Find and read news in one place.
Share and comment the news you love.
Travel back in "news time".
Business News
for 01/07/2009
(last updated 7:30am EST 01/07/2009)
Business
Technology
Sports
Entertainment
Politics
< 29 Dec 08 30 Dec 08 31 Dec 08 01 Jan 09 02 Jan 09 03 Jan 09 04 Jan 09 05 Jan 09 06 Jan 09 07 Jan 09 08 Jan 09 09 Jan 09 10 Jan 09 11 Jan 09 12 Jan 09 13 Jan 09 14 Jan 09 15 Jan 09 16 Jan 09 >
Business Tagline: People's Daily Online
• US launches intensive investigations aga... US launches intensive investigations against Chinese products in 2008
01/07/2009
According to information released by the Bureau of Fair Trade for Imports and Exports of the Ministry of Commerce, in 2008 the US continued its previous momentum of launching frequent trade remedy investigations against Chinese products. The US launched five cases involving a combination of anti-dumping and countervailing investigations against Chinese products, for example stainless steel pressure pipes. This is only slightly lower than the seven cases in 2007. The value involved in the inve ... (6 h ago)
• China offers Comoros $1.4 mln in budgeta... China offers Comoros $1.4 mln in budgetary support
01/07/2009
China has offered the Union of Comoros 1.4 million U.S. dollars in budgetary support to the efforts by the heavily-indebted Indian Ocean islands to overcome consequences of a coup foiled last year. According to information monitored here, Comoros' Finance Minister Mohamed Ali Soilihi and Chinese Ambassador Tao Weiguang signed the aid program in the capital city of Moroni on Tuesday. Ambassador Tao said China made the donation when Comoros was in dire need of support to recover fr ... (7 h ago)
• Lenovo suspends stock trading amid restr... Lenovo suspends stock trading amid restructure speculation
01/06/2009
China's Lenovo, the world's fourth largest personal computer maker, suspended trading on the Hong Kong stock market on Wednesday, amid speculation of an imminent restructuring. The company was expected to restructure its operations due to weak performance amid global slowdown, reported the "Caijing" magazine website on Dec. 31, adding that a plan would be announced on Jan. 8. It was understood the company would merge its Asia Pacific operations with its Greater China and Russia o ... (8 h ago)
• Icelandic bank mulls legal action agains... Icelandic bank mulls legal action against British gov't
01/06/2009
The Icelandic state-controlled Kaupthing Bank is considering filing a lawsuit against Britain for forcing it to go bankrupt last October, according to a statement released by the prime minister's office on Tuesday. The committee running Kaupthing Bank may go to the European Court of Human Rights in its action against the Financial Services Authority of Britain. Kaupthing went bankrupt on Oct. 8 last year. According to the statement, the Icelandic government had requested Britain ... (8 h ago)
• Poland struggles to maintain gas supply Poland struggles to maintain gas supply
01/06/2009
The Polish government said on Tuesday it will restrict industrial consumption of natural gas to ensure supply for households as the country has been affected by shortfalls in gas flowing from Russia. Deputy Prime Minister and Minister of Economy Waldemar Pawlak told a press conference that gas supplies from Russia via Ukraine have dropped to record-low levels amid a gas row between the two former Soviet republics. But most of the gas from Russia to Poland is shipped through pipel ... (8 h ago)
• Brazil to issue U.S. dollar-denominated ... Brazil to issue U.S. dollar-denominated treasury bonds
01/06/2009
Brazil's Finance Ministry announced on Tuesday the country will issue U.S. dollar-denominated bonds with maturity in January 2019. It is the first issuance by the Treasury Department in international markets since May 2008. Brazil managed to raise 525 million U.S. dollars on May 7, 2008, of which 500 million originated from the U.S. and European markets and 25 million from the Asian markets. The Treasury bonds will be negotiated in the U.S. and European markets, and might ... (8 h ago)
• Tokyo stocks continue rising streak, up ... Tokyo stocks continue rising streak, up 1.74%
01/06/2009
Tokyo stocks extended winning streak for a seventh trading day on Wednesday as investors continued to be optimistic about incoming Barack Obama's administration and its economic policies. The 225-issue Nikkei Stock Average gained 158.40 points, or 1.74 percent, from Tuesday to 9,239.24. The last time the Nikkei rose for seven trading days in a row was March 24 to April 3 in 2006. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 12.05 points, ... (8 h ago)
• Indonesian central bank cuts rate by 50 ... Indonesian central bank cuts rate by 50 basis point to 8.75%
01/06/2009
The Indonesian central bank Wednesday slashed its benchmark interest rate by 50 basis points to 8.75 percent following the good outlook of inflation to spur growth, according to a statement by the bank. The 50 basis point cut is in line with the recent demand from the government and business sectors to boost retail sector, as the country has decided to rely much on the huge domestic market following the fall of demand of its products in overseas. The recession has trimmed demand ... (8 h ago)
• Think tank: S Korean economy predicted t... Think tank: S Korean economy predicted to fall into recession
01/06/2009
South Korea's economy may fall into recession as domestic demand and exports are sharply declining amid global economic downturn, a state-run think tank said Wednesday. "The possibility of a recession is running high as domestic demand and exports fall sharply," the Korea Development Institute (KDI) said in a monthly report. The shrinking industrial production, consumer spending, investment and exports were contributed for the possible recession. According to the report, ... (8 h ago)
• Dollar climbs to upper 93 yen range Dollar climbs to upper 93 yen range
01/06/2009
The U.S. dollars climbed to upper 93 yen range and briefly topped 94 yen line Wednesday morning in Tokyo on optimism over possible U.S. economic policies under the Obama administration. At noon, the dollar fetched 93.85-90 yen against 93.60-70 yen in New York and 93.53-54 yen in Tokyo at 5 p.m. Tuesday. The euro traded at 1.3480-3485 dollars and 126.56-61 yen versus1.3531-3541 dollars and 126.70-80 yen in New York and 1.3461-3462 dollars and 125.90-94 yen in Tokyo late Tuesday. ... (8 h ago)
• Hungarian PM urges settlement of Russia-... Hungarian PM urges settlement of Russia-Ukraine gas row
01/06/2009
Prime Minister Ferenc Gyurcsany said Tuesday the Hungarian government finds it unacceptable that European consumers must pay the price for the ongoing Russia-Ukraine gas dispute. In a letter to Russian Prime Minister Vladimir Putin, Ukrainian Prime Minister Yulia Tymoshenko and Prime Minister Mirek Topolanekof the Czech Republic, which holds the EU's rotating presidency, Gyurcsany said that the matter was no longer simply a question of trade dispute but one of relations between the Europ ... (12 h ago)
• France plans 428 bln euros in total to s... France plans 428 bln euros in total to stimulate growth
01/06/2009
The French government's planned funds for stimulating growth to ward off recession has totaled 428 billion euros, a government minister said Tuesday. Apart from 360 billion euros to help troubled banks, the government in December spent 22 billion euros to help small and medium-sized enterprises, 20 billion for "strategic" investment and 26 billion for other projects to stimulate the economy, said Patrick Devedjian, the newly appointed minister for economic recovery. France intend ... (12 h ago)
• Brazil's industrial production suffers s... Brazil's industrial production suffers sharp decrease in Nov.
01/06/2009
Brazil's industrial production fell 5.2 percent in November compared with October, the sharpest decrease since May 1995, according to a study released Tuesday. The industrial production fell 6.2 percent from the figure in November 2007, said the study, issued by the Brazilian Institute of Geography and Statistics (IBGE). It was the deepest year-on-year drop since the 6.4-percent decrease registered in December 2001. Despite the bad results recorded in October and Novembe ... (12 h ago)
• Chicago grain futures gain with bullish ... Chicago grain futures gain with bullish sentiment
01/06/2009
Soybeans and wheat jumped Tuesday to a three-month high and corn gained the most in three weeks on the Chicago Board of Trade. Short covering and some new speculative long positions provided a sharp boost for prices in the grain markets, said analysts. The soybeans, corn and wheat markets opened higher and then moved sharply higher over the course of the day before closing near the highs of the session. Traders said that fund buying was arguably the major underlying factor along ... (12 h ago)
• Uruguayan authorities evacuate tourists ... Uruguayan authorities evacuate tourists from forest fire
01/06/2009
Authorities on Tuesday evacuated 2,000 tourists from a resort in southeastern Uruguay because of a forest fire. Daniel Pilar Altez, secretary of the management of Rocha department in southeastern Uruguay, said the fire near the La Esmeralda resort threatens about 500,000 houses. Firefighters and Air Force helicopters battled the blaze as authorities evacuated the tourists, officials with the Emergency Committee of Rocha said. Smoke from the blaze, blamed on a fire built b ... (12 h ago)
• Dollar mixed against major currencies Dollar mixed against major currencies
01/06/2009
The dollar was mixed against major currencies on Tuesday amid weak data from both the U.S. and the euro zone. New orders for manufactured goods in November, down for four consecutive months, decreased 4.6 percent, the U.S. Commerce Department reported on Tuesday. The drop was much larger than a loss of 2.5 percent expected by analysts. Economic activity in the non-manufacturing sector contracted in December, according to the Institute for Supply Management (ISM). The December ind ... (12 h ago)
• Tokyo stocks open 0.9% higher Tokyo stocks open 0.9% higher
01/06/2009
Tokyo stocks opened higher Wednesday as investors' sentiment remained uplifted about possible upcoming U.S. economic rescue plans. In the first 15 minutes of trading, the 225-issue Nikkei Stock Average gained 81.42 points, or 0.90 percent, from Tuesday to 9,162.26. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 7.67 points, or 0.88 percent, to 883.87. The Second Section also advanced. &$ &$Source:Xinhua&$ &$ ... (12 h ago)
• Brazil's trade surplus to fall over 30% ... Brazil's trade surplus to fall over 30% in 2009
01/06/2009
Brazil's trade surplus will fall more than 30 percent in 2009 to 17 billion U.S. dollars, the Brazilian Foreign Trade Association (AEB) projected Tuesday. The AEB forecast expects exports of 163 billion U.S. dollars in2009, down 17.6 percent from 2008, and imports of 146 billion dollars in 2009, down 15.7 percent from 2008. Brazil's trade surplus registered a six-year low of 24.7 billion dollars in 2008, down 38.2 percent from 2007. The AEB said its projections reflect "t ... (14 h ago)
• Report: S. Korean parliament might ratif... Report: S. Korean parliament might ratify FTA with U.S. in Feb.
01/06/2009
The ruling and opposition parties of South Korea have agreed to deliberate a motion to ratify the free trade agreement (FTA) with the United States in February, the Korea Times reported on Wednesday. The agreement was made after the main opposition Democratic Party (DP) ended its 12-day occupation of the National Assembly main chamber and two committee conference rooms earlier on Tuesday, the daily newspaper said. DP legislators and their aides had occupied the Assembly since lat ... (14 h ago)
• S Korean banks see biggest credit risk i... S Korean banks see biggest credit risk in 10 years
01/06/2009
South Korean banks see the biggest risk in at least 10 years that consumers and businesses will default on loans amid growing signs of worries about economic recession, the Korea Herald reported on Wednesday. According to a survey to 16 local lenders by the central bank, the credit-risk gauge measuring lenders' concerns of loan defaults will rise to 48 in the first quarter of 2009 after climbing to 44 in the fourth quarter of 2008, revealing that respondents see a greater risk of default ... (14 h ago)
NYT > Media & Advertising Tagline:
• Israel Puts Media Clamp on Gaza Israel Puts Media Clamp on Gaza
01/06/2009
Journalists have been barred from the battle zone in Gaza, but they are given full access to sites in Israel hit by Hamas rockets. (9 h ago)
• Azerbaijan Bars Foreigners From Use of I... Azerbaijan Bars Foreigners From Use of Its FM Band
01/06/2009
The move to enforce a law that bans foreign companies from broadcasting in the country effectively bans Radio Free Europe/Radio Liberty, Voice of America and the BBC. (9 h ago)
• CNN Reporter Tops Obama List for Surgeon... CNN Reporter Tops Obama List for Surgeon General
01/06/2009
Dr. Sanjay Gupta is a medical correspondent for the news network and a neurosurgeon. (10 h ago)
• Richard Seaver, Publisher, Dies at 82 Richard Seaver, Publisher, Dies at 82
01/06/2009
Mr. Seaver defied censorship and conventional literary standards to bring works by rabble-rousing authors like Samuel Beckett, Henry Miller and William Burroughs to American readers. (10 h ago)
• London Journal: Atheists Decide to Send ... London Journal: Atheists Decide to Send Their Own Message, on 800 Buses
01/06/2009
An ad campaign for atheism in London is aiming to counter religious ads, one bus billboard at a time. (11 h ago)
• Advertising: New York Store’s Ads Play F... Advertising: New York Store’s Ads Play Funny and Rude, Like the City
01/06/2009
Do you enjoy watching the bracing rudeness of New Yorkers? J&R, the music and electronics retailer, is counting on it. (11 h ago)
• Time Warner and CBS Avert Programming Di... Time Warner and CBS Avert Programming Dispute
01/06/2009
Time Warner Cable extended a deal to carry CBS television stations, CBS said, avoiding what could have been another heated industry dispute. (11 h 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 d ago)
NYT > World Business Tagline:
• Ukraine Says Russia Halts All Gas to Eur... Ukraine Says Russia Halts All Gas to Europe
01/07/2009
All gas supplies to Europe via Ukraine were shut down as the pricing dispute between it and Russia escalated. (3 h ago)
• Satyam Chief Admits Huge Accounting Frau... Satyam Chief Admits Huge Accounting Fraud
01/07/2009
Satyam Computer Services, a leading Indian outsourcing company, massively inflated its earnings for years, the chairman said, throwing the industry into turmoil. (3 h ago)
• Bank of America Sells China Bank Stake Bank of America Sells China Bank Stake
01/07/2009
The U.S. lender Bank of America raised $2.83 billion from selling part of its holding in China Construction Bank. (4 h ago)
• Toyota to Shut Factories for 11 Days Toyota to Shut Factories for 11 Days
01/07/2009
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. (6 h ago)
• World Business Briefing | Europe: German... World Business Briefing | Europe: Germany: Regulators Still Reviewing Airline Merger
01/06/2009
The European Commission, Europe’s competition watchdog, said it had extended its review of a bid by Lufthansa to buy a smaller Belgian rival, Brussels Airlines. (8 h ago)
• World Business Briefing | Africa: Kenya:... World Business Briefing | Africa: Kenya: 2 Countries Plan Railway
01/06/2009
Kenya and Uganda plan to build a new railway from the Indian Ocean port of Mombasa to cope with increased trade among the East African countries and their landlocked neighbors, officials said. (9 h ago)
• Austria’s ‘Woman on Wall St.’ Now Out of... Austria’s ‘Woman on Wall St.’ Now Out of Sight
01/06/2009
Sonja Kohn made few friends gathering billions for Bernard L. Madoff from wealthy investors in Russia and across Europe. Now she’s disappeared from public view. (9 h ago)
• World Business Briefing | Asia: India: G... World Business Briefing | Asia: India: G.M. to Increase Car Prices
01/06/2009
The Indian unit of General Motors will raise its car prices by 1 to 2 percent to cover rising costs and does not expect the market to improve in the first half of 2009, a senior official said on Tuesday. (9 h ago)
• World Business Briefing | Asia: India: C... World Business Briefing | Asia: India: Credit Suisse Invests in Finance Unit
01/06/2009
Credit Suisse said it had injected 7.94 billion rupees ($164 million) into the operations of its nonbanking financial company in India. (9 h ago)
• The Costly Compromises of Oil From Sand The Costly Compromises of Oil From Sand
01/06/2009
Environmental groups in the U.S. and Canada are pushing for a slowdown to oil sands development. (11 h ago)
• Facing Losses, Billionaire Takes His Own... Facing Losses, Billionaire Takes His Own Life
01/06/2009
Adolf Merckle’s speculation in volatile Volkswagen shares pushed his sprawling empire to the edge of ruin. (11 h ago)
• The Irish Economy’s Rise Was Steep, and ... The Irish Economy’s Rise Was Steep, and the Fall Was Fast
01/06/2009
The Irish developer Sean Dunne, who became a symbol of the country’s boom, faces a foundering economy. (13 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. (1 d 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. (1 d 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. (1 d 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. (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. (3 d ago)
Business News: CBSNews.com Tagline: Top Business News from CBSNews.com
• Crush Of Claims Crash Unemployment Syste... Crush Of Claims Crash Unemployment Systems
01/07/2009
Electronic unemployment filing systems have crashed in at least three states in recent days amid an unprecedented crush of thousands of newly jobless Americans seeking benefits, and other states were adjusting their systems to avoid being next. (3 h ago)
• After Wall Street, Cooking Up A New Job After Wall Street, Cooking Up A New Job
01/06/2009
For laid-off workers, finding a new job can be really tough. Sometimes, as Anthony Mason reports, it's best to cook one up yourself. That's what one woman went from rolling in dough - to literally rolling dough. (14 h ago)
• Wave Of Suicides In Wake Of Financial Wo... Wave Of Suicides In Wake Of Financial Woes
01/06/2009
His spirit broken by financial fears, German billionaire Adolf Merckle took his own life this week — becoming the latest high-profile casualty of a global economic crisis that already has claimed the lives of executives in Europe and the U.S. (16 h ago)
• Fed: Bold Moves Won't Stop Economic Woes Fed: Bold Moves Won't Stop Economic Woes
01/06/2009
Even as Federal Reserve officials slashed their key interest rate to a record low and pledged to use other unconventional tools to fight the financial crisis, they still feared the economy would be stuck in a painful rut for some time. (18 h ago)
• Conviction Upheld For Enron's Skilling Conviction Upheld For Enron's Skilling
01/06/2009
A federal appeals court Tuesday upheld former Enron Corp. Chief Executive Jeffrey Skilling's convictions for his role in the energy giant's collapse but vacated his 24-year prison term and ordered that he be resentenced. (18 h ago)
• Automaker Sales Continue Dismal Slide Automaker Sales Continue Dismal Slide
01/06/2009
By every measure, 2008 was one of Detroit's worst years on record, reports CBS News business correspondent Anthony Mason. (21 h ago)
• Pending Home Sales Fall To Record Low Pending Home Sales Fall To Record Low
01/06/2009
Pending U.S. home sales fell to the lowest level on record in November, as the plummeting stock market and faltering economy caused buyers to delay their purchases, the National Association of Realtors said. (22 h ago)
• Toyota To Cease Production For 11 Days Toyota To Cease Production For 11 Days
01/06/2009
Toyota is suspending production at all 12 of its Japan plants for 11 days over February and March, a stoppage of unprecedented scale for the nation's top automaker as it grapples with shrinking global demand. (22 h 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 d ago)
msnbc.com: Business Tagline: Msnbc.com is a leader in breaking news and original journalism.
• Season of savings brings rewards Season of savings brings rewards
01/07/2009
When it comes to holiday shopping, Americans have been great at saying they were going to cut back — but not so good at actually doing it. This year appears to be an exception. (3 h ago)
• U.S. 2008 planned layoffs most in five y... U.S. 2008 planned layoffs most in five years
01/07/2009
Planned layoffs at U.S. firms eased in December from the previous month’s seven-year high but they were up an astounding 275 percent annually, according to a new report. (3 h ago)
• Alcoa to slash 13,500 jobs to save money Alcoa to slash 13,500 jobs to save money
01/07/2009
Aluminum producer Alcoa Inc. is cutting roughly 13 percent of its global work force by the end of the year as it slashes costs in the face of a deteriorating world economy. (3 h ago)
• Russia halts all gas through Ukraine Russia halts all gas through Ukraine
01/07/2009
Ukrainian officials said Wednesday that Russia had cut off all gas supplies through pipelines crossing Ukrainian territory, the latest move in a devastating pricing dispute. (5 h ago)
• Stores worry holiday sales may be perman... Stores worry holiday sales may be permanent
01/06/2009
Shoppers are getting used to those 75 percent off sales, and that's bad news for merchants who worry they will also have to quickly slash prices on spring goods to attract customers. (10 h ago)
• Enron’s Skilling loses appeal of convict... Enron’s Skilling loses appeal of conviction
01/06/2009
An appeals court has upheld former Enron Corp. CEO Jeff Skilling’s convictions for his role in the energy giant’s collapse but orders that he be resentenced. (14 h ago)
• Bank of America CEO to skip '08 bonus Bank of America CEO to skip '08 bonus
01/06/2009
Bank of America Corp. Chief Executive and Chairman Kenneth Lewis is recommending that he and his top executives receive no bonuses for 2008. (15 h ago)
• How bad is economy? IRS feels sorry for ... How bad is economy? IRS feels sorry for you
01/06/2009
As the nation sinks deeper into recession, the IRS is offering to waive late penalties, negotiate new payment plans and postpone asset seizures for delinquent taxpayers who are financially strapped, but make a good-faith effort to settle their tax debts. (15 h ago)
• Charities hurt in Madoff case get charit... Charities hurt in Madoff case get charity
01/06/2009
Nonprofits that are struggling because their donors lost money with Bernard Madoff are getting a bailout — but not from the government. Richer foundations are stepping in to help. (16 h ago)
• Social Security unveils new online appli... Social Security unveils new online application
01/06/2009
The Social Security Administration, envisaging the near-future prospect of 10,000 baby boomers applying for benefits every day, has put together a new online service. (16 h ago)
• That cheap gasoline? Don’t get used to i... That cheap gasoline? Don’t get used to it
01/06/2009
All that money you're saving these days at the gas pump? You might want to put it in the bank. (17 h ago)
• Despite actions, Fed sees downturn lasti... Despite actions, Fed sees downturn lasting
01/06/2009
Federal Reserve officials feared the economy would be stuck in a painful rut for some time despite their decision to slash interest rates to a record low. (18 h ago)
• Oil falls on worries of deepening recess... Oil falls on worries of deepening recession
01/06/2009
Oil prices fell Tuesday as fresh signs of a deepening U.S. recession trumped tensions in the Middle East and worries over natural gas shortages in Europe. (19 h ago)
• Newsweek: No economic panacea Newsweek: No economic panacea
01/06/2009
Commentary: We should resist the temptation to see Obama’s forthcoming ‘economic stimulus’ package as a panacea. (23 h ago)
• Services sector contraction slows in Dec... Services sector contraction slows in Dec.
01/06/2009
An index of activity in the U.S. services sector contracted at a slower pace in December as new orders and employment improved. (1 d 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. (1 d ago)
Business | guardian.co.uk Tagline: Articles published by guardian.co.uk Business
• Daily Sport publisher in financial diffi... Daily Sport publisher in financial difficulties
01/07/2009
Daily Sport publisher Sport Media Group's share price plummeted 40% in early trading today after the company revealed it had broken one of its banking covenants. The company, which is releasing both a trading update and preliminary results for the year to the end of July tomorrow, said it had been given a two-month extension by its bank on its current finance facility. SMG added that it is seeking to plug the funding breach through discussions with its backers while also looking at other financing options. "[SMG] was notified yesterday evening by the company's bank that the company is in breach of one of its banking covenants and agreement has not been reached on revised facility terms," SMG said in a statement. "However, revised facility terms continue to be negotiated and, in the interim, the bank has provided a two-month extension to the current facility." SMG's board said that it believed that a refinancing solution would be reached within the two-month extension period. "The company is seeking to remedy the breach through further discussions with the existing finance providers and is also exploring a number of alternative financing sources and structures," SMG added. Late last month debt-laden Mecom, the pan-European newspaper group run by the former Mirror group chief executive, David Montgomery, temporarily avoided breaching its financial covenants by agreeing new terms with its banks until the end of February. Mecom has been urgently trying to reduce a debt burden of almost £600m and faced breaching its debt-to-earnings ratio of 3.5 times earnings. More details soon... • 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". Newspapers & magazines Media business Media downturn guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)
• Q&A: what's behind the Ukraine-Russia ga... Q&A: what's behind the Ukraine-Russia gas dispute
01/07/2009
What is the dispute about? Prices and politics . Ukraine, with its economy crippled, says it cannot afford to pay the $450 per 1,000 cubic metres of gas demanded by Gazprom. Russia claims it is only asking for $250 per 1,000 cubic metres, compared with $195 in 2008. Ukraine says it is willing to pay $210 – compared with $450-$500 prevailing in western Europe. Gazprom alleges that Naftogaz, Ukraine's state energy firm, still owes it $600m for 2008; the Ukrainians dispute this. What's the background? Since Ukraine's Orange Revolution in 2004, the country has moved closer to the west, seeking membership of Nato and, ultimately, the European Union. Under Vladimir Putin, the former president who is now prime minister, Russia is penalising a former member of the USSR and Warsaw Pact for removing itself from its sphere of influence. It rewards more "loyal" ex-Soviet countries with cheaper prices. The dispute is also compounded by a full-scale political crisis inside Ukraine with President Viktor Yushchenko at war with his former ally and prime minister, Yulia Tymoshenko. Which countries are affected? Gazprom has now stopped gas supplies to Europe via Ukraine, accusing Kiev of shutting down all four pipelines and siphoning off gas for itself. The impact has been felt most acutely in Bulgaria, Romania, Greece, Macedonia, Croatia, Serbia, Bosnia and Turkey. It has now spread to France, Germany, Italy, Austria, Poland, Hungary and the Czech republic. Britain, which imports only 3% of its gas from Russia compared with the EU's 25% average, is unaffected. Are people beginning to freeze? With sub-zero temperatures continuing throughout mainland Europe, tens of thousands of people, mainly in eastern Europe, have no heating in their homes. Countries are urging citizens to switch to alternative fuels and trying to import gas and other fuels via other routes. Ukraine, which has ample gas in storage or enough until the spring, is turning to fuel oil as well. Western European homes remain largely unaffected so far as storage is enough for up top 90 days' supply. Are there alternative routes? Yes. Gazprom, which shipped 300-350m cubic metres a day to Europe via Ukraine, claims it is now providing 150m cubic metres via the Yamal pipeline to Europe and about 50m cubic metres via the Blue Stream pipeline to Turkey. Other planned routes to avoid both Russia and Ukraine remain a pipedream. Any hope of a settlement? Oleh Dubina, Naftogaz chairman, is due in Moscow tomorrow for talks with Alexei Miller, Gazprom's chief executive, and his team. But experts say Ukraine has less to lose than Gazprom, which is losing millions of dollars in revenue and already needs substantially more investment to improve its own network of crumbling pipes and reserves. What is the EU doing? Brussels is calling for a swift settlement of what it continues to claim is a purely commercial dispute. But it holds little political leverage as individual countries have concluded their own national deals with Russia, which they view as a strategically important partner – despite European commission warnings that it may no longer be reliable or predictable. The 27 members may agree on Friday to share supplies held in storage among themselves if the Moscow talks collapse. David Gow Gas Russia Ukraine Q&As guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)
• The Spoon: The FSA is right to lift the ... The Spoon: The FSA is right to lift the ban on short-selling – it didn't work
01/07/2009
The Spoon: The FSA is right to lift the ban on short-selling. A look at the markets since the ban was introduced shows it didn't work (3 h ago)
• M&S store closures: full list M&S store closures: full list
01/07/2009
Marks & Spencer today announced the closure of 27 stores, including 25 Simply Food stores and two main M&S stores (4 h ago)
• Rally splutters as banks and utilities d... Rally splutters as banks and utilities drop
01/07/2009
London's six day rally, which has seen the FTSE 100 put on 10%, has spluttered to a halt in morning trading as banks and utility stocks succumb to profit taking. The FTSE 100 has eased 58.02 points to 4580.90, with Scottish & Southern Energy the morning's biggest faller among the blue chips, down 94p at 1169p, closely followed by Severn Trent , down 67p at 1155p. The utility sector has been seen as a safe haven over the past few turbulent months but its attractions have been rather overplayed according to some analysts and the rally had run away with itself. Profit-takers have also got hold of Standard Chartered, down 49p at 950p. The bank has had a good run over the past two days. Earlier in the week Cazenove chose Standard Chartered as its top international pick among the UK banks with an outperform rating - above rival HSBC , down 6.25p at 651p, which got an underperform rating. Among the other banks, Royal Bank of Scotland is one of the morning session's most traded stocks - down 1.6p at 49.4p - while Lloyds TSB has lost 0.2p to 118.8p. There is still strong support for 3i with the shares adding 23.5p - or 7% - in early trading after they surged 60p yesterday. Traders reckon the market got too pessimistic about the prospects for the investment group's portfolio of companies and the gap between the stock price and net asset value became too large, hence the rally. This morning's trading update and Stuart Rose's swift move to close underperforming stores, has helped Marks & Spencer add 13.5p to 252.25p. Greggs is down 19p at 3302p after the bakery chain announced plans to expand its portfolio after reporting a 5.3% rise in underlying sales in the four weeks to 3 January. Positive noises from the analyst team at Investec has helped some telecoms stocks with Cable & Wireless up 1.2p at 165.2p and Colt Telecom up 11.5p to 92.5p. Finally, Cattles has lost 4.25p to 25.25p after the doorstep lender announced plans to axe 1,000 jobs and cut the amount of new business it handles by 75%. 3i Marks & Spencer Cable & Wireless COLT Telecom Greggs HSBC Standard Chartered Severn Trent Royal Bank of Scotland Cattles Scottish and Southern Energy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)
• Next does better than expected Next does better than expected
01/07/2009
Chief executive plays down idea of meltdown on the high street (5 h ago)
• The hole Woolworths leaves on the high s... The hole Woolworths leaves on the high street
01/07/2009
As we say farewell to the high street favourite, Frances Booth asks what we will do when it is gone (5 h ago)
• Marks & Spencer: what the analysts say Marks & Spencer: what the analysts say
01/07/2009
Freddie George at Seymour Pierce: "It appears that even though sales were weak, management has given away margin with discounts. We are downgrading our 2008/9 pretax profit forecasts from £630m to £590m, and for the following year from £535m to £490m. We are also forecasting that the dividend is halved to 11.25p. "We are upgrading our recommendation [on the shares] from Sell to Hold. At these levels, there is, in our view, more upside than downside. The outlook remains difficult; there are strategic issues with the format, particularly in general merchandise; the covenants could be an issue if there is further slippage in forecasts and the strengthening dollar will have a significant impact in the middle of the year. Management, however, is taking action to reduce costs and is reviewing the store portfolio, particularly the Simply Food stores. The stock has declined by 60% over the last year and on our forecasts is rated at 10 times 2008/9 earnings." John Stevenson, KBC Peel Hunt: "Not so sparkly, Christmas sales disappoint." While the cutbacks announced today "will reduce cost growth for 2010E to around 2%, we believe the benefits will be offset by margin and sales attrition, leaving a further profit shortfall next year of 29%, marginally worse than the sector average in our forecast universe." "Our profit before tax estimates of £595m and £421m for 2009 and 2010 remain unchanged, although we expect market expectations to fall back towards our numbers, despite today's announced cost savings plan of £200m." Matthew McEachran at Singer: "The business entered the sale with 15% less stock than last year, which has cleared rapidly, confirming our own findings from recent site visits, and large stores have already made the transition over to new season full price ranges. However, as a consequence of the discounting and price investment, they now believe that retail gross margins will fall by 175bps in the full year, which is 65bps worse than expected, only part of which relates to the mix change." On the basis that fourth-quarter trading is likely to be more challenging than the third quarter, and in spite of early signs of stabilisation in food, we believe these results point to a full year profit before tax outcome below £600m (versus consensus £621m). In light of the cost savings next year, and in spite of the expectation of more negative sales trends, a PBT outcome around or slightly below the £500m mark appears feasible which is broadly in line with consensus. If consumer conditions deteriorate further over the next 6 to 9 months, which is a distinct possibility, the dividend will have to be cut but at this stage there is still a glimmer of hope that this action might not be required." Philip Dorgan at Panmure Gordon: "Cost savings drive huge value. The cost reductions announced today are much, much bigger than we have ever seen before and give the company a huge war chest to survive current difficult conditions and (more importantly) means that it will emerge from the recession as a highly geared play on the consumer. Noises on the dividend are encouraging, and we may yet be wrong in forecasting a cut. We are raising our target price [for the shares] from 250p to 300p on the basis of the long term value of the cost savings." "Our base case has been for some time that food is structurally challenged. It has lost its competitive edge, it is too small, its prices are too high, its supply chain is not reactive enough and its stores are in the wrong place. We believe that the Food business will emerge from the recession with lower margins, probably of the order of 2%, rather than the historical 5–6%. This means that last year's profit of £1,007m equates to £858m and that M&S therefore trades on 5.6 times historical earnings. This looks too cheap." "We often find M&S's balance sheet strengths to be exaggerated after various capital returns, property transactions etc. Its asset value is 56% of its share price; even though it has 154p per share of property, it also has 158p of debt. That said, it is in much better shape than most and is strongly cash generative in 'normal' years, so this is the attraction for investors prepared to look 12 months or so ahead." Nick Bubb at Pali International: "Goodbye cost growth, Hello margin attrition. "Today's third-quarter like-for-like sales are bad, given the weak comparatives from the poor Christmas a year ago, but not quite so bad as we expected, thanks to a late spending surge pre-Christmas. We looked for -10% for nonfFood, but the outcome was just under -9% and just over -5% for food (where we looked for -7%). But the overall gross margin fall of 175bps flagged for the full-year is rather worse than feared, implying well over -200 bps in H2, because of the two "One-Day Sales" and all the food price promotions. However, more cost-cutting will make up for that, meaning that the consensus PBT forecast of £620/630m for full-year 08/9 will probably not come down any further." "We are holding our own PBT forecast at £599m PBT, assuming a poor final quarter. The quarter has in fact begun well, with a good week last week, in line with the rest of the high street, as bargain-hunting in "the Sales" took a grip, but this will have exhausted the consumer's appetite for more spending pre-Easter. We expect fourth-quarter sales to be nearly as bad as the third quarter's. "The final dividend is probably safe on this basis (the shares yield 9.0%). Whether the full-year 22.5p dividend is safe for 09/10 is quite another matter: we still suspect not and assume a cut to 14p. The savage cost-cutting (of up to £200m) put in place for 09/10, will mean that operating costs actually fall by 1-2% (we had assumed over 3% growth, even after the pruning measures announced in November). Today's new cost cuts come through pensions, some Simply Food store closures and HQ cuts. But there will be more gross margin attrition in 09/10, in food and in non-food, as M&S struggle to recover their pricing power, and there will be more like-for-like sales falls. Overall, we have raised our PBT forecast from £450m to £499m for 09/10. "But given M&S's structural problems and the grim outlook for the consumer, we retain a Sell, though we have raised our target price from 175p to 200p to reflect the recent re-rating of the sector." Sam Hart at Charles Stanley: "Gross margin appears to be under particular pressure in food, as this is the area in which promotional activity has had to be focused to stimulate sales. "Outlook comments are downbeat, with challenging economic conditions expected to continue for at least another 12 months. The recent weakness of sterling is expected to be negative for gross margins, as a high proportion of goods are sourced from Asian countries with dollar denominated currencies and to a lesser extent from the Eurozone. The impact in the first half is expected to be limited as the group is largely hedged for the spring and summer of 2009. The full impact is expected to be felt in the second half, but is difficult to quantify at this stage.x "Forecasts for the current year are likely to be further downgraded on the back of reduced gross margin guidance. Forecasts for 2009/10 may also be further reduced, with weaker sales and gross margin assumptions more than offsetting operational cost savings." "With the balance sheet already starting to look slightly stretched, we do not believe the Board will want to pay the dividend by increasing net debt further, and therefore expect a 50% dividend cut to be announced with full year results on 19th May." "The recommendation remains Reduce whilst forecast risk remains on the downside and there is such uncertainty over the length and depth of the UK consumer downturn. The shares are not underpinned at current levels by asset backing arguments." Marks & Spencer Retail industry High street retailers Christmas guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)
• Gordon Brown announces expansion of appr... Gordon Brown announces expansion of apprenticeships on three-day tour of Britain
01/07/2009
Gordon Brown will announce a further expansion of apprenticeships today as he kicks off a three-day tour of the regions. The prime minister will use a visit to a Rolls-Royce plant in the east Midlands to highlight a £140m scheme to create an extra 35,000 posts in 2009-10. The announcement – which will take the total number of apprenticeships over 250,000 – comes as Brown presses his argument that the global economic downturn is a reason to increase investment, not reduce it. Over the coming days, he will also be visiting the West Midlands, north-west England, and Wales, while the whole cabinet is due to hold a special "away day" in Liverpool. It will be the third meeting of the cabinet outside London since September. This week a response to a freedom of information request showed that the cost of policing November's cabinet meeting in Leeds was £137,719. Some Conservatives have criticised Brown's decision to hold cabinet meetings outside London as a costly "gimmick", although yesterday members of David Cameron's shadow cabinet were holding a series of meetings in cities around Britain as part of a coordinated Tory "Get Britain Working" event. In a speech earlier this week Brown explained why he was going on a regional tour. He said it was "more important than ever for us to talk to people right across the country about what they are going though, listening to their views, addressing their concerns and learning from their experiences". Brown will follow up the tour with a "jobs summit" in Downing Street on Monday next week. Economic policy Gordon Brown Social exclusion Further education guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)
• 'Workshy' comment sparks political storm... 'Workshy' comment sparks political storm in Japan
01/07/2009
Unemployed temporary workers forced to spend the new year at a Tokyo soup kitchen have found themselves at the centre of a political storm after a senior politician questioned their work ethic. As Japan greeted the Year of the Ox amid mounting pessimism over the state of its economy, more than 500 recently sacked workers queued up in a central Tokyo park for free food and shelter, and advice on how to survive recession in the world's second biggest economy. The jobless who have spent most of the past week in Hibiya Park, a stone's throw from Japan's parliament, are among tens of thousands of temporary workers who were laid off at the end of last year. More than 85,000 temporary and part-time workers are set to lose their jobs by the end of March, far higher than the 55,000 estimated earlier in the year. But Tetsushi Sakamoto, a senior Liberal Democratic party MP, sparked anger when he suggested that the park's new residents were workshy. "I wonder if they are really serious about working," he said, before comparing them to radical student activists in the late 1960s. Sakamoto later apologised for the remark but has came under mounting pressure to resign. "The remarks were so insulting that a retraction is not enough," said Yukio Hatoyama, secretary general of the opposition Democratic party. "He should be dismissed immediately." A network of unions and community groups opened the soup kitchen on the new year to provide emergency help to the ranks of the new destitute – mainly men under 50 who once worked for subcontractors that make and supply parts for major Japanese exporters. Earlier this week the residents were moved to vacant schools and government buildings, where they will be allowed to stay until 12 January. Around the country, about 3,700 people spent the holidays in temporary accommodation, many of them men who had been laid off from temporary jobs. The country's car industry is in the midst of laying off more than 6,000 contract workers, including 3,000 of them at Toyota, which today announced more temporary factory closures in over the next three months. Sony, meanwhile, is to cut 8,000 temporary jobs worldwide by the end of March 2010 and a report today said Sanyo was considering cutting 1,000 workers in the coming months. Temporary workers were a rarity in the Japanese manufacturing industry until former prime minister Junichiro Koizumi's free market reforms in 2004 enabled firms to use non-regular labour in their factories. Now, about one in three Japanese workers are on part-time or temporary contracts. According to the health and welfare ministry, the number of temporary workers reached 3.8 million last year, almost 20% more than in 2007. The number rose by more than 90% in the manufacturing sector alone. In better days, the arrangement suited employers keen to cut personnel costs, and gave workers the freedom to move between jobs. But, as the recent flurry of layoffs proves, it also made temporary workers very expendable. In response, MPs are debating a proposal to restrict the use of so-called "dispatch workers" in manufacturing. "I hope the discussions will lead towards a ban on day labour dispatch," Yoichi Masuzoe, the labour minister, told reporters. Volunteers at Hibiya Park said they had been overwhelmed by the number of people seeking help after the global financial crisis forced Japanese companies to slash workforces. "We didn't expect so many people to turn up," said Satoshi Tokairin, a camp organiser. "We knew there would be a big problem over the new year and asked the government to act quickly. But they didn't listen." Toru Hayashi is typical of the thousands who were turfed out of their company lodging as soon as they became unemployed. "I have no job, no money and nowhere to live," said Hayashi, who lost his job with an office furniture supplier early last month. "The sub-prime crisis has hit real-estate and we got only half the orders we had the previous year." The 45-year-old, who has spent the past few weeks sleeping in a 24-hour internet cafe, makes no attempt to hide his contempt for prime minister Taro Aso's response to the economic crisis. "The government talks a lot but does nothing," he said. "Aso is hopeless. We are having to depend on the generosity of ordinary people to make it through the bad times." Japan Global recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)
• Sterling, not subsidies, can help the ca... Sterling, not subsidies, can help the car industry
01/07/2009
The car industry has always been good at doleful eyes and plaintive looks. More news this morning on the terrifying slump in sales will no doubt increase pressure on the government to dig into our pockets and throw the industry a bone or two. Something does need to be done. Not only are thousands of jobs at risk, but these are just the sort of jobs we need to be encouraging as the British economy rebalances. The question is what kind of support could possibly overcome the natural inclination of consumers to avoid big purchases when the economic outlook is this uncertain. Loan guarantees might work. Without access to cheap finance deals, drivers are even more likely to hang on to their old banger rather than shell out for a shiny new motor. But just as we've seen in the mortgage market, the fall in car loans may have as much to do with weak demand as it does with a shortage of available finance. Falling interest rates should help in a different way though. The resulting slump in sterling on the foreign exchange markets is the best shot in the arm the industry could hope for. Britain's successful Japanese car factories - Toyota in Derby, Nissan in Sunderland and Honda in Swindon - have always been tremendously sensitive to exchange rates, particularly against the euro and yen. Of course, exports are more difficult now because overseas consumers are struggling too, but when it comes to tough decisions over which factories to close and which ones to hang on to, global manufacturers cannot ignore the fact that our factories have just become a lot more competitive. Automotive industry Toyota Honda guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)
• Darling admits recession deeper than gov... Darling admits recession deeper than government expected
01/07/2009
Chancellor says he may be forced to rip up his previous economic forecasts (7 h ago)
• Doorstep lender Cattles sheds 1,000 jobs Doorstep lender Cattles sheds 1,000 jobs
01/07/2009
The company, which lends to people on low incomes or who cannot get credit, is slashing the amount of new business it handles by 75% (7 h ago)
• M&S axes up to 1,230 jobs and shuts 27 s... M&S axes up to 1,230 jobs and shuts 27 stores
01/06/2009
Marks & Spencer is axing up to 1,230 jobs and shutting 27 stores after suffering its worst sales performance for a decade. The high-street retailer said this morning it would shut 25 "under-performing" Simply Food outlets, out of a total of 350, and two main stores. This will cost the jobs of up to 780 staff and a further 450 jobs will be cut at its head office. M&S employs about 70,000 people worldwide. This morning's Christmas trading statement showed that UK like-for-like sales fell by 7.1% in the 12 weeks to 27 December, worse than rivals such as Debenhams and John Lewis . Clothing and food sales were the worst hit, with total clothing sales 8.9% down and food 5.2% lower. The company will also cap employees' annual increases in pensionable pay to 1%, a blow to the 21,000 people on its final-salary pension scheme. Sir Stuart Rose, executive chairman, said the cutbacks, which he described as "good housekeeping" that would save up to £200m, were necessary to help M&S ride out the UK slump, with the chancellor, Alistair Darling, warning this morning that Britain was "far from through" a recession. Rose said: "This is not low-hanging fruit. It's not going to be an easy exercise as we go into the consultation. Every company has to cut its costs according to its means. We've had to take a tough decision. It will affect some people and I very much regret that." He played down the prospect of further store closures and job losses, saying: "You can never say never in the current environment." Trade unions have already vowed to fight M&S if it tries to implement mass redundancies. Paul Kenny, general secretary of the GMB union, said: "M&S have been planning this mass sacking for some time and managers have in many cases selected who is going. This is against the law and ignores the employment rights of their staff. M&S must now enter into 90-day consultation with their employees before selecting those to be made redundant. "M&S employees selected for redundancy before the end of the consultation period will have an automatic case for unfair selection for redundancy at an employment tribunal." Tony Goode, a GMB member and whistleblower who was sacked for publishing details of M&S's cuts in redundancy payouts, said: "Frankly, I am surprised that M&S have taken so long to announce these redundancies after slashing the redundancy terms for its staff in September last year." Rose denied there was any link between the job cuts and the changes to the company's redundancy pay. M&S shares jumped more than 6% this morning, trading up 15.25p at 254p, as the City welcomed the cutbacks. Philip Dorgan at Panmure Gordon described the measures as the "biggest cost-saving programme that we have ever seen". He said: "This cost reduction gives M&S an enormous war chest to survive the recession." Freddie George at Seymour Pierce upgraded his recommendation on M&S shares from sell to hold, but also downgraded his profit forecasts and predicted that the dividend would be halved to 11.25p. "The cost initiatives are to be applauded," said KBC analyst John Stevenson. But he expects the consensus forecast in the City for 2008-09 profits to fall from about £620m towards his estimate of £595m and next year could be even worse. "With the pressure on gross margin we've got, and given the sales outlook, we still expect profits to be falling next year." Rose denied the trading update was a profits warning. "If it was, we would have had to say something earlier," he said, adding that he was leaving it up to City analysts to crunch the numbers. "Inevitably, profits will drop this year as they will at other retailers, but we are a profitable business," he added. Ian Dyson, M&S finance director, said there was no change in the group's dividend policy "at this stage". Many in the City are expecting a dividend cut when the board makes a decision in May. M&S admitted that its gross retail margin for this financial year will be 1.75 percentage points below last year – worse than its previous guidance of a one-point fall – with discounting and lower food prices hitting its profitability. The retailer launched two 20%-off, one-day sales to pull in customers in the run-up to Christmas. Rose said the company decided to do the spectaculars after a "pretty difficult October and November and it worked well for us". "Did we have to kick-start the customer into Christmas? Yes. Has it cost us a bit? Yes. Would I do it again? Yes." He rejected suggestions that M&S has a real problem on its hands as customers trade down to cheaper food elsewhere, and said people were still looking for quality food. "We sold a turkey every four seconds at Christmas. One in five customers had something on their table from M&S," he said. Analysts were sceptical about the prospects for the food business. "Our base case has been for some time that food is structurally challenged," Dorgan said. "It has lost its competitive edge, it is too small, its prices are too high, its supply chain is not reactive enough, and its stores are in the wrong place." Rose, who was criticised for taking on the executive chairmanship last spring, shrugged off suggestions that he should consider his own position. "This is a plane flying into a storm ... You would wait for the plane to have landed first [before changing the pilot]." He was in typically upbeat mood despite the sales slide, saying the group had overall held market share and that 56 million people passed through M&S's doors in the last 10 days before Christmas, buying 130m items. After a host of business failures, including well-known names such as Woolworths, and more to come, the high street will look different this year. However, Rose said: "The high street is not dead. I've always said retailing is the second-oldest profession in the world. The strong will continue to be there, we will continue to be there, shops will continue to be there." Marks & Spencer Retail industry High street retailers Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)
NY Post: Business Tagline: Latest Business from the New York Post Online Edition, which delivers the Post's world-renowned gossip, best sports in town, and more.
• THE SEC WATCHDOG WHO MISSED MADOFF THE SEC WATCHDOG WHO MISSED MADOFF
01/07/2009
The Securities and Exchange Commission's New York watchdog, under fire for failing to uncover Bernard Madoff's alleged $50 billion Ponzi scheme - despite a dead-on tip by a whistleblower - yesterday tearfully defended herself, arguing that she and... (4 h ago)
• DEALS' PIECES MAY NOT ADD UP DEALS' PIECES MAY NOT ADD UP
01/06/2009
IF you've played the real estate game since 2005, you should be quaking in your boots - with the test being when the deal was done and, perhaps more important, how it was done. "Our steroids were leverage and the buyers were way over-financing,"... (9 h ago)
• LES' MAGIC TRICK LES' MAGIC TRICK
01/06/2009
CBS boss Les Moonves scored a major coup in his fervent bid to get cable operators to pay for the right to retransmit its broadcast signal yesterday. Time Warner Cable, the nation's second-largest cable operator, agreed to extend its deal to... (9 h ago)
• BOFA'S LEWIS GETS CASE OF MERGER FLU BOFA'S LEWIS GETS CASE OF MERGER FLU
01/06/2009
Some nasty indigestion is setting in for Bank of America and CEO Ken Lewis after the firm's gorging on a string of big Wall Street names. Dubbed "Banker of the Year" by American Banker, Lewis is now following the lead of his peers, telling the... (9 h ago)
• WPP'S OGILVY SLASHES STAFF BY 10% IN NOR... WPP'S OGILVY SLASHES STAFF BY 10% IN NORTH AMERICA
01/06/2009
Madison Avenue is swinging the ax as it girds for a steep advertising decline. WPP's Ogilvy became the latest agency to resort to layoffs yesterday, when it cut 10 percent of its staff in North America, or 150 people, sources said. The agency's... (9 h ago)
• EW LOSES ITS TOP EDITOR EW LOSES ITS TOP EDITOR
01/06/2009
AFTER a major redesign and a long stretch of rumors, Time Inc. finally made a move at embattled Entertainment Weekly, bouncing the current managing editor, Rick Tetzeli, upstairs while moving People Executive Editor Jess Cagle into the top post at... (9 h ago)
• BUSINESS BRIEFS BUSINESS BRIEFS
01/06/2009
Down, down The Institute for Sup ply Management's index of non-manufac turing businesses was 40.6 for December, a higher-than-forecast reading that was still the second-worst on re cord. The National As sociation of Realtors index of pending home... (10 h ago)
• EW LOSES ITS TOP EDITOR EW LOSES ITS TOP EDITOR
01/06/2009
AFTER a major redesign and a long stretch of rumors, Time Inc. finally made a move at embattled Entertainment Weekly, bouncing the current managing editor, Rick Tetzeli, upstairs while moving People Executive Editor Jess Cagle into the top post at... (12 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... (1 d 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... (1 d ago)
Sox First Tagline: SOX - Sarbanes-Oxley analyzed
• Subprime meltdown drives litigation Subprime meltdown drives litigation
01/07/2009
The financial meltdown is driving litigation.New data released in the Securities Class Action Filings: 2008 Year End Assessment, from Cornerstone Research and the Stanford University Law School... (1 h ago)
• Rise of the new consumer Rise of the new consumer
01/07/2009
The market meltdown is changing consumer behavior. And it will produce a new consumer.Retailers tell me consumers are still buying, they're just not spending as much. Instead of a $20 bunch of... (6 h ago)
• Innovation in the downturn Innovation in the downturn
01/07/2009
Is a downturn a good time to start a business?It's not a bad question actually. Bill Gates didn't wait for the recession of 1974-75 to pass when he founded Microsoft. Other companies that... (7 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... (8 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... (10 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... (1 d 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 d 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... (2 d ago)
Marketplace Tagline: Marketplace
• Peer pressure pushes people to go green Peer pressure pushes people to go green
01/06/2009
A growing body of research shows the most effective way to get people to go green is not through do-good appeals, but rather peer pressure. Sarah Gardner reports on the latest research findings. (22 h ago)
• Letters: Astrology, retirement, prioriti... Letters: Astrology, retirement, priorities
01/06/2009
Listeners had strong reactions to stories about astrology and retirement in the Marketplace mailbox this week. Also, Kai Ryssdal tells us that FDIC isn't really an acronym at all. (22 h ago)
• Asphalt shortage makes recovery rough Asphalt shortage makes recovery rough
01/06/2009
President-elect Obama wants to spend nearly $300 billion on infrastructure projects to create jobs and boost the ailing economy. But road and bridge repairs will require a lot of asphalt, and as Joel Rose reports, a shortage of it could spell trouble. (22 h ago)
• A look inside Countrywide A look inside Countrywide
01/06/2009
Countrywide Financial is arguably the company at the heart of the mortgage financial crisis. Kai Ryssdal speaks with Countrywide's former Senior Vice President of Marketing Adam Michaelson about his experiences at the company. (22 h ago)
• Cheap oil puts Venezuela over a barrel Cheap oil puts Venezuela over a barrel
01/06/2009
High oil prices have kept Venezuelan President Hugo Chavez popular over the years. But with oil prices falling and a stack of bills piling up, the Venezuelan economy is at risk of collapsing. Dan Grech reports. (22 h ago)
• Europe low on fuel without Russian gas Europe low on fuel without Russian gas
01/06/2009
The dispute between Russia and Ukraine is heating up. While the two countries fight over the price of natural gas and an unpaid bill, several European nations are caught in the middle. Stephen Beard reports that many nations are warning of fuel shortages. (22 h ago)
• Putting the bad numbers into context Putting the bad numbers into context
01/06/2009
Numbers released today show that November wasn't a good month for factory orders or home sales. Both fell. But there is a little bit of good news in the services sector. Bob Moon reports on the latest numbers. (22 h ago)
msnbc.com: U.S. business Tagline: Msnbc.com is a leader in breaking news and original journalism.
• Enron’s Skilling loses appeal of convict... Enron’s Skilling loses appeal of conviction
01/06/2009
An appeals court has upheld former Enron Corp. CEO Jeff Skilling’s convictions for his role in the energy giant’s collapse but orders that he be resentenced. (14 h ago)
• Alcoa to slash 13,500 jobs to save money Alcoa to slash 13,500 jobs to save money
01/06/2009
Alcoa Inc. said on Tuesday it will curtail production and cut some 13,500 jobs, or 13 percent of its global work force, to save cash and reduce costs in the current economic downturn. (14 h ago)
• Bank of America CEO to skip '08 bonus Bank of America CEO to skip '08 bonus
01/06/2009
Bank of America Corp. Chief Executive and Chairman Kenneth Lewis is recommending that he and his top executives receive no bonuses for 2008. (15 h ago)
• Charities hurt in Madoff case get charit... Charities hurt in Madoff case get charity
01/06/2009
Nonprofits that are struggling because their donors lost money with Bernard Madoff are getting a bailout — but not from the government. Richer foundations are stepping in to help. (16 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. (1 d 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. (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. (2 d ago)
msnbc.com: Small business Tagline: Msnbc.com is a leader in breaking news and original journalism.
• 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) (1 d 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. (2 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) (2 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) (2 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) (2 d ago)
Jump to date Choose section
msnbc.com: World business Tagline: Msnbc.com is a leader in breaking news and original journalism.
• Russia halts all gas through Ukraine Russia halts all gas through Ukraine
01/07/2009
Ukrainian officials said Wednesday that Russia had cut off all gas supplies through pipelines crossing Ukrainian territory, the latest move in a devastating pricing dispute. (5 h ago)
• Billionaire kills himself over financial... Billionaire kills himself over financial crisis
01/06/2009
The family of Adolf Merckle says the German billionaire committed suicide after his business empire got into trouble because of the global financial crisis. (18 h ago)
• Toyota to suspend car production in Japa... Toyota to suspend car production in Japan
01/06/2009
Toyota is suspending production at all 12 of its Japan plants for 11 days over February and March as it grapples with shrinking global demand. (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. (1 d ago)
NYT > Your Money Tagline:
• Wealth Matters: The Rules That Madoff’s ... Wealth Matters: The Rules That Madoff’s Investors Ignored
01/06/2009
The mystery is why so many wealthy people handed over so much money with so little due diligence. (10 h ago)
• Mortgages: An Erratic Year for Mortgage ... Mortgages: An Erratic Year for Mortgage Rates
01/06/2009
When it comes to mortgage rates, 2008 may be remembered as the year the market went haywire. (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. (1 d 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. (1 d ago)
msnbc.com: Retail Tagline: Msnbc.com is a leader in breaking news and original journalism.
• Season of savings brings rewards Season of savings brings rewards
01/06/2009
When it comes to holiday shopping, Americans have been great at saying they were going to cut back — but not so good at actually doing it. This year appears to be an exception. (10 h ago)
• Stores worry holiday sales may be perman... Stores worry holiday sales may be permanent
01/06/2009
Shoppers are getting used to those 75 percent off sales, and that's bad news for merchants who worry they will also have to quickly slash prices on spring goods to attract customers. (10 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. (1 d ago)
msnbc.com: Careers Tagline: Msnbc.com is a leader in breaking news and original journalism.
• 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. (1 d 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." (2 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. (2 d ago)
The Hedge Funds Weblog Tagline: Hedge Funds News easy to digest.
• 4 Crisis Related Suicides (report) 4 Crisis Related Suicides (report)
01/07/2009
TimesOnline reports; Adolf Merckle, the 74-year-old head of a conglomerate that employs thousands in Britain and elsewhere in Europe, killed himself on Monday. After writing a suicide note for his... (3 h ago)
• Charities Given a Helping Hand Charities Given a Helping Hand
01/07/2009
The Associated Press reports; Nonprofits that are struggling because their donors lost money with Bernard Madoff are getting a bailout - but not from the government. Richer foundations are stepping in... (3 h ago)
Global Mobility Report Tagline: Immigration law and cross-border employment issues
• 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... (2 d ago)
Biz Plan Hacks Tagline: Daily tips to create a living breathing plan for a successful business
• 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... (2 d ago)
NYT > Small Business Tagline:
• Tool Kit: A Business Forced to Shrink Ma... Tool Kit: A Business Forced to Shrink May Be Stronger
01/06/2009
The silver lining of today’s clouded economy is that many people are more satisfied as their companies shrink. (11 h ago)
Audeamus - How dare we... Tagline: Social Entrepreneurship, Corporate Social Responsibility, microloans, microfinance, microcredit
• 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... (3 d ago)