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Business News
for 01/12/2009

(last updated 7:30am EST 01/12/2009)

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• Hainan province pledges greater efforts ... Hainan province pledges greater efforts in expanding tourism
01/12/2009
China's southern island province of Hainan is determined to make headway this year in its efforts to build into an internationally-acclaimed tourist destination by 2028. While addressing the ongoing provincial people's congress Monday, Governor Luo Baoming vowed to make a good use of Hainan's position as a special economic zone (SEZ) and continue to pilot the country's reform and opening-up drive this year. Luo heralded the cause of constructing Hainan into an internationally-acc ... (7 h ago)

• S Korea to provide liquidity to cash-str... S Korea to provide liquidity to cash-strapped firms
01/12/2009
South Korean financial institutions will supply a total of 13 trillion won (9.5 billion U.S. dollars) this month to help companies facing liquidity constraints, the government said Monday. According to the Ministry of Strategy and Finance, the envisioned money will be supplied by 18 banks, including the central bank and state-run guarantee agencies. The move comes as concerns deepen over a possible cash crunch among smaller companies during Lunar New Year holiday period when com ... (7 h ago)

• PHDCCI: Economic slowdown, terror attack... PHDCCI: Economic slowdown, terror attacks hit Indian tourism
01/12/2009
Economic slowdown and the recent terror attacks in Mumbai have badly hit India's tourism industry, according to PHD Chamber of Commerce and Industry (PHDCCI), a leading business organization, the Hindu reported Monday. "Besides the attacks in hotels and railway station in Mumbai, the slowdown of economy will impact tourist arrivals from January to April. In fact, the tourists arrivals will fall to almost 25 to30 percent," says PHDCCI, that has assessed the impact of global financial cris ... (7 h ago)

• Chinese share prices slightly down led b... Chinese share prices slightly down led by heavyweights
01/12/2009
Chinese equities concluded Monday's trading slightly lower, with heavyweights leading the downward trend. The benchmark Shanghai Composite Index lost 4.51 points, or 0.24 percent, to 1,900.35. The Shenzhen Component Index ended almost flat at 6,719.91, gaining 0.03 points, up 0.00 percent. Combined turnover climbed to 94.9 billion yuan (13.88 billion U.S. dollars) from last Friday's 87.63 billion yuan. &$ &$Source:Xinhua&$ &$ ... (7 h ago)

• China's 2008 auto sales posts first non-... China's 2008 auto sales posts first non-double-digit growth since 1999
01/12/2009
Auto sales in China rose 6.7 percent in 2008 from a year earlier, despite slackening sales on the global market, China Association of Automobile Manufacturers (CAAM) said on Monday, but it was the first non-double digit growth for China's auto sales since 1999. The growth rate was compared with an annual increase of 21.84 percent in 2007. The sales totaled 9.38 million units last year in the world's second largest car market after the United States, the CAAM said. The cou ... (7 h ago)

• Economic downturn gives big blow to Brit... Economic downturn gives big blow to British manufacturing
01/11/2009
Britain's manufacturing has suffered severely in the downturn, and its sharp decline has made it a leading story in the media following similar stories of finance, property markets and retail. The latest official figures show that manufacturing output in Britain fell 2.9 percent in November 2008 from the previous month while the overall annual output dropped 7.4 percent, the fastest fall since 1981. These figures have concerned Britain's leading business organization the Confeder ... (9 h ago)

• Chinese banks grant 740 billion yuan of ... Chinese banks grant 740 billion yuan of loans in December
01/11/2009
Chinese banks granted 740 billion yuan (108 billion U.S. dollars) in loans in December, the biggest monthly number after last January's 803.6 billion yuan, the Shanghai Securities News reported Monday. This was a result of the country's "moderately easy monetary policy" and central government's incentives to encourage lenders to increase credit supplies to boost economic growth, the paper said. Outstanding loans topped 30 trillion yuan at the end of December, up 19 percent year-o ... (9 h ago)

• China aviation venture to build 8 bln yu... China aviation venture to build 8 bln yuan copter base in Tianjin
01/11/2009
China will build a commercial helicopter production base in Tianjin, local authorities said Monday. The Aviation Industry Corp. of China (AICC), the country's largest helicopter maker, signed an agreement with the municipal government last week to start work on the base in the first half of this year, said Feng Zhijiang, head of the Tian Free Trade Zone. The cost will be about 8 billion yuan (1.2 billion U.S. dollars), Feng said. The new China Aviation Industry Helicopter ... (9 h ago)

• China Eastern Airlines reports huge loss... China Eastern Airlines reports huge loss in fuel hedging
01/11/2009
China Eastern Airlines Co. said Monday that its unaudited loss in the fair value of fuel hedging contracts was estimated at 6.2 billion yuan (906 million U.S. dollars) by the end of 2008. The huge loss came as the global crude oil prices plunged 70 percent by the end of December from its record high of 147.27 U.S. dollars in July. In a statement to the Shanghai Stock Exchange, the country's third largest carrier forecasted it posted a "large" loss last year as the global economic ... (9 h ago)

• Experts advocate the establishment of cr... Experts advocate the establishment of credit rating system
01/11/2009
The China Banking Association, together with related institutions, held a forum in Beijing on January 10 to summarize the experiences and lessons learned from the global financial crisis and to further raise social awareness of the important role credit ratings do play in the financial market. The discussions on the forum were mainly on the status and function of credit ratings since the financial crisis occurred, focusing on issues such as the new global financial order, the development of t ... (9 h ago)

• Mayor: Beijing's top priority is to main... Mayor: Beijing's top priority is to maintain steady economic development
01/11/2009
Beijing government's top priority this year is to maintain a "steady and relatively fast" economic development, Mayor Guo Jinlong saidin Beijng on Monday. Guo made the remarks while delivering a government report at the city's annual legislative session. He said the international financial crisis has affected Beijing's economy, as the city witnesses a continuing downturn in the real estate market, mounting pressures for businesses, and reduced growth rates in industrial output, e ... (10 h ago)

• Hong Kong stocks open 0.45% lower Hong Kong stocks open 0.45% lower
01/11/2009
Hong Kong stocks fell 65 points, or 0.45 percent, to open at 14,312.26 on Monday. &$ &$Source:Xinhua&$ &$ ... (10 h ago)

• French minister voices difficulties in r... French minister voices difficulties in reaching growth goal in 2009
01/11/2009
France's Minister in charge of Implementing Recovery Patrick Devedjian said here Sunday said it was difficult to achieve the goal of 0.2-0.5 percent in economic growth in 2009. Devedjian, the newly appointed minister in charge of implementing a 26-billion-euro (33 billion U.S. dollars) stimulus plan to revive the economy, said when interviewed by French radio RTL. Devedjian said the government would revise the current official growth forecast in view of the financial crisis. ... (13 h ago)

• China's realty prices dip further in Dec... China's realty prices dip further in December
01/11/2009
China's urban house prices fell by an average 0.4 percent in December compared with the same period last year, representing the only year-on-year decline since the data was first published in July 2005 and a reminder of China's uncertain economic outlook. Compared to November's level, the urban house prices in December fell 0.5 percent, according to a survey conducted by the National Development and Reform Commission (NDRC). Industry analysts said the government's latest measures ... (13 h ago)

• China shares open 0.4% lower China shares open 0.4% lower
01/11/2009
Chinese share prices opened almost 0.4 percent lower on Monday morning, tracking Friday's decline on the Wall Street on grim economic outlook. The benchmark Shanghai Composite Index traded down 7.16 points, or 0.38 percent, at 1,897.70. The index gained 26.68 points, or 1.42 percent, to 1,904.86 on Friday. The Dow Jones Industrial Average slid 143.28 points, or 1.67 percent, to 8,599.18 on Friday, as the United States reported a nearly 16-year-high unemployment rate in December. ... (13 h ago)

• Seoul stock market opens lower Seoul stock market opens lower
01/11/2009
South Korean stocks got off to a weak start Monday. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.95 points, or 0.5 percent, to 1,175.01 in the first 15 minutes of trading. The local currency was trading at 1,355.8 to the U.S. dollar as of 9:15 a.m., down 12.8 won from Friday's close. &$ &$Source:Xinhua&$ &$ ... (13 h ago)

• Cambodia indefinitely delays launch of s... Cambodia indefinitely delays launch of stock market
01/11/2009
Cambodia's much-touted stock exchange market has been delayed indefinitely due to the worsening global economic slowdown, said English-language daily newspaper the Phnom Penh Post on Monday. Its launch was originally scheduled for September, with the South Korean Exchange providing funds and technical support. As Cambodia's economy, one of the region's most vibrant, slowed to single-digit growth last year, the exchange's future was put in doubt, said the paper. "Cambodia ... (13 h ago)

• China Eastern Airline tries to ride out China Eastern Airline tries to ride out
01/11/2009
An array of 256 measures are being formulated by China Eastern Airlines to stem further losses during the global economic recession, confirmed Luo Zhuping, board secretary with the country's third-largest carrier on Friday. Luo said that the efficiency-oriented policies include cutting salaries across the executive suite, urging employees to take unpaid vacations and making other operating adjustments. "These new policies will be designed to control costs," Luo said. Accor ... (13 h ago)

• Washington's 2009 deficit projected to r... Washington's 2009 deficit projected to rocket to $2 tln
01/11/2009
Combined with already planned spending, U.S. President-elect Barack Obama's future package of tax cuts and spending increases would push Washington's 2009 deficit to between 1.5 trillion and 2 trillion dollars, it was reported on Sunday. This indicated that the United States "is about to embrace an economic theory that was widely thought for most of the last generation to have been discredited: the idea that great bursts of deficit-funded government expenditure can jolt an economy back t ... (15 h ago)

• Detroit auto show opens amid economic wo... Detroit auto show opens amid economic woes
01/11/2009
The North American International Auto Show (NAIAS), one of world's most prestigious of its kind, opens Sunday in Detroit as a deepened economic recession inflicts deep woes to automakers worldwide and overshadows a possible recovery of U.S. ailing auto industry in the near future. The absence of some big names from the show, including Nissan, Suzuki, Mitsubishi, Ferrari, Land Rover, Rolls-Royce and Porsche, serves as a reminder what a trying time the automakers have to endure. The missin ... (15 h ago)

• Citi-Morgan near deal to consolidate Citi-Morgan near deal to consolidate
01/12/2009
Citigroup and Morgan Stanley may announce as early as Monday a deal to combine their brokerages, a move analysts say could trigger a wave of consolidation in banking. (3 h ago)

• Wall Street on edge as earnings season b... Wall Street on edge as earnings season begins
01/12/2009
Wall Street appeared headed for a relatively flat opening Monday, as investors anxiously awaited an earnings report from Alcoa Inc. (3 h ago)

• Economy made few gains in Bush years Economy made few gains in Bush years
01/11/2009
President Bush oversaw weakest eight-year span in decades and economists increasingly view tenure as a time of little progress on fiscal challenges. (10 h ago)

• Bad times are boon for D.C.-area economy Bad times are boon for D.C.-area economy
01/11/2009
When the nation's in pain, Washington often gains. (14 h ago)

• Big Three make their case at Detroit sho... Big Three make their case at Detroit show
01/11/2009
We're different, and our new stuff is really good. In a nutshell, that's what General Motors, Ford and Chrysler tried to tell consumers — and taxpayers — Sunday. (15 h ago)

• Wall Street’s New Year’s optimism to be ... Wall Street’s New Year’s optimism to be tested
01/11/2009
Coming off its worst week since November, Wall Street is now wondering if its late 2008 optimism about the economy was misguided — or at least premature. (15 h ago)

• Hyundai and Ford take auto show honors Hyundai and Ford take auto show honors
01/11/2009
Hyundai Motor Co. saw its foray into the luxury market rewarded Sunday when its Genesis sedan received the South Korean automaker's first North American Car of the Year award. (18 h ago)

• Taurus, LaCrosse mark return of Detroit ... Taurus, LaCrosse mark return of Detroit sedan
01/11/2009
Introducing the revamped Taurus and the LaCrosse at this year's Detroit auto show, but Ford and GM are hoping to make a strong statement in the sedan category. By Dan Carney. (18 h ago)

• Cost of gas rises for first time in six ... Cost of gas rises for first time in six months
01/11/2009
The average price of gasoline rose nearly 12 cents in the past three weeks, marking the first price hike after six months of decreases, according to a national survey released Sunday. (18 h ago)

• Obama: $350 billion bailout must help pe... Obama: $350 billion bailout must help people
01/11/2009
President-elect Barack Obama wants more transparency and strict guidelines for using the second $350 billion of the bailout fund Congress approved last fall to stabilize the nation's financial system. (18 h ago)

• Small businesses struggle to survive dow... Small businesses struggle to survive downturn
01/11/2009
Times are tough for small business owners, those whom politicians tout as the backbone of America. (19 h ago)

• In recession, many see lottery worth the... In recession, many see lottery worth the gamble
01/11/2009
In these tough times, many people appear willing to gamble a few precious dollars in the hope of winning instant deliverance from their economic woes. (19 h ago)

• States ponder early release for prisoner... States ponder early release for prisoners
01/10/2009
Governors, legislators and prison officials across the nation are considering policy changes that will likely remove tens of thousands of offenders from prisons and parole supervision. (1 d ago)

• Obama: Stimulus will create 4.1 million ... Obama: Stimulus will create 4.1 million jobs
01/10/2009
Facing growing criticism of his economic recovery plan, President-elect Barack Obama made public Saturday a detailed analysis by his economic advisers. (1 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d ago)

• Gordon Brown pledges worldwide action to... Gordon Brown pledges worldwide action to tackle recession
01/12/2009
Gordon Brown will visit Paris and Berlin later this week to help coordinate worldwide action to protect workers from the effects of the recession, Downing Street said today. The announcement came as David Cameron renewed his attack on Labour's economic policies, saying that every child born in Britain will be saddled with £17,000 of debt because of the prime minister's "morally repugnant" borrowing policies. With the economy dominating the political agenda, Cameron made his accusations in a London speech today, while Brown defended his record in his own speech on the economy at a jobs summit held at the Science museum. Last week Downing Street, announced that the PM would be meeting the German chancellor, Angela Merkel, this week. Today, Downing Street said he would also be holding talks with the French president, Nicolas Sarkozy, and would be travelling to Paris and Berlin for the meetings, which he is holding partly in his capacity as chairman of the G20 group of nations. Brown, who is also meeting the chairman of the US Federal Reserve, Ben Bernanke, in London this week, is hosting a meeting of the G20 in April at which he hopes the world will agree further measures to combat the recession. In his speech today, he insisted global action was needed to stop the recession from becoming "deeper and longer" than it otherwise would be. "Our response to the global banking failure has to be global - rebuilding the world's banking system," he Brown told his audience of business figures and union leaders. "So my pledge to you is simple: we will act, together with other world leaders, to get banks and businesses back on the move." "We know that any action we take has costs. But the biggest cost of all would be the cost of doing nothing. Failure to act now, and to do so in coordination with our international partners, would mean a deeper and longer recession. "It would mean temporary rises in unemployment made permanent, with whole communities written off as we saw in the past. And that would mean lasting damage to our economy and a bigger bill to pay in the future. This will not happen on my watch." Brown also used the speech to confirm government plans to offer firms up to £2,500 for taking on someone who has been unemployed for more than six months. In his speech, Cameron said the government's decision to allow public debt to increase so rapidly means that every baby born in Britain starts life owing £17,000. This is the theme of a new poster campaign being launched by the Tories. The poster, which will be on display at 260 sites across the country, features a photograph of a baby and the slogan: "Dad's nose, mum's eyes, Gordon Brown's debt. Labour debt crisis: Every child in Britain is born owing £17,000. They deserve better." Cameron said that with national debt set to top £1 trillion in several years, the interest payment alone amounted to more than was spent on educating the nation's children. "I think it is an extremely powerful, important and responsible message that we are quite right to get across," he said of the campaign. "Labour are getting it wrong. It's easy for politicians to talk about tax rates and borrowing as if there was no tomorrow, but there is a tomorrow and it is going to be paid for by our children. "And every child born today is entering the world with £17,000 of Labour debt hanging over them." The Tories are committed to abandoning some Labour spending plans to keep debt down, but Cameron insisted this was not the same as "cutting' public spending because it would still rise under Tory plans but at a slower rate than under Labour. "What we are saying is not cutting the overall level of spending. We are about reducing the level of increase," he said. "Do not mistake reducing the increase in government spending with cutting overall the level of government spending." Economic policy Gordon Brown David Cameron Global recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Hundreds of jobs at risk at Findus distr... Hundreds of jobs at risk at Findus distributor Newcastle Productions
01/12/2009
Around 420 jobs are under threat at Newcastle Productions, which makes and distributes all Findus frozen food in the UK, after the firm went into administration. The company called in administrators Zolfo Cooper on Friday after running into financial difficulties following the collapse of one of its main backers, the Icelandic bank Landsbanki. It employs 420 staff at its factory in Longbenton, Newcastle, and produces a range of frozen food products under the Findus brand, including crispy pancakes, ready meals, Findus the Fisherman pies, bakes and fish fingers. Chris Preston, a GMB union official, said: "If these jobs are lost it would be a devastating blow to north Tyneside. This is a long-established factory with an excellent product range and we believe that the administration is being pushed by the Icelandic bank." Zolfo Cooper is hoping to secure a buyer for the business, but the factory has been closed since Tuesday, when it was severely damaged in a fire. The damage could run to more than £20m and could take months to put right, the company said. Nick Cropper, joint administrator and partner at Zolfo Cooper, said: "We remain confident that there will be interest from potential buyers to secure the future of this business and will need the support of all parties to achieve this." Newcastle Productions is the sole producer and distributor of Findus foods in the UK. Its licence is owned by private equity firm Lion Capita, which is reportedly planning to sell the UK licence to another food manufacturer. Food & drink industry Iceland Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Financial Times signals 80 job losses Financial Times signals 80 job losses
01/12/2009
The Financial Times group is planning to make up to 80 staff redundant across its global operations, telling journalists today that 2009 will be a "crucial year for news media". The FT chief executive, John Ridding, told staff the company had started negotiations with 80 employees about possible redundancy as part of its restructuring plans. All those who may face redundancy will have been contacted by tomorrow, he said. Ridding also revealed that the FT will increase digital and print integration and will merge some of its recent acquisitions with existing operations. The FT, which is owned by Pearson, will this year launch a China business report and a digital edition of its highly profitable How To Spend It magazine. The paper also plans to grow its Middle East edition and its Chinese language operations. Ridding told staff in an email today that the company had to be especially focused on "our efficiency and productivity". "Sustaining our financial strength is essential to maintaining the quality of our journals and the dynamism of our organisation," he wrote. "We understand that change isn't easy – especially when it affects colleagues and friends who we've worked with closely. But these measures are necessary to build on our success." He also made reference to "outsourcing non-core processes", understood to be a reference to the paper's operations in Manila, which could be expanded. Ridding and the FT editor, Lionel Barber, will meet staff on Wednesday to outline their plans for the year. • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". Financial Times Media downturn Newspapers & magazines UK national newspapers Media business guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Land of Leather suspends shares Land of Leather suspends shares
01/12/2009
Shares in Land of Leather have been suspended as the furniture firm fights for its survival . The company, known for its cut-price deals, said it had requested a suspension of its share trading "pending clarification of the company's financial position". It said a further announcement will be made "as soon as possible". The shares last traded at 3.05p, valuing the business at less than £1m. Furniture stores have been hit hard by the downturn in the housing market due to a sharp fall in the number of people moving house. Land of Leather has seen orders plummet by 47% in the three months to 2 November. The fall-off in demand has already brought down a string of furniture brands including MFI, The Pier, ScS Upholstery, Ilva and Floors 2 Go. Land of Leather was approached by several firms interested in snapping up the company at a bargain price in November, but those talks quickly collapsed as the company declared the bids provided "insufficient value to shareholders". Retail industry Credit crunch Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• private equity, public shame private equity, public shame
01/12/2009
It seems a lifetime ago that private equity firms were first attacked for hiding in shadows. Since then, their shortcomings have been overshadowed by a much wider crisis in the banking system. But it is no coincidence that many of the companies now going bust were left in such a precarious state by private equity owners who saddled them with too much debt. The critics have been proved right (3 h ago)

• UK ad market 'not for the faint-hearted'... UK ad market 'not for the faint-hearted', says Bellwether survey
01/12/2009
The UK advertising market is "not a place for the faint hearted" in 2009, according to ad agency trade body the IPA, with nearly half of companies planning to cut marketing budgets. This is the first time since the IPA began its quarterly Bellwether survey of the UK advertising market nine years ago that initial annual marketing budgets have been set lower than the previous year. The IPA said 45% of companies reported that they were cutting marketing budgets compared with last year, with just 20% planning an increase. The Bellwether report also found marketing budgets taking their biggest cut in nine years in the final three months of 2008. The cut was the fifth successive quarterly slashing of marketing budgets by companies in the survey. Just 7% of companies reported an increase in budgeted marketing spend in the final quarter of 2008, compared with 49% that said they would be cutting spend, a move the report said signalled a "sharp acceleration in the overall rate of decline of marketing expenditure toward the end of last year". Hardest hit in the fourth quarter were budgets for "main media advertising", including TV, radio and press advertising. However, even internet advertising budgets, which have enjoyed strong double-digit growth in recent years, were cut by a record amount in the fourth quarter of 2008. Three-quarters of companies surveyed believed that the financial situation had deteriorated since the last Bellwether report was put out covering the three months to the end of September . "This Bellwether report suggests that adland in 2009 will be no place for the faint-hearted," said Moray MacLennan, the president of the Institute for Practitioners in Advertising. "Confidence has plummeted and the data suggests a steep decline in GDP for the first quarter." Chris Williamson, the chief economist at financial information service Markit, which compiled the latest Bellwether report for the IPA, added: "The Bellwether report shows an alarming rate of corporate retrenchment as the recession deepens. Disappointing sales in all sectors have also led companies to cut budgets for the year ahead for the first time since the survey began, suggesting there will be no quick return to growth for marketing spend." • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". Advertising Media downturn guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Private equity firms fail to heed transp... Private equity firms fail to heed transparency rules
01/12/2009
Report says only half of the companies that signed up to industry code of conduct have met disclosure requirements (4 h ago)

• Russia vows to restore gas flow to Europ... Russia vows to restore gas flow to Europe
01/12/2009
Russia today vowed to fully restore the flow of gas to the European Union as quickly as possible, and blamed Ukraine for the crisis. The two countries have signed a new agreement after a last-minute hitch yesterday, according to the Russian prime minister's office. Spot gas prices in Britain fell on the news, trading down 5.5p to 61.75p per therm. However, forward prices rose on worries that another cold spell this winter could leave the system short, market traders said. A deal acceptable to Moscow has been signed to allow independent monitors to track gas supplies from Russia to Europe through pipelines that cross Ukraine. The head of Russia's state gas company Gazprom, Alexey Miller, and the Russian deputy prime minister, Igor Sechin, will be attending talks this afternoon in Brussels with EU energy ministers. A spokesman for the Russian prime minister, Vladimir Putin, said: "Moscow has been informed that Ukraine has signed an acceptable agreement. We hope this is the case." But he warned: "It will take a certain time before the pipelines can begin flowing again with natural gas." Early yesterday Ukraine, Russia and the EU seemed to have reached agreement, but Moscow declared the deal void last night after Kiev attached additional notes. Russia turned off the gas tap to Ukraine on 1 January amid a price dispute , and stopped supplying countries beyond Ukraine last Wednesday because it claimed Kiev was siphoning off the gas. Ukraine has denied this. Russia supplies about a quarter of the European Union's natural gas, and 80% of it is shipped through Ukraine. The supply disruptions came as temperatures in many parts of Europe dropped well below zero. Eastern and central Europe have been worst hit, with thousands of businesses forced to cut production or even shut down and Slovakia saying it would restart a nuclear reactor it shut down last year. Slovakia's move prompted an angry response from neighbouring Austria. Slovakia was on the brink of a power blackout today after a fire forced the partial shutdown of a coal power plant. "We are at the edge of a blackout," economy minister Lubomir Jahnatek said as he boarded a plane to Brussels for a meeting of EU energy ministers. Energy companies in the Balkans, where temperatures dropped as low as -17C, have switched to alternative fuels and alternative imports to restore heating to hundreds of thousands of homes. Gas Oil and gas companies Russia Ukraine guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Business leaders urge construction of th... Business leaders urge construction of third Heathrow airport runway
01/12/2009
Future Heathrow group publishes newspaper advertisements to say airport's expansion would be 'fantastic for jobs and investment' (4 h ago)

• BBC director general backs merger of Cha... BBC director general backs merger of Channel 4 and Five
01/12/2009
The BBC director general, Mark Thompson, has indicated his renewed support for a merger between Channel 4 and Channel Five as a way of bolstering UK public service broadcasting. Thompson's intervention in the debate today comes as both Ofcom and the government prepare to publish their recommendations later this month on how best to plug Channel 4's projected £150m annual funding gap. Thompson, writing in today's Financial Times, said policy makers needed to focus on "consolidation, regulation and competition". In his previous role as chief executive of Channel 4, Thompson led talks with Five about a possible merger, which were dropped when he was replaced by Andy Duncan. "Consolidation could offer the prospect of both short and long-term benefits: immediate cost savings and an increase in scale in key markets from advertising sales to programme acquisition, but also the chance for a smaller number of larger players to focus on credible and affordable digital plans. If the goal is sustainable PSB beyond the BBC in the long term, consolidation may be part of the solution," he wrote. However, despite both communications minister Lord Carter and the owner of Five, pan-European broadcaster RTL, being interested in the idea, Duncan and ITV are against it. In his comment piece, Thompson said the government needed to help the BBC's commercial PSB rivals survive the economic slowdown so their content could inspire viewers to adopt high-speed broadband technologies. He added that a PSB debate that first focused on Channel 4's survival now had wider implications, such as maintaining investment in original programming and preserving a plurality of voices in regional news. Thompson said the most serious challenge was "how public service television can migrate beyond traditional television to digital platforms ... and ... stimulate demand for universal high-speed broadband". "When the current policy debate began, the problem looked relatively easy to define and the solution simple: a future funding gap at Channel 4 could be solved by giving it some of the television licence fee, the top-slicing option. But now neither the problem nor the solution looks quite so simple," he added. "A strong Channel 4 is important, but the question of public service broadcasting beyond the BBC runs wider than any one channel or institution." Thompson said the BBC was engaged in "positive" talks with other PSBs over its partnerships plan, which he said would deliver at least £120m of benefits to other broadcasters a year by 2014. "We must share the benefits of our scale and technology, as well as looking at how BBC Worldwide, our commercial arm, can help," he added. Thompson also called for a "different balance" between the interests of broadcasters and producers to be found in order for both to get the most out of programming. "To justify investment in high quality television, value will have to be exploited through the whole life of content: from the first showing; to deep archive on television; to other devices, including physical media such as DVDs; and online and on-demand," he said. "We already commission 39% of our television content from the independent sector and have no quarrel with the terms of trade that govern our commercial relationship with it. We want it to be strong and commercially viable. But if we want investment by other broadcasters in high quality British content to continue, and for those PSBs that rely wholly on independent programming to migrate successfully to a fully digital world, a different balance between broadcaster and producer interests will have to be found." Thompson also threw his support behind ITV's bid to get the Contract Rights Renewal regime governing its advertising airtime deals with advertisers reshaped, saying it made "good sense to look at the question again" given the "multiple threats ITV faces and pressures on its programme budget". • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". Channel 4 Channel Five BBC Television Media business guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Taylor Wimpey builds on deal hopes Taylor Wimpey builds on deal hopes
01/12/2009
Taylor Wimpey , the embattled housebuilder, saw its shares jump 25% this morning, after reports that it has struck a key deal with its lenders for a restructuring of its finances. Saddled with debts of nearly £2bn, the company had warned previously that it was likely to breach its banking covenants without a deferral deal. The shares rose 5.25p to 26.5p, a gain of 24.7%, after hitting 30p in early trading. The company will release a trading statement for 2008 tomorrow. The company, formed from the merger of Taylor Woodrow and George Wimpey, once belonged to the FTSE 100 but now trades on the FTSE small cap index. It was once worth £5bn but its market value has plummeted to just £226m as the housing market has ground to a halt. Last year was terrible for housebuilders, with thousands of jobs shed across the sector. And it's getting worse: 2009 could be one of the worst years for the house-building industry for a century if dire predictions from senior government housing officials are borne out. They reckon the number of new homes built in Britain this year will fall below 80,000. Punch Taverns suffered a near-7% fall in its shares to 71p this morning, down 5.25p. Like other pub groups, the company run by Giles Thorley has been hammered by the downturn in consumer spending . The shares have lost 90% over the last year as investors have been put off by its stretched balance sheet and heavy debt burden. Wednesday's trading statement from Punch is awaited with nervousness. It is expected to show a 5% drop in like-for-like sales over the important Christmas period. The FTSE 100 edged higher this morning, up 21 points at 4469.57, with banks among the biggest risers. Royal Bank of Scotland benefited from a report that private equity firms Apollo and BC Partners have joined forces with former Norwich Union boss Patrick Snowball to launch a bid for the bank's insurance division. RBS shares rose more than 7% to 56.9p. Lloyds TSB and HBOS were also among the biggest gainers, up 6.8% and 6.1% respectively, as the integration of the two banks moved a step closer today with the taxpayer taking a near 44% stake in the combined group. Miners were the heaviest losers this morning as concerns about slowing demand for raw materials, as a result of the economic slump, continue to hurt the sector. Taylor Wimpey Punch Taverns Royal Bank of Scotland HBOS Lloyds TSB guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Companies to get £2,500 for each long-te... Companies to get £2,500 for each long-term jobless recruit
01/12/2009
The government is to give firms that recruit people unemployed for more than six months "golden hellos" of up to £2,500, in a move that provides £500m to keep employers hiring. The unexpected initiative, which will be announced at the government's jobs summit this morning, is the latest effort to tackle rising unemployment, which is predicted to hit 3 million by the end of the year. Last week, the skills secretary, John Denham, announced measures to increase apprenticeships by 35,000 and a system of internships to ensure students unable to find employment still find training. Ministers gathering in central London for the jobs summit today will take part in round-table discussions with private and public sector employers and union officials. The prime minister is also expected to make a speech and hold a question-and-answer session. This morning Gordon Brown told GMTV that the government was leading the world in its policies for dealing with the global downturn. "We have got a plan. It is pretty straightforward what we are trying to do. When the markets and private sector fail, and cannot invest properly in the economy, the only person that can is us, the government," Brown said. "We are investing in the economy so that we can actually build up the economic activity, keep people in jobs, create more jobs and of course stop people being repossessed in their homes. "There is no other way and those countries around the world are following what we have been doing because we are ahead of them in sorting out the banking system and now trying to get the economy moving." Under the latest plans, the government will provide £400m, nearly half of the £1bn contingency fund it set aside in last November's pre-budget report, to reward firms who hire someone who has been out of work for more than six months, according to a Downing Street aide. The Department for Work and Pensions and the Department for Innovation, Universities and Skills will administer the scheme over a two-year period starting in April, and the DWP said it would also be funding £100m of the project through savings the department was making through the government's VAT cut. An aide said yesterday: "This is genuinely new money." The government's scheme will give Jobcentre Plus staff the power to award up to £2,500 to a firm that hires someone unemployed for more than six months. New training places will also be funded, and volunteering that may help the jobless secure employment at a later stage will also be given extra money. At the moment 262,000 people are registered as out of work for six months or more and the figure is expected to rise, but ministers hope that today's scheme will encourage them to be hired to fill the 500,000 job vacancies still unoccupied despite the recession. Yesterday a DWP aide said that the government was unsure exactly how many employers would take up the "golden hello" scheme. By focusing on those unemployed for more than six months, the government is keen to underline the difference in approach between their response to a recession and that of the Thatcher government during the 1980s. This morning James Purnell, the work and pensions secretary, told BBC Radio 4's Today programme that the government was focusing on help for people unemployed for more than six months because 70% of people who lose their jobs find work within six months. He would not say how high he expected unemployment to rise but said: "We haven't reached the bottom." Purnell said that 300,000 jobs could have been saved in the recession of the early 1990s if the Tory government had introduced a fiscal stimulus package similar to the one being introduced by Labour now. But David Frost, the director-general of the British Chambers of Commerce, told Today that the latest government proposals would have only a limited impact. "With unemployment rising fast and projected to rise by over a million, from what I am seeing, companies are not recruiting, so I am not sure at this stage in the economic cycle what the offer of a £2,500 grant to take on people is going to do," he said. "We have got to focus on retaining those skills within the business because once they've gone they've gone." The CBI's deputy director-general, John Cridland, told Today that the main priority for the government should be to restore the flow of bank lending to business. DWP sources say the money for today's initiative is in addition to the £1.3bn already allocated to the DWP from the Treasury in the pre-budget report, which has been spent on keeping open 25 jobcentres earmarked for closure and recruiting 4,000 more staff. Yesterday, an aide said that the money would be allocated on a "sliding scale" depending on how difficult a placement proved to be. If the 262,000 who have currently been out of work for six months or more were allocated the full £2,500, the cost of the policy would reach £655m. The DWP said: "This extra help will be flexible, tailored to each individual who takes it up, and accessible to job-seekers who are six months out of work." The shadow work and pensions minister, Chris Grayling, said: "Just holding a job summit is hardly going to solve the problems we face. Unfortunately, all we are getting from the government is a series of announcements on unemployment that are more spin than substance, and are just designed to cover up the fact that Gordon Brown's recession policies are not working." By concentrating funds on the longer-term unemployed, as opposed to the newly jobless, the government seeks to undermine the line of attack that claims that the recession will make their welfare reforms unachievable. Politicians opposed to the government's welfare reforms had questioned whether reform could be carried out when jobs are few. The prime minister will announce the scheme today, saying: "My message is simple: we won't give up on you, but in turn you must not give up on work, on skills and on training. We must do everything we can to help those losing their jobs to find work again quickly, or to get a new skill, to maximise the chances of the unemployed getting jobs." Labour Unemployment and employment data Work & careers Economic policy Social mobility Welfare guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Recession means brisk business for pawnb... Recession means brisk business for pawnbroker H&T
01/12/2009
Britain's biggest pawnbroker has reported that its chain of 105 UK stores experienced strong growth during the last six months of 2008 (7 h ago)

• 'Vast majority' of HBOS staff reassured ... 'Vast majority' of HBOS staff reassured on jobs
01/11/2009
HBOS staff have been reassured they will experience little immediate change when their troubled employer is taken over by Lloyds TSB next week. The assurance, in correspondence sent to HBOS employees last week, comes as integration of the two banks moved a step closer today with the taxpayer taking a near 44% stake in the combined group. There has been widespread speculation of heavy job losses once the deal goes through but no details of the cutbacks have yet been given. The combined bank will employ around 140,000 staff and have 3,000 branches in the UK, more than any other British bank. Correspondence sent to HBOS employees last week insists they were will be "no major changes for the vast majority" of them when the new bank officially begins operating a week today. After a capital injection of £17bn into the two banks, the taxpayer now has the right to appoint two non-executive directors to the board of what will be known as Lloyds Banking Group. Both banks, which retain their separate stockmarket listings for a few more days, admitted today that their existing shareholders had shunned the cash calls they were forced to embark upon in October when the government unveiled its plan to bail out the banking system. HBOS, which had been trying to raise £8.5bn by selling 7.5bn shares to existing shareholders at 113.6p a share, admitted just 0.24% of its shareholders had taken up the offer. The unwanted shares will be bought by the government, which is also buying £3bn of preference shares Lloyds TSB, which agreed to takeover HBOS before the industry-wide bail-out was announced in a rescue orchestrated by Gordon Brown , is issuing 2.6bn new shares at 173.3p a share to raise £4.5bn. But it admitted today that the taxpayer will end up owning almost all the new shares after just 0.5% of its shareholders participated in the rights issue. That will leave the taxpayer with a 43.4% stake in the combined group. Eric Daniels, chief executive of Lloyds TSB, said the new, combined group "will have a strong financial position". He added: "We understand that many existing shareholders did not participate because of the divergence between the offer price and the current market price." The injection of capital by the government prohibits HBOS directors from receiving any cash bonus for 2008 and Lloyds TSB directors will receive any bonus they are entitled to in shares. The terms of the bail-out also state there will be no rewards for failure: "Where a board member loses the confidence of the board, they should be able to be dismissed at a cost that is reasonable and perceived as fair." HBOS's chief executive, Andy Hornby , who is staying on for a few months at the combined group on a consultancy basis, has said he will forgo any contractual entitlement to pay off, but there is no confirmation of any final pay packets for the rest of the HBOS board – none of whom were offered similar positions on the board of the new Lloyds bank. The asset management and insurance operations – which operate under the Insight, Clerical Medical and Scottish Widows brands – will not be integrated immediately. Lloyds TSB HBOS Banking Banks and building societies Redundancy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)

• Jail Or Bail For Madoff? Jail Or Bail For Madoff?
01/12/2009
A New York City judge is set to rule on whether the disgraced financier should have his bail revoked and be sent behind bars. (3 h ago)

• Price Of Oil Drops Below $40 A Barrel Price Of Oil Drops Below $40 A Barrel
01/12/2009
Oil prices fell below $40 a barrel in Asia as investors looked to key U.S. corporate results this week for indications of the health of the world's largest economy and demand for crude. (5 h ago)

• Citigroup, Morgan Stanley To Consolidate Citigroup, Morgan Stanley To Consolidate
01/10/2009
A deal to combine the brokerages of Citigroup and Morgan Stanley - which would give Citi more cash, and Morgan Stanley more manpower - appears just days away. (1 d ago)

• Where To Park Your Cash For A Crunch Where To Park Your Cash For A Crunch
01/10/2009
Ray Martin offered advice on safe places to invest funds you're saving for emergencies (such as a job loss) on The Early Show Saturday Edition. (1 d ago)

• Russia, EU Sign Energy Agreement Russia, EU Sign Energy Agreement
01/10/2009
Russian and European Union officials have signed a deal regarding the deployment of EU officials to monitor Russian gas shipments through Ukraine. (1 d ago)

• Indian Outsourcing Firm Hit By $1B Fraud Indian Outsourcing Firm Hit By $1B Fraud
01/10/2009
Indian police detained the chief financial officer of embattled outsourcing giant Satyam Computers, the third executive to enter police custody in the wake of a massive fraud scandal. (1 d 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 (2 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d ago)

• Hollywood Finds Headaches in Its Big Bet... Hollywood Finds Headaches in Its Big Bet on 3-D
01/11/2009
Studios have aggressively embraced the technology but without expensive upgrades to projection equipment at the multiplex, mass market 3-D releases are not tenable. (10 h ago)

• Few in U.S. See Jazeera’s Coverage of Ga... Few in U.S. See Jazeera’s Coverage of Gaza War
01/11/2009
The Qatar-based network Al Jazeera has virtually unlimited access in a war zone where many American journalists are denied entry. (10 h ago)

• CBS Pumps Up TV.com to Create a Destinat... CBS Pumps Up TV.com to Create a Destination
01/11/2009
CBS has redesigned TV.com to showcase new and old television episodes. The site aims to give Hulu, another TV site, a run for its money. (10 h ago)

• The Media Equation: Let’s Invent an iTun... The Media Equation: Let’s Invent an iTunes for News
01/11/2009
If print media outlets want to find a new business model, the music industry is worth studying. (11 h ago)

• Advertising: For the Honda Brand, a Cine... Advertising: For the Honda Brand, a Cinematic Stroke
01/11/2009
Honda is bringing out three short films to be launched online, under the rubric of the “Dream the Impossible documentary series.” (11 h ago)

• Quietly, AOL Becomes an Overseer of Nich... Quietly, AOL Becomes an Overseer of Niche Sites
01/11/2009
Tens of millions of consumers visit some of AOL’s 70 specialty sites, some without even knowing it. (11 h ago)

• Religion Writer Who Copied Work Draws Su... Religion Writer Who Copied Work Draws Support of Readers
01/11/2009
Many fans of Neale Donald Walsch, the author of the best-selling series “Conversations With God,” rallied around him and begged him not to quit blogging. (11 h ago)

• Hearst Looks to Sell or Close Seattle Pa... Hearst Looks to Sell or Close Seattle Paper
01/11/2009
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. (12 h ago)

• Democrats Seek Delay in TV Shift Democrats Seek Delay in TV Shift
01/10/2009
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)

• The Mogul at Play The Mogul at Play
01/09/2009
A biography of the young William Randolph Hearst is also a story about the rising power of the press in the late 19th century. (2 d 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. (3 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. (3 d ago)

• PARSONS BACKS PANDIT DESPITE CITI LOSSES PARSONS BACKS PANDIT DESPITE CITI LOSSES
01/12/2009
Even more red ink and an apparent about-face by Citigroup boss Vikram Pandit - to be more salesman-in-chief than integrator-in-chief - is bringing renewed pressure from Wall Street for the besieged bank's top exec to step down. But, so far... (7 h ago)

• HEARST HORIZON HEARST HORIZON
01/12/2009
Hearst Corp. is sticking with its seasoned hand Cathie Black to lead the ad-challenged publishing group that includes glossies Good Housekeeping, Cosmopolitan and O, the Oprah Magazine. The 64-year-old Black is re-upping as president in a... (7 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/12/2009
GM boo$t Struggling General Motors, buoyed by $4 billion in emergency loans, is "whacking" at its cost structure to with stand reduced demand and conserve cash, Chief Executive Rick Wagoner said at the Detroit Auto Show yesterday. US in... (7 h ago)

• THE ROAD AHEAD THE ROAD AHEAD
01/11/2009
In these hard times, leisure trips may be a low priority. But that doesn't mean you can't dream - or live vicariously. More than ever Budget Travel ought to live up to its name. One option is a cover article suggesting you go to a movie, with a... (10 h ago)

• CBS NEAR VERIZON FIOS DEAL CBS NEAR VERIZON FIOS DEAL
01/11/2009
CBS is expected to announce its second retransmission deal in as many weeks today, this time with Verizon's FioS, which serves 8.2 million homes in 14 states, according to sources. The deal follows a similar pact with Time Warner Cable. Neither... (10 h ago)

• THE WEEK'S WINNERS AND LOSERS THE WEEK'S WINNERS AND LOSERS
01/11/2009
WINNERS BONO U2 singer's Elevation Partners investment company invests in Palm and is rewarded as its stock rose 34% Friday. BRAD GREY Gets new five-year deal to stay atop Paramount, Hollywood's No. 2 studio last year thanks to the success of... (1 d ago)

• MAD. ABOUT YOU, TOO MAD. ABOUT YOU, TOO
01/11/2009
The success of AMC's "Mad Men" - a drama about a New York ad agency in the 1960s - has spawned another series based on the ad business. "Trust Me," which premieres Jan. 26 on TNT, is a more modern-day take on advertising but nevertheless owes a... (1 d ago)

• FDIC FACES UP TO $10B WHACK ON INDYMAC L... FDIC FACES UP TO $10B WHACK ON INDYMAC LOANS
01/11/2009
THE Federal Deposit In surance Corp. may not have fully washed its hands of IndyMac Bank. Despite the agreement to sell of the once-troubled bank last week to a group of private-equity investors for $1.6 billion, the FDIC may be facing up to $10... (1 d ago)

• BRUISED BOB RUBIN RIDES OFF BRUISED BOB RUBIN RIDES OFF
01/11/2009
In the end, Robert Rubin became just the latest Wall Street titan to exit the executive suite with his reputation more sullied then when he rode into town. Rubin, 70, who resigned last week as senior counselor and a director at Citigroup, was at... (1 d ago)

• GETTING SERIOUS GETTING SERIOUS
01/11/2009
Embattled investor Ezra Merkin may have jumped from the frying pan right into the fire. Merkin, the fallen hedge-fund billionaire who lost as much as $3 billion in investor funds in Bernie Madoff's alleged $50 billion Ponzi scheme, has attracted... (1 d ago)

• As Indian Outsourcing Changed, Satyam He... As Indian Outsourcing Changed, Satyam Hesitated
01/12/2009
Satyam Computer Services helped give birth to the outsourcing industry in India, and the company rose rapidly at first, but then fell behind. (6 h ago)

• Lawyer Will Seek Bail for Jailed Satyam ... Lawyer Will Seek Bail for Jailed Satyam Officials
01/12/2009
The brothers who founded the outsourcing company Satyam have been interrogated and jailed, and the Indian government announced a new board for the company. (6 h ago)

• Ukraine and Russia Sign Deal Over Gas Ukraine and Russia Sign Deal Over Gas
01/11/2009
Russia and Ukraine signed an agreement with the European Union to establish monitors of gas pipelines. (11 h ago)

• After a Fraud in India, Government Steps... After a Fraud in India, Government Steps In
01/11/2009
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. (14 h ago)

• Wealth Matters: What to Do if UBS Is Out... Wealth Matters: What to Do if UBS Is Outing Your Secret Account
01/10/2009
A few things to consider if you are part of the group of Americans with undeclared accounts in Switzerland. (1 d 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. (2 d 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. (2 d 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. (2 d 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. (3 d ago)

• Mortgages: Will Loan Limits Rise? Mortgages: Will Loan Limits Rise?
01/10/2009
If you’re in the market for a new home, especially in an area where housing prices are typically high, it might make sense to wait a few weeks. (1 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d ago)

• Bad times are boon for D.C.-area economy Bad times are boon for D.C.-area economy
01/11/2009
When the nation's in pain, Washington often gains. (14 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. (2 d 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. (2 d 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. (2 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. (3 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d ago)

Business

Technology

Sports

Entertainment

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

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

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

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

out of control
staystrong :: 02/23/2009

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

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

• Video: How To Succeed: Starting your own... Video: How To Succeed: Starting your own business
01/11/2009
Left your job in the corporate world and want to start your own business? Get the "how to's" from Rich Sloan from Start-Up Nation. (MSNBC) (1 d ago)

• Video: Sales Tax Holiday proposal Video: Sales Tax Holiday proposal
01/11/2009
The National Retail Federation is asking President-Elect Barack Obama to include sales-tax holidays in future legislation. Rachelle Bernstein, VP of the Tax Counsel for the NRF gives us the details. (MSNBC) (1 d ago)

• Video: Dollars & Sense: Cutting costs Video: Dollars & Sense: Cutting costs
01/11/2009
Entrepreneurs are looking for ways to trim their budgets without sacrificing quality. To show us a leaner way to conduct business without harming a valuable selling point is Robert Martichenko, President of Leancor. (MSNBC) (1 d ago)

• Video: Business Answers: Culture clash Video: Business Answers: Culture clash
01/11/2009
Workplace Expert and author Larry Winget and Inc. Magazine Sr. Editor Rod Kurtz answer viewer questions about keeping your company's culture intact when experiencing growth and whether background checks are important when hiring new employees. (MSNBC) (1 d ago)

• Video: Design on a Dime Video: Design on a Dime
01/11/2009
One Chicago company used its customers' creativity as an innovative way to ensure sales. (MSNBC) (1 d ago)

• Compliance challenges Compliance challenges
01/12/2009
What are the main challenges with compliance? With the worst financial crisis in more than a generation, it's a question that will weigh on the minds of corporations the world over.According to a... (3 h ago)

• Fixing the financial system Fixing the financial system
01/12/2009
With Barack Obama taking office next week, the ideas are pouring in on how to get the United States back in order again.One of the most interesting comes from Professor James C VanHorne at Stanford... (4 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... (2 d 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... (2 d ago)

• $100 Million Hedge Fund to Liquidate $100 Million Hedge Fund to Liquidate
01/12/2009
According to a Reuters UK exclusive, hedge-fund firm GMB Capital Management, after loosing more than $50 million, is shutting down Boston-based GMB Low Volatility Fund LP, which had more than $100... (4 h ago)

• New York Times Shareholders in Trouble New York Times Shareholders in Trouble
01/12/2009
Some analysts are saying that the mighty New York Times might be headed down the same path as the bankrupt Tribune Company, owner of the Chicago Tribune and Los Angeles Times, according to one of my... (4 h ago)

• Jobs, Corporate Reports Drag Down Stock... Jobs, Corporate Reports Drag Down Stocks
01/10/2009
U.S. stocks posted the biggest weekly retreat since November after companies cut profit forecasts and rising unemployment spurred concern the recession is deepening. (1 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. (2 d 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. (2 d ago)

• Your Career: Working on the ‘grandma’ tr... Your Career: Working on the ‘grandma’ track
01/11/2009
Call it the “grandma” track — grandmothers putting aside their own careers or juggling work while trying to raise their children’s kids. (16 h ago)

• The Effect of Satyam's Revelation The Effect of Satyam's Revelation
01/10/2009
Photo courtesy of iStockphoto, Image# 5721341 As you've all seen by now, Satyam (one of the biggest Indian-based outsourcing companies) is in the midst of an earnings misstatement crisis. Like... (1 d ago)

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