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Business News
for 01/05/2009

(last updated 7:30am EST 01/05/2009)

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• Hong Kong stocks end sharply higher Hong Kong stocks end sharply higher
01/05/2009
Hong Kong stocks surged 520.5 points, or 3.46 percent, to close at 15,563.31 on Monday, boosted by strong rally of companies registered in the Chinese mainland. The benchmark Hang Seng Index rose 306.52 points, or 2.04 percent, to open at 15,349.33 and was lifted by huge gains of energy and telecommunications companies to close at the day's highest 15,563.31 after touching the intra-day low 15,128.32 in the morning session. Turnover jumped to 49.42 billion HK dollars (6.38 billi ... (3 h ago)

• Growth in China's auto import, export to... Growth in China's auto import, export to slow further down
01/05/2009
Shrinking demand at home and abroad will drive China's import and export of motor vehicles further down as the impact from the financial crisis lingers, the General Administration of Customs said Monday. In the first 11 months of 2008, China bought 373,000 motor vehicles from abroad, a growth of 35.6 percent on the same period of 2007. The arrivals were valued at 13.87 billion U.S. dollars, up 45 percent, the customs administration said. But the auto arrivals were 33,000 units in ... (3 h ago)

• Growth of China's energy imports slows i... Growth of China's energy imports slows in Jan.-Nov. 2008 but value soars
01/05/2009
China imported 240 million tonnes of major energy commodities (oil, refined products, natural gas and coal) in the first 11 months of 2008, up 3.7 percent year-on-year, according to a report released on Sunday by the General Administration of Customs. The growth rate was 9.7 percentage points below the year-earlier level. These imports were valued at 158.6 billion U.S. dollars, up 74 percent, and they accounted for 14.9 percent of total imports for the 11 months. High wor ... (3 h ago)

• China's external trade estimated to grow... China's external trade estimated to grow 18% in 2008
01/05/2009
China's foreign trade probably reached 2.55 trillion U.S. dollars last year, up 18 percent from 2007, according to an analysis released on Sunday by the General Administration of Customs. The trade surplus was about 290 billion U.S. dollars, it said. In the first 11 months of 2008, external trade was 2.38 trillion U.S. dollars, up 20.9 percent year-on-year. The growth rate was 2.6 percentage points below the year-earlier level. The 11-month trade surplus was 255.95 billio ... (3 h ago)

• Rising stocks, dim export: economists po... Rising stocks, dim export: economists post new year outlook for China's economy
01/05/2009
Chinese shares rose on new year's first trading day, raising people's expectations about the country's economy. Xinhua has collected experts' views on much-talked-about economic topics here Monday. The domestic stock market is expected to rebound in 2009 after Waterloo-like condition last year. The benchmark Shanghai Composite Index tumbled to around 2,000 points by December from its peak at 6,124 in 2007. Jin Bosong, economist with the Ministry of Commerce (MOC), said market per ... (3 h ago)

• Chinese share prices up more than 3 perc... Chinese share prices up more than 3 percent
01/05/2009
Chinese shares soared more than 3 percent in the first trading day of the new year, upon rises on peripheral markets and expectations for positive effect of the government's macroeconomic control efforts. The benchmark Shanghai Composite Index gained 59.84 points, or 3.29 percent, to 1,880.72. The Shenzhen Component Index rose 149.37 points, or 2.30 percent, to 6,634.88. Combined turnover was 70.675 billion yuan (10.33 billion U.S. dollars), much higher than the 55 billion yuan f ... (7 h ago)

• Chinese economists predict hard times, e... Chinese economists predict hard times, economic upturn in 2009
01/05/2009
Unemployment driven by the global financial crisis could cause social unrest in China, although the economy looks set to reach its annual growth target of 8 percent, according to a survey of leading Chinese economists. Han Kang, vice-president of the National School of Administration in Beijing, warned that rising unemployment, particularly among university graduates and migrant rural workers could lead to unrest unless it was tackled urgently. Han was one of 13 leading economist ... (7 h ago)

• Drop range of China's A-share ranks 13th... Drop range of China's A-share ranks 13th in the world
01/05/2009
Statistics shows that a total of 32 stock markets suffered over 50% in losses in 2008, 17 of which lost their accumulated growth from the previous five years. The Shanghai Composite Index ranked 13th amongst them with a fall of 65.39%. After a year-long adjusting period, the valuation indicators of A-shares reaches the standard of indicators in the global major stock markets. Data from cnyes.com on January 1, 2008 showed that only the Ghana and Tunisia stock markets rose in 2008 among th ... (7 h ago)

• BOC offers high-end wealth management se... BOC offers high-end wealth management services
01/05/2009
Recently, the Bank of China (BOC) began to offer a high-end brand product in personal financial services-- "BOC Fortune Management". It will provide individual customers whose personal financial assets are valued at more than 2 million yuan with consulting services and portfolio management services. The range of portfolio products will include financial products such as trusts, securities and derivatives. The first 50 service networks for "BOC Fortune Management" will start operating o ... (7 h ago)

• China UnionPay introduces tax refund for... China UnionPay introduces tax refund for purchases abroad
01/05/2009
China UnionPay (CUP) recently formally introduced tax refund service for the goods purchased outside China by CUP standard cardholders. Today when CUP standard cardholders make purchases in over 250,000 shops around the world bearing the Global Refund Group's sign---"Tax Free Shopping", through a corresponding tax refund process, they will receive excises reimbursed to their CUP standard cards. This tax refund service is jointly launched by CUP and the Global Refund Group. &$ &$By Peo ... (7 h ago)

• Insurance premiums rise against odds Insurance premiums rise against odds
01/04/2009
Although the international economic environment has suffered from a sharp downturn and difficulties in the domestic economy have increased notably since the beginning of 2008, the insurance industry has generally maintained a relatively good development momentum, said Wu Dingfu, Chairman of the China Insurance Regulatory Commission (CIRC) at a national insurance work conference recently held in Beijing. By the end of November 2008, the total income from insurance premiums throughout the count ... (9 h ago)

• Yuan slips against dollar on first tradi... Yuan slips against dollar on first trading day of 2009
01/04/2009
China's currency, the yuan, weakened slightly against the U.S. dollar on Monday, the first trading day of 2009, according to the People's Bank of China, the country's central bank. The central parity rate of the yuan was 6.8367 yuan to the U.S. dollar, down 0.0021 yuan from Dec. 31. Meanwhile, the yuan edged up to 9.5382 against the euro from 9.659 yuan. The central parity rate is allowed to fluctuate within a band of 0.5 percent on either side of the mid-point. &$< ... (12 h ago)

• Chinese shares rise on 1st trading day o... Chinese shares rise on 1st trading day of 2009
01/04/2009
Chinese shares opened higher on the first trading day of 2009, with the benchmark Shanghai Composite Index, which covers both A and B shares, gaining 1.55 percent to 1,849.02 at the opening. The smaller Shenzhen index was up 1.11 percent to open at 6,557.42 points. &$ &$Source:Xinhua&$ &$ ... (12 h ago)

• Chinese banks expand house loan preferen... Chinese banks expand house loan preferences to cut debtor burden
01/04/2009
Major Chinese lenders are expanding a preferential policy on house loan interests to cut the burden of the country's home buyers hit by the spreading financial crisis. For individuals who bought houses on mortgage lending before Oct. 27, 2008 and have not paid off the loans, their credit interest rates could be reduced to 70 percent of the benchmark rate from the previous 85 percent, customer service staff of several banks told Xinhua on Sunday. The discount will be available for ... (13 h ago)

• Jaguar recalls 87 sedans in China for wa... Jaguar recalls 87 sedans in China for warning system flaws
01/04/2009
British luxury saloon maker Jaguar will recall 87 sedans in China over warning system flaws, said China's quality supervisor here Sunday. The speakers on the Jaguar XF units may cease operation and fail to voice warnings like signals indicating turns and seat belt conditions, said the General Administration of Quality Supervision, Inspection and Quarantine (GAQSIQ) in a notice. The company is recalling a total of 3,754 XF units worldwide for the same problem. The recall in China ... (13 h ago)

• Counterfeit money bills surge in Canada ... Counterfeit money bills surge in Canada
01/04/2009
There was a new surge in counterfeit banknotes last year in Canada, after the country experienced a sharp, five-year rise in currency counterfeiting starting in 2002,the Bank of Canada has found. A flood of fake 20 and 100 Canadian dollar bills pushed the value of successfully tendered counterfeit bills to at least 5 million Canadian dollars (4 million U.S. dollars) by Sept. 30, the bank said in an internal report. The figure is 50 percent higher than the 3.3 million Canadian dol ... (14 h ago)

• Nikkei rises 2.4% to above 9,000 level Nikkei rises 2.4% to above 9,000 level
01/04/2009
Tokyo stocks opened higher Monday with the key Nikkei index jumping 2.40 percent to above the 9,000 line for the first time in nearly two months. The benchmark Nikkei 225 Average was up 212.76 points to 9,072.32 at around 9:05 a.m. Monday is the first trading day of 2009 in Japan as financial markets were closed for the New Year's holidays. &$ &$Source: Xinhua&$ &$ ... (14 h ago)

• Cambodia to strengthen disclosure rules ... Cambodia to strengthen disclosure rules for banks
01/04/2009
The National Bank of Cambodia (NBC) will carry out more reforms to strengthen the disclosure rules for banks for the sake of financial safety, national media said on Monday. "The next areas of reform will encompass enhancing corporate governance and disclosure rules for banks," said NBC governor Chea Chanto in an interview published by English-language daily newspaper the Phnom Penh Post. Concrete steps will include improvement of credit information sharing system and establishm ... (14 h ago)

• Oil prices hover above $46 a barrel Oil prices hover above $46 a barrel
01/05/2009
Evidence that OPEC cutbacks were taking hold helped support oil prices above $46 a barrel Monday, with crude also getting support from new unrest in oil-rich Nigeria. (3 h ago)

• SEC to be questioned about Madoff scanda... SEC to be questioned about Madoff scandal
01/05/2009
On Monday, a House panel will look into how Bernard Madoff continued to operate his alleged investment fraud without an agency investigation. (3 h ago)

• Europe stocks mixed amid Asia gains Europe stocks mixed amid Asia gains
01/05/2009
European stock markets were mixed Monday despite hefty gains earlier in Asia as traders took profits on gains built up over the Christmas and New Year's holidays. (4 h ago)

• Stock markets open Monday at two-month h... Stock markets open Monday at two-month high
01/04/2009
Wall Street will open for trading Monday at a two-month high as investors have grown more optimistic that the worst of the market's rout might be over. (15 h ago)

• Cadillac unveils new SRX before Detroit ... Cadillac unveils new SRX before Detroit show
01/04/2009
General Motors Corp. is counting on the 2010 Cadillac SRX crossover vehicle to lure luxury car buyers with new design and performance features. (16 h ago)

• Key Democrat: No stimulus by inauguratio... Key Democrat: No stimulus by inauguration
01/04/2009
Congressional Democrats said Sunday that President-elect Barack Obama probably will have to wait until next month before getting the chance to sign an economic aid bill. (17 h ago)

• Retirees no longer count on home equity Retirees no longer count on home equity
01/04/2009
Many Americans have recently found themselves changing retirement plans after losing a substantial amount of home equity as the housing market and the overall U.S. economy struggle. (21 h ago)

• Workers forced to take unpaid vacations Workers forced to take unpaid vacations
01/04/2009
Here's the vacation no one wants, courtesy of the recession: Forced time off without pay. (21 h ago)

• Foreigners stressed as unemployment rise... Foreigners stressed as unemployment rises
01/04/2009
Laid-off foreign workers are scrambling for temporary visas and seeking advice from immigration attorneys about how long they can stay in the country while hunting for jobs. (21 h ago)

• Rainbow Room to close grill, citing econ... Rainbow Room to close grill, citing economy
01/03/2009
The recession has reached the ritzy Rainbow Room, the special-occasion spot that overlooks midtown Manhattan from high above the tourist-attracting Rockefeller Center skating rink. (1 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 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. (3 d ago)

• Gordon Brown attacks Tories' 'do nothin... Gordon Brown attacks Tories' 'do nothing' economic policies
01/05/2009
Gordon Brown renewed his attack on the Conservatives today by claiming that their "do nothing" approach to the economy would be "socially divisive". Addressing a meeting of the regional economic council, the prime minister said the government would do everything it could to help those losing their jobs find work. And he also promised that the measures taken to rescue the banking system, which he dubbed "stage one", would be followed "in stage two by further measures to ensure that the banking system gives support to businesses large and small to keep the economy moving forward". Brown made his comments about 90 minutes before David Cameron delivered his own speech on the economy. With the new year holiday period over and the recession dominating political debate at Westminster, Brown and Cameron are both determined to show that they are winning the economic argument. In a clear reference to the Tories, Brown said: "Some would argue that the recession should take its course and fiscal action is counter-productive. "I have to say that when markets fail, the government has a responsibility to act. And when monetary policy comes near to reaching its limits of effectiveness, fiscal action – rejected by our opponents – is essential. "And it can be most effective when inflation is low and it cannot be said to be crowding out our other investment. "So a do nothing approach offering no real help now not only leaves people on their own without support and is socially divisive, but is also economically mistaken." At the meeting, which was also attended by the chancellor, Alistair Darling, and the business secretary, Lord Mandelson, Brown said the government would be making a series of announcements on generating thousands of "green jobs", boosting the digital industry and bringing forward investment plans. "The countries, I believe, that continue to invest for the future through the downturn will be the countries that emerge strongest in the future." Gordon Brown David Cameron Economic policy Banking guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Demise of Waterford a 'national disaster... Demise of Waterford a 'national disaster' for Ireland
01/05/2009
The end of Waterford Crystal is a "national disaster" for Ireland, the mayor of the south-eastern Irish city said today. Jack Walsh, Waterford's mayor, said the announcement that the company had collapsed had implications across the Republic. "Waterford Crystal is a huge national brand and its importance goes beyond even the manufacturing plant in Waterford. It is not just the workers at Waterford Crystal that are affected by this. Nationally, it's the whole hospitality industry as well," he said. Walsh claimed the end of Waterford Crystal in Ireland would have a negative impact on Irish tourism as well as adding to the Republic's rising unemployment. More than 300,000 tourists visit Waterford every year, with the crystal factory being one of the city's biggest attractions for foreign visitors, he said. "Waterford Crystal is one of only a handful of iconic Irish brands and the gallery and the visitor centre at Kilbarry are among the most popular visitor attractions in the country. Given this, it is of major strategic importance that this company not be allowed to slip in to oblivion." The mayor called on the Irish state to intervene and help shore up the company and the brand. Unite, the trade union that represents workers at the Waterford plant, said this morning's announcement was "devastating". Jimmy Kelly, Unite's regional general secretary for south-east Ireland, also called for Irish government intervention to keep Waterford crystal production in the country. "Certainly, the brand is obviously one that has been built up since practically the foundation of the state and we see that as something that should be protected for the future to maintain as many jobs as possible in Waterford," he said. Unions are seeking an urgent meeting with the management at the Waterford plant later today. Waterford Wedgwood Ireland Retail industry Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• UK construction activity hits new low UK construction activity hits new low
01/05/2009
The misery in Britain's construction industry has deepened, with activity shrinking at the fastest rate since records began more than a decade ago. Falling house prices and a shortage of credit have taken their toll on the construction sector . The construction index compiled by the Chartered Institute of Purchasing & Supply and Markit fell to 29.3 in December from 31.8 the previous month. It is the 10th consecutive month the purchasing managers index (PMI) has fallen below 50 – the level marking contraction – and the lowest level since the series began in 1997. Roy Ayliffe, director at CIPS, said: "Further falls in global demand resulted in the most severe retrenchment in the PMI's 11-year history. Once again, the housing sector bore the brunt of the crisis as purchasing managers reported significant reductions in new business." The housing market continues to worsen, with the average price of a home in Britain now down a record 16.2% from a year ago, according to Halifax, and the number of new mortgages approved has hit a fresh record low. The Bank of England is expected to cut rates by at least half a percentage point on Thursday, having slashed them by three percentage points since October to 2%, their lowest level in half a century. Construction industry House prices Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Tackling the recession: how the parties'... Tackling the recession: how the parties' policies compare
01/05/2009
Labour Gordon Brown has put his faith in "fiscal activism", unprecedented government intervention partly inspired by Franklin Roosevelt's New Deal in the 1930s. Two key features of this were announced last year - a £500bn bank rescue plan and a £21bn package of tax cuts and spending increases in the pre-budget report, of which the main measure was a VAT cut costing £12.4bn. Brown has said that his spending splurge will create 100,000 jobs. But he has not ruled out going further and ministers are considering additional interventions, including further recapitalisation of the banks and a scheme to guarantee bank lending. Conservatives David Cameron has focused on the level of debt as the key economic problem and he has advocated a strategy of "monetary activism" to get government borrowing down, which involves opposing the cut in VAT and proposing curbs on government spending. He has also advocated spending £2.6bn cutting national insurance for firms that hire workers who have been unemployed for more than three months, which he says will create up to 350,000 new jobs, various tax breaks for small businesses, a £50bn national loan guarantee scheme that would use government money to underwrite bank loans to businesses and more investment in green industries. Liberal Democrats Nick Clegg believes the Lib Dem proposal for income tax to be cut by the equivalent of 4p in the pound would help millions of families who are struggling with the recession. In addition, the Lib Dems have also focused on two specific areas where the recession is causing problems: they want to force energy companies to cut fuel bills and change their pricing strategies so that poor customers pay less; and, to cut the number of house repossessions, they want banks to do more to help customers who cannot pay their mortgages. Economic policy Tax and spending David Cameron Gordon Brown Nick Clegg Credit crunch Recession Banks and building societies Banking guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Waterford Wedgwood: 250 years of history Waterford Wedgwood: 250 years of history
01/05/2009
After 250 years of history, glassware and china maker Waterford Wedgwood is calling in the administrators . Wedgwood traces its origins to England in 1759 while Waterford started in Ireland in 1783. The two companies, which are among the world's leading brands of fine crystal and china, merged in 1986. In 1998 the business acquired a controlling stake in German china maker Rosenthal. Headquartered in Dublin, Ireland, Waterford Wedgwood is represented in more than 80 countries and employs around 9,000 people around the world. Wedgwood Wedgwood was founded in 1759 by Josiah Wedgwood , who is now remembered as the "Father of English Potters". He was the youngest of 12 children born in Burslem, Staffordshire, in the heart of the English potteries and serviced his apprenticeship as a potter before setting up his own business. After he manufactured a cream-coloured tea and coffee service for Queen Charlotte, wife of George III, she allowed him to style himself "Potter to Her Majesty" and to call his new cream ware Queen's Ware. Josiah also created Black Basalt, a fine black porcelain, which enabled him to produce copies of the newly excavated Etruscan pottery from Italy. His invention of a new stoneware called Jasper has been described as the most important development in the history of ceramics since the Chinese discovery of porcelain nearly 1,000 years earlier. He employed many notable artists including George Stubbs to design bas-reliefs, often imitating classical Greek motifs. In 1766 he built a new factory in Staffordshire which he called Etruria, as well as a Georgian mansion, Etruria Hall, for his family. The opening of Etruria on 13 June 1769 was celebrated with the throwing of six so-called First Day's Vases. His business partner Thomas Bentley, a Liverpool merchant who sold Wedgwood ceramics, turned the potter's wheel. In 1774 they supplied a 944-piece dinner service, which became known as the frog service because of its green frog emblem , to Empress Catherine II of Russia. After Josiah invented the pyrometer, a device for measuring higher degrees of heat in kilns, he was elected to the Royal Society in 1783. His last major ceramic achievement was the Portland Vase, produced in 1789 - a facsimile of a famous Roman cameo glass vase known as the Barberini. In 1790 he took his three sons John, Josiah II and Thomas, and his nephew Thomas Byerley into partnership, but John and Tom left three years later. The 19th century saw the introduction of the first coloured earthenware and the manufacture of bone china. Wedgwood provided a bone china dinner service ordered by US President Theodore Roosevelt for the White House. During the 1930s, the fifth Josiah Wedgwood decided to built a new, modern factory at Barlaston in Stoke-on-Trent. Production started in the 1940s and has continued at the site ever since. Waterford The company was established in 1783 in the Irish port of Waterford by two brothers, William and George Penrose, who were developers and among the city's main exporters. Their vision was to "create the finest quality crystal for drinking vessels and objects of beauty for the home". They employed 50 to 70 people, led by a fellow Quaker, John Hill from Stourbridge in England. The crystal was delivered to Spain, the West Indies, New York, New England and Newfoundland. But the company failed due to a lack of capital and excessive taxation. In 1947, the business was revived when a small glass factory was set up in Waterford not far from the site of the original. Each piece produced by the company can be recognised by the "Waterford" signature on its base. The Lismore pattern has been the biggest selling pattern of crystal in the world since its introduction in 1952, according to the company. Waterford Wedgwood Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Credit crunch: Gordon Brown doesn't get ... Credit crunch: Gordon Brown doesn't get it, says Cameron
01/05/2009
Tory leader says PM has been wasting taxpayers' money on VAT cut, and should instead set up a national loan guarantee scheme (6 h ago)

• Royal Doulton owner Waterford Wedgwood f... Royal Doulton owner Waterford Wedgwood falls into administration
01/05/2009
The 250-year-old glassware and china maker will fall into administration today after failing to secure £200m of new funding (7 h ago)

• Businesses 'focus on survival' Businesses 'focus on survival'
01/04/2009
Businesses are starting the new year facing huge difficulty in getting credit to keep working as the economy falters, according to a survey published today. The latest quarterly survey of chief financial officers by consultants Deloitte shows that an overwhelming 99% say credit is difficult to obtain, up from 55% a year ago. The figures come in spite of the Bank of England's huge cuts in interest rates in the past three months to 2%, their lowest level for 58 years. The Bank is expected to make another cut this week to an all-time low of 1% or 1.5%. Deloitte's survey also reveals that 95% of finance bosses said credit was expensive, up from 64% a year earlier. Deloitte partner and vice chairman Margaret Ewing said: "Faced with an unprecedented speed of economic downturn in recent months, a further deterioration in credit conditions and exceptional uncertainties, chief financial officers have become significantly more risk averse and many are simply focused on survival for their companies." The survey comes days after the Bank of England's latest credit conditions survey predicted a further reduction in lending to businesses and households during the first three months of this year. More than half of those surveyed by Deloitte, 56%, planned to reduce debt during the coming year; 11% were intending to increase it. Deloitte economist Ian Stewart said: "Tighter credit conditions have brought about a dramatic shift in corporates' attitudes to debt. "A year ago the balance of opinion among CFOs was that the UK sector was under-geared. Today, the view is that corporates have too much debt." Nearly a quarter of CFOs expect to cut dividends to shareholders, to save cash. But firms also see opportunities. Three-quarters of those surveyed said they could seek to boost their market share and buy companies or other assets cheaply. More than a third, 38%, plan to profit from weaker labour markets by taking on more skilled staff, Deloitte said. Small business 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)

• James Meek on adjusting to financially u... James Meek on adjusting to financially unstable times
01/04/2009
James Meek on the strange new world we find ourselves in this year (15 h ago)

• Retraining for car makers, not bail-outs Retraining for car makers, not bail-outs
01/04/2009
Gordon Brown's acknowledgment yesterday that he is studying a move by Japanese car maker Nissan at its Sunderland plant to combine short-time working with government-financed retraining shows that old-style bailouts of car makers are a thing of the past. The government last night confirmed it is working with a host of companies including Honda, Toyota and JCB to improve the retraining on offer to workers put on short time. All three companies announced production cuts over Christmas after a collapse in sales caused by the economic downturn. A spokesman for the Department for Business confirmed that the local regional development agency was working with Nissan in Sunderland. Nissan's plant is the country's largest and also the most productive in Europe. It employs 5,000 workers directly and is estimated to support another 8,000 in the region. Firms are often reluctant to lay off good workers in a downturn for fear of not having them available when the upturn comes. But the government also recognises that improving the skills of workers would help them get other jobs in the event that they are laid off, assuming of course that there are other jobs available. Automotive industry Gordon Brown Economic policy Economics guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Ashley Seager: As we begin a new year, y... Ashley Seager: As we begin a new year, you'd be forgiven for thinking we'd gone back to 1980
01/04/2009
Normally around this time you wish everyone a happy new year and think of reasons to be cheerful. But that is a tough one given that the economy in 2009 is facing its worst year since the second world war. While we are off the map as far as where we are going, we can be confident, unfortunately, that a million people are going to lose their jobs. A million. The economy began to turn down in earnest last year amid collapsing house prices and banks but this year is going to be a whole lot worse as the credit crunch exacerbates and gives way to a deep recession and lengthening dole queues. We are in uncharted territory because we have never had such a credit crisis in the middle of a recession. Usually recessions are caused by a leap in oil prices or a jump in interest rates but this time is not the same at all so we don't know how bad it is going to get. Unemployment rose from 1.6 million to almost 1.9 million between January of last year and October - the latest month for which there is data available. It is likely that when the December figures are released in February, they will show a total of 2 million unemployed. Many experts think that will rise to 3 million in the current recession. After all, it did in the recessions of the early 1990s and 1980s so there is no reason to think that won't happen this time. Friday's manufacturing survey from the CIPS showed employment in the sector falling at its fastest pace in the report's 17-year history. It is anyone's guess how long this recession will last but, given the high levels of household and financial sector debt, it could last longer than usual. We have already had two quarters of contraction - the third quarter of 2007 saw the economy shrink by 0.6% and the fourth quarter will doubtless show an even bigger fall when the first estimate is released this month, confirming what we already know - that we meet at least the technical definition of a recession as two consecutive quarters of contraction. British recessions of the postwar period have typically seen five consecutive quarters of contraction. So, on an optimistic view, we could already be half way through this one. But you shouldn't bet on it. Many economists are pencilling in a contraction of 2-2.5% for 2009 as a whole - twice what the chancellor, Alistair Darling, forecast in November's pre-budget report. There is only one year in the postwar period that can match that - 1980 when the economy shrank by 2.1%. So we could easily be entering the worst year since records began in 1948. And we could well suffer more than five quarters of loss of output, especially with Barclays' chief executive John Varley warning that bank lending may not return to normal for another two years. Free-flowing credit Modern economies - especially Britain's - depend on credit flowing freely through the economy and that is still not happening more than a year after the credit markets froze in August 2007 and a month later brought down Northern Rock. So the question is, what on earth can be done about it? The good thing is that the Bank of England, prompted by monetary policy committee member David Blanchflower, has woken up to how bad things are. Between October and December it cut interest rates sharply to a joint, all-time low of 2% and is almost certain to cut them again this week, probably to 1%. Many analysts, who have also finally woken up to how bad things are, expect rates to be cut to zero or thereabouts in the next couple of months. The Bank and Treasury are also working on non-conventional measures to reflate the economy, known as "quantitative easing". This is born out of a concern that reducing the cost of credit is all well and good but it may not make much difference if that credit is not available. This is likely to involve the purchases of instruments such as government or corporate bonds from domestic holders of those bonds, thereby pouring extra cash into the economy. The Treasury, which is panicking about a so-called "liquidity trap", is leading the way on this new kind of policy, in addition to Darling's tax cuts in the pre-budget report. All of which means that policymakers are throwing the kitchen sink at this recession in order to bring the economy back from the brink. They may also have to take further actions to fully nationalise several banks if lending remains frozen. The budget deficit and national debt are blowing out as Darling risks everything to stop Armageddon. The government may well have to launch a US-style fiscal stimulus worth, say, £100bn to try to prevent a depression. It is already urgently considering measures to stop unemployment going through the roof. There will be a hangover in the future as the deficit and national debt have to be brought back under control but in the short term that is not the issue. One good thing as far as hard-pressed consumers are concerned is the fall in the price of oil. That has brought petrol prices down and will also eventually be reflected in lower gas and electricity bills, putting some money back in people's pockets. Prices of many goods in shops are also being slashed as shops try desperately to persuade us to part with our cash. The effects of falling oil and goods prices threaten to push us into deflation this year - something else policymakers are desperate to avoid, knowing how harmful the Japanese deflation of the 1990s was. Firms, particularly exporters, are in theory being helped by the big fall in the pound's value over the past year. The problem is, though, that world demand is so flat it may not help them increase sales volumes. But it will, at least, help margins. Taken together, there is a huge easing of policy and monetary conditions to offset the effects of the credit crunch. The playing out of these two opposing forces will determine to a large extent the point at which the economy begins to pull out of this recession. First-time buyers There is another uncertainty and that is the housing market, where prices that are in freefall could have a long way further to fall. A few new year estimates from bodies with a vested interest say we are close to the bottom. That seems very unlikely. Prices have fallen 20% from the peak in the autumn of 2007. Add in inflation at about 6% over that period and you have a real terms correction of a quarter. True, interest rates are now very low. But so are mortgage approvals - at a record low in fact. First-time buyers can't get loans and don't want them anyway because house prices are falling. A year ago I forecast that house prices would fall by a third in nominal terms in this downturn. That would mean roughly another 15% from where we are now. That is now looking conservative - especially as they were so over-valued at the beginning of the fall and because house prices tend to overshoot on the way down as well as on the way up. That is, of course, good news for all those who have been unable to get a foot on the property ladder over the last decade or more. And it is also good because it teaches people that house prices are not a one-way bet - something that far too many people had forgotten in recent times. ashley.seager@guardian.co.uk Economics House prices Recession Property Unemployment and employment data Manufacturing sector Banking Market turmoil guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• School-leaving age may rise to 18 in eff... School-leaving age may rise to 18 in effort to tackle unemployment
01/04/2009
The government is considering raising the school-leaving age to 18 immediately, as a way of combating the huge rise in unemployment, particularly among the young, that it expects to see this year. The proposal tops a list that Gordon Brown's advisers have put together ahead of a jobs summit they will hold next Monday, sources have told the Guardian. There are also proposals to accelerate the filling of existing vacancies at local authorities and to offer employers a national insurance "holiday" for any new workers they take on. The government has just brought in legislation that would ensure that all 16- and 17-year-olds remain in school, training or an apprenticeship until they are 18, but that only applies to children who turn 11 this year, and so does not effectively start for another five years. With unemployment already having risen by a quarter of a million and with many experts expecting it to jump by another 1 million or more over the next year, ministers are looking at all possible solutions. The prime minister talked at the weekend of further investment in infrastructure and "green" jobs, but there is concern in Whitehall that this would not come quickly enough to prevent a big rise in joblessness. The British Chambers of Commerce warned at the weekend that one in 10 British workers could lose their jobs in the current recession. Research also shows that Britain has one of the biggest youth unemployment problems of any country in the world. Latest figures show that of the 137,000 rise in unemployment in the three months to October, 55,000, or 40%, were in the 18-24 age bracket. While the country's overall jobless rate is currently 6%, among 18-24-year-olds it is 14% and among 16-17-year-olds it is 26%. "As unemployment rises the cost of keeping people in education or training falls. So doing that and having more teachers to teach them makes sense," said one source. "You will have some 17-year-olds who will be cross at having to stay on, but that is better for them than being on the dole." In 1999, young people accounted for around a fifth of all unemployed, but by 2008 that had risen to almost 30%. A spokeswoman for the Department for Children, Schools and Families said she was not aware of any plans to accelerate the introduction of the raising of the "participation" age in education or training that was recently passed into legislation. The last time the school leaving age was raised, to 16, was in 1972 under Margaret Thatcher, then education secretary. In 2006, Alan Johnson proposed the recent legislation to raise the school and training age to 17 by 2013 and 18 by 2015. Unemployment in Britain stood at 1.86 million at the end of October, and many experts predict it will rise to around 3 million over the next 12-18 months. 14 - 19 education Schools Students Gordon Brown Education policy Unemployment and employment data Economics Young people Social exclusion guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Brown takes drive against recession to r... Brown takes drive against recession to regions
01/04/2009
Gordon Brown will today stage a series of high-profile meetings followed by a week of regional trips in a fresh attempt to convince the public that his government is trying to mitigate the consequences of the credit crunch. The prime minister will attend a meeting of the Regional Economic Council, jointly chaired by Alistair Darling, the chancellor, and Lord Mandelson, the business secretary, to review economic reports from across Britain and briefings on action being taken to tackle job losses. The prime minister told the Observer yesterday that he planned to help kickstart the economy by creating 100,000 jobs. School repairs, rail links, hospital projects and plans to usher in a new digital age by investing in superfast broadband will be used to keep unemployment down. John Denham, the innovation, universities and skills secretary, will also outline plans to teach workers new skills, including an agreement with the car maker Nissan to retrain workers at its Sunderland plant while they are still employed by the firm. Brown then plans to embark on a whistle-stop tour of Britain, with trips to the north-west, the Midlands, Wales and the West Country, visiting factories and talking to business leaders. The cabinet is also due to meet in Liverpool later in the week to discuss the economic situation. About 25,000 Woolworths workers will lose their jobs this week, and around 100,000 jobs are being lost each month, a pace that is expected to rise even further this year. Brown is holding a "jobs summit" with ministers and business leaders next Monday at which he will lay out more detailed plans to use public sector leverage to keep the economy moving. With a general election due by May next year, the challenge for the government is to take steps immediately to create jobs, rather than bring forward by a year or two infrastructure projects originally planned for years ahead. The government will be helped in its efforts to revitalise the economy this week. The Bank of England is widely expected to slash interest rates by as much as one percentage point, to an all-time low. Brown's determination to be seen to be taking action will be combined with an attack today on the Tories from Yvette Cooper, Treasury chief secretary. Labour was stung by attacks from David Cameron and George Osborne, the shadow chancellor, last week accusing the government of having failed to tackle the recession in the UK, which the Tories say is now the worst in the western world. Cooper will counter Tory allegations that the Treasury is being profligate in borrowing more cash to create jobs and increase public spending. She will say: "Instead of helping people when they need it, David Cameron's Conservatives would turn their backs. Under pressure, the Conservatives are returning to the worst of Thatcherism. "The Tories are repeating their mistakes of the past: if a timely fiscal stimulus of similar scale had been applied at the beginning of the 1990s recession, around 300,000 fewer jobs might have been lost." Her attack is based on a Labour report which says that Tory plans, such as freezing council tax, would hit vital public services, while planned efficiency gains on top of the government's commitment to save £30bn would mean higher job cuts. The paper also says the Tory plan to underwrite every bank loan would be unsustainable. Cooper's comments are backed by the joint general secretary of the country's largest trade union. Derek Simpson, of Unite, said: "Creating jobs while investing in Britain's infrastructure demonstrates that Labour are prepared to be bold and proactive. Under David Cameron the recession would last until Doomsday." The Conservative leader plans to counter-attack today with a speech outlining Britain's economic future under the Tories and reiterating his warning about Labour landing the country in debt. He will announce an initiative for "green collar" jobs and say that the Conservatives are studying a plan to give state aid to green industries and create a market known as the Green Footsie to allow people to invest in green companies. Cameron's intervention comes as a survey of more than 100 green technology companies by the Environmental Industries Commission, a trade body, found that Tory policies on the environment were six times more popular than Labour's. Gordon Brown Recession Local politics Economic policy Social exclusion guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Councils urged to pool cash for crunch-h... Councils urged to pool cash for crunch-hit projects
01/04/2009
Councils are being urged to pool their cash reserves in a nationwide "mutual bank" worth up to £3bn, to support local infrastructure projects through the credit crunch and prevent a repeat of the chaos caused by the collapse of Icelandic banks. Deposits of taxpayers' cash worth hundreds of millions of pounds have been frozen since the Icelandic banks Glitnir, Landsbanki and Kaupthing collapsed last year. Councils are negotiating with administrators to get their money back. Kent county council had £50m deposited in Icelandic banks, Haringey council in London £37m, and Dorset county council £28m. The crisis has left council leaders struggling to explain why they had such large sums deposited overseas and thrown a spotlight on the way local authorities manage their money. The New Local Government Network, a thinktank with close links to leading Labour figures, including local government minister John Healey, argues in a report that instead of hunting for high returns in risky foreign banks, councils should unite their financial strength and put their surplus funds to work at home. In a survey of 27 finance directors and treasurers from local authorities, the thinktank found more than 80% were in favour of the idea. It estimates that if replicated on a national level, such high levels of support could create a "mutual bank" worth between £389m and £2.8bn. Essex county council has proposed launching a "bank of Essex" that would use taxpayers' funds to make loans to small businesses struggling to raise finance from private banks during the credit crunch. A national scheme would serve a different purpose, making millions of pounds of dormant reserves held by councils available for investments by other local authorities, with profits ploughed back into the fund. With the credit crunch constraining the availability of financing for local projects through the private finance initiative, the thinktank argues that a local government mutual fund could serve as a useful backer for infrastructure schemes. Two thirds of the finance directors contacted said they expected a greater than usual shortfall in financing for public projects over the next three years. Chris Leslie, New Local Government Network's director, said he had been surprised at the levels of cash reserves many local councils hold, as revealed by the survey. "Quite a bit of it is earmarked, but quite a bit is unallocated. Even if you only had a small proportion of that pooled, you could do quite a significant amount with it. There are rates of return on some of these infrastructure projects that private finance has found quite attractive." He has been discussing how a mutual bank might work with a number of councils, Whitehall officials and representatives of the Local Government Association, and will draw up detailed proposals in the next few weeks. Local government Credit crunch Banking Public finance guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Living Apart for the Paycheck Living Apart for the Paycheck
01/03/2009
An uncertain economy leaves more families living in different time zones, depending on video chats and technology like Skype for quality time. (1 d ago)

• Fundamentally: 25 Years of Conventional ... Fundamentally: 25 Years of Conventional Wisdom, Down the Drain
01/03/2009
In this harsh climate on Wall Street, investors may need to rethink some of their basic assumptions about certain asset classes and diversification. (1 d ago)

• Shortcuts: Coping Skills and Horrible Im... Shortcuts: Coping Skills and Horrible Imaginings
01/03/2009
Researchers have found that uncertainty about things such as job security can sometimes take a greater toll than bad news. (2 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. (2 d 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. (2 d ago)

• Your Money: Saving for College Amid the ... Your Money: Saving for College Amid the Financial Turmoil
01/02/2009
If a family puts too much money in stocks, it could easily lose a year’s worth of tuition in a matter of months. (2 d ago)

• Mortgages: An Erratic Year for Mortgage ... Mortgages: An Erratic Year for Mortgage Rates
01/02/2009
When it comes to mortgage rates, 2008 may be remembered as the year the market went haywire. (2 d ago)

• A Resolution That May Stick: Spending Le... A Resolution That May Stick: Spending Less in ’09
01/02/2009
The resolutions may sound the same, but in this New Year of Recession, the reasons driving them are different. (2 d 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. (2 d ago)

• Practical Traveler: Stuck in Paradise, N... Practical Traveler: Stuck in Paradise, Needing Medical Help
01/02/2009
Before embarking on an overseas vacation, travelers should check their medical policy to see what is covered or get special travel insurance. (2 d ago)

• Spending It: The Fallout Spending It: The Fallout
01/02/2009
Tips on navigating college in the recession. (3 d 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. (3 d ago)

• Resurrecting the WB as a Web Contender Resurrecting the WB as a Web Contender
01/04/2009
When TheWB.com launched in August 2008, Warner Brothers executives knew they had something most start-up sites do not have — a loyal audience base. (10 h ago)

• Hollywood’s Superheroes Save the Day Hollywood’s Superheroes Save the Day
01/04/2009
As companies big and small trudge into January after a dismal 2008, the movie business is quietly celebrating solid if not spectacular results at the multiplex. (10 h ago)

• The Times to Sell Display Ads on the Fro... The Times to Sell Display Ads on the Front Page
01/04/2009
Faced with declining advertising revenue, The Times joins many other newspapers across the country in a break with tradition. (10 h ago)

• Universal Sells Rogue for $150 Million Universal Sells Rogue for $150 Million
01/04/2009
The sale of Rogue Pictures, a maker and distributor of lower-cost films, to Relativity Media signifies further reordering in Hollywood’s specialty movie business. (10 h ago)

• Advertising: Prominent Magazines Lose We... Advertising: Prominent Magazines Lose Weight, Shedding Nearly Half Their Ads
01/04/2009
In terms of ad pages, it was an ugly month for Condé Nast magazines. (10 h ago)

• Drilling Down: Web Passes Papers as a Ne... Drilling Down: Web Passes Papers as a News Source
01/04/2009
Almost twice as many people get most of their news online as did a year ago. (11 h ago)

• The Media Equation: A Star Turn for a Sh... The Media Equation: A Star Turn for a Sheriff on Fox TV
01/04/2009
With his reputation for being tough on crime and his way with a good quote, Sheriff Joseph M. Arpaio of Maricopa County in Arizona would seem to be a reality show waiting to happen. (11 h ago)

• CNN Gets Buzz It Wants (if Not the Way I... CNN Gets Buzz It Wants (if Not the Way It Wants)
01/04/2009
Resembling MTV more than a cable news network, CNN’s New Year’s Eve coverage included an eyebrow-raising performance by comedian Kathy Griffin. (11 h ago)

• Puttin’ Off the Ritz: The New Austerity ... Puttin’ Off the Ritz: The New Austerity in Publishing
01/04/2009
Amid a relentless string of layoffs and pay-freeze announcements, book publishers are clamping down on some of the business’s most glittery and cozy traditions. (12 h ago)

• Consumed: Slow Pitch Consumed: Slow Pitch
01/03/2009
An “anti-energy” drink’s novel image: chic — or shameful? (1 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. (2 d ago)

• INAUGURAL BRAWL INAUGURAL BRAWL
01/04/2009
With the presidential inauguration a little more than two weeks away, political mags are taking center stage, trying to win must-read status in the run-up to the historic anointing of "44," Barack Obama. The Nation might shock its loyal leftist... (10 h ago)

• STORE WARNINGS STORE WARNINGS
01/04/2009
Some retailers didn't survive the holidays, and spring could be littered with still more casualties. Retail bankruptcies soared in 2008, claiming high-profile victims like Linens 'n Things, Circuit City, Sharper Image and Steve & Barry's. But... (10 h ago)

• DEFENSE SHOOTS HOLES IN STOCK FORECAST DEFENSE SHOOTS HOLES IN STOCK FORECAST
01/04/2009
An expected surge of defense and technology spending is starting to rally Wall Street out of its historic slump, taking a lead as the new bread-and-butter bet for 2009. Defense giants including Boeing and United Technologies accounted for much of... (10 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/04/2009
Phelpsian! Olympic swim star Mi chael Phelps, who's re turning to Beijing this week for the first time since winning a record eight gold medals, will be the brand spokesman for Mazda in the Greater China region. A news re lease said the... (10 h ago)

• RE-FINANCE YOUR HOMES RIGHT NOW RE-FINANCE YOUR HOMES RIGHT NOW
01/04/2009
Dear John: I'm a longtime reader and you don't get enough credit for your humor. I just visited my bank to see if I could re-finance my mortgage and what the rate would be. I found out it is now 5 percent on a 30-year loan. I am currently paying... (1 d ago)

• HITTING HOME HITTING HOME
01/04/2009
IT'S estimated that about 4,000 families lost money investing with Bernie Madoff - either directly through his company, or indirectly, through so-called feeder funds. But tens of thousands of other New Yorkers may also unwittingly be hurt by... (1 d ago)

• THE WEEK'S WINNERS AND LOSERS THE WEEK'S WINNERS AND LOSERS
01/04/2009
WINNERS CRAIG KALLMAN Atlantic Records chief sees his label become the top-seller in the US for last year. J.C. FLOWERS Part of an investor group tapped by the FDIC in a $13.9B takeover of IndyMac bank, which was taken over by Uncle Sam. PEYTON... (1 d ago)

• A PEEK AT THIS YEAR'S HOTTEST NEW 'TOYS' A PEEK AT THIS YEAR'S HOTTEST NEW 'TOYS'
01/04/2009
They're ba-a-ack. After slogging through a tough 2008 - with sales barely up over the previous year - the world's leading electronics manufacturers will convene in Las Vegas this week to debut the latest TVs, computers, smartphones, video games and... (1 d ago)

• 401(K)MART 401(K)MART
01/03/2009
Sears Holdings, which has reported a drop in sales every quarter since chairman Eddie Lampert merged Kmart and Sears in 2005, will stop matching contributions to its workers' retirement plans, the company reported. The move will go into effect... (1 d ago)

• UNDER PRESSURE UNDER PRESSURE
01/03/2009
Pressure continues to mount this weekend for Upper East Side investor Erza Merkin to step down as chairman of GMAC, the troubled auto- and mortgage-lender which received a $6 billion government rescue package. The pressure comes as Uncle Sam... (1 d ago)

• Global Markets Move Higher Global Markets Move Higher
01/05/2009
Global stocks were mostly higher Monday, adding to their New Year gains for a second session. (6 h ago)

• Russians Raise Ukraine Gas Bill Russians Raise Ukraine Gas Bill
01/04/2009
A politically tinged dispute over the price of fuel has led to a complete halt in supplies to Ukraine and disruptions to four other Eastern European countries. (10 h ago)

• Contradictions in China, and the Rise of... Contradictions in China, and the Rise of a Billionaire Family
01/04/2009
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)

• The Irish Economy’s Rise Was Steep, and ... The Irish Economy’s Rise Was Steep, and the Fall Was Fast
01/03/2009
The Irish developer Sean Dunne, who became a symbol of the country’s boom, faces a foundering economy. (1 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d ago)

• Climate change chain of command Climate change chain of command
01/05/2009
As we move towards an emission trading regime, there is one important question that companies need to sort out: who actually takes responsibility?Business faces the prospect of increased legal action... (1 h ago)

• The relational company The relational company
01/05/2009
A fascinating proposal from the Relationships Foundation in Britain which would, if implemented, give corporate governance a radical overhaul in a way that we have never seen before.The... (1 h ago)

• Why smart investors fall for scams Why smart investors fall for scams
01/04/2009
The fallout from the Madoff scandal has left us with one important question: why do smart people keep falling for financial pea and thimble tricks? Why do people with high IQs keep getting taken in... (19 h ago)

• Fund-raising, Wikipedia style Fund-raising, Wikipedia style
01/03/2009
Just before Christmas, Wikipedia was begging for cash. On December 23, its founder Jimmy Wales had put out an announcement imploring people to donate money to keep the Wikipedia phenomenon going.The... (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... (2 d ago)

• Why Steve Jobs' health is an issue Why Steve Jobs' health is an issue
01/02/2009
The Macworld 2009 confab opens on January 5 in San Francisco. Every year, it draws thousands of Macintosh faithful and it's been doing that since 1985. But this year is different. For the first... (2 d 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... (2 d ago)

• Video: A healthy business Video: A healthy business
01/04/2009
Jan. 4: It’s a new year, and these tough economic times mean plenty of stressful situations for entrepreneurs and employees alike. Blowing off steam isn’t easy and one small business owner has decided to take matters into his own hands. (MSNBC) (18 h ago)

• Video: Elevator Pitch: To Your Health! Video: Elevator Pitch: To Your Health!
01/04/2009
Not everyone is lucky enough to work for a company with an outstanding health care benefit program. Phil Micali saw a need for a place where the uninsured can go to shop for coverage. (MSNBC) (23 h ago)

• Video: How to Succeed In Business: Contr... Video: How to Succeed In Business: Contrarian Sales Tactics
01/04/2009
Given the state of the economy, making the sale may take more work than ever. Michael Port, Founder of the consulting firm "Book Yourself Solid" and author of "The Contrarian Effect" lends his advice. (MSNBC) (23 h ago)

• Video: Business Answers: Mission: Imposs... Video: Business Answers: Mission: Impossible?
01/04/2009
Farnoosh Torabi, Sr. Correspondent at Thestreet.com and James Barrood, Exec. Dir. of the Rothman Institute of Entrepreneurial Studies at Fairleigh Dickinson Univ. answer viewer questions about how to ensure your employees are engaged with your company's mission and whether now is the right time to open a retail store in a mall. (MSNBC) (23 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. (3 d ago)

• 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 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. (2 d 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. (2 d ago)

Business

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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 ...
David :: 12/23/2008

• 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. (2 d ago)

• ConsumerMan: New year, old scams ConsumerMan: New year, old scams
01/02/2009
In the coming year, be on the lookout for more scam artists. Some that will become more prevalent include work-at-home scams and debt relief rip-offs. (3 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. (2 d 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. (2 d 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. (2 d ago)

• Resolve to advance your career Resolve to advance your career
01/04/2009
Pledge to do these few things and your 2009 job outlook will already look better. (16 h ago)

• Your Career: Jobs outlook grim for 2009 Your Career: Jobs outlook grim for 2009
01/04/2009
We've decided to ask the Magic 8-Ball about the jobs outlook for this year. The answer? "Outlook not so good." (16 h ago)

• Defining Genocide: It Might Not Be What ... Defining Genocide: It Might Not Be What You Think
01/04/2009
Philosophy Bites is among my favorite little websites. The website makes podcasts available - podcasts of interviews with leading academics in the field today. They discuss, well, philosophy. And... (12 h ago)

• Investment in Smaller Companies Can Stil... Investment in Smaller Companies Can Still Pay Big
01/04/2009
Paul Elliott over at Motley Fool had an entertaining story this weekend about the value of smaller, lesser known stocks.A Midwest billionaire once claimed he could earn 50% per year on a portfolio of... (13 h ago)

• Rise in Oil Prices Helps Fuel Stock Gai... Rise in Oil Prices Helps Fuel Stock Gains
01/03/2009
U.S. stocks last week advanced the most since November after fewer Americans filed for jobless claims and oil's biggest weekly increase in two decades lifted energy stocks. (1 d ago)

• World stocks rise on U.S. rally World stocks rise on U.S. rally
01/05/2009
Asian stock markets rose Monday as Wall Street's rally and government stimulus plans buoyed investor hopes for 2009. European markets also opened higher. (6 h ago)

• Social (business) plan: Do we really nee... Social (business) plan: Do we really need it?
01/04/2009
Many people ask: When we want to establish a social start-up, is it really important to write a business (or let's say social) plan? The answer is yes: It doesn't matter if you're talking... (1 d ago)

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