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Business News
for 01/03/2009

(last updated 7:30am EST 01/03/2009)

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• Russia Gas Row Disruption Spreads to Bul... Russia Gas Row Disruption Spreads to Bulgaria
01/03/2009
Russian gas flows to Bulgaria dropped in a fresh sign that Moscow’s decision to cut off Ukraine in a row over pricing was disrupting supplies to some E.U. members. (4 h ago)

• Austria Picks Overseer for Bank in Madof... Austria Picks Overseer for Bank in Madoff Case
01/03/2009
The management of Bank Medici, which has emerged as one of the largest victims of the Madoff scandal, resigned, leaving day-to-day operations in the hands of an overseer. (7 h ago)

• Manufacturing Reports Show Depth of Glob... Manufacturing Reports Show Depth of Global Downturn
01/02/2009
New reports from the world’s leading economies showed manufacturing continuing to slump amid the worst slowdown since the Great Depression. (11 h ago)

• Worldwide, a Bad Year Only Got Worse Worldwide, a Bad Year Only Got Worse
01/02/2009
After a catastrophic year for global markets, analysts are cautioning investors not to expect the big rebound that usually follows a sharp downturn. (19 h ago)

• Chinese Court Convicts 11 in Microsoft P... Chinese Court Convicts 11 in Microsoft Piracy Case
01/02/2009
Eleven people were convicted of roles in a counterfeiting ring that distributed pirated software around the world. (20 h ago)

• Madoff Investor’s Suicide Leaves Questio... Madoff Investor’s Suicide Leaves Questions
01/02/2009
Relatives said Rene-Thierry Magon de la Villehuchet — who committed suicide in the wake of the Madoff scandal — felt personally responsible losing his clients’ money. (22 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. (1 d ago)

• World Business Briefing | Australia/new ... World Business Briefing | Australia/new Zealand: Australia: Stimulus Program Begins
01/01/2009
Australia is beginning a spending program of 17 billion Australian dollars ($11.8 billion) to stimulate the economy amid the global financial crisis. (1 d ago)

• World Business Briefing | Asia: India: E... World Business Briefing | Asia: India: Exports Fall for a Second Month
01/01/2009
India’s exports fell for a second consecutive month, adding pressure on the central bank to cut interest rates. (1 d ago)

• World Business Briefing | Europe: Hungar... World Business Briefing | Europe: Hungary: Quarterly Trade Deficit Grows
01/01/2009
Hungary’s current-account deficit widened more than expected in the third quarter as imports increased faster than exports and investors took money out of the country. (1 d ago)

• World Business Briefing | Europe: Switze... World Business Briefing | Europe: Switzerland: Credit Suisse to Sell Stake
01/01/2009
The Swiss bank agreed to sell a stake in its global investors business to Aberdeen Asset Management for 250 million British pounds ($361 million) in stock after losses at the unit. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (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. (2 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. (2 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. (2 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. (2 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. (2 d ago)

• Tanzanian government funds to bail out n... Tanzanian government funds to bail out national flag carrier
01/03/2009
The government of Tanzania has fished from the central coffer 2.5 billion shillings (2 million U.S. dollars) to inject into the crisis-ridden national flag carrier airline. Tanzanian Infrastructure Minister Shukuru Kawambwa on Friday assured the public that the government would gradually inject more funds into the Air Tanzania Corporation Limited. Mustapha Nyang'anyi, board chairman of the state-run airline company, has earlier indicated that his company needed 92 billion shillin ... (7 h ago)

• Power output at Brazil's Itaipu hits all... Power output at Brazil's Itaipu hits all-time high in 2008
01/02/2009
The Itaipu Hydroelectric Plant, located in the Brazil-Paraguay border, generaged 94,684,000megawatt-hours of electricity in 2008, hitting a record high, the plant authority said Friday. According to the administration of the plant, the figure is the highest for any single hydroelectric plant in the world. The previous record of 93,427,600 megawatt-hours was in 2000, also created by Itaipu. Officials said energy produced at the Itaipu Dam in 2008 would be sufficient for a country ... (9 h ago)

• Brazil registers $24.7 bln of trade surp... Brazil registers $24.7 bln of trade surplus in 2008
01/02/2009
Brazil's trade balance registered an accumulated surplus of 24.7 billion U.S. dollars in 2008, 38 percent down from the 40 billion dollars of surplus registered in 2007, the country's Development, Industry and Foreign Trade Ministry announced Friday. The Ministry attributed the sharp reduction to the impacts of the ongoing global financial crisis. Brazilian exports topped 197.9 billion dollars in 2008, up 23.2percent from the 160.6 billion dollars registered in 2007. However, it ... (9 h ago)

• Australian economists predict bleak econ... Australian economists predict bleak economy in 2009
01/02/2009
A group of eminent economists have given a bleak new assessment of Australia's economy in 2009, predicting that up to 250,000 people could lose their jobs and growth will slow to a crawl, a newspaper said Saturday. The Age newspaper's half-yearly economic survey predicted unemployment will rise to 6.4 percent by the end of this year from4.4 percent in last October, more than a percentage point above the official Treasury forecast, and growth will slow to 0.7 percent. The survey s ... (9 h ago)

• China's vintage oilfields report steady ... China's vintage oilfields report steady output rises despite reserve decline
01/02/2009
China's largest oil base Daqing Oilfield has fulfilled its production target by stabilizing its crude oil output above 40 million tonnes the past year although its reserve has been on the decline. The 2008 crude oil output stood at 40.2 million tonnes, which was the smallest in three years if compared to the 41.7 million tonnes in 2007 and 43.41 million tonnes in 2006. Its 2008 natural gas output hit 2.76 billion cubic meters, up 8.241 percent from the 2.55 billion cubic meters ... (9 h ago)

• Portugal's unemployment worsens in 2008 Portugal's unemployment worsens in 2008
01/02/2009
More Portuguese lost their jobs last year, especially during September-November, the Institute of Work and Job Training said Friday. In 2008, a total of 408,600 people registered for jobs in the first 11 months of the year, up 2.9 percent from a year earlier, the institute said in a report. From September to November, a monthly average of 63,700 people lost their jobs, a rise of 19.7 percent as compared with the previous corresponding period. Analysts said the rising jobl ... (11 h ago)

• Britain's house prices slide to 2004 lev... Britain's house prices slide to 2004 levels
01/02/2009
House prices in Britain continue to decline and are currently at August 2004 levels, Halifax, the country's largest mortgage lender and leading housing researcher, said Friday. House prices fell by an additional 2.2 percent in December 2008 after dropping 2.7 percent in November and 2.4 percent in October, according to the latest data by Halifax. The house prices saw a year-on-year decline of 18.9 percent in December, the sharpest decrease since records began in 1983. Me ... (11 h ago)

• Survey shows Britain faces worst economi... Survey shows Britain faces worst economic outlook since 1980s
01/02/2009
Leading economists believe Britain is facing the worst economic outlook since the early 1980s. This was revealed by an annual survey of the Financial Times published on Friday, which describes the Treasury's forecast of a recovery in the second half of 2009 as "too optimistic". Howard Davies, director of the London School of Economics, told the newspaper: "I do not expect to see any significant economic recovery in 2009. I expect the British economy to bump along the bottom, at b ... (11 h ago)

• London stock market opens slightly highe... London stock market opens slightly higher for New Year trading
01/02/2009
Britain's leading share index opened slightly higher on the first day of trading in the New Year. The benchmark FTSE 100 index was up 17.50 points, at 4451.67 by 9:00, with low trading volumes expected following the New Year holiday. Mining shares were among the risers, with Vedanta Resources up 5.72 percent and Kazakhmys adding 3.3 percent. &$ &$Source: Xinhua&$ &$ ... (11 h ago)

• Gold declines on profit-taking as dollar... Gold declines on profit-taking as dollar firms
01/02/2009
Gold futures on the COMEX Division of the New York Mercantile Exchange dropped moderately due to investors profit-taking and strong U.S. dollar on the first trading day of 2009. Silver and platinum both ended higher. Gold for February delivery fell 4.80 dollars, or 0.5 percent, to 879.50 dollars an ounce. March silver gained 19.5 cents to 11.49 dollars per ounce. April platinum closed at 946.7 dollars per ounce, up 5.2 dollars. During the past several days, gold has accumulated e ... (11 h ago)

• U.S. dollar rises against most major cur... U.S. dollar rises against most major currencies
01/02/2009
The U.S. dollar rose against most major currencies in the first session of the New Year, bolstered by a rally of U.S. stocks. Trade volume is very light on Friday, as many investors are still taking holidays and waiting until Monday to start 2009 trading. As a part of the classic holiday rally, the Dow Jones Industrial Average closed above the level of 9,000 points for the first time since November. Broader indexes also moved significantly higher, boosting the U.S. currency. ... (11 h ago)

• U.S. stocks rally in first day of 2009 U.S. stocks rally in first day of 2009
01/02/2009
U.S. stocks rose sharply in the first session of the new year on Friday, with the Dow Jones Industrial Average closing above 9,000 points for the first time since November. The Dow rose 258.30 points, or 2.94 percent to close at 9034.69.It was the second-best start of the year on a point basis, or the sixth best start of the year on a percentage basis. It's part of the classic holiday rally, analysts said. Trade volume is very light, as many investors are still taking holiday and wai ... (11 h ago)

• Crude prices rise as Middle East tension... Crude prices rise as Middle East tension continues, OPEC to cut output
01/02/2009
Crude prices rose above 46 U.S. dollars a barrel Friday as the Middle East tension continued while OPEC would carry out its largest production cut. Concerns that the conflict between Israel and Hamas in Gaza could disrupt supplies in the Middle East continued boosting prices. The gains were also encouraged by a rally in U.S. stocks to a two-week high despite U.S. manufacturing activity fell more than expected in December. The Organization of Petroleum Exporting Countries ... (11 h ago)

• U.S. private investment group to purchas... U.S. private investment group to purchase IndyMac Bank
01/02/2009
The Federal Deposit Insurance Corp. (FDIC) announced Friday that its Board of Directors has approved the sale of failed IndyMac Bank to a private investment group. The group, known as IMB Management Holdings, will purchase IndyMack Bank for 13.9 billion U.S. dollars, according to FDIC. Steven Mnuchin, a former vice president of Goldman Sachs Group Inc., will serve as the consortium's chairman and chief executive officer, said the FDIC. Other members of the consortium include ... (11 h ago)

• S&P chief economist: U.S. recession expe... S&P chief economist: U.S. recession expected to hit bottom in mid-2009
01/02/2009
The U.S. economy is already in recession for a year and is expected to hit bottom in mid-2009, which would make it the longest recession since World War II, Standard & Poor's chief economist David Wyss said in a recent interview with Xinhua. "As we expected, the peak is dated to December 2007, implying that the recession has already lasted longer than average," Wyss said in an emailed reply. "We expect to hit bottom in mid-2009, which would make this the longest recession since W ... (11 h ago)

• Indonesian flag carrier to expand intern... Indonesian flag carrier to expand international routes
01/02/2009
Indonesia's flag carrier Garuda will open 16 new royutes this year, comprising 13 domestic and three international routes, and add more aircraft to its fleet, the airline company announced Saturday. The new routes will begin gradual operation from Jan. 16, and will later be supported by 14 new Boeing 737-NG aircraft to be delivered in mid-2009. The new international routes will link Denpasar with Adelaide, Denpasar with Hong Kong and Surabaya with Hong Kong. "We need to ... (11 h ago)

• Singapore private home prices fall 5.7% ... Singapore private home prices fall 5.7% in Q4
01/02/2009
Singapore's private home prices fell 5.7 percent in the fourth quarter of 2008, the country's Urban Redevelopment Authority (URA) said Friday. Based on the estimated price index of private residential property, prices fell to 163.4 points from 173.3 points in the third quarter of 2008, which represents a decline of 5.7 percent, compared with the 2.4 percent decline in the previous quarter, the URA said. Prices of non-landed private residential properties decreased the biggest in ... (11 h ago)

• Bank economist: China can maintain rapid... Bank economist: China can maintain rapid growth over next 30 years
01/02/2009
China can maintain rapid economic growth over the next three decades, which will ensure that what's now the fourth largest economy ranks among developed nations. Guo Shuqing, chairman of China Construction Bank Corp., made that prediction in Caijing Magazine's 2008 yearbook, issued in December. Guo said that human resources, an advanced legal system and proper macroeconomic policies would determine the course of development in the next 30 years. He said education and tech ... (13 h ago)

• HK stocks close 4.56% higher in first tr... HK stocks close 4.56% higher in first trading day of the year
01/02/2009
Hong Kong stocks surged 655.33 points, or 4.56 percent, to close at 15,042.81 on Friday, the first trading day for 2009. The turnover rose to 30.53 billion HK dollars (3.94 billion U.S. dollars) from 26.38 billion HK dollars on Tuesday, the last full- trading day in 2008. Gains in mainland telecommunications companies after Beijing's approval of third-generation mobile licenses led Hong Kong's shares above the psychologically important level of 15,000, analysts said. They ... (13 h ago)

• U.S. could be facing debt 'time bomb' U.S. could be facing debt 'time bomb'
01/02/2009
It's unclear whether private investors' demand for U.S. debt can be sustained. That means a "time bomb" may be ticking during a massive expansion of government borrowing. (10 h ago)

• Chrysler says it's received $4B bridge l... Chrysler says it's received $4B bridge loan
01/02/2009
Chrysler's chief says the automaker has received an initial $4 billion loan from the U.S. Treasury Department. (12 h ago)

• Wall Street begins 2009 with a rally Wall Street begins 2009 with a rally
01/02/2009
Wall Street started 2009 with a big rally Friday as investors, brushing aside a disappointing report on manufacturing, sent the Dow Jones industrials up more than 250 points. (15 h ago)

• Obama team polishing stimulus measure Obama team polishing stimulus measure
01/02/2009
President-elect Barack Obama's transition team is putting the finishing touches on an economic recovery plan that could run from $675 billion to $775 billion. (15 h ago)

• IndyMac sold to investor group for $13.9... IndyMac sold to investor group for $13.9B
01/02/2009
A seven-member group of investors has agreed to buy the remnants of failed lender IndyMac Bank, a symbol of the U.S. housing boom and bust, for $13.9 billion, federal regulators said. (16 h ago)

• The biggest CEO firings of 2008 The biggest CEO firings of 2008
01/02/2009
The bloodletting in the c-suite started in 2007. It still hasn't stopped. (17 h ago)

• GMAC gives up some GM car financing righ... GMAC gives up some GM car financing rights
01/02/2009
GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives. (17 h ago)

• U.S. manufacturing weakest in 28 years U.S. manufacturing weakest in 28 years
01/02/2009
Signs that the economy could turn even weaker in 2009 grew Friday, as an index of December manufacturing activity sank to its lowest point in 28 years. (18 h ago)

• Treasury to mull Citi-style rescues Treasury to mull Citi-style rescues
01/02/2009
The Treasury Department opened the door Friday to using a Citigroup-style rescue package to help other troubled financial institutions. (19 h ago)

• Oil prices rebound as dollar slumps Oil prices rebound as dollar slumps
01/02/2009
A year after crude eclipsed $100 a barrel for the first time, 2009 trading began Friday with prices roughly half their year-ago levels, and some believe oil could be headed even lower. (19 h ago)

• More top brands seen disappearing in 200... More top brands seen disappearing in 2009
01/02/2009
Shoppers won't be picking up ornate lamps from the Bombay Co. in the coming year. Or investing with Lehman Brothers and Bear Stearns. No flying to Hawaii on Aloha Airlines or buying ultra-cheap tickets on Skybus, either. (20 h ago)

• Store bankruptcies can burn shoppers Store bankruptcies can burn shoppers
01/02/2009
Some questions and answers about rights consumers have if their retailer goes out of business — and what they can do to protect themselves ahead of time. (20 h ago)

• New York investor sues trustee of Madoff... New York investor sues trustee of Madoff's firm
01/02/2009
A private New York company has sued the trustee who is liquidating accused fraudster Bernard Madoff's firm for the return of $10 million it invested six days before Madoff was arrested. (21 h ago)

• Slump means identity crisis for Las Vega... Slump means identity crisis for Las Vegas
01/02/2009
For the first time in decades, Las Vegas' population has stopped growing. Casino projects are on hold. Planes full of free-spending tourists are landing with less frequency. (23 h ago)

• Eight alternatives to Detroit’s ‘Big Thr... Eight alternatives to Detroit’s ‘Big Three’
01/02/2009
Don’t want to buy a car from GM, Ford or Chrysler? There’s a good number of alternative North American carmakers out there. Here’s a list. (23 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. (1 d ago)

• Sick time policy crucial for small busin... Sick time policy crucial for small businesses
01/02/2009
Flu season means employee absences. And so the beginning of the year is a good time for company owners to think about their policy not just for sick time, but time off in general. (1 d ago)

• Wall Street Rallies In First 2009 Sessio... Wall Street Rallies In First 2009 Session
01/02/2009
Wall Street started the new year with a big rally. Investors brushed aside a disappointing report on manufacturing, sending the Dow up more than 250 points. All the major indexes shot up more than six percent for the week. (16 h ago)

• Feds Sell Off Failed IndyMac For $13.9B Feds Sell Off Failed IndyMac For $13.9B
01/02/2009
Federal regulators say a group of investors has teamed up to buy the remnants of failed lender IndyMac Bank for $13.9 billion. (18 h ago)

• Austria Takes Over Bank Crushed By Madof... Austria Takes Over Bank Crushed By Madoff
01/02/2009
An Austrian bank suffering more than $3 billion in losses from the collapse of Bernard L. Madoff"s investment scheme was taken over by the Austrian government today. (19 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (3 d ago)

• Seven-strong consortium to buy IndyMac f... Seven-strong consortium to buy IndyMac for $14bn
01/02/2009
A seven-member group of investors has agreed to buy the remnants of failed lender IndyMac, a symbol of the US housing boom and bust, for $13.9bn (£9.5bn) (15 h ago)

• Ukraine accused of stealing Russian gas ... Ukraine accused of stealing Russian gas as fuel flow declines
01/02/2009
Russia upped the ante in the "gas war" with Ukraine yesterday, accusing its former Soviet neighbour of stealing millions of dollars' worth of transit supplies, as the dispute left some European countries starting to experience reduced flow of fuel. Gazprom, Russia's state energy group, cut natural gas deliveries to Ukraine on 1 January after a long dispute over unpaid bills and prices for this year's supplies. Moscow and Kiev have promised that flows through the same pipeline network to European consumers including Britain will not be disrupted. But last night Romania, Hungary and Poland said pressure in their pipelines had started to fall because of the dispute. Romania's state-controlled pipeline operator, Transgaz, said gas imports had dropped by up to 40% from normal levels. The new holder of the EU presidency, the Czech Republic, repeated calls for the two sides to honour existing supply deals and said it would call a crisis meeting of envoys in Brussels on Monday. "We feel that the situation has now escalated to a point that substantiates an extraordinary meeting," Czech presidency spokesman Radek Honzak said. Gazprom's chief spokesman, Sergei Kupriyanov, said Kiev is now threatening deliveries. "The Ukrainian side has openly admitted that it is stealing gas, and it is not even ashamed of this fact." Naftogaz, Ukraine's state energy concern, has said it is diverting 21m cubic metres of gas a day to maintain enough pressure in its pipeline network to ensure daily transit shipments of about 300m cubic metres to Europe. "It's true that such a quantity of gas is necessary for technical reasons," Kupriyanov told the Guardian. "But under our agreement it should be bought by the Ukrainian side, not simply removed from transit supplies." At last year's rates, 21m cubic metres would cost $3.8m (£2.6m). The Ukrainian company denied it was siphoning off gas. "Naftogaz considers that any statement from official representatives of Gazprom about the unsanctioned siphoning off by Ukraine of Russian gas destined for Europe is untrue," it said. Kupriyanov said Gazprom had been obliged to increase supplies through Ukraine and Belarus and from its storage facilities in Europe to compensate for the siphoning and ensure steady supply to clients. The root of the dispute lies in Ukraine's failure to pay off more than $2bn in debt for gas supplied by Russia last year. Naftogaz says it has paid $1.5bn to RosUkrEnergo, a Swiss-registered intermediary company. Gazprom, the world's biggest natural gas supplier, expects to receive that payment but cannot check if it has hit its accounts until after the Orthodox Christmas holiday, which falls next week. Gazprom is also demanding $614m in fines. The row is also about the price for supplies to Ukraine this year. Last year Kiev paid $179.50 per 1,000 cubic metres of gas and this year says it is prepared to pay $235 if transit fees charged to Russia are increased, citing falling rates across Europe. Gazprom initially offered $250 without a transit fee change. However, it says that Ukraine's refusal to accept that "subsidised" rate means it has reverted to its original bargaining position of $418. Tense relations between Moscow and Kiev over President Viktor Yushchenko's wish for Ukraine to join Nato and Russia's alleged meddling in Ukrainian elections have made negotiations more difficult. Around a quarter of the gas used in the EU comes from Russia, most of it pumped in pipelines that pass through Ukraine. If supplies are disrupted the effect could be noticed quickly. Ukraine has enough gas in storage to satisfy internal demand until April, but other European countries have reserves only for a few days. Talks appeared to have reached an impasse yesterday. A spokesman for Naftogaz said: "We hope there won't be prolonged talks until March and that we will reach a contract by Christmas [7 January in Russia and Ukraine]." However, Kupriyanov said there had been no approach from Ukraine, whose negotiators were "sitting at home in Kiev". Fuelling controversy The latest dispute between Ukraine and Russia centres on an overdue gas bill worth $2bn (£1.38bn). Russia's Gazprom claims it is owed the money for gas delivered in November and December. Ukraine says it has paid $1.5bn in outstanding bills via a Swiss company - but not the late-payment fines. The two sides also disagree over the rate Ukraine will pay in 2009, and how much Russia should pay for its gas to be piped through Ukraine to European markets. Russia has been accused of using its energy might to put pressure on neighbouring countries; in turn Russia says Ukraine has used its strategic role in gas deliveries to blackmail it. About 80% of Russia gas bound for the European Union passes through Ukraine. Relations between Moscow and Kiev have been tense since 2004, when protests over a rigged election set Ukraine on a course to European integration. Russia Ukraine Gas Europe Oil and gas companies European Union guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Emma Lunn offers tips for avoiding your ... Emma Lunn offers tips for avoiding your own personal financial crisis this year
01/02/2009
Whew, what a year! For many people, 2008 was probably their most financially challenging year ever, and amid apocalyptic predictions this week of a "winter surge" of redundancies and further sharp falls in house prices, all the signs are that we could be set for an even bumpier ride this year. It is easy to feel there is little you can do to insulate yourself from the recessionary winds, but by giving your finances a makeover and making your money work harder, you can cushion yourself from some of the shocks that may be around the corner. The new year is an ideal time to resolve to get a better grip on your finances. In fact, it tops the nation's list of 2009 new year's resolutions, according to price comparison website Gocompare.com . Research by the site found that paying off debts and saving money are more popular resolutions than seeing more of our family and friends, losing weight and stopping smoking. To help you on your way, Guardian Money has compiled its top new year's resolutions to make 2009 a better year financially. If you have been flexing the plastic in a big way over the past few weeks, you may want to start with tackling your festive financial hangover. Pay off your debts It might sound like a daunting task, but make time to sit down and write a list of all the money you owe on credit cards, store cards, loans, overdrafts and so on. "This is the hardest bit," says Andrew Hagger of personal finance website Moneynet.co.uk . "Many people know they have money problems but won't own up to them. If you're not prepared to face this first step, it's unlikely that you'll manage to get your finances on track." Switching to a cheap credit card deal could be one of the best ways of getting your finances back into shape. Hagger adds: "If you have built up some debt on credit cards and store cards and you are paying interest rates of 25%-plus, you could be paying a great deal less. Zero per cent balance-transfer deals can work well for those with expensive debt to switch over. The best thing to do, once you've transferred your balances, is to close the old card/loan accounts and also cut up your new card to stop you being tempted to use it for purchases." Among the companies offering cards boasting 0% interest on balance transfers for more than 12 months are Virgin Money (0% for 16 months - also offers 0% on purchases for six months) and HSBC (0% for 15 months - also offers 0% on purchases for three months). Set a budget Make 2009 the year you get your finances under control by setting a budget and sticking to it. Look at what you have got coming in each month and your monthly expenditure on essentials such as mortgage or rent, food and petrol. Then take away the amount you are setting aside for debt repayments. What you have left is what you've got to live on. Take a fixed amount of cash out of the ATM at the beginning of each week and try to make it last until the following week. If you are not sure where your cash is going, keep a list of everything you spend money on - you will be surprised how the cost of daily lattes or pub lunches can add up. Check your mortgage David Hollingworth at mortgage broker London & Country says it makes sense to look for a new mortgage deal up to six months before your existing one comes to an end - so put a note in your diary. "Lenders continue to tier their product offerings based on loan-to-value (LTV), with the best rates available to those with 40% equity," Hollingworth says. "With house prices continuing to fall, shopping around earlier could mean you qualify for a cheaper, low LTV banding. A mortgage offer will typically be valid for three to six months." There are still savings to be had for many homeowners, and remortgaging should be a priority for those not tied into their current deal. What looks like a small difference in rate can amount to a big difference in monthly outgoings. Someone with a £150,000 25-year repayment mortgage could slash their monthly payments from £932 to £843 by switching from a rate of 5.5% to 4.5%. That's an annual saving of £1,068. If you have been lucky enough to benefit from recent interest rate reductions, it makes sense to resolve to overpay on your mortgage. If you have a tracker that allows overpayments, you can do this simply by asking your lender to keep your payments at the same level, regardless of base rate reductions. "As well as cutting the cost of interest, this could help to maintain a level of equity for when a new deal is required," Hollingworth says. "It will also make life easier when interest rates head back up." Shop around This is the year you should make sure you get the best deal on everything from current accounts and credit cards to utility bills and mobile phone contracts. The golden rule is to always shop around. Comparison websites such as uSwitch.com , Moneysupermarket.com and Confused.com make this easy - so spend a couple of hours on the internet making sure you are on the cheapest deals possible. "Savings of up to £325 a year are still up for grabs for those who have never swapped energy supplier," says Scott Byrom, utilities manager at Moneysupermarket.com. "It will be interesting to see if the government goes as far as forcing providers to reduce rates in an era of falling wholesale prices." And if you have been on the same mobile tariff for some time, chances are there is a better one out there for you. Other ways to cut your mobile bill include opting for a "sim-only" tariff where, as the name suggests, you get a new sim card but have to provide the phone yourself (ie, you use your existing handset). Some experts reckon sim-only deals are set to really take off this year. Last year, supermarket group Asda slashed pay-as-you-go UK calls to a flat rate 8p a minute, and texts to 4p. An Asda Mobile sim card, which you can pop in the back of your existing phone, costs just 49p. Asda sim packs are available from the retailer's website and in stores. You can keep your current number. Ikea also offers a low-cost sim-only deal for pay-as-you-goers. Start saving Research by price comparison website MoneyExpert.com shows that most people would only be able to support themselves for two months if they lost their job, and with unemployment figures going up by the day, that is clearly a worrying figure. Sean Gardner at the site says: "Obviously the more you save, the better the position you'll be in should the worst happen, and - despite massive cuts in the base rate recently - there are still worthwhile savings options available." If you have not yet developed the habit of saving, a regular savings account, where you commit to paying in a set amount each month, can be a good place to start. HSBC's Regular Saver is a good option for customers of the bank, offering 8% on accounts up to a maximum of £3,000, Gardner says. Other institutions offering regular savings accounts at decent rates include Abbey (6%) and Barclays (5.84%). Cut your tax bill Make it a resolution not to pay more tax than you have to. You should make use of your annual Isa allowance, as well as claiming any tax credits you might be eligible for. If you have to complete a self-assessment tax return, make sure you do so by 31 January. More than 850,000 forms were submitted late last year, according to Unbiased.co.uk , the search engine that helps people find an independent financial adviser. Borrowing & debt Credit crunch Bank charges Family finances guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Bill Emmott: My economic predictions wer... Bill Emmott: My economic predictions were wrong. But that's OK
01/02/2009
"What, pray, is all the fuss about?" asked a sage columnist in these pages on the first anniversary of the credit crunch ("Crisis, what crisis?", 12 August). In response to claims that this was a great crisis of capitalism he even deployed the word "phooey". That sage columnist was of course yours truly; it is safe to say that article will not be pasted into my scrapbook titled "Most Prescient Pieces". My argument was, of course, correct in so far as it looked in the rear-view mirror rather than at the road ahead. The striking thing about the first year of the crunch, in Britain and globally, was how little impact it had on the wider economy beyond the banks, the City and Wall Street. And any impact that has yet been seen does not make the situation worse than the recession of the early 90s, or especially the early 80s, when unemployment was nearly double today's level. Still, it is no longer possible to be as sanguine as I was in August. We are still far from a "worst since the 30s" situation, but there is no doubt that in the last four months all developed economies, and many developing ones, have frozen up. How bad might it get? We don't know, because we can't know. It is worth dwelling for a moment (as I have for many moments, especially since mid-September) on why I was proved so wrong. There are, I think, two reasons beyond idiocy or complacency. First, I may have spent too much time thinking about Japan. It really did have the rich world's worst financial crisis since 1929, when after 1990 its stockmarket fell by 75% and property prices by 70%. But it never had a severe recession: more a slow squeeze that ended, from 1997 onwards, in deflationary stagnation. A slump was prevented by a huge Keynesian public spending programme; meltdown was prevented by using public funds to rescue banks. The collapse of our financial pyramid scheme could be absorbed, I thought, by learning from Japan's example and improving on it. That is exactly what Gordon "saviour of the world" Brown did by recapitalising Britain's banks 14 months into the crisis, rather than waiting eight years, as Japan had; and it is reflected in the fiscal expansion announced in Alistair Darling's pre-budget report in November and the huge spending programme being prepared by the US president-elect. However, our drama now feels worse than Japan's because it is international. Japan's economy was propped up by healthy global growth, whereas now we are all slowing or receding together. It is also worse because of the second factor that I misjudged in August: psychology. The position I took was, in effect, an attempt to argue that we risked talking ourselves into recession, through media scaremongering, and remarks such as Darling's warning, in his Guardian interview of 29 August, that Britain faced the worst economic times for 60 years, with more "profound and long-lasting" effects than people were expecting. No doubt he now thinks he has been proved correct, while I still hope that he won't be, and feel he may have contributed to the panic - even though it would be implausible to argue that he caused it. Now fear has taken over. Companies, households and banks have decided that cash must be king, to be in debt is to risk death, and new commitments are best avoided. Individually, this is rational. Collectively, it is disastrous. Or, to avoid being a scaremonger, it brings about the thing we are afraid of: a nasty recession. We can't predict how deep the recession will be, or how long it will last, because it depends on psychology. Economics is not about models and mathematics, it is about behaviour: our reactions to opportunities, risks and fears. Brown and Darling are right to be trying to counter that deflationary psychology by throwing away the old fiscal rules, cutting VAT and expanding public borrowing. Like in Japan, this will help to mitigate the slump. But whether it can end the slump will depend on companies, households and banks that hold cash being convinced that it is time to start spending again - because they have become sufficiently less afraid of an apocalypse, and sufficiently convinced that opportunities to invest, buy and lend have become sufficiently attractive. Meanwhile, note, this is not - yet - a true "crisis of capitalism". That would arise if confidence never seems likely to return, if unemployment has soared and if hope seems truly to have been destroyed. It cannot be ruled out. But let us, as the future US president said in his book, have the audacity to hope that it won't happen, and the sense not to announce it until and unless it does. • Bill Emmott is a former editor of the Economist and author of Rivals - How the Power Struggle between China, India and Japan will Shape our Next Decade bill@billemmott.com Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Lib Dems propose new banking structure Lib Dems propose new banking structure
01/02/2009
Vince Cable, the Liberal Democrat Treasury spokesman, has proposed a long-term reform of British banking so that a firewall is built between domestic banking and riskier internationally traded services. In an interview with the Fabian Review Cable says: "In the longer term the banking sector is going to have to be reconstructed on very different lines. I don't think it's going to be possible to have high street banks that are simultaneously operating like casino-type investment banks." He argues that British banking has been operating a form of pyramid selling. "If it wasn't fraud, it was certainly sophisticated pyramid selling: people making fortunes through bonuses which were not in any meaningful sense earned. The anger is because the taxpayer is having to pick up the bills. It is not so much that the rich got richer, which may be understandable in a successful capitalist system, but that the losses have been effectively socialised." He accuses the government of a lack of clarity over what it wants the banks - particularly the part-nationalised banks - to do. "Though I am in advance of the pack when it comes to kicking the banks, they have a genuine point that the government is setting them very confused and contradictory objectives. They are being told to lend more to keep the economy going, which is right and should be top priority. But then they are also being told to hold more liquidity and to repay public loans as quickly as possible." He says it is a "particularly serious crisis for the UK because we have big structural problems which this government chose to overlook, exposing the economy to bigger shocks than would otherwise have been the case." Banking Vincent Cable Credit crunch Liberal Democrats guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Metals help to burnish new year shares Metals help to burnish new year shares
01/02/2009
Leading shares started 2009 on a bright note yesterday, reaching their best level since early November, with the heavyweight mining sector leading the way after a rise in metal prices. Vedanta Resources , which announced just before the new year break that it planned to restart its $250m share-buyback programme in January, climbed 82p to 693.5p. Xstrata added 107.5p to 747.5p, Rio Tinto rose 204p to £16.94 and Antofagasta added 46p to 471.5p. Poor UK housing and manufacturing figures merely confirmed investors' expectations of a tough year ahead, and raised hopes of another hefty interest rate cut when the monetary policy committee meets next week. So with Wall Street moving 150 points higher by the time London closed, before a meeting on Monday between Congress and Barack Obama on his economic stimulus proposals, the FTSE 100 index ended 127.62 points higher at 4561.79. This was its highest since 4 November. The prospect of a further rate cut pushed the pound lower against the dollar and the euro but banks benefited. Barclays added 3.6p to 157p, Royal Bank of Scotland jumped 3.1p to 52.5p and HBOS rose 3.5p to 72.5p. Retailers rose in the wake of fairly upbeat news from John Lewis, which reported good trading before Christmas and a record first day for its clearance sale. Next added 28p to £11.09, Marks & Spencer moved 6.25p higher to 221p and Debenhams finished 1p better at 25.5p. JJB Sports closed up 1.17p at 5.26p after it announced Sir David Jones, formerly of Next, would become executive chairman. InterContinental Hotels , the world's largest hotel group, added 35.5p to 597.5p as Malaysia's Hong Leong Berhad - run by billionaire Quek Leng Chan - declared a 3% stake in the business. But GlaxoSmithKline slipped 18p to £12.66.5 as profit takers moved in, outweighing reports of delays to the US launch by Ranbaxy of a generic rival to its Imitrex migraine treatment. Imperial Energy , the Russia-focused business, added 2p to £12.49. ONGC received acceptances totalling 97% for its £12.50 offer for Imperial this week. JD Wetherspoon rose 14.75p to 325.75p as it announced plans to cut the price of certain beers to 99p a pint and offer five different meals for £2.99 each. Mark Brumby of Blue Oar Securities said: "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." Finally, mining minnow GCM Resources leapt 53.25p to 79.5p on hopes that the recent election in Bangladesh would be good for the company. nick.fletcher@guardian.co.uk Market forces column guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Explainer: Why is stuff getting so cheap... Explainer: Why is stuff getting so cheap?
01/02/2009
News that pubs around the country are offering lunch for £1, shops are slashing prices and Wetherspoon's are offering a pint for less than a pound may look like good news for consumers but it is causing a headache of another sort for policymakers: deflation Britons have been used to the price of some items such as flat-screen televisions and clothes falling for years, as cheap imports flood in from China. But usually other products were increasing in price. In the past year, food and petrol were rising and this has kept overall inflation at around 2% or 3%. Now, however, the price of just about everything seems to be coming down. This has pulled inflation on the consumer prices measure down sharply from September's peak of 5.2% and the retail price index (RPI), which includes falling house prices and interest rates, down to just 3%. In his recent letter to the chancellor, Mervyn King, the Bank of England's governor, said it was possible the RPI would fall into negative territory , or deflation, this year. Economists say a short period of deflation would be beneficial to the economy since it would raise people's purchasing power and confidence. But if deflation persists, people hold off buying things, leading to falls in demand and output. Then firms, selling less, cut what they pay staff. They have less to spend and the deflationary spiral kicks off. The spiral is exacerbated as debt deflation kicks in. If inflation is negative, the real value of debt rises, increasing the pain for mortgage holders and reducing further their willingness to spend, since they face a higher debt burden . Since 1945, deflation has been considered yesterday's problem. The last time the published inflation rate went negative in the UK was 1947. Economics Credit crunch Recession Inflation Interest rates Interest rates guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Corporate jet sales plummet in credit cr... Corporate jet sales plummet in credit crunch era
01/02/2009
The price of second-hand corporate jets has been slashed as businesses offload an asset that has come to embody the height of corporate excess during the credit crunch. This week the US government set tight restrictions on the use of Citigroup's corporate aeroplane after the bank accepted a $45bn (£28bn) bail-out. This followed a public outcry after the chief executives of General Motors, Chrysler and Ford made one of the biggest corporate PR gaffes of recent times by flying to Washington bail-out hearings in private jets. The howls of indignation were still ringing in their ears when a bill sanctioning a government-funded rescue was approved by Congress in December with a proviso: any carmaker seeking federal funds must undergo "divestiture of all passenger aircraft owned or leased". Such is the disdain for private aeroplanes on Capitol Hill that it has been enshrined in legislation. Corporate jets are officially out of favour with US politicians, who now have the power to rescue or destroy companies. Ford pre-empted the bill last month by announcing that it was exploring the sale of its private jets. The corporate jet market has deteriorated markedly in the last few months . Even if Ford finds a buyer for those planes, no one will want to boast about it, says Gary Crichlow, an analyst at the aviation consultancy Ascend. "The use of business jets has suddenly become vilified. Companies might decide from a public perception point of view that they might not want to be seen owning an aircraft, particularly in the US." Second-hand valuations for the Gulfstream G550, a Rolls-Royce among corporate jets, have fallen sharply as the market has dried up. The G550 can fly a group of businessmen from London to Tokyo without a refuelling stop and, according to Crichlow, was almost impossible to get hold of in the used-plane market six months ago - and then it would have cost about $58m. Now, he said, they are much easier to source and would cost $50m to $55m, a discount of up to 14%. "Six months ago you could probably find a G550 but they were few and far between. But now some are being sold for a price that would have been reasonable a few years ago but is a rock-bottom price now," he said. Crichlow said the corporate jet market would have a "rough ride". Sales of corporate jets were expected to peak in 2011 but the slump in the US economy last year has changed those forecasts. He expects the market peak to have been passed last year with more than 1,045 jets due to be delivered worldwide and about two-thirds of that total coming from US orders. This year he says the delivery total will be flat. "Jet ownership is definitely going to take a hit because of the need to conserve cash. People will be trying to sell them. That will see a lot more aircraft coming on to the market and the increase in supply will depress used jet values further." There are 16,000 purpose-built business jets in the world, according to Ascend, with only 500 lying idle. North America has the largest share, with about two-thirds of all private aeroplanes, followed by Europe with about 15%. The growth markets are in economies such as Brazil, India and China with the American share of all new deliveries falling from three-quarters to just over half since 2003. However, an aviation source said Ford needed to sell its aircraft as soon as possible. Otherwise, Congress is, in effect, forcing cash-strapped car manufacturers to lose money on their assets - as a precondition for giving them government cash. "There has been a major downturn in corporate usage," said the source. "The financial sector and the New York finance community, who are big users of jets, are not going to use them. So there is going to be significant overcapacity and aircraft dumping. But those who can get their aircraft out on to the market over the next six months will find there may be opportunities to realise value out of their aircraft." After that, said the source, the market could be glutted with more firms joining Ford in trying to make some cash and avoid the withering criticism on Capitol Hill. First-class only Coca-Cola and Kraft Foods both said security concerns justified their jets. Kraft said: "For reasons of security and personal safety, Kraft Foods requires chairman and chief executive officer Irene Rosenfeld to use the company's aircraft for all travel." Boeing said sales had not fallen. It sells more than half of its jets to rich individuals, 35% to governments and the rest to chartered operators. Boeing has two 737 jets for its own executives. "Companies find it hard to justify the purchase because it looks so extravagant, but it is a great productivity tool," Boeing said. Citigroup Executive salaries Banking Credit crunch US economy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• The perfect credit crunch menu: pubs off... The perfect credit crunch menu: pubs offer meals for £1
01/02/2009
"The original £1 food-menu pub," says a sign outside the Four Crosses Inn near Cannock, Staffordshire. The claim may be a contentious one, as more and more pubs offer incredibly cheap meals to stave off closure, but the owner, Tony Rabbitts, insists that he was the first to show it could be done. "At first it was one day a week, but it filled the place up so we went up to two, then five, and now seven days a week," he says. "We'd been struggling to pay the bills and would have had to close, but we refused to be beaten." From serving about 30 lunches a day, Rabbitts is now doing more than 300 at busy times, and bar takings have increased fourfold. "We've got regulars who come back every day. Some people come seven days a week. One woman was having her kitchen refitted and hasn't bothered having her cooker put in yet." Minibuses full of pensioners have started coming from Wolverhampton for lunch and a day out. There is a roaring fire, the restaurant area is filling up with New Year's Day diners by 12.30, and, annoyingly, today, the minced beef and onion pie has already run out. The starters and desserts are all £1; the basic main courses are also £1, but there is a "homemade" option for £1.50 and a roast for £2.50. David Borton, a regular diner, calls the final option "going large". I choose vegetable soup, meatballs and chips, and Christmas pudding with custard. It's £3 for the lot. The soup and the pudding are fine; the meatballs, which come in gravy, are spongy in texture and indeterminate in origin. There may be some pork in there, somewhere. Rabbitts says the £1 meals cost about 30p for him to produce; the £1.50 meals double that. Going large may be a wise move. But let's not carp. "This pub would have gone to the wall without the cheap meals," explains Borton. "I come three days a week, and I've never had a bad meal here yet. It's absolutely brilliant and the atmosphere now is great." Pete Belli, a lorry driver, chips in: "I saw the sign as I was passing and thought there had to be a catch. What else can you buy for one pound?" I next go north for dinner in Boroughbridge, where the Blue Bell Inn is advertising "North Yorkshire's first £1 credit-crunch menu". Says the pub's garrulous website: "In these hard times we like to give a little back to the community." The menu at the Blue Bell looks tempting: cottage pie, lasagne, home-made chilli and chips, pasta bake, and sausage, mash and gravy - all for £1 each. The desserts - toffee apple fudge cake and ice cream, chocolate cake, apple pie and custard, rice pudding, plum pie - are another quid. There's just one problem. The pub's not doing any food tonight. This is deeply upsetting, after a 16-mile car ride from York. "I've given the wife the night off," says Andy Jeffery, the landlord. The Blue Bell, inspired by the success of the Four Crosses, has been doing cheap meals since November. "Like every other pub in the area we're suffering at the moment with the recession," says Jeffery. "We had to do something. I stood outside the pub, looked at it and went, 'what is going to get me in this pub?'" He decided the offer of meals at the magic price of £1 was the answer. Will it work? "If it doesn't, we won't be here," he says. "The biggest problem is ... people think there's a catch. They just can't believe we're doing it. We've had people come in and say, 'do we have to buy a bottle of wine with the food to get it for a pound?' People assume it's crap food or small portions. OK, they're not massive portions, but as far as we can, it's home-cooked, decent, food." All this analysis, sadly, is theoretical. Dinner is two pints of Pedigree. A bitter experience. Undeterred, I take the train next morning to Inverness, where the award-winning Clachnaharry Inn has introduced a Scottish version of the £1 credit-crunch special: mince and tatties, fish pie, shepherd's pie, stovies. I have no idea what tatties and stovies are, but am at least reasonably confident that they will be served. When I get to the lochside inn after a seven-hour journey, lunch indeed is being served. But there is a worrying absence of large placards proclaiming the offer of the £1 special. Instead the pub is offering a "meal deal" with some items priced at a pound but others edging back towards the old prices - fish pie at £1.75, mince and tatties (potatoes, why does everyone in the pub look at me when I ask what those are?) at £1.95, steak pie and chips at a vertiginous £3.50. "We did the pound menu for the month before Christmas," says the owner, Charlotte Boyle. "Everything was doom and gloom, and I thought we had to address the situation. This was a way of protecting staff's jobs a wee bit, keeping their morale going, and targeting a market that is going through a difficult time financially." Boyle plans to relaunch the £1 menu this month, but says it's not feasible to offer everything at that price. "We couldn't keep it going at a pound ... in any case, it loses its momentum. You have to keep reinventing things." I do, though, manage to eat - for a £1 - the pub's signature dish, of stovies and oatcakes, which is still on at that price. The person serving me doesn't know what stovies are, but Boyle enlightens me. "Stovies are leftovers. That one's got corned beef, potatoes and onions in it, but you can really make stovies out of anything. Historically, it's poor man's fodder." History, of course, has caught up with us. What else you can buy for a quid • A pint of Greene King IPA or bottle of San Miguel at Wetherspoon pubs (99p) • A 750ml bottle of Duchy Selections Royal Deeside sparkling mineral water (99p) • Kellogg's Crunchy Nut Cornflakes, at Asda • One Lotto ticket • A computer mouse from Poundland • 0.23ml of La Prairie Skin Caviar Luxe Cream (priced at £215.31 for 50ml at Harrods) • Single bus fare in London, with an Oyster card Food & drink industry Restaurants Food & drink Credit crunch Recession Consumer affairs guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Manufacturers feel squeeze in Britain, U... Manufacturers feel squeeze in Britain, US and eurozone
01/02/2009
The new year started badly for firms in Britain and around the world as a clutch of surveys showed manufacturing sectors in many countries ended 2008 in a deep recession. A global manufacturing index that averages data from 20 major economies fell to an all-time low in December - pointing to a global recession. In Britain, manufacturing activity in December remained close to November's all-time low, according to the Chartered Institute of Purchasing and Supply. The British PMI index compiled by JP Morgan rose marginally to 34.9 last month from 34.5 in November, which was the lowest in the survey's 17-year history. The new number represents the eighth consecutive month of contraction. Any number below 50 shows a fall in output and the index spent most of 2008 below that level, representing the worst full year since the survey began in January 1992. New orders plummeted while employment intentions tumbled to their worst in the survey's history. The news gave a further knock to the pound, which fell below $1.44 at one point and below €1.03. The yield on two-year government bonds, or gilts, fell below 1% for the first time on record. The market falls also reflected a belief that the Bank of England will cut interest rates again next week, to an all-time low below 2%. "The second half of 2008 has been a nightmare for UK manufacturers, and December PMI 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, which carries out the survey. "Production, new orders and employment are still dropping at or near to survey-record rates as the ongoing crises in the autos, construction, financial and retail markets are all draining demand." Economists said the employment index was a big concern. Matthew Sharratt at Bank of America said: "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 - now 16 members strong with the entry of Slovakia on Thursday - manufacturing shrank for the seventh month running in December and at its sharpest rate since the PMI began 11 years ago. The index was revised down to 33.9 in December from the initial estimate of 34.5. In contrast to British firms, eurozone manufacturers are being hobbled by the strength of the euro, making their goods less competitive in overseas markets. An example of how badly firms are faring came yesterday from figures showing that car sales in Spain had plunged by 50% in December from a year earlier. The European Central Bank is also expected to cut interest rates again in the week after next, from 2.5%. A survey of US manufacturing output fell to a 28-year low in December. The Institute for Supply Management said yesterday its index of national factory activity fell to 32.4 - the lowest since 1980. The ISM's jobs gauge also hit the lowest since 1982 while new orders hit a 50-year low and prices were the weakest since 1949. Economists at Capital Economics said the figures pointed to a 3% contraction in US gross domestic product and bigger job losses in December than November's fall of 533,000 - the worst since 1974. Manufacturing sector US economy Economics Credit crunch Europe Global economy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Banks defy Brown call to free up credit Banks defy Brown call to free up credit
01/02/2009
Britain's banks are defying the government by starving businesses and households of loans and warning that credit will become even scarcer in the first three months of this year. A Bank of England survey found that in spite of Gordon Brown's call for more loans, lenders had further reduced the amount of credit available in the last three months of 2008 and warned that they planned to continue to pare back. Banks and building societies are being deterred from lending by the worsening economic outlook and the fall in house prices and other assets against which loans are secured. The dire picture painted by the quarterly survey was reinforced by separate data yesterday showing a record low for new mortgages being granted and figures from Halifax, the UK's biggest mortgage lender, that showed house prices in December were down 16% on a year earlier. Labour backbench MPs seized on the figures to put more pressure on Brown and Alistair Darling to take action to kick-start lending in the face of what economists warn could be a deep and painful recession. Interest rates are already at a 58-year low and are expected to fall even further from their current 2% after Thursday's meeting of the Bank's monetary policy committee. Despite a £37bn bail-out package to buy shares in Royal Bank of Scotland and the soon-to-be-merged Lloyds TSB and HBOS, there are concerns that lenders are not heeding government demands to keep competitively priced loans available. The government insisted it would "take whatever action is necessary to ensure the availability of new lending". Options presented to the Treasury are thought to include injecting more cash into the economy and buying banks' "toxic" assets. "As the chancellor has said, he is prepared to look at further measures to make it more likely that banks will lend, but banks have to understand that with billions of pounds of taxpayers' money invested, or being made available as a guarantee, the public and businesses are looking for something in return," a Treasury spokesman said. Major banks claimed that they were heeding the government's demands to maintain lending. They put the blame on the departure of Icelandic and Irish banks from the market for the reduction in credit reported by the Bank of England. "The banks and Nationwide are approving one-third more loans as 12 months earlier but specialist lenders and small building societies have virtually disappeared from the market," the British Bankers' Association said. That is unlikely to ease pressure on Brown from his own backbenchers. Nick Raynsford, who represents the views of many moderate Labour MPs, called on Brown to give "a touch on the tiller towards more prudent lending in the new year". John McFall, Labour chairman of the Commons Treasury committee, said: "While I can see that individual banks might think it prudent to cut back on lending, it would be collective madness for their country if they all decide to do this." The chief executives of the banks are expected to be called before the committee in February to face further questioning on why they have taken so little action to help business and creditworthy individuals. The Conservative leadership blamed the prime minister yesterday for the figures, saying they proved government action had failed. Banking Banks and building societies Economic policy Recession Credit crunch Mortgage lending figures Personal loans Savings Alistair Darling Gordon Brown House prices Housing market Mortgages guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Small business: Freeze on credit condemn... Small business: Freeze on credit condemns start-ups to despair
01/02/2009
Late last year, Dot Net Solutions, a small business in Windsor, applied for a £100,000 loan at Barclays bank through the government's small firms loan guarantee scheme. It was turned down, as it had been when the firm applied to NatWest, Lloyds TSB and RBS before it. Under the scheme, designed to help lending to young firms, the government would have guaranteed three-quarters of the loan, leaving just £25,000 at risk. Dan Scarfe, who set up the firm with his brother four years ago, said: "The bank said it had refused the loan because we couldn't offer any security for the 25% not covered by the government. They are just not interested in taking any more risk ... there is no one you can appeal to. The banks are judge and jury." Lloyds has also cut lending against invoices at Dot Net, hurting cashflow. For many small firms, the contraction in lending in the fourth quarter disclosed by the Bank of England yesterday, despite the government urging banks to keep the taps open, was not a surprise. Another entrepreneur, who runs a golfing holiday business, said he faced disaster after being turned down for a £200,000 loan through the government scheme. The businessman, who asked not to be named, has run the company for six years, and started it with £50,000 from remortgaging his house. Turnover has hit £1m, but last year, as the pound sank in value against the euro, he lost £150,000. He approached his bank, Barclays, for the loan in November. "They wrote to me and said the government scheme was not allowed to cover existing debt. We are a young company and can't absorb those losses." He fears that without the loan, his balance sheet will not be robust enough to qualify for an Abta bond, leaving consumers unprotected and ruining the firm. He also complained at the rise in interest rates on the firm's £37,000 overdraft facility. Three years ago, it was 4.5% above the base rate but has risen to 11% above the base rate, only recently dropping down again to 9%. His interest bill in the most recent quarter was £1,100. He has since widened his search and made contact with both Lloyds and NatWest, as well as approaching business "angels". In November's pre-budget report, the government announced a package of measures for small businesses, including a £1bn finance scheme for otherwise solid companies struggling to raise working capital in the credit squeeze. Alistair Darling also said that seven UK banks had applied for £1bn of £4bn made available by the European Investment Bank for loans to smaller firms. It is also making £50m available as equity investments in small firms. But each of the small firm owners complained that there was scant detail available about any of the schemes. At the time of the pre-budget report, the Guardian interviewed Stephen Peters, who had opened two bike shops in the summer and was worrying how he would pay the bills. The situation has since got worse, after a poor Christmas. He is looking to raise £80,000 to help cashflow and absorb some of the losses he has taken as the market has slumped, in the hope of reaching the spring, when he hopes business will start to improve. "Things have deteriorated," he said. "You can't get any kind of money for a retail business. We are in the part of the market that is strategically well placed ... but the banks are just not interested." His problems have been made worse by suppliers now refusing credit. "The banks are upping the ante, they want guarantees of fixed assets, houses - they won't take any kind of risk." He has been given an overdraft of just £2,000. He raised an original £25,000 from HSBC with a personal guarantee but without the additional £80,000 loan, he will have to close the business, he said. HSBC announced a £1bn fund last month to invest in small firms in Britain but Peters' bank said lending criteria had not changed. "It is all rhetoric ... I am not very hopeful," he said. The Federation of Small Businesses partly blamed a generation of bank branch managers who had never been through a downturn and, out of fear, were bringing down the shutters. It said many businesses feared going to their bank for further cash, in case it raised alarms and only made matters worse. Small business Banking Borrowing & debt 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)

• Business news in brief Business news in brief
01/02/2009
More news from the business sector (15 h ago)

• FSA short-selling ban renewal FSA short-selling ban renewal
01/02/2009
The Financial Services Authority is in the final stages of a review of the ban on short selling introduced to protect HBOS at the height of last year's financial crisis. The City regulator is expected to announce next week whether it will heed calls from politicians to extend the ban, which prevents traders making profits from a fall in a company's share price. The ban applies to about 30 financial stocks and is due to end on 16 January – just as the rescue takeover of HBOS by Lloyds TSB is scheduled to be completed. The emergency rules rushed by in the FSA required speculators to close down their short positions in shares within 24 hours or have their names made public. Only a handful of hedge funds disclosed their positions, notably one run by John Paulson in the US, who took out a near-£1bn bet that share prices in British banks would fall heavily. Short sellers borrow shares they do not own and sell them in the hope of making a profit by buying them back more cheaply when the time comes to return them to their rightful owners. Despite the ban on short selling, the share prices of banks and other financial institutions continued to fall last year and academic research published at the end of December insisted there was no strong evidence that the emergency restrictions had changed the way share prices moved. The research, by Professor Ian Marsh and Norman Niemer of Cass Business School in London, was commissioned by the International Securities Lending Association, the Alternative Investment Management Association and the London Investment Banking Association and was used as the basis for their argument that there is no case for continuing a ban on short selling. The organisations, which represent stock lenders, hedge funds and investment banks respectively, insist there is no evidence that preventing short selling has reduced share price volatility or limited share price falls. The view is not shared by some politicians and businessmen. John McFall, chairman of the Treasury select committee, has called for the ban to be continued, as has Vince Cable, the Liberal Democrat Treasury spokesman, who believes it should remain – but only for bank shares, rather than the wider range of financial institutions covered by the restrictions. HBOS executives have been careful not to accuse short sellers of forcing down the bank's shares. The FSA conducted an investigation into market manipulation in March after a 17% fall in the price of HBOS but failed to find evidence that anyone had deliberately spread false rumours to drive down the price and help traders with short positions reap profits. Shortly afterwards, Lord Stevenson, HBOS's soon-to-depart chairman, commented on the difficulty of proving such manipulation. He said: "We need to be able to stop this modern form of bank robbery." Short-selling HBOS guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (21 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 96p 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 at $1.4479. "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 (1 d ago)

• GREENBRIER COULD RESORT TO A SALE GREENBRIER COULD RESORT TO A SALE
01/02/2009
CSX Corp., the third-largest US railroad, said it's reviewing options for its Greenbrier resort because of a $35 million loss for the facility last year and declining demand for such services. Goldman, Sachs & Co. was hired as a financial adviser... (9 h ago)

• FORD SALES STALL, OFF 35% FORD SALES STALL, OFF 35%
01/02/2009
Ford Motor Co. said US auto sales industrywide fell 35 percent to 40 percent last month, meaning total purchases of cars and light trucks for 2008 will be about 13.2 million units, the lowest since 1992. Automakers are trying to sell vehicles in... (9 h ago)

• $1.3B INDYMAC DEAL IS REACHED $1.3B INDYMAC DEAL IS REACHED
01/02/2009
A group including Steven Mnuchin of Dune Capital Management LP and firms run by hedge-fund manager John Paulson and J. Christopher Flowers agreed to acquire IndyMac Bank from the US and inject $1.3 billion in cash into the failed lender, the... (9 h ago)

• GREEN GETS MEAN: SUES LEHMAN OVER DEAL GREEN GETS MEAN: SUES LEHMAN OVER DEAL
01/02/2009
Manhattan's largest commercial landlord is suing Lehman Brothers, accusing the bankrupt investment bank of refusing to pony up almost $26 million as part of a loan agreement struck in 2007. In a suit filed late last month in Manhattan federal... (9 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/02/2009
Chrysler loan Chrysler LLC received $4 billion in an initial loan from the Treasury to help stave off a col lapse that could worsen a recession. Chrysler might have run out of operating cash by the middle of the month without the aid. JPM leads... (9 h ago)

• '09 FASHION VICTIM '09 FASHION VICTIM
01/02/2009
So much for Kira Plastinina's US invasion. The 16-year-old Russian fashion designer - who opened a dozen stores in the US last year in an $80 million expansion bankrolled by her oligarch father - is set to liquidate all of them and retreat from... (9 h ago)

• WALL STREET ENJOYS UPBEAT START TO 2009 WALL STREET ENJOYS UPBEAT START TO 2009
01/02/2009
Wall Street started the new year with a big rally Friday, as investors, brushing aside a disappointing report on manufacturing, sent the Dow Jones industrials up more than 250 points and to their first close above 9,000 in two months. All the... (17 h ago)

• FORECASTING FEAR FORECASTING FEAR
01/01/2009
When it comes to the annual Wall Street guessing game, even the market's best predictors aren't making any bets about 2009. Indeed, after many of Wall Street's best and brightest got 2008 so terribly wrong, few are willing to risk their good... (1 d ago)

• AFTER A HORRIBLE 2008, THE AWARD GOES TO... AFTER A HORRIBLE 2008, THE AWARD GOES TO. . .
01/01/2009
WHAT a long, strange year it was. Office buildings worth $1,500 a foot on Jan. 1, 2008, might be worth less than half of that now - and that's assuming a buyer would be willing to pay that amount, and could even get financing. Hedge funds... (1 d ago)

• BOFA, WELLS MERGERS TRANSFORM BANKING BOFA, WELLS MERGERS TRANSFORM BANKING
01/01/2009
Bank of America Corp. completed its purchase of Merrill Lynch & Co. and Wells Fargo & Co. finished buying Wachovia Corp., the latest sea changes in a transformed banking industry facing dire economic times ahead. The Merrill takeover was... (1 d ago)

• The biggest CEO firings of 2008 The biggest CEO firings of 2008
01/02/2009
The bloodletting in the c-suite started in 2007. It still hasn't stopped. (17 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. (2 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. (2 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. (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. (3 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. (3 d ago)

• Credit Card Companies Willing to Deal Ov... Credit Card Companies Willing to Deal Over Debt
01/02/2009
Credit card companies are rushing to settle even if that means forgiving a portion of some borrowers’ debts. (10 h ago)

• Shortcuts: Coping Skills and Horrible Im... Shortcuts: Coping Skills and Horrible Imaginings
01/02/2009
Researchers have found that uncertainty about things such as job security can sometimes take a greater toll than bad news. (10 h ago)

• Market Values: Looking Ahead for Good In... Market Values: Looking Ahead for Good Investment Opportunities
01/02/2009
The United States may not need the rest of the world to get a recovery started and keep it going. (10 h ago)

• The Debt Trap: Colleges Profit as Banks ... The Debt Trap: Colleges Profit as Banks Market Credit Cards to Students
01/02/2009
As concern about student debt rises, promotional relationships between schools and banks have sounded alarm bells. (20 h ago)

• Wealth Matters: Estate Planning Is More ... Wealth Matters: Estate Planning Is More Than Avoiding Taxes
01/02/2009
J.P. Morgan Private Bank has devised a program to detect liquidity deficits, the naming of wrong heirs and other common oversights in estate planning. (1 d ago)

• 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. (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. (2 d ago)

• Desperate Retailers Try Frantic Discount... Desperate Retailers Try Frantic Discounts and Giveaways
01/02/2009
An era of desperation marketing is at hand as retailers adopt virtually any tactic that might grab the attention of frightened consumers. (10 h 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 d ago)

• More bailouts on the way More bailouts on the way
01/03/2009
Citigroup was just the beginning. The US Treasury has announced that it will use more Citi-style rescue packages to help financial institutions in deep trouble.The nation's top number crunchers... (6 h 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... (8 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... (8 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... (2 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... (2 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... (2 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... (2 d ago)

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out of control
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The poor thing! Once so high and mighty and far ab...
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It always amazed me how eagerly people flocked to ...
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• Life inside a private equity firm Life inside a private equity firm
01/02/2009
Jobs with private equity firms are highly coveted positions in finance. But getting inside their secretive world can be difficult for outsiders. Amy Scott takes us inside with a woman who claims to be a part of it. (22 h ago)

• Reconsidering regulation Reconsidering regulation
01/02/2009
Several factors contributed to the 2008 financial meltdown, but one of the main culprits may have been regulation, or lack thereof. Kai Ryssdal speaks with Steve Henn about the deregulatory trend and the push for more regulation that is expected to come. (22 h ago)

• Weekly Wrap: Good things from crisis? Weekly Wrap: Good things from crisis?
01/02/2009
Kai Ryssdal asks Andy Brooks of T. Rowe Price and Felix Salmon of Portfolio magazine whether there have been some good things from the 2008 financial crisis, and how long it might take to see some benefits from them. (22 h ago)

• Spelling out those financial acronyms Spelling out those financial acronyms
01/02/2009
Ever notice that there are a lot of acronyms involved in finance and business? TARP. FDIC. LIBOR. Well, there's a good reason for them. Kai Ryssdal speaks with author and blogger Leslie Savan about the financial alphabet soup. (22 h ago)

• 'Buy American' could be in stimulus 'Buy American' could be in stimulus
01/02/2009
The slumping U.S. steel industry is likely to be a major beneficiary of Barack Obama's stimulus plan, which focuses on improving infrastructure. Some in the industry even want a "buy American" clause in the bill. Jeremy Hobson reports. (22 h ago)

• GOP vows to stand up to stimulus plan GOP vows to stand up to stimulus plan
01/02/2009
President-elect Barack Obama's stimulus plan could cost nearly $800 billion. Some Republicans worry that money could be wasted on pork barrel projects and say it's time to curb spending. But is their call for fiscal conservatism coming at the right time? Nancy Marshall Genzer reports. (22 h ago)

• Corporate Darwinism: Only strong survive Corporate Darwinism: Only strong survive
01/02/2009
Economic cycles are Darwinian, picking off weak companies and leaving survivors stronger. Corporate survivors, however, should benefit as competitors disappear. But it won't be easy. (20 h ago)

• When blogs make little sense When blogs make little sense
01/02/2009
Your Biz blog: In a blog post looking back at 2008, I’ve decided to republish some of the best, most thoughtful comments I’ve received over the past year. (1 d 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. (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. (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... (1 d ago)

• A Tranquil End to a Vicious Year A Tranquil End to a Vicious Year
12/31/2008
NEW YORK, Dec. 31 -- The last trading day of 2008 provided a merciful end to an abysmal year -- the worst since the Great Depression, wiping out $6.9 trillion -- six years of gains -- in U.S. stock market wealth. (2 d ago)

• A Surge in Bicyclists Appears to Be Wait... A Surge in Bicyclists Appears to Be Waiting
12/31/2008
A run on bicycles during the summer raised hopes among bike store owners, but sales have leveled off since then. (2 d ago)

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