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Business News
for 01/02/2009

(last updated 7:30am EST 01/02/2009)

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• Manufacturing Cools Around the World Manufacturing Cools Around the World
01/02/2009
Manufacturing activity slumped in some of the world’s leading economies in December, data showed, heralding more pain for consumers and businesses. (3 h ago)

• World Markets Kick Off 2009 Brightly World Markets Kick Off 2009 Brightly
01/02/2009
European and Asian indexes rose, but trading volumes remained light ,with many traders not back at their desks until next week. (3 h ago)

• Russia Cuts Off Gas Deliveries to Ukrain... Russia Cuts Off Gas Deliveries to Ukraine
01/01/2009
The Russian energy giant Gazprom shut natural gas deliveries in a move that could spell shortages for Europe. (9 h ago)

• Citing Obama’s Win, European Ad Chief Is... Citing Obama’s Win, European Ad Chief Is Hopeful
01/01/2009
Maurice Lévy, chief executive of the Publicis Groupe, is facing a difficult economic environment with acquisitions in digital media and developing countries. (10 h ago)

• Worldwide, a Bad Year Only Got Worse Worldwide, a Bad Year Only Got Worse
01/01/2009
After a catastrophic year for global markets, analysts are cautioning investors not to expect the big rebound that usually follows a sharp downturn. (10 h ago)

• Contradictions in China, and the Rise of... Contradictions in China, and the Rise of a Billionaire Family
01/01/2009
The story of Liu Yongxing — a former factory worker who is now listed by Forbes as the wealthiest person in China — is a peek into the changes facing China. (10 h ago)

• Economy Blunts Korea’s Appetite for Plas... Economy Blunts Korea’s Appetite for Plastic Surgery
01/01/2009
An indicator of the economic doldrums in South Korea: Seoul’s obsession with plastic surgery is waning, and once-crowded clinics are closing. (10 h ago)

• Writing the Web’s Future in Numerous Lan... Writing the Web’s Future in Numerous Languages
01/01/2009
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. (12 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (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. (2 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. (2 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. (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. (3 d ago)

• Indonesia raises rice price to ensure su... Indonesia raises rice price to ensure sufficiency, investment
01/02/2009
The Indonesian government has decided to raise the price of rice buying from local farmers in a bid to ensure national self-sufficiency amid slowing economic activity and a global food crisis. The decision was made in a decree issued by President Susilo Bambang Yudhoyono, which was effective from Jan. 1, 2009, the Jakarta Post daily reported on Friday. The decree stipulates the government will pay 4,600 rupiah (about 46 cents U.S. dollars) per kilogram to buy rice from national farmers, ... (7 h ago)

• U.S. auto makers receiving government lo... U.S. auto makers receiving government loan
01/01/2009
General Motors Corp. major auto maker in the U.S., collected a loan of 4 billion dollars from the U.S. Treasury Department on the eve of the new year, reports from Detroit said Thursday. The cash infusion will prevent the automaker's imminent financial collapse after a dramatic sales decline and cash crunch this year. The automakers in Detroit are to receive another loan of 5.4 billion dollars by Jan. 16 and possibly another loan of 4 billion U.S. dollars on Feb. 17. The loans serve ... (10 h ago)

• "World accessory market" reports sales r... "World accessory market" reports sales rise amid global financial pinch
01/01/2009
The Yiwu international trade market where more than 60,000 shops sell accessories, ornaments and toys reported 49.2 billion yuan (7.2 billion U.S. dollars) in sales in 2008, up 6.83 percent year on year. Dubbed as the "world accessory market," Yiwu does business with 200 countries and territories. More than 1.7 million varieties of small commodities are sold here. The market saw a slowed sales growth in the third quarter under the global financial pinch. "We launch more than 100 new ... (10 h ago)

• Singapore lowers economic growth forecas... Singapore lowers economic growth forecast
01/01/2009
Singapore economy is expected to grow between minus 2.0 percent and plus 1.0 percent in 2009, the country's Ministry of Trade and Industry (MTI) said on Friday. The forecast is lower than the minus 1.0 percent to plus 2.0 percent range it forecasted in November 2008. The ministry said the global economic crisis has worsened since November, 2008, with sharp declines in global demand, trade and investments. "These developments will affect the sectors in the Singapore economy that rely ... (10 h ago)

• Nepali inflation increases 14.5 pct: Cen... Nepali inflation increases 14.5 pct: Central Bank
01/01/2009
The rate of inflation in Nepal rose to 14.5 percent in mid November 2008 from 6.3 percent in the corresponding period of the pervious year, The Rising Nepal reported on Friday. The year-on-year inflation as calculated by the consumer price index was driven both by the significant rise in food and beverages as well as non-food and services group, the newspaper said. According to first four month data of the Nepal Rastra Bank, the central bank of the country, last year's price rise on food ... (10 h ago)

• S. Korean President calls for all-out ef... S. Korean President calls for all-out efforts to boost economy
01/01/2009
South Korean President Lee Myung-bak on Friday called for all-out efforts to revive the country's economy, pledging to create jobs and a stronger drive to reform the state-owned firms. "As no country and no person were able to accurately predict the start of this worldwide economic crisis, no one can definitely say when it will end," said the president during his nationally televised new year's address. "However, there is a forecast that it will start to get better in the latter half of ... (10 h ago)

• Uganda's inflation doubles in 2008 as fu... Uganda's inflation doubles in 2008 as fuel crisis hits
01/01/2009
Uganda's average annual inflation in 2008 more than doubled to 12 percent from 6.1 percent recorded in 2007, shows a Uganda Bureau of Statistics report. According to the report released by Bureau of Statistics on Wednesday, the rise was mainly due to sharp increases in the price of food, household goods, rent, fuel and utilities. This is the highest annual inflation rate since 2000 when the current Consumer Price Index began. It is also far above the government's 5 percent target. Fo ... (12 h ago)

• Ukrainian president: Gas dispute with Ru... Ukrainian president: Gas dispute with Russia will be settled soon
01/01/2009
&$ &$Ukrainian President Viktor Yushchenko makes a statement in Kiev, capital of Ukraine, on Jan. 1, 2009. Gas dispute with Russia will be settled by Jan. 7, Yushchenko said in the statement Thursday. (Xinhua Photo)&$ &$ Gas dispute with Russia will be settled by Jan.7, Ukrainian President Viktor Yushchenko said in a statement Thursday. "I think that we are close to a compromise and I ask the Russian president ... (12 h ago)

• Turkey's new currency "TL" in circulatio... Turkey's new currency "TL" in circulation
01/01/2009
Turkish Central Bank put into circulation the country's new currency the "Turkish Lira" (TL) at the beginning of 2009, replacing the "New Turkish Lira" (YTL), the semi-official Anatolia news agency reported Thursday. New banknotes and coins are renamed as TL and Kurus and they entered into circulation on Jan. 1, 2009 with new designs, sizes and enhanced security features, said the report. It added that the new arrangement does not bring any change in the value of Turkish currency, and YT ... (12 h ago)

• Britain's PM warns of tough year ahead, ... Britain's PM warns of tough year ahead, yet voices optimism
01/01/2009
British Prime Minister Gordon Brown warned on Thursday that 2009 "won't be easy" for Britons as the country is being bogged down by the financial crisis, yet he also voiced optimism on his people's strength. In the prime minister's traditional new year message, Brown said, "This coming year won't be easy, but I am determined that this government will be the rock of stability and fairness on which the British people can depend." The scale and speed of the global financial crisis had been ... (12 h ago)

• Bolivia to export duty-free textile to V... Bolivia to export duty-free textile to Venezuela
01/01/2009
Bolivia will export with zero duty the first batch of textile to Venezuela before Jan. 15, President Evo Morales said Thursday. Venezuela granted a zero-duty treatment to Bolivia after the United States suspended the Andean Trade Promotion and Drug Eradication Act (Atpdea) with the west South American country. "On the Atpdea issues, I talked with some officials from Venezuelan government and before Jan. 15, the first ton of textile will leave Bolivia for Venezuela," Morales said. The ... (12 h ago)

• Viacom, Time Warner reach agreement Viacom, Time Warner reach agreement
01/01/2009
Time Warner Cable Inc. reached a deal with Viacom Inc. on carriage fees, the company said Wednesday. Time Warner will be allowed to carry Viacom Inc's (VIAb.N) MTV, Nickelodeon and Comedy Central channels, the company said after they reached an in-principle distribution agreement. Further details of the deal were not immediately available. Viacom on Tuesday said it will pull its cable television networks off Time Warner Cable if the companies do not reach a deal on carriage fees by J ... (12 h ago)

• S Korea posts trade deficit in 2008 S Korea posts trade deficit in 2008
01/01/2009
South Korea posted a trade deficit of 12.9 billion U.S. dollars in 2008, due to the global economic slump as well as the oil price hike, said a government report on Friday. According to the Ministry of Knowledge Economy, the country marked the first trade deficit since the 8.4 billion U.S. dollar shortfall in 1997. In 2007, the country's trade surplus reached 14.8 billion dollars. "Global hikes in crude oil and other raw material prices were the main contributor to the annual deficit, wi ... (12 h ago)

• S Korea's Hyundai, Kia Motor to increase... S Korea's Hyundai, Kia Motor to increase overseas car sales in 2009
01/01/2009
South Korea's leading car makers Hyundai Motor Co. and Kia Motors Corp. announced on Friday that it will put top priority on boosting revenue by increasing overseas sales this year to survive in the global economic recession. "To increase overseas sales is the only practical option as the global economic crisis is expected to worsen this year," Hyundai Motor Group Chairman Chung Mong-koo said in a New Year's message. Chung stressed that the two automakers need to "preempt" overseas marke ... (12 h ago)

• Cambodian gov't urged to invest more in ... Cambodian gov't urged to invest more in agricultural sector
01/01/2009
A well-known expert has called on the Cambodian government to devote more resources to the rural sector in efforts to mitigate the effects of the global economic crisis, the Phnom Penh Post reported on Friday. While the tourism and garment sectors continue to struggle for access to international markets during the slowdown, Cambodia's agricultural sector holds the best hope of weathering the crisis, Kang Chandararot, president of the Cambodian Institute for Development Study, was quoted by t ... (12 h ago)

• Dhaka International Trade Fair kicks off... Dhaka International Trade Fair kicks off
01/01/2009
The 14th Dhaka International Trade Fair (DITF) kicked off on Thursday in Bangladesh's capital city Dhaka to showcase local and foreign products to bolster trade between Bangladesh and other countries. The month long grand annual fair, jointly organized by the Bangladesh's Ministry of Commerce and Export Promotion Bureau (EPB), also aimed to introduce the country's local traders with foreign cutting edge technologies. The EPB Vice Chairman Md Shahab Ullah said that a total of 467 organiza ... (12 h ago)

• Banker: Challenges and opportunities fac... Banker: Challenges and opportunities face China banking industry in 2009
01/01/2009
Chinese commercial banks face grim challenges in 2009, as external demand weakens, the growth of the domestic economy slows and corporate profitability slackens, warned a Chinese banker. Ma Weihua, president of China Merchants Bank, a leading midsize commercial bank, made the remarks in an article carried by the latest annual issue of the well-known business magazine "Caijing". According to Ma, great attention should be paid to lenders' exposure to risks made in boom times. ... (12 h ago)

• Investors expect Chinese market turnarou... Investors expect Chinese market turnaround
01/01/2009
Chinese equities ended 2008 by falling for the last eight consecutive trading sessions. The benchmark Shanghai index closed down on Wednesday to end at 1,820.81 points. On the last trading day of 2007, the index closed at 5,261.56 points. That's a difference of 65 percent. After opening in 2008 at 5,265, it took only 10 months for the index to hit a low of 1,664 points. The market hit an all time high of 6,124 in October 2007 and dropped more than 70 percent within a year. Market val ... (12 h ago)

• Chinalco: China resource industry sees o... Chinalco: China resource industry sees opportunity amid global crisis
01/01/2009
Some Chinese mineral giants see the global economic slowdown as a blessing in disguise. "The crisis presents a rare opportunity for our domestic companies to initiate cooperation with foreign enterprises," said Xiao Yaqing, general manager with state-owned Aluminum Corp. of China (Chinalco), in an outlook for Caijing Magazine's 2008 yearbook. "When the time is ripe, overseas acquisitions, strategic investments and joint development could all be considered." Statistics from the Decemb ... (12 h ago)

• Leading tobacco company accused of under... Leading tobacco company accused of undermining China's anti-smoking efforts
01/01/2009
A group of anti-smoking researchers found in formerly secret corporate documents that a leading tobacco company had attempted to divert public attention from the dangers of secondhand smoke, hoping to re-focus China's health policy. Monique Muggli, a researcher at the Mayo Clinic in Minnesota in the United States, and her colleagues published a research article based on her finding on documents from British American Tobacco (BAT). The previously classified documents were held in ... (12 h ago)

• 2 Major Bank Buyouts Completed 2 Major Bank Buyouts Completed
01/01/2009
Bank of America Corp. said it has completed its $19.4 billion all-stock purchase of Merrill Lynch & Co., while Wells Fargo & Co. said it has completed its $12.7 billion all-stock purchase of Wachovia Corp. (16 h ago)

• Album Sales Plunge, Digital Downloads Up Album Sales Plunge, Digital Downloads Up
01/01/2009
Music sales have continued to slump in 2008 as the increased number of downloads of digital tracks failed to make up for a plunge in the sale of compact discs. (19 h ago)

• Don't Cry, Dora; Cable Channel Deal Done Don't Cry, Dora; Cable Channel Deal Done
01/01/2009
Millions of Time Warner Cable customers won't lose their access to MTV and 18 other channels after the cable giant reached an agreement early Thursday with media conglomerate Viacom Inc. (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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 d 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. (2 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. (2 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. (2 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. (2 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. (3 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. (3 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. (3 d ago)

• Views on the news 2: January 2009 Views on the news 2: January 2009
01/02/2009
The start of a New Year brought little to celebrate on the business front. On Monday, before most people had even planned where they would be toasting 2009, Scottish-based USC went into administration, putting 300 jobs at risk and many readers into a reflective mood. Damien63 made a passionate plea: "I am amazed and bewildered by the actions and the attitude of not only the general public but the govt. also. We should be grateful that the bubble has burst and stop the mindless consumption. We should take this opportunity to have a good think about what we are doing and where we are going. Do the world leaders believe that we can carry on and on as we are? "Is eating ourselves to death, poisoning our environment and the destruction of what we all need to live the ultimate aim of society? What a waste of time that 3,500 million years of evolution was then! Thumper123 felt equally strongly: "Greed, greed and more greed, on both sides, buyer and seller – that's the whole problem in a nutshell. "And the government's response to the fire caused by people borrowing too much is to throw more petrol on it by encouraging everyone to spend more. "Idiocy – morons led by morons." Calm reflection was a theme that continued through the week. News on Wednesday that a record $14 trillion had been wiped off world share values, with Russia holding the dubious accolade of having the worst performing stockmarket over the year, prompted willwordsmith to comment: "Good. The sooner the world realises that stock markets are an institutionalized pyramid scheme, based not on value but on perceived value and the likelihood of offloading shares onto another greedy person, the better." In an aside, shagnasty felt compelled to comment on the photo that accompanied the piece by Julia Kollewe: "Why do they always show a picture of a stunned 'trader' holding his head in his hands? "If he was any good as a trader he would be making money on falling stocks as well as rising stocks. Instead of using the word 'trader', the caption should read: "Another dumb, incompetent, leveraged speculator reacts to the falling FTSE 100 at CMC Markets in London" "In a bull market everyone looks like a genius. It's only when the ride ends that the sheep are separated from the goats." On Friday, with unemployment forecast to rise above three million in the recession, booker wrote: "It is sickening to think that the government did not realise that they would have to bail out the other casualties of the banking crisis, they bailed out the banks but forgot about the people behind and in front of the tills." Meanwhile, a spate of international news added to the mood of gloomy contemplation on the state of the domestic market. David Gow's article on the outlook for Germany and the eurozone as a whole following comments made by finance minister Peer Steinbrück, for example, got a few readers thinking, such as chrish , who wrote: "Steinbrück's message may not be cheery in the short term but it will ensure Germany's economy is far better placed for a long term sustainable recovery than the UK. Gordon Brown's economic policy madness means that the UK's economy increasingly resembles that of the Latin American countries in the 1970's and 80's and will ensure only that we go cap in hand to the IMF and are forced to make huge cuts to public spending." Revelations that Japan is planning an ambitious bail-out scheme led mahavati to make some interesting comparisons between the UK and the land of the rising sun: "It's an interesting conundrum. A nation dependent on exports with a population famously addicted to saving rather than spending. Interest rates at zero percent and still the people won't spend. "Seems to be a serious psychological problem here, people worrying more about what the future may hold rather than enjoying what the present has to offer. I bet there's many a psychiatrist had clients exhibiting this behaviour. I think Brown-Darling is about to find a nation full of such people here as well. "I don't know what the answer is, but all a government can realistically do is keep the engines of commerce going and try to identify the causes of the malaise while the population recovers its collective sense of purpose. They could start by looking at the distribution of wealth, job security, work-leisure balance." So, not much to smile about in 2009 yet. Keep them coming. Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• 2008: our most popular stories and galle... 2008: our most popular stories and galleries
01/02/2009
No prizes for guessing the biggest business stories of 2008 - the credit crunch, banking bail-outs, global financial turmoil and recession. But, from those hedge fund "suckers" to greedy bankers, ailing high street retail chains and the plummeting pound, which were the most popular stories on guardian.co.uk/business last year? 1. So long, suckers. Millionaire hedge fund boss thanks 'idiot' traders and retires at 37 Topping the list of most-read business stories last year was Andrew Clark's tale of the extraordinary exit of hedge fund boss Andrew Lahde. Having made his millions, Lahde sailed off into retirement in October at the age of 37, penning a toe-curlingly insulting farewell letter in which he dismissed his rivals as over-privileged "idiots" and thanked "stupid" traders for making him rich. In an admission that surprised precisely no one, Lahde revealed he had only been it it for the money - and now had more than enough of it. 2. Your company is bankrupt, you keep $480m. Is that fair?' His nickname on Wall Street was "the gorilla" but it was Lehman Brothers' Richard Fuld who was given a mauling on Capitol Hill. In his first public appearance since the collapse of the investment bank, ashen-faced Fuld squirmed under a barrage of hostile questioning from politicians on his multimillion dollar pay, his lavish homes and extensive art collection. 3. Lloyd's warns of a lack of natural disasters A somewhat surprising entry in the 2008 top 10, this story in April clearly captured readers' imaginations. The insurance market warned that while an absence of major natural disasters in 2007 had helped profits, firms were coming under pressure to cut premiums. Bad news for insurers - but good news for those who have to batten down the hatches against hurricanes. 4. Wall Street banks in $70bn staff payout Crisis, what crisis? Simon Bowers' story that workers at Wall Street's top banks are to receive pay deals and bonuses of more than $70m sparked outrage among readers. Almost 300 of them posted comments to that effect, some saying they were so angry they could barely type. 5. Woolworths: everything must go The collapse of one of the grand old ladies of the high street just short of her 100th birthday sparked a wave of nostalgia for pick'n'mix, teenage shoplifting and gorgeous Saturday girls. 6. Cost of crash: $2,800,000,000,000 How many noughts in a trillion? Quite a few - this was the cost of the autumn market mayhem, according to the Bank of England, and enough to buy 138m bottles of 1947 Petrus Pomerol, the bankers' favourite vintage. Or 773bn lattes - nearly 13,000 each for every UK citizen. 7. Now Wall Street may shun $700bn bail-out In early October, there were fears that Wall Street banks would refuse to take part in the $700bn bail-out, toughing it out on their own instead. Bless! In a few weeks they would be on their knees begging for every single cent. 8. Pound slips below euro on Britain's high streets To Brits more used to revelling in the two dollar pound, the slump of sterling towards the end of the year came as a severe shock as it hurtled towards parity with the European currency, making holidays dearer and pushing up the cost of imported goods. 9. Iraqi government fuels 'war for oil' theories by putting reserves up for biggest ever sale The politics of oil came into focus with the Iraqi government's controversial move to auction 40bn barrels of oil - the biggest ever sale of oil assets. 10. IMF says US crisis is 'largest financial shock since Great Depression' The IMF sent a chill through the markets in April with its warning that the US mortgage crisis had spiralled into the largest financial shock since the Great Depression. There was a one-in-four chance of a full-blown global recession over the next 12 months, they said. Nine gruelling months on, those odds are now hopelessly optimistic. and in pictures..... 1. Credit crunch in cartoons 2. Woolworths: a store of memories 3. Victims of Bernard Madoff's fraud 4. Bankers savaged by credit crunch 5. Great Depression: the bleakness of Black Thursday 6. Credit crunch: One year on 7. Google - 10 years in pictures 8. Forbes rich list 9. Cartoon Christmas cards by Kipper Williams 10. How British spending has changed Credit crunch Lehman Brothers Market turmoil IMF US economy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Price cut news lifts JD Wetherspoon Price cut news lifts JD Wetherspoon
01/02/2009
Pubs group JD Wetherspoon is in demand after announcing price cuts to attract cash strapped consumers . Its shares added 5p to 316p as it announced plans to offer cheap meals and slashed the price of some beers to just 99p a pint (although perhaps with the anti-drinks lobby in mind it did not mention the latter price in its official stock exchange announcement). Analyst Mark Brumby at Blue Oar Securities said: "JD Wetherspoon is to sharpen its offering from Monday when it is to reduce the price of five drinks across its estate (Greene King IPA for 99p a pint, for example) and offer five different meals at all times for £2.99 per meal. With a number of operators attempting to price steak and ale pies at £8.95 and pints of standard lager at near £3.00, this is an important move. JDW's offer will run indefinitely." Among rivals, Mitchells & Butlers added 4p to 164p but cash strapped Punch Taverns was unchanged at 58p. JD Wetherspoon Mitchells and Butlers Punch Taverns guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Credit crunch: lenders ignore demands by... Credit crunch: lenders ignore demands by government to pass on rate cuts
01/02/2009
Demands by the government for lenders to boost lending to small business and householders were ignored in the final three months of last year when the supply of credit contracted more than expected. A Bank of England survey of banks and building societies published today also shows that lenders expect to keep cutting the loans available to companies and individuals in the coming three months, and are braced for a rise in the numbers of customers failing to make loan repayments on time. The worsening credit conditions led economists to predict that the Bank's monetary policy committee would be more likely to cut interest rates – already at their lowest levels for 58 years – next week. Howard Archer, chief UK and European economist at IHS Global Insight, said: "The credit conditions' survey intensifies pressure on the Bank of England to slash interest rates further." He predicted a cut of at least 75 basis points to 1.25% next Thursday following the MPC meeting. The government has used £37bn to buy stakes in Royal Bank of Scotland and the soon-to-be-merged Lloyds TSB and HBOS and is heaping pressure on them and other lenders to pass on rate cuts. However, Nationwide is refusing to pass on any further cuts to customers of its tracker mortgages and is setting a floor of 2%. The Bank of England conducted its survey between 24 November and 15 December and found that lenders had been surprised by a stable demand for mortgages and remortgages. Lenders had expected demand to fall, as it did for unsecured loans. Lenders reported that they reduced the availability of mortgages to householders because of expectations of further falls in house prices and concerns about the economic outlook. Credit crunch Housing market Mortgage lending figures Personal loans Small business guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Economy: sterling falls as numbers point... Economy: sterling falls as numbers point to continuing gloom
01/02/2009
Britain's manufacturing sector has contracted for eight months running and businesses are shedding workers at the fastest rate since the survey began 17 years ago. The euro rose to a session high against the pound, hitting 95.99p after the CIPS/Markit survey was released, which coincided with Bank of England figures that showed a slump in mortgage approvals to 27,000 in November, the lowest since records began in 1999. Against the dollar, the pound extended losses to trade down 0.5% at $1.4543. "Sentiment for sterling is very bad. The PMI number may have improved, but we did hit record lows in the last release," said a currency analyst. The pound continues to slide as UK interest rates are expected to keep falling and could drop close to zero, far below eurozone rates. Even so, Britain's export orders are dropping at a record pace as demand from abroad has slumped. The purchasing managers' index for the UK manufacturing sector was at 34.9 in December, only just above November's record low of 34.5. A reading below 50 indicates contraction. "It is going to be an extremely bad winter for manufacturing, but it will stabilise year on year," predicted Brian Hilliard at Société Générale. The drop in manufacturing activity, along with receding inflationary pressures in the sector, reinforced expectations that the Bank of England will slash at least half a percentage point from interest rates at end of its monthly meeting next Thursday. At 2%, rates are already at their lowest level since 1951 and a further cut would take borrowing costs to their lowest level since the central bank was created in 1694 . "The second half of 2008 has been a nightmare for UK manufacturers, and the data confirm that the sector will enter the new year on its weakest footing since at least the early 90s recession," said Rob Dobson, an economist at Markit. The employment index dropped to 33.6, the lowest since the series began in January 1992. Weaker prices for energy and raw materials prompted another drop in manufacturers' costs, while factory gate prices fell for the first time in 40 months. "I think the 'pretty grim' description remains uppermost in my own mind," said Matthew Sharratt at Bank of America. "The employment index is very worrying. Unemployment is shooting up and this confirms that trend and suggests this process will accelerate. We expect unemployment to shoot up quite dramatically in 2009." In the eurozone, manufacturing shrank for the seventh month running in December and at its sharpest rate for at least 11 years. The European Central Bank is also expected to cut interest rates again next week, from their current level of 2.5%. The monthly purchasing managers' index was revised down to 33.9 in December from the initial estimate of 34.5. Currencies Manufacturing sector Global economy Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Housing market braced for brutal 2009 as... Housing market braced for brutal 2009 as prices and mortgage lending plunge
01/02/2009
The housing market looks set for a grim 2009 after figures today showed another sharp fall in house prices in December and a record low number of new mortgages lent. The average house price in Britain fell a bigger-than-expected 2.2% last month, the Halifax said today, leaving them more than 16% down from a year earlier. Continuing pressures on incomes and the negative impact of the credit crunch on the availability of mortgage finance are expected to push prices down further over the next few months, the country's largest mortgage lender said. The latest Halifax numbers mean that the average price of £159,900 is a fifth lower than it was at the peak of the housing market bubble in the autumn of 2007. The Halifax said that the average house price had fallen 5.2% in the fourth quarter of the year - similar to the third quarter drop of 5.6% and the second quarter's 5.1% fall. But that still means prices are falling at an annual pace of over 20%. Martin Ellis, Halifax chief economist, said: "But a number of factors will help to support demand and should help to limit the downturn. Improving housing affordability and an easing in the pressure on the majority of households' finances should support market activity and prices. He added that the house price to earnings ratio – a key affordability measure - is at its lowest for five-and-a-half years at 4.4 times, down from nearly six times in the middle of 2007 and not far above what it says is the long-term average of four times. The Halifax has declined to give a forecast for house prices for this year but many analysts think prices will fall by between 35% and 50% from the peak in 2007 to the trough in 2010 or 2011. Not only were house prices hugely overvalued, they say, but the drying up of mortgage finance has further hit buyers' ability to purchase a property. Separately the Bank of England reported that new mortgage approvals for house purchases dropped to a record low of 27,000 in November, down from 31,000 in October and the lowest level since comparable records began in 1993. Approvals were down from 75,000 at the end of 2007 and 114,000 in mid-2007. The Bank also revealed that net mortgage lending was just £740m in November. While up from £477m in October, it was still one of the lowest levels on record and less than 10% of the £8bn of November 2007. Liberal Democrat Treasury spokesman Vince Cable said: "It is understandable that when house prices are falling and are expected to continue to fall for some time that borrowers will hold back rather than risk finding themselves in negative equity. "Nonetheless it does appear that the inevitable big correction in the housing market is being exaggerated by the complete collapse of mortgage lending by the banks. The government is completely paralysed at this crucial moment." Shadow chancellor George Osborne added: "The new year shows that Gordon Brown's policies are not working and the recession is getting worse not better. That is because an economic recovery depends on confidence in the future, and people do not have that confidence while we have a Labour government in power bankrupting the country." Analysts were also gloomy. "It may be 2009 but the ghosts of 2008 will continue to haunt us, and for some time yet. The November mortgage lending and December Halifax house price figures are just two grim reminders of the death, last year, of easy money, inflated house prices and consumer confidence, and there will be many more in the months ahead before things finally start to improve," said Andrew Montlake of mortgage broker Cobalt Capital. The Bank of England's monetary policy committee holds its latest monthly meeting next week and is widely expected to cut interest rates to an all-time low in a bid to prevent the whole economy slumping into a deep and painful recession. Rates are currently at a joint all-time-low of 2% and many economists think Threadneedle Street will cut them to as low as 1% next Thursday. Credit crunch Housing market House prices Recession Bank of England Interest rates Interest rates guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Asda kicks off new year price war Asda kicks off new year price war
01/02/2009
Kicking off a new year price war, supermarket chain Asda has dropped its prices on 1,000 products, including a range of staple goods for just £1. The discounts take effect at Asda's 350 stores across the country today. Pub chain JD Wetherspoon announced it was cutting the price of a pint to 99p - the cheapest since 1989 - and the price of a meal to £2.99. The price cuts come ahead of what many believe will be a crunch weekend for retailers, who are expected to slash prices further to shift their Christmas stock. Experts worry, however, that even if the new year sales go well the effect could be short lived as rising unemployment and a deepening recession lead to more belt-tightening. John Lewis reported a surge in activity in the final few days before Christmas and a record first day of its clearance sale. The retailer said today that its department stores recorded their first sales increase since September in the week to last Saturday, rising by 1.2% year-on-year. Its food chain Waitrose enjoyed a 40.6% surge in sales. "The pundits who predicted it would come fast and furious in the final week were on the money!" said Patrick Lewis, director of retail operations at John Lewis. Clothing sales soared by 25% while electricals were down 1.2% and sales of items for the home fell by 20.5%. But New Year's Day has not gone well for retailers, according to the latest footfall figures from Experian. They showed a fall of 9.7% in the number of shoppers compared with 1 January last year. "The depressing start to the New Year comes as a nation of savvy shoppers left retailers no choice but to discount heavily prior to Christmas and soon after, leaving no excitement for the start of the New Year's sales," said Experian. Howard Archer of IHS Global Insight said: "At a time when consumers are increasingly cash-strapped and looking to economise, they are ever more likely to concentrate their spending when they can get the best value for their money. Once the best of the bargains are gone and consumers have got what they most want or need, we suspect that the interest in the sales will fall away quickly. Indeed, we strongly suspect that the sales effect will be temporary and that retailers will face a desperately difficult 2009." Retailers will start releasing sales figures for the Christmas period next week. Next and Debenhams kick off on Tuesday, followed by Marks & Spencer the next day. M&S is expected to disappoint, profit forecasts will be downgraded and the dividend will "inevitably" be cut, said Freddie George at Seymour Pierce. "The debt covenants are now becoming an issue," he warned. Analysts expect a mixed bag of results from the retailers, with the supermarkets expected to have fared the best. Asda's discounts are expected to trigger another supermarket price war. When rival Tesco launched a range of cheaper, "Market Value" products in the autumn, it rebranded itself as "Britain's biggest discounter" . Tesco responded to Asda's latest move by saying: "We have already dropped our prices on thousands of everyday lines and we have more to come." Asda's new offers include £1 deals on a range of 100 frozen goods and 200 everyday health and beauty lines such as shampoo and deodorant at £1. Asda is also offering three-for-£10 deals on wines, three-for-£10 offers on selected joints of chicken or meat. The price cuts pit Asda against Poundland where everything costs a pound. The value retailer, which is booming thanks to bargain-hunting shoppers, plans to add 35 stores to its 200-strong chain this year, creating 1,200 jobs . Asda's chief executive Andy Bond said: "2009 is going to be a very difficult year and I believe we have an obligation to help our customers through these tough times." Pub chain Wetherspoon will sell pints of Greene King IPA and bottles of San Miguel at 99p each from Monday, as well as discounting other drinks at its 713 pubs. It will also offer five different meals at all times for £2.99 each. Wetherspoon's chief executive John Hutson said: "People enjoy going to the pub. However, we appreciate that the economic downturn means that they now have to be more careful with their money. Unlike most sales that start in January, our offers will not be ending within days, but will run indefinitely." "With a number of pub chains attempting to price steak & pies at £8.95 and pints of lager at nearly £3, this is an important move," said Mark Brumby, leisure analyst at Blue Oar Securities. He noted that Hertfordshire brewer McMullen's is to reduce the price of a barrel of beer to its 50 tenants by £50. The brewer believes that this would allow its tenants to reduce the price they charge customers by around 20p without impacting their margins, Brumby said. The economic downturn has already claimed scores of casualties on the high street , including well-known names like Woolworths which collapsed into administration in November with debts of £385m. The final closure of the pick 'n' mix chain's stores is to be delayed by one day. Its administrator Deloitte said 200 outlets that were due to shut today will remain open tomororrow because there is still some stock left to sell. And the remaining 200 stores will close on Tuesday rather than Monday. High street retailers Asda and Wal-Mart Retail industry Christmas Woolworths JD Wetherspoon Marks & Spencer John Lewis Next Debenhams guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• GlaxoSmithKline slips despite setback fo... GlaxoSmithKline slips despite setback for rival
01/02/2009
Pharmaceuticals group GlaxoSmithKline , which performed relatively well amidst last year's stock market chaos, has slipped back today despite a buy note and what could be good news on the competition front. There are reports from India that rival Ranbaxy failed to launch generic copies of migraine treatment Imitrex in the US in December. According to analyst Savvas Neophytou at Panmure Gordon, that could benefit Glaxo well into the new year. In a buy note Panmure said: "Indian generics manufacturer Ranbaxy [has reportedly failed] to obtain registration for its generic copy of Imitrex. The generic had been expected in December 2008 so given lack of registration for the generic at least one extra month of revenues unopposed was achieved in 2008. If the delay in regulatory approval relates to well known manufacturing issues for Ranbaxy then the benefit could continue until May 2009, which will be an unexpected bonus for [GlaxoSmithKline]. Each additional month of revenues represents around 1% of operating profits for the group. "The reason for the delay is unknown but could be related to the [US regulator] FDA ban in September which stopped Ranbaxy from importing more than 30 generic drugs to the US for not meeting some manufacturing norms at two plants in India. "[GlaxoSmithKline] stock is trading on P/Es of 11.5x for 2009 and 9.8x for 2010. Its earnings per share is below the sector average, but we expect the dividend yield of 5.3% to provide support and remain buyers. Overall in the sector we still prefer AstraZeneca which is trading at a 56% discount to GlaxoSmithKline but, given our positive stance on the sector in general, we also advocate buying GlaxoSmithKline at these levels." So far the message is being ignored, however, and GlaxoSmithKline is down 29p at £12.55. Overall though the market has made a fairly bright if quiet start to the new year. With Asian markets edging higher the FTSE 100 is currently 22.94 points ahead at 4457.11. The heavyweight mining and banking sectors are among the main gainers, with Vedanta Resources up 38.5p to 650p and Rio Tinto rising 53p to £15.43. HBOS is up 2.6p at 71.6p while Royal Bank of Scotland has climbed 1.7p to 51.1p. Good sales figures from John Lewis immediately before and after Christmas has helped lift Next 15p to £10.96, with Marks & Spencer - tipped by Seymour Pierce recently to make a January profit warning - up 0.5p at 215.25p. Lower down the market chocolate retailer Thorntons is down 8.5p at 91.5p on worries about seasonal trading. GlaxoSmithKline Vedanta Resources Rio Tinto Marks & Spencer Next Thorntons HBOS Royal Bank of Scotland guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Flawed accounting method hides true scal... Flawed accounting method hides true scale of pension fund losses
01/01/2009
Many of Britain's biggest companies are preparing year-end accounts that show their pension schemes moved into surplus last year despite the collapse in world markets, which wiped hundreds of billions from their assets. The latest figures from the pensions advisers Aon Consulting show that a steep decline in the FTSE 100 over last year and a sharp drop in commercial property values has sent most final-salary schemes into crisis and pushed fund deficits to new lows. According to government figures, company pension fund deficits rose in the 12 months to November from £58bn to £155bn. Aon Consulting warned that the figures underestimated the problem and pension funds had suffered a £226bn loss on their investments in the year to October. However, accounting rules - which critics argue distort company pension scheme fund values - will show a rise in assets. For the top 200 companies in Britain, that will mean a £13bn surplus at the end of 2008. Aon says the top 100 firms have seen a £5bn improvement over the last year, based on current accounting rules. Auditors must calculate deficits using the IAS19 accounting method, which assumes pension funds are invested entirely in corporate bonds and ties the value of the fund to current bond yields. Calculations under IAS19 put pension deficits at £2bn in December 2007. Figures from Aon show that a subsequent rise in bond yields turned that small deficit into a surplus of £3bn. Marcus Hurd, of Aon, said when bond yields were low IAS19 exaggerated deficits, but now it was hiding them. In 2007, yields were 5.75% whereas last November they stood at 6.8%. He said that while a handful of schemes were heavily invested in corporate bonds, most had a mix of assets and tended to rely heavily on stockmarket investments. "They will be invested in stocks and shares, commercial property and bonds, which have all gone down in value, but the accounting rule says it is only the bond yield that counts." In the battle over the future of company pension schemes, it is expected unions will use IAS19 to argue that employers must honour existing commitments because the accounting figures show schemes remain in a healthy state. Union leaders have already fought several high-profile disputes over cuts in pension benefits and in most cases forced employers to backtrack. In May, workers at the Grangemouth oil refinery went on strike to keep its final-salary pension scheme open to existing members and new entrants. Final-salary schemes typically promise to pay a retirement income worth two-thirds of a worker's last wage slip after 40 years of employment. About 80% of schemes in the UK are closed to new entrants. Unions fear employers are planning to close the remainder and may halt accruals for existing staff. Hurd said employers and scheme trustees were well aware that the underlying assets in their funds had collapsed in value. In a report last month Aon said companies could be forced to pay up to £45bn a year for the next five years into their final-salary pension schemes to make up for the £226bn loss this year on their investments. Pensions Credit crunch Market turmoil guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Russian gas row may cost UK customers Russian gas row may cost UK customers
01/01/2009
Hopes of deep cuts in heating bills for British homes before the winter is out were evaporating yesterday after Russia turned off the gas supply to neighbouring Ukraine over alleged payment arrears, raising concern about the security of supplies throughout Europe. Pipelines that cross Ukraine carry about a fifth of the European Union's gas needs and politicians across the continent yesterday urged the two sides to resolve their dispute as quickly as possible. "We urge both parties to treat this as a commercial matter and seek agreement through negotiation," said Britain's Department of Energy. "All existing commitments to supply and transit must be honoured," said the Czech deputy prime minister, Alexandr Vondra, hours after the republic took over the EU presidency. Ukraine has said it would not block Russian gas getting through to other countries, and energy firms in Germany, France, Romania and Austria said yesterday they had not experienced any drop in supply. A similar dispute two years ago resulted in a fall in supply to other countries for a short period but Russian export monopoly Gazprom said it had increased output to European customers beyond Ukraine to ensure this does not happen again. Many industry watchers are concerned that the row over Ukraine's gas bill arrears will affect renegotiation of transit pipeline deals vital to the energy security of Europe. One well-placed regulatory source said he expected developments in Ukraine to have a "potent effect" on short-term gas prices when traders return to their desks this morning. Joe Malinowski, founder of the price comparison website TheEnergyShop.com, added that uncertainty created by the Ukrainian standoff would leave many British energy suppliers reluctant to commit to substantial cuts in household bills, despite pressure from ministers and fuel poverty campaigners. "If I was a supplier I would want to watch the situation for a bit longer. I would not want to cut too deep, too quickly and then have to go into reverse if wholesale prices jumped." Several supplier firms have conceded that household energy prices, set last summer, have been dramatically out of alignment with tumbling wholesale prices in recent months. They have promised that, should the discrepancy persist, they will cut prices accordingly by the spring at the latest. Before developments in Ukraine, analysts had forecast average bills would be cut by between 10% and 20%. But last night some suppliers were saying privately that the UK could be caught out by a sustained period of uncertainty over gas supply because its storage infrastructure is much less than that of other countries. Britain has enough stored to meet peak winter gas requirements for 15 days, compared with 80 days in France. Government officials last night dismissed suggestions the UK supply chain could be affected by the row between Ukraine and Russia. "We have diverse sources of gas supply which means we are not reliant on any single supplier," a spokesperson for the Department of Energy said. "The UK imports less than 2% of its gas from Russia so this dispute is not expected to impact UK supplies." Rapidly depleting North Sea gas fields left Britain reliant on imports for 40% of its gas requirements last year - a proportion expected to rise to 50% for 2009. When gas negotiations reached a similar impasse in 2006, Russia's supply cut resulted in reduced shipments to Europe and a short spell of volatile wholesale prices. Documents obtained through the Freedom of Information Act showed in 2006 that the industry secretary, Alan Johnson, was briefed eight times on the resulting threats to energy security. Russia Ukraine Gas Europe Energy bills Household bills Utilities guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Three million customers and still counti... Three million customers and still counting: the bank getting rich by helping the poor
01/01/2009
In his 14th floor corner office overlooking the city, James Mwangi sits at the very top of Kenyan society. He got there by understanding the needs of those at the bottom. Mwangi is the CEO of Equity Bank, a homegrown company that has turned the financial services industry on its head. For decades multinationals such as Barclays and Standard Chartered dominated Kenya's banking sector by focusing almost solely on the middle and upper classes. Equity went the opposite way. It targeted the unbanked poor - "the watchmen, tomato sellers and small-scale farmers" whom Mwangi lists as typical customers - with cheap savings accounts and microloans backed by unusual guarantees. The strategy has proved remarkably successful. In just a few years Equity has gone from being a quirky, fringe player to the third most profitable bank in the country and one of leading companies on the Nairobi Stock Exchange. It claims to have signed up its three millionth customer last month, giving it a 50% share of the Kenyan market for the first time, and is opening 4,000 new accounts a day. "By focusing on the previously excluded Equity has revolutionised the banking sector," said James Shikwati, director of the Inter Region Economic Network, a thinktank in Nairobi. "It has forced the multinational banks to change their business strategies." Equity's improbable story has attracted international attention. Teams from Stanford and Harvard universities have travelled to Nairobi to study its business model, while Mwangi has advised the UN and the Bill and Melinda Gates Foundation on banking in the low-income sector. Last year he even shared a international microfinance award from the Berlin-based Global Economic Network with Muhammad Yunus, the Bangladeshi "banker to the poor" who won the Nobel peace prize in 2006. But while Yunus's Grameen Bank has relied on donor funding and state subsidies, Equity is a purely commercial venture. It rose from difficult beginnings. Established as a building society in 1984, it was technically insolvent when Mwangi, an accountant, joined a decade later. Kenya's economy was sliding, and the likes of Barclays were closing branches outside main towns, shrinking an already exclusive banking market. Mwangi and his fellow managers realised that there were millions of low-wage earners in Kenya - a demographic economists call "the bottom of the pyramid" - who wanted to save and especially to borrow but were locked out of the financial system. As individuals the customers were not worth pursuing, but as a block they represented a huge, and potentially very profitable, market. "Banking was the only industry in Kenya led by supply rather than demand," said Mwangi. "There was no 'bottom of the pyramid bank'." That's what a refocused Equity became. By 2003, when the economy began to pick up and bank launched an aggressive expansion drive, it had 256,000 account holders. While building up its network - there are now more than 100 outlets nationwide and 500 ATMs - Equity sent out armoured trucks into rural areas to serve as mobile branches. Traditional banks required payslips and utility bills as proof of address before opening an account with high minimum balances and monthly fees. Equity only asked for an ID card. Within a year Equity had 600,000 account holders, and the growth trend has since continued. Most had never held a savings account - Equity's competition is the mattress, Mwangi said. The typical savings account balance is about £100. Even more important for profits - and to potential clients - was the microcredit operation. Loans can be for less than £5, repayable in just a few months. Since many of individual customers work in the informal sector and have few assets of value, the loans are often backed by what the bank calls "social collateral". This can include account holders grouping together to guarantee an individual's debt. Women can offer up their matrimonial beds as security; the theory being that no wife is going to want to tell her husband that their bed is gone. "For us it's psychological security. Nobody wants to be excommunicated and lose their inheritance to the Kingdom," Mwangi said. The bank claims that its unconventional credit risk strategy is proven, with a default of less than 3% on 600,000 outstanding loans, compared with an industry average of 15%. As with mobile phone service providers across the continent, Equity has proved the viability of the low-margin, high-volume business model. With a cutting-edge IT infrastructure keeping transaction costs down, the bank earned £21m before tax in 2007, a return that encouraged the British private equity firm Helios Investment Partners to buy a 25% stake. This year earnings are expected to have more than doubled for the fourth successive year. Though it was voted Kenya's third most respected company in November, the bank does have its critics. Some people in the industry have questioned whether the Equity's extraordinary performance statistics can be believed; Mwangi dismisses this as "competitors in self-denial". Still, experts say a slowdown in growth is inevitable. Mbithe Muema, an equity analyst with Renaissance Capital, said that other banks, including Barclays, were moving into the low-income sector, and would also try to make it hard for Equity to attract more affluent customers. A continued drive to expand its loan book might also increase Equity's credit risk, she said. But Mwangi seems unconcerned. He says that Kenya's unbanked population remains large. And besides, the base of the pyramid is expanding: Equity has started operations in Uganda, and has plans to target Rwanda and South Sudan. Cash transfers by text Before the banking boom in Kenya came the mobile phone revolution. Now they are converging. Equity Bank recently launched a mobile banking service . But it is the move into banking by Kenyan mobile phone companies, which have signed up more than 15 million subscribers in under a decade, that has caught the public's imagination. Safaricom , the biggest mobile service provider, launched a money transfer system in 2007 with Vodafone , its British partner. Known as M-PESA , it allows customers to deposit, transfer and withdraw money using their phones. Already 4 million people have registered for the service, which is cheaper and faster than more traditional cash transfer offerings. In December Vodafone began a pilot project enabling people to transfer money between Britain and Kenya. Kenya Banking guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Hadley Freeman predicts 2009's recession... Hadley Freeman predicts 2009's recession styles
01/01/2009
There is a theory that if women's fashion exists for any reason other than vanity it is to train men to appreciate different parts of the female anatomy. Some could argue that the emphasis in eras past on the bustle, high hems and low necklines were either superfluous or perhaps too efficient at their job. At the end of 2008 western men should have developed or enhanced their appreciation of women's legs. Legs were unquestionably the emphasised feature of the year and women wore all manner of heretofore unthinkably awful items of clothing to dutifully show them off. Easily the most ridiculous item of the year was what fashion magazines dubbed "oil slick leggings", which looked to any right-thinking outsider like leggings made out of patent leather. Predicting what women will wear next year is trickier than usual simply because all ideas that designers and retailers have already put forward have been cast into shadow by the credit crunch. One can only feel sorry for designers such as Louis Vuitton, Prada and Balmain who based their spring/summer collection on themes such as gold, spindly high heels and mammoth shoulder pads. Such 1980s luxe looks will probably look a little off-trend against rising unemployment. But the Marc Jacobs spring/summer collection appeared to predict the financial crash with 1920s and 30s fashions from the (previous) depression era. Designers got away with a lot in the boom of the last decade, but it will be interesting to see how well such things last this year. It remains to be seen how many now unemployed bankers and their wives will be open to spending £800 and upwards on a pair of shoes or boots they can barely walk in. But this is not to argue that the economy will act as a filter on fashion's excesses. The likeliest outcome will be that the most successful trends will be ones that the high street can copy cheaply. You can bet your loyalty card that there will be a fair few versions of Yves Saint Laurent's harem trousers (recognisable to all former fans of MC Hammer) and DKNY's jumpsuits around. And you thought the worst thing about the upcoming financial crisis was potential bankruptcy. Future fashion icons Emma Watson She hasn't even graduated from Hogwarts yet but she's already been spotted in the front row of fashion shows. Well, a Chanel show is probably more interesting than another Dark Arts lesson. Michelle Obama and Jill Biden That Michelle will kick off a trend for high-necked shift dresses and pearl necklaces is already a given. But don't forget about the VP's wife and her take on Wasp chic. Leigh Lezark The ridiculously cool and ridiculously beautiful DJ. Her sharp bob haircut is destined to be this year's "Aniston". Karl Lagerfeld reportedly "adores" her. India Knight Fashion writer and author of The Thrift Book: Live Well and Spend Less. The credit crunch's answer to Trinny & Susannah. Fashion Recession Economics guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Profile: Sir Tom Hunter Profile: Sir Tom Hunter
01/01/2009
Sir Tom Hunter saw in the new year on holiday with his family, apparently unruffled after a week of fretful headlines following the demise of his fashion chain, USC, one of the latest victims of the crisis in the retail sector. USC went into administration on Monday, although Sir Tom is buying back up to 43 of the 58 stores through another of his companies. He has felt the chill of recession in other parts of his empire as well, including the garden centre group Wyevale and the house builder Crest Nicholson. His spokesman, Ewan Hunter - no relation - said Sir Tom's investment company, West Coast Capital, was feeling the impact of the downturn but in a small part of a broad portfolio. "We, like everyone else at the moment, are taking the pain but the portfolio is resilient and the whole focus for us is to trade through this situation, this credit crunch, and come out the other side, and to look for the opportunities, because there will be opportunities," he said. "He is very comfortable in and of himself and comfortable in what we do in business and in philanthropy." In the meantime, there will be repercussions for Sir Tom's philanthropic work because funding for the Hunter Foundation is tied to the profitability of West Coast Capital. It was in 2007 that the tycoon pledged to give £1bn to good causes in his lifetime in one of the UK's biggest ever charitable donations. This past year, the foundation doled out some £11m in the UK and overseas, an increase on 2007. There would be less this year, said Ewan Hunter, but Sir Tom's commitment remained absolute. "The foundation will be leaner and meaner going forward, but ... hopefully he's got another 40 years to invest £1bn in the common good. He is not withdrawing that challenge." There was no transformational moment that drew Sir Tom, 47, into philanthropy, more a growing realisation that making money was, as he told Andrew Marr in a 2005 BBC interview, "only half of the equation". He had been born into retailing, the son of a grocer in the small Ayrshire village of New Cumnock. In the early 1980s, the coal mines that sustained the area were shut down and the family business closed. The young Hunter went off to Strathclyde University, where he studied at the business school. He came up with the idea of selling trainers and shell suits after reportedly finding it difficult to get a job after graduation. With a modest investment from his family and the bank, he started selling from the back of a van, and the rest is retailing legend. He built Sports Division into one of the UK's biggest retailers with some 250 stores and more than 7,000 employees. He sold the business in 1998 for £290m, his own stake estimated at £260m. The same year, with his wife, Marion, he set up the Hunter Foundation to manage what he calls his venture philanthropy. With all the trappings of wealth they could want, and unfulfilled by writing cheques in response to begging letters, Sir Tom said they started the foundation without knowing much about it. It was his father who told him to approach philanthropy like a business. One of the foundation's first projects was funding enterprise education in primary schools in Scotland, a venture that became a collaboration with the government and spread across the Scottish education system. "His philanthropic work and the creative way that he has thrown himself into that has been one of the most significant drivers for change in Scotland in the last decade," said Jack McConnell, Scotland's former first minister. "The work his foundation does is all about being a catalyst for change, not a substitute and not a general giveaway but a genuine approach to change the way things are done." A friend and colleague, McConnell is working on projects in Malawi and Rwanda for the Clinton Hunter Development Initiative, the venture set up by Sir Tom and the former US president Bill Clinton. Unlike some prominent Scots, Sir Tom retains much goodwill in his home nation. He may no longer hold the title of Scotland's richest man - it has been debated whether he has been overtaken - but he remains rooted in his home nation with his house and headquarters close to where he grew up. "People in Scotland are aware of the values behind the generosity," said McConnell. "He has never forgotten where he came from. " There has been speculation at what kind of hit his fortune has taken - some estimates suggest £250m has been wiped off a total of £1bn. In November he sold his mansion in Cap Ferrat, but that was as much to do with receiving an offer he couldn't refuse, said Ewan Hunter, as with the credit crunch. Sir Tom, he said, was going into 2009 in "fighting mood", a state of mind that McConnell said would push him on. "He is ambitious for what he wants to achieve. I think that will keep driving him." CV Born 6 May 1961, Ayrshire Married Marion McKillop, two sons, one daughter Education : Cumnock Academy; Strathclyde University Titles Knighted 2005 for services to entrepreneurship and philanthropy Career Chief executive officer of Sports Division 1984-1998; founder of West Coast Capital since 2001 Philanthropy Co-founder of Hunter Foundation 1998; director of the Prince's Scottish Business Youth Trust; director of Schools Enterprise Scotland; chairman of the Make a Wish Foundation in Scotland High street retailers Retail industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Interview: The GE man with a UN diplomat... Interview: The GE man with a UN diplomat's agenda
01/01/2009
Reinaldo Garcia often sounds like a UN official but he isn't. He is chief executive of GE Healthcare International, running the business outside the Americas for the past three years. "There are 2 billion people in the world with no access to healthcare," he says. "My ambition is to improve healthcare systems around the world and help these people get the resources." "You sound like a politician," I say to this modest, gently smiling Brazilian. "I have no desire to be a political leader," he retorts. Two floors down, in the assembly area for digital mammographs and vascular x-ray systems, it's a mini-UN, with staff from 38 nations working on equipment and components brought from China and India, as well as France, Germany, Hungary, Spain and the US. But when we visit it's semi-deserted. "No, it's not the crisis," injects Carlos Reis Pinto, the unit's Portuguese chief. "It's nearly the end of the quarter and we've done all the work. We're planning on the same output in 2009 as this year." It's been a torrid year for the parent firm, General Electric, which has seen its stock fall by a half, its AAA rating questioned by Standard & Poor's and the future of its chief executive, Jeff Immelt, seriously doubted. Its financial arm, GE Capital, source of 40% of total earnings, is being shrunk substantially. The day of the visit to this small industrial town near Versailles's baroque splendours, Immelt spoke of what he called the "toughest environment we've ever seen for people of my generation". But Garcia, tieless and tanned, is upbeat. "The market has over-penalised GE. I buy and sell the stock normally but not in this crisis; I won't touch GE stock as I'm counting on that huge upside that's going to come. It's the long-term fundamentals that matter." Garcia's relaxed confidence revolves around the long-term expansion of demand for healthcare. "Healthcare spending is $4tn [£2.8tn] globally a year and half of that is in the US, which has just 5% of the world's population so the other half covers the remaining 95%. "Those countries whose economies are developing and where the middle class is becoming a larger part of the population, and communication is more widely available through the internet, they're seeing this expanding demand for healthcare." Social stabiliser He sees emerging economies such as China, India, Russia and his native Brazil devoting a bigger share of gross domestic product (GDP) to the health budget. "At a minimum, it's a social stabiliser. If your population is not healthy, it's tough socially and politically. With life expectancy increasing, the World Health Organisation is right to say that the more you invest in healthcare, the more wealth you generate. Heathcare and education are the two big drivers." GE Healthcare contributes some $17bn of the group's annual revenues of $185bn but closer to a sixth of 2008's expected earnings of $18bn. Annual compound growth in the division has been 15% since 2000 and Garcia is convinced that public spending on health, despite the squeeze on government budgets, will be maintained and even increased. Another source of his confidence rests on what GE calls "early health" in both detection and treatment: the shift from symptoms-based medicine to preventive detection via molecular imaging and patient-based treatment. "One in nine women will get breast cancer. If you detect it early enough the survival rate over five years is 95% or better," he says. "At stage 4 of the disease, it's only 20%." Treating breast cancer after late detection is also eight to 12 times more expensive. Up to 80% of global healthcare spending is on managing symptom-based, advanced disease. What's required, Garcia says, is a "paradigm shift" to make patient care more targeted and cost-efficient: "Just about everything we develop is for 'early health', for diagnostic tools ... It's critical to know what type of cancer a person has, how aggressive it is, what drugs are required and when they start to work." A lot of new technology, developed in the UK, say, by GE life sciences firms such as Amersham and Whatman, is for the wealthy first world. So Garcia insists GE has to provide more basic equipment to countries such as India and China suffering from acute rural poverty as well as nascent urban wealth. And low (5% of GDP in India) but rising spending on health. "Localisation is a very important transformation taking place in our company, and these emerging countries will teach the rest of the world the speed of that revolution," he says. "Take Africa, where GE Healthcare's growth has been up to 30% and we develop technology there with some expertise leveraged in from outside. "That's what a global company must do: think locally. If you tried to be global from a distance you'd simply be taken out and it's no good pretending you can run the business via the web." Spending priorities Perhaps it's unsurprising Garcia talks like a UN official. "A lot of what we're trying to do is speak with and listen at the same time to public health authorities about how to prioritise spending - on pre- and post-natal care, for instance." Garcia cites Russia, which has put an extra $6.4bn into healthcare and built eight medical centres despite the economic meltdown. The population is falling by about 1 million a year because of infant mortality, low birth rates and early deaths among males. "[Russia is] a market that needs this technology and has a government that is much more serious about addressing the issue," he says. The same goes for the Middle East. He's wary about forecasting the next 18 months, when the recession could morph into a depression. But he says GE Healthcare will grow faster than the group as "early health" becomes more understood. "Many of the businesses in GE are less impacted by the crisis than the total economy," he says. "We're experiencing a deep crisis yet a lot of our markets are showing very robust orders. It varies from country to country but a lot of our business is attached to the public sector ... and these countries have not decided to cut their focus on healthcare, as you can see from the new infrastructure projects planned as economic stimulus." It's a confidence shared by Warren Buffett, who invested $3bn in GE stock in October. But not by all, with some critics marking GE down as the most likely dog of 2009 as it belatedly applies the scalpel to its financial division. Many feel an earlier health check could have stopped the disease. Healthcare industry United States United Nations guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Make do, waste not: 1940s austerity make... Make do, waste not: 1940s austerity makes timely exhibition
01/01/2009
Sixty-five years ago posters urged shoppers to bring their own paper to wrap purchases. Housewives were told to make do and mend rather than buy new clothes, and leaflets were delivered calling on people to "be imaginative" with potatoes. The messages were necessary because of the war. But now a museum curator believes the time is right for examining how Britain coped in the 1940s austerity years. Robert Opie, curator of one of the UK's quirkiest museums, the Museum of Brands, Packaging and Advertising in Notting Hill, London, believes the credit crunch is a wake-up call. He is staging Waste Not, Want Not, an exhibition exploring various attempts at getting us to economise, save and salvage. "People who haven't woken up to the need to economise are going to soon," said Opie. "In the 1940s everyone had to take responsibility; it binded people together and they were able to pull together as a result. This exhibition, I hope, will take people back to the moment. They will see how it was, how they overcame it and show it can be done again." A big part of the former effort was the government's propaganda, which included pamphlets entitled Make Do and Mend, offering hints on washing and decorative patches. Leaflets urged us not to "think of potatoes merely as something to serve with the meat". Famously, there was the ministry of agriculture's Dig for Victory campaign, which aimed to encourage home-grown vegetables: "If you have no garden ask your local council for an allotment." Industry also had to economise, through necessity but also to demonstrate being part of the wider effort, with smaller labels and simpler packaging. Opie says the messages are applicable to modern life and echoed by today's advice. In the second world war, posters urged: "Will all customers kindly carry all purchases possible with them and bring own paper." Today the message is: use fewer bags. Opie's museum stems from his own boundless enthusiasm. A former market research executive, he has been collecting since he was five and descended on packaging aged 16. He says, with utter sincerity, his aim is to open a packaging museum one day. "I'd say it's a passion rather than obsession. And I'm collecting for a wider purpose. I'm trying to make sense of it all, to make it an understandable reality, to give it a purpose and a meaning." In 1975 Opie staged a hugely popular packaging show at the V&A and opened his museum in Gloucester in 1984. He moved it to west London three years ago. He hopes the museum and exhibitions offer more than the chance to reminisce over old biscuit brands, believing there is a lot to learn about society this way: "You can see an extraordinary history of us through the things we throw away and it is often more pertinent than history with a capital H - a history of events. I'm more interested in the soft underbelly of our lives." He still collects, and while there are several thousand items on display in the museum, he owns, in all, about half a million such treasures. But what he does not have is a can of wartime Spam. "It was produced in its millions so there must be one out there somewhere, " he said. Museums Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• LET IT SNOW LET IT SNOW
01/01/2009
Now is the time to do basic home winterization - before the temperature really drops. Here's my budget checklist for evaluating and maintaining your house, inside and out, in preparation for a warm, safe winter. Interior 1. Look for any leaks... (1 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... (1 d 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... (1 d 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... (1 d 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... (1 d 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... (1 d 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... (1 d 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... (1 d 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... (1 d 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... (1 d 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... (1 d ago)

• STILL BREATHING STILL BREATHING
12/31/2008
Wall Street ended its worst year since the Great Depression with a pulse - a meager but critical sign for investors eager for any evidence that the worst may be over. Only time will tell. But for now, investors are cheering the end of 2008. For... (1 d ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
12/31/2008
Shop flop A key market tracker dramatically lowered its '08 holiday retail sales forecast, calling for a 2.3 percent decline. Shop perTrak had earlier fore cast a 0.1 percent rise. AIG worry AIG is preparing to ask the Fed to relax rules on how... (1 d ago)

• KRAVIS FIRM FACES DELISTING KRAVIS FIRM FACES DELISTING
12/31/2008
For his 65th birthday next week - capping one of his worst years ever - billionaire Henry Kravis could see his namesake firm booted off the New York Stock Exchange for losing 90 percent of its value. The NYSE issued a suspension warning for the... (1 d ago)

• CITIGROUP FINALLY JOINS THE NO-BONUS POS... CITIGROUP FINALLY JOINS THE NO-BONUS POSSE
12/31/2008
Citigroup CEO Vikram Pandit yesterday said he would join the ranks of his Wall Street brethren and not take a bonus for 2008, and announced the banking titan was revamping its compensation structure. In a memo to Citi staff, Pandit said that he... (1 d ago)

• Wall Street set to start 2009 cautiously Wall Street set to start 2009 cautiously
01/02/2009
Wall Street expected to start the new year with quiet trading Friday as many investors appeared to be waiting until Monday to begin 2009 trading in earnest. (3 h ago)

• ConsumerMan: New year, old scams ConsumerMan: New year, old scams
01/02/2009
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. (3 h 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 d 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. (2 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. (2 d ago)

• ADVERTISING: Going Straight to the Publi... ADVERTISING: Going Straight to the Publisher for Ad Help
01/01/2009
In tough economic times, bypassing the agencies can make good sense. (10 h ago)

• Time Warner and Viacom Reach Agreement o... Time Warner and Viacom Reach Agreement on Cable Shows
01/01/2009
An executive with knowledge of the negotiation said that Time Warner had given in and agreed to pay a higher fee to MTV Networks for its 20 cable networks. (10 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. (1 d 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. (1 d 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. (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. (2 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. (2 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. (2 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. (2 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. (3 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. (3 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. (3 d ago)

• Why Steve Jobs' health is an issue Why Steve Jobs' health is an issue
01/02/2009
The Macworld 2009 confab opens on January 5 in San Francisco. Every year, it draws thousands of Macintosh faithful and it's been doing that since 1985. But this year is different. For the first... (1 h ago)

• More handouts: who's next? More handouts: who's next?
01/02/2009
Who the hell do these people think they are? Banks? Car makers?Bailout-mania is gathering momentum. Now the New York Times reports that the steel industry is lining up for its share, mostly in the... (1 h ago)

• 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... (1 d 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... (1 d 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... (1 d 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... (1 d 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... (2 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... (3 d ago)

• Your Friends Need Money. Do They Have Re... Your Friends Need Money. Do They Have References?
01/01/2009
Loans between friends, family and even unlikely acquaintances can strengthen or test relationships. (13 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
01/01/2009
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. (21 h ago)

• The Debt Trap: Colleges Profit as Banks ... The Debt Trap: Colleges Profit as Banks Market Credit Cards to Students
01/01/2009
As concern about student debt rises, promotional relationships between schools and banks have sounded alarm bells. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 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. (2 d 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. (2 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. (2 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. (3 d ago)

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John gogs :: 12/28/2009

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Where is this money coming from except from the mo...
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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

• Sharing tales of money woes and wins Sharing tales of money woes and wins
01/01/2009
How much did you pay for that set of golf clubs you never used? Don't be ashamed, you're not alone. Eve Troeh reports that folks are coming out of the closet to tell tales of money wasted -- and to find help. (22 h ago)

• Downturn could lead to baby bust Downturn could lead to baby bust
01/01/2009
Demographers are watching to see if there will be decline in the U.S. birth rate in 2009, what with the recession and all. Rico Gagliano looked into it. (22 h ago)

• Update: Recovering from foreclosure Update: Recovering from foreclosure
01/01/2009
Tess Vigeland checks in with John and Vicki Glicken of Ohio, who talked with Marketplace in 2008 as they were struggling with an adjustable-rate mortgage that had led them into bankruptcy. (22 h ago)

• Looking back at 2008's housing crisis Looking back at 2008's housing crisis
01/01/2009
The financial collapse in the past year began with the mortgage meltdown. Tess Vigeland talks with Nic Retsinas of Harvard's Joint Center for Housing Studies about the mess we've been through and where we go from here. (22 h ago)

• What's deflation all about? What's deflation all about?
01/01/2009
In this economy, it seems like everything is on sale -- homes, clothes, stocks, cars. What could be wrong with that, right? Lots of things. In this installment of the Marketplace Decoder, Stacey Vanek-Smith explains deflation. (22 h ago)

• Many workers see minimum-wage hike Many workers see minimum-wage hike
01/01/2009
Many of America's least-paid workers got a raise today as the minimum wage went up in about a dozen states. But some observers say the changes will hurt more than they will help. Jeff Tyler reports. (22 h ago)

• Euro's looking good on its 10th birthday Euro's looking good on its 10th birthday
01/01/2009
The European single currency is 10 years old today. It's in pretty good shape, in spite of the global financial crisis. There are now more euros in circulation than U.S. dollars. But its beginnings were far from auspicious. Stephen Beard reports. (22 h ago)

• Russia cuts all natural gas to Ukraine Russia cuts all natural gas to Ukraine
01/01/2009
Russia cut off all natural gas supplies to Ukraine on Thursday — but the two uneasy neighbors took great pains to make sure their contract dispute would not leave Europe short of gas. (19 h 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. (3 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. (3 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. (1 d 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. (2 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. (3 d 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. (1 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. (2 d ago)

• Biofuels May be Obsolete Before We Can M... Biofuels May be Obsolete Before We Can Make Enough to Matter - Part III
01/01/2009
From Seeking Alpha, back in February:The Energy Bill requires that 3% of ethanol be derived from cellulosic sources by 2012, and 44% by 2022. That means, by my estimates, we'll need to produce 405... (10 h 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. (1 d 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. (2 d ago)

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