plumbers' stores to Lidl car parks: where green shoots sprout
12/31/2008
The FTSE 100 fell 31% in 2008. But look at this: the index has risen 17% since its low point on 21 November. Has recovery started? If so, can it be sustained? Is 2009 to be the year of the bounce-back, just as 1974's stockmarket dive was followed by revival in 1975? Many serious investors and pundits are predicting as much. Their argument is simple enough: recession has been priced in; shares have reached fair value; and, given that stockmarkets typically anticipate economic recovery by nine months or so, now is the time to buy. This view seems reasonable for certain shares. BP yields 5.7% and, even at current oil prices, there is little prospect of a dividend cut. For safety-first investors willing to commit cash for a few years, that looks undeniably attractive. Yet the bond markets, where yields have plunged in the past two months, sense danger. They are sending a message that the threat of damaging deflation remains real. There is genuine debate there and we await the facts. So forgive the column for dodging the traditional new year demand for hard forecasts. Instead, here are nine indicators to watch in 2009 to measure progress, or lack of it. Think of them as a green shoot guide. Dr Copper Copper is known as the metal with a PhD in economics because of its apparent ability to forecast the progress of the global economy - the installation of wiring and plumbing gives a good indication of what is happening at the front line. The price of copper slumped in 2008. At $1.40 a pound it is below the level at which high-cost producers earn a profit (generally reckoned to be $1.70). But China and the US intend to spend heavily on infrastructure in 2009. If that spending can't lift copper prices, the malaise may be deeper than thought. Housing transactions In the final months of 2008, activity in the UK housing market was running at record lows. Total transactions for the year will be about 900,000, a fall from 1.6m in 2007. But purchases of homes tend to rise well before house prices - so look to a pick-up in transactions as the first sign of stability returning to the housing market. Realistically, the second half of 2009 is the earliest moment to expect it. Rail travel The correlation between economic activity and rail travel has been documented for decades. That was why the warning last month from Stagecoach, which operates the South West Trains franchise, was revealing: the company may be feeling already the cold breezes from layoffs in the City. Are Stagecoach's lowered expectations low enough? Car sales Another classic leading indicator. In the 90s recession, Capital Economics reports, new car registrations began to rise one quarter before GDP began to expand again. Warren Buffett The great investor made two big moves in 2008, taking stakes in General Electric and Goldman Sachs. The purchases were eye-catching but still leave Buffett's Berkshire Hathaway group with net cash of about $100bn. What's he waiting for? Private equity activity The buyout kings are bruised, humbler and will be fewer in number in 2009. But private equity is not dead. It still controls substantial sums of cash waiting to be deployed. Credit availability . Perhaps the most important indicator. The Bank of England's last quarterly survey of credit conditions painted a bleak picture on all fronts - lending to households and to corporate borrowers. The next update arrives tomorrow. Don't expect much improvement, but subsequent reports will have to be stronger if we are to see green shoots in 2009. Marks & Spencer's dividend One of the intriguing corporate plots of the year, given M&S's status as a bellwether stock. The dividend for the current financial year should be safe - the company has virtually said so. What happens next? The current 10% yield says the market expects a cut. But M&S can make its decision as late as October. If chairman Sir Stuart Rose can see bluer skies in 2010 (and sound convincing), that would be encouraging. 4x4s in Aldi car parks Urban myth or genuine phenomenon? Either way, less dinner party chat about the delights of discount food shopping might be regarded as progress. Market turmoil Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Pop's new kids on the block Pop's new kids on the block
12/31/2008
The final word of 2008 was a cold and broken Hallelujah, and the defining sound of the last 12 months has been that of the elder statesmen of rock. It's a trend that is set to continue this year. Leonard Cohen, Tom Waits and Stevie Wonder were among the most successful live acts of 2008, in a year that saw overall ticket sales for live music suffer; while the most talked-about bands for 2009 are the newly reunited Blur and 70s group, the Specials. There's also good news for those fatigued by Simon Cowell's chart domination, or rock stars of a certain age. With major record labels less able to determine the tastes of its consumers, attention is being turned to alternative pop stars without a traditional place in the market. Self-made artists such as Little Boots and Florence and the Machine are also being tipped for success in the coming year, with the latter already announced as the winner of the Brits critics' choice award 2009. Both are among the top 10 unknowns revealed by HMV today as the artists it expects to see breaking through in the next 12 months. In the past, the store has predicted the success of Franz Ferdinand, Arctic Monkeys and Duffy. Florence Welch, 22, whose innovative take on folk-pop has earned her comparisons to Kate Bush, is due to release her as-yet-unnamed album in June, while Little Boots - real name Victoria Hesketh - developed a fanbase after posting clips of her electro-pop performances on YouTube, and was tipped for success by the influential website Popjustice. Others on HMV's list include blues-rock band the Answer, DJ trio Filthy Dukes, and soulful Irish singer-songwriter Laura Izibor. Three-piece White Lies, who hail from Chiswick, west London, have been likened to Echo & the Bunnymen and Interpol, while Red Light Company have received comparisons to Arcade Fire, U2 and Editors. Two American artists, Keri Hilson and Lady GaGa, also feature on HMV's list. The chain's music buyer, Rob Watson, said: "There's perhaps not one stand-out name that's on everyone's lips, as we saw with Duffy last year, but that's more than made up for by the sheer number and quality of the new acts in the frame. There is a bumper crop of fresh faces out there." HMV Music industry Pop and rock guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Small investors may lose out as Madoff p... Small investors may lose out as Madoff prepares to reveal his assets
12/31/2008
The chances of ordinary investors recouping a significant portion of their losses in the $50bn (£34bn) Bernard Madoff scandal dimmed last night as the financier was set to reveal his personal assets to the US regulator, the securities and exchange commission. The SEC filing was scheduled as Kevin Bacon, the Hollywood actor who recently starred in Frost/Nixon, and Henry Kaufman, the former chief economist at Salomon Brothers, were revealed as the latest high-profile victims. Bacon and his actor wife, Kyra Sedgwick, are understood to have lost millions of dollars to the Madoff scheme. A spokesman for Mr Bacon said: "I can confirm that they had investments with Mr Madoff - no further specifics or comment beyond that." Kaufman, meanwhile, is also understood to have lost millions but seemed unperturbed. He told the Wall Street Journal that his Madoff loss was "no more than a couple of percent of my entire net worth". But for every famous investor there are hundreds if not thousands of nameless victims, many of whom have lost their entire personal wealth. The SEC filing, which was due to be made before 5pm in New York yesterday, will be sealed. The only clues to Madoff's personal wealth lie in the confession he made to his sons Andrew and Mark in December when he claimed there was between $200m and $300m left in the firm. The Securities Investor Protection Corporation, a US organisation with statutory powers to return securities to investors who lose them in a fraud or when a firm collapses, has a mandate to recoup up to $500,000 for every Madoff client who held an account in the past 12 months. The SIPC seeks, in most cases, to return even more assets, assuming the authorities can locate funds and properties owned by the perpetrator. There are thought to be so many big losers in the Madoff case, however, it is unlikely that there will be any extra funds available to compensate small investors. "It is difficult to say who will get whatever money and assets are available," said Steve Harbeck, chief executive of the SIPC, who is overseeing the receivership of Madoff's brokerage business. "With big lawsuits and other claims there are just too many variables at this stage to be able to say where ordinary investors stand." Chester Salomon, a lawyer representing SBM Investments, a mid-western family business that claims to have lost about $10m, told the Guardian that he hopes to discover how smaller investors will be treated. "We are keen to find out what Mr Madoff's assets are," he said. Michael Sirota, a lawyer representing KML Investments, a firm that claims to have lost $80m, believes the US government should step in to bail out victims. "The SIPC has $1.6bn and it is there to protect victims," Sirota said. "What if it turns out that SIPC needs $15bn to compensate all the victims because it is bigger than anything they imagined could have happened?" Bernard Madoff Investing Corporate fraud Regulators United States guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• New year nightmare brings spectre of 193... New year nightmare brings spectre of 1930s-style depression to eurozone
12/31/2008
Europeans, the young above all, greeted the deepest economic recession for half a century and an apparently bottomless financial crisis with riots from Athens to Kiev in late 2008. Manufacturing workers walked disconsolately out of car, tyre, steel, chemicals, plastics and cement plants that closed down behind them for two, three, even four weeks from Antwerp to Zaragoza. Mainland Europe, which kidded itself in the autumn that it was immune from the worst excesses and subsequent heart failure of Anglo-Saxon capitalism, felt dark, depressed and downtrodden by Christmas. Only in the brightly lit street markets did shoppers, fuelled by mulled wine and strong euros in their wallets, delude themselves into short-lived festive celebrations. If the eurozone and the rest of Europe ended 2008 on a fearful note, 2009 is shaping up to confirm the worst nightmares of the EU-27's 500 million citizens. The spectre of a 1930s-style depression is foremost in many people's minds. Analysts are forecasting an economic contraction of as much as 3% despite the likelihood of the European Central Bank (ECB) cutting interest rates close to zero during the year. Unemployment could leap by millions this year and in 2010 as business leaders, their confidence at 15- to 30-year lows, shut down entire companies or several plants or offices. Consumer spending, buoyed up so far by pay increases and low inflation in some countries, will freeze in all likelihood. Four decades after the Paris events of 1968 drove General de Gaulle to seek temporary refuge in Baden-Baden, fears have seeped into the souls of political leaders that students and others will confront the ruling order on the streets in a "hot" spring of protests. Anxieties about mounting social and economic tensions are strongest in southern Europe where the recession, already under way, threatens to be longer and deeper. Long-delayed structural reforms have been put on ice. They surfaced at the mid-December EU summit when Italy's Silvio Berlusconi and Spain's José Luis Rodriguez Zapatero voiced them to chairman Nicolas Sarkozy, the French president, who immediately put reform of the lycées on hold for at least a year. "When you have such an economic depression, such social despair, all it takes is a match," said Laurent Fabius, former socialist premier of France. Apocalyptic It makes for an apocalyptic background to the celebrations - probably muted privately, if over-hyped publicly - of the 10th anniversary of the euro today, when Slovakia becomes the 16th country to embrace the single currency. The ECB will from now set monetary policy, including borrowing costs, for 328 million Europeans. The economic bloodbath of 2009, more than likely to be prolonged into 2010, will inevitably prompt eurosceptic politicians and analysts to warn of the impending implosion of the eurozone. Divergences, exacerbated by Germany's regained competitiveness and fiscal thrift, will become unsustainable, it will be argued. Most rational economists doubt this for political as well as economic reasons. But the EU's claim that the euro, an infant currency moving towards adulthood, has brought economic stability, low inflation, 16m new jobs, lower unemployment, reduced budget deficits, will be overturned by events. Germany, the eurozone's biggest economy, witnessed at year-end what Tom Mayer, Deutsche Bank chief European economist, calls a "competitive devaluation" of forecasts. Leading institutes pointed to a contraction of between 2 and 2.7% while the federal economics ministry admitted to a memo envisaging at worst a 3% downturn. Unemployment, at a historic low, could grow by 1 million people by the end of 2010 as the country experiences the worst recession since the federal republic was founded in 1949. In France, the eurozone's second-largest economy, where youth unemployment, especially among immigrants, prompted the 2005 riots, recession has already taken hold. So it has in Italy, Spain, Ireland and the Netherlands where Nout Wellink, ECB president, is now contemplating a 2% contraction before a partial recovery in 2010. Eastern Europe, which has enjoyed stellar growth since eight former communist states joined the EU in 2004, is being sucked into the vortex. Spain, where new car sales plunged by half in November, is being forced by the collapse of its construction boom, which brought in 3.5 million migrant workers, to slap new restrictions on incomers. Ireland, Celtic Tiger turned Deflated Baboon, is reckoning with a 4% contraction and 10% unemployment. Eurozone governments, which have committed more than €1tn (now about £1tn) to bail out banks and guarantee liabilities, seem flummoxed by their unwillingness to lend to the real economy and preference for earning interest by parking the money overnight with the ECB. The result is that fiscal and monetary easing will continue this year. January will see the start of the general election campaign in Germany and a new stimulus package of between €40bn and €50bn after the sharp criticism of the earlier €12bn programme. Sarkozy will almost certainly increase his government's €26bn package soon. Both will continue to be focused on public works such as roads and schools and to eschew British-style boosts to consumer spending via cuts in VAT - Sarkozy is a late convert to German-style fiscal probity. Mayer, who favours "temporary, targeted and timely" cuts in taxes, believes the €25bn cuts demanded by the German economy minister, Michael Glos, are politically off-limits. But he warns: "The trouble with infrastructure projects is the time it takes to implement them." Howard Archer, of Global Insight, will revise his eurozone forecast in January to a 1.5% contraction. He says: "Germany is the one country where consumers have the money to spend and the government has the room to do a bigger stimulus. But ministers seem so far out of synch - even in denial." Despite lingering doubts about the effectiveness of interest rates at near-zero as in the US, Japan and, coming soon, Britain, both forecast that the ECB will cut further. Archer sees a 0.5% cut in January and says: "I'm not certain they will bring them down to zero. The consensus is for 1.5% but the consensus is moving down all the time." Doldrums Mayer has pencilled in 0.75% as the ECB's bottom line. "They'll grind out cuts - not voluntarily but simply because they will be pushed down by the data; so far they have simply been overwhelmed by events." He argues that the tougher the ECB sounds on inflation and stability compared with the Fed, the stronger the euro will become and, with it, the worse the economic outlook will be. "A 10% appreciation is equivalent to a 1% rate increase," he says. For Germany, world champion exporters, that threatens much of its manufacturing, already in the doldrums with the euro at $1.40. And the cry from its neighbours will get louder for measures to stimulate demand at home and in the rest of the EU. Almost two decades after unification, Germany's political elite has been tempted to reverse the Kohl/Genscher motto of a "European Germany" for one of a "German Europe," refusing to bail out its partners and adding to the economic and social tensions along the way. But that should change this year. German ECB hawks such as Jürgen Stark, its chief economist, worry that eurozone stability is threatened by fiscal "laxity". There may even be temptations to create a "hard currency" zone instead around a new Deutsche Mark. But Mayer, a native German, insists the economic and, above all, political costs will be too high to bear - especially in the knowledge that the economic nationalism of the 1930s brought that Great Depression. Europe Credit crunch Unemployment and employment data Economics European Union Euro guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Petrol price cut again despite crude cos... Petrol price cut again despite crude cost surge
12/31/2008
British motorists were given some new year's cheer as petrol prices were cut further yesterday against a backdrop of oil prices that have fallen by 60% since the beginning of the year. Tesco said it was slashing prices at a time when the cost of filling up had already followed tumbling oil values by plunging to a three-year low. The reduction of 3p a litre at 430 filling stations is likely to be followed by Tesco's rivals. Continuing the fuel price war, Total and Shell both announced that they were dropping their lowest petrol price to 82.9p a litre. The AA said the average cost of petrol this week had fallen to 87.79p a litre compared with 88.27p in December 2005 and highs of nearly 120p this summer. Diesel is now averaging 99.72p a litre - the lowest price since November 2007 and it is estimated that a British driver is on average now paying nearly £16 less to fill up a typical 50-litre tank than in July. The cost of crude on the world market fell below $39 a barrel yesterday in Asia but a late rally on renewed Middle East tensions left it up 14% on the day but still nearly 60% down this year. Light sweet crude for February delivery rose $5.57 to $44.60 a barrel in light trading in New York, compared with a record $147.27 on 11 July. The highs were due to assumptions of demand from emerging economies, such as China and India, and followed a rise of 57% in 2007. But the price of oil and other major commodities went into reverse in the second half of 2008 as the economic crisis hit consumer spending and industrial production. The New York price fell to its lowest in almost five years at $33.87 this month, although fears this week that the Israeli bombing campaign against Gaza could further heighten tension in the Middle East raised prices towards $40. Pessimism about prospects for growth in the world economy has reduced the price of copper close to a 21-year low although it was up $45, or 1.5%, in trading yesterday at $2,960 a ton on the London Metal Exchange. This compares with a record price of $8,940 in July. The cost of commodities will depend partly on the success of the US economic stimulus package, although oil values will also be influenced by Opec. To help their petroleum-dominated economies, the oil producers have vowed to cut production by 4.2m barrels a day to push the price upwards again but the cartel has had mixed success with this policy. Tesco said its lowest petrol price was now 82.9p a litre and Richard Brasher, commercial director, believed it may dispel some end-of-year gloom: "There will be lots of people waking up on New Year's Day worrying about what 2009 means for their finances and for many the cost of motoring will be a significant factor." Oil Commodities Tesco Retail industry Motoring guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Phone Smart: With a Little Help, You Can... Phone Smart: With a Little Help, You Can Trade Yourself Free of Your Wireless Contract
12/31/2008
It’s a little-known fact that cellphone carriers will let you swap contracts with another person, no matter whether you have one month or two years remaining on your commitment. (9 h ago)

• The Debt Trap: Unspoken Link Between Cre... The Debt Trap: Unspoken Link Between Credit Cards and Colleges
12/31/2008
As concern about student debt rises, promotional deals universities have made with banks are causing alarm. (9 h ago)

• GMAC Makes It Easier to Get a Car Loan GMAC Makes It Easier to Get a Car Loan
12/31/2008
The day after an injection from the government, the financing affiliate of G.M. said it would immediately ease the conditions for borrowers to have access to its loans. (20 h ago)

• Home Prices Fell at Their Sharpest Pace ... Home Prices Fell at Their Sharpest Pace in October
12/30/2008
Home values in 20 large metropolitan areas across the country dropped at an 18 percent annual pace in October. (1 d ago)

• Resolution: Dine Well Without Breaking t... Resolution: Dine Well Without Breaking the Budget
12/30/2008
Here are some of the best inexpensive places reviewed in the Dining section this year. (1 d ago)

• Wealth Matters: Estate Planning Is More ... Wealth Matters: Estate Planning Is More Than Avoiding Taxes
12/30/2008
J.P. Morgan Private Bank has devised a program to detect liquidity deficits, the naming of wrong heirs and other common oversights in estate planning. (1 d ago)

• Breaking Up Is Harder to Do After Housin... Breaking Up Is Harder to Do After Housing Fall
12/30/2008
With homes worth less than the mortgage owed, some divorcing couples fight not to get the house. (1 d ago)

• Cost of Living: Reconciling Approaches t... Cost of Living: Reconciling Approaches to Money
12/29/2008
Financial stress can strengthen relationships, if it is dealt with. (2 d ago)

• Mortgages: The Refinancing Dilemma Mortgages: The Refinancing Dilemma
12/29/2008
For many homeowners, deciding whether to refinance their mortgages can be confusing, especially if they have had the loan long enough to start significantly diminishing their debt. (2 d ago)

• Your Money: Older Investors Should Exami... Your Money: Older Investors Should Examine the Risks in Bonds
12/29/2008
Older investors should check that their bond investments are what they thought they were -- and that they fit their tolerance for risk. (2 d ago)

• Your Friends Need Money. Do They Have Re... Your Friends Need Money. Do They Have References?
12/29/2008
Loans between friends, family and even unlikely acquaintances can strengthen or test relationships. (2 d ago)

• Strategies: Yes, History Has Much to Say... Strategies: Yes, History Has Much to Say About This Market
12/29/2008
There is plenty of precedent for the credit crisis of the last 18 months -- and for its profound effects on the stock and bond markets. (3 d ago)

• Actors Bacon, Sedgwick among Madoff vict... Actors Bacon, Sedgwick among Madoff victims
12/31/2008
The actor Kevin Bacon and his wife, actress Kyra Sedgwick, are among the many victims of the massive Ponzi scheme run by the disgraced New York money manager. (23 h ago)

• Business booming for gluten-free product... Business booming for gluten-free products
12/30/2008
Mary Burgdorff said she cried the first time she walked into Molly's Gluten-Free Bakery in Pewaukee, Wis., because she'd found treats her son could eat without getting sick. (1 d ago)

• Congress to examine Madoff case next wee... Congress to examine Madoff case next week
12/30/2008
U.S. Bankruptcy Judge Burton Lifland on Tuesday approved the transfer of $28.1 million to cover expenses tied to the liquidation of Bernard Madoff’s investment firm. (1 d ago)

• Dow fighting to complete Rohm & Haas dea... Dow fighting to complete Rohm & Haas deal
12/30/2008
Dow Chemical is scrambling to keep its $15 billion takeover of rival Rohm & Haas alive after a surprise decision by the Kuwaiti government to scrap a joint venture with Dow. (2 d ago)

• Kerkorian sells remaining Ford shares Kerkorian sells remaining Ford shares
12/29/2008
Billionaire investor Kirk Kerkorian has sold his remaining 5 percent stake in Ford Motor Co., according to his investment company, Tracinda Corp. (2 d ago)

• Latin investors could be big Madoff lose... Latin investors could be big Madoff losers
12/29/2008
Wealthy Latin Americans appear to be among the big losers in the investment swindle allegedly orchestrated by financier Bernard Madoff, according to The Wall Street Journal. (2 d ago)

• Recession brings foggy future for art ma... Recession brings foggy future for art market
12/29/2008
The global art market, which for decades has enjoyed record-breaking prices and often frenzied buying, is facing a foggy future in 2009. (2 d ago)

• TRIBECA TRIBECA
01/01/2009
$8.4 million You could be forgiven for thinking "maisonette" is French for "small house" - but there is absolutely nothing small about this particular maisonette, a combination of two condos for a total of approximately 7,400 square feet. There... (5 h ago)

• RUN FOR THE MONEY RUN FOR THE MONEY
01/01/2009
There are two big New Year's resolutions that just about everyone made last night: 1) Lose weight. 2) Save money. We really can't help you on the former (your dealings with the Hershey Co. are your own affair). But you might be surprised at how... (5 h ago)

• JUST SOLD! JUST SOLD!
01/01/2009
Manhattan FLATIRON $3,275,000 15 E. 26th St. Prewar three-bedroom, 31/2-bath loft condo, 2,078 square feet, with kitchen with Miele, Sub-Zero and Viking appliances, marble bath, walnut floors, woodburning fireplace, oversized windows, walk-in... (6 h ago)

• SANDS POINT, L.I. SANDS POINT, L.I.
01/01/2009
$1.75 million Bedrooms: 4 Bathrooms: 4 Square feet: 3,600 "Majestically" set on "rolling lawns" (1.15 acres worth of them), this expanded Ranch offers "elegant spaces" for entertaining plus "inviting casual spaces" for, well, more casual affairs... (6 h ago)

• WEST VILLAGE WEST VILLAGE
12/31/2008
$1.195 million Bedrooms: 1 Bathrooms: 1 Square feet: 1,100 Maintenance: $2,016 "Loft living" in the West Village? Sure, why not - consider this co-op in a full-service building on Barrow Street with "soaring," 12-foot beamed ceilings, a... (7 h ago)

• UPPER EAST SIDE UPPER EAST SIDE
12/31/2008
$660,000 Bedrooms: 1+ Bathrooms: 1 Square feet: 900 Maintenance: $1,580 Full-service building, private terrace, East 87th Street - here's a good opportunity to have your own stake in prime Manhattan, in a co-op with a renovated, windowed kitchen... (7 h ago)

• FORT GREENE, BROOKLYN FORT GREENE, BROOKLYN
12/31/2008
$629,000 Bedrooms: 2 Bathrooms: 1 Square feet: 900 Maintenance: $480 The only thing better than a roof over your head might be a private roof under your feet - this floor-through apartment on Washington Park comes with "exclusive" roof rights... (7 h ago)

• UPPER WEST SIDE UPPER WEST SIDE
12/31/2008
$3.995 million Having trouble deciding between a townhouse, a loft, a condo and a prewar doorman building? Yes, we are about to tell you that you can have it all - or at least come darn close by combining these two "loft-like" condo apartments into... (7 h ago)

• SCARSDALE, NY SCARSDALE, NY
12/31/2008
$4.25 million They don't call it "the Cotswold section" for nothing - and in the case of this 1928 stone manor Westchester house "with the charm of rural England," it really lives up to the name. But while the 1.15 acres of "park-like" property... (7 h ago)

• MIDTOWN MIDTOWN
12/31/2008
$7 million When is less more? Well, consider this two-bedroom condo spread, so thoughtfully reconfigured from its original four-bedroom layout for "your convenience and luxury." Besides lots of space - more than 3,000 square feet - and a central... (7 h ago)

• Have a peaceful, prosperous new year Have a peaceful, prosperous new year
12/31/2008
It's an understatement to point out that this has been a year for the history books -- politically and, of course, economically. And for commentator Robert Reich, personally. (18 h ago)

• Looking for change -- the loose kind Looking for change -- the loose kind
12/31/2008
In August we reported on a New York family that's built a sizable savings from money found on the ground. Kai Ryssdal checked in with Scott Humphrey and his 5-year-old daughter to find out where their nest egg stands now. (18 h ago)

• What are over-the-counter stocks? What are over-the-counter stocks?
12/31/2008
We've told you how credit default swaps caused trouble for the economy, which are tricky instruments traded in the over-the-counter, or OTC, market. In this Marketplace Decoder, Rico Gagliano explains. (18 h ago)

• Europe hit by globalization of crisis Europe hit by globalization of crisis
12/31/2008
A lot of European countries have been hit especially hard by the financial crisis. Stephen Beard, Marketplace's man in London, takes a look at how those countries are faring and how they plan to react. (18 h ago)

• Is that bottle of alcohol nutritious? Is that bottle of alcohol nutritious?
12/31/2008
Consumer advocates are asking Treasury secretary nominee Timothy Geithner to require nutrition labels on alcoholic beverages. Nancy Marshall Genzer reports. (18 h ago)

• Viacom, Time Warner at battle stations Viacom, Time Warner at battle stations
12/31/2008
Viacom is threatening to pull its 19 stations from Time Warner Cable tonight -- including Nickelodeon, Comedy Central and MTV -- if the cable company doesn't pay more for the programming. Sam Eaton reports (18 h ago)

• Economy's down but certainly not out Economy's down but certainly not out
12/31/2008
You're probably tired of hearing that the economy's taken its biggest hits since the Great Depression. And that's true. But our Senior Business Correspondent Bob Moon reminds us that we were in pretty good shape coming into this whole thing. (18 h ago)

• How about a stimulus plan for Pluto? How about a stimulus plan for Pluto?
12/31/2008
None of the experts are doing a particularly good job of predicting how the economy is going to turn out next year. So we sent Mitchell Hartman to check out what astrology has to say about our economic fate. (1 d ago)

Business

Technology

Sports

Entertainment

This is abundant, look forward to looking into ea...
John gogs :: 12/28/2009

Who knows where to download XRumer 5.0 Palladium?...
CocoChanels :: 07/03/2009

Hi, my friends!! I want to get program XRumer 5.0 ...
MagicOPromotion :: 05/03/2009

Where is this money coming from except from the mo...
carl allen :: 04/11/2009

out of control
staystrong :: 02/23/2009

The poor thing! Once so high and mighty and far ab...
leaf :: 02/22/2009

It always amazed me how eagerly people flocked to ...
David :: 12/23/2008

• Dell's restructure: will it work? Dell's restructure: will it work?
01/01/2009
Dell is in serious trouble. Its shares have fallen nearly 60% over the past 12 months and the company is desperately trying to regain the market share it ceded to Hewlett-Packard.Things have got so... (4 h ago)

• Fair value blow for banks Fair value blow for banks
01/01/2009
The Securities and Exchange Commission has given the banking a much deserved kick in the guts by releasing a 211 page report that fends off the banks' claim that fair value created the financial... (4 h ago)

• The year ahead: what to expect? The year ahead: what to expect?
12/31/2008
I know this is risky after the last post, but what the hell. What can we expect in 2009. The truth is, no-one really knows. Still, there are some forecasts worth looking at.A sobering prediction from... (8 h ago)

• The worst forecasts for 2008 The worst forecasts for 2008
12/31/2008
So 2008 is over. And good riddance too. If ever there was a year that deserved to be consigned to flames and forgotten about, this was the year.No one would have expected a year where company share... (8 h ago)

• Winners and losers for 2008 Winners and losers for 2008
12/30/2008
Around this time every year, everyone rolls out their list of winners and losers for the last 12 months. There are lists everywhere but the best I've seen is from the Houston Chronicle's... (1 d ago)

• Are we all Keynesians now? Are we all Keynesians now?
12/30/2008
With the United States government once more getting the taxpayers to bail out a hopeless business, this time announcing it would pump $6 billion into GMAC Financial Services, including $1 billion for... (2 d ago)

• New era of regulation New era of regulation
12/29/2008
The new world order with regulation is now emerging.Gone are the days when the so-called "free market" was the only game in town. We are now seeing a reappraisal of the "free... (3 d ago)

• Madoff's insanity defense Madoff's insanity defense
12/29/2008
The legal fallout over Bernard Madoff has taken a new turn with a judge ruling that Madoff must provide a list of all investments, lines of credit, loans, business interests, brokerage accounts, and... (3 d ago)

• Holiday sales seen worst in 38 years Holiday sales seen worst in 38 years
12/30/2008
The U.S. recession, heavy discounting by retailers and a nasty mix of winter weather combined to produce the worst holiday season since at least 1970, a trade association said. (1 d ago)

• Fallout begins after dismal holiday seas... Fallout begins after dismal holiday season
12/29/2008
Fallout from the horrific holiday season for retailers has begun, with the operator of an online toy seller filing for bankruptcy protection and more stores are expected to do the same. (2 d ago)

• Baskin-Robbins offers 'healthy' ice crea... Baskin-Robbins offers 'healthy' ice cream
12/29/2008
Ice cream chain Baskin-Robbins said it is launching a new line of better-for-you ice cream treats just in time to help New Year's dieters trim their waistlines. (2 d ago)

• Recession cocktails may take edge off da... Recession cocktails may take edge off dark year
12/29/2008
Liquor companies and bartenders are finding inspiration in the financial crisis, devising new recipes and reviving old cocktail standards to keep spirits alive during the holidays. (3 d ago)

• Corporate Darwinism: Only strong survive Corporate Darwinism: Only strong survive
12/29/2008
Economic cycles are Darwinian, picking off weak companies and leaving survivors stronger. Corporate survivors, however, should benefit as competitors disappear. But it won't be easy. (3 d ago)

• Japan's young falling out of love with c... Japan's young falling out of love with cars
12/30/2008
To get around the city, Yutaka Makino hops on his skateboard or rides commuter trains. Does he dream of the day when he has his own car? Not a chance. (2 d ago)

• N.Z. airline flies jet partly run on veg... N.Z. airline flies jet partly run on veggie oil
12/30/2008
A passenger jet powered in part by vegetable oil successfully completed a two-hour flight Tuesday to test a biofuel that could lower airplane emissions and cut costs, Air New Zealand said. (2 d ago)

• Dow, Rohm & Haas deal thrown into doubt Dow, Rohm & Haas deal thrown into doubt
12/29/2008
The collapse of a joint venture between Dow Chemical and a state-owned Kuwaiti company raised questions about Dow's continued willingness to pay $15.3 billion for Rohm & Haas Co. (2 d ago)

• A Surge in Bicyclists Appears to Be Wait... A Surge in Bicyclists Appears to Be Waiting
12/31/2008
A run on bicycles during the summer raised hopes among bike store owners, but sales have leveled off since then. (9 h ago)

• Tool Kit: Planning for a Happier New Yea... Tool Kit: Planning for a Happier New Year
12/30/2008
To make 2009 far better — and much more profitable — experts offer the following New Year’s resolutions for your consideration. (1 d ago)

• A Nonprofit for Veterans Is Faulted on S... A Nonprofit for Veterans Is Faulted on Spending
12/30/2008
A nonprofit that Congress set up to help veterans with small businesses was criticized in a Senate report for spending federal dollars on luxuries and high salaries. (2 d ago)

• As Crisis Spreads, a Pinch Becomes a Squ... As Crisis Spreads, a Pinch Becomes a Squeeze
12/29/2008
Two months deeper into the recession, six owners of small businesses in the New York region say that the holidays have brought scant respite. (2 d ago)

• Three Questions Before the Ball Drops To... Three Questions Before the Ball Drops Tomorrow Night
12/29/2008
Before Christmas I talked about how likely you were to get a raise this year. I want to talk about another job-related issue to close out the year... Dan Schawbel has suggested three questions that we... (2 d ago)

• A Tranquil End to a Vicious Year A Tranquil End to a Vicious Year
12/31/2008
NEW YORK, Dec. 31 -- The last trading day of 2008 provided a merciful end to an abysmal year -- the worst since the Great Depression, wiping out $6.9 trillion -- six years of gains -- in U.S. stock market wealth. (10 h ago)

• Readers split on taking pay cuts to save... Readers split on taking pay cuts to save jobs
12/30/2008
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)

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