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Business News
for 01/08/2009

(last updated 7:30am EST 01/08/2009)

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• Hong Kong stocks close 3.81% lower on ma... Hong Kong stocks close 3.81% lower on massive selling
01/08/2009
Hong Kong stocks dived 571.55 points, or 3.81 percent, to close at 14,415.91 on Thursday amid a new selling wave of blue-chip companies triggered by institutional investors' reduction of their holdings in Chinese banks. The benchmark Hang Seng Index fell 231.65 points, or 1.55 percent, to open at the day's highest 14,755.81 and widened its losses afterwards. The index once plunged as much as 653.31 points, or 4.36 percent, to the day's lowest 14,334.15 near closing before picking ... (3 h ago)

• China bio-energy joint venture plants yi... China bio-energy joint venture plants yield 2.6 bln kwh green power
01/08/2009
National Bio Energy Co., Ltd. (NBE), a joint venture between the Dragon Power Co., Ltd. and the State Grid, has generated more than 2.6 billion kilowatt hours of "green electricity" since its first biomass power plant was established in December 2006, the company said. It said 15 biomass power plants consumed more than 3 million tons of straw and generated power equivalent to the use of 1.2 million tons of standard coal, avoiding 2.5 million tons of carbon dioxide emissions. The ... (3 h ago)

• China aviation giant AVIC signs $26 bln ... China aviation giant AVIC signs $26 bln credit agreement
01/08/2009
Aviation Industry Corp. of China (AVIC), the country's aviation giant, signed a 176 billion yuan (25.8 billion U.S. dollars) credit agreement with 10 Chinese banks here on Thursday. The agreement shows banks' confidence in the high-tech and strategic aviation sector despite the economic crisis, Lin Zuoming, AVIC's general manager, told the signing ceremony. The government has urged local financial institutions to extend more credit to businesses and lend more for infrastructure i ... (3 h ago)

• Shanghai, Disney deny reported deal to b... Shanghai, Disney deny reported deal to build theme park by 2013
01/08/2009
The Walt Disney Co. denied Thursday a report in a Chinese newspaper, which claimed that the company had agreed with Shanghai to build the Chinese mainland's first Disneyland. "The report is not true and no agreement has been reached," said an assistant to senior manager Tiffany Huang at the Shanghai-based Walt Disney Co. of China. A report published on Thursday by the Shanghai Securities News quoted unidentified sources, who were said to be policy experts who had been involved in ... (3 h ago)

• Pearl River Delta to embrace highly conv... Pearl River Delta to embrace highly convenient transportation network
01/08/2009
The country pledges to build a highly convenient and efficient transportation network in the Pearl River Delta by expanding capacities of roads, railways, ports and airports over the next 12 years, the country's top economic planner said Thursday. The resolution was made in a 2008-2020 national plan on the development of the Pearl River Delta released by the National Development and Reform Commission (NDRC) at a news conference Thursday. The plan sets the goal of turning the delt ... (3 h ago)

• Financial crisis drives away 600,000 mig... Financial crisis drives away 600,000 migrant workers from S China economic engine
01/08/2009
An estimated 600,000 migrant workers have left China's southern Guangdong Province due to unemployment in 2008 after the worldwide financial crisis hit the region, a government official said Thursday. Guangdong Province Vice Governor Huang Yunlong revealed the statistics at a press conference after the country's top economic planner released a long-term plan to develop the Pearl River Delta. Guangdong is the forefront of the country's reform and opening policy. Since 1978, the pr ... (3 h ago)

• China's ambitions for Pearl River Delta ... China's ambitions for Pearl River Delta region by 2020
01/08/2009
China on Thursday unveiled a 2008-2020 development plan for the southern Pearl River Delta, which has been at the forefront of the country's reform and opening-up drive, initiated in 1978. The following are the ambitious goals the national government has set for the area over the next 12 years, under the plan issued by the National Development and Reform Commission. POSITIONING OF THE REGION -- A pilot area for exploration of so-called "scientific development." The region ... (3 h ago)

• Achievements, challenges in China's Pear... Achievements, challenges in China's Pearl River Delta plan
01/08/2009
The Pearl River Delta, the vanguard of China's economic reforms starting in 1978, will again take the lead as the country deepens economic reform and opens wider to the world, the country's top economic planner said Thursday. Under a plan released by the National Development and Reform Commission (NDRC), the delta -- together with the Hong Kong and Macao Special Administrative Regions -- will become "a globally competitive" and "most vigorous area in the Asia-Pacific region" by 2020. ... (3 h ago)

• Lenovo Group announces 2,500 job cuts gl... Lenovo Group announces 2,500 job cuts globally
01/08/2009
The Lenovo Group, listed on the Hong Kong Exchange, announced on January 8 a series of resource adjustment programmes including a 2,500-employee global job cut for the first quarter of 2009, accounting for about 11% of its total number of employees, as well as cuts to salaries, remuneration and benefits of senior management including annual salaries and performance bonuses by 30% to 50% within the year. The Lenovo Group also announced on January 8 that due to the continued slowdown of global ... (6 h ago)

• Tokyo stocks plunge 3.93% on renewed eco... Tokyo stocks plunge 3.93% on renewed economic woes
01/08/2009
Japan's key Nikkei index fell nearly 4 percent on renewed economic worries about world economy as well as on profit-taking after a seven-day winning streak. The 225-issue Nikkei Stock Average lost 362.82 points, or 3.93 percent, from Wednesday to 8,876.42, dropping below the 9,000 line for the first time in three trading days. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 27.36 points, or 3.08 percent, to 860.89. Tokyo stocks had ... (6 h ago)

• Evolution crucial to intellectual proper... Evolution crucial to intellectual property protection
01/08/2009
Experts and officials from the Asia-Pacific region gathered in Singapore Thursday to discuss issues in the complex and dynamic global Intellectual Property (IP) ecosystem which has an effect on every day business dealings. The Golbal Forum on Intellectual Property 2009 (GFIP 2009), which kicked off on Thursday, covers topics specially chosen to reflect key areas of interest in traditional fields of IP such as copyrights and design, patents and trademarks, and introduces new developing ar ... (6 h ago)

• Chinese share prices down more than 2% a... Chinese share prices down more than 2% as selling continues
01/08/2009
Chinese equities concluded Thursday's trading more than 2 percent lower, with the banking sector leading the downward trend. The benchmark Shanghai Composite Index lost 45.83 points, or 2.38 percent, to 1,878.18. The Shenzhen Component Index fell 108.84 points, or 1.62 percent, to 6,616.98. Combined turnover was 87.63 billion yuan (12.81 billion U.S. dollars) from 97.619 billion yuan for the previous trading day. &$ &$Source:Xinhua&$ &$ ... (6 h ago)

• China's mobile gaming market up by 62 pc... China's mobile gaming market up by 62 pct in 2008
01/07/2009
Statistics released by Analysys International show that the whole mobile phone gaming market in China reached 1.365 billion yuan in 2008, up by 62.67% from the previous year, and will reach 4.208 billion yuan in 2011. The JAVA-platform market accounted for 72% of the total market, the BREW-platform market for 28%. Revenue of JAVA-enabled mobile phone online games grew rapidly in 2008, increasing 138% to reach 142.8 million yuan. The main reason behind growth was the strengthening of indep ... (7 h ago)

• China to turn Pearl River Delta into "te... China to turn Pearl River Delta into "technological innovation lab"
01/07/2009
Pearl River Delta, an export-oriented region severely hit by the financial crisis, aims to become a "significant innovation center" in the Asia-Pacific region by 2020, according to a statement by China's top economic planner Thursday. In next three years, about 100 state laboratories for engineering innovation and research and development will be established under a plan released Thursday by the National Development and Reform Commission. The plan sets the goal that by 2012, thre ... (7 h ago)

• China's largest grid-connected solar pow... China's largest grid-connected solar power station to be located in Qaidam
01/07/2009
In 2009, the construction of China's largest grid-connected solar power plant will begin in Qinghai's Qaidam Basin, with an initial investment of around 1 billion yuan. The solar power station will have a total installed capacity of 1 gigawatt, or 1,000 megawatts, of power. It will be the first plant in China to use photovoltaic cell arrays that combine amorphous silicon thin films and crystalline silicon, and will be China's largest grid-connected photovoltaic power station at present. ... (8 h ago)

• Brazil registers $983 mln net capital ou... Brazil registers $983 mln net capital outflow in 2008
01/07/2009
Brazil registered a net capital outflow of 983 million U.S. dollars in 2008, Brazil's Central Bank said Wednesday. Brazil registered an 87.4 billion U.S. dollar net inflow in 2007. Brazil's financial account registered a negative result of 48.8 billion U.S. dollars in 2008, while in 2007 it registered a 10.7 billion U.S. dollar surplus. Brazil's current account registered a surplus of 47.9 billion U.S. dollars last year, down from 76.7 billion U.S. dollars in 2007. Export ... (9 h ago)

• Ecuadorian businessmen reject import res... Ecuadorian businessmen reject import restrictions
01/07/2009
Ecuadorian business leaders on Wednesday criticized import restrictions announced by President Rafael Correa, warning the measure could worsen the country's trade. The president is attempting to handle the ongoing international financial crisis by restricting imports, but Cesar Espinosa, leader of the Chamber Council of Production, said the measure is disputable. Espinoza said the World Trade Organization (WTO) may question the restrictions, and those countries that are Ecuador's ... (9 h ago)

• Staple food prices up over 20% in Brazil... Staple food prices up over 20% in Brazil in 2008
01/07/2009
The price of staple foods jumped more than 20 percent in nine Brazilian state capitals last year, according to a study released Wednesday. The study by the Inter-Union Department of Statistics and Socioeconomic Studies (Dieese) said the largest price increase was in Joao Pessoa, Paraiba state, where costs rose 29.3 percent in 2008. In Natal, Rio Grande do Norte state, in the northeastern region, prices increased 26.7 percent in 2008. In Florianopolis, southern Santa Catarina sta ... (9 h ago)

• Brazil raises $1.025 bln through bond is... Brazil raises $1.025 bln through bond issue
01/07/2009
Brazil's government raised a total of 1.025 billion U.S. dollars through a bond issue with a maturity date of January 2019, the National Treasury said on Wednesday. Most of the bonds were traded in Europe and the United States while the rest was sold in the Asian market, the Finance Ministry said on Tuesday. The bonds carry an annual interest rate of 6.12 percent. It was Brazil's first batch of bonds denominated in dollars to be sold this year. The U.S. banks Goldman Sachs and Me ... (9 h ago)

• Commission: Copper price in Chile to kee... Commission: Copper price in Chile to keep low in 2009, 2010
01/07/2009
The price of copper, Chile's main export item, will remain low during the next 18 months, affecting the country's revenue, the Chilean Commission of Copper (Cochilco) said Wednesday. The slump has been caused by sluggish demand from major importers, including China, the U.S. and Japan, amid a world economic downturn. Copper price will drop more, from an average of 1.60 U.S. dollars per pound in 2009 to 1.50 dollars in 2010, the Cochilco said. Chilean copper prices reache ... (9 h ago)

• A DEMAND TO BOUNCE BOARD A DEMAND TO BOUNCE BOARD
01/08/2009
An activist Wall Street investor is calling for the ouster of the board of Yeshiva University, following the school's endowment's devastation by the alleged Bernard Madoff Ponzi scheme. Andrew Sole of Esopus Creek Advisors - the hedge fund that... (3 h ago)

• MADOFF PROBER DISSED MADOFF PROBER DISSED
01/08/2009
The Securities and Exchange Commission investigator who gave Bernard Madoff the all-clear in a 2006 probe insists she's not at fault, but the whistleblower who led her to the $50 billion Ponzi scheme isn't buying it. "I certainly don't have any... (3 h ago)

• A RETAILING BUMMER A RETAILING BUMMER
01/08/2009
A flurry of post-Christmas shopping won't be enough to save retailers' profits for the crucial fourth quarter. Major chains today are expected to collectively post a 1.2 percent decline in December same-store sales, or sales at stores open at... (5 h ago)

• BERNIE'S PAL MERKIN NEEDS TO LEAVE GMAC:... BERNIE'S PAL MERKIN NEEDS TO LEAVE GMAC: ANALYSTS
01/08/2009
The cry for money manager Ezra Merkin's immediate ouster as chairman of troubled automotive outfit General Motors Acceptance Corp. is gearing up. The move to oust Merkin comes in the wake of GMAC scoring a $6 billion injection from the federal... (5 h ago)

• LABOR'S JOBS NUMBERS WILL NOT REFLECT AN... LABOR'S JOBS NUMBERS WILL NOT REFLECT ANY REALITY
01/08/2009
HERE'S some good news about the economy. (OK, take a second to compose yourself. I know you weren't expecting me to lead with that sentence.) But it's true - the employment picture could start to look better in just a couple of months. Not -... (5 h ago)

• REDSTONE RETAINS PARAMOUNT BOSS REDSTONE RETAINS PARAMOUNT BOSS
01/08/2009
Brad Grey can breathe easy. In a move so stunning it caught Hollywood flat-footed, Viacom Chairman Sumner Redstone actually stayed true to his vow not to fire the Paramount Pictures CEO and instead re-signed Grey to a new five-year contract... (6 h ago)

• AIG DRIVING SUITORS INTO CAR INSURANCE AIG DRIVING SUITORS INTO CAR INSURANCE
01/08/2009
American International Group, the insurer that renamed its US auto business earlier this week to prepare the operation for potential buyers, may find that unit among the easiest piece to sell, analysts said. Zurich Financial Services, Allstate... (6 h ago)

• S&P GETS MR. FIXIT S&P GETS MR. FIXIT
01/08/2009
Just two weeks after finally posting tardy warnings that banking faces a credit crisis, Standard & Poor's played more catch- up yesterday by anointing an ombudsman for transparency at the ratings firm. Ray Groves, 73, the retired chief of a Marsh... (6 h ago)

• PERSHING SQ. TAKE$ BIG HIT PERSHING SQ. TAKE$ BIG HIT
01/08/2009
Pershing Square International Ltd., the main hedge fund of activist investor William Ackman, lost 12 percent in 2008, according to a letter obtained by Bloomberg News. The hedge fund fell 0.2 percent in December, the letter to investors said... (6 h ago)

• BLACK'S APOLLO OWED $2B IN BACK LOANS FR... BLACK'S APOLLO OWED $2B IN BACK LOANS FROM LYONDELL
01/08/2009
Apollo Management, the private-equity firm led by Leon Black, holds about $2 billion of loans from Lyondell Chemical, which filed for bankruptcy protection, people with direct knowledge of the matter said. Apollo is now a member of a lending... (6 h ago)

• REALITY BITES MARTS AFTER SHORT SURGE REALITY BITES MARTS AFTER SHORT SURGE
01/08/2009
Wall Street slid back into all the worries it already saw coming - rising layoffs, falling earnings and fears of a bond bubble. Blue-chip stocks suffered their worst decline in more than a month following reports of worse-than-expected job losses... (6 h ago)

• TW SEEING RED IN '08 TW SEEING RED IN '08
01/08/2009
Time Warner hit the bad news trifecta yesterday, as the company announced a $25 billion writedown on the value of some assets and further reductions in advertising revenue at AOL and Time Inc. that combined will result in a full-year net loss... (6 h ago)

• PAULSON'S LOAN 'MODEL' PAULSON'S LOAN 'MODEL'
01/08/2009
Treasury Secretary Henry Paulson recommended replacing Fannie Mae and Freddie Mac with utility-like companies that would guarantee mortgages without maintaining investment portfolios. "A public utility-like mortgage credit guarantor could be the... (6 h ago)

• BOFA BEGINS LAYOFFS BOFA BEGINS LAYOFFS
01/08/2009
Bank of America's CEO Ken Lewis started doling out pink slips yesterday to rank and file staffers as part of a plan to slash workers at the Charlotte, N.C.-based financial institution. Sources told The Post that BofA began laying off staff in the... (6 h ago)

• BIG SALES COLLAPSE AT INTEL BIG SALES COLLAPSE AT INTEL
01/08/2009
Intel, the world's largest chipmaker, said fourth-quarter sales dropped 23 percent, more than it projected, as the global recession kills demand for personal computers. The stock fell 6.1 percent, or 93 cents, to $14.44 after Intel said revenue... (6 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/08/2009
Home loans Late payments on home-equity lines of credit rose to a record in the third quarter, showing consumers re main under financial stress as unemploy ment rises amid the credit crisis, the Ameri can Bankers Associa tion reported. Delin... (6 h ago)

• JUST SOLD! JUST SOLD!
01/07/2009
Manhattan CHELSEA $965,000 133 W. 22nd St. One-bedroom, one-bath condo, 760 square feet, with Bosch/Sub-Zero appliances, Kohler tub and laundry hookup; building features parking and pool. Common charges $538, taxes $157. Asking price $965,000, on... (8 h ago)

• OF THE WALL OF THE WALL
01/07/2009
How weak is the Manhattan rental market these days? Well, if things keep going the way they have been, you might want to slip your next rent check inside a sympathy card before giving it to your landlord. According to numbers from the Real Estate... (8 h ago)

• PLAN B: RENT PLAN B: RENT
01/07/2009
Back in 1995, when a savvy buyer could get New York City real estate for a song and Alphabet City was still a frontier, Karl Peterson bought the second floor of 434 E. 10th St. between avenues C and D . . . for $127,000. More than a decade later... (8 h ago)

• FIRE IT UP FIRE IT UP
01/07/2009
THREE years ago, a massive brick fireplace and nearly an acre of woods sold me on an 1850s farmhouse that was pretty much a teardown. The fireplace, which needed paint and some tiling, was the only functioning appliance in the house. But during the... (8 h ago)

• Talks Fail to Resolve Gazprom-Ukraine Di... Talks Fail to Resolve Gazprom-Ukraine Dispute
01/08/2009
A meeting between the top Gazprom executive and his Ukrainian counterpart to resolve a conflict that has halted Russian gas exports through Ukraine ended without agreement. (2 h ago)

• China Losing Taste for Debt From the U.S... China Losing Taste for Debt From the U.S.
01/08/2009
As the global downturn has intensified, Beijing is starting to keep more of its money at home, which could have painful effects for U.S. borrowers. (3 h ago)

• Asian and European Markets Drop Asian and European Markets Drop
01/08/2009
Stocks fell after profit warnings from major technology companies and continued economic gloom in Europe. (4 h ago)

• Bank of America Raises $2.8 Billion Bank of America Raises $2.8 Billion
01/07/2009
Bank of America sold part of its holding in China Construction Bank, sending shares in China’s big banks skidding. (7 h ago)

• Financial Scandal at Outsourcing Company... Financial Scandal at Outsourcing Company Rattles a Developing Country
01/07/2009
Satyam Computer Services, one of India’s largest outsourcing companies, significantly inflated earnings and assets for years, the chairman said before resigning. (8 h ago)

• Marks & Spencer Plans Job Cuts and Closi... Marks & Spencer Plans Job Cuts and Closings
01/07/2009
Marks & Spencer is the latest British retailer to be hit by the country’s worst downturn in more than 17 years. (8 h ago)

• In Europe, Mounting Signs of a Rapid Slo... In Europe, Mounting Signs of a Rapid Slowdown
01/07/2009
Negative business sentiment, a hard-hit banking system and a global downturn are working their way through Europe with a vengeance. (8 h ago)

• World Briefing | The Americas: Venezuela... World Briefing | The Americas: Venezuela to Resume Oil Aid
01/07/2009
Citgo Petroleum Corporation said Wednesday said that it would resume shipments of free oil for about 200,000 low-income Americans. (9 h ago)

• Lenovo Cuts 2,500 Jobs Lenovo Cuts 2,500 Jobs
01/07/2009
The Lenovo Group, China’s biggest personal-computer maker, will cut about 2,500 jobs, or 11 percent of its work force, amid a worldwide economic slump. (9 h ago)

• World Business Briefing | Asia: China: G... World Business Briefing | Asia: China: Government to Help College Graduates
01/07/2009
China announced a series of measures aimed at helping millions of recent college graduates find work amid the deepening impact of the global financial crisis. (9 h ago)

• World Business Briefing | Asia: Thailand... World Business Briefing | Asia: Thailand: Airline Seeks Delay on Airbus Order
01/07/2009
Thai Airways International will ask Airbus to delay delivery of six A330 planes because its cash is running low after an eight-day shutdown of the country’s main international airport. (9 h ago)

• The Costly Compromises of Oil From Sand The Costly Compromises of Oil From Sand
01/07/2009
Environmental groups in the U.S. and Canada are pushing for a slowdown to oil sands development. (21 h ago)

• Facing Losses, Billionaire Takes His Own... Facing Losses, Billionaire Takes His Own Life
01/07/2009
Adolf Merckle’s speculation in volatile Volkswagen shares pushed his sprawling empire to the edge of ruin. (23 h ago)

• Austria’s ‘Woman on Wall St.’ and Madoff... Austria’s ‘Woman on Wall St.’ and Madoff
01/07/2009
Sonja Kohn, who gathered billions for Bernard L. Madoff from investors in Russia and across Europe, has disappeared from view. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 d ago)

• Late Loan Payments Hit Record High Late Loan Payments Hit Record High
01/07/2009
Late payments on consumer loans in last year's third quarter hit the highest level since record-keeping began in 1980, the American Bankers Association said. (12 h ago)

• Working Triage In The Credit Crisis Working Triage In The Credit Crisis
01/07/2009
A new report says that, in the third quarter of last year, nearly 3 percent of loans were at least 30 days late - the most since they started keeping track 28 years ago, Anthony Mason reports. (13 h ago)

• Is Saving Chrysler A Lost Cause? Is Saving Chrysler A Lost Cause?
01/07/2009
Even by the standards of battered automakers, Chrysler is in dire shape. Its December sales tumbled 53 percent, and analysts say it probably won't survive the year as an independent company. (13 h ago)

• No Respite From Massive Job Losses In '0... No Respite From Massive Job Losses In '09
01/07/2009
Americans probably suffered a net loss of 2.4 million jobs last year, and the pain is likely to stretch well into 2009 and possibly beyond. (14 h ago)

• Worried Companies Pitching Products Hard Worried Companies Pitching Products Hard
01/07/2009
And deals abound, reports . But which ones are worth going for? (16 h ago)

• Unemployment Claims Crash System Unemployment Claims Crash System
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. (18 h ago)

• Madoff Belongs In Jail, Prosecutor Says Madoff Belongs In Jail, Prosecutor Says
01/07/2009
Disgraced financier Bernard Madoff and his wife sent at least 16 watches, a jade necklace and a diamond bracelet to relatives, proving he will continue to dissipate what is left from his $50 billion fraud, a prosecutor told a judge. (20 h ago)

• Europe's Energy Supplies Hang In Balance Europe's Energy Supplies Hang In Balance
01/07/2009
The crisis triggered by Russia's natural gas dispute with Ukraine could accelerate the Kremlin's efforts to build alternative pipelines, but any project faces big financial and political hurdles. (20 h ago)

• Hustler's Flynt Sues Nephews Over Name Hustler's Flynt Sues Nephews Over Name
01/07/2009
Hustler magazine publisher Larry Flynt has sued two of his nephews for selling their own line of adult movies under the same family name. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 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. (2 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. (2 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. (2 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)

• Edd Cartier, 94, Pulp Illustrator, Dies Edd Cartier, 94, Pulp Illustrator, Dies
01/07/2009
Edd Cartier, whose noirish illustrations for the pulp magazine The Shadow and action-packed, often whimsical illustrations for stories by L. Ron Hubbard, Isaac Asimov and other writers made him one of the leading science-fiction and horror artists of his time, died on Dec. 25 at his home in Ramsey, N.J. He was 94. (7 h ago)

• John Lee, Editor and Mentor, Dies at 78 John Lee, Editor and Mentor, Dies at 78
01/07/2009
Mr. Lee was a reporter and editor for The New York Times who oversaw the expansion of its business coverage during a tumultuous era in the financial world. (7 h ago)

• NBC’s Matthews Won’t Run for Senate NBC’s Matthews Won’t Run for Senate
01/07/2009
Chris Matthews, the host of the MSNBC program “Hardball,” told his staff on Wednesday night that he would not run for the Senate in 2010 in Pennsylvania. (7 h ago)

• MarketPlace: A Time Warner Deal That Kee... MarketPlace: A Time Warner Deal That Keeps Going Downhill
01/07/2009
The owner of CNN and Time magazine said that it expected to record a fourth-quarter $25 billion write-down that would lead to an operating loss for the period. (8 h ago)

• Advertising: As Consumers Try to Cut Bac... Advertising: As Consumers Try to Cut Back, Tropicana Promotes Quality and Value
01/07/2009
Tropicana, the juice brand, is undertaking a major makeover of its advertising, marketing and packaging in a new $35 million ad campaign. (8 h ago)

• Joe the Plumber to Become War Correspond... Joe the Plumber to Become War Correspondent
01/07/2009
The Ohio man who became a household name during the presidential campaign says he is heading to Israel as a war correspondent for the conservative Web site pjtv.com. (14 h ago)

• CNN Reporter Tops List for Surgeon Gener... CNN Reporter Tops List for Surgeon General
01/07/2009
Dr. Sanjay Gupta is a medical correspondent for the news network and a neurosurgeon. (19 h ago)

• London Journal: Atheists Send a Message,... London Journal: Atheists Send a Message, on 800 British Buses
01/07/2009
An ad campaign for atheism in London is aiming to counter religious ads, one bus billboard at a time. (21 h ago)

• Israel Puts Media Clamp on Gaza Israel Puts Media Clamp on Gaza
01/07/2009
Journalists have been barred from the battle zone in Gaza, but they are given full access to sites in Israel hit by Hamas rockets. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (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. (2 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. (2 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. (2 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. (2 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. (2 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)

• Retailers report dismal December sales Retailers report dismal December sales
01/08/2009
Retailers are reporting dismal sales for December, confirming fears that the holiday season was the weakest in four decades. (2 h ago)

• Obama: Pass stimulus or recession lasts ... Obama: Pass stimulus or recession lasts 'years'
01/08/2009
President-elect Barack Obama was set to warn that the nation's recession could "linger for years" unless Congress acts to pump unprecedented sums from Washington into the U.S. economy. (2 h ago)

• Detroit’s auto show likely to be a bit a... Detroit’s auto show likely to be a bit austere
01/08/2009
With the industry in financial dire straits, much of the glitz and glamour at this year’s Detroit auto show will be replaced by a new sense of austerity. (2 h ago)

• Small retailers struggle in tough season Small retailers struggle in tough season
01/08/2009
Like a lot of small retailers, Henry Burton depends heavily on the holiday season to ring up sales, and, like a lot of retailers, this past holiday season proved especially challenging. (2 h ago)

• Obama says stimulus proposal could grow Obama says stimulus proposal could grow
01/08/2009
In an interview with CNBC, President-elect Barack Obama said a planned economic stimulus plan could grow beyond $800 billion. (2 h ago)

• U.K. slashes interest rates to historic ... U.K. slashes interest rates to historic low
01/08/2009
The Bank of England cut official interest rates by a half a percentage point to 1.5 percent on Thursday, the lowest level in its 315-year history. (2 h ago)

• Drugmakers aim to polish image with ad b... Drugmakers aim to polish image with ad blitz
01/08/2009
The pharmaceutical industry, confronting sluggish growth, low prestige and the prospect of more-aggressive government oversight, is moving on several fronts to burnish its image. (3 h ago)

• Madoff debate: Should he be free on bail... Madoff debate: Should he be free on bail?
01/07/2009
A debate has been raging over the fact that Bernard Madoff remains free, spending his days in his luxury penthouse despite being accused of the largest financial fraud in history. (11 h ago)

• Google cuts contractors, plans to grow Google cuts contractors, plans to grow
01/07/2009
Google Inc. has jettisoned a substantial number of temporary workers in a recent austerity drive spurred by the recession. (13 h ago)

• Auto industry woes put buyers in driver’... Auto industry woes put buyers in driver’s seat
01/07/2009
By all accounts it's a great time to buy a new car. Manufacturers are willing to slash thousands off sticker prices and offer interest-free money. (14 h ago)

• CBO sees record $1.2 trillion '09 defici... CBO sees record $1.2 trillion '09 deficit
01/07/2009
The federal budget deficit will hit an unprecedented $1.2 trillion for the 2009 budget year, according to grim new Congressional Budget Office figures. (14 h ago)

• Obama pledges to tackle government spend... Obama pledges to tackle government spending
01/07/2009
President-elect Obama says he'll have to juggle the competing interests of economic stimulus and deficit control, but that restoring general business health must come first. (15 h ago)

• Dangers lurk in ballooning federal defic... Dangers lurk in ballooning federal deficits
01/07/2009
A grim report from congressional analysts showing the government deficit swelling to $1.2 trillion this year has many taxpayers wondering: How much longer can we keep this up? (15 h ago)

• No end in sight for job market woes No end in sight for job market woes
01/07/2009
Americans probably suffered a net loss of 2.4 million jobs last year, with the pain likely to stretch well into 2009 and possibly beyond. (15 h ago)

• 5 reasons to be cautious about stocks 5 reasons to be cautious about stocks
01/07/2009
With the stock market up 25 percent from November lows, a lot of individual investors are asking: Is this rally for real? (17 h ago)

• Oil plunges on worries about demand Oil plunges on worries about demand
01/07/2009
Energy prices plunged across the board Wednesday after a government report showed U.S. oil reserves were much greater than expected, suggesting demand continues to fall. (18 h ago)

• Newsweek: Why saving now hurts the econo... Newsweek: Why saving now hurts the economy
01/07/2009
Our savings are finally rising but not because the United States has suddenly become a thrifty nation. It's happening because after years of spending everything we earned, there is suddenly no money available for consumers to borrow and no money safely stored away for us to fall back on. (21 h ago)

• Dell to cut Irish workforce by 1,900 Dell to cut Irish workforce by 1,900
01/08/2009
In another blow to the Ireland economy, the computer giant is to move all production of computer systems for customers in Europe, the Middle East and Africa to Poland (2 h ago)

• FTSE 100 largely unmoved by interest rat... FTSE 100 largely unmoved by interest rate cut
01/08/2009
The FTSE 100 index is largely unchanged following the Bank of England's half-point interest rate cut with dealers instead focusing on the forthcoming start of trading on Wall Street after its 245 point decline overnight. The FTSE 100 index, which was down more than 40 points before the rate cut was announced, is down 53.08 points at 4454.43 points a few minutes after the move. A half-point cut - taking rates to their lowest level since the Bank was founded - was widely predicted by analysts although there had been talk in recent days in some dealing rooms that a full point might be knocked off. Mining stocks have continued to weigh on the FTSE 100 index with Vedanta Resources the session's biggest loser so far, down 60p at 690p, Rio Tinto down 140p at £16.72, Anglo American down 129p at £15.96, Kazakhmys down 14.7p at 255.25p and BHP Billiton down 64p at £12.70. Interest rates Vedanta Resources Rio Tinto Anglo American Kazakhmys BHP Billiton guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Bank of England cuts base rate to 1.5% Bank of England cuts base rate to 1.5%
01/08/2009
The Bank of England's monetary policy committee has cut interest rates by half a percentage point to 1.5%, their lowest level since the central bank was founded more than 300 years ago. Today's cut was widely expected in the City after a run of poor news on the economy, but it disappointed business organisations who had clamoured for a cut of a full percentage point to 1% to unfreeze credit markets and prevent the recession from getting worse. The Bank said in a statement : "The world economy appears to be undergoing an unusually sharp and synchronised downturn. Measures of business and consumer confidence have fallen markedly. World trade growth this year is likely to be the weakest for some considerable time." It said that as there remained a "significant" risk of undershooting its 2% inflation target, and it decided to lower rates again today. The Bank expects UK output to fall sharply during the first part of this year, although it also noted that the "substantial" depreciation of sterling over recent months may help to moderate the impact on British exports of the global slump. Nationwide said it would pass on the cut in full, taking its base mortgage rate from 4% to 3.5% from 1 February. HSBC will also pass on the reduction to all its personal and business customers. The British Chambers of Commerce said it was disappointed by the decision. David Kern, its chief economist, said: "The outlook is dire, and the MPC must act forcefully. In order to ensure that the economy does not slide into a prolonged depression, we urge the MPC to reduce interest rates to almost zero in the next few months. It must also supplement lower interest rates with vigorous quantitative easing." The Bank has slashed borrowing costs from 5% since October, and has admitted that it previously underestimated the severity of the financial crisis. Analysts expect further rate reductions in coming months. If the base rate is cut further, lenders may soon have to cope with zero interest rates. Once the Bank's base rate hits 1%, people with mortgages that track a point below base rate will find themselves paying no interest. The economic situation appears to be getting worse by the day. Unemployment has shot up, the slump has spread across the economy from manufacturing and construction to the once-booming services industries, while the high street has shocked with a host of business failures, including well-known names like Woolworths. The housing market has ground to a halt, with house prices in freefall and new mortgages approved hitting a fresh record low of just 27,000 last month. "Further out, we expect interest rates to fall to a low of 0.5% in the second quarter of 2009 and then stay there for the rest of the year," said Howard Archer of IHS Global Insight. "However, it is far from inconceivable that interest rates could come all the way down to zero." The chancellor, Alistair Darling, admitted yesterday that the recession is deeper than the government had expected. The pound has slid against the euro, pressured by the view that UK rates will fall further below those in the eurozone, currently at 2.5%. Since the last MPC meeting in December, the UK downturn has continued to deepen. Government figures due on 23 January are expected to confirm that Britain is already in recession. The contraction in GDP in the third quarter has been revised lower to 0.6% and the fourth quarter is likely to have seen an even sharper contraction of around 1%. The Bank's governor, Mervyn King, has warned that Britain could enter a period of deflation later this year. Consumer price inflation has so far only fallen back to 4.1% from September's peak of 5.2%, but is expected to slow sharply in coming months in the wake of lower oil and food costs. Oil prices have dropped by more than two-thirds since hitting an all-time high over $147 a barrel last July. "While we maintain that the MPC will bring rates down close to zero by the second quarter, we are not sure exactly how low a floor the Bank will be happy to sanction," said Philip Shaw at Investec. The MPC has been making big cuts in borrowing costs since October when it joined forces with other major central banks in a coordinated half-point rate reduction as the financial system teetered on the brink of collapse. In November the Bank slashed rates by 1.5 percentage points - the biggest reduction it has ever made - followed by a one point cut to 2% a month later, which took borrowing costs to the lowest since late 1951. Interest rates Bank of England Interest rates Housing market Recession Inflation Currencies guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• The Bank of England: a brief history The Bank of England: a brief history
01/08/2009
Founded in 1694, the Bank of England , known as the old lady of Threadneedle Street, is the government's bank and the UK's central bank. It issues bank notes, controls the UK gold reserves and, since 1997, has set official interest rates. The Bank is the second oldest central bank in the world after the Swedish Riksbank, which was founded in 1668. The need for a central bank in England was seen by a Scotsman, William Paterson, who noticed that the nation's finances had been in disarray and had no real system of money or credit. He led a successful scheme in which £1.2m was loaned to the government from funds raised by subscribers who, in return, were incorporated into the governor and company of the Bank of England. The Bank was established as a commercial operation but also secured large government accounts, becoming the government's banker and debt manager. It survived the South Sea Bubble crash of the 1720s, when smaller banks went to it to be bailed out, and it developed into "the lender of last resort". During the Gordon Riots of 1780, the Bank came under threat from a mob. The government established an overnight military guard for security, known as the picquet and drawn from the Coldstream Guards , which existed until 1973. In 1844 the Bank Charter Act granted the Bank a monopoly to print banknotes in England and Wales. During the first world war the Bank helped manage government borrowing. In 1946 the Attlee government nationalised it, making it more of an instrument of government. In 1997 Gordon Brown, then the chancellor, gave the Bank operational independence, effectively delegating the power to set interest rates to it. Bank of England guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Poor Christmas trading for Basil Brush c... Poor Christmas trading for Basil Brush company Entertainment Rights
01/08/2009
Debt-laden Entertainment Rights, the company that the owns rights to characters including Basil Brush and Postman Pat, today said its crucial Christmas trading period for toy and other merchandising sales was "significantly below expectations". Entertainment Rights made a third of its workforce redundant and installed a new management team before Christmas but said its cost-cutting and new strategy would not benefit trading until March. Fifty staff out of 150 have left the company and the target of £5m cost savings achieved by the end of 2008, the company added. The company said last month it was up for sale and among those in talks to buy it are Cookie Jar Entertainment and Hit Entertainment, owned by private equity firm Apax and German company BKN International, according to a report in the Daily Telegraph today. Entertainment Rights' north American chief and former Disney executive, Deborah Dugan, was made chief executive before Christmas, replacing Nick Phillips, who departed after less than nine months with the company . The company is also in dispute with its American DVD distributor Genius Products and is legally pursuing the US firm for money. Dugan said the company was preparing a "robust turnaround plan for the future". "The new management team has assumed office at a time of weak trading performance in a very difficult economic environment. Performance in this financial year has been unsatisfactory," she added. "We remain in constructive talks with our bankers regarding new, longer term funding arrangements to support the group past the company's financial year end of 28 February 2009," Dugan said. The debt-laden group breached its banking covenants over the summer and today said it is continuing to work with its lenders, including main backer HBOS, to secure funding beyond the end of February. Last year Entertainment Rights issued a series of profit warnings and its market value plunged to just £3m while it battled to reduce debts of £125m. • 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". Television Media business guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Serious Fraud Office to investigate Bern... Serious Fraud Office to investigate Bernard Madoff businesses in UK
01/08/2009
Officers to focus on 'UK victims and any offences' of disgraced Wall Street trader (3 h ago)

• Fred Pearce on how public ownership of t... Fred Pearce on how public ownership of the Royal Bank of Scotland means we're now greenwashing ourselves
01/08/2009
Several people have contacted me about the Royal Bank of Scotland (RBS), owners of NatWest and the self-styled world's largest financier of renewable energy. This is quite a turnaround for a bank that - until a year or so ago - was equally pleased to call itself "the oil and gas bank". And from what I can see, this latter description remains much nearer the reality. This is a special problem now. RBS was one of the banks that, back in November 2008 at the height of the credit crunch, was reportedly "hours from collapse" when it was bailed out by the government, which bought a 58% stake. So it seems that British taxpayers, through the good agencies of the Treasury, are now greenwashing ourselves. Last year, before the bail-out, RBS put piles of leaflets in thousands of its branches declaring that "we are the largest financier of renewable energy in the world", and that it was "financing the transition to a low-carbon economy" by "only lending to projects that conform to the highest international environmental standards." Big claims. RBS is indeed putting money into renewables. It had a bit of a splurge in 2006, the basis of its "largest financier" claim. And in October 2008, just before it was hit by the crunch, it announced that it was helping the Scottish company Burntisland Fabrications diversify from making oil production platforms for the North Sea to making the substructures for offshore wind turbines instead. But such projects remain sidelines. RBS is still built on oil, and right now it is stumping up more cash for coal than renewables. Beside the wind power punt at Burntisland, consider what else it did in October last year: • It led a consortium lending $500m to a US power generator called Great Plains Energy, which despite recent plans for wind turbines, powers the midwest by burning coal that emitted 26.5m tonnes of carbon dioxide in 2006. • It announced a long-term tie-up with OilCorp, a Malaysian oil monolith, to exploit offshore oil and gas in the Middle East. A deal that could, according to OilCorp, eventually be worth "billions of dollars". • And through its subsidiary bank ABN-Amro, it put up loans for sucking tar sands from beneath Alberta, Canada – one of the most unenvironmentally friendly energy projects in the world today. You won't read about any of this in any of its green leaflets. Nor that its oil and gas team, which works out of offices above Liverpool Street station in London, is busy underwriting oil companies that are opening up new sources in central Asia, beneath the Arctic, in the Russian far east and off the shores of west Africa. Nor indeed about RBS bankrolling E.On's planned coal-fired power station at Kingsnorth in Kent, which would be Britain's first new coal-powered station for more than 20 years. Two recent studies by NGOs including Platform , People and Planet and Friends of the Earth Scotland have concluded that RBS, one of the world's largest energy investors, is still putting four times as much into fossil fuels as renewables. "RBS's business activities are contributing to climate change more than any other British bank," they said. Just before Christmas, students in Manchester gave RBS their 2008 Greenwash Award . Spot on, guys. But now RBS is owned by us. The British government says it wants to cut national carbon dioxide emissions by 80% by 2050 , as part of a global cut of at least 50%. Much of the money that RBS, on behalf of British taxpayers, is pumping into the oil and coal industries round the world is going to build projects that will still be functioning – will still be causing carbon dioxide emissions - in 2050 and beyond. Shouldn't we be calling a halt? Now. • How many more green scams, cons and generous slices of wishful thinking are out there? Please email your examples of greenwash to greenwash@guardian.co.uk or add your comments below Energy Fossil fuels Renewable energy Oil and gas companies Royal Bank of Scotland guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Grumpy hotel staff are putting off touri... Grumpy hotel staff are putting off tourists and threatening the loss of up to 50,000 jobs, says industry expert
01/08/2009
Up to 50,000 jobs in hotels and restaurants could be lost in the recession because foreign visitors to Britain are put off by poor service and high prices, the government's tourism chief warned today. Christopher Rodrigues, chairman of Visit Britain, said the economic downturn meant that the tourism industry could no longer "get away" with surliness and shoddy service. Some hotels were still blighted by grumpy reception staff and the failure to offer basic services such as fresh towels and soap, he said. Rodrigues, who represents the tourist boards of England, Scotland and Wales, said that between 30,000 and 50,000 jobs could be lost this year and poor service would be responsible for some of them. He estimated tourism earnings in Britain would fall by around £4bn during the recession, badly hitting an industry which employs 2.6 million people. "We've had a period in which people could get away with not being of the highest quality," he told the Independent. "We're now in an environment where you have to do quality. Poor value for money and poor service costs jobs and will cost more jobs in a recession. Threadbare towels, a previously-owned bar of soap and a grumpy person who says 'We don't do breakfast before 8am and we don't do it after 8.12am' – you don't get a lot of happy customers." Earlier this week there was a report by undercover hotel inspectors which claimed many UK hotels had problems with cleanliness . The warning from Rodrigues comes as the prime minister, Gordon Brown, and the culture secretary, Andy Burnham, prepared to hold a summit with tourism leaders from both the private and public sector in Liverpool tomorrow. Delegates will hear how being 2008 European Capital of Culture has revitalised Liverpool and how tourism can have a similar effect on the national economy, a spokeswoman from the Department of Culture, Media and Sport said. Visit Britain will launch a £6.5m "value campaign" in April, aimed at promoting Britain overseas as a country where visitors can get more for their money. Recession Hotels guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Ed Miliband plays down impact on UK of R... Ed Miliband plays down impact on UK of Russia-Ukraine gas dispute
01/08/2009
Hopes of big cuts in household energy bills faded yesterday as traders drove up UK prices by exporting gas to fill a growing shortage across Europe. Despite freezing temperatures and rising demand in Britain, traders switched from importing to exporting gas through an interconnector pipeline to continental Europe as a growing row between Russia and Ukraine left many countries short of supplies. British wholesale prices have leapt in recent days due to the crisis, leading to warnings that UK householders could be denied long-awaited cuts in fuel prices. The price of gas hit 73p a therm – up 26% in three days. Government sources warned UK energy companies not to use the Ukraine crisis as an excuse to delay passing on the benefits of otherwise lower world energy prices. One senior Whitehall figure said: "We would expect the energy companies to be responsible and not use this dispute as an excuse to hold off on the price reductions they have talked about which customers are expecting in the spring." British Gas and others indicated late last year they would cut domestic gas bills early this year amid growing anger from consumers, but made clear this would only happen if there was a sustained fall in the price of wholesale power. Hopes of that fall in domestic gas bills are now dwindling, said energy consultants Inenco, who count Marks & Spencer and John Lewis among their customers. "We are not experiencing supply shortfalls in the UK but the markets are already responding [with higher prices]. With future dependence on imported gas, Britain needs to make energy security a key priority or risk being held to ransom," said Ian Parrett of Inenco. In an interview on BBC Radio 4's Today programme this morning, Ed Miliband, the energy secretary, said it was important for the crisis between Russia and the Ukraine to be resolved "as quickly as possible", but he played down the impact it was having on British consumers. "The point I would make is that a small proportion of gas is going through the interconnector to continental Europe because prices have gone up, but in terms of the companies that have ownership in Britain, they have legal obligations that will have to be met, and are being met, to supply UK customers," he said. "So I don't think people should be alarmed about this dispute for whether they are going to be able to use their gas in the months ahead." But the crisis will reignite concerns that the UK has left itself open to exploitation by foreign companies who came in and bought up major UK utilities, leaving British Gas as one of the few locally owned entities. EDF of France and E.ON and RWE of Germany are among the continental groups that dominate the sector. There was particular concern that the huge foreign-owned utilities that dominate power supply in the UK are putting their continental customers ahead of UK energy users, although they denied this. These companies – some of which have part-government ownership – have used a free market to buy British assets in a way that is considered unlikely to occur on mainland Europe. They are also able to use the more liberalised gas market to fill up their storage facilities during the summer and autumn. "Even in winter, if they can get hold of UK gas via the interconnector they will use that instead of dipping into their storage facilities. By contrast, UK players can't access gas from the European market as there is no liquid market to buy from ... Also there is no third party access to European gas storage facilities, again in contrast to the UK," said one frustrated British gas trader. E.ON, which has nearly 3 million gas customers in Britain and is a part-owner of the interconnector pipeline, confirmed that the fixed link had turned from being a net importer to net exporter of gas, because of shortages throughout parts of continental Europe. The company admitted its gas traders might themselves be exporting gas from the UK but this was not at the expense of the UK consumer or unexpected. "It's a fairly normal time in the UK ... Southern Germany has got a problem and is being largely supplied by northern Germany, but it's certainly possible our traders [are exporting from Britain]. They are always looking for opportunities. But it is only if the situation goes completely pear-shaped that France and Germany will come looking for Norwegian gas in Britain," said a spokesman for E.ON UK. The National Grid, which operates the gas and electricity transmission network in Britain, confirmed that 10m cubic metres of gas a day were moving though the interconnector between the UK and Belgium. But he said that this was more than made up for by imports from the continent via the BBL pipeline and Norwegian energy arriving through the Langeled link. Mounting concerns about Britain's energy security came after Russia finally halted all shipments to Ukraine, accusing its neighbour of holding up all transit gas bound for continental Europe. The European commission described the behaviour of Russia and Ukraine as "completely unacceptable", while the problems rekindled a long-running debate in the UK about the vulnerability of the country now that North Sea gas and oil supplies are running out fast. John Cridland, the deputy director-general of the CBI, said that the disruption underlined the importance of the British government taking urgent action on a wider UK energy agenda. "Ministers now need to agree an early deadline for publishing national planning statements for nuclear power, gas storage and offshore wind and tidal power as a matter of urgency so the UK can move towards achieving much greater energy security and reducing our dependence on imported gas," he said. And David Porter, the chief executive of the Association of Electricity Producers, said it underlined the need for new coal-fired stations to keep the lights on. "New coal-fired stations can be built much sooner than new nuclear and they can help us to avoid power shortages as our ageing power stations close in the next few years," he said. In his interview this morning, Miliband said that Britain only got 2% of its gas from Russia. "We have got a diverse range of sources where our gas comes from, which is the most important thing this dispute teaches us for all countries," he said. Miliband said that, although the majority of Britain's gas still came from the North Sea, Britain also had long-term supply contracts with countries such as Norway (which now supplies about 20% of Britain's gas), and some storage capacity. He acknowledged that more storage capacity would be needed in the future. But he said there were 18 different projects due to be built between now and 2020. "I feel confident that we are making the right decisions," he said. Ed Miliband Foreign policy Oil and gas companies Utilities Household bills Consumer affairs Energy bills Russia Ukraine guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Marks & Spencer cuts jobs and stores ami... Marks & Spencer cuts jobs and stores amid trading gloom
01/08/2009
But Stuart Rose remains upbeat after a difficult Christmas (4 h ago)

• Tullow Oil spurts higher as traders awai... Tullow Oil spurts higher as traders await rate decision
01/08/2009
London shares are treading water in the morning session ahead of the Bank of England's interest rate decision at midday, shrugging off a 245 point decline on Wall Street overnight. The FTSE 100 index is down 18.65 points at 4489.15 points by mid-morning, led lower by mining stocks. The morning's biggest gainer is Tullow Oil - up 35p at 745p - after announcing that it has made new discoveries around its Jubilee field offshore Ghana. Tullow has interests in three exploration licences in the area: Shallow Water Tano, Deepwater Tano and West Cape Three Points. The latter two blocks are in deep water and in 2007 a major oil find was located between them which was named the Jubilee field. Since then Tullow and partner Anadarko have drilled further exploratory wells in West Cape and said this morning that the Jubilee field appears to extend much further than originally expected to the south east. Autonomy has added 33p to 1014p after the Cambridge-based software group said earnings for 2008 will be ahead of the City's expectations. Shares in Sainsbury's are down 7.75p at 315p as profit takers emerge after its strong trading update while Vodafone loses another 1.8p to 140.95p as its recent rally splutters. BP has added 6.5p to 530.25p, rallying slightly ahead of its fourth quarter results on February 3. The stock took a tumble yesterday on talk that the oil giant has been guiding analysts' lower on their forecasts. That was denied by the firm yesterday but the company had been pointing the City towards the 'trading conditions update' provided on its website, which gives data on a range of oil prices. The update shows that in the last quarter of 2008, Brent crude averaged $55.48 a barrel compared with $115.09 in the previous quarter and $88.45 in the previous year. The figures do not represent the actual prices that BP was getting for its oil but do show the dramatic turnaround in the oil price. From Monday BP will start providing data for the first quarter of this year. Recruitment firm Hays has lost 3.25p to 73.25p after a trading update this morning showed that fees dropped 10% in the three months to end December on a like-for-like basis. The UK's largest staffing company also warned that demand for permanent placements "continues to fall at an increasing rate" in the UK and Australia. Land Securities has added 4.5p to £10.04 after the property group said it is selling its Trillium outsourcing arm for £750m to property investment and services company Telereal. The deal will generate about £444m of cash for the property company. Shares in Mecom, the heavily indebted European media empire run by former Mirror boss David Montgomery, add 0.24p to 1.5p - a rise of almost 20% - on hopes that it is about to sell its German newspaper operation for €165m (£148m) with a deal expected to be signed tomorrow. The company, which has debts of almost £600m, has until the end of next month to thrash out a deal with its lending banks and a successful asset disposal could strengthen its hand in those talks. Down among the small stocks, shares in Dyson Group - the chemicals company, not the designer of vacuum cleaners - have climbed strongly this week and added another 2.25p in early trading to stand at 21p on persistent talk of a bid at 40p. Vodafone BP Hays Land Securities Tullow Oil Autonomy J Sainsbury guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Sainsbury's: what the analysts say Sainsbury's: what the analysts say
01/08/2009
Freddie George at Seymour Pierce: "The third-quarter trading statement was better than expected. Following this update, we will not be changing our 2008/9 pre-tax profit forecast of £530m. "We are becoming more concerned about the outlook for the food retailers. The market is becoming more competitive and the level of promotional activity is increasing; consumers are continuing to trade down, a trend that is likely to accelerate in Sainsbury's southern heartlands; and returns on the heavy capital-expenditure programme are starting to contract. We downgraded the stock in September to hold and continue to believe it is more than fairly valued." Philip Dorgan at Panmure Gordon: "As good as it gets ... Another excellent trading performance from Sainsbury. It is interesting to note that sales of Basics grew by 40%. But we believe that, just as poor performances from the general retailers are seeing share prices rise, the opposite will be true of the food retailers. Their relative defensiveness is already reflected in share prices. The market is now looking to the beneficiaries of the ending of recession and will therefore sell the late cycle plays." "We believe that food retail will be late cycle as is usual in a recession, and this means that sector profit growth will stumble from next year. We expect that Sainsbury will begin to feel margin pressure in the fourth quarter and we expect industry like-for-like sales growth to turn negative this calendar year. "We believe that Sainsbury's low margins leave it vulnerable to a sales downturn. A 5% fall in like-for-like sales in 2009/10 would lead to a 30% decline in profit and suggests a price-to-earnings ratio of 24 times, implying that the shares could more than halve." Greg Lawless at Blue Oar Securities: "A solid trading statement. The headline numbers will beat Tesco's UK performance (due next Tuesday) but we continue to have concerns about the margin outlook for the sector, and Sainsbury in particular. The company still has three months of its financial year to deliver (2008/9) and with the lowest operating margin (3.1%) and the lowest cost savings in the sector, then the last pricing initiatives could hurt them the most. This performance, although reasonable is still behind the market, and the company continues to lose market share. We reiterate 'Sell' on Sainsbury, despite this slightly better than expected trading performance." J Sainsbury Supermarkets guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Bank of England expected to cut interest... Bank of England expected to cut interest rates to 1.5% or less
01/08/2009
The Bank of England's monetary policy committee is expected to chop at least half a percentage point off interest rates today, which would take borrowing costs to their lowest in more than 300 years . Having voted unanimously for three consecutive cuts in October, November and December, which took rates from 5% to 2%, the MPC is widely expected to lower them again at the end of its monthly meeting at noon today. One-in-two economists expect a half-point cut while nearly one-in-three predict a full-point reduction, according to a Market News International poll of 40 analysts conducted this week. Any reduction would take rates to the lowest since the Bank was founded in 1694 and move Threadneedle Street closer to the point where radical action such as quantitative easing - pumping money into the economy in a bid to get people and businesses spending again - becomes the only option to prevent deflation. The Treasury denied reports today that it was about to inject more money into the economy, although it did not rule out such a move in the future. The Bank's deputy governor Sir John Gieve has admitted that the central bank previously severely underestimated the severity of the economic slump, and the bad news keeps coming. Unemployment has shot up, the economic slump has spread from manufacturing and construction to services, and the number of business failures on the high street is growing by the day , including well-known names like Woolworths. Car sales have dived and house prices have fallen 20% from their peak. The chancellor, Alistair Darling, admitted yesterday that the UK recession is deeper than the government had expected. If interest rates are cut further, lenders may soon have to cope with zero interest rates . If the Bank reduces rates by a full percentage point to just 1% today, people with mortgages that track a point below base rate will find themselves paying no interest. The minutes of last month's meeting revealed that while the MPC voted unanimously for a reduction of a full percentage point, it considered the case for a larger reduction. The committee may struggle to preserve its unity this time as some members are known to be very concerned about the economic outlook and may push for a bigger reduction than the rest. David Blanchflower has repeatedly highlighted the bleak outlook for the labour market. In a Royal Economic Society paper , the labour market expert said he expected unemployment to keep going up this year and into 2010, probably rising over 3 million. "Where is the light at the end of the tunnel? I can't see any," he said. Interest rates Bank of England Interest rates guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Porn industry seeks own stimulus ... pac... Porn industry seeks own stimulus ... package
01/07/2009
Seems everyone is lining up for a government handout, but in the case of the porn industry, you may wonder where the hands have been. (12 h ago)

• Sports Biz: Five sure bets for 2009 Sports Biz: Five sure bets for 2009
01/07/2009
So what’s ahead for the year in sports business? Here are five predictions as we enter the last year of the decade. (Hint: Look for Tiger to roar back to the top of the golf rankings.) (14 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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 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. (2 d ago)

• Motherlode: Spending too Much? Blame Mom... Motherlode: Spending too Much? Blame Mom.
01/07/2009
A British poll reports that financial heredity may come from the mother. (9 h ago)

• State of the Art: Many Ways to Plug in t... State of the Art: Many Ways to Plug in to Tech Savings
01/07/2009
When every $100 counts, here are a few suggestions for using high-tech gadgetry to save you money. (9 h ago)

• Market Values: Looking Ahead for Good In... Market Values: Looking Ahead for Good Investment Opportunities
01/07/2009
The United States may not need the rest of the world to get a recovery started and keep it going. (18 h ago)

• Practical Traveler: Stuck in Paradise, N... Practical Traveler: Stuck in Paradise, Needing Medical Help
01/07/2009
Before embarking on an overseas vacation, travelers should check their medical policy to see what is covered or get special travel insurance. (22 h ago)

• 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. (1 d 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. (2 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. (2 d ago)

• Blagojevich and Spitzer: a moral tale ab... Blagojevich and Spitzer: a moral tale about power
01/08/2009
Illinois Governor Rod Blagojevich, now embroiled in allegations that he tried to flog to sell President-elect Barack Obama's former Senate seat, and former New York Governor Eliot Spitzer, who... (1 h ago)

• Picasso, Van Gogh and networking Picasso, Van Gogh and networking
01/08/2009
Why did Pablo Picasso end up earning more than Vincent Van Gogh? Picasso left an estate valued at $750 million, Van Gogh died a pauper.According to Professor Gregory Berns, it was all because Picasso... (2 h ago)

• 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... (7 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... (1 d 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... (1 d 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 d 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 d ago)

• Climate change chain of command Climate change chain of command
01/05/2009
As we move towards an emission trading regime, there is one important question that companies need to sort out: who actually takes responsibility?Business faces the prospect of increased legal action... (2 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... (2 d ago)

• Who feels more economic stress? Who feels more economic stress?
01/07/2009
Bad news about the stock markets, jobs, real estate. It can stress anybody out. But a new study from the American Psychological Association says women are more anxious about the economic downturn than men. Sally Herships reports. (20 h ago)

• Empty mall space helps stores with rent Empty mall space helps stores with rent
01/07/2009
A new survey says vacancies at shopping centers are approaching a ten-year high. Landlords fearful of losing more foot traffic are keen on keeping their tenants, which puts retailers in a good position to negotiate. Ashley Milne-Tyte reports. (20 h ago)

• CDs out of tune in digital age CDs out of tune in digital age
01/07/2009
Not too long ago the recording industry was riding high with massive CD sales. But it faces an uncertain future in the digital age. Kai Ryssdal speaks with Rolling Stone writer Steve Knopper about the state of the music industry. (20 h ago)

• Rep. Frank on the bailout and stimulus Rep. Frank on the bailout and stimulus
01/07/2009
Congressman Barney Frank chairs the House Financial Services Committee and has been leading bailout negotiations with the White House. Kai Ryssdal speaks with Frank about what happens with the rest of the bailout money, regulating Wall Street and Obama's stimulus plan. (20 h ago)

• Bad stimulus could make deficit worse Bad stimulus could make deficit worse
01/07/2009
President-elect Obama is faced with making a difficult decision about where to cap his stimulus so that our deficit doesn't get out of control. But based on what he's heard so far, commentator David Frum thinks he's already gone too far. (20 h ago)

• 'Performance' chief on familiar ground 'Performance' chief on familiar ground
01/07/2009
President-elect Barack Obama named a former Treasury official as chief performance officer, a newly created position aimed at reducing government waste. But as Nancy Marshall Genzer reports, the new position sounds awfully familiar. (20 h ago)

• More job losses in the private sector More job losses in the private sector
01/07/2009
A labor report released today shows that job losses continued to mount in December. That's when the private sector lost 693,000 jobs, a higher amount than expected. Jeremy Hobson reports. (20 h ago)

• Balancing the stimulus and deficit Balancing the stimulus and deficit
01/07/2009
The federal budget deficit for 2009 is projected to be three times the size it was in 2008. But one thing that amount doesn't account for is President-elect Barack Obama's stimulus plan. As Bob Moon reports, the deficit may limit what Obama can do to help the ailing economy. (20 h ago)

• Satyam scandal could be 'India's Enron' Satyam scandal could be 'India's Enron'
01/07/2009
The head of Indian outsourcing firm Satyam Computer Services resigned on Wednesday, disclosing that profits had been falsely inflated for years. (22 h ago)

• Europe shivers as Russia cuts gas shipme... Europe shivers as Russia cuts gas shipments
01/07/2009
Russia shut off all gas supplies to Europe through Ukraine on Wednesday — leaving more than a dozen countries scrambling to cope during a winter cold snap. (23 h ago)

• Bank of America sells China bank stake Bank of America sells China bank stake
01/07/2009
Bank of America Corp. raised more money Wednesday to cope with U.S. economic turmoil by selling part of its stake in China Construction Bank Ltd. for $2.8 billion. (1 d 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. (1 d 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. (2 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. (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

• ConsumerMan: Obama coins worth the price... ConsumerMan: Obama coins worth the price?
01/07/2009
For the Obama inauguration, you can find all sorts of souvenirs for sale, including commemorative coins. Are they a good investment? Well, is a t-shirt a good investment? (14 h ago)

• 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. (23 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. (1 d 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. (2 d ago)

• Small retailers struggle in tough season Small retailers struggle in tough season
01/07/2009
Like a lot of small retailers, Henry Burton depends heavily on the holiday season to ring up sales, and, like a lot of retailers, this past holiday season proved especially challenging. (14 h ago)

• How to play the rebranding game How to play the rebranding game
01/07/2009
Some entrepreneurs find that their moniker becomes too limited and outdated as the business evolves and enters new markets. There are services out there that help you change. (17 h ago)

• Why the BBB deserves a FFF Why the BBB deserves a FFF
01/07/2009
Your Biz blog: Everything in life seems to get more and more difficult these days. Now the Better Business Bureau (BBB) is getting in on the act. (18 h 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) (2 d 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. (2 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. (3 d ago)

• The Amish Flock From Farms to Small Busi... The Amish Flock From Farms to Small Businesses
01/07/2009
The move into commerce by a religious sect that has determinedly kept the modern world at bay has been more out of necessity than desire. (8 h ago)

• 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. (1 d ago)

• 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... (1 d 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... (1 d ago)

• Qinghai Solar Power Plant Would Be World... Qinghai Solar Power Plant Would Be World's Biggest
01/08/2009
Venture Beat was the first source that I saw this in: plans have been announced to build a gigawatt-sized solar power station in Qinghai Province, China. If it goes through, it would be the largest... (1 h ago)

• What are three big things in social entr... What are three big things in social entrepreneurship in 2009?
01/07/2009
As we are in the beginning of the year 2009, I wanted to ask you a futuristics! question: What are the top trends in the year 2009 in area of social entrepreneurship? I personally think there are 3... (15 h ago)

• One Key to Success: The Bi-Cultural Cons... One Key to Success: The Bi-Cultural Consultant
01/07/2009
From a business perspective, the main barrier to success in China is culture. Cultural difference between a European, Australian or American businessman and his Chinese partner can lead to problems in... (15 h ago)

• SiliconValley NewTech Meetup (My first) SiliconValley NewTech Meetup (My first)
01/07/2009
The tech community is alive and kicking here in Silicon Valley. After beeing a couple of times to teh SF Newtech Meetup (which has become huge) I also joined the Silicon valley NewTech Meetup... (19 h ago)

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