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Business News
for 01/22/2009

(last updated 7:30am EST 01/22/2009)

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• BUDGET BEAUTIES BUDGET BEAUTIES
01/22/2009
Many of us are holding off on major renovations for now, but that doesn't mean you have to spend big bucks to spruce up your home. There's no need to shell out $1,000 for a paint job or new furniture. Here are some "recession-proof" design projects... (3 h ago)

• NADEL NAILED BY SEC NADEL NAILED BY SEC
01/22/2009
A missing Florida hedge-fund manager left a fake suicide note for his wife, state police officials said yesterday. The revelation came as the Securities and Exchange Commission finally slapped fraud charges on Arthur Nadel yesterday, saying he... (7 h ago)

• TEXAS PONZI UNCOVERED TEXAS PONZI UNCOVERED
01/22/2009
A former Texas bail bondsman who told investors he ran a $45 million hedge fund and installed a swimming pool at his office was sued by US regulators for allegedly operating a Ponzi scheme. Rod Cameron Stringer of Lamesa, Texas, misappropriated... (7 h ago)

• MADOFF LOSSES FOR COLUMBIA LAW MADOFF LOSSES FOR COLUMBIA LAW
01/22/2009
Columbia University uncovered a $3 million loss related to Bernard Madoff, the school said. The university said yesterday it discovered the loss after a review of its investments. An alumnus, whose name wasn't made public, made a 1980 gift to... (7 h ago)

• INVINCIBLE APPLE INVINCIBLE APPLE
01/22/2009
In a reversal of the usual, Apple's earnings trumped questions about CEO Steve Jobs' health. The company behind the iPod continued to prove itself immune to an economy that has ravaged its competitors, reporting blowout first-quarter earnings... (7 h ago)

• TOUGH TIMES FOR DUFF LEAD TO 80% JOB CUT... TOUGH TIMES FOR DUFF LEAD TO 80% JOB CUTS
01/22/2009
The future of Duff Capital Advisors, a hedge fund launched by former Morgan Stanley CFO Phil Duff, has been cast in doubt after the firm slashed staff even before it began to raise capital to make investments. Duff, which at its peak employed 100... (7 h ago)

• INVESTORS SOUR ON EBAY INC. INVESTORS SOUR ON EBAY INC.
01/22/2009
EBay Inc., the world's biggest Internet auctioneer, tumbled in late trading after it projected first-quarter sales and profit that were below analysts' estimates. EBay, based in San Jose, Calif., fell 5.7 percent to $12.53 at press time yesterday... (7 h ago)

• DISNEY OFFERS EXEC BUYOUTS DISNEY OFFERS EXEC BUYOUTS
01/22/2009
Walt Disney Co., the world's largest theme-park operator, is offering buyouts to executives at its US parks and resorts to cut costs. "Given the continued uncertainty of the economic environment, we must manage our business even more productively... (7 h ago)

• THE OTHER JOB GEITHNER GETS MAY BE TROUB... THE OTHER JOB GEITHNER GETS MAY BE TROUBLESOME
01/22/2009
AREN'T we lucky to have civil servants like Tim Geithner! Despite not bothering to pay a portion of his taxes, Geithner will eventually be confirmed as Treasury secretary - the guy in charge of collecting other people's taxes - probably because... (7 h ago)

• BLACKROCK EARNINGS OFF 84% BLACKROCK EARNINGS OFF 84%
01/22/2009
BlackRock, the largest publicly traded US money manager, said fourth-quarter earnings fell 84 percent as the bear market forced the firm to cut jobs and mark down the value of hedge-fund investments. Net income declined to $53 million, or 40... (7 h ago)

• BARCLAYS PLUNGES YET AGAIN BARCLAYS PLUNGES YET AGAIN
01/22/2009
Barclays, the UK bank that turned down government funding last year, declined for a seventh straight day yesterday in London trading, on speculation that it may be forced to take more writedowns and be nationalized. Barclays, which dropped as... (7 h ago)

• BANKING ON BOUNCE BANKING ON BOUNCE
01/22/2009
The heads of two giant banks - JPMorgan Chase and Bank of America - single-handedly lifted Wall Street by bargain buying of beaten-down shares of their institutions. The sharp jump in their shares boosted the Dow Jones industrial average and... (7 h ago)

• IT'S A NO 'WIN' FOR CITI IT'S A NO 'WIN' FOR CITI
01/22/2009
Citigroup is hoping its newly named chairman, Dick Parsons, can prove his charm and insider smarts are enough to guide the bank through its tumultuous makeover. A nine-year star director at Citi, and a veteran of 14 years of Time Warner's... (7 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/22/2009
ML bonuses Merrill Lynch stepped up its bonus payments last month, doling out bil lions of dollars to em ployees just three days before the closing of its sale to Bank of America. Sources tell the Financial Times that $3 billion to $4 billion... (7 h ago)

• 'TURBO' TIM ADMITS TO 'AVOIDABLE MISTAKE... 'TURBO' TIM ADMITS TO 'AVOIDABLE MISTAKES'
01/22/2009
Treasury secretary nominee Tim Geithner yesterday admitted he had been "careless" and made "avoidable mistakes" when he failed to pay $34,000 in taxes nearly eight years ago. Testifying on Capitol Hill in his Senate confirmation hearing, Geithner... (7 h ago)

• UPPER EAST SIDE UPPER EAST SIDE
01/21/2009
Bedrooms: 1 Bathrooms: 1 Square feet: 500 Maintenance: $503 -- One more recession special -- the price on this already reduced, gut-renovated co-op with ultra-high-end finishes has just dropped another 40 grand. Located on a well-groomed... (8 h ago)

• UPPER WEST SIDE UPPER WEST SIDE
01/21/2009
Bedrooms: 1 Bathrooms: 1 Square feet: 589 Common charges: $321 -- There's no denying that the location of this serene, sun-splashed second-floor condo on West 110th Street is simply divine -- St. John the Divine is just up the street. Other... (8 h ago)

• ON THE MARKET ON THE MARKET
01/21/2009
OSSINING THREE-BEDROOM, $409,222: This split-level Westchester house is 1,750 square feet with 1½ baths, living room with fireplace, dining room with door to patio and back yard, eat-in kitchen with dishwasher, basement with laundry area... (8 h ago)

• BOERUM HILL, BROOKLYN BOERUM HILL, BROOKLYN
01/21/2009
Bedrooms: 3 Bathrooms: 3 Square feet: 2,094 Common charges: $943 -- Think beyond the square footage of this "unique and dramatic" triplex condo loft on Boerum Place - that's just the interior! Beyond the "sleek," open floor plan, which boasts a... (8 h ago)

• SUTTON SUTTON
01/21/2009
Bedrooms: 2 Bathrooms: 2½ Square feet: 1,800 Maintenance: $2,891 -- "Views, views and more views" (city, bridge and river, to be exact) are just three of the things you're going to appreciate about this co-op high above East 58th Street. It... (8 h ago)

• HK stocks close higher with HSBC's rebou... HK stocks close higher with HSBC's rebound
01/22/2009
HSBC rebounded after eight consecutive days of decline, boosting the main index of Hong Kong stocks Thursday, but traders said they don't expect a major market recovery in the near term because of weak corporate earnings and economic data. The Hang Seng Index rose 74.36 points, or 0.6 percent, to 12, 657.99, but was off an intraday high of 12,895.25. Turnover fell to 35.38 billion HK dollars (4.57 billion U.S. dollars) from 47.67 billion HK dollars (6.15 billion U.S. dollars) on ... (4 h ago)

• Ministry: no surge expected in China's t... Ministry: no surge expected in China's textile exports
01/22/2009
China's textile export would not show a sharp increase after the termination of license management system on textiles exported to the US and Europe, said a foreign trade official with China’s Ministry of Commerce recently said . Meanwhile, China's textile industry is under dual pressure from weakening demand at home and abroad. After the integration of global textile trade in 2005, China reached agreements with the EU and the US regarding China's textile exports to those markets. At the end ... (6 h ago)

• Total investment in 3G construction to b... Total investment in 3G construction to be 170 billion yuan in 2009
01/22/2009
The Ministry of Industry and Information Technology said on January 22 that in 2009 the total investment in 3G construction is expected to be 170 billion yuan, of which an investment of almost 120 billion yuan has been already initiated recently or is going to be initiated soon. The investment will make positive contributions to expanding domestic demand and the economic development of China. According to the 3G network construction plans of the three telecom enterprises, investment in 3G ... (6 h ago)

• News Analysis: China's steel industry be... News Analysis: China's steel industry benefits from stimulus, support plan
01/22/2009
Excess capacity, low industrial concentration and a lack of access to natural resources have long plagued China's steel sector. These problems have been exacerbated by the impact of the global financial and economic crisis. When China's State Council, or Cabinet, approved a "rejuvenation plan" January 14 to support the troubled industry, the immediate aim was to deal with the effects of the crisis. However, analysts said, it could also ease the industry's long-term structural problems. ... (7 h ago)

• China's textiles and garments export gro... China's textiles and garments export growth slowing
01/22/2009
The growth in China's exports of textiles and garments fell to 8.2 percent last year from 18.9 percent the year before, according to the Department of Foreign Trade of the Ministry of Commerce. Total textiles and garments exports amounted to 185.17 billion U.S. dollars in 2008, according to the General Administration of Customs. The Department of Foreign Trade said export growth would slow further this year, but it gave no estimates. Exports would be hit by sagging demand ... (7 h ago)

• Indonesia FDI surges by 43.8% in 2008 Indonesia FDI surges by 43.8% in 2008
01/22/2009
Indonesia's foreign direct investment in 2008 rose sharply by 43.8 percent to 14.87 billions U.S. dollars from that of at 2007, according to data from the country's investment board. Most of the investment was in the sectors of transportation and communication, it said. The largest Southeast Asia economy has strived to entice investors by combating seismic corruption and red tape, providing tax incentives, and building massive infrastructure. The country's has revised dow ... (7 h ago)

• Chinese shares stand above 2,000 points ... Chinese shares stand above 2,000 points on positive economic trends
01/21/2009
Chinese share prices closed 1 percent higher on Thursday after the National Bureau of Statistics said the country's economic growth showed positive trends. The Shanghai Composite Index climbed 1 percent to 2,004. The Shenzhen Component Index was up 1.15 percent to 7,050. Combined turnover reduced to 103.65 billion yuan (14.8 billion U.S. dollars) from 106.39 billion yuan on the previous trading day. &$ &$Source: Xinhua&$ &$ ... (8 h ago)

• China drives on green wheels amid global... China drives on green wheels amid global financial downturn
01/21/2009
The launch of the world's first commercialized plug-in hybrid electric car at the Detroit auto show again put in the limelight China's unremitting efforts to develop a sustainable and environmentally-friendly economy. Chinese car-manufacturer BYD Auto's launching of a range of electric and plug-in hybrid vehicles, which lured more than 1,000 journalists and industry insiders at the main floor of the ongoing Detroit show, may have changed a bit the world's perception that Chinese products ... (8 h ago)

• S Korean economy shrinks 5.6% in fourth ... S Korean economy shrinks 5.6% in fourth quarter of 2008
01/21/2009
The South Korea's real gross domestic product (GDP) shrank 5.6 percent in the fourth quarter of 2008 from three month earlier, compared with a 0.5 percent expansion in the third quarter, the country's central bank said Thursday. According to the Bank of Korea (BOK), the fourth quarter's performance was the worst since the first quarter of 1998 when the GDP fell 7.8 percent in the aftermath of the Asian financial crisis. The central bank added that Asia's fourth-largest economy de ... (9 h ago)

• Italy to grant 3 mln euros to develop Vi... Italy to grant 3 mln euros to develop Vietnamese SMEs
01/21/2009
Italy pledged to grant 3 million euros (3.87 million U.S. dollars) to help Vietnam develop small- and medium-sized enterprises (SMEs), the local newspaper Liberty Saigon reported Thursday, according to an agreement signed here. The support in the form of technical assistance project, namely SME Cluster Development, was signed between Vietnam's Ministry of Planning and Investment (MPI), the Embassy of Italy and the United Nations Industrial Development Organization (UNIDO). Under ... (9 h ago)

• Japan's central bank keeps key interest ... Japan's central bank keeps key interest unchanged at 0.1%
01/21/2009
The Bank of Japan (BOJ), as widely expected, held its key interest rate unchanged at 0.1 percent Thursday. The eight-member policy board of the BOJ, which cut the unsecured overnight call rate target to 0.1 percent from 0.3 percent in December, agreed unanimously to hold the rate steady. Meanwhile, the BOJ downgraded its estimates for the nation's economic growth from the previously forecasted 0.1 percent to minus 1.8 percent in fiscal 2008, which ends in March 2009. For ... (9 h ago)

• Beijing property prices predicted to fal... Beijing property prices predicted to fall
01/21/2009
The average house price in Beijing will plummet by as much as 20 percent as buyers snap up cut-price homes, according to the Beijing Academy of Social Sciences. The average cost could even reach as low as 8,000 yuan ($1,170) per square meter in the coming months, it said in its Beijing Economic Development Report this week. The stagnant housing market during the financial crisis and the influx of cheap price-limited condos are the main reasons for the drop, Tang Yong, assistant r ... (9 h ago)

• Gold closes lower on firm dollar, profit... Gold closes lower on firm dollar, profit-taking
01/21/2009
Gold futures on the COMEX Division of the New York Mercantile Exchange ended lower on Wednesday due to a strong dollar and moderate profit-taking. Platinum declined, but silver gained. The Gold price for February delivery dropped 5.10 U.S. dollars, or 0.6 percent, to 850.10 dollars an ounce. The U.S. dollar continued to be strong against most major currencies. The exchange rate against the euro climbed to 1.2864 dollars from 1.2906 dollars at the end of gold's trading day, puttin ... (10 h ago)

• Backgrounder: Basic facts about Chinese ... Backgrounder: Basic facts about Chinese economy in past decade
01/21/2009
China, now estimated to be the world's third largest economy by gross domestic products (GDP) growth, faces the biggest challenge since the Asian financial crisis in 1997 as the impact of the global financial turmoil expands into the emerging economies. Here are some basic facts collected by Xinhua about the country's economic performance from 1998 to 2007. GDP growth CPI FDI (USD bln) FX (USD bln) Urban Unemployment 1998 7.8% -0.8% 45.46 144.96 3.1% 1999 7.6% -1.4% 40.32 ... (13 h ago)

• China fixed-asset investment up 25.5% in... China fixed-asset investment up 25.5% in 2008
01/21/2009
China's fixed-asset investment rose 25.5 percent year-on-year to 17.23 trillion yuan (2.52 trillion US dollars) in 2008, the National Bureau of Statistics (NBS) said Thursday. The growth rate was 0.7 percentage points higher than the previous year. Urban fixed-asset investment was 14.82 trillion yuan, representing an annual increase of 26.1 percent and up 0.3 percentage points from the previous year, and rural fixed-asset investment stood at 2.41 trillion yuan, up 21.5 percent. ... (13 h ago)

• China industrial output rises 12.9% in 2... China industrial output rises 12.9% in 2008
01/21/2009
China's industrial output rose 12.9 percent year on year in 2008, 5.6 percentage points lower than the previous year, the National Bureau of Statistics (NBS) said on Thursday. &$ &$Source:Xinhua&$ &$ ... (13 h ago)

• China retail sales rise 21.6% in 2008 China retail sales rise 21.6% in 2008
01/21/2009
China's retail sales grew at an annual rate of 21.6 percent in 2008, up 4.8 percentage points from a year earlier, the National Bureau of Statistics said Thursday. &$ &$Source:Xinhua&$ &$ ... (13 h ago)

• GDP growth slows to 6.8% in Q4 of 2008 GDP growth slows to 6.8% in Q4 of 2008
01/21/2009
China's economy is sending out mixed signals, a raft of figures showed on Thursday, with growth decelerating for the sixth straight quarter to the lowest level in years and the specter of deflation rising，while some indicators showing signs of recovery. The latest economic snapshot highlights the challenges facing the government, which is under mounting pressure to come up with more stimulus measures on top of a US$586 billion package, and makes it less likely that China can offer significa ... (13 h ago)

• Citic Group estimates slight drop in ann... Citic Group estimates slight drop in annual net profit in 2008
01/21/2009
Citic Group, the parent company of Citic Securities and China Citic Bank, estimated a slight drop in net profit from 15.97 billion yuan last year to more than 14 billion yuan (2.06 billion U.S. dollars) in 2008 here on Wednesday. Though influenced by the global financial crisis, the company has seen stable development in all areas of business, especially in banking, securities and machine manufacturing, said a company official. The total assets of the company is estimated to reac ... (14 h ago)

• Moody's says outlook for Chinese P&C ins... Moody's says outlook for Chinese P&C insurance industry stable
01/21/2009
The outlook for the Chinese property and casualty (P&C) insurance industry is stable, but challenges remain from growing price competition, declining capitalization and significant catastrophe risk amidst the weak economy, says a new report issued in Hong Kong Wednesday by Moody's Investors Service. These challenges highlight the need for insurers to prudently manage their underwriting and investment strategies, says the report entitled "Industry Outlook: Chinese Property and Casualty In ... (14 h ago)

• Nokia Profit Drops 69 Percent in Fourth ... Nokia Profit Drops 69 Percent in Fourth Quarter
01/22/2009
The world’s top mobile phone maker, Nokia Corp., said its profits had fallen 69 percent in the fourth quarter as the economic downturn slowed handset sales. (3 h ago)

• Sony Expects $3 Billion Loss Sony Expects $3 Billion Loss
01/22/2009
Sony said it would post a record annual operating loss of nearly $3 billion because of the rapid deterioration of the economy, and it announced layoffs and factory closings. (5 h ago)

• Crisis Hurts Asian Economies Crisis Hurts Asian Economies
01/22/2009
Economic data from leading Asian economies highlighted the accelerating decline of growth in the region, mainly because of sagging demand in the recession-struck West. (5 h ago)

• Falling Pound Raises Fears of Stagnation Falling Pound Raises Fears of Stagnation
01/22/2009
From housing prices to banks, perspectives for the British economy seem bleaker than those of the U.S. or Europe. (7 h ago)

• BHP Closing Nickel Mine as Commodity Pri... BHP Closing Nickel Mine as Commodity Prices Fall
01/22/2009
The mining company will cut 6,000 jobs and close its giant Ravensthorpe mine in Australia, writing off $1.6 billion, as it battles a collapse in commodity prices. (7 h ago)

• Irish Developer Found Dead in His Home Irish Developer Found Dead in His Home
01/21/2009
Patrick Rocca, scion of an Irish business family, reportedly faced financial problems from his real estate investments in Britain and Ireland. (8 h ago)

• Strong Profit, but Ericsson Plans 5,000 ... Strong Profit, but Ericsson Plans 5,000 Job Cuts
01/21/2009
The Swedish maker of wireless networking gear said it would cut as many as 5,000 jobs in anticipation of a slowdown. (8 h ago)

• Toyota Ahead of G.M. in 2008 Sales Toyota Ahead of G.M. in 2008 Sales
01/21/2009
For the first time since the Great Depression, General Motors cannot call itself the world’s largest automaker. (8 h ago)

• Jobs Vanish as Exports Fall in Asia Jobs Vanish as Exports Fall in Asia
01/21/2009
The global economic slump is spreading across Asia, where countries depend on manufacturing for a far greater share of economic output than Western countries do. (10 h ago)

• Premium Air Travel Fell Sharply in Novem... Premium Air Travel Fell Sharply in November
01/21/2009
The number of passengers buying premium tickets dropped 11.5 percent in November; sales in economy class declined 6 percent. (16 h ago)

• Alliance With Fiat Gives Chrysler Anothe... Alliance With Fiat Gives Chrysler Another Partner and Lifeline
01/21/2009
Fiat said it would take a 35 percent stake in Chrysler, giving it the ability to market its cars through Chrysler’s dealership network. Chrysler will have access to Fiat’s technology. (22 h ago)

• Carrying Several Passports? It’s Not Jus... Carrying Several Passports? It’s Not Just for Spies
01/21/2009
Dual nationals who have more than one passport say having a choice can be helpful when traveling. (23 h ago)

• Edmund de Rothschild, Banker, Is Dead at... Edmund de Rothschild, Banker, Is Dead at 93
01/21/2009
Mr. de Rothschild led the development of a major hydroelectric project in Canada while helping his firm expand globally and opening it to people outside his family. (23 h ago)

• Russia Restores Gas to Ukraine Russia Restores Gas to Ukraine
01/20/2009
Russia and Ukraine said they would quickly resume shipments of fuel to freezing homes and idled factories. (1 d ago)

• As Expected, Canada Cuts Key Rate to 1% As Expected, Canada Cuts Key Rate to 1%
01/20/2009
The central bank predicted a period of falling prices as an economic recession takes hold and signaled that further cuts may be on the horizon. (1 d ago)

• Company Owned by Saudi Prince Posts Huge... Company Owned by Saudi Prince Posts Huge Loss
01/20/2009
Kingdom Holding Company, owned by the Saudi billionaire Prince Walid bin Talal, posted a $8.26 billion net loss in the fourth quarter, caused by huge drops in the value of some of its assets, like Citigroup. (1 d ago)

• A Fugitive Businessman Settles a Case A Fugitive Businessman Settles a Case
01/20/2009
A Czech businessman wanted in the U.S. on charges of bribing government officials in Azerbaijan, settled a lawsuit filed against him by a hedge fund, Omega Advisors. (1 d ago)

• Past Graft Is Tainting New India Past Graft Is Tainting New India
01/19/2009
The billion-dollar scandal at Satyam Computer Services has some Indians questioning the notion of a new India and raised fears that corruption remains endemic. (2 d ago)

• In Europe, New Efforts to Bolster Lendin... In Europe, New Efforts to Bolster Lending
01/19/2009
Governments in Europe and the U.S. are moving to assure that bailed-out banks lend more money to offset the recession that has engulfed both continents. (2 d ago)

• For Peruvians, Baskets for the U.S. Mark... For Peruvians, Baskets for the U.S. Market Bring a New Way of Life
01/19/2009
Women in a remote Amazon village weave baskets for export to the U.S., aiming for “productive conservation” that protects the environment and offers better lives for the weavers and their communities. (2 d ago)

• EasyJet passenger numbers up 10% despite... EasyJet passenger numbers up 10% despite downturn
01/22/2009
EasyJet today said business travellers and holidaymakers were switching to its services in the downturn as it reported strong passenger growth in the final quarter of last year. The low-cost airline has been embroiled in a boardroom row with its largest shareholder, Sir Stelios Haji-Ioannou, over its expansion plans. However, easyJet said passenger numbers grew 10% in the three months to 31 December as the airline carried 10.1 million customers. EasyJet, which along with Ryanair has the most ambitious expansion plans in European aviation, said it had comfortably outpaced its latest capacity increase, which saw the airline raise the number of seats by 6.7%. "In the current economic climate there is a 'flight to value'... In particular, we are seeing business travellers and long-haul leisure travellers switching to easyJet in search of better value. This is more than compensating for some softness in discretionary travel and means easyJet continues to win market share," said Andy Harrison, easyJet chief executive. EasyJet's load factor, or the amount of seats sold per flight, rose from 80.8% in the same period in 2007 to 83.4%. Total revenue grew by 32% to £550m while the average revenue per passenger, a key indicator of whether easyJet is slashing prices and profits just to fill its expanding fleet, rose by 23% to £45.57. EasyJet also addressed the concerns of its biggest investor and founder by stating that it "benefits from flexibility" in its contracts with Airbus, from whom it expects to receive 86 aircraft by 2011. EasyJet's fleet will grow by 10 planes this year to 172 aircraft. The inclusion of a pledge to monitor its expansion plans on a quarterly basis appeared to be enough to placate Haji-Ioannou. In a statement issued today the tycoon said: "I am pleased to see the business perform so well in revenue terms in the last quarter. We need to keep an eye on the costs now. The management clearly recognises the potential downside of the current economic environment." However, Haji-Ioannou indicated that any further increase in the fleet should be considered carefully, amid plans to add a further 13 aircraft in 2010. He added: "Maintaining a flexible approach to the future size of the aircraft fleet over and above the 170 that we have today will be key to continuing this good performance." EasyJet reiterated guidance that it expected to be profitable this year at current fuel prices and exchange rates, despite having hedged three-quarters of its fuel at around $99 (£71) per barrel – more than double the current price. Easyjet Airline industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• British Gas cutting its gas prices by 10... British Gas cutting its gas prices by 10%
01/22/2009
British Gas is cutting its gas prices by 10% - the first major energy company to announce a price reduction since 2007. The cut will take effect on 19 February and benefit more than 7.5m homes on British Gas's standard tariff, the company's parent Centrica said today. The reduction will save customers £84 on an average annual household gas bill. Customers who pay by direct debit will see their payments automatically reduced by 10%. Consumer groups welcomed the move but said it was not enough. "The 10% cut, although very welcome, doesn't bring us anywhere near where we were a year ago," said a spokesman for Age Concern. "Prices are still considerably higher." British Gas raised its prices by 35% in July after wholesale energy costs surged. Crude oil peaked at more than $147 a barrel in July . Since then, prices have fallen sharply, with the economic slump reducing demand for energy. Crude now trades at around $35 a barrel. Gas prices usually track oil, and energy companies have come under growing pressure to reduce household bills. The UK's second biggest energy supplier, Scottish & Southern Energy, said in November it hoped to cut prices early this year. British Gas defended its move, saying wholesale gas prices almost doubled last year but it minimised the impact by buying gas in advance. "At British Gas, we understand energy bills are a significant cost, and we are committed to providing the best possible prices for customers," said managing director Phil Bentley. "This price cut will go some way to helping customers manage their budgets, and we will continue to do for them what we can, when we can." He said buying gas months before it is used has mitigated the recent spike in British wholesale prices caused by a row between Russia and Ukraine, which left many European countries short of gas supplies . UK traders exported gas to continental Europe to fill the shortage. On 19 February, British Gas will also introduce a "prompt payment discount" of up to £15 a year for customers on standard tariffs who make quarterly payments. Centrica Utilities Household bills Energy bills Consumer affairs Scottish and Southern Energy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Mothercare may be tempted by Woolies Lad... Mothercare may be tempted by Woolies Ladybird brand
01/22/2009
Woolworths assets are slowly being carved up, with Chad Valley toys bought by Argos-owner Home Retail Group earlier this week. Analysts believe this could eventually provide increased competition for Mothercare , which owns the Early Learning Centre outlets. But there is an intriguing suggestion that Mothercare itself might benefit from snapping up another of the Woolies brands. Over to Matthew McEachran at Singer Capital Markets: "Argos recently acquired Chad Valley, Woolworth's popular toy brand, for just £5m. Chad Valley product was typically more educational than the core part of Woolworth's range with a strong reputation amongst consumers. This development could potentially pose a threat to ELC in time, given the wide distribution in the UK of the Argos catalogue, although in the near term the removal of Chad Valley from 800 Woolies stores is clearly a big opportunity for ELC and Mothercare. "There is one other brand that sat within Woolies' portfolio, which has yet to find a home. This is Ladybird, which had begun to develop a reasonable international profile beyond just its UK heritage (eg in the Middle East). We believe that Mothercare could find this very popular brand attractive as a bolt-on acquisition, particularly given its existing franchise footprint in over 50 countries, which could provide enormous leverage for Ladybird. "Mothercare also has net cash, and improving cashflow dynamics going forward, which could easily absorb a relatively small acquisition such as this. Bearing in mind potential acquirers are dealing with the administrators though, the timing of any such deal is impossible to predict, albeit the sale of Chad Valley could be indicative of these deals now coming to fruition." He has a target price on the shares - down 5p at 398p - of 430p. He said: "We believe the stock still offers value, and [could] move forward further if current momentum can be bolstered by another complementary acquisition." Mothercare Woolworths Home Retail guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• BT shares plunge 15% as global services ... BT shares plunge 15% as global services arm takes £340m hit
01/22/2009
Almost £1.5bn was wiped off BT's market value this morning after the telecoms group said it had taken a big hit at its global services arm which will drag down overall performance. Shares in BT plunged 15% in early trading to 104.7p. BT Global Services will take a charge of £340m as a result of financial and contract reviews. It added that there could be further "substantial" charges in the current financial year, depending on the outcome of ongoing contract and operational reviews. BT, Britain's largest telecoms group, stressed that the charges will not affect dividends. "The performance of the rest of the group is ahead of expectations for the third quarter but unfortunately this will be more than offset by the issues in Global Services," said Ian Livingston, BT's chief executive. BT Retail, BT Wholesale and Openreach are all expected to deliver results ahead of forecasts for the third quarter. Pre-tax profits across the group - excluding Global Services - are expected to be 5% higher in the quarter than last year. "The first job of the new management team in Global Services and the new group finance director has been to review the financial position of Global Services and its major contracts," said Livingston. "These ongoing reviews reflect changed circumstances and a more cautious view of the delivery of cost efficiencies and contract performance, particularly in the light of the current economic climate. We have also initiated a review of Global Services's operations which will help us drive our cost savings initiatives." Excluding the charges, Global Services is expected to make pre-tax profit of £17m in the third quarter. BT made headlines in November when it announced it was axing 10,000 workers , or 6% of its global workforce, including several thousand in Britain, as the company readies itself for the recession. Some of the job losses will fall at Global Services. BT FTSE Shares guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Morrisons enjoyed best Christmas of Brit... Morrisons enjoyed best Christmas of Britain's big four supermarkets
01/22/2009
Wm Morrison has beaten City expectations and enjoyed the best Christmas among Britain's top four grocers. The supermarket group, which serves 10 million shoppers a week from 382 stores, posted an 8.2% rise in sales on a like-for-like basis, excluding fuel, for the six weeks to 4 January. Analyst forecasts ranged from 7% to 8.5%. Total sales excluding fuel were up 9.4% thanks to new store openings. Morrisons said its expectations for this year's profits remain unchanged. "We remain cautious on the outlook for consumer spending and we expect the market to remain challenging," said Marc Bolland, the chief executive. "In this environment we believe Morrisons's value credentials will serve us and our customers well." He said the firm's focus on value and fresh food had brought in 2.2m extra customers over the Christmas period. The results put Britain's fourth-biggest supermarket group ahead of its rivals. Tesco reported an increase of just 2.5% in like-for-like sales; J Sainsbury achieved 4.5% growth and Asda a 7% increase in sales. Only the discounters are growing faster: Aldi saw December sales surge by more than 20%, or 15% on an underlying basis. Food retailers have fared better than clothing and homeware chains, which have been harder hit by the recession and are seeing a mounting toll of administrations . Morrisons Supermarkets Christmas Retail industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Sony forecasts first loss in 14 years Sony forecasts first loss in 14 years
01/22/2009
Sony today said it would suffer far bigger losses than anticipated this year in a dramatic decline in fortunes that underlines the struggle facing major Japanese exporters. The consumer electronics firm said it expected an operating loss - its first for 14 years - of ¥260bn (£2.08bn) by the end of March. This time last year Sony was celebrating an apparent return to financial health with profits of ¥475.3bn. The firm said it expected net losses of ¥150bn, compared with an initial forecast of ¥150bn profit. Though reports of an impending cut in Sony's earnings outlook have been circulating for days, the scale of the revision shocked industry analysts. It had previously forecast a profit of ¥200bn, while analysts had predicted much smaller losses of around ¥9bn. Sony executives are due to announce an emergency restructuring plan this evening that may include the closure of one of its two TV plants in Japan, with the loss of around 1,000 full-time jobs. Reports said the company would shed a further 1,000 regular staff as it scales down its manufacturing operations, as well as cutting executive and managerial bonuses. The reported measures come weeks after the firm said it would cut 16,000 jobs worldwide and close factories in an attempt to cut costs by $1.1bn (£793m) a year. Recent reports suggest that Sony's chief executive officer, Sir Howard Stringer, has been locked in battle with colleagues who do not share his zeal for cost cutting. But experts said that slashing domestic production alone would fail to lift Sony's fortunes as long as more fundamental problems were left unaddressed. "[Sony's] business model and operational issues account for 80-90% of Sony's poor earnings," said Eiichi Katayama, a senior analyst at Nomura Securities. "Domestic production costs are a concern but this move is not something that would bring it back to the black or cut losses in half. "Sony has to consider ways to lower fixed costs not only for its TV business but for the whole company. It will have to start cutting development costs in addition to production costs." The weak performance suffered by Sony is being replicated throughout the Japanese export sector as consumer interest cools in the US and Europe, prices fall and the yen continues to gain on major currencies. It came as government data released today showed that Japanese exports fell a record 35% in December from a year earlier, surpassing the 26.7% drop seen last November. Sony Currencies Japan guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Apple plays down Steve Jobs health fears... Apple plays down Steve Jobs health fears as revenue breaks the $10bn barrier
01/21/2009
Despite the shaky economy and fears over the health of chief executive Steve Jobs, iPod maker Apple has shaken off the gloom to register record financial results. Over the three months to December 2008, Apple had revenues of $10.17bn (£7.3bn) and profits in excess of $1.6bn, selling record numbers of iPods and iPhones along the way. "We're proud… particularly in comparison to the rest of the market," said Apple's chief financial officer, Peter Oppenheimer. The figures are the company's best quarterly results, up marginally on the same period last year and with revenue breaking the $10bn barrier for the first time. Between October and December, Apple sold 22m iPods and 4.36m iPhones worldwide, pushing up the company's share in both markets. Apple also registered computer sales gains – selling 2.5m Macs over the period – although it said it was increasingly seeing consumers move away from desktop computers and towards laptops. Apple has had to deal with speculation and concern over the health of Jobs, who survived pancreatic cancer in 2004. Earlier this month, he revealed he was suffering from a "hormonal imbalance" before then announcing that his health problems had become "more complex" and saying he would take a five-month leave of absence to aid his recovery. Apple's chief operating officer, Tim Cook, who is deputising for Jobs, said: "The values of our company are extremely well entrenched. I think regardless of who is in what job, those values are so embedded in this company that Apple will do extremely well." He did not comment on reports that the US financial regulator, the Securities and Exchange Commission, was investigating the way in which the news of Jobs's health was revealed to shareholders. Despite the record results, Oppenheimer warned the coming months could prove more difficult, particularly without the bumper Christmas season to boost figures. Although the company is ploughing ahead with plans to continue expanding its popular retail operation – with another 25 shops worldwide in the next 12 months – Oppenheimer said it was difficult to forecast sales for the next quarter, suggesting revenue guidelines of $7.6bn-8bn. Apple stock registered gains of more than 8% in after-hours trading. Other technology companies fared less well. Auction site eBay reported a 31% drop in earnings from the same period last year, with a $367m profit over the last three months, down from $531m,. Chip manufacturer Intel announced plans to close factories in Malaysia and the Philippinesand end production at facilities in Oregon and California. The closures will affect up to 6,000 of the company's 86,000 employeess. Apple Apple Mobile phones Steve Jobs Technology United States guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Darling kept in dark as FSA lifted ban o... Darling kept in dark as FSA lifted ban on short-selling
01/21/2009
A rift has opened up between the government and the financial authorities after a furious Alistair Darling was kept in the dark over the lifting of the ban on short-selling, which may have contributed to this week's tumultuous crash in the value of banking shares. The chancellor is thought to have been given just one hour's notice by the Financial Services Authority that hedge funds would once again be able to place bets that bank shares would fall. Darling believes the ban will have to be reintroduced, given the fragility of the financial system. Shares in high street banks have crashed since the ban was removed at the end of last week. Barclays lost a quarter of its stockmarket value on Friday and fell a further 10% yesterday to close at 66.1p. This values Barclays at just £5.3bn, the same as the profits it intends to report for 2008. There are rumours that it hopes to bring forward its results to end concerns about its financial health. Lloyds Banking Group has plunged to just 45.1p, giving it a market value of £6bn. Royal Bank of Scotland, which unsettled the stockmarket after admitting on Monday it will make a record-breaking £28bn loss, has lost 70% to slump to 12p, a market value of less than £5bn. Anxiety about the health of the banking system is compounding the problems facing the pound, which yesterday slumped to its lowest level against the dollar since 1985 - 35% down from its summer peak of $2.11 to as low as $1.362. The pound's fall was also caused by poor public finance figures, and the warning from the Bank of England's governor, Mervyn King, that unconventional action would be needed to prevent the economy melting down. The short notice given to the chancellor about the announcement of the change in FSA policy two weeks ago demonstrates the ideological differences between the authorities involved in regulating the financial system. The problems were first highlighted during the Northern Rock collapse, when the so-called tripartite authorities - the FSA, the Treasury and the Bank of England - had difficulty agreeing a strategy for the lender. While Darling has no authority to tell the FSA what to do, it is believed he strongly advised it not to lift the ban. According to Treasury sources, when Darling inquired why he only been given 60 minutes' notice, he was told it was an oversight. He is thought to suspect the ban was lifted because the FSA was concerned it would face legal action from disgruntled hedge funds. Darling does not want to ban the practice of short-selling outright, but is concerned about the impact it is having on a financial sector where rumours can quickly unsettle bank share prices. John McFall, chairman of the Treasury select committee and confidant of Gordon Brown, yesterday wrote to Hector Sants, chief executive of the FSA, to demand the ban be reintroduced "if it is found short-selling has contributed to the undermining of stability in the banking sector. "I am particularly concerned given that I have heard disturbing anecdotal evidence that some hedge funds have been shorting stocks in UK banks," McFall said. When it lifted the ban, the FSA warned it could be reimposed, and also required short positions to be revealed. Defenders note that bank share prices fell in the last three months of 2008 even when the ban was in place. They also stress there have been few announcements about such positions in the last few days. Robert Talbut, chief investment officer of Royal London Asset Management, said: "Any aggressive shorting in the banks should be seen as inconsistent with helping restore overall financial confidence." Other investors, though, see little reason to invest in the UK. Commentator Jim Rogers, chairman of Rogers Holdings and co-founder of the Quantum Fund with George Soros, said: "I don't think there is a sound UK bank now. The City of London is finished, the financial centre of the world is moving east. All the money is in Asia. You don't need London." Banking Economic policy Alistair Darling guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Citigroup chairman to quit after soaring... Citigroup chairman to quit after soaring losses on credit markets
01/21/2009
The chairman of Citigroup, Sir Win Bischoff, is to quit next month as the US bank responds to pressure for a change of leadership in the face of mounting alarm about soaring losses on the credit markets. Sir Win, the most senior British banker on Wall Street, announced his departure as leading US financial institutions scrambled to avert a fresh collapse of confidence in their solvency. Senior executives at JP Morgan and Bank of America spent millions of dollars on shares to demonstrate their own long-term optimism. Banking shares bounced higher by between 20% and 30% in New York, reversing a rout in prices on Tuesday. Citigroup's new chairman will be the former Time Warner chief Richard Parsons, who is currently the bank's senior non-executive director. The change is the second high-profile departure this month, swiftly following former treasury secretary Robert Rubin's retirement from Citigroup's board. A former head of Schroders, Bischoff, 66, took the helm of Citigroup in late 2007 when the bank's board ousted its long-serving boss, Charles Prince, as the first signs materialised of the firm's deep exposure to the credit crunch. Along with Citigroup's chief executive, Vikram Pandit, Sir Win initially advocated a strategy of keeping the company intact as an all-round financial supermarket combining high-street banking, investment banking, a brokerage and an asset management arm. But after losing $8.29bn in the final quarter of 2008, Citigroup announced on Friday that it was splitting its operations into two managerial units, to separate high-risk assets from everyday commercial operations. In a memo to employees tonight , Bischoff said he had always envisioned a "limited tenure" as chairman. He acknowledged the "significant losses we and others in our industry have suffered, to the dismay of our shareholders, our people and not least myself". Buthe added: "The heart of Citibank and Citigroup in its many manifestations still beats strongly and the pride that so many of us feel in this fine institution is undiminished." Tuesday's inauguration day collapse in banking stocks had prompted fears that Wall Street could be heading for a repeat of the market meltdown which followed the collapse of Lehman Brothers in September. But a degree of calm was restored with the Dow Jones Industrial Average recovering to rise 279 to 8,228 points. A regulatory filing revealed that JP Morgan's chief executive, Jamie Dimon, bought 500,000 shares on Friday at a cost of nearly $11.5m. Similarly, Bank of America's boss, Ken Lewis, bought 200,000 shares yesterday for $1.2m and his boardroom colleagues picked up a further 313,000 shares. Citigroup's stock bounced by 31%, JP Morgan surged by 25%, Bank of America leapt 30% and Goldman Sachs jumped by 18% in yet another day of highly unusual lurches in the market value of institutions once viewed as stable. Citigroup US economy United States guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (16 h ago)

• Britannia and Co-operative to create £70... Britannia and Co-operative to create £70bn 'super-mutual'
01/21/2009
Britannia building society and the Co-operative's financial arm yesterday agreed a £70bn "super-mutual" merger with the financial muscle to acquire other societies and insurers in the first new-model institution to emerge out of the rubble of the credit crisis. The deal takes advantage of new legislation that is likely to spark sweeping consolidation among Britain's 55 building societies, 33 mutual insurers and 70 friendly societies. It could also pave the way for an extraordinary revival of the mutual sector just a decade after Halifax, Alliance & Leicester and Bradford & Bingley demutualised but ultimately failed to survive. Both Britannia and Co-operative Financial Services (CFS) insist they have weathered the credit crisis better than stockmarket-quoted companies and are now in a position to use provisions under the new Butterfill bill to acquire other mutuals across the financial sector. Neville Richardson, the chief executive of Britannia who will take charge of the combined business, said: "Britannia did not need to do this deal. Both organisations could have had a strong future independently. This is an historic opportunity to help create a new way of doing business in British financial services." Combining Britannia and CFS will create a business with nine million customers, 12,000 employees and 300 branches. At its core is a "cultural fit" of two organisations that claim to be an ethical alternative to shareholder-based groups. Unions welcomed a commitment to making no compulsory redundancies in the branch network, but Richardson said that some head office positions were likely to go as part of a plan to cut annual costs by £60m within three years. The deal will disappoint any carpetbaggers with lingering hopes of a windfall from holding a Britannia account. There would be no payouts for members of either group, said Richardson. "We definitely regard this as a merger of equals," he said. Both brands will remain in place for the next couple of years, although Richardson said the intention was to "move to a single brand over time". But the society's sponsorship of Premier League club Stoke City, which plays at the Britannia Stadium, is not under threat. "We have had a great relationship with Stoke City and we'd like it to continue," said Richardson. Britannia has not sidestepped the mortgage market's woes entirely. Around 25% of its mortgage lending is non-traditional business such as sub-prime, self-certification loans and buy-to-let, much of it through its Platform Home Loans subsidiary. It said 2008 results would be affected by exposure to two banks that failed during the year, but it remained profitable and provisions would not have a significant impact on its capital and liquidity position. CFS has only recently emerged from a rocky restructuring that saw thousands made redundant after it closed its door-to-door insurance business. Its operations now consist of the Co-operative Bank, the only high street bank with a customer-led ethical policy, an insurance business centred on car policies, and an investments arm that focuses on green and ethical funds. The merger announcement comes just 48 hours after statutory instruments were laid in parliament to bring forward the Butterfill bill, which is expected to become law in March. Until now building societies could merge with each other but not with mutual insurers or friendly societies. Butterfill gives the go-ahead for consolidation across the sector, and Britannia/CFS said yesterday it would be examining opportunities as they arose. David Anderson, CFS chief executive who will leave the business after the merger, said: "I think the new legislation creates an interesting new pathway for mutuals of different kinds to get together. There will be more interest in organisations of different kinds." In December last year Nationwide took over both the Derbyshire and Cheshire building societies, while the Catholic merged with the Chelsea, and Yorkshire building society took over Barnsley. A further merger between Skipton and Scarborough building societies is also in the process of going through. Ray Boulger, senior technical manager at John Charcol, said: "It is inevitable that there will be more mergers. In the current environment some societies will be coming under pressure." Richardson said the financial strength of the combined group may enable it to increase its mortgage lending, but held out little prospect of a swift return to 90%-plus lending. Banking Banks and building societies guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (22 h ago)

• Unite backs Northern Rock bonuses Unite backs Northern Rock bonuses
01/21/2009
The bank workers' union today defended bonuses paid to employees of Northern Rock. The Newcastle-based bank nationalised last year is paying bonuses of 10% of employees' salaries after targets to repay the £24bn taxpayer loan were achieved. Unite's national officer, Rob MacGregor, said employees had "worked exceptionally hard in extremely difficult circumstances". "They have experienced the loss of friends and colleagues through compulsory redundancy yet have continued working solidly with dedication and commitment." The lender employs about 4,500 people. Approximately a third of its staff were made redundant after the nationalisation of the bank, which ran out of money when the financial markets dried up in the credit crunch. The bonus scheme is likely to have to be rewritten this year because the government is changing the bank's remit . Rather than being required to pay back the taxpayer loan by 2011, the government is preparing to put up to £10bn of new funds into the bank to allow it to start lending again to help ease the mortgage drought. MacGregor added: "Their dedication and commitment has meant that they have not only achieved but exceeded the targets set. The bonus will be welcomed by the staff that have had to endure a very difficult working environment including a freeze on their normal bonuses and promotions for some 18 months. This is fair recognition of their hard work and dedication." Northern Rock Banking Mortgages Trade unions Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• Unemployment leaps closer to 2 million Unemployment leaps closer to 2 million
01/20/2009
The wave of grim economic news continued today as unemployment climbed closer to two million, bringing the total to the highest level since September 1997. As news emerged of hundreds more job cuts in the manufacturing and retail sectors, figures showed that the number of people out of work in the three months to November jumped by 131,000 to a total of 1.923 million – a rate of 6.1%. The narrower claimant count, which counts only those drawing benefit, jumped by 78,000 in December alone, marking the 11th consecutive monthly rise and taking the total to 1.157 million. The previous month's total was revised up by 8,000 to show a rise of 83,000 – the biggest since the recession of the early 1990s. The figures do not include the rash of redundancies recorded over the Christmas period, such as 27,000 jobs at Woolworths and thousands of cuts planned by banks in the City of London. With figures expected on Friday to show that Britain is officially in recession after recording two successive quarters of negative growth, it is feared that unemployment will rise to a peak of three million next year. "There is no disguising how bad today's employment figures are," said the TUC general secretary, Brendan Barber. "Compared with last month's figures unemployment is up, employment is down, the number of redundancies is up and the number of job vacancies is down." The Public and Commercial Services union urged the government to start reopening closed jobcentres to deal with rising unemployment. "Jobcentre workers are working tirelessly on the front line, helping people cope with the recession," said the PCS's general secretary, Mark Serwotka. "Jobcentres are at breaking point and the government needs to go further than merely taking staffing back to 2005 levels and stopping office closures." Today there was more bad news as several companies were forced to slash jobs in a desperate bid to keep their heads above water. TT Electronics said it planned to reduce its global workforce by 700 this year, with 100 job losses in its Weybridge office. This was followed by wireless equipment maker Ericsson, who said it would be cutting 5,000 jobs worldwide. The company refused to state how many people would lose their jobs in the UK. J Sainsbury is getting rid of more than 200 jobs at its head office in London. The supermarket company said that losses would mainly be in its back office and customer services department. A further 220 jobs were in jeopardy today as upmarket restaurant chain Fishworks entered administration after attempts to raise fresh capital failed. Unite union spokesman Peter Skyte said: "This is very worrying news at a time when highly skilled workers are losing their jobs in their thousands across the UK. Any cuts in the UK would mean the loss of highly skilled workers, precisely those which the UK and the economy can ill afford to lose." More than 1,100 UK redundancies were announced on Tuesday, with British luxury-goods firm Burberry shutting down its Rotherham fabric factory and meat-processing firm Vion slashing 820 jobs. "The bad news on the labour market is absolutely relentless now as the deepening recession, slumping business confidence and persistent very tight credit conditions exact a heavy toll," said Howard Archer, economist at Global Insight. "Reports of companies laying off workers are becoming more and more prevalent, while an increasing number of companies are folding." Today's data also pointed to big rises in joblessness in the coming months. The number of redundancies in the three months to November jumped 78,000 to 225,000, the highest level since comparable records began in 1995. Similarly, the number of vacancies slumped by 69,000 to 530,000, the lowest since comparable records began in 2001. The figures also showed that the Bank of England's fear last summer that the surge in oil prices would push up wage growth was wide of the mark. Earnings growth in the three months to November slowed to 3.1%, the lowest since March 2002, with November alone showing a rise of only 2.7%. "These data just underline how wrong the MPC were about the risk of spiralling wage growth last year," said Colin Ellis, economist at Daiwa Securities. "The temporary rise in short-term inflation expectations was irrelevant compared to the downturn in the economy squeezing margins and resulting in current and prospective job cuts. The Bank of England also released a survey of its business agents around the country who reported that the "broad picture remained one of shrinking demand for labour" and that "many contacts had sought to reduce head count". Ellis said it was worrying that 20 of the survey's 27 indices – covering things such as orders and output at firms – were at record lows, pointing to a deepening and broadening of the recession. Unemployment and employment statistics Recession Economics Redundancy Economic policy Government Borrowing Interest rates Banking Bank of England Social exclusion guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Standard Life cash fund was invested in ... Standard Life cash fund was invested in toxic mortgages
01/20/2009
Nearly 100,000 Standard Life investors have been told that a cash fund which many regarded as an ultra-safe alternative to the stockmarket was in reality invested in toxic mortgage debt that has plummeted in value. The £2.4bn Standard Life Pension Sterling fund was the company's sole offering to pension investors who wanted to shelter their savings from market turmoil. But the company is writing to the fund's 97,000 investors warning them their average £19,100 deposit will be cut to £18,200 as a result of losses on mortgage-backed securities held in the fund. The news will dismay many investors who thought they were protected from stockmarket falls. Many were close to retirement and had parked their pension savings into the cash fund before turning it into an annuity. Savers at other pension companies will also be shocked to discover that what they thought were deposit-style funds have fallen in value. Worst hit is Threadneedle's £450m money market fund, which has fallen 16.6% over the past year. Threadneedle blames the unprecedented fall on the fund's holdings of floating rate notes (FRNs) which have fallen in value, with many unable to be converted into cash. Prudential's Cash Haven fund has fallen by 0.3% over the year. It too was invested in FRNs. Standard Life's Pension Sterling fund was 44% invested in asset-backed securities, considered at the time of purchase to be a triple-A rated alternative to cash. Only 12% is in cash itself. The fund's biggest single investment is Lanark Master Issuer, a £3bn pool of Clydesdale and Yorkshire Bank mortgages, including buy-to-let loans. Its second-largest holding is Brunel RMS, a pool of "non-conforming" mortgages understood to be 28% "self-cert" and 44% buy-to-let loans, rated Aaa at issue. A Standard Life spokesman said: "We have been very clear that the fund was not just invested in deposits but also in floating rate notes and asset-backed securities. "We have had problems valuing the mortgage-backed securities in the fund. It came to light at the end of December that we couldn't put a value on them. We put that right on 14 January , which led to the fall in the fund's value." He said that Standard Life may be forced to make further cuts to the fund's value if market turmoil persists. "It is impossible to predict with certainty when markets will improve and there may be a possibility of further deterioration." Standard Life said it does not believe there is a case for compensation. But it promised to reimburse some savers who put in money between 23 December 2008 and 13 January 2009. Financial advisers said they were outraged at the cut in values. Tom McPhail, pension specialist at Hargreaves Lansdown, said: "A lot of money market funds have tried to earn that little bit extra by pushing the boat out into asset-backed securities. But they just got the balance wrong. It is inexcusable. "It's true that Standard Life did not say it was guaranteed. But on the other hand, they were marketing it as a secure, safe- haven fund for savers who were worried about equity markets." Standard Life has since opened a new cash fund for investors nervous about markets. The Managed Cash Fund is designed to produce lower levels of volatility and investment returns, before charges, that are closely aligned to deposit rates. Pension risks Cash funds are used as safe haven vehicles, usually by pension savers. Many "park" their pension savings in a cash fund just before retirement. There are two types - deposit-style funds, which are virtually risk free, and funds which try to enhance returns using floating rate notes and asset-backed securities. Until now, that strategy worked, but while there is no market in such securities, it's difficult to put a value on such funds. Few workers in company pension schemes will know if their "cash" option is risky. They can check on websites such as trustnet.co.uk for performance figures. Better still, trustees of company schemes should ensure their cash option is safe. Investment funds Standard Life Pensions Personal pensions Prudential Investments guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• French government to pump €6bn into aili... French government to pump €6bn into ailing car industry
01/20/2009
The French government yesterday offered the country's carmakers up to €6bn (£5.5bn) in aid after Carlos Ghosn, Renault's chief executive, warned that without rapid state intervention, Europe's entire auto industry faced collapse. Ghosn, president of the pan-European carmakers' body ACEA, pointed to a "brutal" collapse in sales and squeeze on credit. He said: "The industry faces a crisis that is brutal, global and exceptionally large. We can even talk of the Great Depression of 1929." ACEA, demanding €40bn in aid, fears sales could collapse by up to 20%, with as many as 200,000 jobs at risk. It says EU cash injections so far are paltry compared with the $13bn (£9bn) given to US rivals. Ghosn's comments, at a Paris summit with French ministers, came as the Sarkozy government said it would provide between €5bn and 6bn - provided companies preserved jobs, plants and component suppliers. François Fillon, France's prime minister, said: "There can be no question of the state coming to the aid of a manufacturer which would decide to close, purely and simply, one or more production sites in France. They can't say: We take [the cash] and jump ship elsewhere." Ministers indicated they could force the car companies to suspend dividend payments in return for the aid, which will have to be cleared by the European commission's competition authorities. Paris is already in extensive talks with Brussels about its package, details of which are due in the next few days. Meanwhile, BMW, the German premium car group, said it would introduce short-time working for 26,000 staff at four German plants in February and March, cutting production volumes by 38,000 cars. Overseas plants, including in Britain, are unaffected, though the UK plants have been told they will take fixed holidays this year - a week in February and two weeks in August. Volkswagen said it would put about two-thirds of its employees in Germany - 60,000 workers - on shorter hours for five days in the last week of February. BMW also confirmed that it was considering tapping Berlin's €500bn bank liquidity package for its own finance and leasing arm. France has already offered €1bn to the finance arms of both Renault and Peugeot Citroën, the country's two biggest car firms, while UK-based firms are demanding similar treatment. Sergio Marchionne, Fiat's chief executive, has already forecast there will be only half a dozen global auto manufacturers left within five years, while the French government is talking of six to eight. The Peugeot chief, Christian Streiff, said the risk of a big European firm going bust was "close to zero", but others could disappear or be taken over. Günter Verheugen, EU industry commissioner, said at the talks that some European plants would close as the industry consolidated and cut 20% overcapacity. Western European firms have switched production to eastern Europe where Ghosn said costs per car were €1,400, or up to 12% lower. Ghosn's intervention is the most dramatic plea from Europe's auto industry for aid to match that given to General Motors and Chrysler, with Ford waiting in the wings as President Obama enters the White House. In the UK, Tony Woodley, joint general secretary of Unite, said the union would fight any further redundancies at Jaguar Land Rover, amid speculation that another 1,300 jobs could be at risk. Jaguar Land Rover said that, together with the trade unions, it was looking at options other than redundancies to cut its cost base. Automotive industry Europe France guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• 99p pint draws drinkers to Wetherspoon 99p pint draws drinkers to Wetherspoon
01/20/2009
JD Wetherspoon today reported a surge in sales after the pub chain slashed the price of a pint of beer to 99p. The company, which has more than 700 pubs, said like-for-like sales in the last two weeks of trading were showing increases of 6.4%, compared with a rise of 2.6% across the first 12 weeks of its second-quarter financial period. Wetherspoon announced this month that it was turning the clock back to 1989, the last time draught beer was available for less than £1. The offer, which includes Greene King IPA and San Miguel lager, has been criticised in some quarters amid fears it could fuel irresponsible drinking and force many traditional pubs to close. Wetherspoon said it was trying to help those caught in the economic slump. Chairman Tim Martin said: "We are probably the biggest pubs company for students and pensioners, and those two groups in particular have been very keen. "People also know that they can buy a lot cheaper in Calais or in supermarkets, so it's a question of whether they come to the pub or not." Despite the recent strong trading, Wetherspoon dealt a blow to shareholders today by revealing that it intended to cancel future dividend payments. With a $140m (£95.3m) debt facility due for renewal in September, Wetherspoon said it would also reduce capital expenditure on new openings. It said: "In normal conditions, a refinancing of the private placement on attractive terms could be relied upon, given our financial performance. "However, in the present economic climate, a refinancing cannot be taken for granted and the board therefore feels that the measures described are prudent in the circumstances." JD Wetherspoon Food & drink industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 d ago)

• Scandal as $350m Florida hedge fund mana... Scandal as $350m Florida hedge fund manager Arthur Nadel goes missing
01/19/2009
The disappearance of a Florida hedge fund manager has raised the possibility of another Madoff-style scandal in the United States, with fears mounting that an estimated $350m (£242m) of investments may have evaporated. Police in Sarasota, a city of 52,000 people south of Tampa, have called in the FBI to help in the hunt for Arthur Nadel, president of Scoop Management, who was last seen by his wife when he left home for work on Wednesday. Nadel's green Subaru car was found at Sarasota's airport on Thursday. The 76-year-old called his stepson that day to try to retrieve a letter interpreted by family members as a possible suicide note. Associates at Nadel's firm have told clients that the company's funds appear to be empty. In a letter to investors, Nadel's business partner, Neil Moody, said the funds "may have virtually no remaining value". The Securities and Exchange Commission, the US financial watchdog, has begun an investigation. Moody said Scoop was facing hefty redemption calls from customers who wanted to take out their money. The case has drawn comparisons with the scandal surrounding the Wall Street financier Bernard Madoff, who is accused of hiding losses of $50bn. Scoop's clients include an estimated 300 local residents and non-profit organisations. The local YMCA Foundation had $1.1m invested, originally a gift from Nadel's business partner, given on condition it was managed by the firm. The foundation's president, Karin Gustafson, told the Guardian: "This is a very puzzled community. We're very anxious to get some answers." She said her organisation faced the loss of 13% of its total endowment: "We're assessing the situation. We're sitting back here: we're not rushing to judgment, we're waiting for the facts to unfold." Run out of a store front with a green awning on Sarasota's high street, Scoop Management's six funds have grown from $10m to what clients were told was $350m over the course of a decade, according to the Sarasota Herald-Tribune newspaper. A former New York jazz pianist, Nadel and his wife, Peg, have been fixtures on Sarasota local social scene and prominent supporters of arts causes including the city's ballet. Scoop began as a club for day traders called "the inside Scoop" before evolving into a hedge fund. In claims which echo the much larger Madoff scandal, Nadel reportedly provided statements to customers showing typical returns of 8% to 12% annually. He claimed to be achieving such success through a complex technique of hedging purchases of stock with "short" positions to minimise the risk of falls in price. In a statement over the weekend, Nadel's family acknowledged all was not as it seemed: "The employees of Scoop Management, which include Peg Nadel, the wife of Arthur Nadel, have just learned that they, along with many others who have invested money with Art, have been victimised by his unauthorised actions." Upheaval in the financial markets has sparked a series of scandals concerning renegade financiers. An Indiana investment adviser, Marcus Schrenker, was arrested last week after faking his own suicide by parachuting out of a private plane. He faced legal claims over millions of dollar of allegedly misappropriated funds. The once buoyant hedge fund industry has been left in tatters by unprecedented volatility. According to Chicago-based Hedge Fund Research, 693 funds were liquidated in the first nine months of 2008, a 70% increase on the previous year. In Sarasota, the authorities said at least five people had filed complaints against Nadel over missing funds. Police lieutenant Stanley Beishline told Bloomberg News he believed Nadel was alive: "I think he is, at least until a couple of investors find him." United States Bernard Madoff guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 d ago)

• Consumers still splurging on furry frien... Consumers still splurging on furry friends
01/19/2009
Shoppers may be holding back spending on themselves as the economy goes into recession but they are apparently still willing to splurge on their furry friends. The nation's largest retailer of pet products, Pets at Home, said today that it experienced strong sales growth over Christmas, at a time when other retailers were struggling. It sold more than a quarter of a million Christmas-themed cat and dog toys over the festive season and customers bought over 300,000 special Christmas stockings for their favourite animals. Overall the company, acquired by buy-out group Bridgepoint for £230m in 2004, said like-for-like sales were up 10.4% over the six weeks to January 8. As a result, for the financial year to date – the 41 weeks from March 28 – like-for-like sales are up 7.2% and total sales are up 13.4%. "While the economic environment is challenging for all retailers, the continued strengthening of our offer coupled with our store-opening programme and the exceptional talent and dedication of our people gives us confidence for the future," said Pets at Home's chief executive, Matt Davies. The cold winter has also seen strong sales of the company's wildlife range as homeowners worried about their local wildlife start stocking up their bird tables. Sales of foods rich in fat and protein that help birds combat the freezing temperatures have been particularly strong. Pets at Home Retail industry Private equity Recession Animals guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 d ago)

• Powder Mailed to Wall St. Journal Is Har... Powder Mailed to Wall St. Journal Is Harmless
01/21/2009
The powder, apparently flour- or food-based, was declared harmless after field tests by the city’s Department of Environmental Protection. (9 h ago)

• Ex-K.G.B. Agent Buying London Tabloid Ex-K.G.B. Agent Buying London Tabloid
01/21/2009
The owners of The Evening Standard announced that it would be sold to a Russian tycoon, Aleksandr Y. Lebedev, a former K.G.B. agent. (10 h ago)

• Advertising: In ‘Trust Me,’ a Fake Agenc... Advertising: In ‘Trust Me,’ a Fake Agency Really Promotes
01/21/2009
A new series on TNT is writing actual products into scripts of episodes — including some that are also sponsors of the series. (10 h ago)

• MSNBC Wants to Add a 3rd Prime-Time Show MSNBC Wants to Add a 3rd Prime-Time Show
01/21/2009
Building on the momentum of its prime-time hours, MSNBC is developing a 10 p.m. program that would complement its left-leaning evening lineup. (10 h ago)

• Publisher Rethinks the Daily: It’s Free ... Publisher Rethinks the Daily: It’s Free and Printed and Has Blogs All Over
01/21/2009
The Printed Blog, a Chicago start-up, plans to reprint blog posts on regular paper, surrounded by local ads, and distribute the publications free in big cities. (10 h ago)

• Online Video of Inauguration Sets Record... Online Video of Inauguration Sets Records
01/21/2009
Overwhelming demand for live Internet video feeds of the inauguration ceremony caused some providers to experience network problems. (15 h ago)

• Top Newsday Editors Return to Work After... Top Newsday Editors Return to Work After Dispute
01/21/2009
The return of the newspaper’s top editors ends a period of several days when the newspaper staff did not know whether the editors had been ousted by the paper’s owner. (23 h ago)

• Advertising: Companies Warm to Sponsorin... Advertising: Companies Warm to Sponsoring Mixed Martial Arts
01/21/2009
Once considered too risky, mixed martial arts is now seen by companies as a way to reach young male consumers. (1 d ago)

• The TV Watch: A Day Best Captured by Ima... The TV Watch: A Day Best Captured by Image, Not Narrative
01/20/2009
For many a historic event, being there is the next best thing to watching it on television. The inauguration of Barack Obama was the exception. (1 d ago)

• Sports Business: A Coveted Team, a Tangl... Sports Business: A Coveted Team, a Tangled Web, a Tough Sell
01/20/2009
The identity of the next owner of the Chicago Cubs, which the Tribune Company has been peddling since 2007, could be known Wednesday or later this week. (1 d ago)

• Google Ends Sale of Ads in Papers After ... Google Ends Sale of Ads in Papers After 2 Years
01/20/2009
The company said it would end a program to sell ads in newspapers because the effort had not been as successful as expected. (1 d ago)

• Clear Channel Plans to Trim 1,850 Jobs Clear Channel Plans to Trim 1,850 Jobs
01/20/2009
Hit with the advertising downturn, the company said it was eliminating about 9 percent of its employees, effective immediately. (1 d ago)

• Warner Brothers to Cut 800 Jobs Warner Brothers to Cut 800 Jobs
01/20/2009
Most of the job cuts will come out of the studio’s headquarters in Burbank, Calif., in a mix of layoffs, the elimination of open positions and outsourcing. (1 d ago)

• Mexican Billionaire Invests in Times Com... Mexican Billionaire Invests in Times Company
01/20/2009
The New York Times Company approved a $250 million investment late Monday night by the Mexican billionaire, Carlos Slim Helú. (1 d ago)

• Advertising: Is Star Power Enough to Sel... Advertising: Is Star Power Enough to Sell Beer in Hard Times? Two Brewers Hope So
01/20/2009
Anheuser-Busch InBev and Heineken are preparing efforts to reach beer drinkers who have been watching their spending since the recession began. (1 d ago)

• The Media Equation: Can Sundance Get a B... The Media Equation: Can Sundance Get a Break?
01/19/2009
While creator Robert Redford is criticized that the film festival is far too commercial, the knock on Sundance this year has been that it will not be commercial enough. (2 d ago)

• Pay freezes spread during recession Pay freezes spread during recession
01/22/2009
President Barack Obama isn't the only one ordering pay freezes amid the fallout, economic and political, from a brutal recession. (3 h ago)

• Apple quarterly profit beats expectation... Apple quarterly profit beats expectations
01/22/2009
Apple said its profit in the holiday quarter edged up 2 percent and beat expectations, but predictions for the current quarter came in lower than analysts were predicting. (3 h ago)

• Wall Street set for sober day Wall Street set for sober day
01/22/2009
After a volatile start to the week, Wall Street headed for a mostly lower opening Thursday ahead of key data on jobs and housing and another round of earnings reports. (3 h ago)

• Is this another Great Depression? Is this another Great Depression?
01/22/2009
Economists think things will get better this year. But no one really knows. So what are the odds that we’re the early stages of what will eventually become another Great Depression? (3 h ago)

• Sony sees first annual net loss in 14 ye... Sony sees first annual net loss in 14 years
01/22/2009
Sony projected it would report its first annual net loss in 14 years, and Chief Executive Howard Stringer vowed to turn around the company with pay cuts, job reductions and trendier gadgets. (4 h ago)

• Banks skirt oversight by switching chart... Banks skirt oversight by switching charters
01/22/2009
At least 30 banks since 2000 have escaped federal regulatory action by walking away from their federal regulators and moving under state supervision. (4 h ago)

• GM gets second loan installment of $5.4 ... GM gets second loan installment of $5.4 billion
01/21/2009
GM received the second piece of its government loan package Wednesday, a $5.4 billion installment that will allow the automaker to pay its bills and avoid running out of cash. (14 h ago)

• GOP tests Obama early on bailout, stimul... GOP tests Obama early on bailout, stimulus
01/21/2009
The House has approved legislation setting goals and limitations on the federal government's use of the remaining $350 billion in the financial bailout fund. (14 h ago)

• Parsons to become chairman at Citigroup Parsons to become chairman at Citigroup
01/21/2009
Citigroup says board member Richard Parsons — the former CEO of Time Warner — will soon be taking over as chairman. (14 h ago)

• Sports Biz: NHL is back on solid ice aga... Sports Biz: NHL is back on solid ice again
01/21/2009
As the NHL prepares to celebrate the 100th anniversary of the Montreal Canadiens franchise with its All-Star Game this weekend, the NHL is reinvigorated, even amid a grim economy. (16 h ago)

• Despite billions, banks still teeter on ... Despite billions, banks still teeter on the brink
01/21/2009
Wall Street is losing faith in Washington's efforts to fix the financial crisis. (16 h ago)

• ConsumerMan: End to credit card crazines... ConsumerMan: End to credit card craziness?
01/21/2009
For years, banks have taken advantage of their credit card customers with excessive fees and unexpected interest rate hikes. Help is on the way. (17 h ago)

• Coke launches new ads on ‘Idol,’ Super B... Coke launches new ads on ‘Idol,’ Super Bowl
01/21/2009
Coca-Cola Co., the world's biggest beverage maker, launched a new global marketing campaign on Wednesday to try to draw consumers back to soft drinks. (17 h ago)

• Following stocks, cost of oil moves upwa... Following stocks, cost of oil moves upward
01/21/2009
Oil prices jumped more than 6 percent Wednesday as a rebound on Wall Street overshadowed a pending government crude report expected to show that U.S. inventories continue to swell. (18 h ago)

• GM fell behind Toyota in 2008 GM fell behind Toyota in 2008
01/21/2009
General Motors sold fewer cars globally than Toyota last year, as the Japanese automaker passed the Detroit company for the first time. (23 h ago)

• Obama bobble head anyone? Obama bobble head anyone?
01/21/2009
Your Biz blog: At important moments in history, entrepreneurs are making money. And that’s a good thing. (1 d ago)

• Citigroup Names Parsons As New Chairman Citigroup Names Parsons As New Chairman
01/21/2009
Citigroup Inc. said Wednesday that board member Richard Parsons - the former CEO of Time Warner - will be taking over as chairman amid widespread investor and government scrutiny of the ailing bank. (13 h ago)

• Markets Recover From Inaugural Slump Markets Recover From Inaugural Slump
01/21/2009
IBM gave Wall Street a reprieve from bad news Wednesday and investors responded by taking a break from selling. (17 h ago)

• Apple Earnings Surpass Expectations Apple Earnings Surpass Expectations
01/21/2009
Apple reported first-quarter earnings significantly higher than analysts had expected coming off a disappointing holiday season for most tech companies, but provided its usual conservative guidance. (17 h ago)

• Payment Processor Heartland Reports Brea... Payment Processor Heartland Reports Breach
01/21/2009
Heartland Payment Systems, which processes payroll and credit card payments for more than 250,000 businesses, reported that consumer credit card data was exposed in what may be the largest security breach ever. (21 h ago)

• Toyota Beats GM For First Time Toyota Beats GM For First Time
01/21/2009
General Motors sold fewer cars globally than Toyota last year, as the Japanese automaker passed the Detroit company for the first time. (22 h ago)

• IBM Makes Shocking Rosy Earnings Forecas... IBM Makes Shocking Rosy Earnings Forecast
01/21/2009
In what promises to be a dismal year for tech spending, IBM Corp. packed a wallop of a surprise with its 2009 profit guidance: the numbers were so far ahead of Wall Street's forecast they were initially met with disbelief. (1 d ago)

• Mexican Mogul Slim Invests In NY Times Mexican Mogul Slim Invests In NY Times
01/21/2009
A Mexican billionaire is expanding his empire in the United States in a deal that could make him one of the largest shareholders of The New York Times Co. (1 d ago)

• Markets Tumble On Obama's Big Day Markets Tumble On Obama's Big Day
01/20/2009
The dawn of the Obama presidency was not enough to shake Wall Street from its dejection over the banking industry's growing problems. (1 d ago)

• Founder's Grandson Named New Toyota Boss Founder's Grandson Named New Toyota Boss
01/20/2009
Akio Toyoda, the grandson of Toyota's founder, was named president of the Japanese automaker Tuesday as it struggles to ride out a slump in the global market that dragged annual sales lower for the first time in a decade. (2 d ago)

• U.K. Tries To Bail Out Banks, Again U.K. Tries To Bail Out Banks, Again
01/19/2009
Britain has announced a new bank bailout to boost lending into a struggling economy and protect banks from the bad assets sinking their balance sheets - an admission that an earlier sweeping rescue plan didn't do the job. (3 d ago)

• Apple quarterly profit beats expectation... Apple quarterly profit beats expectations
01/21/2009
Apple said its profit in the holiday quarter edged up 2 percent and beat expectations, but predictions for the current quarter came in lower than analysts were predicting. (15 h ago)

• Citigroup's top 3 execs decline bonuses Citigroup's top 3 execs decline bonuses
01/21/2009
Citigroup's top three executives have passed up bonuses, as the banking giant works to return to profitability after five straight quarters of losses. (1 d ago)

• FCC fines cable operators over channel c... FCC fines cable operators over channel changes
01/20/2009
The Federal Communications Commission is fining nine cable TV operators for attempting to thwart its investigation of a practice in which analog channels were transferred to a more expensive digital tier, leaving some customers without access. (1 d ago)

• Mexican mogul Slim raises N.Y. Times sta... Mexican mogul Slim raises N.Y. Times stake
01/20/2009
A Mexican billionaire is expanding his empire in the United States in a deal that could make him one of the largest shareholders of The New York Times Co. (1 d ago)

• Obama's billionaire backers Obama's billionaire backers
01/20/2009
Ever since he ran for the Senate in 2004, Barack Obama has had a wealth of 10-figure tycoons advising — and funding — him. (1 d ago)

• Obama already getting down to business Obama already getting down to business
01/20/2009
Barack Obama's audacious agenda of stimulus, reform and regulation will shake up every business and industry. (1 d ago)

• At $3 million, Super Bowl ad time is ...... At $3 million, Super Bowl ad time is ... cheap?
01/20/2009
At a reported $3 million per spot, ad time for the upcoming Super Bowl XLIII is the most expensive ever. But by some measures, it makes sense, and might even be a bargain. (2 d ago)

• Debate rises over Gaza aid distribution Debate rises over Gaza aid distribution
01/21/2009
Aid organizations estimate damage to Gaza from Israel's incursion could be $1.5 billion. Whatever aid comes in, there's disagreement among Palestinian groups over who should distribute it. Daniel Estrin reports. (21 h ago)

• Economic woes limit U.S. foreign policy Economic woes limit U.S. foreign policy
01/21/2009
President Obama's inauguration address focused a lot on the economy and foreign policy. But the U.S. economy may play a huge role in determining what can be done overseas. Kai Ryssdal speaks about foreign policy with Gideon Rose, managing editor of Foreign Affairs magazine. (21 h ago)

• Wage stagnation is the real problem Wage stagnation is the real problem
01/21/2009
While commentator David Frum doesn't think much of President Obama's plans to stimulate the economy, he says something needs to be done about workers' stagnating wages. He has a couple ideas how to do it with less government spending. (21 h ago)

• What is 'creative capitalism?' What is 'creative capitalism?'
01/21/2009
At 2008's World Economic Forum, Bill Gates challenged corporations to engage in 'creative capitalism,' or be more socially responsible. Kai Ryssdal speaks with journalist Michael Kinsley about what that entails. (21 h ago)

• Cities mull bailouts of car dealerships Cities mull bailouts of car dealerships
01/21/2009
Some cities that depend on sales taxes to fill their coffers are offering loans to help keep struggling car dealerships in business. Rico Gagliano reports. (21 h ago)

• Airlines pay for locking in fuel prices Airlines pay for locking in fuel prices
01/21/2009
Just about every U.S. airline is reporting losses, and a big reason why is that they locked in expensive fuel prices when those prices were at record highs last summer. Janet Babin reports. (21 h ago)

• Geithner questioned on taxes, bailouts Geithner questioned on taxes, bailouts
01/21/2009
Treasury secretary nominee Timothy Geithner fielded tough questions from a Senate committee about mistakes on his tax returns and his part in crafting some of last year's biggest bailouts. Steve Henn reports. (21 h ago)

• Obama freezes pay, sets ethics rules Obama freezes pay, sets ethics rules
01/21/2009
President Obama spent his first full day in office setting ethics guidelines and imposing a salary freeze on White House staffers earning more than $100,000. Kai Ryssdal speaks with John Dimsdale about the president's new policies and his upcoming agenda. (21 h ago)

• Financial crisis to drive fraud claims Financial crisis to drive fraud claims
01/22/2009
The financial meltdown will result in more fraud claims and legal disputes, according to the latest report from risk management consultants Kroll.The alarming part about this report is the warning... (4 h ago)

• Steve Jobs and board failure Steve Jobs and board failure
01/22/2009
Earlier this month, I did a blog entry looking at why Steve Jobs' health was an issue for investors. It boils down to one simple equation: Jobs is Apple's most important asset and his health... (5 h ago)

• Satyam: do we need a global Sarbox Satyam: do we need a global Sarbox
01/21/2009
Satyam, labelled India's Enron, has raised a number of important questions. Not only about Indian corporate governance, which leaves a lot to be desired with The Hindu reporting that India is... (1 d ago)

• Wall Street to Obama: the banks are inso... Wall Street to Obama: the banks are insolvent
01/21/2009
So Wall Street has greeted the new President by plunging 4%, the worst ever performance on inauguration day and beating the previous record set by the hopeless Herbert Hoover.Wall Street is telling... (1 d ago)

• US economy, Pearl Harbor and Barack Obam... US economy, Pearl Harbor and Barack Obama
01/20/2009
On the eve of Barack Obama's inauguration, Warren Buffett has come out saying that the US is in the grip of an "economic Pearl Harbor", not as bad as World War Two or the Great... (1 d ago)

• Oil price futures Oil price futures
01/20/2009
Don't believe oil prices, they're set to soar.At the moment, they have fallen below $35 a barrel in the face of weakening consumer demand and corporate earnings heading down the toilet.But... (1 d ago)

• Lessons from Siemens Lessons from Siemens
01/19/2009
Siemens is upbeat about its chances of getting its insurers to pay a big chunk of the $1.3 billion it paid to settle corruption probes in the United States and Germany. And that's a worry because... (2 d ago)

• How to make a killing in the crisis How to make a killing in the crisis
01/19/2009
It sounds counter-intuitive but there is money to be made out of debt. If you have the stomach for risk.One of the most fascinating trends of late has been the booming corporate bond market .... (2 d ago)

• Economic View: How About a Stimulus for ... Economic View: How About a Stimulus for Financial Advice?
01/21/2009
The government should start a major program to subsidize personal financial advice for everyone. (19 h ago)

• Credit Card Processor Says Some Data Was... Credit Card Processor Says Some Data Was Stolen
01/21/2009
Heartland Payment Systems said the system it used to process Visa, MasterCard, American Express and Discover Card transactions was breached last year. (19 h ago)

• Economic Scene: The Economy Is Bad, but ... Economic Scene: The Economy Is Bad, but 1982 Was Worse
01/21/2009
The recession of the early 1980s doesn’t have a catchy name, and many Americans are too young to remember it. But indicators say that these were worse times then. (1 d ago)

• Your Money: Preparing Your Budget for Di... Your Money: Preparing Your Budget for Disaster
01/20/2009
What would happen to your finances if you lost your job tomorrow? (1 d ago)

• For the Brave, the Moment Is Now For the Brave, the Moment Is Now
01/19/2009
Spurred by falling real estate prices and low mortgage rates, first-time buyers are cracking open the piggy bank earlier than planned. Traffic at open houses has stepped up. (2 d ago)

• Mortgages: Loan Fraud Seen on the Rise Mortgages: Loan Fraud Seen on the Rise
01/19/2009
Occurrences of fraud among loan officers, brokers and other industry professionals actually outpaced 2007 levels by 45 percent in the second quarter of 2008. (2 d ago)

• Patient Money: Health Care You Can’t Aff... Patient Money: Health Care You Can’t Afford Not to Afford
01/19/2009
As the recession intensifies, more Americans are delaying doctor visits and medical treatments. What can you safely postpone, and what must be treated now? (2 d ago)

• Downturn has pasta sales heating up Downturn has pasta sales heating up
01/21/2009
As struggling consumers turn to casseroles, soup, pasta salad and good old macaroni and cheese to stretch their food dollars, the nation's pasta makers are returning to a rolling boil. (14 h ago)

• 125 foods recalled due to salmonella out... 125 foods recalled due to salmonella outbreak
01/21/2009
Federal officials say more than 125 products have been recalled in a salmonella-and-peanuts investigation that keeps getting bigger. (15 h ago)

• Best Buy president to take over as CEO Best Buy president to take over as CEO
01/21/2009
Best Buy Co. Inc. laid out a succession plan Wednesday, saying Brian J. Dunn, its president and chief operating officer, will take over this summer as chief executive. (16 h ago)

• Credit card rewards programs getting sti... Credit card rewards programs getting stingier
01/20/2009
Just as interest in cashing in points for the latest iPod model or airline tickets is likely to ratchet up, the banks that issue cards are making it harder to redeem those points. (1 d ago)

• Retailers prepare for a new, frugal futu... Retailers prepare for a new, frugal future
01/20/2009
For years, retailers could afford to be sloppy about running their businesses because customers kept buying. No more. (2 d ago)

• World markets fall amid bank jitters World markets fall amid bank jitters
01/21/2009
World stock markets dropped Wednesday, with Japan’s benchmark losing 2 percent, amid concern that rising bank losses will cripple the world’s economy. (1 d ago)

• Fiat taking large stake in Chrysler Fiat taking large stake in Chrysler
01/20/2009
Fiat and Chrysler said they would form a strategic alliance that would give the Italian auto empire a 35-percent stake in the troubled U.S. carmaker and could bring it full control. (1 d ago)

• EU sees recession being deep and long-la... EU sees recession being deep and long-lasting
01/19/2009
The European Union said Monday it is facing a "deep and protracted recession" and slashed growth forecasts, while Britain announced its second massive bank bailout. (2 d ago)

• U.K. launches second bank rescue plan U.K. launches second bank rescue plan
01/19/2009
Britain threw its troubled banks another multi-billion dollar lifeline by allowing them to insure against steep losses and guaranteeing their debt to stop the credit crunch pushing the economy into a deep slump. (2 d ago)

• Your Career: Get severance, and move on Your Career: Get severance, and move on
01/21/2009
After the initial shock of losing a job wears off, some people get angry and assume their former employer is trying to screw them out severance pay or vacations days. (20 h ago)

• Employers avoid axing the oldies but goo... Employers avoid axing the oldies but goodies
01/21/2009
Companies nationwide are laying off workers by the tens of thousands. But many are trying to spare the post-55 set from the ax, a reversal of the top-down trends in past waves of layoffs. (20 h ago)

• The 10 best U.S. cities to find a job in... The 10 best U.S. cities to find a job in 2009
01/19/2009
Having trouble finding a job in, say, New York City or South Florida? You might give Madison, Wis., a try. (2 d ago)

• Obama: A leader for the ‘we’ generation... Obama: A leader for the ‘we’ generation
01/19/2009
Leaders can learn a lot from President-elect Barack Obama about power that comes from the bottom up, not just from the top down. (2 d ago)

Business

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John gogs :: 12/28/2009

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

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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

• In the Hunt: Upbeat on Cape Cod, Despite... In the Hunt: Upbeat on Cape Cod, Despite a Recession
01/21/2009
Five entrepreneurs say they are looking for angles to exploit in a recession. (10 h ago)

• Tool Kit: Sales Tips for a Tough Economy Tool Kit: Sales Tips for a Tough Economy
01/20/2009
Sift through mounds of advice on how to increase sales and sometimes you find a nugget. (1 d ago)

• Investors Dump Shares As Banking Fears ... Investors Dump Shares As Banking Fears Mount
01/20/2009
NEW YORK, Jan. 20 -- At the dawn of the Obama presidency, the stock market could not shake its dejection over the rapidly deteriorating state of the banking industry. (1 d ago)

• A Basic How To on Business Plans A Basic How To on Business Plans
01/19/2009
I came across a excellent article at Entrepreneur University today that deserves a shout out. It's designed to answer the question, "What should a business plan look like?" The feature... (2 d ago)

• Underway Now: World Future Energy Summit... Underway Now: World Future Energy Summit, in Abu Dhabi
01/20/2009
TreeHugger pointed out to me yesterday that the World Future Energy Summit is underway at the moment in the capital of the United Arab Emirates. Renewable energy has become big business in the UAE.... (1 d ago)

• Building a Start Up from Scratch Building a Start Up from Scratch
01/21/2009
Evan Carmichael over at the Young Entrepreneur blog has a nice basic step-by-step on how to start out with nothing and build yourself a start up business.Here are the steps that I took. This process... (1 d ago)

• FAS 157: Is it Killing Investment? FAS 157: Is it Killing Investment?
01/19/2009
On November 15th a new accounting rule went into effect. It's called FAS 157. It regulates how investments are valued by mandating that they be valued "fairly." And the whining and... (2 d ago)

• Due Diligence in the post-Satyam World Due Diligence in the post-Satyam World
01/19/2009
Photo courtesy of iStockphoto, Image# 7835377 In a recent article published in InformationWeek, Bob Evans offers 10 tips on outsourcing. None of these are new - in fact, they represent perennial... (3 d ago)

• Obama bobble head anyone? Obama bobble head anyone?
01/21/2009
Your Biz blog: At important moments in history, entrepreneurs are making money. And that’s a good thing. (1 d ago)

• Growing Your Business in the Service Sec... Growing Your Business in the Service Sector
01/19/2009
Matt Rodela over at Small Business Trends had an article recently on strategies for growing your service business.Now is not the time for business as usual. It's time to get creative and think... (2 d ago)

• Giant Online Mall in the Works for China... Giant Online Mall in the Works for China Market
01/19/2009
Asiajin had an interesting story a couple of weeks ago about the online mall that 100 Japanese companies are setting up for shoppers in China.According to the Nikkei, major electronics retailer... (2 d ago)

• The Dystopians - Review The Dystopians - Review
01/21/2009
The article starts off with US resident Dmitry Orlov, from Leningrad, who has been living on a semi-self-sustainable boat in a form 'bourgeois survivalism' for 2 ½ years, riding a bicycle and... (23 h ago)

• Are You Paying Too Much for Insurance? Are You Paying Too Much for Insurance?
01/20/2009
At the risk of sounding like a Geico commercial, one way to save money in hard times is to revisit your insurance. Think of the policies you have: home owner, life, auto. How long has it been since... (1 d ago)

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