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Business News
for 01/06/2009

(last updated 7:30am EST 01/06/2009)

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• Foreign stock ownership in Seoul stock m... Foreign stock ownership in Seoul stock market falls to 10-year low
01/06/2009
Foreign ownership of South Korean stocks slid to a 10-year low in November amid global financial crisis, the Korea Times reported on Tuesday. As of the end of November, foreign investors held 162.84 trillion won (122.9 billion U.S. dollars) worth of shares listed on the main bourse, or 29.4 percent of the total market capitalization, said the Financial Supervisory Service (FSS). The November figure is the lowest since 1998 when it nose-dived to 19.6 percent amid an Asia-wide curr ... (6 h ago)

• S Korea's LG Electronics eyes 10% rise i... S Korea's LG Electronics eyes 10% rise in air conditioner sales
01/06/2009
South Korea's LG Electronics Inc. announced on Tuesday its target to sell 10 percent more air conditioners worldwide in 2009 from 2008. LG set its revenue target for air conditioners at 5.5 billion U.S. dollars in 2009, compared with 5 billion U.S. dollars in 2008, said Nho Hwan-yong, chief of the company's air-conditioning division. LG's market share in air conditioner sales increased in the United States, Europe and emerging markets in 2008, Nho said. &$ &$Source:Xi ... (6 h ago)

• Thai commercial banks urged to ease cred... Thai commercial banks urged to ease credit
01/06/2009
As many major economies are entering into recession, worst in almost 100 years, amid the rising global liquidity crunch, Thailand's government and central bank -- Bank of Thailand (BOT) have agreed to seek cooperation from domestic commercial banks to ease credit for the private sector while to ask state banks to guarantee loans for commercial banks. "Interest is not the push factor for commercial banks to release loans, but the major issue is related to risk," Bangkok Post's website on ... (6 h ago)

• S Korean president urges efficient use o... S Korean president urges efficient use of budget
01/06/2009
South Korean President Lee Myung-bak on Tuesday urged efficient use of the country's expanding budget in the first half of this year as an economic stimulus. "We may fail to efficiently use the budget if we are only focused on spending the money. Ministries and provincial bodies must thoroughly consult with one another in advance," the president was quoted by his spokesman Lee Dong-kwan at a Cabinet meeting. The president ordered the Cabinet to establish a system to monitor if an ... (6 h ago)

• Chinese share prices 3 percent higher up... Chinese share prices 3 percent higher upon regional rises
01/06/2009
Chinese equities maintained their pep Tuesday upon rises on regional markets and hope for soon release of government's stimuli package for specific industries. The benchmark Shanghai Composite Index gained 56.42 points, or 3.00 percent, to 1,937.14. The Shenzhen Component Index rose 160.46 points, or 2.42 percent, to 6,795.34. Combined turnover jumped to 105.217 billion yuan (15.38 billion U.S. dollars) from 70.675 billion yuan for the previous trading day. &$ &$Source:Xinh ... (6 h ago)

• Central SOEs make profits of 700 bln yua... Central SOEs make profits of 700 bln yuan in 2008
01/05/2009
In 2008, central SOEs are expected to realize total sales revenue of 11.5 trillion yuan, up 20% year-on-year, and the profits are expected to be around 700 billion yuan, down by about 30% year-on-year. Huang Shuhe, vice chairman of the State-owned Assets Supervision and Administration Commission of the State Council, said this on January 5. In 2008, central SOEs faced the rigorous challenges and harsh tests of major natural disasters including low-temperatures, freezing rain and snow and ... (7 h ago)

• China's economic powerhouse Guangdong to... China's economic powerhouse Guangdong told to tighten belt
01/05/2009
Despite a 10.1-percent growth in GDP last year, China's economic powerhouse of Guangdong Province was warned of belt-tightening ahead as concern mounts over the effects of the international financial crisis. "We should tighten our belts and be thrifty in everything this year," Guangdong Governor Huang Huahua was quoted as saying by Guangzhou Daily on Tuesday. The financial situation for Guangdong would be tough this year as it would face new challenges brought about by the global ... (8 h ago)

• China pledges to boost employment in 200... China pledges to boost employment in 2009 amid global job cuts
01/05/2009
Amid waves of job cuts worldwide, China has embarked on active measures to minimize job cuts and has pledged to boost employment this year. The financial crisis continues to hurt the fourth largest economy and pushed many enterprises to cut their headcounts. The following provinces are among the many in the country that have striven to stabilize their job markets. South China''s Yangtze River Delta, a major manufacturing center, has been hit unexpectedly hard. Job vacanci ... (8 h ago)

• 69.6% of Beijing residents affected by f... 69.6% of Beijing residents affected by financial crisis
01/05/2009
69.6% of the respondents said they were "directly affected" by the financial crisis, according to a specialized survey of over 2,000 respondents in 18 districts and counties in Beijing released by the Beijing Social Facts and Public Opinion Survey Center. Those who believed that they were "severely" affected account for 15.7% of respondents. Of which, the percentage of respondents who chose this option was highest in the 41 to 50-year-old age group, reaching 22.2%. Moreover, the survey ... (9 h ago)

• Uruguay registers inflation rate of 9.19... Uruguay registers inflation rate of 9.19% in 2008
01/05/2009
Uruguay closed 2008 with a 9.19-percent increase in the Consumer Price Index (CPI), the government said Monday. The increase in the inflation rate in Uruguay was the highest since 2004 and surpassed the official goal for 2008, said the National Institute of Statistics. The Uruguayan government had estimated an inflation rate of between 3 percent and 7 percent for 2008. The inflation rate in Uruguay was 8.50 percent in 2007. The retail price of food and drinks incr ... (11 h ago)

• GM reports 31 percent sales decline in U... GM reports 31 percent sales decline in U.S. market
01/05/2009
General Motors (GM), the major U.S. automaker, on Monday reported a 31-percent decline in its December sales in its home country. According to a report on GM's website, its dealers in the United States delivered 221,983 vehicles in December, down 31 percent compared with a year ago. However, total deliveries were 67,000 vehicles more than November's result, up more than 43 percent month over month. GM December car sales of 87,506 were off 25 percent and truck sales of 13 ... (11 h ago)

• U.S. auto sales hit 16-year low U.S. auto sales hit 16-year low
01/05/2009
U.S. major auto makers all experienced a sales decline of at least 30 percent in the country in December, capping its worst year since 1992, reports from Detroit revealed on Monday. The auto companies' sales are reeling from tough economic times, spurred by the Wall Street meltdown, the subsequent tightening of the credit market and consumers moving from larger vehicles to more fuel-efficient, smaller ones. Compared with November, General Motors Corp. reported December sales drop ... (11 h ago)

• Dollar mixed against major currencies Dollar mixed against major currencies
01/05/2009
The dollar rose against the euro but fell against the pound on Monday amid the latest U.S. construction spending report and the tax cut plan of President-elect Barack Obama. Obama met with top lawmakers Monday to push for quick action on a broad economic stimulus package. The proposal includes tax cuts of up to 300 billion dollars for individuals and businesses. The total value of the tax cuts would be significantly higher than had been signaled earlier. Obama predicted that lawm ... (11 h ago)

• Philippines inflation eases to 8% in Dec... Philippines inflation eases to 8% in Dec.
01/05/2009
The Philippines' annual inflation eased to 8 percent in December 2008, lower than November's 9.9 percent, the country's statistics agency said on Tuesday. The figure was lower than the government's target range of 8.6 percent to 9.5 percent. "This was effected by the negative annual growth rate posted in the fuel, light and water index and the continued slowing down in the annual price increases of the heavily weighted food, beverage sand tobacco and the services index," the Nati ... (11 h ago)

• Cambodia extends use of high-tech bio-di... Cambodia extends use of high-tech bio-digester for farmers
01/05/2009
Some 17,500 rural households will be equipped with eco-friendly bio-digesters, which convert agricultural waste into cooking gas, English-language daily newspaper the Phnom Penh Post said on Tuesday. "We hope this bio-digester will benefit not only households, but the agricultural sector as a whole because it can help reduce the rate of deforestation, and the waste left over will be used for natural fertilizer," Agricultural Minister Chan Sarun was quoted as saying. The ministry ... (11 h ago)

• China spends 600 bln yuan on rural devel... China spends 600 bln yuan on rural development in 2008
01/05/2009
The central budget on the rural development and agriculture is expected to reach nearly 600 billion yuan in 2008, representing a year-on-year increase of 38 percent, said Finance Minister Xie Xuren at a national work conference, adding that more money and favorable policies would be adopted in 2009 to develop the rural areas and agriculture and improve the livelihood of farmers. Subsidies to farmers from the state exchequer more than doubled in 2008 to 102.77 billion yuan, according to Xie. ... (12 h ago)

• Chinese shares slightly down following W... Chinese shares slightly down following Wall Street losses
01/05/2009
Chinese shares opened slightly lower on Tuesday, with the benchmark Shanghai Composite Index, which covers both A and B shares, dropping 0.1 percent to 1,878.83 at the opening. The smaller Shenzhen index was down 0.06 percent to open at 6,631.18 points. Analysts said investor confidence was weakened by a bleak corporate outlook. &$ &$Source:Xinhua&$ &$ ... (12 h ago)

• BMW launches electric Mini Cooper test d... BMW launches electric Mini Cooper test drive
01/05/2009
BMW is signing up green-minded drivers to test an all-electric Mini Cooper with two seats, just enough storage space for a gym bag, and a range of only 120 miles before recharging, all for triple the cost of the gasoline-powered model. Bayerische Motoren Werke AG will lease 250 of its new Mini Es in Southern California and 200 in metropolitan New York and New Jersey by March. Applicants, who will pay $850 a month for the zero-emissions car for one year, are outnumbering the models available b ... (14 h ago)

• Obama to push for tax cuts in plan Obama to push for tax cuts in plan
01/05/2009
President-elect Barack Obama's economic stimulus package will include hundreds of billions of dollars worth of tax breaks for individuals and businesses, according to a transition official and Democratic aides. Obama is asking that tax cuts make up 40 percent of a stimulus package, the people say. The measure may be worth as much as $775 billion, a Democratic aide says, meaning tax cuts may constitute more than $300 billion of the legislation. &$ <img src='/mediafile/200901/06/P2009 ... (14 h ago)

• China all alone in Asian M&A growth China all alone in Asian M&A growth
01/05/2009
China's mergers and acquisitions (M&A) activity remained resilient in 2008 despite the global financial meltdown, making it the best performer in the Asia region, according to information company Thomson Reuters. M&A activity in the country was at an all-time high of $159.6 billion worth of deals last year, 44 percent more than in 2007, compared with the year-on-year 11.1 percent fall in Asia, excluding Japan, Thomson Reuters said in a report. "China was the only country in the region to ... (14 h ago)

• Stocks may try to regain momentum Stocks may try to regain momentum
01/06/2009
Wall Street headed for a moderately higher open, regaining its upward momentum ahead of a fresh round of readings on the service sector, factory orders and pending home sales. (2 h ago)

• Prosecutor wants Madoff jailed immediate... Prosecutor wants Madoff jailed immediately
01/06/2009
A prosecutor says disgraced financier Bernard Madoff violated bail conditions by mailing about $1 million worth of jewelry and other assets to relatives, and wants him jailed. (2 h ago)

• Hyundai: Can’t make payments? Just retur... Hyundai: Can’t make payments? Just return it
01/05/2009
Can't make the payments on that new car you just bought? No problem — just return it free of charge. (13 h ago)

• Major automakers report U.S. sales plung... Major automakers report U.S. sales plunge
01/05/2009
Huge rebates and zero-percent loans couldn’t overcome economic uncertainty as U.S. auto sales plunged 36 percent in December, capping a dismal year. (14 h ago)

• AdBlog: Wake us when it’s over AdBlog: Wake us when it’s over
01/05/2009
Ads of the Weird: Sprint tries to bore you into buying their service. (15 h ago)

• QVC to sell Obama trinkets from inaugura... QVC to sell Obama trinkets from inauguration
01/05/2009
The QVC home shopping channel is traveling to Washington to mark President-elect Barack Obama's inauguration — and is bringing along plenty of commemorative coins. (15 h ago)

• Apple's Steve Jobs will stay as CEO Apple's Steve Jobs will stay as CEO
01/05/2009
Apple founder and CEO Steve Jobs, looking to quell rumors about his health, said Monday his doctors have discovered a hormonal imbalance that has been causing his weight loss. (15 h ago)

• Nursing industry desperate to find new h... Nursing industry desperate to find new hires
01/05/2009
Please, please accept a high-paying job with us. In fact, just swing by for an interview and we'll give you a chance to win cash and prizes. (16 h ago)

• Oil settles above $48 on Mideast unrest Oil settles above $48 on Mideast unrest
01/05/2009
Israel's ground offensive in Gaza and a dispute between Ukraine and Russia over gas imports pushed oil prices above $48 a barrel Monday. (18 h ago)

• Answer Desk: Uncle Sam's borrowing binge Answer Desk: Uncle Sam's borrowing binge
01/05/2009
As the government works out the details of a massive economic stimulus plan, some readers are asking: where is all this money going to come from? The Answer Desk. (20 h ago)

• Construction spending falls less than ex... Construction spending falls less than expected
01/05/2009
Construction spending fell less than expected in November as record activity on nonresidential projects helped offset another steep decline in housing. (23 h ago)

• Newsweek: Resolve to go bankrupt in 2009 Newsweek: Resolve to go bankrupt in 2009
01/05/2009
Normally I’d say suck it up, cut spending and repay your debt. But not if you’re going broke. By Jane Bryant Quinn. (23 h ago)

• Your Career: Jobs outlook grim for 2009 Your Career: Jobs outlook grim for 2009
01/05/2009
We've decided to ask the Magic 8-Ball about the jobs outlook for this year. The answer? "Outlook not so good." (23 h ago)

• McDonald's supersized retirement plans McDonald's supersized retirement plans
01/05/2009
The fast-food giant is persuading more African American workers to enroll in 401(k)s. Can McDonald's keep talent by helping families save? (1 d ago)

• Resolve to advance your career Resolve to advance your career
01/05/2009
Pledge to do these few things and your 2009 job outlook will already look better. (1 d ago)

• NYT: Obama plan includes $300 billion in... NYT: Obama plan includes $300 billion in tax cuts
01/05/2009
President-elect Barack Obama plans to include about $300 billion in tax cuts for workers and businesses in his economic recovery program, as his team seeks to win over Congressional skeptics. (1 d ago)

• Studio to Buy TV Guide Studio to Buy TV Guide
01/05/2009
The Lions Gate Entertainment Corporation agreed to buy TV Guide Network and TVGuide.com from the Macrovision Solutions Corporation for $255 million. (9 h ago)

• A Top Editor Leaving Washington Post A Top Editor Leaving Washington Post
01/05/2009
Passed over for the top job, Philip Bennett decides it is time to leave. (9 h ago)

• Advertising: HBO Is Hiding Little About ... Advertising: HBO Is Hiding Little About ‘Big Love’
01/05/2009
HBO’s “Big Love” is beginning an aggressive ad campaign to remind its audience just what was happening to the polygamous Henrickson family. (9 h ago)

• Executives Replaced at Borders as Sales ... Executives Replaced at Borders as Sales Fall
01/05/2009
The book retailer said that George L. Jones would be succeeded by Ron Marshall, a private equity executive with experience turning around ailing companies. (9 h ago)

• CNN Gets Buzz It Wants (if Not the Way I... CNN Gets Buzz It Wants (if Not the Way It Wants)
01/05/2009
Resembling MTV more than a cable news network, CNN’s New Year’s Eve coverage included an eyebrow-raising performance by comedian Kathy Griffin. (17 h ago)

• Puttin’ Off the Ritz: The New Austerity ... Puttin’ Off the Ritz: The New Austerity in Publishing
01/05/2009
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. (23 h 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d ago)

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

• Bloomsbury buys Arden Shakespeare Bloomsbury buys Arden Shakespeare
01/06/2009
Bloomsbury, publisher of the Harry Potter books, has snapped up one of the best-known providers of classroom English texts, the Arden Shakespeare, as it looks for growth now that JK Rowling has written her last book about the boy wizard. The acquisition of Arden, which published its first Shakespeare text 110 years ago, follows Bloomsbury's swoop on another niche publisher, the owner of the cricketers' almanack Wisden , a month ago. Buying Arden will see the imprint reunited with its original creators, Methuen. The British publishing firm launched the Arden series – named after Shakespeare's mother, Mary Arden, and the Forest of Arden, near his birthplace of Stratford-upon-Avon, which is the setting for As You Like It – with the publication of Hamlet in 1899. That first complete collection of Shakespeare's plays took 25 years to complete and they were then updated between the end of the second world war and the 1980s and quickly became the gold standard as they bring together not just the latest literary criticism on individual texts but copious commentaries. The third series of The Arden Shakespeare, which was launched in 1995, is currently nearing completion. Arden eventually moved from Methuen to Routledge whose owner Thomson Learning then retained the business a decade ago when Routledge was sold to Taylor & Francis, which itself merged with the business publisher Informa in 2004. In 2006, Thomson Learning was bought by the private equity groups Apax Partners and OMERS Capital Partners as part of a $7.75bn (£5.30bn) deal. It was subsequently rebranded Cengage Learning. Bloomsbury refused to give details of what price it paid Cengage for the Arden business, saying only that the figure was "not material" to the group as a whole, which recorded sales of £75m for 2006 – the last year for which annual results are published – and a profit of just over £5m. The deal, however, is part of Bloomsbury's search for new areas of growth after the stellar success of the seven Harry Potter books, which have sold more than 400m copies and been translated into 67 languages. Numis Securities analyst Paul Richards said: "Bloomsbury has accumulated a sizeable cash pile from the success of Harry Potter and it is a question of how to reinvest that. A series of small bolt-on deals looks pretty sensible in the current economic climate." At the end of June, Bloomsbury had £53.8m in the bank. The company said Arden Shakespeare would retain its name and become part of the Methuen Drama imprint, which was itself bought by Bloomsbury's A&C Black division in 2006. The acquisition will give Methuen Drama the largest performing arts list in Europe with works from Bertolt Brecht, Oscar Wilde, Bernard Shaw and Arthur Miller, as well as contemporary playwrights such as Michael Frayn and Willy Russell. A&C Black's managing director, Jill Coleman, said: "I am delighted that the Arden Shakespeare series is returning to Methuen. Arden is a highly prestigious addition to our performing arts publishing and fits perfectly with our strategy of acquiring high-quality perennial publishing lists, which have significant potential for digital exploitation." Publishing William Shakespeare Bloomsbury Newspapers & magazines guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Gaza assault pushes oil back above $50 Gaza assault pushes oil back above $50
01/06/2009
Israel's assault on Gaza and Russia's escalating gas dispute with Ukraine helped Brent crude hit $51.10 a barrel in London, its highest point since the start of December 2008 (2 h ago)

• David Cameron hosts business forum in Sa... David Cameron hosts business forum in Salford as battle over economy hots up
01/06/2009
David Cameron met business leaders at a Conservative forum today to discuss how to lead Britain out of recession (2 h ago)

• Builders tempt homebuyers with 'no bills... Builders tempt homebuyers with 'no bills' offer
01/06/2009
Homebuyers are being offered 18 months of free gas, electricity and water bills in what is likely to be the first of many bribes offered by desperate housebuilders this year. Barratt Homes and its subsidiary David Wilson are offering to supply homebuyers with gas, electricity and water free of charge, and pay their council tax bills, until the summer of 2010 on developments in Lincolnshire and Derbyshire. The average household's annual gas and electricity bill is £1,293, according to uSwitch.com, though good insulation in a new-build property means this is usually lower for those households. The average annual water bill is £330. "Paying utility bills is one of the biggest variables in most household's disposable income," said James Poynor, sales director at Barratt North Midlands. "When gas and electricity prices are as high as they are now everyone feels the strain." Meanwhile, Notting Hill London, the private housing division of the Notting Hill Housing Group, is offering to kit new flats out with a bed, sofa, wardrobe, table and chairs and other essential furniture on some apartments in one of its gated residential developments in north London. The bribes are not the first that desperate developers have offered in a bid to attract buyers - in September Barratt's rival Persimmon made a similar offer to pay buyers' household bills and in the summer a consortium of housebuilders in Devon were offering to throw in a free car with every flat bought. Last November, upmarket property developer Fivewalk Homes offered an Aston Martin to anyone buying one of its £1.25m properties. To date, no one has taken it up on the deal. "The offer is still open and we are prepared to offer the equivalent cash amount off the property if preferred," said a spokeswoman for the company. Such offers were made in a year when house prices tumbled by an average 16% , according to the Nationwide, and with commentators expecting further price falls this year housebuilders are expected to come up with ever more inventive deals. "Clearly it is a very challenging time for housebuilders and they are trying to maintain or increase their market share from the market that is still there," said Steve Turner of the Home Builders Federation. According to senior government housing officials, the number of new homes built in Britain this year will fall below 80,000 . If this dire prediction is borne out, 2009 will be one of the worst years for the housebuilding industry for a century, and will exacerbate Britain's housing crisis. Property Household bills Energy bills Construction industry Housing market guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Britain's service sector continues deep ... Britain's service sector continues deep decline
01/06/2009
Britain's service industries reduced their activity sharply again last month and laid off staff at a record pace, further evidence that the economic slump is deepening. The Chartered Institute of Purchasing and Supply monthly index measuring services activity edged up to 40.2 from November's all-time low of 40.1. This mirrored a small rise in the manufacturing survey last week, but both indices remain well below the 50 mark that separates growth from contraction. Paul Smith, senior economist at Markit Economics, which conducts the survey with CIPS, said: "The near-term outlook for the services economy remains bleak. Companies are firmly in recessionary mode, cutting jobs at a rate unprecedented in 12-and-a-half years of data collection." The employment component dropped from 43.1 to 40.5, the lowest since the survey began in 1996. Banks including Credit Suisse, HSBC and Goldman Sachs have announced hundreds of job cuts in the UK. The survey echoed government figures that showed that the number of people claiming jobless benefits breached the 1 million mark in November. Howard Archer at Global Insight said: "Service-sector activity is being hit very hard by the heightened financial-sector crisis, the deep housing market downturn and markedly reduced consumer spending on services. With the service-sector survey pointing to substantially contracting economic activity and sharply waning inflationary pressures, we believe the Bank of England is highly likely to slash interest rates by at least another 75 basis points from 2% to 1.25% on Thursday." The Bank of England is widely expected to chop at least half a percentage point off interest rates at the end of its two-day meeting, in a desperate attempt to stop the recession getting any worse. Inflationary pressures within the services sector are disappearing fast, with the index showing prices charged falling to a series low. More firms cut prices than raised them for the second month in a row. Smith said: "Firms are now resorting to discounting strategies as part of efforts to drum up new work, but with little success so far, while expectations for future activity remain exceptionally low." Recession Economics guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• New Look defies high street gloom New Look defies high street gloom
01/06/2009
Fashion chain New Look has enjoyed a successful Christmas with a near 3% rise in like-for-like sales, defying the gloom on the high street. The privately owned retailer held fire and waited until Boxing Day before it launched its sale, despite "unprecedented levels of discounting on the high street" in the run-up to Christmas. UK like-for-like sales were up 2.8% and gross margins improved by 170 basis points in the 14 weeks to 3 January. "We are winning in an increasingly difficult market by staying focused on the delivery of fashion our customers want at prices they can afford," said Phil Wrigley, executive chairman. "We expect the market will become more difficult in 2009 but we will continue to invest to drive growth in the UK and overseas." Sales across the group, including new store openings, were 14.5% ahead of last year reflecting the retailer's expansion in Britain and Europe. In the UK, New Look is adding a further 350,000 sq ft of trading space in the current financial year including new stores in Liverpool, London's Westfield shopping centre and Sheffield's Meadowhall. The retailer, which runs 607 stores in Britain and Ireland, said it was increasing its market share in menswear and womenswear, currently at 5%. Like rivals, New Look is managing its stock tightly, reducing the need for markdowns. New Look has stepped up its international expansion, opening 22 stores in six countries since April, including a flagship store in Forum Des Halles, the largest shopping centre in Paris. It has also struck a new franchise agreement for Russia and expects to open its first store in Moscow early this year. The firm was taken private for £699m in 2004 by private equity firms Apax and Permira along with founder Tom Singh. Retail industry High street retailers guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Deloitte says it hopes to find buyer for... Deloitte says it hopes to find buyer for Passion for Perfume
01/06/2009
Administrators take control of perfume retailer (4 h ago)

• Russia's Gazprom chokes EU gas supplies Russia's Gazprom chokes EU gas supplies
01/06/2009
Deliveries via Ukraine reduced to a quarter of normal levels, with Bulgaria, Croatia, Czech Republic, Romania and Turkey all hit (4 h ago)

• Property: British second-home owners suf... Property: British second-home owners suffer as French house prices fall
01/06/2009
Back in April last year, the IMF warned that after the crash in Spain, French property, along with the UK and Ireland, was "particularly vulnerable" to a fall. But while Britain and Ireland saw steep declines, France seemed to carry on regardless. In the 12 months to July, according to the French National Estate Agents Federation (Fnaim), property prices overall were still up by 1.7%, with the strongest places continuing to report gains. For many Brits – and they are estimated to own more than 75,000 second homes in France – it has been the only chink of light in the overwhelming property gloom, which has seen prices in the UK fall by as much as 16% . However, that has now changed. Sales have dropped off sharply over the past few months, with Fnaim noting in September that "the brutality of the slowdown" had surprised seasoned observers. In December the association's executive director, Henry Buzy-Cazaux, told French radio that agents were faced with a 20%-25% fall in activity since the beginning of the year. This has begun to hit prices: the third quarter saw falls of 1.3% and Fnaim expects prices to have finished 2008 around 5% down. Estate agent Laforêt Immobilier , which has 875 offices throughout France, puts the figure at 10%. No one now seriously expects anything but further falls in 2009. "I think [the] next year will be very hard," says agent Leo Attias, who heads up Fnaim's Paris office. The problem is credit – while French banks avoided the sub-prime crisis hitting America and the UK, they are worried about the possibility of rising unemployment. Lending criteria for mortgages – already strict by UK standards – have been further tightened by lenders. "They are very reluctant," says Attias. Rural problems Outside Paris and the cities, and particularly in the rural areas favoured by the British, the problems are likely to be even worse. Charles Gillooley is manager of estate agent Immobilier Causses et Vézère in Thenon, and president of Fnaim for the Dordogne. His region has the highest density of British people in the country, and if you ask how the market was in 2008 you get a one-word answer: "Hard". Agents are reporting sales down by 50% and prices down a quarter. "France is going the same way as the others," he says, adding that many properties simply won't sell. In rural areas the problem is not just the credit crunch but the exchange rate, which has seen the British, who make up as much of a third of the market, pull out. For them, even a 20% drop in prices has not made owning a second property in France any cheaper. "There was a gradual decline in transactions since the start of the year, but it has been much steeper since September," says another agent selling in the region, Jerry O'Neil at Premier French Property . How much worse it will get is debatable; as O'Neil notes, there sometimes seem to be as many forecasts for property in France as there are economists. In the end, though, it may depend on which part of France you look at. In the cities where there is strong domestic demand, particularly in Paris and Nice, many argue that 2009 will only see modest falls. "It is likely they will drop a little, but we are not anticipating double-digit falls," says Laurence Boone, an economist in the Paris office of Barclays Capital. Boone says the French market is very different from those elsewhere in Europe and as such, may not be hit as badly. Yes, prices in many parts of France have boomed in recent years, doubling in the past decade alone. At the end of the third quarter the average house price outside the Paris area was €196,000 (£183,500). But they have lagged behind both Britain and Spain. Furthermore, the banks have stuck to their policy of prudent lending. A typical French mortgage is for 70% of a property's value, has a term of 15 years at a fixed rate, and banks generally insist that repayments account for no more than a third of the borrower's take-home pay. That means there are unlikely to be repossessions on a level being witnessed in the UK. Finally, without the sort of building boom seen in Spain, there is no question of over-supply in the French market. Fnaim suggests prices could drop by 10% over the next year. In some places, though, there could still be a fair deal of pain ahead – much will depend on the fate of the pound. Andrew Sutton bought a villa just outside Villeréal in south-west France in June. Like many others, he took out a mortgage in France and has been hit by sterling's slide – at the start of last year £1 bought €1.34; by the end of the year it bought just €1.04. At the moment, he says, this is making life less comfortable, if bearable, for British owners in the area. The real worry, though, is if the situation continues. "My major concern is that this trend goes on to see the pound and euro reach parity," says Sutton. "If that happened it could have quite a serious effect here." For now, the French market is still holding out against a crash, but for many British buyers, at least, there is still some way to go before they are out of the woods. Case study: A Brit abroad Margot Parker from Ealing recently bought a one-bedroom flat in Paris with her boyfriend Jean-Marc Eskdale. She says a temporary fall in its value doesn't really bother her. They wanted a foot on the French housing ladder since they eventually plan to move there, and were not looking to make a quick profit. "We are in it for the long term," Parker explains. The exchange rate, on the other hand, has had a more immediate impact. When the couple started negotiations on their flat, the rate was about €1.4 to the pound. By the time they completed in August it was €1.31 and has since slid even further. After just a couple of months it is costing them £150 a month extra on the mortgage. Fortunately, the payment is still affordable for them: when they were planning the purchase they checked that they would be OK even if the pound and euro reached parity. "We did it on what we thought was the worst-case scenario," laughs Eskdale. Buying property abroad House prices Foreign currency Housing market Property 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 goes into administrat... Waterford Wedgwood goes into administration
01/06/2009
... as David Cameron announces 'New Deal' for savers (4 h ago)

• UK house prices: a regional breakdown UK house prices: a regional breakdown
01/06/2009
England House prices fell by 14.8% in England last year, with the last three months of the year seeing a 4.8% decline. Homeowners in East Anglia saw the biggest fall in the value of their homes, with prices dropping by 16.6% over the year to an average of £153,080. London and its surrounding regions also took a hammering as affordability pressures and job losses took their toll. Prices in the capital fell by more than 15%, although Nationwide said the falls had not reached the pace of the early 1990s crash when it recorded an annual fall of 16.7%. London remains the most expensive place to buy a home in England with an average price of £257,963, compared to a country-wide average of £171,924. Four out of five of the British cities that saw the largest price falls were in England, with Bristol, Bradford, Northampton and Norwich all recording a 17% drop. Asked about the prospects for house prices over the next six months, consumers told Nationwide they expected to see falls across England, with the largest drop - 6.2% - expected in the West Midlands. Nationwide's chief economist, Fionnuala Earley, said: "Consumers' views about the direction of house prices generally seem to concur with other macroeconomic data, although the relative magnitude of changes recorded are a little mixed. "Within England, London and the south-east might expect to be affected badly due to the combination of an employment shake-out in the financial sector and stretched affordability relative to other regions." Northern Ireland After two years of massive growth, a correction in Northern Ireland was on the cards in 2008, and it came when prices dropped by a staggering 34.2% over the year, according to Nationwide. At the start of the year the average house price in the region was £224,816; by the end of the year it was £147,833. Perhaps unsurprisingly Belfast is top of the list of biggest fallers, recording a 33% drop over the last 12 months. However, houses in the city are still much more expensive than the rest of Northern Ireland - and the UK as a whole - costing an average £203,942. Across Northern Ireland the rate of price falls slowed as the year went on, with prices dropping by 7.4% in the last quarter of the year following three quarters of double-digit drops. A survey of consumers in Northern Ireland found that while 9% of people expected prices to increase in the next six months, the average expectation was a 6.9% fall in values. Earley said: "Realistically one might expect Northern Ireland to remain the worst affected region in 2009, given the especially severe overshoot of house prices relative to earnings in the province during the boom years." Scotland Of all the UK regions Scotland saw the smallest fall in house prices last year with a decline of 8.1%, according to Nationwide. During the final quarter of the year prices actually rose, albeit it by just 0.1%, making it the only UK region to see a rise in prices last year. The average price of a home in Scotland is now £138,941, compared with £151,178 at the end of 2007. Of the three main cities in Scotland, Aberdeen saw the largest annual fall of 11%, closely followed by Glasgow at 10%. In Edinburgh, where prices are highest, values fell by just 6%. For the second quarter running the largest year-on-year fall was in Renfrewshire and Inverclyde where prices were down by 15%. Nationwide's consumer survey found Scotland was the most optimistic part of the UK with 11% of people believing prices will increase in the next six months. It was the only part of the UK where fewer than half of those questioned said they expected prices to fall. Wales Across Wales house prices fell by 12.1% in 2008, reducing the average price of a home to £136,174, according to Nationwide. In the last quarter of the year prices dropped by 2.4%, less than the 4.4% fall seen across the UK as a whole. Prices have fallen in every region of Wales, but some have been harder hit than others. In the south-east Nationwide said prices were down by 20% at the end of the year, while in the north and south-west falls were below 10%. Despite a 10% decline in prices over the year, Cardiff remains the most expensive place to buy with an average price of £188,089. The cheapest area is south Wales (east) where the average house price has fallen to £141,654. Consumers questioned by Nationwide said they expected prices to fall by an average of 6.3% over the next six months. The society said: "A continued fall in prices in Wales seems likely given economic conditions. Business surveys suggest a sharp reduction in the private sector workforce in Wales as output has fallen. However, the larger proportion of public sector employment in Wales is likely to protect it somewhat and help support the housing market relative to other regions." Top city fallers Belfast: prices down 33% on Q4 of 2007 to £203,942 Bristol: Prices down 17% to £199,587 Bradford: prices down 17% to £144,881 Northampton: prices down 17% to £156,425 Norwich: prices down 17% to £169,898 Lowest city fallers Durham: prices down 4% on Q4 of 2007 to £147,188 Edinburgh: prices down 6% to £241,617 Leicester: prices down 7% to £154,787 Birmingham: prices down 9% to £164,939 Newcastle: prices down 9% to £162,863 House prices Property Housing market guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Debenhams: what the analysts say Debenhams: what the analysts say
01/06/2009
Philip Dorgan, retail analyst at Panmure Gordon: Dorgan raised his recommendation on the shares from Sell to Hold and nudged up his forecasts. "Better-than-expected numbers from Debenhams give management a strong hand if it decides that it needs a rights issue. As it is the debt problem that is weighing on the valuation, then this is extremely helpful for the share price, hence our upgrade from Sell to Hold and a tweaking up in our forecasts." "Given that the first half delivers over 70% of annual profit, we have uptuned our numbers after this trading statement, although we remain well below consensus." Dorgan said that the management's focus on own bought merchandise and the reduction in stock levels is therefore delivering "decent results". "However, the market's focus is on its debt which, at the year end, stood at £994m. Newspaper reports suggest that management favours a rights issue to bring this down and these numbers will help its case with shareholders." Matthew McEachran, retail analyst at Singer: "This is a modest improvement on the first 6 weeks, due in part we believe to the promotional tactics undertaken before Christmas but also due to market share gains, especially from their own designer brands which continue to outperform the concession brands (helping the margin mix too). In the absence of these discounts sales would have been lower, but gross margins would have been ahead. They have nonetheless reported gross margins flat year on year which is better than expected, and broadly compensates for the missed sales. "This is the critical trading period for Debenhams. Given good stock control and tight cash management, the group remains on track to meet debt reduction targets. We forecast a £120m year on year reduction by August. With Debenhams still burdened by too much debt coming into the downturn, all strategic actions play towards cash generation. So far so good though, and these profit results are better than expected. We believe there could potentially be further risk to the dividend given the ongoing need to reduce debt. Overall the shares should respond well to the update." Freddie George, retail analyst at Seymour Pierce: "The company has reported a better than expected trading update. We suspect the company had a very strong post Christmas sale. Gross margins also encouragingly must have been stable despite the increase in promotional activity. There is no comment in the statement on the covenants although management states that debt levels are significantly lower than last year. "Although these figures might prompt earnings upgrades, we are retaining our 2008/9 pre-tax profit of £75m because of our concerns about the outlook and the likelihood that the company will have to continue its aggressive discount policy to stimulate sales. We are also concerned about the dollar impact on gross margins, which will start to impact in the second half of 2009. The stock is not expensive on 4.5 times 2008/9 earnings but we remain concerned debt covenants in 2009. We retain our sell recommendation." David Buik at BGC Partners: "As expected the trading statements from Next and from Debenhams were not good. However, in all fairness, they were probably better than expected and what is encouraging about both companies is the fact that both managements seem to be good housekeepers – conscious of being cash generative and using every opportunity to repay debt whenever possible. Both retail groups have made sure that their respective stock controls have been accurate without too much in the way of visible surplus. "Debenhams expects to beat last year's profit. Bob Templeman, Debenhams CEO has had a particularly torrid time since Debenhams' IPO in May 2005 when shares were issued at 200p," he added. Debenhams High street retailers Retail industry Christmas guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• BBC Worldwide names Matthew Goldberg hea... BBC Worldwide names Matthew Goldberg head of Lonely Planet
01/06/2009
BBC Worldwide has appointed Matthew Goldberg, a senior executive at Dow Jones with responsibility for digital operations including WSJ.com, as chief executive of the Lonely Planet travel guides business. Goldberg will report to Marcus Arthur, BBC Worldwide's managing director of global brands, the division that is also responsible for the Top Gear franchise. He will be based in Melbourne, Australia, and replaces acting Lonely Planet chief executive Stephen Palmer. Palmer, who has held the role for about five months following the departure of long-serving Lonely Planet chief executive Judy Slatyer, retains his previous role as chief executive for Lonely Planet's Europe, Middle East and Africa region. At Dow Jones, Goldberg, who joins Lonely Planet in March, was senior vice president of digital strategy and operations. His responsibilities included leading business operations at the Wall Street Journal Digital Network, which includes websites WSJ.com, MarketWatch, Barrons.com and AllThings Digital.com, as well as complementary mobile and video operations. He previously worked at publisher Bertelsmann. "Matt has extensive experience in print and digital media and is a perfect fit for a company like Lonely Planet both culturally and commercially," said Arthur. "I've no doubt that Matt's expertise will not only help maintain Lonely Planet's core business in printed travel guides, but will also seek to optimise opportunities in alternative media markets as the business enters the next phase of its digital development," he added. BBC Worldwide, the BBC's commercial arm, controversially bought a 75% stake in Lonely Planet, which sells around 6.5m travel guides each year, for a reported £75m in November 2007. The acquisition sparked fierce criticism from some of the BBC's commercial rivals , which claimed the Lonely Planet deal was an example of BBC Worldwide expanding beyond its remit. Late last year BBC Worldwide launched a monthly Lonely Planet magazine and appointed Top Gear magazine deputy editor Peter Grunert as editor . • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". BBC guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Debenhams and Next perform better than f... Debenhams and Next perform better than feared
01/06/2009
Debenhams and Next both defied the gloom gripping the high street this morning by posting Christmas trading figures that were better than feared, sending their shares soaring on the London stockmarket. Although both companies suffered falling sales in recent months, they appear to have weathered the crisis better than rivals such as Marks & Spencer, which is reportedly planning to cut 1,000 jobs. Debenhams, which ran a series of three-day and five-day sales spectaculars in the run-up to Christmas to drum up customer interest, posted a 3.3% drop in like-for-like sales over the last 12 weeks, an improvement on its performance earlier in 2008. Its shares jumped 31% to 37.5p in early trading. Crucially, the company said that its profits were up on last year with margins flat, despite the rash of cut-price offers. The group, which started its online clearance sales on Christmas Day, insisted today that it continues to take market share from rivals. Next, which resisted joining in the splurge of December discounts, said combined sales from its retail stores and Directory arm fell by 1.9% between August and the end of December. Although like-for-like retail sales fell by 7% - the bottom end of its own forecasts – Directory sales defied analysts' expectations by rising by 1.1% . Shares in Next leapt 8% to £11.80 in early trading. The company also cautioned against some of the "more extreme economic forecasts" for 2009. "On the negative side, we expect falling house prices, unemployment and the fear of unemployment to continue to restrain spending. However, there is some relief in sight for the consumer; food, fuel and energy prices are set to fall during the year and many will begin to benefit from reducing mortgage interest charges. "Whilst these reductions may not translate into immediate increases in spending they will give people the chance to get their finances in good order in the year ahead," the group said. Yesterday, John Lewis surprised the City by reporting a 2.4% rise in overall sales in the five weeks to 5 January , with like-for-like sales flat compared with a year ago. But t he financial downturn has already claimed a clutch of casualties, including Woolworths, Waterford Wedgwood and Zavvi . Analysts were cheered by Next and Debenham's trading statements, but cautioned that 2009 will be very challenging even for companies that emerge as Christmas winners. "With Debenhams still burdened by too much debt coming into the downturn, all strategic actions play towards cash generation. So far so good though, and these profit results are better than expected," said analysts at Singer Capital Markets. And Freddie George of Seymour Pierce predicted that Debenhams will have to keep its policy of aggressive discounts policy to stimulate sales. "We are also concerned about the dollar impact on gross margins, which will start to impact in the second half of 2009," he said. A M&S cull? The wide-ranging jobs cull at M&S reportedly includes store workers and back office staff, according to a report in the Times . The cutbacks are expected to be announced alongside M&S's Christmas trading statement tomorrow, which analysts predict will show a fall in underlying sales of more than 8%. M&S is widely expected to have suffered its worst Christmas in nearly a decade. A company spokesman declined to comment on the report. Last autumn the company changed its redundancy package, cutting the maximum payout employees can receive in relation to their length of service from 70 weeks to 52 weeks. Marks & Spencer Debenhams Next Retail industry High street retailers guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• DEAL FOR 1540 B'WAY DEAL FOR 1540 B'WAY
01/05/2009
DEUTSCHE Bank has given up on trying to sell two big office towers formerly owned by Harry and Billy Macklowe as a package and instead plans to unload just one of them for the time being. Sources said a deal is looming to sell the office portion... (8 h ago)

• PERELMAN HOPES TO RE-OPEN MORGAN CASE PERELMAN HOPES TO RE-OPEN MORGAN CASE
01/05/2009
Financier Ronald Perelman asked a Florida court to reopen an almost $1.6 billion case against Morgan Stanley over the sale of Coleman Co. to one of the investment bank's clients. Perelman, who controls cosmetics maker Revlon Inc., wants the state... (8 h ago)

• NEW MARSHALL TO LEAD BORDERS TURNAROUND NEW MARSHALL TO LEAD BORDERS TURNAROUND
01/05/2009
Borders Group ousted CEO George Jones and other top executives, as the struggling book retailer sounded urgent notes about its financial position. Jones was "a good retailer, but he just wasn't a turnaround guy," according to one source close to... (8 h ago)

• JOBS SPILLS GUTS JOBS SPILLS GUTS
01/05/2009
Now it's a hormonal imbalance that is responsible for Apple CEO Steve Jobs' incredibly shrinking frame. Yesterday's bombshell letter from the famously reclusive CEO - coming on the eve of the widely watched annual Macworld conference - is at... (8 h ago)

• GOODY'S CHAIN IS CLOSING GOODY'S CHAIN IS CLOSING
01/05/2009
The New Year is poised to claim its first big victim in retail. Goody's Family Clothing - a 55-year-old retailer that operates 287 discount stores across the Southeast - is going out of business for good, sources told The Post. Following a... (8 h ago)

• WHY YOU SHOULD KEEP A WARY EYE ON US TRE... WHY YOU SHOULD KEEP A WARY EYE ON US TREASURIES
01/05/2009
THIS year you should worry about bonds. You say you don't own any. Well, that doesn't really matter because if the bond market is in a bubble - like I think it is - and it bursts, then the whole economy is going to suffer even greater pain... (8 h ago)

• LAURA BUSH GETS $1.6M ADVANCE LAURA BUSH GETS $1.6M ADVANCE
01/05/2009
First Lady Laura Bush snagged a seven-figure deal to write her life story for the Scribner imprint of Simon & Schuster. Bush is said to have received an advance of $1.6 million, according to one well-placed publishing source - although another... (8 h ago)

• FRONT-PAGE NEWS FRONT-PAGE NEWS
01/05/2009
The New York Times is shopping ad space on its once sacred front page for $75,000 on weekdays and $100,000 on Sundays, according to several ad buyers who asked to remain unnamed. The Gray Lady finally made the decision to break with longstanding... (8 h ago)

• EBAY'S MEG MAY BID EBAY'S MEG MAY BID
01/05/2009
If eBay's legendary queen Meg Whitman flexes her muscles to replace Arnold Schwarzenegger as California's governor, she'll be giving up control of a huge fortune. She'll also suffer a big pay cut - but it's a cheap price for getting closer to... (8 h ago)

• CAR-NAGE! DECEMBER AUTO SALES CRASH & BU... CAR-NAGE! DECEMBER AUTO SALES CRASH & BURN
01/05/2009
The worst-stalled car sales in 15 years are punishing automakers across the globe, spreading billions in new red ink to Detroit, Japan and Europe. As Washington's bailouts rescued General Motors and Chrysler from the precipice of bankruptcy, the... (8 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/05/2009
TV Guide Lions Gate Entertain ment agreed to buy TV Guide Network and TVGuide.com from Macrovision Solutions for $255 million. The deal is expected to close on Feb. 28. It re places a previous pact to sell the properties to an investor group... (8 h ago)

• Gazprom Dispute With Ukraine Entangles E... Gazprom Dispute With Ukraine Entangles Europe
01/06/2009
Russia’s gas dispute with Ukraine escalated as several European countries reported supplies had been cut. (3 h ago)

• Toyota to Shut Factories for 11 Days Toyota to Shut Factories for 11 Days
01/06/2009
Toyota Motor will idle its plants in Japan for 11 days in February and March to reduce output in the face of steeply declining global vehicle sales, the company said Tuesday. (4 h ago)

• China Criticizes Google and Others on Po... China Criticizes Google and Others on Pornography
01/05/2009
The Ministry of Public Security and six other agencies would work together “to purify the Internet’s cultural environment,” the government said in a statement. (7 h ago)

• Itineraries: Help in Hot Spots Itineraries: Help in Hot Spots
01/05/2009
For business travelers facing sudden illness or acts of terrorism, several companies offer help. (8 h ago)

• Waterford Wedgwood Is in Receivership Waterford Wedgwood Is in Receivership
01/05/2009
High manufacturing costs, declining demand for luxury goods and a weak dollar overstretched the finances at the Irish maker of luxury crystal and ceramics. (9 h ago)

• Austria Picks Overseer for Bank in Madof... Austria Picks Overseer for Bank in Madoff Case
01/05/2009
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. (19 h ago)

• The Irish Economy’s Rise Was Steep, and ... The Irish Economy’s Rise Was Steep, and the Fall Was Fast
01/05/2009
The Irish developer Sean Dunne, who became a symbol of the country’s boom, faces a foundering economy. (1 d 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. (1 d 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. (2 d ago)

• Feds Want Madoff In Jail, No Bail Feds Want Madoff In Jail, No Bail
01/06/2009
A prosecutor says disgraced financier Bernard Madoff violated bail conditions by mailing about $1 million worth of jewelry and other assets to relatives. The prosecutor wants him jailed without bail. (6 h ago)

• Treasury Sends Banks Another $15 Billion Treasury Sends Banks Another $15 Billion
01/05/2009
The government said Monday it had supplied another $15 billion to seven U.S. banks in the latest round of payments from the $700 billion rescue fund. (10 h ago)

• Automaker Sales Continue Dismal Slide Automaker Sales Continue Dismal Slide
01/05/2009
By every measure, 2008 was one of Detroit's worst years on record, reports CBS News business correspondent Anthony Mason. (13 h ago)

• Markets Slide After Friday's Rally Markets Slide After Friday's Rally
01/05/2009
Wall Street gave back some of last week's huge gains Monday but found encouragement from a U.S. government report that construction spending fell less than forecast. (15 h ago)

• Citgo Halts Heating Oil Donations To Poo... Citgo Halts Heating Oil Donations To Poor
01/05/2009
The Venezuelan government's Texas-based oil subsidiary cited falling oil prices and the world economic crisis for forcing the company to suspend its free heating oil program for low-income residents, Citizens Energy said. (19 h ago)

• LG High-Def TVs To Stream Netflix Videos LG High-Def TVs To Stream Netflix Videos
01/05/2009
LG Electronics announced it will start selling high-definition TVs that stream Netflix videos directly from the Internet, without an additional device. Amazon.com will also make its video streaming service available via Roku players. (20 h ago)

• Madoff Still Bringing In Cash . On eBay Madoff Still Bringing In Cash . On eBay
01/05/2009
Dozens of keepsakes bearing the name of accused Wall Street scam artist Bernard Madoff are being auctioned off on eBay. Meanwhile, lawmakers are set to question the SEC's internal watchdog to investigate how the alleged fraud was perpetrated. (22 h ago)

• Landmark NYC Restaurant Closes Doors Landmark NYC Restaurant Closes Doors
01/05/2009
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. (22 h ago)

• Apple CEO Reveals Hormone Imbalance Apple CEO Reveals Hormone Imbalance
01/05/2009
Apple Inc. founder and Chief Executive Steve Jobs, looking to quell rumors about his health, said Monday his doctors have discovered a hormonal imbalance that has been causing his weight loss. (23 h ago)

• The problems with a fiscal stimulus The problems with a fiscal stimulus
01/05/2009
As Congressional leaders meet to discuss Obama's new stimulus package, many people are questioning what should be included. But commentator Tyler Cowen questions whether a fiscal stimulus is the best way out of a bad economy. (19 h ago)

• Eating green saves workplace green Eating green saves workplace green
01/05/2009
Having a salad instead of a cheeseburger for lunch is a choice some companies want their employees to make. To promote healthy living and save money, companies are subsidizing the costs of more nutritious meals. Shia Levitt reports. (20 h ago)

• When people cheat on Wall Street When people cheat on Wall Street
01/05/2009
Does endlessly hearing about the likes of Bernie Madoff affect everyone else's sense of right and wrong? Kai Ryssdal speaks with behavioral economist Dan Ariely, who's been doing some research into that topic. (20 h ago)

• Panel questions how SEC missed Madoff Panel questions how SEC missed Madoff
01/05/2009
The Securities and Exchange Commission came under scrutiny today at a hearing of a House committee exploring how Bernard Madoff got away with his Ponzi scheme, even after the SEC had been warned about him. Nancy Marshall Genzer reports. (20 h ago)

• Laws do little to curtail sex slavery Laws do little to curtail sex slavery
01/05/2009
Of all the slaves in the world, about 4% are sex slaves. Yet, they account for an estimated 40% of all slave-trade profits. Kai Ryssdal takes a look at the problem with Siddarth Kara, who has written a book about the business of sex trafficking. (20 h ago)

• Slumping automakers spend less on ads Slumping automakers spend less on ads
01/05/2009
Automakers facing continued slow sales are expected to spend less on advertising in 2009. That's going to cause problems for the ad industry, which relies on car companies as its biggest customers. Ashley Milne-Tyte reports. (20 h ago)

• Property taxes on the rise Property taxes on the rise
01/05/2009
Home values may be falling, but property taxes are up. As Jeremy Hobson reports, the rise in taxes has some angry homeowners calling for a cap. (20 h ago)

• Obama's stimulus plan seeks tax cuts Obama's stimulus plan seeks tax cuts
01/05/2009
President-elect Barack Obama made the rounds on Capitol Hill today to drum up support for his $750 billion stimulus package. The plan contains a big change from earlier proposals -- a call for $300 billion in tax cuts. John Dimsdale reports. (20 h ago)

• What's ahead for US financial institutio... What's ahead for US financial institutions?
01/06/2009
With President-elect Barack Obama vowing to reshape the United States financial regulatory system, something that should have been done some time ago, it is worth looking to see what lies ahead for... (1 h ago)

• Diagnosing the liquidity and credit crun... Diagnosing the liquidity and credit crunch
01/06/2009
Every downturn is different and this one is no exception. That's why comparisons with previous downturns and meltdowns are meaningless. It also explains the growing number of analytic studies... (1 h 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... (9 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... (16 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... (1 d 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... (3 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... (3 d ago)

• Video: A healthy business Video: A healthy business
01/05/2009
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)

• Your Biz blog: Some thoughtful comments Your Biz blog: Some thoughtful comments
01/05/2009
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)

• 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) (1 d 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) (1 d 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) (1 d ago)

• Fundamentally: 25 Years of Conventional ... Fundamentally: 25 Years of Conventional Wisdom, Down the Drain
01/05/2009
In this harsh climate on Wall Street, investors may need to rethink some of their basic assumptions about certain asset classes and diversification. (16 h ago)

• Credit Card Companies Willing to Deal Ov... Credit Card Companies Willing to Deal Over Debt
01/05/2009
Credit card companies are rushing to settle even if that means forgiving a portion of some borrowers’ debts. (17 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. (2 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)

Business

Technology

Sports

Entertainment

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

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

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

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

out of control
staystrong :: 02/23/2009

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

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

• Resolve to advance your career Resolve to advance your career
01/05/2009
Pledge to do these few things and your 2009 job outlook will already look better. (1 d 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. (1 d ago)

• Waterford seeks bankruptcy protection Waterford seeks bankruptcy protection
01/05/2009
Waterford Wedgwood PLC, for centuries a name synonymous with luxury, filed for bankruptcy protection on Monday after attempts to restructure the struggling business or find a buyer failed. (20 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. (1 d 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... (1 d 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... (1 d 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. (2 d 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... (2 d ago)

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