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Business News
for 01/14/2009

(last updated 7:30am EST 01/14/2009)

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• Hong Kong stocks close 0.27% higher Hong Kong stocks close 0.27% higher
01/14/2009
Hong Kong stocks pared early gains and went up only 36.56 points, or 0.27 percent, to close at 13,704.61 on Wednesday, ending a losing streak of six consecutive sessions. Turnover rose to 66.23 billion HK dollars (8.54 billion U.S. dollars) from Tuesday's 47.28 billion HK dollars (6.1 billion U.S.dollars). &$ &$Source:Xinhua&$ &$ ... (7 h ago)

• Chinese shares gain more than 3% on pros... Chinese shares gain more than 3% on prospect of fresh stimulus policies
01/14/2009
After retreating for two consecutive days, China share prices staged a strong rebound of more than three percent Wednesday as the market expected the government to announce fresh stimulus policies to bolster the economy. The rally was led by shares in coal producers, banks and securities brokers. The Shanghai Composite Index gained 65.5 points, or 3.52 percent, to 1,928.87. The Shenzhen Component Index rose 4.3 percent to 6,811.87, up 281.06 points. Combined turnover clim ... (7 h ago)

• China's customs revenue hit record high,... China's customs revenue hit record high, up 20.8%
01/14/2009
China's customs revenue hit record high at 916.11 billion yuan (134.03 billion U.S. dollars) in 2008,up 20.8 percent year on year, the General Administration of Customs (GAC) said on Wednesday. &$ &$Source:Xinhua&$ &$ ... (7 h ago)

• Investment bank: China's GDP growth to s... Investment bank: China's GDP growth to slow to 7% in 2009
01/14/2009
China's gross domestic product (GDP) growth might slow to 7 percent this year from 9 percent in 2008 on weakening external demand and decreasing domestic investment, a Deutsche Bank economist said. The economy will face tough times in the next 18 months and hit bottom in the first half of 2010, Ma Jun, chief economist for Greater China, told an economic forum here Tuesday. Ma forecast a further decline in external demand and deceleration in investment in the real estate, manufact ... (7 h ago)

• China revises up 2007 GDP growth rate to... China revises up 2007 GDP growth rate to 13%
01/14/2009
China has revised the growth rate of its gross domestic product (GDP) for 2007 to 13.0 percent from 11.9 percent, the National Bureau of Statistics (NBS) said Wednesday. &$ &$Source:Xinhua&$ &$ ... (7 h ago)

• China publishes 10 major goals for emiss... China publishes 10 major goals for emission reduction
01/13/2009
The Ministry of Environmental Protection (MEP) of China will continue focusing on emission reduction in 2009. Its goal will be to reduce sulfur dioxide emissions by more than 2% compared to 2008 and by 9% compared to 2005, and to lower emissions of chemical oxygen demand (COD) by more than 3% compared to 2008 and by 8% compared to 2005. That was one of the ten key targets emphasized by Zhou Shengxian, Minister of the MEP, at the National Environmental Protection Working Conference recently he ... (8 h ago)

• Reborn Alitalia takes to the skies despi... Reborn Alitalia takes to the skies despite protests
01/13/2009
The Italian airline Alitalia began its new life as a privatized company on Tuesday, with its first flights taking off without delay despite worker protests seeking to mar the inauguration of the streamlined national carrier. The first intercontinental flight from Milan's Malpensa airport to Sao Paulo, Brazil, departed shortly after 6 a.m. without incident, as did the first domestic flight from Palermo to Rome, which arrived at 7:25 a.m. "I'm very excited to have kicked off — if ... (13 h ago)

• Citigroup, Morgan Stanley agree to merge... Citigroup, Morgan Stanley agree to merge brokerage units
01/13/2009
Citigroup and Morgan Stanley agreed to merge their brokerage units, according to a joint statement on Tuesday. Under the deal, Citigroup's retail brokerage Smith Barney will combine with Morgan Stanley while the latter is paying Citigroup 2.7 billion U.S. dollars in cash. The statement said Morgan Stanley will own a 51-percent stake in the joint venture while Citigroup will have the remaining 49 percent. The new venture is expected to become the industry's leading wealth ... (13 h ago)

• Dollar rises against major currencies Dollar rises against major currencies
01/13/2009
The dollar rose against major currencies Tuesday as investors' risk appetite was hurt by comments from U.S. Federal Reserve Chairman Ben Bernanke. In a speech in London, Bernanke supported the use of further fiscal stimuli to support the economy, but said that would not be enough to bring the economy back to health and Wall Street may need additional bailouts. "Fiscal policy can stimulate economic activity, but a sustained recovery will also require a comprehensive plan to stabil ... (13 h ago)

• Yahoo's new CEO choice of Carol Bartz sp... Yahoo's new CEO choice of Carol Bartz sparks concern
01/13/2009
The appointment of Carol Bartz as Yahoo Inc.'s next chief executive sparked concern Wednesday because of her lack of Internet experience, but some prominent Silicon Valley observers said Bartz is just the type of strong leader the struggling Internet giant needs. Bartz, the former chief executive of software maker Autodesk Inc. (ADSK), will immediately face several key decisions, including whether to turn around a cohesive Yahoo or sell parts of the company in order to focus on its popula ... (13 h ago)

• Toshiba to buy Fujitsu's hard-disk drive... Toshiba to buy Fujitsu's hard-disk drive business
01/13/2009
Japanese electronics giant Toshiba Corp. has wrapped up talks to buy Fujitsu Ltd.'s hard disk drive operations, local media reported Wednesday. Toshiba is considering buying Fujitsu hard-disk drive business for tens of billions of yen, the Kyodo News and Nikkei both reported, citing sources familiar with the matter. In October, Fujitsu slashed its net profit outlook for the current business year ending next March from 100 billion yen projected in July to 60 billion yen, blaming d ... (13 h ago)

• Russia reopens gas pipes but little fuel... Russia reopens gas pipes but little fuel flows
01/13/2009
Russia started pumping gas destined for Europe through Ukraine on Tuesday for the first time in nearly a week, but the European Union said little or no gas was flowing to countries suffering urgent energy shortages. Russia's state-controlled gas monopoly, Gazprom, accused Ukraine of siphoning off the gas for its own use. Ukraine blamed a lack of coordination for hampering the flow. Moscow and Kiev are locked in a contract dispute which has left European countries struggling for gas suppli ... (14 h ago)

• Japan corporate bankruptcies up most in ... Japan corporate bankruptcies up most in eight years in 2008
01/13/2009
Japan's corporate bankruptcies rose the most in eight years in 2008 as a deepening recession weakened sales and made it harder for businesses to get funds. Bankruptcies climbed 11 percent from a year earlier to 15,646 cases last year, the fastest pace since 2000, Tokyo Shoko Research Ltd said in Tokyo today. A total of 33 publicly traded companies went out of business in 2008, the most in the postwar period, the report said. Japanese companies have struggled to find investors willing to ... (14 h ago)

• Sony, Toshiba fall on media reports Sony, Toshiba fall on media reports
01/13/2009
Sony Corp and Toshiba Corp fell in Tokyo trading after media reports the companies will record operating losses this fiscal year because of worsening electronics and chip operations. Sony tumbled 8.9 percent to close at 2,000 yen on the Tokyo Stock Exchange, its steepest decline since Nov 6 Toshiba fell 8.6 percent to 385 yen, the biggest drop since Oct 24. The benchmark Nikkei 225 Stock Average slid 4.8 percent. Falling sales of electronics including televisions in North America and Europ ... (14 h ago)

• Toyota to sell batteries to competitors ... Toyota to sell batteries to competitors to boost investment
01/13/2009
Toyota Motor Corp, the largest seller of gasoline-electric autos, says that it wants to sell batteries for plug-in cars to competitors to generate the biggest return possible from its investment. Along with making packs for a plug-in version of the Prius hybrid, which sales fell almost 45 percent compared to a year earlier, Toyota wants additional revenue from supplying packs to rivals, Executive Vice-President Masatami Takimoto said in an interview on Monday at the North American Internatio ... (14 h ago)

• Auto firms line up electric cars to brig... Auto firms line up electric cars to brighten mood
01/13/2009
General Motors Corp and Chrysler LLC, kept in business by $17.4 billion in emergency loans, are showing off electric vehicles at the Detroit auto show that stretch the limits of current technology. Chrysler is forecasting sales of electric cars exceeding 100,000 a year by 2013 and GM is counting on selling 60,000 of its first electric car shortly after it goes on sale in 2010. "If you're going to be around, this is the type of thing you have to do," said Michelle Krebs, senior editor of co ... (14 h ago)

• Shanghai office market rocked by financi... Shanghai office market rocked by financial crisis
01/13/2009
SHANGHAI: The credit crunch has posed a far more serious threat to China's business hub Shanghai than many have expected, as over one quarter of Grade A offices in Lujiazui Finance & Trade Zone were empty at the end of 2008, sources said. "The Grade A office market in Shanghai was riding a roller coaster throughout 2008. Vacancy rate soared from below 5 percent at the beginning of the year to 15.4 percent by the end of the year," said Albert Lau, managing director with Savills Property Servi ... (14 h ago)

• Price floor to be set for air tickets Price floor to be set for air tickets
01/13/2009
The civil aviation authority has ordered airlines not to compete with each other by selling tickets at lower than cost price in a bid to end a price war, the National Business Daily reported yesterday. The Civil Aviation Administration of China (CAAC) will set a floor price for seats on 699 flights, and airlines have been ordered not to sell tickets below that figure, the newspaper quoted the China Air Transport Association (CATA) as saying. The names of airlines that offer passengers ti ... (15 h ago)

• Growth rate of forex reserve falls Growth rate of forex reserve falls
01/13/2009
The country's foreign exchange (forex) reserve increased by $417.8 billion last year, $44.1 billion less than in 2007, the People's Bank of China (PBOC) said yesterday. The central bank also said the supply of money and loan growth picked up in December, reflecting the government's effort to boost the economy through proactive fiscal and moderately loose monetary policies. The country's forex reserve increased by less than $45 billion in the fourth quarter to $1.95 trillion by the end of 2 ... (15 h ago)

• UK trade deficit widened to 4.5 bln poun... UK trade deficit widened to 4.5 bln pounds in November
01/13/2009
Britain's trade deficit soared to 4.5 billion pounds (6.8 billion U.S. dollars) last November from the previous month's 3.9 billion pounds (5.9 billion dollars), due to a sharp export decline, according to statistics published by the country's National Statistics Bureau on Tuesday. The collapse in exports added to the current stream of dire news on the economy and undermined hopes that net trade may at least provide some limited support, said Howard Archer, chief economist for UK and Eur ... (15 h ago)

• Fear grips banking sector as Barclays cu... Fear grips banking sector as Barclays cuts 2,100 more jobs
01/14/2009
Anxiety swept through the banking sector today with the share prices of HSBC, Barclays, Royal Bank of Scotland and Lloyds TSB all hit hard by fresh concerns about their financial strength. As Barclays announced plans to cut 2,100 jobs at its retail and commercial banking business, taking its total job cull over the past week to almost 5,000 , the stockmarket was unsettled by an admission from Deutsche Bank that it would report a loss for 2008 . While this early release of Deutsche's year-end numbers unnerved the entire banking sector, HSBC was also weaker after analysts predicted it would need to raise up to $30bn (£20.6bn) of capital through a rights issue of up to £20bn and by halving its dividend. HSBC was off 7% at 594.5p, Barclays down 11% at 146.7p, Lloyds TSB down 7% at 123.6p and RBS at 47.5p, down 7%. The FTSE 100 index was off just 2%, almost 100 points, and there was some speculation that the lifting of the ban by the Financial Services Authority on short selling on Friday may also be having an impact. The forecast by analysts at Morgan Stanley is particularly significant as HBSC is the only bank listed in London that is yet to tap investors for cash to bolster its balance sheet. The Morgan Stanley analysts argued in a detailed research note that "HSBC's capital position is not as strong as you think". Lloyds, in the last stages of its takeover of HBOS, was caught up in the uncertainty while RBS was lower despite the sale of its 4.3% stake in Bank of China to raise £800m . The numbers from Deutsche Bank were worse than expected causing a shudder of fear through the European banking sector by announcing that it made a net loss of €4.8bn in the final quarter of 2008. Amid fears that banks face a renewed crisis, Germany's biggest bank said its full-year net loss would be of the order of €3.9bn. In a trading update ahead of official figures on 5 February, the bank blamed exceptionally severe market developments in the final quarter of last year. It said it had suffered extraordinary hits on its credit trading, including prorietary trading, and in equity derivatives even while it was "de-risking" its once-stellar investment bank and reducing its balance-sheet by €300bn. But Deutsche, which has cut its exposure to leveraged loans from €12bn to €1bn and to commercial real estate to around €3bn, said its Tier One capital ratio - a key measure of strength - remained on target at around 10%. A "disappointed" Josef Ackermann, chief executive, admitted that "an exceptionally difficult market environment" had exposed "some weaknesses in our platform" but insisted that measures to address these were already under way. Banking Global recession Recession HSBC Barclays Deutsche Bank Lloyds TSB Banks and building societies guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Irish government fears IMF intervention Irish government fears IMF intervention
01/14/2009
The International Monetary Fund may impose budgetary cuts on Ireland's public sector, a senior member of the country's ruling Fianna Fáil party admitted today. "The IMF stepping in is not a remote, far-off scenario," the senior source in Fianna Fáil said. His remarks came just hours after Brian Cowen, the Irish prime minister, confirmed that a trade unionist had been right to warn of the danger of the IMF imposing cuts across the republic's public sector. Speaking in Tokyo while on a trade mission to Japan, Cowen said the warning, made by Dan Murphy of Ireland's Public Service Executive Union, was based on evidence the Irish government had given to the trade unions. Cowen is trying to persuade staff in Ireland's large public sector to accept pay cuts in order to plug a hole in government finances, which it fears could rise to €15.5bn (£14.1bn) within two years. Cowen's government is seeking to save €2bn this year by imposing the pay reductions. According to the Fianna Fáil source, these will range from 10% cuts for the highest earners in the civil service down to 5% at the lower end of the pay scale. The government will also transfer jobs from departments such as transport to under-staffed ones such as the department of social welfare, whose workload is growing as unemployment rises. Murphy said this week that there was a real danger of the IMF imposing swingeing cuts unless the unions came to a deal with the Irish government. Cowen said: "Dan Murphy is a very experienced trade unionist and one that has been involved in social partnership for a long time. All of us need to get real about how we move forward from here together and meet this challenge." The Fianna Fáil source said the EU was unlikely to step in with a rescue plan for the Irish economy. "It's our understanding that smaller economies in the EU are dire trouble, particularly Latvia. By the time the EU sorts out these economies, who are going to be in trouble very soon, they will not have the time or the finance to help out Ireland. So the idea of the IMF intervening is far from a remote possibility," he said. Ireland IMF Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Mandelson unveils £20bn plan to free up ... Mandelson unveils £20bn plan to free up credit for businesses
01/14/2009
The business secretary, Lord Mandelson, today unveiled a £20bn package of measures to support British businesses as the recession gathers pace, by bolstering the availability of credit from the banking sector. The government is also bringing in Mervyn Davies, one of Britain's leading bankers, to replace Digby Jones as trade minister. Lord Jones left the government in the last reshuffle. Davies, who is said to have been personally courted by Gordon Brown, stepped down as chairman of Standard Chartered bank today on news of his government appointment. He will become a life peer and serve as minister of state with joint responsibilities to the Department for Business, Enterprise and Regulatory Reform and the Foreign and Commonwealth Office. The government today said it is prepared to guarantee up to 50% of up to £20bn worth of loans to small and medium sized businesses, in effect insuring banks against part of the risk of companies defaulting on loans. Also included in the package are guarantees for another £1.3bn of loans to small companies and a £75m enterprise fund for small firms which need equity investment. The move will put taxpayers' money at risk, with the government setting aside a £225m provision against possible losses, although the government would also receive fees for its guarantees. Announcing the scheme, Mandelson said the package addressed the problem at the heart of the credit crunch: credit for viable businesses. "UK companies are the lifeblood of the economy and it is crucial that government acts now to provide real help to support them through the downturn and see them emerge stronger at the other side," he said. The Federation of Small Businesses welcomed the announcement, but warned it was a "last throw of the dice" to unblock lending from banks to small and medium-sized enterprises. The shadow chancellor, George Osborne, said that the government appeared to be offering a belated version of the £50bn loan guarantee scheme floated by the Tories several weeks ago. "Let us hope that they will properly implement this Conservative policy rather than a pale imitation, or else they run the risk of repeating the mistakes of their expensive temporary VAT cut and achieving nothing," he said. Setting out his plans, Mandelson said: "We know that some companies are struggling to secure the finance they need, not because of any failure in their business but due to the tougher credit conditions. "That is why we have designed a package of measures addressing different forms of credit and providing real help for businesses." Mandelson also confirmed that the government was discussing with trade credit insurance providers a government scheme to help companies affected by reductions in their credit insurance. Details of today's announcements will be posted on the government's business links website, aimed at directing companies to the most appropriate form of support and help. Mandelson said that the working capital scheme was a direct response to the constraint on bank credit available for lending to ordinary-risk businesses with a turnover of up to £500m a year. Businesses have protested that despite the series of interest rate cuts from the Bank of England, banks remain reluctant to lend to businesses because they are afraid that, as the economy sinks deeper into recession, more companies will find it difficult to meet debt obligations. Other governments, including those of the US and Germany, have produced plans to assist companies to cope with the recession. In the UK the Conservative party has called for a £50bn package and the government has come under increasing pressure to step up support as the roll call of companies cutting jobs or falling into administration lengthens. The pace of job losses has showed no signs of easing, with Barclays yesterday announcing that is to shed more than 2,000 jobs worldwide. Further heavy job losses are expected at Merrill Lynch, Bank of America and Citigroup. A spokesman for the manufacturers organisation, the EEF, said: "This is a welcome first step. The key problem remains the banks' willingness to lend to viable businesses. "The government has got to maintain absolute pressure on the banks to step up their lending as a matter of urgency." Economist Howard Archer at IHS Global Insight also welcomed the package but said: "It won't save the economy from recession – we are already well into that – and obviously the economy still faces an extremely difficult year, but it is definitely a very welcome move. Helping small businesses is absolutely critical." However, David Buik at BGC Partners was more sceptical: "£10bn to £20bn sounds like a huge amount of money, but in the grand scheme of the problem and the current disarray the banking sector finds itself in, a 50% guarantee from the government to small and medium sized businesses seems wholly inadequate." Credit crunch Banking Small business Peter Mandelson Economic policy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Jaguar Land Rover to cut 450 jobs Jaguar Land Rover to cut 450 jobs
01/14/2009
Jaguar Land Rover today said it was cutting 450 jobs, blaming a "severe reduction" in demand for new cars. Chief executive David Smith, who said the cuts were necessary to save money, admitted: 'We don't expect sales conditions to return to normal levels for some time.' Jaguar Land Rover, which is still seeking financial assistance from the government, is holding talks with officials this week – but a decision seems some way off. The car industry has been devastated by the collapse in consumer demand for new cars, which has seen sales nose-dive in recent months. Carmakers, as well as their suppliers, are also being hit by the shortage of credit from banks. The car firm, which is owned by Indian conglomerate Tata, wants the government to provide a £500m short-term bridging loan. But the government is reluctant to be seen to be bailing out specific companies which are struggling for fear of encouraging other requests for help. Jaguar Land Rover Automotive industry Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Standard Chartered bank chairman to repl... Standard Chartered bank chairman to replace Digby Jones as trade minister
01/14/2009
Mervyn Davies, the chairman of Standard Chartered bank, is to replace Digby Jones as trade minister, Downing Street confirmed today. The bank chief will become a life peer and serve as minister of state with joint responsibilities to the Department for Business, Enterprise and Regulatory Reform and the Foreign and Commonwealth Office. The Daily Telegraph reported that the prime minister personally courted Davies, who will bring invaluable bank experience to the government at a time of continuing economic difficulties. He is already a member of the Business Council for Britain, set up as an economic advisory body by Brown in 2007. Lord Jones, his predecessor, left the government in the last reshuffle. The appointment comes as the government attempts to restore confidence to the banking sector. Davies, who was awarded a CBE in 2002 for services to the financial sector, is the latest of a series of non-politicians taken on as ministers by the prime minister. Davies was involved in the government's autumn bank bail-out and is thought to have been considered for the chairmanship of Royal Bank of Scotland, now majority-owned by the Treasury. He has been chairman of Standard Chartered since November 2006. He was previously the bank's chief executive for five years and has been on the board since 1997. Economic policy Banking guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• FirstGroup hit by US Greyhound coach rev... FirstGroup hit by US Greyhound coach revenue slump
01/14/2009
FirstGroup has revealed a slump in revenues at its US coach business Greyhound and has warned that the economic downturn in the UK is affecting its London-based rail franchises. The bus and rail group said Greyhound, which it bought as part of the $3.5bn (£2.4bn) acquisition of Laidlaw in 2007, had seen a 4.5% decline in revenues in the three months to December. Shares in FirstGroup slumped on the news, falling 12.3% to 368.25p in early trading. Laidlaw was primarily a school bus business and today's figures will reinforce speculation that Greyhound is to be sold off at the earliest opportunity. FirstGroup said Thanksgiving and Christmas, traditionally busy periods for US coach travel, had been "disappointing" and were the root cause of the revenue decline. Greyhound has axed nearly one in 10 of its services to reflect the drop in demand. "We have already taken action to reduce services to match demand and increased our efforts to drive out further [inefficiencies] from the business," said FirstGroup. The Aberdeen-based firm also reported a fall in revenue growth at its four rail franchises – First Great Western, ScotRail, TransPennine and First Capital Connect – with London services the worst hit. Its FGW and FCC franchises are heavily dependent on commuter traffic and FirstGroup admitted that the downturn had dented growth at those businesses. It said revenue growth was 7.2% in the final three months of the year, against 10% for the same period last year. "In line with the rail industry, the strong growth rates we had experienced are being impacted by a weakening economy, particularly in central London," said FirstGroup. The FGW franchise is dependent on high revenue growth to pay off the £1.1bn premium that FirstGroup tendered to win it. FirstGroup US economy Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Ukraine refuses to open Russia gas pipel... Ukraine refuses to open Russia gas pipelines
01/14/2009
Ukraine said today it would not resume the transit of Russian gas to Europe, prolonging a crisis that has closed factories and left thousands of people without mid-winter heating. Hopes of an end to the week-long crisis, which has disrupted supplies to 18 countries, rose yesterday after the Russian supplier Gazprom said its pumping stations had begun sending gas through pipelines to Ukraine for transit to other countries in eastern and southern Europe. The Ukrainian gas company Naftogaz said this morning it was not delivering the gas because Gazprom had set unacceptable conditions, including a demand that it send the gas via a route that would force it to cut supplies to a large part of its own territory. Naftogaz would not agree to any Gazprom demands that would reduce supplies to Ukrainian customers, said the company's head, Oleh Dubina, reiterating a complaint first made yesterday. Gazprom confirmed today that the Ukrainian company had "refused to accept Russian gas" at one of the main entry points to the Ukrainian transit system, the AFP news agency reported. The stand-off, which has severely strained relations between Russia and its near neighbours, as well as with the wider European Union, looks set to drag on despite a series of diplomatic initiatives to find a solution. Russia accused Ukraine of deliberately shutting off supplies to Europe, while Ukraine insisted there was not sufficient pressure in the pipeline system. The prime ministers of the two of the worst-affected nations, Bulgaria and Slovakia – both EU members – were travelling to Moscow and Kiev today in an attempt to end the crisis. The Slovakian prime minister, Robert Fico, who was in Kiev for talks with his Ukrainian counterpart, Yulia Tymoshenko, said his country had 11 days of gas reserves left. "After 12 days, we will be obliged to resort to measures never seen in our history. May I simply ask how long this will go on?" he said to Tymoshenko, according to Reuters. Tymoshenko blamed Russia and said Ukraine could do little to help. Fico was due in Moscow later to meet Vladimir Putin, the Russian prime minister, along with the leaders of Bulgaria and Moldova. Russia last night accused the US last night of "orchestrating" the gas crisis. "We believed yesterday that the door for Russian gas was open but again it's been blocked by the Ukrainians," said Gazprom's deputy chairman, Alexander Medvedev. "It looks like ... they are dancing to the music which is being orchestrated not in Kiev but outside the country." The US state department dismissed the accusation. Medvedev later explained he was referring to Ukraine's strategic partnership deal with the US, which was signed in Washington last month by the US secretary of state, Condoleezza Rice. That pact enhances co-operation on defence, energy and trade, including the delivery of gas. The agreement will see the US set up a diplomatic mission in the Crimean regional capital of Simferopol – a move likely to infuriate the Kremlin. The ethnic Russian region has been at the centre of claims that Moscow is trying to fuel separatist sentiments in order to undermine Ukraine's pro-western leadership. Ukraine Russia European Union Gas Oil and gas companies guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• China becomes world's third largest econ... China becomes world's third largest economy
01/14/2009
China has overtaken Germany to become the world's third-largest economy earlier than expected, after estimates for the country's gross domestic product were revised higher. The National Bureau of Statistics of China reported this morning it now believes the Chinese economy grew by 13% in 2007, up from an earlier estimate of 11.9% and China's highest annual growth rate since 1993. Applying the revision to previous calculations carried out by the World Bank shows that China's gross national income reached $3.218 trillion in 2007 compared with $3.197tn for Germany. Economists were already confident that China overtook Germany during 2008, but it now seems that the change occurred in a year earlier. China took fourth place from Britain in 2005, and now has Japan and the US in its sights. China's rapid economic growth began to tail off last year, as the manufacturing powerhouse felt the impact of the woes sweeping the global economy. GDP growth fell to 9% in the third quarter of 2008, down from 10.1% in the second quarter and the fifth straight quarter of slowing growth. Before today's revision, analysts had predicted that the Chinese economy would grow by around 7.9% in 2009 - this compares to the UK where the recession could slice 2% off GDP. But with millions of people still living in poverty and tens of thousands of firms collapsing as demand from the west shrinks, there are predictions that rising unemployment could lead to social unrest . Economics China guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Carol Bartz confirmed as Yahoo chief exe... Carol Bartz confirmed as Yahoo chief executive as president Susan Decker quits
01/14/2009
Yahoo has confirmed the appointment of former Autodesk boss Carol Bartz as its new chief executive, and announced that its president, Susan Decker, will leave the company after almost nine years. Bartz, 60, has been given a seat on the Yahoo board and takes up her role at the troubled internet company immediately. "There is no denying that Yahoo has faced enormous challenges over the last year," Bartz said. "But I believe there is now an extraordinary opportunity to create value for our shareholders and new possibilities for our customers, partners and employees. We will seize that opportunity." Bartz's appointment ends a two-month hunt for a replacement for Jerry Yang, who takes the role of "chief Yahoo", during which there was speculation about the job being taken by former AOL chief executive Jonathan Miller, News Corporation president Peter Chernin, former Vodafone chief executive Arun Sarin or former eBay chief executive Meg Whitman. The Yahoo chairman, Roy Bostock, said that Bartz combined the right mix of technology experience, leadership and respect in the financial markets. "She is the exact combination of seasoned technology executive and savvy leader that the board was looking for," Bostock said. "She is admired in the [Silicon] Valley as well as on Wall Street for her deep management expertise, strong customer orientation, excellent people skills and firm understanding of the challenges facing our industry." Bostock underlined Yahoo's support for Bartz by saying that she was the only candidate that had been offered the role. Bartz was chief executive of software design firm Autodesk for 14 years and was made executive chairman in 2006. She is also on the board of Cisco and Intel. Yahoo veteran Susan Decker, the leading internal candidate, will leave the company after a "transitional period". Yahoo has been under enormous pressure to turn the business around since rejecting a $44bn (£30bn) takeover bid, at more than $30 a share, from Microsoft in February 2008 . Microsoft was also looking at a deal to buy just Yahoo's search advertising operation . The company's share price closed at $12.10 yesterday. Yahoo has had to endure heavy criticism from dissident investor Carl Icahn, who eventually forced his way on to the board along with two of his nominees. Its attempt to fend off Microsoft, an attempted search advertising partnership with Google , failed in November after the US Department of Justice indicated that it would block the agreement on competition grounds. Yahoo's board has continued to look at a number of strategic options, including a deal with Time Warner's AOL operation, in which Google holds a 10% stake. • 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 publicatio n". Yahoo Digital media Media business Yahoo takeover Yahoo Yahoo guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Fall in Christmas sales adds to JJB Spor... Fall in Christmas sales adds to JJB Sports's woes
01/14/2009
JJB Sports admitted today it is heading for a loss of up to £10m after suffering a sharp fall in sales over Christmas, a day after revealing that an Icelandic bank has seized its chief executive's shares. Like-for-like retail sales at the debt-laded sportswear chain fell by 8% in December and early January, a crucial time for the high street . JJB had started its Christmas sales early, slashing prices from late November in an attempt to lure shoppers into its stores. But it admitted today that the "extremely difficult trading conditions" meant it would record a pre-tax loss of between £5m and £10m for the year to 25 January. Sir David Jones, who was installed as executive chairman two weeks ago , has kicked off a full review of JJB. "We are under no illusions that this is a very difficult task in the present retail environment , but we are determined to succeed," he said. JJB was once a darling of the stockmarket. It was founded by ex-footballer David Whelan in the early 1970s, and grew to a network of over 400 stores, but is now under severe pressure as the economy deteriorates. Its has debts of £60m, and is in ongoing talks with its banks. Whelan sold his 27% stake in the company to current chief executive Chris Ronnie in 2007, for £190m. The shares were bought jointly by Ronnie and Icelandic investment group Exista. JJB surprised the City last night by revealing that collapsed Icelandic bank Kaupthing now controls the stake . It is understood that Kaupthing Singer and Friedlander advanced Ronnie and Exista a loan to finance the purchase of Whelan's stake, and that the terms of this loan were breached sometime last year. Kaupthing then took ownership of the shares. In a statement JJB said Ronnie had told them "he is not aware of the date or place of the relevant transaction or of the price per share in respect of the transaction". It continued: "He understands that the legal and beneficial ownership of the shares and accordingly the voting rights attaching to the same were transferred pursuant to the loan documents." A source close to JJB said last night: "It is not exactly clear when this happened. It is being investigated by our legal advisers and should become clear in due course." A company spokesman confirmed this morning that Ronnie has not left the company. Shares in JJB plunged by 25% this morning, down 3.5p to 10.25p. They were trading at 120p a year ago. Total like-for-like sales at JJB fell by 6.8% between 8 December and 11 January, but a 8.4% rise in revenue for health clubs helped to cushion the 8% decrease in retail sales. JJB Sports Retail industry Christmas Iceland guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• UK airports see dip in passenger numbers UK airports see dip in passenger numbers
01/14/2009
The number of passengers travelling through Britain's major airports dipped last year, figures out today showed. The seven UK airports run by the BAA company, which include Heathrow, Gatwick and Stansted, handled 145.8 million passengers in 2008 - a drop of 2.8% compared with 2007. At 66.9 million, the number of passengers using Heathrow airport last year was down 1.4%, while Gatwick dipped 2.8% and Stansted fell 6%. The government is due this month to decide whether to give the go-ahead to expansion at Heathrow in the form of a third runway and a sixth terminal. Expansion would increase the number of air transport movements (take-off and landings) from around 480,000 a year to 702,000. Today, BAA announced that air traffic movements at Heathrow had dipped by 0.5% in 2008 to a total of 473,139. There was a fall in passenger numbers last year at all four of BAA's other UK airports, with Southampton down 0.8%, Glasgow dipping 6.8%, Edinburgh declining 0.5% and Aberdeen going down 3.5%. The figures for December alone showed that the seven airports handled 10.18 million passengers - 6.9% down on the December 2007 total. Heathrow numbers last month were down only 2.3%, but Gatwick passenger numbers fell 13.8%, while Stansted was down 13.0%, Southampton fell 5.4%, Glasgow decreased 10.7%, Edinburgh was down 2,5% and Aberdeen declined 3.2% In the individual sectors, the biggest passenger fall last year was on European and North African charter routes which were down 7.4% compared with 2007. All other sectors fell , too, with the UK and Channel Islands' traffic dropping 5.9%. Taking December alone, the biggest fall was on European and North African charter flights where passenger numbers plunged 21.6%. Air transport movements for December were down 5.8% compared with December 2007, while movements for the whole of 2008 were down 2.4% compared with 2007. BAA said today: "We expect, on the evidence of historic economic downturns and the resulting effect on air traffic, that the long-term prospects for growth remain good and that passenger volumes will recover in due course." BAA Heathrow Airline industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Britain loses faith in economy Britain loses faith in economy
01/13/2009
British economic confidence has been shattered by the financial crisis, according to a unique international poll published today. It shows that people here are now less likely to trust banks, the stockmarket or the government's economic management than people in comparable nations. The research, carried out by WIN, an international network of pollsters including ICM in Britain, used professional polling techniques to assess public opinion in 17 countries, including the major G8 economies as well as China and India. On most measures, British people emerged as among the most pessimistic of the 14,555 people questioned around the world. Remarkably, confidence in the banking system appears lower in Britain - 4.2 out of 10 - than in bankrupt Iceland, which polled 4.6. While around a third of citizens in developing economies such as India and China say the economic situation in their countries could improve in coming months, more than three-quarters of people in Britain expect it to worsen. Pessimism here is slightly deeper than in competitors such as France, Spain and Germany, and equal to Japan. British people are also less likely than average to think that their government can manage the situation, despite Gordon Brown's bank interventions and fiscal stimulus. Asked to rate their trust in the government's management of the financial situation, British people award the government 4.5 out of 10, below the worldwide average of 5.2 and just ahead of Iceland on 4.4. Only Germany and Japan are gloomier, scoring 4.0 and 3.0 respectively in the poll which was conducted before Christmas and published today. These results may reflect the severity of the British position as much as any particular distrust of the British government, and the ICM data was collected before some more recent government initiatives were announced. But they do bring into question the prime minister's claim that Britain is particularly well placed to weather the economic storm. Several of Britain's competitors are more optimistic about their government's capabilities. Americans award 6.3 out of 10 overall, possibly as a result of the changed mood in the weeks following the presidential election. Asked about their personal financial situation, however, rather than prospects for the country as a whole, British people are more upbeat. Not surprisingly, pessimism about personal finances is greatest in Iceland, and lowest in fast-growing economies such as India. Britain comes 10th out of 17 countries on personal finance: most people here say their incomes will either decrease (25%) or stay the same (48%) over the next 12 months. The British are more likely than many to think that this could be a good time to buy a house: 28% say so, against 39% who say it is a bad time, which still leaves Britain towards the top end of the international table, seventh out of 17. However, trust in financial institutions such as banks in Britain is particularly weak, probably as a consequence of the scale of government intervention in banks required since the collapse of Northern Rock. Britain ranks 16th out of 17 countries for public trust in its banks, just ahead of Germany and well behind countries such as the Netherlands, Spain and France. Overall, people around the world tend to have a greater level of faith in their government and even in banks than in the stability of the stockmarket, which on average scored 4.0 out 10 for trust after a terrible performance in 2008. British people are now particularly cautious, giving the markets a score of 3.2, well below America on 4.3. Overall, British attitudes to the financial crisis are closest to other old-world economies such as France and Germany, as well as Japan. Canada, Italy and Spain lead a middle group of more optimistic nations, while developing economies such as India are the most trusting and optimistic. The research draws upon a mix of face-to-face and online polling, and the variation in results may be affected by this, as well as by different sample sizes. Long-term differences in national attitudes to subjects such as property ownership, which outlast economic cycles, may also have played a part in today's findings. But the WIN crisis index, which will now be carried out every three months, does suggest that anxiety in this country is consistently greater in Britain than in its competitors. • The research was carried out online in Britain by ICM in November, with a sample of 1,050. Worldwide data was collected between November and December 2008 by members of the WIN network. ICM is a member of the British Polling Council and abides by its rules. Recession Banking Banks and building societies Economic policy Global economy Opinion polls Property Consumer affairs guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Northern Rock shareholders accuse govern... Northern Rock shareholders accuse government of cheating them out of compensation
01/13/2009
Former shareholders in Northern Rock today accused the government of cheating them of compensation when the bank was nationalised last year. In the high court, lawyers representing the two largest shareholders argued that the government had unfairly rigged an independent valuation of the bank to ensure investors would end up with next to nothing. Michael Beloff, counsel for the second largest shareholder, RAB Capital, described the compensation scheme as an "elaborate and sophisticated charade". The government seized control of Northern Rock last February, the first large-scale nationalisation since the 1970s and the largest victim of the credit crisis at that time. By taking the bank into public ownership, the Treasury rejected a management buyout and a bid from Virgin founder Sir Richard Branson. An independent auditor, Andrew Caldwell from accountants BDO Stoy Hayward, was hired by the Treasury in September and asked to assess how much the shares were worth at the time the bank was taken into public ownership. The government instructed the valuer to assume that the business would have otherwise gone into administration, meaning that the shares would be worthless. At the time of the nationalisation, shares in Northern Rock were changing hands at 90p. The Treasury "chose to nationalise on terms that will ensure that the former shareholders receive, at best, derisory compensation for their shares", said Lord Pannick, who is acting for SRM Global, which owned 11.5% of the bank. He said the assumptions underlying the compensation scheme "will ensure that the government obtains full ownership of this valuable business having paid nothing, or next to nothing, for it, and so inevitably makes a profit when it sells it off in due course." The investors argue that the shares were worth at least £3 at the time of the nationalisation. Of the private sector solutions, the Virgin proposal would have paid up to £2.07 and the management buyout up to £4.48, according to estimates prepared by SRM. "It is clearly disproportionate that all of the profit should be enjoyed by the government and none by the shareholders whose assets were nationalised," Lord Pannick told Lord Justice Stanley Burnton and Mr Justice Silber. The hearing is expected to last four days, with Beloff continuing his argument today, followed by another shareholder, Legal & General, and then representatives of the 150,000 small investors. If judgment goes against the government, it would be forced to reconsider the terms set out to the independent valuer. The Treasury has argued that without support from it and the Bank of England Northern Rock would have gone into liquidation. In a statement yesterday, it reiterated the pledge that Caldwell's assessment would be "independent and based on the value of the company without tax-payer support". The shareholders argue that the bank was a going concern and had a strong asset base, albeit hit by short-term liquidity problems. They contend that the loans and other guarantees had been provided with "penal interest rates" and were not an act of charity. They also argue that there was no chance that the support would have been withdrawn and Northern Rock allowed to go bust. "SRM would not have invested if Northern Rock had not been supported by the government," Lord Pannick said. Northern Rock has been reducing its mortgage book to repay the taxpayer and claims to be well ahead of target, returning £15.4bn by the end of September. The investors are basing their case on the European Convention on Human Rights. Roger Lawson, of the UK Shareholders Association, which represents private investors, told BBC Radio 4; "We take many risks as shareholders but we don't accept the risk normally that the government will confiscate one's property without fair compensation. We are going to court to get a fair and independent valuation." Northern Rock Banking Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (18 h ago)

• A glitz-free Detroit motor show? Some ca... A glitz-free Detroit motor show? Some carmakers didn't get the memo
01/13/2009
Some car manufacturers clearly didn't get the memo. With America's "big three" motor companies on life support, it was supposed to be a glitz-free, austere Detroit motor show this year in preparation for the possibility of mourning. General Motors and Chrysler are cutting staff salaries and slashing every cost to the bone as they struggle to survive on emergency loans as effective wards of the US state. GM can't even afford to run the escalators at its headquarters during evening hours while Ford has scaled back office cleaning from nightly to weekly, according to the New York Times. So was it appropriate for Mercedes to serve up lobster risotto, merlot and crème brûlée as it launched its new E-class sedan at Detroit's swankiest new hotel – the Westin Book Cadillac? Several swanky sports carmakers – including Porsche and Ferrari – discreetly pulled out of this year's show. But Lamborghini flew the flag with a decidedly unreconstructed exhibition stand featuring twig-thin models smiling seductively alongside rich boys' toys masquerading as modes of transport. Then there was Britain's Bentley, which for some reason decided that Detroit would be a good place to launch a £146,100 deluxe convertible featuring massage chairs and a lockable ski cabinet in the boot. Bentley's sales and marketing director, Stuart McCullough, helpfully showed me that the grain on the hand-made wood panelling matched perfectly on both front doors of the Continental GTC Speed. He was engagingly combative when I asked him whether he expected to sell many of the 200mph cars in down-at-heel Detroit. "That's a silly question," said McCullough. "At a Detroit show, you're aiming to put cars on sale for the rest of the world." He pointed out that he'd done interviews with Chinese, Russian and Middle Eastern television from the show. Fair enough, I suppose. After all, Bentley provides a livelihood for 4,000 British workers. Over on the Aston Martin stand, salesman Ron Pond was cheerfully chatty. He said the celebrity chef Wolfgang Puck, who owns an Aston Martin DB9, had popped round earlier for a look at the firm's latest range. When members of the public arrive to gawp at Aston Martin's stand, Pond has a polished technique for deciding who should be allowed beyond a plexiglass barrier to be treated as a serious buyer. "I say to them 'Well, sir, what kind of sports car do you currently enjoy?" Pond explains. "If they say a Mazda MX5, they're not going to spend the money for an Aston Martin." With a dozen or so manufacturers absent from the show this year, China's top carmakers – Brilliance and BYD – were elevated from their previous spot in the basement of Detroit's Cobo convention centre to take stands alongside America's loss-making elite. That meant there was a big gap to fill downstairs. So the organisers came up with a test track allowing visitors to try electric cars through an elaborate impromptu landscape of tropical trees, shrubs and waterfalls. After signing several forms and being rather pedantically breathalysed, your correspondent went for a spin in a Mitsubishi iMiEV – a nifty little plug-in car set to go on sale in Japan this year. I can report that the engine was disconcertingly silent but that the car was comfortable and smooth to handle. At least, that's as far as I could tell – I wasn't allowed to go above 15mph. The company may be teetering on the brink of financial oblivion but Chrysler has come up with some unusual ideas for dashboard gizmos. Chrysler displayed a "concept car" boasting something called "vehicle networking" which allows you to link up with your driving buddies. A map on the dashboard will show the location of "buddy" vehicles and will direct you to them. You can share instant messages, share directions and music and the car will even guide you to them. Then there's a "teen setting" which, in a slightly Big Brother way, allows parents to keep track of young drivers by limiting their speed and their distance from home – and even by alerting mum and dad when their movement becomes erratic. A year ago, Chrysler launched a new Dodge Ram truck at the motor show by herding a bunch of bulls through downtown Detroit. Chrysler's vice-chairman, Jim Press, apologised for the lack of cattle this year: "We had the cows all signed up but they were called to Washington to talk to the cow czar." For good measure, he added: "It's a bear market, anyway." Finally, the least convincing bit of spin at this year's motor show came from Ford's chairman, Bill Ford. "In spite of the many challenges we face, I can honestly say I've never been more excited about our prospects for the future," said the great-grandson of Henry Ford. Has anybody told Bill that Ford has lost $24bn since 2005 – and that US car sales are expected to plunge to a 27-year low this year? Automotive industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Britain's trade deficit widens to new re... Britain's trade deficit widens to new record
01/13/2009
Britain's goods trade deficit with the rest of the world widened to a record level in November, in a sign that the sharp falls in the pound have so far failed to boost exports as hoped. The Office for National Statistics said the trade gap grew to £8.3bn in November from October's downwardly revised £7.63bn, the biggest deficit since records began in 1697 and nearly £1bn worse than economists had expected. The goods trade shortfall with countries outside the European Unionalso hit a record, widening to £5.3bn from £4.4bn, again bigger than expected. Total goods exported slumped 6% in November, reflecting the general weakness of the world economy , but imports only fell 2%. The drop in exports was particularly sharp for non-EU countries, especially the United States, which has plunged into a deep recession with the worst job losses since the second world war. The Bank of England had been hoping that the weaker pound would support British exports during the global downturn and rebalance the economy away from its dependence on domestic consumption. But there is little evidence of this. "The pound is now about 30% below its peak. But with global trade flows subdued, this is unlikely to make much difference, at least in the near term," said Paul Dales, economist at Capital Economics. "Overall, with the external sector so weak, policy makers will need to do much more to stimulate domestic activity. We continue to think that UK interest rates will be cut to virtually zero." The ONS said export prices had not fallen, in spite of the weakening pound. Statisticians said this may be because British firms were trying to rebuild their margins or because some had faced rising costs for raw materials this year. The widening of the goods trade deficit would have been even worse but for a narrowing in the oil deficit due to falling oil prices, today oil was trading as low as $36 a barrel, down from the record high of $148 hit in the summer. The surplus in services trade was broadly steady at £3.9bn in November, meaning the total trade deficit widened to £4.5bn, although that was not a record. Separate data showed that, by contrast, the US total trade deficit narrowed to its smallest in five years. It came in at $40.4bn in November, down from $57bn the month before. Economists warned, though, that the shrinkage was due to collapsing domestic demand and imports rather than any particular strength in exports. Economics Bank of England guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Cooker maker dented by recession Cooker maker dented by recession
01/13/2009
Agas, the cast-iron cookers that have warmed country kitchens for generations, have been dented by the recession. Aga Rangemaster warned this morning that trading deteriorated throughout the last six months of 2008, a time when consumers reined in their spending on big-ticket items and home improvements. The company has already cut its production of new models and eliminated 400 jobs, about 12% of its workforce, over the last year in a bid to reduce costs. Chief executive William McGrath said he was confident that it can keep trading until the economic climate improves. "Our business has origins in cooking and home heating that can be traced back over 300 years and which provide the perspective to see that quality and innovation succeed across economic cycles," he said. Aga said it had seen a shift of interest away from oil-powered cookers into wood-fuelled models over the last year, a time when the oil price soared to its record high of over $147 a barrel. It expects pre-tax profits for the second half of the year to be "appreciably below" the £12.5m it achieved in the first half of 2008. Environmental campaigner George Monbiot criticised the Aga today, arguing that many models do more damage to the environment than the average patio heater. In a column in today's Guardian, he declared the start of a campaign against the Aga . "A large Aga running on coal turns out nine tonnes of carbon dioxide per year: five and a half times the total CO 2 production of the average UK home," he wrote. "To match that, the patio heater would have to burn for nine months." Shares in the firm fell by over 10% this morning, down 7.25p at 54.5p. Manufacturing sector Aga Foodservice Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Tesco results add to UK economic gloom Tesco results add to UK economic gloom
01/13/2009
Britain's descent into full-blown recession was highlighted today as Tesco reported its weakest Christmas sales since the last slump , and three grim surveys chronicled the savage retrenchment in housing, retailing, manufacturing and services. The UK's biggest supermarket group, which takes one pound in every eight spent in Britain's shops, reported underlying sales growth of 2.5%, its slowest rate since the early 1990s. Its performance contrasts sharply with that of discounter Aldi, which saw its total UK sales surge by more than 20% in December, as cash-strapped consumers traded down in the face of the credit crunch. More than 4,000 jobs came under threat yesterday across the economy, with earth-moving equipment company JCB cutting 700 jobs , almost 1,000 posts going at logistics firm Wincanton and news of significant job reductions on the way at auction house Christie's. Cookers group Aga Rangemaster also warned this morning that trading deteriorated throughout the last six months of 2008, as consumers reined in their spending on big-ticket items and home improvements. Aga has already cut its production of new models and eliminated 400 jobs, or around 12% of its workforce, over the last year in a bid to reduce costs. Amid fears that 2009 could see the biggest fall in output in any year since the war, snapshots released today from the Royal Institution of Chartered Surveyors, British Retail Consortium and British Chambers of Commerce plumbed record lows last month. The RICS survey said estate agents sold 10.1 homes on average in the final three months of 2008, the weakest performance in three decades, while the BRC said deep discounting could not spare shops and stores from the grimmest December since it began its survey 14 years ago. David Frost, director general of the British Chambers of Commerce, called for a national economic recovery plan after the BCC's quarterly report showed record lows for manufacturing sales, orders, job prospects, investment, confidence and cash flow. "These are truly awful results, with the scale and speed of the economic decline happening at an unprecedented rate. We have to focus on holding the productive sectors of the economy together. If we are to climb out of this morass we will need a strong business base." With the BCC warning of a "frightening deterioration" in the state of the economy across all 12 regions of Britain, Frost urged cross-party action. "A clearly defined national recovery plan will need to be rolled out as soon as possible, involving all politicians." The BCC, which has been reporting on the economy since 1989, said there was no evidence that the fall in the value of sterling late last year was helping exporters. "It is clear that the economy is facing a very serious recession, and the downturn is deepening at an alarming pace. The collapse in all the fourth-quarter confidence balances to record lows is particularly ominous." It described the deterioration in the service sector – the mainstay of the economy – as "extremely worrying" after revealing that the largest sector firms recorded their worst-ever performance for domestic sales in the final three months of 2008. Stephen Robertson, the BRC's director general, described retailers' December trading performance as "truly dreadful" after it emerged that the value of sales was 1.4% lower in December than a year earlier. Only the food sector showed annual growth last month. "Non-food retailers had a torrid time in December despite a blizzard of promotions and deals, which would have hit margins," Robertson said, urging ministers to reduce cost pressures. "This is no time for the government to be piling new burdens on a major job-supporting sector. For example, its plans to push retailers' business rates bills up by £1.6bn over the next two years urgently needs revising." The RICS said there was evidence that the sharp fall in interest rates since October had led to an increase in inquiries from potential buyers but the credit crunch meant that had yet to be translated into sales. Completed property sales were 57% lower in December than a year earlier even though new buyer inquiries rose for a second month and at the fastest pace for more than two years. Ian Perry, RICS spokesman, said: "Buyer interest is now at levels not seen since 2006, but without mortgage finance the housing market is at a standstill and transaction levels at an all-time low. First-time buyers and owner-occupiers are now stuck in a market which does not fulfil their aspirations. The government must act now to ensure that order is restored to the current chaos. "A first step would be for the government to provide guarantees for the new issuance of residential mortgage-backed securities. Without this help there is a real danger that homebuyers will be frozen out of the market, transaction levels and prices will fall to new lows, repossessions will increase and negative equity will become commonplace." Data released by the Bank of England yesterday showed that the full benefits of lower borrowing costs are still not being passed on to the public. A new 75% loan-to-value tracker mortgage fell by 0.83 of a percentage point last month even though the Bank cut rates by a full point at the start of December. Over the past year, Threadneedle Street has shaved 3.5 points off bank rate but a 75% tracker mortgage has come down by 1.25 points. Interest rates on credit cards, overdrafts and personal loans are all higher than a year ago. The supermarket sector has managed to dodge the worst of the gloom so far, with Tesco, Morrisons and Sainsbury's all planning to hire thousands more workers this year. But analysts believe 2009 will be tough, with sales and profits expected to shrink. Philip Dorgan of Panmure Gordon, who said Tesco's performance over Christmas was "not good enough", believes the supermarket giant could still outperform its rivals through the downturn. "We think that it is going to get tougher for the food retailers, with like-for-like sales growth set to turn negative as volume growth slows and inflation comparisons toughen ... but Tesco should suffer less," Dorgan predicted. Tesco's sales growth trailed behind both Sainsbury's and Aldi, and will probably be comfortably outstripped by Morrisons when it reports Christmas trading figures next week. "The aggressive nature of cost cutting by its competitors is clearly giving Tesco food for thought at the current time," said Richard Hunter, head of UK equities at Hargreaves Lansdown. Recession Tesco Housing market Retail industry Supermarkets Manufacturing sector Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Bernard Madoff avoids jail Bernard Madoff avoids jail
01/12/2009
Bernard Madoff, the Wall Street financier accused of running a massive swindle that fleeced investors of up to $50bn, is to remain in his lavish Manhattan apartment overlooking Central Park after a federal judge today rejected prosecution calls for him to be jailed. The decision to allow Madoff to stay under house arrest in the $7m penthouse, rather than transfer him to the Metropolitan Correctional Centre in lower Manhattan, astonished and further angered victims of the scandal. Judge Ronald Ellis refused to revoke his $10m bail, ruling that the prosecution had failed to make its case that Madoff could cause more harm if he remained at large. But the judge did impose new restrictions that will see all Madoff's mail searched by a security firm before it leaves his building. An inventory will also be taken of all valuable portable objects in his apartment, which will be checked every two weeks to ensure he is not attempting to dispose of it. The restrictions will apply to both Madoff and his wife. Madoff was a highly respected Wall Street figure for more than 40 years, at one point holding the post of chairman of the Nasdaq stockmarket. He gained a reputation for earning his clients a remarkably stable and high rate of return. But last month he was arrested after it was revealed that his financial empire was founded on thin air. He had allegedly been running what is known as a Ponzi scheme — taking in new money to pay the dividends of existing investors, losing up to $50bn and with it the entire life savings of thousands of his clients in the process. Prosecution lawyers had called on the court to imprison him on the grounds that he broke a court order freezing his assets. Shortly before Christmas, Madoff posted $1m-worth of jewellery and gifts to friends and family in clear violation of his bail terms. Court papers showed that the items included 13 vintage timepieces, including Tiffany and Cartier diamond watches, an emerald ring, four diamond brooches, two sets of cufflinks and a jade necklace. The packages were sent by Madoff to his sons, Andrew and Mark, who worked for the family firm, his brother Peter, and his closest friends in New York. The lead prosecutor, Marc Litt, argued that "the continued release of the defendant presents a danger to the community of additional economic harm and further obstruction of justice". But Madoff's defence lawyers said the mailings were an innocent mistake: he had sent out family heirlooms and was simply unaware that was in breach of the asset freeze. Victims and their lawyers reacted angrily to the decision to allow Madoff to remain free. Larry Leif from Palm Beach, Florida, who lost his life savings of $8m, told CNBC: "If I had commited this crime personally, I would be in jail." Jeffrey Zwerling, a lawyer representing individual and institutional Madoff victims around the world, said his clients would be outraged. "They have just lost their entire life savings, are losing their homes, can no longer pay their health insurance, and here is Madoff living in a triplex overlooking Central Park." In further evidence of the strange moral universe inhabited by Madoff, the New York Times yesterday revealed that he has been apologising to his neighbours in the East 64th Street block of apartments for the chaos caused by the media camped outside since his arrest. "Dear neighbours," his letter says, "Please accept my profound apologies for the terrible inconvenience that I have caused over the past weeks. Ruth and I appreciate the support we have received." Bernard Madoff Corporate fraud United States guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Memo From Moscow: Gas Dispute Runs Deepe... Memo From Moscow: Gas Dispute Runs Deeper Than Pipes, Experts Say
01/14/2009
A deal to restore Russian gas shipments to Europe seemed to be unraveling hours after it took effect. (4 h ago)

• Deutsche Bank Reports $6.4 Billion Loss ... Deutsche Bank Reports $6.4 Billion Loss in Quarter
01/14/2009
Deutsche Bank AG, Germany’s biggest bank, said that it lost an estimated $6.4 billion in the fourth quarter last year. (4 h ago)

• German Economy Shrank in Last Quarter German Economy Shrank in Last Quarter
01/14/2009
The German economy contracted by up to 2 percent in the last quarter of 2008 as tumbling exports took their toll. (4 h ago)

• Sony and Toshiba Shares Fall Sharply Sony and Toshiba Shares Fall Sharply
01/14/2009
News reports projected that Japan’s leading electronics companies would see an operating loss in the current financial year as plummeting demand and a strong yen take their toll on sales. (7 h ago)

• Barclays to Cut 2,100 Jobs, Mostly in 2 ... Barclays to Cut 2,100 Jobs, Mostly in 2 Units
01/13/2009
The cuts in the bank’s investment banking and wealth management units are a stark sign that the global financial crisis continues to deepen. (8 h ago)

• Executive at UBS Is Deemed a Fugitive Executive at UBS Is Deemed a Fugitive
01/13/2009
A top executive at UBS was declared a fugitive, two months after he was indicted in connection with an investigation of UBS’s offshore private banking services. (8 h ago)

• British Media Company Sells German Holdi... British Media Company Sells German Holdings
01/13/2009
Burdened with debt, Mecom sells its German newspapers for $204 million. (8 h ago)

• Flow of Dollars to China Slows Flow of Dollars to China Slows
01/13/2009
China’s foreign reserves grew in the fourth quarter of last year at the slowest pace since the summer of 2004, as the country’s central bank found itself with fewer dollars to buy Treasury bonds and other foreign assets. (9 h ago)

• Board Tries to Chart Recovery for Scanda... Board Tries to Chart Recovery for Scandal-Ridden Indian Firm
01/13/2009
The newly appointed board of Satyam is scrambling to get money and new managers while also trying to determine how deep the company’s problems are. (22 h ago)

• Troubles of Satyam Could Benefit Rivals ... Troubles of Satyam Could Benefit Rivals and 2 U.S. Companies
01/13/2009
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)

• A Small Showing, but With Big Dreams A Small Showing, but With Big Dreams
01/13/2009
For the first time, two Chinese carmakers are exhibiting this year on the main floor of the Detroit auto show. (1 d ago)

• Wealth Matters: What to Do if UBS Is Out... Wealth Matters: What to Do if UBS Is Outing Your Secret Account
01/13/2009
A few things to consider if you are part of the group of Americans with undeclared accounts in Switzerland. (1 d ago)

• Town Mourns Typical Businessman Who Took... Town Mourns Typical Businessman Who Took Atypical Risks
01/13/2009
The suicide of the German billionaire Adolf Merckle shocked the nation as much as it angered his tiny town, where he was eulogized at a service that overflowed the church. (1 d ago)

• Germany Is Planning a Bigger Stimulus Pa... Germany Is Planning a Bigger Stimulus Package
01/12/2009
Chancellor Angela Merkel of Germany has resisted a sweeping stimulus plan, but senior members of the government are finishing up a package that could be Europe’s biggest. (1 d ago)

• Alitalia Sells a Stake as It Makes Its R... Alitalia Sells a Stake as It Makes Its Return
01/12/2009
The Italian airline agreed to sell a minority stake to Air France-KLM, cementing ties with the airline just a day before Alitalia takes to the skies as a leaner airline. (1 d ago)

• Japan and Korea Vow Unity on Economic Sl... Japan and Korea Vow Unity on Economic Slump
01/12/2009
The financial crisis prompted South Korea and Japan to set aside historical disputes on Monday and agree to cooperate to meet immediate economic challenges. (1 d ago)

• Christie’s Cuts Costs as Art Market Slow... Christie’s Cuts Costs as Art Market Slows
01/12/2009
A string of disappointing auctions over the last four months has prompted the auction house to start a cost reduction effort that will include job cuts. (1 d ago)

• A Text Arrives. Oh, It’s Just an ‘Idol’ ... A Text Arrives. Oh, It’s Just an ‘Idol’ Ad.
01/14/2009
AT&T sent out text messages to 75 million customers — urging subscribers to tune into the season premier of “American Idol.” (7 h ago)

• Washington Post Names Two Managing Edito... Washington Post Names Two Managing Editors, One of Them a Rare Outsider
01/13/2009
The new editors are Elizabeth Spayd, who has held top posts in the paper’s digital and print newsrooms, and Raju Narisetti, who spent years at The Wall Street Journal. (8 h ago)

• British Media Company Sells German Holdi... British Media Company Sells German Holdings
01/13/2009
Burdened with debt, Mecom sells its German newspapers for $204 million. (8 h ago)

• Intel Shifts Image Advertising to a Smal... Intel Shifts Image Advertising to a Smaller Agency
01/13/2009
Intel is hiring Venables Bell & Partners in San Francisco as its lead global creative agency, replacing McCann Erickson Worldwide. (8 h ago)

• Screen Actors Guild Plans to Take Strike... Screen Actors Guild Plans to Take Strike Consent Vote
01/13/2009
The Screen Actors Guild appeared determined to go ahead with a strike authorization vote after a group of board members failed in an attempt to oust the union’s lead contract negotiator. (8 h ago)

• News Outlets Hope to Capitalize on Inaug... News Outlets Hope to Capitalize on Inauguration
01/13/2009
MSNBC will simulcast its coverage in movie theaters and Starbucks stores, and other screenings are being planned across the nation. (9 h ago)

• Advertising: A Taste for Breakfast and t... Advertising: A Taste for Breakfast and the Super Bowl
01/13/2009
Denny’s, the restaurant chain, is becoming a Super Bowl advertiser for the first time. (10 h ago)

• Hollywood Finds Headaches in Its Big Bet... Hollywood Finds Headaches in Its Big Bet on 3-D
01/13/2009
Studios have aggressively embraced the technology, but mass market 3-D releases are not tenable without expensive upgrades to projection equipment at the multiplex. (18 h ago)

• Advertising: Unemployed? Monster.com Wan... Advertising: Unemployed? Monster.com Wants You to Laugh
01/12/2009
As it tries to appeal to job seekers in a new advertising campaign, the parent company of the employment Web site Monster is using a humorous touch. (1 d ago)

• Few in U.S. See Jazeera’s Coverage of Ga... Few in U.S. See Jazeera’s Coverage of Gaza War
01/12/2009
The Qatar-based network Al Jazeera has virtually unlimited access in a war zone where many American journalists are denied entry. (1 d ago)

• Advertising: For the Honda Brand, a Cine... Advertising: For the Honda Brand, a Cinematic Stroke
01/12/2009
Honda is bringing out three short films to be launched online, under the rubric of the “Dream the Impossible documentary series.” (1 d ago)

• Advertising: A Lawyer’s Call for a Great... Advertising: A Lawyer’s Call for a Greater Black Presence in Agencies
01/12/2009
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)

• 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. (2 d 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. (2 d 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. (2 d 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. (2 d 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. (2 d ago)

• Barclays planning thousands more job cut... Barclays planning thousands more job cuts
01/14/2009
Barclays PLC says it plans to cut up to 2,100 jobs in its retail and commercial banking units, adding to redundancies of the same size in its investment banking arms. (3 h ago)

• Deal ends Citigroup's 'supermarket' mode... Deal ends Citigroup's 'supermarket' model
01/14/2009
The original financial supermarket is dead. (3 h ago)

• Price of oil higher after Bernanke comme... Price of oil higher after Bernanke comments
01/14/2009
Oil prices rose to near $39 a barrel Wednesday in Asia after Federal Reserve Chairman Ben Bernanke said a stimulus package could help revitalize the ailing U.S. economy. (3 h ago)

• Yahoo names technology veteran new CEO Yahoo names technology veteran new CEO
01/13/2009
Yahoo Inc. named Silicon Valley veteran Carol Bartz as its new chief executive Tuesday, bringing in a no-nonsense leader known for developing a clear focus. (13 h ago)

• Signs of credit market thaw begin to eme... Signs of credit market thaw begin to emerge
01/13/2009
Credit markets are beginning to thaw after months of a deep freeze. (14 h ago)

• Automakers talk of stabilizing the price... Automakers talk of stabilizing the price of gas
01/13/2009
Inside the research centers of GM, Ford, and Chrysler, the companies are spending billions to develop plug-in electric cars at a time when gasoline has dropped below $2 per gallon. (15 h ago)

• Once-invincible hedge funds brace for ba... Once-invincible hedge funds brace for bad 2009
01/13/2009
Blind-sided by a colossal market collapse and the widening Bernard Madoff scandal, hedge funds suffered their worst showing on record last year. (15 h ago)

• Fannie Mae won’t evict renters in forecl... Fannie Mae won’t evict renters in foreclosures
01/13/2009
Mortgage finance company Fannie Mae said Tuesday it has adopted a policy allowing renters to remain in their homes even if their landlord enters foreclosure. (15 h ago)

• Obama pushes for rest of bailout funds Obama pushes for rest of bailout funds
01/13/2009
A week shy of taking office, President-elect Obama already is putting his persuasion skills to a high-stakes test with Congress for the rest of the $700 billion financial bailout fund. (15 h ago)

• Citi, Morgan Stanley to merge brokerages Citi, Morgan Stanley to merge brokerages
01/13/2009
Citigroup Inc. and Morgan Stanley agreed Tuesday to combine their brokerages in a deal that shows how much Citigroup wants to slim down and build up cash. (15 h ago)

• Treasury to measure how banks use bailou... Treasury to measure how banks use bailout
01/13/2009
Under criticism for its oversight of the federal bailout program, the Treasury Department plans to examine more closely whether institutions that receive money use it to boost lending. (16 h ago)

• Analyst sees lengthy auto sales downturn Analyst sees lengthy auto sales downturn
01/13/2009
Automakers should not expect a quick turnaround in consumer demand, auto industry analysts said Tuesday, predicting the struggling economy could lead to some consolidation. (16 h ago)

• Bernanke: Obama stimulus would lift econ... Bernanke: Obama stimulus would lift economy
01/13/2009
Federal Reserve Chairman Ben Bernanke says a stimulus package being crafted by President-elect Barack Obama and Congress could give the economy a "significant boost." (19 h ago)

• U.S. may outsip Italy in wine consumptio... U.S. may outsip Italy in wine consumption soon
01/13/2009
The world just can't get enough wine. (20 h ago)

• Desperate sellers get creative in downtu... Desperate sellers get creative in downturn
01/13/2009
A growing number of Americans are reluctantly dipping their toes into a surging undercurrent of the rough, financial ocean. Call it “the recession market.” (22 h ago)

• Yahoo Names New CEO Yahoo Names New CEO
01/13/2009
Former Autodesk CEO Carol Bartz has been named Yahoo's new CEO. (14 h ago)

• Citigroup, Morgan Merge Brokerage Arms Citigroup, Morgan Merge Brokerage Arms
01/13/2009
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. (16 h ago)

• Where Did The Bailout Billions Really Go... Where Did The Bailout Billions Really Go?
01/13/2009
Billions of bailout money - your tax dollars - went to banks to buy up troubled mortgages. So why did so many of the banks that benefitted simply buy other banks? Sharyl Attkisson Follows the Money in an exclusive report. (18 h ago)

• Sales Slump Leaves Sony At A Loss Sales Slump Leaves Sony At A Loss
01/13/2009
Sony is sinking into its first yearly operating loss in 14 years as sales fizzle for digital cameras, flat-panel TVs and other gadgets taking a hammering from the global recession and a soaring yen, analysts said Tuesday. (20 h ago)

• Pfizer Makes Deep Cuts To Research Staff Pfizer Makes Deep Cuts To Research Staff
01/13/2009
Pfizer Inc., the world's biggest drug company, is laying off up to 800 scientists this year in its latest effort to refocus disappointing research efforts and cut its massive overhead ahead of an anticipated crash in revenue. (20 h ago)

• Treasury Short On Bailout Answers Treasury Short On Bailout Answers
01/13/2009
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. (20 h ago)

• Obama Shelves Jobs-Credit Proposal Obama Shelves Jobs-Credit Proposal
01/13/2009
Bowing to widespread Democratic skepticism, President-elect Barack Obama will drop his bid to include a business tax break he once touted in the economic stimulus bill now taking shape on Capitol Hill, aides said last night. (21 h ago)

• Bernanke: Obama Stimulus A Good First St... Bernanke: Obama Stimulus A Good First Step
01/13/2009
Fed Chairman Ben Bernanke said the stimulus package being crafted by President-elect Barack Obama and Congress could provide a "significant boost" to the economy, but warned that other steps must be taken. (1 d ago)

• Madoff To Remain Free On Bail In Penthou... Madoff To Remain Free On Bail In Penthouse
01/12/2009
A judge has allowed Bernard Madoff to remain free on bail, rejecting a bid by prosecutors to send the disgraced investor to jail. (1 d ago)

• Hedge Funds Took A Serious Hit In 2008 Hedge Funds Took A Serious Hit In 2008
01/12/2009
Blind-sided by a colossal market collapse and the widening Bernard Madoff scandal, hedge funds suffered their worst showing on record last year. And they're bracing for more pain in 2009. (1 d ago)

• Toyota Unveils New Prius Boasting 50 MPG Toyota Unveils New Prius Boasting 50 MPG
01/12/2009
Toyota Motor Corp. is looking to keep the Prius in its spot as the top-selling hybrid in the U.S. with the next generation of the iconic fuel-sipper. (1 d ago)

• Dodd: Show Me The Bailout Money Dodd: Show Me The Bailout Money
01/12/2009
Senate Banking Committee Chairman Chris Dodd is setting out the conditions necessary for Congress to approve spending the second $350 billion of a roughly $700 billion federal rescue plan. (1 d 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. (2 d ago)

• DYKSTRA BEANED BY BOOK AGENT DYKSTRA BEANED BY BOOK AGENT
01/14/2009
LENNY Dykstra's legal battles have entered a new inning. The former big-league ballplayer known as "Nails" is involved in yet another squabble over money, this time with high-powered New York literary agent David Vigliano, who claims he lent... (7 h ago)

• SAG TO REGROUP AFTER MEET SAG TO REGROUP AFTER MEET
01/13/2009
The Screen Actors Guild is going to press on with plans for a strike authorization vote, but needs to reassess when to send out ballots after the end of a contentious 30-hour meeting, its president said. A date for the ballots to be mailed out... (8 h ago)

• $26M LANDS 1627 B'WAY $26M LANDS 1627 B'WAY
01/13/2009
A land lease under the building at 1627 Broadway has been sold to United American Land for nearly $26 million. United American Land is run by brothers Jody, Albert and Jason Laboz, who bought the lease from the Rockefeller Group, aka RGI, whose... (8 h ago)

• SEARCH RESULT: 1 SEARCH RESULT: 1
01/13/2009
As the new CEO of Yahoo!, Carol Bartz will be tasked with charting a clear course for a company that still attracts the Web's largest audience despite having lost its direction operationally. Bartz, 60, got the CEO nod yesterday after Yahoo! (8 h ago)

• RETAIL BIGS EXCHANGE BARBS AT BANQUET RETAIL BIGS EXCHANGE BARBS AT BANQUET
01/13/2009
Facing the industry's worst crisis in decades, retail bigwigs are growing testy. Mickey Drexler - the legendary merchant who built The Gap's empire in the 1990s and who is now the CEO of J. Crew - told industry insiders this week that luxury... (8 h ago)

• NY BANK: NO THANKS TO RESCUE NY BANK: NO THANKS TO RESCUE
01/13/2009
After being cleared for $596 million in banking rescue cash, New York Community Bancorp - the state's fourth largest - declined yesterday to accept the cash or take on Uncle Sam as a partner. The 178-branch, metro-area bank had won approval last... (9 h ago)

• BARCLAYS CUTS JOBS BARCLAYS CUTS JOBS
01/13/2009
Barclays Plc, the fourth-largest UK bank, plans to cut about 2,100 jobs at its investment bank, fund management and private banking units. The cuts follow the more than 3,000 jobs Barclays cut last year as it acquired bankrupt Lehman Brothers'... (9 h ago)

• GOOD, BAD & UGLY GOOD, BAD & UGLY
01/13/2009
The house that Sandy built is about to get torn down. Sources say that Citigroup CEO Vikram Pandit and his lieutenants are hammering out plans - said to be announced next week when the bank releases earnings - to separate the banking giant's... (9 h ago)

• GEITHNER'S TAXING PROBLEMS BEGIN TO MOUN... GEITHNER'S TAXING PROBLEMS BEGIN TO MOUNT
01/13/2009
The White House's new economics guru Tim Geithner can't keep his own expenses in order - admitting he failed to pay $34,000 in income taxes and even let his housekeeper's working papers expire. While gaffs involving servants are all too common... (9 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/13/2009
Ben's 2 cents Fed Chairman Ben S. Bernanke warned that a fiscal stimulus won't be enough to spur an eco nomic recovery and that the government may need to buy or guarantee banks' tainted assets to revive growth. JPM forecast JPMorgan Chase may... (9 h ago)

• Treasury plans to measure lending Treasury plans to measure lending
01/13/2009
The Treasury Department has invested billions of dollars in bailout money to more than 250 banks. Today it opened up the bailout money to 3,000 small community banks. Now the Treasury plans to compare lending levels between banks that got government money and those that didn't. But will it work? Steve Henn reports. (20 h ago)

• Can Obama control his team's egos? Can Obama control his team's egos?
01/13/2009
President-elect Obama has taken a "team of rivals" approach in selecting people to serve in his cabinet. Can they work together in support of his goals? Commentator Dan Drezner says it depends on Obama's leadership style. (22 h ago)

• Macau casinos out of luck in recession Macau casinos out of luck in recession
01/13/2009
The tiny Chinese territory of Macau is home to the biggest casino in the world, which has thrived on high rollers. But as the markets have collapsed, Macau's growth has come to a standstill. Scott Tong reports. (22 h ago)

• Stanford to explore new energy sources Stanford to explore new energy sources
01/13/2009
Stanford University has received a gift of $100 million from alumni to create a new energy institute. As Janet Babin reports, in these tough times the only road to innovation may be through the private sector. (22 h ago)

• Health insurer's database gets overhaul Health insurer's database gets overhaul
01/13/2009
In a settlement with the state of New York, UnitedHealth Group has agreed to overhaul its database system to ensure that patients using out-of-network physicians are fully reimbursed. The settlement may have a major impact on other insurers as well. Sarah Gardner reports. (22 h ago)

• Is lumber industry going under? Is lumber industry going under?
01/13/2009
Lumber mills and timber companies are losing money as the recession hits the homebuilding business. Scott Jagow speaks with Andrew Miller, CEO of Stimson Lumber Company, about the decline of the timber industry and how it's affecting the Northwest, where lumber is big business. (22 h ago)

• Credit markets show signs of life Credit markets show signs of life
01/13/2009
Signs point to the credit markets finally loosening up. Scott Jagow speaks with financial analyst Peter Cohan about why the credit markets may be improving. (22 h ago)

• Bernanke looks to create 'bad banks' Bernanke looks to create 'bad banks'
01/13/2009
To further strengthen the financial system, Federal Reserve Chairman Ben Bernanke is proposing a plan to create "bad banks" to buy up bad assets in exchange for cash or equity. What's a "bad bank"? Ashley Milne-Tyte reports. (22 h ago)

• Cost of Living: Making Frugality a Habit Cost of Living: Making Frugality a Habit
01/13/2009
The task of saving for a rainy day seems daunting, but finding specific areas to cut back can help. (20 h ago)

• Off the Charts: Investment Tax Cuts Help... Off the Charts: Investment Tax Cuts Help Mostly the Rich
01/13/2009
A lower tax rate on long-term capital gains and dividends doesn’t help most Americans. (22 h ago)

• How Safe Is That Nest Egg, Anyhow? How Safe Is That Nest Egg, Anyhow?
01/13/2009
In the wake of the Madoff scandal, do mutual fund investors actually have cause to worry that their nest eggs could disappear? (1 d ago)

• Off the Charts, in the Wrong Direction Off the Charts, in the Wrong Direction
01/13/2009
Most of the year’s decline was in the fourth quarter, as investors concluded that government efforts to rescue the economy were insufficient. (1 d ago)

• First, an Awful Year for Mutual Funds. N... First, an Awful Year for Mutual Funds. Now, the Tax Bill.
01/13/2009
After seeing their portfolios’ values melt away, many investors still need to pay taxes on their funds’ dividends. (1 d ago)

• Mortgages: Will Loan Limits Rise? Mortgages: Will Loan Limits Rise?
01/13/2009
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)

• Recession to last a year - CFOs Recession to last a year - CFOs
01/14/2009
I have done numerous blog entries on how long the recession will last. At the moment, it's anyone's guess, no-one really knows for sure.According to the last Duke University/CFO Magazine... (1 h ago)

• Maths and the meltdown Maths and the meltdown
01/14/2009
One of the big drivers of this financial meltdown were the econometric models that saw mathematics guiding investor behavior.The reality is that the big drivers of bubbles are social and... (1 h ago)

• A treaty for the Arctic? A treaty for the Arctic?
01/13/2009
The Arctic has long been neglected in terms of international governance and management but that's likely to change for two reasons. First, there is the prospect of rising tensions with yet to be... (17 h ago)

• Hedging the bets Hedging the bets
01/13/2009
Hedge fund managers are now conceding that Bernard Madoff has probably achieved what the Securities and Exchange Commission's Christopher Cox could never do: usher in strict new regulations for... (18 h 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... (2 d 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... (2 d ago)

• Company bankruptcies surged in 2008 Company bankruptcies surged in 2008
01/13/2009
Bankruptcy filings among publicly traded companies surged 74 percent in 2008, according to data from BankruptcyData.com, a division of New Generation Research Inc. (23 h ago)

• Madoff allowed to remain free on bail Madoff allowed to remain free on bail
01/12/2009
A judge has allowed Bernard Madoff to remain free on bail, rejecting a bid by prosecutors to send the disgraced money manager to jail. (1 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. (2 d 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. (2 d 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. (2 d ago)

• 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) (3 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) (3 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) (3 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) (3 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) (3 d ago)

Business

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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

• $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. The fund had more than $100... (2 d 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... (2 d ago)

• Russia: Ukraine is blocking Europe's gas Russia: Ukraine is blocking Europe's gas
01/13/2009
Russia's state gas monopoly accused Ukraine of blocking transit of Russian gas to Europe hours after supplies were restarted, extending the energy crisis that left parts of Europe cold and dark. (1 d ago)

• China's exports, imports fall sharply China's exports, imports fall sharply
01/13/2009
China's trade slump worsened in December as exports fell at their fastest rate in a decade, the government said Tuesday, aggravating a decline that has fueled a wave of layoffs and fears of unrest. (1 d ago)

• In Wake of Alcoa Report, Dow Falls Agai... In Wake of Alcoa Report, Dow Falls Again
01/13/2009
NEW YORK, Jan. 13 -- Wall Street's growing angst about company earnings gave stocks a mixed finish Tuesday, with the Dow Jones industrials suffering their fifth straight loss. (11 h ago)

• Anticipating Poor Earnings Reports, Inv... Anticipating Poor Earnings Reports, Investors Pull Back
01/12/2009
NEW YORK, Jan. 12 -- Wall Street extended last week's slide Monday as investors worried that the quarterly results companies begin releasing this week will signal the economy is in worse shape than feared. (1 d ago)

• The Place of Loyalty in Your New Company... The Place of Loyalty in Your New Company's Values
01/12/2009
Jack and Suzy Welch over at BusinessWeek had a good article a few days ago on the role of loyalty in corporate culture - especially in hard times. I thought it was useful to consider in the context of... (1 d ago)

• Looking to Start a Franchise? 2009 Trend... Looking to Start a Franchise? 2009 Trends...
01/13/2009
Joel Libava has a very enlightening piece over at Small Business Trends on franchise trends in 2009. Joel sees the current market climate as actually benefitting the franchise scene.The gyrations of... (13 h ago)

• Mastering Your Money Mastering Your Money
01/12/2009
Adam Pash over at Get Rich Slowly (ht to Lifehacker) had some excellent suggestions earlier this month for ways to keep a grip on your money in 2009. For starters, you should track every penny you... (1 d ago)

• Surviving the Recession with Your Startu... Surviving the Recession with Your Startup
01/12/2009
Cassimir Medford had a good piece a few days ago on helping your startup survive the recession - especially if you're in the tech sector.We have entered the tech industry's second major... (1 d ago)

• U.S. may outsip Italy in wine consumptio... U.S. may outsip Italy in wine consumption soon
01/13/2009
The world just can't get enough wine. (20 h ago)

• Your Career: Working on the 'grandma' tr... Your Career: Working on the 'grandma' track
01/12/2009
Call it the “grandma” track — grandmothers putting aside their own careers or juggling work while trying to raise their children’s kids. (1 d ago)

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