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Business News
for 01/10/2009

(last updated 7:30am EST 01/10/2009)

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• Bush prepares request for rest of bailou... Bush prepares request for rest of bailout cash
01/10/2009
Senior Bush administration officials, consulting with the Obama transition team, have prepared a plan to ask lawmakers for the second half of the $700 billion financial rescue package, sources said. (3 h ago)

• Newsweek: Why Madoff should be free Newsweek: Why Madoff should be free
01/09/2009
Opinion: The presumption that defendants should remain free until they are convicted is centuries old in English common law. (14 h ago)

• Obama, Dems look to revamp bailout Obama, Dems look to revamp bailout
01/09/2009
President-elect Barack Obama and congressional Democrats want to apply greater scrutiny to the financial sector bailout and a more defined mission to the $700 billion program. (15 h ago)

• Citigroup director Robert Rubin resigns Citigroup director Robert Rubin resigns
01/09/2009
Citigroup says board member Robert Rubin, the former U.S. Treasury secretary, has resigned as a senior adviser to the big financial services company. (15 h ago)

• Industry slams Citigroup mortgage deal Industry slams Citigroup mortgage deal
01/09/2009
A top bank industry group said it opposes an agreement between Citigroup and Democratic senators that would change bankruptcy law to help troubled mortgage borrowers avoid foreclosure. (16 h ago)

• Ford says new Fusion to lead class in mi... Ford says new Fusion to lead class in mileage
01/09/2009
Ford Motor Co. on Friday said the conventional version of its new Fusion sedan will get the best gas mileage in the highly popular mid-size segment of the U.S. market. (16 h ago)

• Stocks end sharply lower on bleak jobs d... Stocks end sharply lower on bleak jobs data
01/09/2009
Stocks slumped Friday after the U.S. unemployment rate shot above 7 percent, signaling that Americans will be sticking to their tightened budgets for a while. (17 h ago)

• GM cleans out the garage GM cleans out the garage
01/09/2009
General Motors is cleaning out the attic to sell some stuff at the auction house to raise much needed cash. (17 h ago)

• Web startup to offer foreign news Web startup to offer foreign news
01/09/2009
As budget cuts force many U.S. newspapers to retrench on their foreign coverage, veteran journalist Charles Sennott saw virtually no chance of getting another assignment abroad. (17 h ago)

• Boeing plane division to cut 4,500 jobs Boeing plane division to cut 4,500 jobs
01/09/2009
Airplane maker Boeing Co. says it plans to cut about 4,500 jobs this year due to the global economic slowdown. (17 h ago)

• Seattle newspaper could close Seattle newspaper could close
01/09/2009
Hearst Corp. put Seattle's oldest newspaper, the Seattle Post-Intelligencer, up for sale Friday, saying that if it can't find a buyer in the next 60 days, the paper will close or continue to exist only on the Internet. (17 h ago)

• Oil prices drop below $40 Oil prices drop below $40
01/09/2009
Oil prices fell below $40 per barrel Friday for the first time this year as the government reported the nation’s worst annual job losses since World War II. (18 h ago)

• Former Satyam chairman arrested Former Satyam chairman arrested
01/09/2009
Indian police on Friday arrested the former chairman of outsourcing giant Satyam Computer, days after he admitted he doctored the company's accounts to the tune of $1 billion. (18 h ago)

• Grim job outlook turns bleaker Grim job outlook turns bleaker
01/09/2009
Friday’s employment report confirms an already bleak job market outlook. Analysts say that even if all goes well hiring probably won’t pick up again until early 2010. (18 h ago)

• Charges dropped against Stockman Charges dropped against Stockman
01/09/2009
Federal prosecutors dropped charges Friday against former Reagan budget director David Stockman, who was accused of overseeing a sweeping fraud at a troubled auto parts supplier. (19 h ago)

• Critics suggest reeling Chrysler is a lo... Critics suggest reeling Chrysler is a lost cause
01/09/2009
Even by the standards of battered automakers, Chrysler is in dire shape. (1 d ago)

• Microsoft’s Ballmer raises pressure on Y... Microsoft’s Ballmer raises pressure on Yahoo
01/09/2009
Microsoft’s CEO Steve Ballmer has told the Financial Times newspaper that the current period of transition for Yahoo is a good time for a search deal between the two companies. (1 d ago)

• Madoff said to have stashed $173 million Madoff said to have stashed $173 million
01/08/2009
Prosecutors say Bernard Madoff had $173 million in signed checks in his office desk that he was ready to send out at the time of his arrest last month. (1 d ago)

• ‘Winners’ in Madoff case face hard choic... ‘Winners’ in Madoff case face hard choices
01/08/2009
The many Bernard Madoff investors who withdrew money from their accounts over the years are now wrestling with an ethical and legal quandary. (1 d 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 d ago)

• Pump prices coming down in Dar es Salaam... Pump prices coming down in Dar es Salaam thanks to gov't efforts
01/09/2009
Retail prices at most filling stations in Dar es Salaam have come down, some by as much as 16 percent as of Friday, thanks to the efforts by the government of Tanzania. Starting on Monday this week, the Tanzania Energy and Water Utilities Regulatory Authority began issuing indicative pricing for petrol, diesel and kerosene sold at filling stations in the country in an attempt to bring down prices. The government has kept blacklisting those filling stations that refused to lower t ... (7 h ago)

• Ecuador ends oil contracts due to low pr... Ecuador ends oil contracts due to low prices
01/09/2009
Ecuador will end its oil contracts with companies in France and Italy due to low prices, Mining and Oil Minister, Derlis Palacios, said on Friday. He said current international oil prices made it difficult for his country to benefit, while it was paying high production costs to France's Perenco and Italy's Agip. Meanwhile, Palacios said Ecuador would fulfill its agreement with the Organization of Petroleum Exporting Countries (OPEC) to cut oil production. OPEC announced ... (8 h ago)

• Brazil's agricultural exports hit record... Brazil's agricultural exports hit record high in 2008
01/09/2009
Brazil's agricultural export reached a record 71.9 billion U.S. dollars in 2008, up 23 percent from 58.5 billion dollars in 2007, the country's Agriculture Ministry said Friday. Its agricultural imports totaled 11.8 billion dollars in 2008, up 35.8 percent from that in 2007. It was the first time the country's agricultural imports surpassed 10 billion dollars. Meanwhile, trade surplus in the agricultural sector also reached a record 60 billion dollars. China was the large ... (8 h ago)

• Bank of Brazil acquires Votorantim Bank ... Bank of Brazil acquires Votorantim Bank for $1.83 bln
01/09/2009
Brazil's largest state-owned bank, Bank of Brazil, announced on Friday the acquisition of 49 percent of rival Votorantim Bank for 4.2 billion reais (1.83 billion U.S. dollars). The purchase was completed after several months of negotiations. With the acquisition, Bank of Brazil expects to increase its participation in the vehicle financing sector, in which the Votorantim Bank has 12 percent of market share. Bank of Brazil has recently carried out several acquisitions, and the lat ... (8 h ago)

• Housing prices in major Chinese cities d... Housing prices in major Chinese cities decline for first time since 2005
01/09/2009
Housing prices in 70 large-and medium-sized Chinese cities fell 0.4 percent year-on-year in December, signaling the first such drop since the government issued the figure in July 2005. It was down 0.5 percent compared with the previous month, according to a joint statement issued by the National Development and Reform Commission and the National Bureau of Statistics. In November, property prices rose only 0.2 percent from a year earlier, presenting the lowest growth rate in the ... (8 h ago)

• Canadian PM promises "big, comprehensive... Canadian PM promises "big, comprehensive" budget to deal with recession
01/09/2009
Canadian Prime Minister Stephen Harper said on Friday that his government will table one of the biggest and most comprehensive budgets in history. The budget, scheduled for the end of this month, will deal with "not just economic challenges, but economic opportunities," Harper said at a press conference in Montreal. The Conservative government barely avoided a defeat in December, after Harper sought a parliamentary suspension just ahead of an opposition motion to bring the govern ... (11 h ago)

• Canada jobless rate rises to 6.6 percent... Canada jobless rate rises to 6.6 percent
01/09/2009
Canada's jobless rate rose from 6.3 percent in November to 6.6 percent in December, after 34,000 jobs were lost during the last month of 2008, Statistics Canada reported on Friday. Those numbers mark the second straight month that job losses have been recorded in the Canadian economy. In November, 71,000 jobs were lost, according to the agency. The unemployment rate rise was much worse than expected, said Craig Alexander, deputy chief economist of TD Bank Financial Group. ... (11 h ago)

• Microsoft highlights flexible household ... Microsoft highlights flexible household objects at CES
01/09/2009
As the 2009 Consumer Electronic Show (CES) entered its second day in Las Vegas on Friday, software giant Microsoft's display of a hardware and software platform for the next generation of more useful and flexible household objects, appliances and accessories has become one of the highlights. Two of the concept designs featured in a video at the booth area "net" clock that, in addition to giving the time, can also download and display a stock ticker and local traffic and weather reports, ... (12 h ago)

• Germany to set up multi-billion fund for... Germany to set up multi-billion fund for companies
01/09/2009
Germany is set to establish a 100-billion-euro fund to provide loans for companies that have difficulties in borrowing from banks due to the global financial crisis, German Chancellor Angela Merkel has said. In an interview with local newspaper Bild am Sonntag, Merkel said the package -- worth some 100 billion euros (around 135 billion U.S. dollars) -- is designed to help healthy firms overcome tight credit until normal levels of bank lending resume. "With our package, we will ag ... (13 h ago)

• Swedish central bank: Financial crisis t... Swedish central bank: Financial crisis to dissipate in 2009
01/09/2009
The global financial crisis would dissipate in 2009 and the Swedish economy would recover in 2010, Sweden's central bank Riksbank said Friday. "We expect the financial crisis to peter out during the course of the year that has just begun," Barbro Wickman-Parak, Riksbank deputy governor, said in a statement. "A large part of the explanation comprises falling energy prices and falling interest expenditure. These are factors that are favorable to growth," she said. Inflation ... (13 h ago)

• Renault's global vehicle sales down 4.2%... Renault's global vehicle sales down 4.2% in 2008
01/09/2009
France's second largest carmaker Renault has posted a 4.2 percent drop in worldwide vehicle sales in 2008 as the global economic crisis led to a brutal fall in the market, French media reported. Inventory management and reduction will remain a priority throughout 2009, the company said in a statement Friday. Patrick Blain, executive vice president of sales and marketing, said Renault's market share saw growth despite the steep fall in the main markets affected by the crisis. ... (13 h ago)

• Dollar rises against most major currenci... Dollar rises against most major currencies
01/09/2009
The dollar rose against most major currencies on Friday as U.S. non-farm job loss in December was smaller than expected. Non-farm payroll employment declined sharply in December, and the unemployment rate rose from 6.8 to 7.2 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported on Friday. In December, job losses were large and widespread across most major industry sectors. The unemployment rate in December was the highest level in 16 years. Pay ... (13 h ago)

• Boeing announces major layoff in commerc... Boeing announces major layoff in commercial airplanes unit
01/09/2009
U.S. aerospace giant Boeing said Friday it will cut off about 4,500 jobs in its commercial airplanes business unit as part of an effort to control costs amid the weakening global economy. Much of the major layoff will be in areas not directly related to airplane production, the company said. "We are taking prudent actions to make sure Boeing remains well positioned in today's difficult economic environment," said Scott Carson, president and CEO of Boeing Commercial Airplanes, in ... (13 h ago)

• Interview: Canada to benefit from China'... Interview: Canada to benefit from China's 14 tln RMB stimulus package
01/09/2009
by Yang Shilong China is a major stakeholder in overcoming the current global economic difficulties and Canada will benefit in many ways from China's recently announced stimulus package totaling 14 trillion RMB (1.7 trillion U.S. dollars), President of the Canada China Business Council (CCBC) Peter Haider has said. As Canada's most influential organization to facilitate Canada-China trade and investment, the CCBC has been following the Chinese government's response to the world eco ... (13 h ago)

• U.S. unemployment rate jumps to 15-year ... U.S. unemployment rate jumps to 15-year high in Dec.
01/09/2009
U.S. unemployment rate rose to 7.2 percent in December, the highest level in 15 years, as 524,000jobs were slashed in the month, the Labor Department reported Friday. Total non-farm payroll employment fell by 524,000 over the month, bringing total job losses in 2008 to 2.6 million, and by 1.9 million over the past four months, said the report, adding that the unemployment rate for December was the highest since January 1993. Employment in nearly all major industry sectors droppe ... (13 h ago)

• Gold price closes higher in Hong Kong Gold price closes higher in Hong Kong
01/09/2009
Gold price in Hong Kong rose 102 HK dollars to close at 7,868 HK dollars per tael on Friday, according to the Bank of China (Hong Kong). The price is equivalent to 852.31 U.S. dollars a troy ounce, up10.67 U.S. dollars at Friday's exchange rate of one U.S. dollar against 7.749 HK dollars. &$ &$Source: Xinhua&$ &$ ... (13 h ago)

• China Enterprises Index ends 0.47% lower... China Enterprises Index ends 0.47% lower
01/09/2009
Major indices tracking the performance of China-related companies listed on the Hong Kong Stock Exchange closed lower on Friday. The Hang Seng China Enterprises Index on the Hong Kong Stock Exchange dropped 36.21 points, or 0.47 percent, to close at 7,723.81. The H-shares index, initiated in August 1994 and readjusted on Jan. 5, 2009, tracks the overall performance of 42 Chinese mainland state-owned enterprises listed on the Hong Kong Stock Exchange. The Hang Seng China ... (13 h ago)

• China Eastern to cut managerial staff sa... China Eastern to cut managerial staff salaries by 10 to 30 percent
01/09/2009
China Eastern Airlines, one of the country's three biggest carriers, is expected to cut salaries of middle and top-level managers by 10 to 30 percent, the company said in a statement Friday on its website. The move takes effect Feb. 1 despite the fact the company announced it was getting a 7-billion-yuan (1.02 billion U.S. dollars) government cash injection in Dec. 2008. Without giving a specific figure, the airline said salary cuts only make up a small part of management costs. ... (13 h ago)

• China's 4Q business climate index drops ... China's 4Q business climate index drops on slowing economy
01/09/2009
China's business climate index fell for the second quarter in a row during the final three months of 2008 as economic conditions deteriorated sharply, the National Bureau of Statistics said. The index was 107, vs. 128.6 in the third quarter. The index was 137.4 in the second quarter and 136.2 in the first quarter, the bureau said. The index ranges from zero to 200. A reading above 100 shows economic expansion, while a reading below 100 indicates contraction. The survey began in 1 ... (13 h ago)

• Thai auto production projected to fall 2... Thai auto production projected to fall 23-24% in 2009
01/09/2009
Due to the rising global economic crisis, Thailand's automotive industry will contract this year as the country's automobile production is projected to fall around 23.0-24.0 percent, Thailand's Automotive Industry Club announced on Friday. The projected 23-24 percent contraction represents a fall to around 1,100,000 units in 2009 from an estimated total production units of 2008 at 1,400,000 units, or, valuing at around 700 billion baht (20 billion U.S. dollar). Speaking after an ... (1 d ago)

• Where Did The Bailout Billions Go? Where Did The Bailout Billions Go?
01/09/2009
Just months ago, the government spent hundreds of billions to rescue financial institutions. What's become of that money? That's what an oversight committee's trying to find out - but haven't, Sharyl Attkisson reports. (12 h ago)

• Schooling The Money "Experts" Schooling The Money "Experts"
01/09/2009
One year ago, the Dow was over 12,000. Low it's less than 9,000. But years ago, the financial experts making predictions about the market made some wild claims. Steve Hartman (12 h ago)

• Feds End Probe Of Ex-Reagan Budget Chief Feds End Probe Of Ex-Reagan Budget Chief
01/09/2009
Federal prosecutors dropped charges against former Reagan budget director David Stockman, who was accused of overseeing a sweeping fraud at a troubled auto parts supplier that he led before the company collapsed into bankruptcy. (13 h ago)

• Key Lawmaker Eyes Bailout Bill Changes Key Lawmaker Eyes Bailout Bill Changes
01/09/2009
Rep. Barney Frank said he expects the House to act soon to impose conditions on any new release of the second $350 billion in federal bailout funds, with a mandate that up to $100 billion go to help struggling borrowers avoid foreclosure. (14 h ago)

• Disney Seeks To Build Shanghai Theme Par... Disney Seeks To Build Shanghai Theme Park
01/09/2009
The Walt Disney Co. said that it was going to submit a plan to build a new $3.59 billion theme park in China in a joint venture with the Shanghai government, to open as early as 2014. (15 h ago)

• Dec. Jobless Rate Jumped To 7.2% Dec. Jobless Rate Jumped To 7.2%
01/09/2009
The government says the U.S. unemployment rate bolted to 7.2 percent in December, the highest since early 1993, as employers slashed 524,000 jobs. (20 h ago)

• Verizon Wireless Completes Alltel Buyout Verizon Wireless Completes Alltel Buyout
01/09/2009
Verizon Wireless says it has completed its $5.9 billion purchase of Little Rock-based Alltel Corp., making Verizon the nation's largest mobile phone company. (20 h ago)

• Questions, Doubts Loom Over Bailout Mone... Questions, Doubts Loom Over Bailout Money
01/09/2009
President-elect Barack Obama's economic team is broadening the mission of the $700 billion bailout for the financial sector, aiming to unfreeze credit for homeowners, consumers, small businesses and local governments. (20 h ago)

• Obama Unveils Ambitious Economic Agenda Obama Unveils Ambitious Economic Agenda
01/08/2009
President-elect Barack Obama warned of dire and lasting consequences if Congress doesn't pump unprecedented dollars into the economy, making an urgent pitch for his mammoth spending proposal in his first speech since his election. (1 d ago)

• In Dollar Terms, Borrowing Drops Big Tim... In Dollar Terms, Borrowing Drops Big Time
01/08/2009
Consumers cut back on their borrowing by a record amount in dollar terms in November, another sign of trouble for the rapidly weakening economy. (1 d ago)

• New Jobless Claims Make Unexpected Drop New Jobless Claims Make Unexpected Drop
01/08/2009
New claims for unemployment benefits dropped unexpectedly last week while the number of people continuing to seek aid rose sharply, the government said Thursday. (1 d ago)

• More Than 1/3 Of Rescue Money Disbursed More Than 1/3 Of Rescue Money Disbursed
01/08/2009
The Treasury Department says it has disbursed $266.9 billion from the $700 billion financial rescue program. (1 d ago)

• Wal-Mart Falters In Latest Retail Report Wal-Mart Falters In Latest Retail Report
01/08/2009
As merchants reported their sales figures, confirming fears that the holiday season was the weakest in four decades, the malaise cut through practically all areas from kitchen gadget stores to jewelry purveyors and teen apparel retailers. (1 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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? (2 d 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. (2 d 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. (2 d ago)

• Two in Jail Over Satyam Fraud May Become... Two in Jail Over Satyam Fraud May Become Three
01/10/2009
The brothers who founded Satyam Computer Services will spend Saturday night in an Indian jail after a fraud disclosure, and another former executive may soon join them. (3 h ago)

• Wealth Matters: Following the Money, Aft... Wealth Matters: Following the Money, After Its Swiss Exit
01/10/2009
Americans holding secret offshore accounts at UBS are about to have their funds returned to them, possibly raising paper trails that will make it easier for the I.R.S. to track down tax evaders. (6 h ago)

• Korean Carmaker Seeks Receivership Korean Carmaker Seeks Receivership
01/10/2009
Ssangyong Motor Company, the smallest of the five South Korean auto makers, filed for receivership in a bid to stave off collapse. (6 h ago)

• Deal to End Russia’s Cutoff of Gas Remai... Deal to End Russia’s Cutoff of Gas Remains Uncertain
01/09/2009
The European Commission said an agreement had been reached to send a monitoring mission to oversee gas deliveries, but Moscow said Ukraine had not signed yet. (9 h ago)

• After a Fraud in India, Government Steps... After a Fraud in India, Government Steps In
01/09/2009
Authorities took over Satyam’s board on Friday, seeking to ensure that clients are not affected and that confidence is restored in the stability of Indian outsourcers. (9 h ago)

• Pressured by I.R.S., UBS Is Closing Secr... Pressured by I.R.S., UBS Is Closing Secret Accounts
01/09/2009
UBS will close about 19,000 accounts held by Americans that may have gone undeclared to the Internal Revenue Service. (20 h ago)

• German Bank Gets More Money From Governm... German Bank Gets More Money From Government
01/09/2009
The government took a quarter stake in Commerzbank as it stepped up efforts to stabilize the financial system and consolidate one of Europe’s most fragmented banking landscapes. (1 d ago)

• Troubles of Satyam Could Benefit Rivals ... Troubles of Satyam Could Benefit Rivals and 2 U.S. Companies
01/08/2009
Big winners from the fallout are likely to be two American companies, Accenture and I.B.M., as competitors begin angling for a share of Satyam’s nearly $2 billion in annual revenue. (1 d ago)

• British Central Bank Cuts Rate to Record... British Central Bank Cuts Rate to Record Low
01/08/2009
The rate, now 1.5 percent, is expected to be cut to close to zero by the second quarter. (1 d ago)

• Austria’s ‘Woman on Wall St.’ and Madoff... Austria’s ‘Woman on Wall St.’ and Madoff
01/08/2009
Sonja Kohn, who gathered billions for Bernard L. Madoff from investors in Russia and across Europe, has disappeared from view. (1 d ago)

• The Costly Compromises of Oil From Sand The Costly Compromises of Oil From Sand
01/08/2009
Environmental groups in the U.S. and Canada are pushing for a slowdown to oil sands development. (1 d ago)

• China Losing Taste for Debt From U.S. China Losing Taste for Debt From 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. (1 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 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. (3 d ago)

• Ros Coward: We should be asking why we c... Ros Coward: We should be asking why we create so much waste, and how we can reuse it
01/10/2009
News that the recycling chain has all but collapsed because of failed demand in China has produced the usual wringing of hands and a startling lack of alternative voices. In terms of straight news reporting – last night's BBC news for example, and today's broadsheet coverage – the mountains of rubbish are presented as a "crisis" symptomatic of problems with the global economy. For the Daily Mail , this crisis is symptomatic of something else as well, not just a global crisis but proof that recycling is yet another pointless nanny-state demand on the already overburdened lives of the taxpayer. The paper hasn't yet run the headline "Waste of time" but it can't be far off. Since this voice is the clearest and most strident so far, it's a precarious moment, one where the whole concept of recycling might be discredited. It's particularly perilous because although Gordon Brown's government now uses the rhetoric of "green jobs" as one solution to the economic crisis, the fundamental approach to the economy is, as Andrew Simms, a founder member of the Green New Deal Group, says , to kickstart binge culture on the high street. So although the government mentions opportunities for employment in the area of energy efficiency and alternative energy sources, every other government policy, such as supporting aviation and the car industry and reducing VAT, is about getting back to business as normal. So far in the response to the "recycling crisis" there's absolutely no awareness of the waste issue as symptom – and a symptomatic opportunity. The mountains of waste do indeed tell a story – of what got us into this mess. And what has to happen to get us out. Instead of accepting what our waste is and looking for ways to get rid of it, the global economic crisis and its attendant recycling crisis allows us to ask why we are producing so much waste and what could become of it instead? If rubbish is just seen as an inevitable side-effect of a functioning consumerist economy, it will always be seen as something to be controlled, hidden away or exported to distant shores for less affluent societies to deal with. But treated as a resource it becomes a valuable material and, more pertinently, the source of new enterprise, opportunities and jobs. The waste problem is admittedly a complex one. But starting from the fundamental position that resources are finite and that environmental protection is key to our long-term survival, it's obvious that our approach to waste requires a fundamental rethink and that concern for the whole life cycle of the product – from source, through manufacture to disposal – has to become second nature to our economy. It's no longer a question of efficient "disposal" or reuse of by-products but rather of a shift to a culture of repair, re-use and recycle. This might sound quaint to sceptics but it is where many new enterprises and opportunities lie, whether it's an industrial producer such as Volkswagen using new technology to produce doors from plant-based plastic or projects rehabilitating furniture or re-using electrical goods. The surface of this repair, re-use and recycle economy has barely been scratched, yet inherent in it is huge potential for employment, as it is both labour intensive and offers work for a whole range of skills. Importantly, these would be jobs created in the context of understanding that the world's resources are finite and that even if we could fix the consumer economy now, it can't be sustained in the long run. The conclusion that politicians and the populist press should draw from these evocative images of recycled waste mountains is not "waste of time" but "running out of time". Waste Recycling Credit crunch Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Lloyds forfeits $350m for disguising ori... Lloyds forfeits $350m for disguising origin of funds from Iran and Sudan
01/09/2009
Lloyds TSB has agreed to forfeit $350m (£231m) to law enforcement authorities in the US after admitting breaking international sanctions by secretly channelling Sudanese and Iranian money into the American banking system. In the biggest penalty ever levied for a breach of US sanctions, the British bank has accepted responsibility for criminal conduct in a case involving the deliberate falsification of wire transfers to disguise their origin. The US justice department said last night that between 1995 and 2007, Lloyds routinely removed customer names, bank names and addresses from payments so that wire transfers would pass undetected through filters at US institutions. "For more than 12 years, Lloyds facilitated the anonymous movement of hundreds of millions of dollars from US-sanctioned nations through our financial system," said acting assistant attorney general Matthew Friedrich. "More than $350m moved from places such as Iran through locations around the world because Lloyds stripped identifying information from international wire transfers that would have raised a red flag at US financial institutions." The case is an expensive embarrassment for Lloyds, which is in the process of taking over HBOS under a deal brokered by the government. Taxpayers could shortly have a stake in the merged bank, depending on the outcome of a fundraising underwritten by the Treasury. In a statement, Lloyds TSB said the affair related to "historic US dollar payment practices". The bank disclosed the fact that an investigation was under way last year and set aside £180m in its accounts to cover the prospect of a fine. "We are committed to running our business with the highest levels of integrity and regulatory compliance … and have undertaken a range of significant steps to further enhance our compliance programmes," said the bank. Of the money, $175m will go to the US federal government and $175m to the state of New York, which helped to bring the prosecution. Manhattan district attorney Robert Morgenthau told reporters it was "the largest penalty by far" for a violation of sanctions. "The Iranian banks have money in London on deposit with Lloyds," said Morgenthau. "They were having Lloyds send the money to the US and beyond and stripping the identification." Lloyds offices in Britain and Dubai are named in court documents, which say the bank commonly referred to its practice as "stripping" or "repairing" transfers. Among the Lloyds clients involved were Iran's Bank Melli, Bank Saderat and Bank Sepah and Sudan's National Bank of Khartoum. The Bush administration has taken a hard line against both countries, accusing Iran of developing a nuclear programme and Sudan of involvement in atrocities in Darfur. In a plea agreement, Lloyds admitted a single charge of violating the US International Emergency Economic Powers Act. The bank will serve a form of probation for two years before the charge is struck out, unless prosecutors find that Lloyds deliberately handled terrorist money. The justice department said Lloyds's conduct was "designed to evade, and to assist its customers in evading" economic sanctions. An investigation is ongoing into other, unnamed, banks. Lloyds will have to open its books to the CIA, FBI and other agencies to determine the origin of funds. All the US agencies involved said Lloyds had provided substantial co-operation in the investigation. Lloyds does not appear to have broken any laws in Britain. It said: "We have fully briefed our UK and other US regulators on this settlement and the bank does not anticipate any further enforcement actions as to these issues." Banking Lloyds TSB guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (12 h ago)

• Woman in charge of the financial watchdo... Woman in charge of the financial watchdog's New York office has become scapegoat du jour in Bernard Madoff scandal
01/09/2009
You wouldn't want to be in her shoes. A former middle-ranking staffer at the US securities and exchange commission by the name of Meaghan Cheung is getting an unwanted few minutes of fame over the agency's consistent failure to spot that Bernard Madoff's investment firm didn't, actually, contain $50bn (£33bn). Until recently, Cheung worked in the SEC's New York office. She has been singled out unflatteringly by Harry Markopolos, a whistleblower who repeatedly tried to warn the SEC of suspicions surrounding Madoff. "Cheung, branch chief in New York, actually investigated [allegations over Madoff] but with no result that I am aware of. In my conversations with her, I did not believe that she had the derivatives or mathematical background to understand the violation," Markopolos wrote in an email to the SEC. When confronted outside her Manhattan apartment by the New York Post, Cheung said she was just "mid-level management" under many levels of supervision, adding: "If someone provides you with the wrong set of books, I don't know how you find the real books." Cheung, a 37-year-old Yale graduate who was snapped wearing a blue woolly hat and spectacles, adopted an impressively combative stance with the Murdoch tabloid: "Why are you taking a mid-level staff person and making me responsible for the failure of the American economy?" They've had their chips How about starting the new year with a healthy, inventive new kosher diet? Perhaps you'd like to try some Dover sole poached in Vermouth? Or a hearty sweet potato salad? If so, then Bernie's wife, Ruth Madoff, has written the perfect book for you: "Great Chefs of America Cook Kosher: Over 175 Recipes from America's Greatest Restaurants." Published in 1996, this tome is suddenly getting some dubious attention on Amazon. Several online visitors have posted jibes along the lines of "cooking the books". One contributor has delivered a delicately barbed comment: "These recipes are probably quite good, given the fact that Ruth and Bernie Madoff were relative homebodies as billionaires go – even before he was placed under house arrest." Ack-ack gun I have a new favourite American politician. He is a balding, white-haired gentleman by the name of Gary Ackerman and he doesn't suffer fools gladly. Ackerman, a Democratic congressman, represents the so-called "gold coast" on the north shore of Long Island where many of Bernard Madoff's once wealthy victims live. The 66-year-old congressional veteran let rip at financial regulators during a committee hearing this week. "I want to know who is responsible for protecting the security investor because I want to tell that person, or those people, whose job it is, that they suck at it," Ackerman barked. Two witnesses cowered before him – Steven Harbeck, chairman of the Securities Investor Protection Corporation, and David Kotz, inspector general of the securities and exchange commission. Both blustered, evaded and waffled. The SIPC, said Harbeck, only gets involved once a brokerage has gone bust. While the SEC's inspector general is "still determining" what went wrong at the agency supposed to regulate the financial markets. "This is worse than a nail in the coffin, this is a spike in the heart of the investment community that makes America run at a time when we can ill afford it," snapped Ackerman. "Confidence in the government and its agencies are at stake here." Building up a full head of steam, Ackerman held up one of his constituents – a billionaire philanthropist – as an example: "One guy called me up with tears in his eyes. His wife's dying from cancer, his kid's got a debilitative disease. He's going to get through this somehow but what's going to happen to the hospital he promised $12bn to in his next contribution, the children's hospital?" Bernard Madoff Corporate fraud guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (13 h ago)

• Rubin quits Citigroup amid sell-off rumo... Rubin quits Citigroup amid sell-off rumours
01/09/2009
Robert Rubin, former US treasury secretary, quit his role at the banking group Citigroup yesterday which was recently bailed out with $45bn (£29.6bn) of taxpayers' funds. Rubin, who has played a key role in developing Citigroup's strategy, resigned with immediate effect as senior counsellor and will stand down from the board at this year's annual meeting. His departure was announced amid reports that the firm could sell its stockbroking arm, Smith Barney, through a possible deal with its rival, Morgan Stanley. CNBC said Citi and Morgan Stanley were in "deep talks" over a deal that would create Wall Street's biggest brokerage , overtaking the existing leader, Merrill Lynch. A deal with Morgan Stanley would combine Smith Barney's 11,000 staff with Morgan Stanley's 8,000. As of November, Smith Barney had $1.3tn in clients' assets, managed from 764 branch offices. Citigroup has, to date, defended its model of a "global, universal bank" with operations ranging from high-street deposits to fund management, stockbroking and investment banking. Until the credit crisis gripped the financial industry last year, Citigroup was the largest bank in the world in terms of assets. But the firm has taken swingeing write-downs on its exposure to mortgages and credit-related derivatives. Doubts about its liquidity prompted the US treasury to provide an emergency injection of funds in November. A former treasury secretary in the Clinton administration, Rubin, 70, has served in a variety of strategic and advisory roles since joining Citigroup in 1999. He has been criticised over the last year for his involvement in decisions to take on extra financial risk. In a statement, Citi's chief executive, Vikram Pandit, said Rubin had made "invaluable contributions" to the company: "Bob has been instrumental in working with clients around the globe and forging strong relationships for our businesses." Rubin's departure came as a congressional panel accused the Bush administration of lacking a coherent bail-out strategy. It argued that the US should look at Britain to learn how to rescue troubled banks effectively. In a highly critical report, a five-strong official body appointed to oversee the troubled asset relief program (Tarp) said the US treasury was doling out $700bn in rescue funds without sufficient accountability or transparency. Citigroup Banking guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (13 h ago)

• Government to underwrite 80% of small bu... Government to underwrite 80% of small business loans
01/09/2009
The government is preparing to guarantee up to 80% of loans to small businesses as part of a multi-billion pound package of measures to stimulate the economy. An announcement is expected in the middle of next week about the latest attempts to kick-start lending to some of the country's leading employers. The details are being finalised in a frantic round of negotiations with officials at Lord Mandelson's Department of Business and Enterprise, but it is thought the business secretary wants to agree a broader package of measures than was outlined in Alistair Darling's pre-budget report. The government is aiming to provide support for financing large as well as small companies. It wants to cover loans of up to £1m to businesses for up to 10 years because it is concerned that the economy will grind to a halt without a renewed flow of funds to small businesses, which claim they are being starved of cash by overly cautious banks. But it also wants to ensure that businesses both large and small have access to enough working capital to pay for their every day activities. Gordon Brown, the prime minister, yesterday insisted banks should honour a commitment in a government rescue package to maintain the supply of loans to mortgage holders and small businesses at 2007 levels. "We will be meeting the banks in the next few days to agree with them on how we can move this forward," he said. Mandelson conceded more steps would be needed. "Having saved the banks from collapse in the autumn we've got to take further action, I suspect, to get the banks back on their feet and lending properly," he said. The government is looking loan guarantees to medium-sized businesses, which employ 50 to 250 people and have a turnover of less than £50m. It is coming under increasing pressure, not least from the car industry, to bring stimulate the availability of credit to help companies ride out the economic crisis. In the wake of Nissan's decision to cut its 5,000 strong Sunderland workforce by almost a quarter, Mandelson is looking at ways to help carmakers. The government cannot help the car industry without spreading aid more broadly across the business community. Mandelson said yesterday: "There is an issue to do with [the car industry's] ability to raise finance to fund new car purchases and that links back to the credit crunch, it links back to their access to liquidity, to drive their financing arms and that's something that I'm in close contract with car companies about, the Treasury is too." "It may well be that we've got to see how the motor finance arms can be assisted, in terms of their additional liquidity needs, and that we're going to be looking at in the coming weeks." Ministers have been working on a package to guarantee loans to smaller businesses since the pre-budget report. Economic policy Small business Credit crunch Banking Banks and building societies guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Nissan cuts send shockwaves across north... Nissan cuts send shockwaves across north-east
01/09/2009
"Everyone knows someone who works at Nissan," says Elaine Thoms, and she speaks for the whole of Washington and plenty of Wearside towns beyond. Fallout from job cuts at the carmaker, which is shedding a quarter of its 4,900 workforce, is rippling from the factory overlooking Sunderland across the whole of north-east England. Even in the current climate of big job losses and firms going bust every day, the big hit at the ultra-modern plant has resonated. Always seen as a symbol of hope, Nissan was built in the bleak years of the 1980s in an area where old industrial jobs had been decimated. "My dad was one of the first to go," says Elaine. "He's one of the ones who left before Christmas at Unipress [Nissan's instrument panel supplier, which announced 90 further job cuts on Tuesday]. He thought he'd do best to get out early and find something else. But no one's taking on." Her husband James plays football with some of the carmakers now on 90 days' notice, as management and unions at Nissan start bargaining over voluntary redundancy to cut the number of compulsory cuts. He says: "It's going to be very hard for those lads, going from £12,000-£13,000 a month to benefits. And what's happened at Nissan will happen at their suppliers, you watch." Another shopper in Washington's covered market said: "My neighbour works at Nissan and he's been on a three-day week since December. They've got a small child and it's going to be very difficult for them now. It's going to be hard to adjust for their age group. I'm 45 and all my life there's been plenty of jobs round here, but suddenly there's nothing." At the plant, managing director Trevor Mann was one of the few people working yesterday. Both production shifts were given the day off after the cuts announcement, which saw the 1,200 chosen for redundancy called in one by one and given a DVD explaining the decision. "It's hard, but we've got to preserve the business and look to the interests of the staff who are staying on," said Mann. "The upturn will come, and we've been through something very like this before. The car business is cyclical. I know people who left us in 1993 but came back at the end of the 1990s." Dave Telford, regional officer for Unite, joined Mann at the plant yesterday to start negotiations over a "maximum affordable redundancy package". He said: "The plant's vital in our region and we've been calling for a while now for government help . Training and retraining is essential for when the upturn comes. The economy can't afford to lose skilled and loyal staff like this." Work & careers Automotive industry Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Saturday inteview: John Stewart, veteran... Saturday inteview: John Stewart, veteran transport campaigner
01/09/2009
Next week, world crises permitting, No 10 will give formal permission for an application to be made to build a third runway at Heathrow airport. Environment groups will howl, the village of Sipson will prepare to be wiped off the map, and airport operator BAA and a few construction companies may crack open the champers at the prospect of the world's busiest international airport growing by as much as 50% to handle an extra 600 flights a day. But one veteran transport campaigner will just hitch up his trousers and get on with scuppering the project he has been obsessed with for years. John Stewart, 59, chairs Hacan Clearskies, which sounds like a Turkish cloudspotters' association but is actually one of Europe's largest aviation groups, made up of 5,000 paid-up members and nearly 60 resident and amenity groups from across London and the south-east. As Heathrow's only full-time, and paid, watchdog, he is credited with assembling over 10 years possibly the most formidable coalition ever formed against any single building project in Britain. Thanks largely to this mild Highlander, who has been marooned in London for 25 years and now lives alone, more than 20 local authorities representing 4 million people, six unions, the National Trust, Greenpeace, Friends of the Earth, the WWF, 50 rebel Labour MPs and all the opposition political parties are now opposed to the expansion. In addition, the EU has expressed doubts that the development can meet pollution laws, the locals are furious and there has been tacit opposition in cabinet from climate change secretary Ed Miliband and environment secretary Hilary Benn. The sheer imbalance between opponents and supporters of the plan is remarkable, says Stewart. "You have to ask yourself why so few people want a third runway? It is not logical at all." And yet it looks set to go ahead, because, he says, "Heathrow has become a mindset, a mantra for growth. In the eyes of the government it has become synonymous with growth without limits. Because the government has identified itself so strongly with the global economy and planes are seen as the workhorse of globalisation, Heathrow just has to keep growing. It's extraordinary that they are going ahead, but [Gordon] Brown has made up his mind. He is obsessed with the global economy and the fact that it is coming off the rails does not matter. Heathrow is a monster that must be fed." Those who support the expansion, of course, see it very differently. The aviation industry predicts a £10bn a year boost to the economy from the runway, as well as better air quality and more jobs, and the Confederation of British Industry says the third runway will allow London to remain a global financial capital - although that was before the recession. Together, they claim to have "proven" that the noise and pollution limits will not be broken. Stewart has no truck with the claims of the government and the aviation industry, which he says are misleading. This new runway won't just be a length of concrete, but a multibillion-pound project to effectively bolt a new airport on to Heathrow, he says. The intention is that the runway will handle up to 250,000 planes a year - more than Manchester and any other airport in Britain except Heathrow itself and Gatwick. Because it will be far from the existing terminals a sixth terminal will be needed, and because Heathrow is not big enough, 700 houses, mainly in the village of Sipson, will have to be demolished, along with the school, the church, the cemetery, the pubs, the restaurants - and, of course, the community itself. To top it all, the scheme is expected to generate an extra 20m car journeys a year and may only be possible with a giant rail terminal. The World Development Movement pressure group calculates that it will emit nearly as much carbon dioxide as Kenya. "It is quite, quite mad," Stewart says. "It will completely blow away Britain's legally binding climate change reduction targets. I am driven - even obsessed - by it because I feel this whole thing is fundamentally wrong and a terrible mistake." But he does not blame Brown, or the ministers who for the last 30 years have said they would stop Heathrow growing. "The whole history of Heathrow is one of deception," he says. It started with Harold Balfour, the aviation minister in the second world war, who admitted in his memoirs "deceiving" his cabinet colleagues into thinking the small aerodrome was needed as a military base. That trend continued in modern times, Stewart says, when in 1979 the Terminal 4 planning inspector reported that the noise climate around Heathrow was "unacceptable in a civilised society". He recommended that it be built only if it was the last significant expansion of Heathrow. A year later, aviation minister Lord Trefargne agreed: "the government conclude that the idea of a fifth terminal ... should not be pursued. This effectively limits expansion," he said. The same year, the government agreed to limit the airport to 275,000 flights in and out of Heathrow a year. This was wholly ignored. By 1986 there were more than 300,000 flights. Terminal 5 opened in March last year. Stewart also points to a BAA statement in 1998, in which it called on the government to rule out a third runway and reassured the community that it would not seek one, and to transport secretary Stephen Byers's pledge in 2003 for a limit of 480,000 flights a year. Within nine months of that the government was consulting on plans for the third runway which could bring flight numbers to over 700,000 a year. "People living near Heathrow are very angry," Stewart says. "There is no question that the impact of the airport on people is now greater. The emails and letters we get from people who have lived near it for 30 years all say the sheer volume of planes is now driving them crazy. These are ordinary people who believed the ministerial promises and who, on the basis of those promises, decided to buy into the areas or to stay. Now they feel they have been misled. They get even more angry when they hear ministers saying noise is improving." Stewart has made transport campaigning his life for 20 years but remains a David to the corporate and governmental Goliaths. He earns pitifully little but is rewarded by the policy changes he has forced - such as the near-abandonment of the Tory roadbuilding programme in the 90s - and the wide admiration of his peers who voted him Britain's "most influential environmental activist" last year. But he accepts he has paid a personal price and may no longer be the "nice" man who came to London in his youth. "I have learned that you have to fight dirty and clever," he says. "The other side plays dirty and you have to match them. When I started 20 years ago I was pretty naive about the ways of the world and the way that the establishment worked. I realised you had to become a bit nastier." It has been a lesson in British power. The problem, Stewart thinks, is not so much the ministers who come and go as the "wholly unreconstructed part of the Department for Transport" and civil servants who "shamelessly manipulate" the data. "They have decided the growth of airports is imperative to the nation. There is no doubt there has been deep collusion between the civil servants and the industry in the Heathrow decision. They are driving the politicians. I believe the DfT has consistently fed distorted information to ministers for years. I would put a lot of the blame on them." He names names: "David Gray, the Department for Transport's Heathrow development project manager, and Jonathan Sharrock, another senior DfT official, are the two people in charge of the Heathrow project. They are both very clever and Gray is arrogant and they spend their time trying to get BAA permission to expand and find ways of keeping it within pollution limits. But I believe they do not give independent or neutral advice to ministers. "For instance, they will start a document with a statement that aviation is 'critical to the economy'. That is taken as read but actually it is loaded. People read it a certain way. Equally with noise. They rig the figures, clearly. They give far too much weight to the noise of individual planes and not enough to the sheer number of them flying overhead so they are deliberately underestimating the level of noise that people hear. It's not quite lies but it is certainly misleading." A DfT spokesman said: "This claim has been made before and is utter nonsense. DfT officials have provided objective, impartial and honest advice to ministers at all times on this issue. "Our Heathrow data and modelling has been subject to careful scrutiny and review by a range of experts. The analytical process has been thorough and rigorous, and we have published nearly 1,000 pages of technical documents which report the assumptions and methodologies used and present the results for comment." Stewart, however, quotes Labour MP Chris Mullin, who said of his time as aviation minister from 1999 to 2001: "I learned two things. First, that the demands of the aviation industry are insatiable. Second, that successive governments have usually given way to them." Stewart's opponents are impressed. "He is a professional campaigner who understands the need to engage," said Steve Hardwick, who crossed swords with Stewart for years when he was BAA's communications director. "In earlier years he was anti the development but not anti-BAA. Later I felt he had been pulled by the younger, more aggressive campaigners." Lord Soley, a former Labour MP and now campaign director for Future Heathrow, an alliance of trade unions and industry groups backing the expansion plan, is less kind: "He is seriously misguided, profoundly wrong - but to be fair, he listens." One industry insider said: "Off the record, he is a very determined, single-minded, uncompromising bastard. But I genuinely like him." Hacan does not organise direct action but Stewart predicts plenty in the next few years. "The runway project is dangerous for government. They face concerted and continual direct action and not just from climate change activists. Over the autumn hundreds of west London residents have been having direct action training with Seeds for Change and Plane Stupid. The breaking of the promises after Terminal 5 made people more radical and angry. There is a sizeable number of residents now who have now been radicalised and who are preparing to break the law and who will take direct action. They have nothing to lose." On Monday, around 1,000 people are expected to "rush" one of the terminals and the police are on standby for people breaking the perimeter wire. Stewart is no stranger to the picket lines but has never been arrested. He chaired Alarm UK, the umbrella group of hundreds of communities opposed to Tory road-building plans in the 90s, fought the M11 extension in Wanstead, north London, at times from a chestnut tree, and was in front of the bulldozers at Twyford Down. He was one of only three people injuncted not to go near Heathrow in 2007 when 3,000 activists camped at the airport. "There does come a time when I am John Stewart the man and not the chair of Hacan. I will be there and will be proud to be there." Now he's fed up with planes and has moved away from west London to Leytonstone, in the east of the capital. "I have lived with planes so long now. I am probably obsessed with them dangerously. I hadn't taken one in years, but recently I was sent a ticket to go to Siena to talk to people opposing a runway. Within 10 minutes of landing the Evening Standard had phoned and was running a piece in its diary column." Now that the gloves are off for Heathrow's runway, Stewart is optimistic, believing that the climate change debate and European law will ensure that it is never built. "Heathrow on its own will scupper any government targets to cut CO2 emissions," he says. "Yes, I have enemies. Definitely the DfT. They have now broken off all contact with us. I hope they feel threatened because we are going to get in their way in a way that has not been seen before. Then I suspect we will see them [use] heavier tactics." Travel and transport Airline industry Climate change Civil liberties Transport policy Transport guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Generation crunch: young face crisis in ... Generation crunch: young face crisis in hunt for work
01/09/2009
This year's graduates face the toughest battle in a generation for jobs, with tens of thousands facing unemployment, according to evidence documenting the impact of the economic downturn. Ministers are so concerned that they are drawing up a rescue package to help the class of 2009 find a job or get new skills when they graduate this summer. The proposals, from the universities secretary John Denham's office, will target the 18-24 age group amid fears that a generation of young people will be scarred by recession. They include an internship scheme where students would work at a reduced wage to gain experience. Four firms - including Barclays and Microsoft - have agreed to take part in the scheme, which is being called the National Internship Scheme. Denham told the Guardian: "This year there will be a large number of graduates - the children of the babyboomers - and we are keen to make sure that they get as good a chance as we can give them to get jobs and build good careers. We will not leave them to fend for themselves. "The internship scheme will give them an opportunity to gain real experience of using their skills at work, and give them the best chance of showing employers what they can do." David Blanchflower, the influential economist and member of the Bank of England's monetary policy committee who predicted the recession, today warns in the Guardian of its impact on young people, describing the latest employment figures, which show 18-24-year-olds bearing the brunt of redundancies, as "scary". He says: "We don't want these spells of unemployment to get long. A spell of unemployment is bad when young, and the longer it is, the worse it is. We want to do everything to prevent it becoming long-term unemployment." Evidence of the extent of the downturn in graduate recruitment uncovered by the Guardian includes: • Major companies have narrowed their search for graduates to five elite universities as they cut recruitment numbers. • The organisers of the annual graduate recruitment "milk round" say jobs in finance and retail are drying up. Even where companies are recruiting, vacancies will not necessarily last until summer as the economic slump worsens. • The management consultancy KPMG, seen as a recruitment barometer, says its 600 graduate entry jobs are nearly all taken months ahead of schedule as students scramble for the top jobs. • Manchester University careers service, the largest outside London, has seen the number of recruitment adverts taken out with its careers service tail off drastically. • Careers service managers have been inundated with desperate students who don't know what to do when they graduate because their plans are in tatters. • The slump in graduate jobs threatens unemployment for people with lower or no qualifications as graduates turn their sights on non-graduate vacancies. The most recent labour market survey shows unemployment growing fastest among 18-24-year-olds. Unemployment for young adults was 597,000 in the three months to October 2008, up 55,000 from the three months to July 2008. Three million people of all ages are predicted to be out of work by the end of the year; at least 40% (1.25 million) will be under 25. Denham's plans for internships would see students gain experience with major employers - from the public sector and charities as well as business. Graduates would receive pay deals slightly above the current student grant of £2,835 to ensure they don't suffer a cut in income. The government is considering subsidising the placements to encourage employers to take part. Carl Gilleard, chief executive of the Association of Graduate Recruiters, said: "For the class of 2009 it's going to be more difficult than they ever banked on." He urged graduates to consider taking lower-status, lower-paid jobs - including bar work or stacking shelves - rather than abandoning the search. Malcolm Grant, provost of University College London and current chair of the Russell Group of 20 leading universities, said: "Firms are already narrowing their search to a small number of universities: Oxford, Cambridge, the LSE, UCL and Imperial, and I think that's a shame. "In employment terms it's rational: it's an easier recruitment process if you have fewer jobs to fill. But it's an arbitrary decision and ... it will be overlooking a rich source of talent at other universities." At Leeds University, careers advisers are warning students to apply now as vacancies are drying up. "Graduate positions are almost full now when normally they would still have vacancies to fill right through to the summer," said Bob Gilworth, head of the university's careers service. Other careers services said they were operating at full stretch. Elspeth Farrar, head of careers at Imperial College London, said they had been inundated with inquiries from worried students who had expected to go into banking or management consultancy but now felt that wasn't an option. A poll from the Higher Education Careers Service Unit found 62% of this year's graduates were not confident that their degree would help them get a job. Gordon Brown will host a jobs summit on Monday to look at the impact of the recession on jobs. The Conservatives yesterday announced proposals to help young people ride out the recession, including a database of alternative apprenticeships for apprentices who lose their jobs. Higher education Graduate careers Schools Graduation Students Economic policy Borrowing & debt Recession Credit crunch Social exclusion Work & careers Education policy Welfare guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• The crunch generation The crunch generation
01/09/2009
The bafflement in the voices of young graduates is like that of someone who is suddenly smacked in the face by a friend. Teachers, parents and most of all politicians told them a university education was the key to getting a good job. Careers advisers chivvied them to get work experience. So undergraduates dutifully studied for decent degrees, prettified their CVs with useful internships and bounced out of university last summer. The world, and the job market, was their oyster. And then: thud. They were floored by the sucker punch of recession. A generation of young people - Generation Crunch, perhaps - is experiencing unemployment for the first time, a sinking, scarring sensation that completely escaped the generation above them. David Blanchflower, the influential economist and member of the Bank of England's monetary policy committee who predicted the recession, believes that 3 million people will be out of work by the end of this year. Of these, more than 1 million are likely to be under 25. The latest labour market survey shows unemployment growing fastest among 18- to 24-year-olds: of the 137,000 rise in unemployment in the three months to October, 55,000, or 40%, were aged 18 to 24. "That scared me and everyone else," says Blanchflower. "A spell of unemployment when you're young has a very different effect than when you're older." Economists such as Blanchflower talk of "permanent scars" against "temporary blemishes": the evidence is that prolonged unemployment permanently damages the young. Facing a youth unemployment crisis, Gordon Brown has already this week promised £140m to increase the number public and private apprentices by 35,000. It may be harder, however, to help jobless graduates. If the victims of earlier recessions were the millions of skilled manual workers, will bright young graduates bear the brunt of the latest economic crisis? Last summer Bea Carter, 21, finished her English literature degree and decided to stay in Manchester with her university friends to "live together, like young professionals". She thought it would be fun. "But I'm even struggling to get a job I don't want, let alone one that I do." She settled for a job at a branch of Marks & Spencer's Simply Food. "Working in a supermarket wasn't really what I expected to be doing at all, but since I can't even get admin or office work, I had to take it." A week before M&S announced it was axing 1,200 jobs, Carter's contract came up for renewal. Her managers let it expire. Shocked, she tried registering at temping agencies but was told she couldn't because she didn't have administrative experience. "I always thought my degree would help me in the long-term with a career, but it certainly hasn't helped me with the first step. A lot of agencies don't care if you have a degree, they just want to know that you can type a certain number of words a minute," she says. "Right now, job-hunting for me is about money, not about a career." Graduates being forced to take non-graduate jobs is not a new trend. The expansion of higher education, driven by the government's target to put 50% of young people into it, has happened too quickly for the labour market. "There are more graduates than ever and there are more graduates now in less vocational subjects from 'less prestigious' universities than there used to be. We have a much higher proportion of social science and arts graduates which is why a third or more of graduates don't get graduate jobs," says Prof Peter Dolton of Royal Holloway, University of London, and the London School of Economics's Centre for the Economics of Education. He says this trend will be exacerbated by the economic downturn. "When you have rising graduate unemployment, the effects are felt worst by graduates of non-vocational subjects and graduates from less prestigious universities. That's going to get even worse in recession." The crunch on graduates began in earnest in September, according to Mike Hill of Graduate Prospects, the graduate careers service. "In August we were thinking 'things are going well'. By September we were thinking 'oh shit'. Immediate vacancies disappeared," he says. "Graduate recruiters might say they are going to be recruiting but what they mean is very many fewer than last year. Students aren't going to be as cocky." If things are bad for the class of 2008, they will get worse for the classes of 2009 and 2010, according to Dolton, as traditional big graduate recruiters pull out of the "milk round". According to Graduate Prospects, these recruiters are changing, so while M&S may be laying off workers, Aldi, Asda and Netto are "very actively recruiting". The few openings at conventional recruiters are now desperately competitive: KPMG's 2009 graduate jobs are nearly all taken, months ahead of schedule, as students scramble for the top jobs. Carl Gilleard, chief executive of the Association of Graduate Recruiters, suggests that young graduates should keep busy. "It's going to be a shock to the class of 2009. But it's far better to consider a temporary job than to sit at home and feel sorry for yourself. Why not do bar work? It involves skills you need for lots of jobs - working with people and perhaps negotiating tricky situations." This is greeted with hollow laughter by many graduates and undergraduates, who are struggling to pick up the most menial of jobs, let alone something to burnish their CVs. In recent months, Stephen Greatley, 18, a student from Liverpool, has applied for more than 40 holiday jobs to help fund his Oxford University degree and has not found any work. "There was a job advertised at the Royal Mail. The job description warned it was tedious, repetitive work; I applied and didn't hear anything back," he says. Oliver Brand, 21, graduated from Birmingham University last summer with a high 2:1 in political science. Since then, he has applied for more than 35 jobs and 75 unpaid work placements in advertising and marketing. "I wasn't cocky at uni but I had high hopes for myself," he says. "I was head boy at school, I thought I had quite a lot going for me. I'd always expected a bit of rejection but after the 100th, I thought 'Oh God, what's going on here?' "I've even found bar work hard to come by now. They want people who can guarantee to work there for a year and I've been honest and said I hope to get a full-time job." As well as seeking work experience, he's joined local job agencies near his home in Somerset. The rewards for all this endeavour? Two weeks' work experience with a London marketing company and occasional cash-in-hand labouring for a neighbour. It is "completely demoralising," he says. "My mates have found it exactly the same. We're all pretty down. We meet up regularly. All we are doing is trying to find a job every day." As Blanchflower warns, this demoralising effect could turn into long-term "scarring" if this new generation of unemployed people are out of work for more than a year. There was a sizeable group among the young unemployed in the 1981 recession who were still out of work in their 40s. Studies show that young long-term unemployed people find it difficult to reconnect with stable career jobs. "It's important to get a foothold in the labour market," says Blanchflower. "If you don't get in, life becomes very hard." Young graduates are hit by a "double whammy" according to David Willetts, the Conservative higher education spokesman: companies freeze recruitment and then there is the last in, first out principle. Recent graduates lucky enough to get work have found themselves turfed out as the recession bites. Dirren Patel, 25, got a degree in business management from the University of Leicester and quickly picked up work for a City firm specialising in IT mergers and acquisitions. Since being made redundant in September, he has found it "impossible" to find similar work in the City. Living at home with his parents near Woking, Surrey, Patel has been able to take the long view: he is now looking for a graduate job that will start in September. He has 20 months' experience working in the City and he is competing against new graduates with none. He knows 30-year-olds who are applying for entry-level graduate jobs. He says new graduates have very little chance: "2:1s are not worth anything anymore because everyone's got them." Blanchflower believes more education and training is vital for the young unemployed. But Richard Reeves, director of thinktank Demos, says the government's instinct seems to be to encourage well-qualified (and often heavily indebted) graduates to take on more study (and more debt). Reeves says a government minister recently told him unemployed graduates will probably end up doing master's degrees. "'Let them do master's degrees' is the modern equivalent of 'let them eat cake'," says Reeves. "You just worsen the problem. Doing an MA should not be an economic policy, it should be a broader social policy." Reeves is not surprised graduates feel angry and betrayed when they have no job to show for years of study after obeying the urgings of the government. "The sell has always been 'go to higher education and you'll get a better job'. The sell should be higher education is a way to expand your horizons, discover more about the world and yourself and help you get a better life, as well as a job," he says. "This vocational assumption is being destruction-tested by the recession." Have young people funnelled into the higher education factory been misled? "There is a growing debate about the 'return' of a university degree," says Willetts. "The conventional model has been supply for graduates and the number of graduates has risen in happy tandem. But if that falls out of sync then students will ask themselves whether it's all worthwhile." According to Dolton, the government's target of getting 50% of adults into higher education was based on influential research looking at adult earnings over an entire career. Much of this studied generations born in 1958, and found each year in education over the age of 16 added 15% to earnings. But this, argues Dolton, was an exception: a uniquely privileged generation who enjoyed an elite education and a smooth labour market. To suggest modern degrees would add a similar value - called "rate of return to education" in academic circles - is "errant nonsense" he says. The government assumed further education would boost earnings by 8-15%. "Parents and kids have been sold a lie in the sense that the rate of return to education is not that," says Dolton. What should be done? Skills minister John Denham is drawing up an action plan to tackle unemployment among 18- to 24-year-olds, which aims to help thousands of graduates. The government needs to act quickly, says Blanchflower. "We don't want these spells of unemployment to get long. A spell of unemployment is bad when young and the longer it is, the worse it is. We want to do everything to prevent it becoming long-term unemployment." Reeves warns it may prove harder to assist graduates. Keynesian-style public works - generating jobs through public sector infrastructure projects - are ill-suited to most graduates because skills sets do not match. "Would you want someone with a degree in media studies to lag your loft? I wouldn't," says Reeves. If the government wants to create new graduate jobs, it could invest in cultural and creative industries, suggests Reeves, which should be seen as part of the country's infrastructure and as something which would reap profits and economic growth in the future. If things are tough for young graduates, however, they will only get tougher for less skilled young people. "So far, it looks as if it's the unskilled who are suffering the most. In the short and long term being unskilled is much worse than being skilled," says Reeves. Paul Gregg, a professor of economics at Bristol University, predicts that the number of unemployed graduates will rise "and the length of time it takes them to connect with the labour market will lengthen but they will get in, although with lower wages than in the past." In other words, graduates will lower their sights and end up taking the jobs of less skilled workers. "Graduates are very mobile. They are more likely to move around to find work," says Ian Brinkley, associate director of the Work Foundation. "For a while at least it's going to look a lot less attractive to go to university. But a degree will still help you get a job if not a well-paid job - and that takes that job away from someone else." Additional reporting by Huma Qureshi Higher education Graduate careers Schools Graduation Students Economic policy Borrowing & debt Recession Credit crunch Social exclusion Work & careers guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Marina Hyde: I may be a schadenfreude ju... Marina Hyde: I may be a schadenfreude junkie - but at least I'm not a banker in denial
01/09/2009
Are there any tried and tested cures for a creeping schadenfreude dependency? It is not an edifying affliction, as you would certainly have ruled had you eavesdropped on my side of a telephone conversation this week, which ran along the lines of: "Cristiano Ronaldo, you say? Car crash, you say? Walked away unscathed but the £200,000 Ferrari's a write-off? Ooh, colour me crushed." Alas, how quickly the cheap thrill of schadenfreude turns to dust. It was the same a few hours later when it emerged that Princess Beatrice had gone shopping and left the keys in the ignition of the BMW which her father (aka you) had bought her for her 17th birthday. The car was nicked, of course, but any feelings of satisfaction swiftly disappeared, like so many ... well, like so many unlocked vehicles in central London. But this isn't about sublimely pointless junior members of the royal family, or indeed about Cristiano Ronaldo, who was darling enough to alleviate my guilt by sweeping out of his drive in his jalopy - a Bentley Continental - the next morning. No, this is still about the bankers. A couple of months ago I wrote here about the distinct absence of public contrition among the erstwhile masters of the universe, the Bizarro Justice League, whose superpower is being able to set your money on fire for a seven-figure salary (plus bonus). However, unless I have missed "bankers' week" on the Jeremy Kyle show, we have yet to take delivery of our pound of flesh, and as a result people like me - please let there be others - seem to be seeking out cheap thrills at others' misfortunes wherever we can score them. Poor Beatrice and Cristiano were just in the wrong place at the wrong time. You wouldn't call it impotent rage, really - it's not noble enough for that, even if it is rooted in righteous anger. It's more like impotent snark. And you feed it how you can. Last September, a pair of laid-off Bear Stearns investment bankers set up a blog called bankergonebroke.com, wherein they dispensed tips they were picking up as they adjusted to life on civvy street. They recommended amazing money-saving ideas, like buying cutlery and eating at home. It prompted people to post comments like: "Yes, also there are these wonderful transport vehicles - 'subways' - that run beneath the ground." Just reading the impotent snark felt cathartic. But after a while you need more, and the comments became more darkly amusing. Things like: "Let me know when it gets so bad they start eating each other." According to several research studies, those who experience strongest feelings of schadenfreude tend to have lower self-esteem. Yes, I'd tell my notional psychiatrist. We have low self-esteem because they set all our money on fire. Unfortunately, once you're a schadenfreude junkie, trawling life in search of a fix, you end up seeing things you can't unsee, and it was while scouring the comments section of a Daily Mail story confirming that one of our nationalised banks would still be paying huge bonuses that I stumbled on the thoughts of "Steven, London". Steven, London was "one of those people getting a big bonus", he explained. "It's based on how much money I made the company over the last 12 months. Hedge funds actually did quite well and with share prices falling it was like a Harrods sale on the FTSE. I did my job well and I'm being rewarded so what's wrong with that? Moan all you like, but I'm off to the Maldives to celebrate." But that's like the woman who patrols the pick'n'mix area in Taunton Woolworths expecting her two weeks' skiing in Gstaad to be funded on the basis that she did better than the chaps in music and DVDs! It does, however, make me realise my addiction is quite low-level. I am functionally schadenfreudian. It is Steven, London, who is addicted to a worldview that plenty of us long recognised as destructive. Perhaps the best way to help us all "move on" from the chaos their habit has wrought in our lives is if all senior bankers were forced to stop living in denial, and commit to a version of the Alcoholics Anonymous 12-step programme (only without all the God rubbish, obviously). You know how it goes: they must admit they were powerless over money - and that their dealings with it had become unmanageable. They must make a searching and fearless moral inventory of themselves. They must admit to themselves and to another human being the exact nature of their wrongs. They must make a list of all persons they have harmed, and become willing to make amends to them all. They must continue to take personal inventory and when they were wrong promptly admit it. For my own part, I will endeavour to realise that no one is as disappointed in Princess Beatrice as she is in herself. marina.hyde@guardian.co.uk Banking Cristiano Ronaldo guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Fashion stores including Oasis, Karen Mi... Fashion stores including Oasis, Karen Millen and Principles, take hit from Icelandic collapse
01/09/2009
The Icelandic-owned company behind fashion chains Oasis, Karen Millen and Principles last night warned of lower sales and falling profits. Mosaic, which also controls the Warehouse and Coast brands and the Shoe Studio chain, said sales were down 1.2% in the past 23 weeks and profits would be below last year's levels as a result of losing a key foreign exchange hedge owing to the collapse of Kaupthing Bank. The hedge loss will have an even bigger impact next year, warned the retailer. Its Icelandic connections have also prompted credit insurers to withdraw all cover and suppliers are now providing stock only if Mosaic stores pay cash on delivery. The retailer, which operates 2,120 stores and employs 13,000 staff, said it was in talks "about the long-term financing of the business". Some 85% of store landlords have agreed to accept monthly rents, rather than quarterly. Several other Icelandic-backed retailers have also been battered by the collapse of the country's banking system and are searching for buyers. Cruise, Mountain Warehouse and Jones Bootmaker are all understood to be hunting for new investors. The Mosaic update came as supermarket group Iceland, which is also backed by Icelandic investors, revealed it was taking over 51 former Woolworths stores and would be creating 2,500 jobs. The supermarket has seen its sales rocket as the economy turned downwards, with shoppers trading down to cheaper products. "We are confident we can help to support the local community in these towns who have lost a major high-street retailer in Woolworths," said Iceland's marketing director, Nick Canning. Separately, department store chain John Lewis yesterday revealed a huge leap in sales in the week after Christmas, as consumers poured in to snap up clearance bargains. In the seven days to 3 January, sales were up more than 27% on a year earlier. Five stores recorded sales up more than 30%. Sales of electricals were up 39%, fashion was up 34% and even homewares, which have been battered by the moribund housing market, sold well, recording a 13% leap on 2007/8 levels. Mosaic Fashions Fashion Iceland Retail industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Exxon Mobil chief backs carbon tax Exxon Mobil chief backs carbon tax
01/09/2009
The world's biggest oil company, Exxon Mobil, has softened its hardline position on climate change by throwing its weight behind a tax on carbon emissions. In a significant shift in stance, Exxon's chief executive, Rex Tillerson, told an audience in Washington that he considered a tax to be a fairer route to curbing emissions than a cap-and-trade system of pollution allocations. "As a businessman it is hard to speak favourably about any new tax," said Tillerson. "But a carbon tax strikes me as a more direct, a more transparent and a more effective approach." Until recently, Exxon was reluctant even to concede that greenhouse gas emissions were responsible for global warming. The company has faced mounting pressure over its environmental policies, culminating in a shareholder rebellion at its annual meeting last year led by members of the oil-rich Rockefeller family. In his speech, Tillerson suggested that a combination of greater efficiency, new sources of energy and curbs in demand were needed in a "multidimensional approach" to meeting challenges in policy. "A carbon tax is also the most efficient means of reflecting the cost of carbon in all economic decisions - from investments made by companies to fuel their requirements to the product choices made by consumers," he said. The US's second-largest oil firm, Chevron, warned that its profits would be lower because of a slump in the price of oil. The cost of a barrel of crude dipped below $40 yesterday, down from its peak of $147 in July. Exxon Mobil Oil and gas companies Climate change guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Nils Pratley: Call time on tied tenancie... Nils Pratley: Call time on tied tenancies
01/09/2009
Get rid of the tied house. The cry has been heard for years from disgruntled pub tenants who are obliged to buy their beer from so-called pubcos, led by Punch Taverns and Enterprise Inns, at prices they regard as inflated. Good news may lie ahead for them. Even the City has started to regard the business models of Punch and Enterprise as broken, and senses that the tenants need a better deal. The bad news for the licensees is that it is only now that their plight is acute that a mood of reform can be detected. The share prices paint the picture. Punch and Enterprise have fallen 90% from their peak and the slump arrived as suddenly as it did with the banks. That's not a coincidence. As everybody knows by now, the pub industry was invaded by financial engineers. The rent from tied tenants, plus the profit from buying beer in bulk from the breweries, was regarded as so reliable that the cash flows could be mortgaged. The pubcos' mistake, according to the former chief executive of one of the biggest companies in the drinks industry, was to do nothing beyond financial engineering. "The pubcos haven't spent more than 10 minutes in the past 10 years worrying about the consumer," he says. "They were pushing financial models. If you are only doing financial engineering, it's bound to come crashing down at some stage. You can't get around the fact that the tie restricts the licensee's ability to compete. Pubs are not operating in a hermetically sealed environment. There are too many other claims on consumers' wallets." The competitive challenge is intensifying. JD Wetherspoon this week started selling Greene King IPA at 99p a pint, a move that looks more like the start of a price war than a new year stunt. Over at Mitchells & Butlers, chief executive Tim Clarke says his plan for 2009 is to "exploit increasing distress in large parts of the on-trade". No prizes for guessing who he means. The managed house operators, who own and run their pubs themselves, smell blood. How does a tied tenant in a "wet" pub, where the bulk of the takings come from drinks rather than food, compete with 99p pints? Cutting prices from £2.50-ish is pointless since the tenant's profit margins on beer are already so low. There is almost a perverse incentive to increase prices in the hope of extracting more cash from those punters who remain loyal. In the long term, that's not a winning strategy. A traditional boozer works on the assumption that 25% of the drinkers consume 60% of the beer - it can't allow too many regulars to defect. Why not invest in the pub to make it a more attractive venue? Some tenants do, but it's not an option for many. Jamie Rollo, analyst at Morgan Stanley, reckons the licensees at 28% of Punch's pubs earned less than £20,000 last year. Given the long hours they work, Rollo thinks this equates to £3.30 an hour for a couple, whose only sizeable perk is "free" accommodation above the premises. These tenants don't have spare cash for investment. Compare those wages to the rewards in the boardroom. We reported this week that Giles Thorley, chief executive of Punch, has collected £29.8m in pay, bonuses and share-based incentives over the last five years. The story seems clear: too much cash has been taken out to reward executives and shareholders; too little has been reinvested. The companies are still whistling a confident tune. Punch has debts of £4.5bn, which Thorley regards as manageable because he says the group's 8,400 pubs are worth £6.5bn. Clearly there are many successful pubs in the portfolio - not all are struggling "wet" operations - but the valuation is still to be tested in a harsher trading climate. But who knows? Maybe there is still value there beyond Punch's £200m stock market valuation. If so, the challenge is to protect and enhance that value. That surely means equipping the licensees with the capital to invest and to compete with the likes of Wetherspoon, and one obvious way is to allow them to negotiate their own beer-supply contracts. The supposed justification for the current system is that tied tenants receive business support and other benefits as compensation for the higher prices they have to pay for their beer. But the opaqueness of those arrangements looks ill-suited to today's market. Whether the tie could be abolished easily is an open question since the pubco's securitisation and covenant structures are so bewildering. But here's a prediction: the return of the 99p pint is a significant advance down a road that will force the pubcos to surrender some of their power. Retail industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Industrial output set back decades Industrial output set back decades
01/09/2009
Britain's recession-hit manufacturers slashed production in November at the fastest pace since the mid-1980s, leaving output below the level when Labour came to power in 1997 and signalling a severe contraction in the economy in the final quarter of the year. Official figures released yesterday showed that manufacturing production declined by 2.9% in November. Excluding summer 2002, when celebrations for the Queen's golden jubilee caused a short-lived slip, that made it the weakest month since June 1985. "As has been the case in many other economies, industrial activity in the UK has now fallen off a cliff," said Paul Dales, of consultancy Capital Economics. He added that in total output had dropped by 7.8% from its peak, to a level last seen in 1995. "In other words, 14 years of gains in activity have been wiped out in just nine months." Industrial production, which includes mining and energy as well as manufacturing, fell 2.3% in November, to a level 6.9% lower than the same month in 2007. The fresh evidence of the parlous state of British industry will intensify demands for action from the government to support threatened firms and provide re-training for workers who lose their jobs. Gordon Brown will hold a "jobs summit" on Monday to outline his response to rapidly rising unemployment, and the Treasury is preparing a package of measures to unblock clogged credit markets. Vince Cable, Treasury spokesman for the Liberal Democrats, said the scale of the decline in output raised fears that the manufacturing sector would be so severely gouged that it would be unable to benefit from rising demand and the cheap pound once the worst of the downturn is over. "If the British economy is now going to be restructured, then the traded sector will have to have a larger role, and this is ominously not a good start," he said. "We can't have an economy that is based primarily on pyramid-selling schemes in the City and on finance: a return to more solidly based things like manufacturing has to be part of the mix." The worse-than-expected news from manufacturers underlined the speed at which the economy deteriorated in the final quarter of last year. The National Institute for Economic and Social Research said the fall in output pointed to a 1.5% contraction in GDP in the three months to December, which would make it the weakest quarter since 1980. The respected think tank added that there had only been five quarters in which output fell more sharply since quarterly GDP figures were first produced in 1955. Steve Radley, chief economist at the EEF, said few sectors had escaped the downturn. "This is a sign that confidence has fallen right acoss the globe, and that all the major economies are affected," he said. He added that further layoffs among distressed manufacturers were likely in the coming weeks, after the announcement of 1,200 job cuts at Nissan's Sunderland plant last week. Many carmakers announced longer-than-usual shutdowns over the Christmas holidays in response to a sharp decline in demand from consumers suffering from the credit crunch, but the new figures reveal that car production plunged by 21.7% in November, even before most of the emergency closures began. The woes of British industry were echoed right across Europe in November, as firms slashed production amid plunging demand from consumers in all the world's major markets. Industrial production in Germany slumped by 3.1% in November, and in France it declined by 2.4%. Analysts at RBS said that on the basis of these gloomy figures, industrial output in the eurozone as a whole looked likely to have declined by about 4% in the final quarter of 2008. Manufacturing sector Recession Economics guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Ian Jack: How the display cabinet killed... Ian Jack: How the display cabinet killed Wedgwood
01/09/2009
One of the finest short stories by an English writer is The Death of Simon Fuge by Arnold Bennett, which the great chronicler of the Potteries published in 1907. I read it again this Thursday on the train from London to Stoke, for the perfectly good reason that this is also how the story opens. The narrator, a specialist in ceramics, is travelling north to the Potteries for the first time to meet a fellow enthusiast. The narrator reveals himself as rather smug and effete; industrial Staffordshire is to have a transforming effect. When he reaches Stoke - always called Knype in Bennett's fiction - he finds a landscape of coal dust, potsherds, flame and steam: "a squalid ugliness on a scale so vast and overpowering that it became sublime". That landscape, of course, vanished years ago. It belonged to the era of the coal-fired bottle oven - the six towns that compose Stoke once had 3,000 of them - when 50,000 men, women and children shaped, fired and glazed clay to transform it into crockery for the tables of the world. Nearly 40 bottle ovens have been preserved and poke up next to "factory shops" (sometimes with no factory attached) on bedraggled streets that only occasionally seem built-up and peopled enough to suggest a town, far less a city. There is no Waitrose. Entry by rail gives the best clue to how things once were. You leave a Victorian station to face an old railway hotel in mock Jacobean, and in between a statue to Josiah Wedgwood, who has been standing on his plinth since 1865, a national hero produced by the local economy. Now the company he founded two and half centuries ago has gone bust. People in Stoke say this is a great shame, a sin, a tragedy that "can't be allowed to happen" to the most famous name in porcelain. Blame extends from the generally unfortunate state of the world to particular causes. Wedgwood should never have been merged with Waterford Crystal; it should never have taken over Royal Doulton; moving some production to Indonesia had been a mistake. Who can tell? All we know is that two of Waterford Wedgwood's biggest shareholders, Tony O'Reilly and his brother-in-law Peter Goulandris, sunk hundreds of millions into the company and couldn't make it a success. Perhaps we should be looking at another culprit: the death of the English ornament. You will remember the display cabinet. Perhaps, like me, you have inherited your parents'. Ornaments were what they displayed - the very best kind, too precious to be stood on the mantelpiece or the sideboard where a casual dusting (and how much this labour of dusting was stressed!) might shatter a ballet dancer's figurine. In the late 1950s, when disposable incomes rose, elegant little items began to appear in the cabinets of ordinary homes that shamed the cruder souvenirs of seaside resorts. Our example was a round box with a lid, perhaps a container for powder or pills (though it never contained either). The surface was matt and light blue in colour, with the decoration (urns, garlands) raised in white relief. "Wedgwood," my mother said proudly. We had moved up the social scale, ornaments-wise, but how little did we appreciate the enormous effort that Josiah Wedgwood had put into perfecting his "jasperware", in his search for a material that shared the surface qualities of a Roman vase. Wedgwood meticulously recorded 5,000 experiments over three years until he began production in the late 18th century. The rich were crazy about classical antiquity, while the poor were just coming to terms with eating from earthenware dishes. It would have been inconceivable that the delicate classical decoration of his jasperware would ever be affordable to ordinary people, and consequently in itself ordinary and therefore unfashionable and less desirable. It can happen to the finest brand. The ceramics gallery at the Potteries Museum in Hanley is a good place to understand how fashion works and how it can die. It has the world's largest collection of north Staffordshire pieces - 50,000 of them - and, according to the assistant curator, Andrew Watts, most are the outcome of the pottery business trying to maximise profits by leading or following changes in public taste. And sometimes taste in the most literal sense; it was the swelling consumption of tea in the 1760s that led to the teapot and the teacup and - his big breakthrough - Wedgwood's commission from Queen Charlotte for a royal tea set. "Fashion, fashion, fashion!" Watts said, pointing out that Wedgwood was an entrepreneurial as well as a technical genius, who set up a London showroom and made sure his wares reached the nobility first so that they became envied objects. He styled himself "potter to Her Majesty" and announced his intention to become "Vase Maker General to the Universe". He had started out as a maker of what he called "useful wares". He never abandoned utility, but it was his second line, "ornamental wares", that captured the public imagination. Commemorative medallions, busts of the famous, copies of classical vases: all the ceramic clutter we associate with museum shops and off-the-page offers in magazines began with him. That may be the heart of the Wedgwood problem: however well made it may be, they have made too much of it. Where is the cachet? My parents' sense of achievement 50 years ago when they placed their jasperware carefully inside the cabinet - "You can tell it's real Wedgwood" - would echo now in far fewer homes. "Twee" is a word you hear. Wedgwood has a glorious history of lovely and useful crockery, but people insist on remembering the anniversary mugs. It would be a mistake to imagine that if Wedgwood goes, Staffordshire pottery will come to an end. Spode and Royal Worcester entered administration in November, but about 10,000 people still work "in the pots". Firms such as Dudson, Steelite and Churchill continue to earn profits from hardy tableware for hotels, while smaller "design-led" potteries such as Emma Bridgewater and Moorcroft do well at the other end of the market, illustrating the point that size is the enemy of fashion. At Moorcroft, I watched women skilfully apply colour to the most complex floral and animal outlines - the craftsmanship unchanged since Moorcroft got going with the art nouveau styles of the 1900s in this very factory. The trick is rarity and price; vases sell in limited editions with "Made in Stoke-on-Trent, England" stamped on the bottom, and a jardiniere costs £11,500. Finally, I took a taxi to Barlaston, where Josiah Wedgwood's successors moved to a big new factory, set amid trees and lawns, in 1940 and where, only three months ago, the company opened a museum built at a cost of nearly £10m. The epigram at the entrance states, "This museum is dedicated to the people of who have made objects of great beauty from the soil of Staffordshire." The factory next door will probably close. A thousand will be sacked. Whatever mistakes Wedgwood have made, however much they have been caught out by changing aesthetics or British labour costs, you would need a heart of earthenware to refuse to be moved by those words. Waterford Wedgwood Heritage British identity and society guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Hearst Looks to Sell or Close Seattle Pa... Hearst Looks to Sell or Close Seattle Paper
01/09/2009
The Hearst Corporation will stop printing The Seattle Post-Intelligencer unless it can find a buyer in the next 60 days, company executives told employees. (9 h ago)

• Brad Grey, Paramount Chief, Renews Contr... Brad Grey, Paramount Chief, Renews Contract
01/09/2009
Mr. Grey, a former talent manager and producer, has renewed his contract to run Paramount for five more years. (1 d ago)

• TV Sports: Fox Announcers Scramble Secon... TV Sports: Fox Announcers Scramble Second Down in the B.C.S. Title Game
01/09/2009
When you can’t tell the difference between second down and third down, or between third and fourth down, you’re in trouble. (1 d ago)

• Advertising: A Lawyer’s Call for a Great... Advertising: A Lawyer’s Call for a Greater Black Presence in Agencies
01/08/2009
A project announced by the N.A.A.C.P. and lawyer Cyrus Mehri aims to increase the number of black workers on Madison Avenue. (1 d ago)

• Meredith Dismisses 7% of Its Workers and... Meredith Dismisses 7% of Its Workers and Closes Country Home Magazine
01/08/2009
Meridith said it was eliminating 250 jobs, including about 40 people who work at Country Home, a reduction that a company spokesman said was effective immediately. (1 d ago)

• For BlackBerry, Obama’s Devotion Is Pric... For BlackBerry, Obama’s Devotion Is Priceless
01/08/2009
President-elect Barack Obama has become BlackBerry’s most prominent user, a pitch that would be worth millions if he could charge for it. (1 d ago)

• Democrats Seek Delay in TV Shift Democrats Seek Delay in TV Shift
01/08/2009
The Obama transition team is seeking to delay the Feb. 17 move to digital TV, saying millions of homes aren’t ready. (1 d ago)

• London Journal: Atheists Send a Message,... London Journal: Atheists Send a Message, on 800 British Buses
01/08/2009
An ad campaign for atheism in London is aiming to counter religious ads, one bus billboard at a time. (1 d ago)

• Azerbaijan Bars Foreigners From Use of I... Azerbaijan Bars Foreigners From Use of Its FM Band
01/08/2009
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)

• MarketPlace: A Time Warner Deal That Kee... MarketPlace: A Time Warner Deal That Keeps Going Downhill
01/08/2009
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. (1 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (3 d ago)

• Sports Biz: Five sure bets for 2009 Sports Biz: Five sure bets for 2009
01/08/2009
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.) (2 d 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. (2 d 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. (2 d 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. (2 d 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 d ago)

• Cost of Living: Making Frugality a Habit Cost of Living: Making Frugality a Habit
01/09/2009
The task of saving for a rainy day seems daunting, but finding specific areas to cut back can help. (9 h ago)

• Your Money: When Cash Is Scarce, There’s... Your Money: When Cash Is Scarce, There’s Comfort in Miles
01/09/2009
It’s time to appreciate and evaluate your frequent flier and other rewards programs. (9 h ago)

• Average Mortgage Rate Hits 5%, Lowest in... Average Mortgage Rate Hits 5%, Lowest in Decades
01/09/2009
It is unclear whether the record low will be enough to lure home buyers back into the housing market. (17 h ago)

• Gentler Tax Laws Urged on Debt Default Gentler Tax Laws Urged on Debt Default
01/09/2009
The Internal Revenue Service’s watchdog agency calls on Congress to ease some tax laws regarding defaults on consumer debt. (19 h ago)

• Air Security Could Involve Private Jets Air Security Could Involve Private Jets
01/09/2009
Some 10,000 air operators would lose at least some of their exemption status if a new security plan is adopted. (20 h ago)

• Citi Reaches Deal With Lawmakers on Home... Citi Reaches Deal With Lawmakers on Home Loans
01/08/2009
Under the plan, bankruptcy judges will be allowed to alter home loans in an effort to prevent foreclosures. (1 d ago)

• Aged Madoff Investors Wonder About the R... Aged Madoff Investors Wonder About the Rest of Their Days
01/08/2009
Many of Bernard L. Madoff's larger clients will survive, but there are dozens, if not hundreds, of less wealthy victims who poured their life savings into what turned out to be phantom accounts. (1 d ago)

• State of the Art: Many Ways to Plug In t... State of the Art: Many Ways to Plug In to Tech Savings
01/08/2009
When every $100 counts, here are a few suggestions for using high-tech gadgetry to save you money. (1 d ago)

• Wealth Matters: The Rules That Madoff’s ... Wealth Matters: The Rules That Madoff’s Investors Ignored
01/08/2009
The mystery is why so many wealthy people handed over so much money with so little due diligence. (1 d ago)

• STOCKMAN CASE FOLDS STOCKMAN CASE FOLDS
01/09/2009
Prosecutors dropped fraud charges against former Reagan White House Budget Director David Stockman and three other officials in their roles at bankrupt auto parts maker Collins & Aikman Corp., the US Attorney's Office in New York said yesterday... (7 h ago)

• BIDEN'S SON, BROTHER SETTLE SUIT BIDEN'S SON, BROTHER SETTLE SUIT
01/09/2009
DOVER, Del. - A lawsuit that accused Vice President-elect Joe Biden's youngest son and brother of cheating a business partner out of money has been settled, an attorney said. A stipulation of settlement in the case against Hunter Biden, a former... (7 h ago)

• LENNAR HIT BY FRAUD CLAIM LENNAR HIT BY FRAUD CLAIM
01/09/2009
Lennar Corp., the third-largest US builder by market value, fell as much as 28 percent in New York trading after Barry Minkow's Fraud Discovery Institute alleged that the company operates joint ventures "like a Ponzi scheme." Lennar denied the... (7 h ago)

• BONO DIALS PALM WINNER FOR $84M BONO DIALS PALM WINNER FOR $84M
01/09/2009
U2 front man Bono has scored an $84 million stock windfall in just days following his Christmas-time gamble on sputtering smart phone maker Palm. The entertainer and his investment fund Elevation Partners - run by wannabe musician and financier... (7 h ago)

• THE DONALD'S STOCK HITS THE SKIDS THE DONALD'S STOCK HITS THE SKIDS
01/09/2009
To understand just how badly the financial meltdown has hurt casino company stocks, look no further than the recent sale of stock by an executive of Trump Entertainment Resorts, the company founded by real-estate mogul Donald Trump. Eric Hausler... (7 h ago)

• ATLANTIC CITY'S BAD BET ATLANTIC CITY'S BAD BET
01/09/2009
Revenue at Atlantic City's 11 casinos took a record-breaking plunge last month - the final insult in a second straight down year in a resort that's still not used to losing streaks. The casinos won $302 million from gamblers in December, down 18... (7 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/09/2009
Ackman sells William Ackman's Per shing Square Capital Man agement LP sold its entire stake in Barnes & Noble as of Dec. 22, a filing said. The hedge-fund company was Barnes and Noble's third-biggest investor with an 11.8 percent stake as of Sept... (7 h ago)

• BROKERING A DEAL BROKERING A DEAL
01/09/2009
Morgan Stanley is in advanced talks to merge its brokerage platform with Citigroup's, according to people familiar with negotiations. The financial institutions are aiming to combine their global wealth-management platforms, which consist of... (7 h ago)

• BROADCOM 'F-BOMB' E-MAIL ALLOWED BROADCOM 'F-BOMB' E-MAIL ALLOWED
01/09/2009
A shocking e-mail about the sex-and-drugs world of Silicon Valley mogul Henry Nicholas - on trial in a $2.2 billion options scam - can be used to put him in jail because it showed he intended to "lie and bull****" to the end. The former chief and... (7 h ago)

• CITIGROUP DIRECTOR ROBERT RUBIN RESIGNS ... CITIGROUP DIRECTOR ROBERT RUBIN RESIGNS AS ADVISER
01/09/2009
Citigroup said Friday that board member Robert Rubin, the former U.S. Treasury secretary, has resigned as a senior adviser to the big financial services company. Rubin, 70, will continue to serve as a director until his term expires at the next... (17 h ago)

• The lives of Wall Street's young guns The lives of Wall Street's young guns
01/09/2009
Every year young, ambitious business school graduates dreaming of wealth and power come to Wall Street. But with job losses mounting in the midst of the financial crisis, things have changed. Amy Scott reports on the world of Wall Street's upstarts. (20 h ago)

• Electronics show slowed by recession Electronics show slowed by recession
01/09/2009
The Consumer Electronics Show kicked off this week, promising the latest in gadgets and technology. But in this recession, how is the technology industry responding? Bob Moon speaks with tech expert Kevin Pereira about what's happening at the show. (20 h ago)

• Weekly Wrap: Obama's stimulus Weekly Wrap: Obama's stimulus
01/09/2009
With President-elect Obama set to take office shortly, it's no surprise that his stimulus proposals dominated the headlines this week. Bob Moon speaks with Fortune Magazine's Leigh Gallagher and Felix Salmon from Portfolio.com about the tough road ahead for Obama. (20 h ago)

• Who really needs the stimulus? Who really needs the stimulus?
01/09/2009
President-elect Obama's stimulus package calls for billions to be spent on infrastructure projects. But commentator Angela Glover Blackwell says to make the most out of the money -- and build up overlooked communities -- it needs to be invested in the right projects. (20 h ago)

• Investment banks hoarding oil Investment banks hoarding oil
01/09/2009
Fifty million barrels of oil are just sitting around on supertankers. They're not getting unloaded because investors are waiting for the price of oil to go up. Mitchell Hartman explains. (20 h ago)

• Panel criticizes Treasury over TARP Panel criticizes Treasury over TARP
01/09/2009
A Congressional oversight panel released a report today that criticizes the Treasury Department's handling of TARP money. Nancy Marshall Genzer reports that Congress now feels it has to clamp down on the department with more oversight. (20 h ago)

• Rep. Frank wants new TARP restrictions Rep. Frank wants new TARP restrictions
01/09/2009
The Treasury Department is seeking to dip into the second half of the $700 billion TARP money. But since the first half wasn't administered so well, Congress wants to implement new rules before dispersing the rest of the funds. John Dimsdale reports. (20 h ago)

• Reshaping governance: interview with Lor... Reshaping governance: interview with Lord Michael Hastings
01/09/2009
I had a conversation with KPMG's global head of citizenship and diversity Lord Michael Hastings from London. He proposed a radical shake-up of corporate governance around the world. Read on. SOX... (10 h ago)

• Corporate ethics and law Corporate ethics and law
01/09/2009
More than two years ago, I did a blog entry on the difference between ethics and morality. Moral decisions, around issues like theft and corruption, are absolutes regardless of time or culture. They... (18 h 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... (2 d 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 d 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... (2 d 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... (3 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... (3 d 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. (1 d ago)

• Satyam executives try to soothe investor... Satyam executives try to soothe investors
01/08/2009
Top executives of beleaguered Indian outsourcing company Satyam Computer struggled to reassure investors, employees and clients Thursday after its chairman resigned following an admission he cooked accounts and inflated profits for years. (1 d 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. (2 d 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. (2 d 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. (3 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

• Dismal December sales add to retailer wo... Dismal December sales add to retailer woes
01/08/2009
Major retailers Thursday reported dismal sales for December, confirming fears that the holiday season was the weakest in four decades. (1 d 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. (1 d ago)

• ConsumerMan: Obama coins worth the price... ConsumerMan: Obama coins worth the price?
01/08/2009
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? (2 d 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. (2 d 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. (2 d 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. (2 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... (3 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... (3 d ago)

• Stocks Fall as Jobs Report Deepens Pess... Stocks Fall as Jobs Report Deepens Pessimism About Consumer Spending
01/09/2009
NEW YORK, Jan. 9 -- Investors sent stocks lower Friday as the U.S. unemployment rate shot above 7 percent, signaling that Americans will be sticking to their tightened budgets. (10 h ago)

• Mortgage Plan Gives Stocks a Boost Mortgage Plan Gives Stocks a Boost
01/08/2009
NEW YORK, Jan. 8 -- A deal to help head off more mortgage foreclosures pulled Wall Street out of a slump Thursday, giving stocks a mostly higher close. (1 d 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... (2 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 d ago)

• The Amish Flock From Farms to Small Busi... The Amish Flock From Farms to Small Businesses
01/08/2009
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. (2 d ago)

• Finding a Job with Social Media Finding a Job with Social Media
01/08/2009
Mashable has a piece by Dan Schawbel (Personal Branding Blog) on how to use social media to find a job. Schawbel is a little more upbeat about LinkedIn than I was last week. But he make some of the... (1 d 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... (2 d 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... (2 d ago)

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