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Business News
for 01/23/2009

(last updated 7:30am EST 01/23/2009)

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• S Korea to promote job sharing scheme am... S Korea to promote job sharing scheme among companies
01/23/2009
The South Korean government plans to introduce a job sharing scheme in the public sector in a bid to ease the tightening labor market amid the sharply slowing economy, the Finance Ministry said Friday. The ministry said the government is also considering to cut salaries for newly-recruited workers in the public firms and to use the reduced expenses along with tax incentives to encourage the private sector to join the efforts. The move comes after President Lee Myung-bak's suggest ... (4 h ago)

• S Korean economy predicted to contract 2... S Korean economy predicted to contract 2.5% this year
01/23/2009
JP Morgan Chase & Co. said on Friday that South Korea's economy is expected to contract 2.5 percent in 2009, sharply lower than its earlier projection of a 0.5 percent expansion. The downgrade follows many investment banks and research institutes movement of lowering the economic growth projection to 1-percent range, with some expecting a recession for the first time in more than a decade. On Wednesday, the Korea Development Institute, South Korea's state-run think thank, predict ... (4 h ago)

• China's first private airline allowed to... China's first private airline allowed to resume operations
01/23/2009
China's first private airline, Okay Airways, will begin resuming passenger services on Saturday after being suspended from operating for seven weeks. Services on seven domestic routes would start from Jan. 24 to 31 and all flights scheduled for the winter and spring would begin on Feb. 1, the airline's main shareholder, Shanghai-based Junyao Group, said Friday. Tickets and reservations were available through sales agents, said Junyao spokesman Wang Zhong. The routes will ... (4 h ago)

• Samsung suffers first-ever quarterly los... Samsung suffers first-ever quarterly loss amid global recession
01/23/2009
Samsung Electronics Co., the world's largest maker of computer memory chips, announced Friday it lost 20 billion won (14.7 million U.S. dollars) in the fourth quarter of 2008, posting its first-ever quarterly loss. During the same period in 2007 the company earned a profit of 2.21 trillion won (1.63 billion U.S. dollars), according to Samsung Electronics. The company said its fourth-quarter operating loss was at 94 billion won (69.1 million U.S. dollars), compared with a profit o ... (7 h ago)

• Singapore private home prices drop 6.1% ... Singapore private home prices drop 6.1% in Q4, 2008
01/23/2009
Singapore's private residential prices decreased by 6.1 percent in the fourth quarter of 2008, after a decline of 2.4 percent in the previous quarter, the country's Urban Redevelopment Authority (URA) said on Friday. For the whole year of 2008, overall prices of private residential properties fell by 4.7 percent, compared with an increase of 31.2 percent in 2007. The latest figure for the fourth quarter showed that private residential prices fell further than the previous estimat ... (7 h ago)

• China's economy to face more difficultie... China's economy to face more difficulties in the first quarter
01/23/2009
China's economy will face a more severe and more difficult situation in the first quarter of this year, Yao Jingyuan, chief economist of the National Bureau of Statistics of China, said on January 22. Yao made the remarks as a guest on CCTV-2's special program "2008 China's Economy Annual Report." Yao pointed out that China's economy will face a more severe and more difficult situation in the first quarter of this year because the world financial crisis is still spreading and developing and ... (7 h ago)

• ADB to help China with cleaner energy ADB to help China with cleaner energy
01/23/2009
China's push to make its energy sector cleaner and more efficient is to receive increased support from the Asian Development Bank (ADB), the lender said on Friday. ADB will provide three technical assistance grants totaling 2.8 million U.S. dollars to support China's efforts to reduce sulfur dioxide gas emissions, increase energy savings, and strengthen a fund that supports clean energy projects, the Manila-based bank said in a statement. Over the past two decades, China's econom ... (7 h ago)

• Chinese shares slightly down tracking Wa... Chinese shares slightly down tracking Wall Street losses
01/23/2009
Chinese share prices closed 0.71 percent lower on Friday tracking overnight Wall Street losses. The Shanghai Composite Index dropped 0.71 percent to 1,990. The Shenzhen Component Index was down 0.51 percent to 7,015. Combined turnover shrank to 95.27 billion yuan (13.61 billion U.S. dollars) from 103.65 billion yuan on the previous trading day. &$ &$Source:Xinhua&$ &$ ... (7 h ago)

• Chicago grain futures finish lower on gl... Chicago grain futures finish lower on gloomy economic prospects
01/23/2009
Grain futures in the Chicago Board of Trade ended lower Thursday on concern of the weak demand for agriculture products during the economic turmoil. Corn futures for March delivery ended down 2.75 cents to 3.875 dollars a bushel. March soybean dropped 8.5 cents to 10.12 dollars per bushel and March wheat lost 5 cents and settled on 5.6675 dollars per bushel. A report released by the Labor Department Thursday indicated that jobless claims rose to 589,000 from last week's revised f ... (7 h ago)

• Indonesia, Malaysia, Thailand to cut rub... Indonesia, Malaysia, Thailand to cut rubber exports by 700,000 tons in 2009 to boost prices
01/23/2009
Indonesia, Malaysia and Thailand, the world's biggest natural rubber exporters, have decided to slashed rubber exports by 700,000 tons this year to raise slumping price of the commodity, a director executive of Indonesia's rubber producers association, Gapkindo Suharto Honggokusumo, said here Friday. The director said that for the first quarter the three countries have decided to trim the overseas sales by 270,000 tons and Indonesia got 116,000 tons reduction out of the figure. " ... (7 h ago)

• New Zealand-South Korea free trade deal ... New Zealand-South Korea free trade deal to benefit both countries
01/23/2009
A two-year study has found a free trade agreement between New Zealand and Korea would benefit both countries. The study was conducted by New Zealand's Institute of Economic Research and the Korean Institute for International Economic Policy. The New Zealand government wants to hear from the public about the potential deal. New Zealand Trade Minister Tim Groser said on Friday that access to a market as large as South Korea is important to economic growth and confidence in ... (7 h ago)

• Exxon, Chevron to supply gas to Indonesi... Exxon, Chevron to supply gas to Indonesian local market
01/23/2009
Giant global oil and gas firms Exxon Mobil Corp and Chevron Corp have signed a deal worth 6.76 billion U.S. dollars as part of its commitment to allocate parts of their outputs to domestic industries, the Jakarta Post reported on Friday. Exxon has agreed to deliver gas to fertilizer and related products giant PT Petrokimia Gresik and state electricity company PT PLN in deals worth 1.4 billion U.S. dollars and 1.7 billion U.S. dollars, respectively. Exxon will deliver the natural ... (7 h ago)

• Nepali gov't okays petro-line proposal f... Nepali gov't okays petro-line proposal from India
01/23/2009
The Nepali government has endorsed a proposal tabled by the Ministry of Commerce and supplies to lay down a petrol-pipeline from Raxaul, the bordering town of India, to Amlekhgunj, where Nepal Oil Corporation (NOC) has its main petroleum depot, local media reported on Friday. Talking to journalists after the cabinet meeting, Minister for Commerce and Supplies Rajendra Mahato said the meeting has endorsed a proposal to lay down a pipeline through a joint-venture of NOC and Indian Oil Corp ... (7 h ago)

• Vietnamese import and export turnover dr... Vietnamese import and export turnover drops in the first month of 2009
01/23/2009
Vietnamese import and export turnover in January is expected to reach about 4.1 and 3.8 billion U.S. dollars, down by 44.8 and 18.6 percent over December respectively, the local newspaper Liberty Saigon reported Friday. According to General Statistics Office of Vietnam, the foreign direct investment sector fetched 2.1 billion U.S. dollars of the total export turnover, down 25.9 percent over the same period last year. The State-owned companies brought home 1.7 billion U.S. dollars, down 2 ... (7 h ago)

• Tokyo stocks plummet nearly 4 percent Tokyo stocks plummet nearly 4 percent
01/23/2009
Tokyo stocks fell sharply Friday, with the key Nikkei index shedding nearly 4 percent to a two-month low. The benchmark 225-issue Nikkei Stock Average lost 306.49 points, or 3.81 percent, from Thursday to 7,745.25, its lowest finish since Nov. 20. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 22.36 points, or 2.81 percent, to 773.55. &$ &$Source:Xinhua&$ &$ ... (7 h ago)

• Indonesia commits to support free trade,... Indonesia commits to support free trade, avoids protectionism
01/23/2009
Indonesia, the largest southeast Asia economy, remains committed to free trade and avoids protectionism as it struggles to cushion the fallout of the global financial routs, Foreign Minister Hassan Wirajuda has said.. The statement came amid concern that the global recession might lead economies to tighten import regulations and tilt toward protectionism. "Anticipating this (crisis), Indonesia appeals that we remain committed to free trade and will avoid protectionism," Wirajuda ... (7 h ago)

• China and Costa Rica reach consensus on ... China and Costa Rica reach consensus on free trade talks
01/22/2009
On January 22, the Ministry of Commerce announced that the first round of negotiations for a free trade agreement (FTA) between China and Costa Rica had been held on January 19-21 in San José, capital city of Costa Rica. Consensus have been reached on the negotiation framework for the FTA, the mode of tariff concession for the trade in goods, as well as the mode of negotiations for trade in services. They also exchanged opinions on subjects such as rules of places of origin, technical barri ... (8 h ago)

• China milk scandal drags Yili Group into... China milk scandal drags Yili Group into losses
01/22/2009
China's Yili Industrial Group reported a net loss last year as a result of the baby formula milk scandal, according to its statement to the Shanghai Stock Exchange Market Friday. The company did not disclose the size of loss. Net loss for the producer stood at 20.6 million yuan (3.01 million U.S. dollars) in2007. The first three quarters last year saw a net loss of 109 million yuan. A report from Morgan Stanley expected the company's 2008 loss at 2.3 billion yuan. Chen Lianfang, ... (9 h ago)

• Sinopec reports 4.5% rise in 2008 refini... Sinopec reports 4.5% rise in 2008 refining throughput
01/22/2009
China Petroleum and Chemical Corp.(Sinopec), the nation's largest oil refiner, said Friday that it processed 168.8 million tons of crude oil in 2008, up 4.49 percent year-on-year. The company, which is also a leading oil producer, said in a preliminary report that its crude oil output rose 1.76 percent to 296.8 million barrels. Gasoline output rose 11.97 percent to 29.09 million tons, with diesel production up 10.12 percent to 68.78 million tons. Sinopec also said: -- Nat ... (9 h ago)

• China's Chalco 2008 net down over 50% on... China's Chalco 2008 net down over 50% on prices, closures
01/22/2009
Aluminum Corp. of China Ltd. (Chalco), the country's largest producer of the metal, said Friday its 2008 unaudited net profit may fall more than 50 percent from a year earlier. The profit slump reflected large increases in raw materials costs in the first three quarters and plant closures caused by a power supply shortage last winter and summer according to a statement submitted to the Shanghai Stock Exchange. This slump also came after products prices fall sharply as the economi ... (9 h ago)

• After U.S. Data, Mixed World Markets After U.S. Data, Mixed World Markets
01/23/2009
Global stocks were mixed after worse-than-expected U.S. unemployment and housing data cut off a rebound that saw investors buying up beaten-down bank stocks. (6 h ago)

• Profit Decline at Nokia Comes With a War... Profit Decline at Nokia Comes With a Warning
01/23/2009
The cellphone maker posted a worse-than-expected drop in quarterly profit, reduced its dividend and warned that market volumes would shrink 10 percent this year. (7 h ago)

• Europe to Buy 30,000 Tons of Surplus But... Europe to Buy 30,000 Tons of Surplus Butter
01/23/2009
Faced with a drastic drop in the price of dairy goods, the European Union hopes to revive one of the abiding symbols of Europe’s generous farm subsidy system. (7 h ago)

• Death Sentences in Chinese Milk Case Death Sentences in Chinese Milk Case
01/23/2009
A Chinese court sentenced two men to death and a top dairy company executive to life in prison for selling tainted milk products. (7 h ago)

• Geithner Hints at Harder Line on China T... Geithner Hints at Harder Line on China Trade
01/22/2009
Timothy F. Geithner stated that the president believed that China was “manipulating” its currency, signaling a more confrontational approach to a delicate issue. (8 h ago)

• Shares Slide as Grim News Keeps the Mark... Shares Slide as Grim News Keeps the Markets on Edge
01/22/2009
Stock markets clipped their losses in afternoon trading but were still trading in the red as investors grappled with disappointing news from Microsoft and the housing market. (8 h ago)

• Satyam Chief Is Accused of Falsifying Si... Satyam Chief Is Accused of Falsifying Size of Work Force, Then Stealing Payroll
01/22/2009
The head of the software company confessed to making up more than 10,000 employees to siphon money from the company and to using his mother’s name to buy land with the cash. (8 h ago)

• Sony Expects to Report $3 Billion Annual... Sony Expects to Report $3 Billion Annual Loss
01/22/2009
Sony said it would post a record annual operating loss because of the rapid deterioration of the economy. (8 h ago)

• Crisis in Europe and U.S. Hurts Asian Ec... Crisis in Europe and U.S. 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. (8 h ago)

• China’s Route Forward China’s Route Forward
01/22/2009
China is starting to spend hundreds of billions of dollars on infrastructure projects, fearing that widespread joblessness could lead to social unrest. (8 h ago)

• Sweden’s Fix for Banks: Nationalize Them... Sweden’s Fix for Banks: Nationalize Them
01/22/2009
Sweden’s experience with reviving a failed banking system might provide a model for the United States. (9 h ago)

• Jobs Vanish as Exports Fall in Asia Jobs Vanish as Exports Fall in Asia
01/22/2009
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. (21 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 d ago)

• ABC to Merge 2 TV Units to Streamline an... ABC to Merge 2 TV Units to Streamline and Cut Costs
01/22/2009
The plan was prompted largely by a desire to streamline operations and cut costs as audiences for network television continue to dwindle. (10 h ago)

• Advertising: Making Every Second, or $10... Advertising: Making Every Second, or $100,000, Count
01/22/2009
For advertisers, Super Bowl ads are just part of overall marketing campaigns. (10 h ago)

• Banker Emerges as Cubs’ Top Bidder Banker Emerges as Cubs’ Top Bidder
01/22/2009
Thomas Ricketts got the backing of the Tribune Company’s creditors committee on Thursday to acquire the Chicago Cubs and Wrigley Field for around $900 million. (11 h ago)

• The TV Watch: A Day Best Captured by Ima... The TV Watch: A Day Best Captured by Image, Not Narrative
01/22/2009
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. (11 h ago)

• Times Co. Is in Talks to Sell Part of Bu... Times Co. Is in Talks to Sell Part of Building
01/22/2009
The New York Times Company is in negotiations to sell a substantial portion of its headquarters building on Eighth Avenue in Midtown Manhattan to W. P. Carey & Company. (12 h ago)

• Publisher Rethinks the Daily: It’s Free ... Publisher Rethinks the Daily: It’s Free and Printed and Has Blogs All Over
01/22/2009
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. (1 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 d ago)

• Recession Britain: It's official Recession Britain: It's official
01/23/2009
Britain has officially entered recession for the first time since 1991, after the economy shrank at the fastest pace for nearly 30 years in the fourth quarter. The UK economy contracted by a worse-than-expected 1.5% between October and December from the previous three months, beating the declines seen during the 1990s recession, figures from the Office for National Statistics showed today. This followed a 0.6% slump in the third quarter. Two or more consecutive quarters of contraction are regarded as a recession . The fall in gross domestic product (GDP) was the biggest since the second quarter of 1980, the year of the Bristol riots, the Iranian embassy siege and British Leyland's launch of the Metro. Alistair Darling said: "In the last few weeks there has been a substantial downturn. It is undoubtedly sharper than many people believed, mainly because you've seen industrial production go down because the export markets have been badly affected." The chancellor added that the government would take all necessary steps to help the economy recover and stressed the need for international cooperation. The United States, Japan and Germany are also in recession. Alan Clarke of BNP Paribas believes that the UK is not even half-way through the downturn, and predicted that GDP will continue to shrink through 2009. "It's a case of two quarters down, four to go," Clarke said. "All the indications are that this recession is worse than the one of the early 1990s." The pound hit a 23-year low of $1.3500 after the GDP figures were released. Against the yen, sterling fell to an all-time low of ¥119.25. The data fuelled expectations that interest rates, currently at 1.5%, will fall close to zero. Bank of England governor Mervyn King has also hinted that the central bank could take more unconventional measures to stimulate the economy by increasing the supply of money. The FTSE 100 index dropped below the 4000 mark for the first time since mid-November and later traded down 66.7 points at 3985.43, a fall of 1.65%. Nick Kounis at Fortis said: "This report confirms that the economy is in deep recession and adds to the case for further aggressive Bank of England policy easing. The probability that the central bank will need to turn to a quantitative easing policy is rising." The City had expected the economy to shrink by 1.2% in the fourth quarter. Over the whole of last year, the economy expanded by just 0.7% - the weakest since 1992. The annual GDP rate showed a contraction of 1.8% in the fourth quarter, compared with growth of 0.3% in the previous quarter. Torrid week The chancellor's forecasts now look wildly optimistic. In November's pre-budget report, he predicted that the economy would shrink by between 0.75% and 1.25% this year and return to growth of 1.5% to 2% next year. "Official confirmation of our somewhat inevitable recessionary status caps off a torrid week for UK plc," said Martin Slaney at City trading firm GFT. "Those green shoots which certain government ministers have been heralding are nowhere to be seen as far as the statistics are concerned." The downturn has rapidly spread across the economy, from the stricken financial industry to the high street and manufacturers. Car production has dived and the housing market has ground to a halt. Unemployment has shot up close to 2 million, with the rate at 6.1%. Manufacturing output is the biggest drag on the economy, plummeting by 4.6% in the fourth quarter. The service sector slumped by 1%, driven by a 2.4% drop at hotels and restaurants. Financial and business services dropped by 0.5%. Even the government sector - until recently the only sector that was still growing and hiring people - shrank by 0.5%. "Most recessions are painful," said RBS economist Ross Walker. "There's no sign of an imminent upturn in any of these measures. We're looking at five consecutive quarters of contraction and unemployment hitting 10%-plus." Recession Economic growth (GDP) Economics Global recession Economic policy Manufacturing sector Automotive industry Housing market guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Marston's reports weak beer sales but ou... Marston's reports weak beer sales but outperforms rivals Punch Taverns and Enterprise Inns
01/23/2009
Pubs and brewing group Marston's, which owns the Pitcher and Piano chain, has suffered a slump in trading – but has outperformed rivals. The shares jumped by 10% in early trading and later traded up 2.5p at 99.75p, a rise of 2.6%. Marston's, which owns more than 2,250 pubs, said today that like-for-like profits fell by 6% at its tenanted pubs in the 15 weeks to 17 January. "Trading in the Christmas and New Year weeks showed a slight improvement compared to recent trends, but as expected, trading in January to date has been more subdued," the company said. It has tried to support its tenants through rent concessions and price discounts on beer. Rivals Punch Taverns and Enterprise Inns have posted sales declines of 12% and 8% respectively in their leased pub estates. Marston's posted a 2.9% fall in sales at its managed pubs. "Whilst the environment is difficult, Marston's continues to trade in line with its board's expectations. Its managed houses are taking share and its tenanted performance is better than that of Punch or Enterprise," said Mark Brumby at Blue Oar Securities. Paul Hickman at KBC Peel Hunt said the figures were "better than might have been feared". He downgraded his annual profit forecast by 3% to £67m. Earlier this month, the company refinanced £295m of a £400m bank loan, extending the facility by three years to 2013. Marston's is worried that there could be further increases in beer duty this year following last year's rises. It is backing the Axe the Beer Tax campaign run by industry bodies including the British Beer & Pub Association. Marstons Punch Taverns Enterprise Inns Food & drink industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Samsung reports first-ever quarterly los... Samsung reports first-ever quarterly loss
01/23/2009
Samsung today announced its first-ever quarterly loss, as more bad news emerges for the world's major consumer electronics makers. The announcement by South Korea's biggest firm, worth an estimated £35.4bn, comes a day after its Japanese rival, Sony, said it was heading for record operating losses . Samsung, the world's leading manufacturer of memory chips and flat-screen TVs, has seen its earnings battered by a dramatic fall in demand for memory devices and lower profit margins for flat screens. Analysts warned that there was little prospect of an immediate turnaround for the firm. "Samsung will likely bleed more, if not suffer wider losses, as the global economy is expected to slump further well into the first half of this year," Lee Jeong, an analyst at Hana Daetoo Securities in Seoul, told Reuters. Samsung said it suffered operating losses of 937bn won (£497m) in the October-December quarter, compared with a profit of 1.78tn won a year earlier, it said in a statement. Its all-important chip business bore the brunt of the slowdown, accounting for 60% of the total losses. Net losses for the quarter reached 22.2bn won compared with a profit of 2.21tn won last year. Shares in Samsung closed down 4.1%, rallying slightly after losing almost 5%. Shares in Sony, meanwhile, plunged in Tokyo a day after it said it was expecting its first operating loss for 14 years, as weak exports and a strong yen continue to pummel earnings from sales in the US and Europe. Sony said operating losses through to the end of March would total 260bn yen, a spectacular reversal from the 200bn yen profit it forecast late last year. In Tokyo, Sony shares plunged 7% to 1,802 yen, while the benchmark Nikkei index fell 3.8% to its lowest close for two years. Sony shares lost 80% of their value last year, while Asia's biggest stock market has fallen more than 12% already this year. Analysts said Sony's poor performance was a symptom of a deep-seated malaise in the electronics sector that could continue for some time. "Even though you knew the sector was in bad shape, this has been underscored by Sony, giving rise to fears about firms in the sector which share a lot of the same problems," said Hiroaki Osakabe at Chibagin Asset Management. Manufacturing sector Global recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• The last recession in 1990/1991 The last recession in 1990/1991
01/23/2009
Britain has officially plunged into recession for the first time since 1991. While there are many differences today, some things haven't changed much at all (6 h ago)

• Obama team accuses China of manipulating... Obama team accuses China of manipulating its currency
01/23/2009
Barack Obama's choice as the next treasury secretary has fired the first shot in what could be a new protectionist battle between America and China. Tim Geithner told US senators that Obama believes that China has been manipulating its currency, the yuan - an accusation that is likely to hurt relations between the two countries. In written testimony at a confirmation hearing, Geithner said that "President Obama - backed by the conclusions of a broad range of economists - believes that China is manipulating its currency." The former head of the Federal Bank of New York went on to tell the Senate finance committee that Obama will use "all the diplomatic avenues open to him" to push for changes in China's currency practices. Geithner is expected to be officially confirmed in his post by the full Senate within days. While it is an open secret that Beijing does take steps to manage the value of its currency, analysts warned that Geitner's comments risk disrupting the delicate balance between the two countries. The yuan has strengthened against the dollar since 2005, when China stopped pegging the currency. From around eight yuan to the dollar in 2005, it was trading at 6.84 earlier today. This rise has pushed up the cost of Chinese exports overseas. There was no official response from the Chinese government to Geithner's comments. America is a hugely important market for China's factories, which have already suffered from the US economic slump. The flow of goods from east to west has meant China built up huge reserves of dollars and holds more US government debt, in the form of Treasury notes, than any other country. The prospect that China might respond by selling some these assets off triggered a drop in the value of long-term US treasuries yesterday. The term "manipulates" is politically sensitive, as under America's trade laws the US treasury must identify any country that manipulates its exchange rate to gain an advantage in international trade. But Geithner's remarks may find favour with the American manufacturers, unions and politicians who have claimed that Chinese firms have an unfair edge over foreign competitors. The Senate committee approved Geithner's nomination, however he must wait another week for final confirmation while Republicans continue to dig into his tax affairs . The former top US banker has admitted failing to pay self-employment taxes over a four-year period - an omission he says he has now addressed. US economy China Currencies Barack Obama Obama White House United States guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Morrisons beats rivals with bumper Chris... Morrisons beats rivals with bumper Christmas sales
01/22/2009
Morrisons was leader of the grocery pack at Christmas, yesterday announcing much stronger sales than its bigger rivals. The Bradford-based chain said like-for-like sales, which exclude gains from new shopfloor space, were up 8.2% on 2007 levels in the six weeks to January 4. Chief executive Marc Bolland, who has changed the grocer's image with a celebrity-backed advertising campaign, said it was "an outstanding Christmas performance". Morrisons' growth outstripped the 2.5% rise at Tesco and the 4.5% improvement at Sainsbury's. Wal-Mart-owned Asda said its Christmas sales were up 6.9%. Bolland said the 380-store supermarket was attracting an extra 375,000 customers every week, including more young families and southern shoppers. He said Morrisons had been the main beneficiary of shoppers trading down from Marks & Spencer and Waitrose. Marks & Spencer reported a 5.2% dip in its like-for-like Christmas food sales. The rise in affluent shoppers, he said, was driving sales of organics, Fairtrade products and Morrisons premium-label range - called The Best. At the same time, he said, cash-strapped shoppers looking for bargains had pushed sales of its value lines up by 70% on 2007 levels. Morrisons said its appeal to more affluent shoppers was down to its Market Street concept, offering in-store bakeries, butchers and fishmongers alongside its famous pie counter. Market Street sales were up 11%. The shares, however, lost 11.5p to 252.5p. Investors were disappointed strong sales did not mean higher profits than the £625m already expected. Bolland said cash from higher sales had been reinvested in lower prices. He said he expected trading to get tougher in the next six months with rising fears about unemployment and zero consumer confidence. Greg Lawless at Blue Oar Securities, using an athletics analogy, described Morrisons as "the Usain Bolt of the food retail sector ... the clear winner this Christmas." However, he still rates Tesco ahead of Morrisons as an investment and is urging shareholders to sell Sainsbury's. Sam Hart at Charles Stanley said the shares were "a relative safe haven" but rated them only as a hold as a result of "the prospect of slowing sales momentum and an increasingly tough consumer environment". Morrisons Supermarkets guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• British Gas to cut household bills by 10... British Gas to cut household bills by 10%
01/22/2009
British Gas has slashed gas bills for 7.5 million customers in a move campaigners said would put pressure on rival energy suppliers to follow suit. The country's biggest residential gas supplier plans to cut bills by 10% from next month, which it said yesterday would save the average household £84 a year. Other members of the so-called "Big Six" suppliers are also expected to reduce their tariffs, analysts said. But energy experts and campaigners have warned this could be a temporary reprieve for households before bills start rising again. Alastair Hutson, director of the Utilyx energy consultancy firm, said: "There is always the risk that retail prices will start going up again when there is a global economic recovery. This could see wholesale gas prices start going up at the end of this year ... if the economy recovers sooner rather than later, then maybe we won't see any more price reductions." Last year suppliers increased utility bills by up to half as oil and wholesale gas prices - which determine the level of consumer bills - doubled. But since the summer peak energy prices have slumped. The price of gas on the wholesale markets has almost halved in value and the price of oil is less than $40 a barrel, compared with $147 in July. But even though suppliers' energy costs have fallen significantly, analysts are expecting only moderate falls in consumer bills this year. British Gas increased gas bills by 35% last summer, which followed a 15% increase in January. Though some observers described yesterday's move as a welcome first step, there was disappointment the company had not gone further. Scott Byrom, utilities manager at price comparison website Moneysupermarket, said British Gas had thrown down the gauntlet to the other big suppliers. But he added: "As far as billpayers are concerned, a 10% drop does little to compensate for the record price increases of 2008 and many consumers will hope there will be further cuts on the horizon." A spokesman for British Gas defended the 10% cut, explaining that the supplier had not passed on the full rise in wholesale prices to consumers last year. This is because suppliers smooth out the volatility in the day-to-day energy markets by buying gas and electricity in advance. British Gas's managing director, Phil Bentley, said: "Over the last 12 months the wholesale market has experienced unprecedented volatility. In 2008 the wholesale price almost doubled, but British Gas protected its customers from the full impact of this increase by buying wholesale gas in advance." He added that the company understood energy bills represented a "significant cost" for customers. "This price cut will go some way towards helping customers manage their budgets and we will continue to do for them what we can, when we can." The cut will not affect customers on fixed-rate deals or those who only buy electricity from British Gas. Anne Robinson, director of consumer policy at comparison service uSwitch, said the British Gas announcement would trigger a flurry of price announcements from rival suppliers. She said: "What today's move tells us is that suppliers are feeling cautious and energy price cuts are likely to be too little and too late to help consumers with this winter's fuel bills. There will be a small dip this year, but the overall trend in household energy prices is up." The Conservative party has called for the Competition Commission to investigate the energy markets. Shadow energy minister Greg Clark MP said the relationship between wholesale energy prices - what suppliers pay - and retail prices - what consumers pay - was opaque. Mark Daeche, chief executive of independent energy supplier First Utility, said the lack of transparency in how suppliers procure their electricity and gas makes it impossible to determine how much they are paying and whether consumers are getting a fair deal. This was particularly the case for the big vertically-integrated utilities, such as French-owned EDF or German group E.ON, he added. "One part of EDF or E.ON is paying another division within the same group for power and no one knows what their margins are. We don't know what they're paying. The risk is that consumers end up overpaying," he said. Energy bills Household bills Gas Consumer affairs guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Hedge fund made millions betting on Barc... Hedge fund made millions betting on Barclays crash
01/22/2009
One of London's most successful hedge funds has made £12m in just four days by betting on a fall in the Barclays share price, a move that will heighten the controversy over so-called short-selling strategies. Lansdowne Partners, which also profited from the fall in the share price of Northern Rock at the height of its problems, sold Barclays shares last Friday - when the bank lost almost a quarter of its value in frenzied trading - and bought them back again on Wednesday after they had fallen by almost £1. The disclosure is likely to fuel the row between politicians and the Financial Services Authority which lifted a ban on short-selling last Friday. The ban was introduced last September to try to protect the share price of HBOS which was in the throes of a rescue takeover by Lloyds. While bank shares, particularly those of Barclays, Royal Bank of Scotland and the newly formed Lloyds Banking Group, have been savaged since the ban was lifted, the FSA insisted yesterday that short-sellers were not to blame. But the FSA is demanding that short-sellers, who borrow shares they do not own to sell them with a view to buying them back at a lower price, disclose any such positions. Lansdowne is the only hedge fund to admit to such a trading strategy in Barclays. It revealed yesterday it had started to buy back the shares it began to sell on Friday, generating a profit of around £12m. The lifting of the ban has infuriated the chancellor, Alistair Darling, who thought it should have remained in place. He was given just an hour's notice of the FSA's decision. Lord Turner, FSA chairman, told Radio 4's Today programme yesterday: "I do think this issue of whether or not there was a minor hiccup in communications is less important than the substance. The substance is that so far we are seeing no signs that short selling, or abusive short-selling, has a major role." Lansdowne stressed that it managed money for pension funds, university endowments and charities. "Lansdowne is a very substantial investor in the UK banking sector. As an insurance against falling markets the firm had a very small short position in Barclays. The position represented less than 0.25% of the firm's funds under management," a spokesman said. Barclays was also defending its position after its shares fell another 10% to 59.2p on fears about a clause in a recent fundraising document that might make it difficult to accept a government bail-out. John Varley, the Barclays chief executive, tried to address market worries that the bank will need to match the £8bn of credit crunch write-downs that RBS has warned it will need to report. "Risk isn't generic and risk management isn't generic," Varley said. The bank is trying to accelerate the publication of its 2008 figures which it promises will show a profit of at least £5.3bn - more than its current stock market value of £4.8bn. Barclays is facing an uphill struggle to convince the City it has not made the mistakes that have caused RBS to receive a £20bn cash injection from the taxpayer and the combined Lloyds Banking Group to take £12bn. The bank insists it will not need to raise fresh funds, while the government tried to reassure the City and taxpayers yesterday that it did not want to nationalise any more banks. Turner stressed yesterday he could reintroduce the short-selling ban without warning if he found evidence of market abuse. The Treasury subcommittee of MPs will today call on the government to "quantify and disclose the liabilities involved in the extensive public funding" of the banks bailed out by the taxpayer. Barclays Short-selling Regulators Credit crunch Tax and spending Economic policy Banking guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Clash at the top forces former Merrill c... Clash at the top forces former Merrill chief to quit BoA
01/22/2009
John Thain, the former Merrill Lynch chief executive, was last night forced to leave his high-profile post at the newly-merged Bank of America after a series of run-ins with Ken Lewis, the group's chief executive. His departure comes just three weeks after he engineered a controversial tie-up with Bank of America, a deal that has been a source of embarrassment for Lewis. Last week BoA was forced to go back to the US government for a further $20bn cash injection as it lacked finances to complete the Merrill deal while continuing to fund day-to-day operations. The group also stunned the market by reporting much steeper than expected losses for the fourth quarter, the lion's share of which came from Merrill Lynch. It was claimed at the time that Thain had not previously revealed to Lewis the full extent of Merrill's liabilities for fear of derailing the deal. It then emerged that Thain had secretly authorised payment of some $4bn of bonuses to Merrill bankers just days before the merger was sealed. However, BoA claims to have been "aware" of the bonus payments. Tensions between the two men have grown over the past two weeks. One report suggested that Thain, head of wealth management at BoA, booked a trip to Davos, Switzerland after Lewis said he should not go. He also left for a family holiday in Vail, the exclusive Colorado ski resort, after the Merrill losses came to light. Reports that he spent $1.2m to refurbish his office are also said to have heightened tensions. A source said such actions showed he was using "poor judgment", leading Lewis to "lose faith" in him. Thain, 53, is renowned for an extravagant lifestyle. He lives on an estate in Westchester County so large it has five addresses in three towns. It includes a tennis court and two swimming pools, an outbuilding as big as some of the surrounding properties. A river runs through the extensive back garden, while a lake stocked with fish borders the property. It now has a market value in excess of $9.5m. Merrill Lynch Banking US economy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• 'It was like playing a video game', says... 'It was like playing a video game', says Jérôme Kerviel
01/22/2009
Jérôme Kerviel, the French trader at the centre of Société Générale's multi-billion-dollar losses scandal, is being questioned for the last time today by investigating judges as a newspaper quoted him admitting he had lost touch with "reality" and made trades almost as if playing a video game. Kerviel, 32, is under investigation over what is thought to be the biggest rogue trading scandal in banking history after SocGen revealed record losses of €4.9bn (£3.7bn) which it said were caused by the junior trader's unauthorised deals. A year after France's second largest bank revealed the rogue trading scandal, investigating judges are preparing their report to prosecutors. But it could be another year before a trial. The daily Le Parisien quoted Kerviel saying of his time on the SocGen trading desk: "I lost the sense of reality". He reportedly said: "I was pushing the limits every day. I was taking crazy risks. And I was making astronomical gains that brought me, sometimes, a really great pleasure… Overall what we do remains very virtual. It's a bit like playing a video game. Losing or winning millions, it only takes a few seconds." Kerviel, who is on bail and working as an IT consultant, denied giving an interview, saying he had been quoted out of context. He has consistently refused to give on-the-record media interviews. The paper stood by the story, saying a reporter had met him several times and taken notes of the conversations. He was reported to have felt sickened at making big winnings on positions he took on insurance companies the day of the terrorist attacks on London in July 2005. "I won €500,000 in a few instants. It was the jackpot. I was jubilant," he was quoted as saying. "Suddenly I realised that I was busy having fun when people had just been hit by bombs; I ran to the bathroom and vomited." Kerviel reportedly said his superiors at the bank called him "la cash machine" and would routinely ask how much he had made that day. Kerviel is under investigation for breach of trust, falsifying documents and hacking into the bank's computers, after a charge of fraud was dropped by the investigating judges last January. His lawyers maintain he was a scapegoat, and that his superiors knew of his actions, condoned them and kept quiet as long as he was making good returns. The defence asked for an additional investigation to establish whether the bank had turned a blind eye to his activities, but the judges turned down the request. SocGen maintains the trader was acting alone. The bank was fined by France's banking commission for risk control failures and allowing alerts to go unheeded. Since his release on bail after 35 days in prison during the early stages of the investigation, Kerviel has reportedly had offers to address students in the US and advertise household goods. A fan club has sprung up through the internet and T-shirts have been marketed in his support. His assistant, Thomas Mougard, 24, was charged in August with "complicity to introduce false data into a computer system." He denies the accusations. Banking France Europe guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Interactive: Britain officially enters r... Interactive: Britain officially enters recession
01/22/2009
Friday's data has confirmed the worst ... that we are in a recession . Our timeline explains how we got here (1 d ago)

• UK car production nearly halves in Decem... UK car production nearly halves in December
01/22/2009
Pressure on the government to unveil measures to help Britain's hard-pressed automotive industry intensified this morning after it emerged car production slumped by almost half last month. With many manufacturers on extended Christmas shutdown, the number of cars rolling off production lines in December fell 47.5% to just 53,823. Overall production for the year was down 5.7% to 1.45m, according to figures from the Society of Motor Manufacturers and Traders. Commercial vehicle production was even worse affected by the fall-out from the credit crunch which has slashed demand. December production fell 56.7% to 6,209 vehicles, while the total for the year was down 5.9% to just over 200,000. Further falls are inevitable. Nissan is laying off 1,200 staff at its Sunderland plant, Honda is halting production at Swindon for four months and Jaguar Land Rover has said it is looking at ways to cut costs which would avoid making workers redundant. Cuts by the manufacturers affect companies in the industry's supply chain, many of which are already struggling financially because of the credit crunch. Carmakers around the world are cutting production as inventories build up to unprecedented levels. Storage areas and docksides are now packed with vast expanses of unsold cars as demand slumps. Next week leaders of the automotive industry will meet business secretary Lord Mandelson to discuss the government's response to their calls for help to boost the availability of credit to boost demand. This morning Paul Everitt, chief executive of the SMMT, said: "The automotive industry is of strategic economic and social importance, reflected in the measures to support the industry being discussed by governments across Europe and around the world. "SMMT has been in close discussion with UK government on the urgent need to improve access to credit and kick start demand in the market, in order to sustain valuable industrial capability during theis exceptionally difficult period. "SMMT is looking forward to meeting with Lord Mandelson before the end of January to receive the government's response to the proposals we submitted at our November meeting." Automotive industry Honda Jaguar Land Rover Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• BT shares plunge as global services arm ... BT shares plunge as global services arm takes £340m hit
01/22/2009
BT shocked investors today with news that huge cost overruns on a handful of large contracts signed by its IT business BT Global Services have knocked a £340m hole in its finances. Chief executive Ian Livingston, who ousted the division's boss François Barrault three months ago when it became clear that Global Services had run into trouble, admitted that there could be even more losses as he completes a review of all the large-scale deals it has signed, including its multibillion-pound contract to upgrade the NHS IT system. The news, which sent BT shares down almost 10% as investors fretted about it facing a cash squeeze that could force it to slash dividend payments, came as it emerged that the company is planning a series of inflation-busting price rises, which will add to consumers' woes. BT, which has 14 million home phone customers, is increasing the cost of line rental by £1 to £12.50 from 1 April, an increase of more than 8% at a time when inflation is just 3.1% and other utility bills, such as gas, are falling. It is also raising call set-up fees for people who refuse to take one of its 12-month tariff plans and increasing the cost of daytime calls by 15% to 4.5p a minute. Consumers can save £1.25 a month by switching to paperless bills and get a larger reduction if they pay by direct debit. But for many lower-income households, which manage their money on a daily basis and do not have internet access, these options are not of much help. While BT looks to increase prices to its retail consumers, it is also trying to renegotiate some of the contracts struck by Global Services to get a better return, in the face of a dramatic drop-off in profitability. In the three months to the end of December BT estimates the business will make profits before financial charges of just £17m, down from £215m in the same quarter in 2007. That will be wiped out, however, by £340m of one-off charges caused by a full review of contracts signed over the past few years. Livingston and group finance director Hanif Lalani have scrutinised 15 of Global Service's 17 largest deals and found three have included wildly optimistic assumptions as to the returns the company could have made. Global Services has also failed to reduce costs as fast as the management had hoped. The pair are now looking at the last two remaining contracts to see what they are worth in the chilly new economic climate and whether any part can be renegotiated. BT refused to comment but one of the contracts is understood to be BT's involvement in the £12.7bn upgrade of the NHS's IT systems. BT said the review of these two contracts "may result in further substantial one-off non-cash charges" on top of the £340m already booked. BT FTSE Shares guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d 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 (1 d 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 (2 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 (2 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 (2 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 (3 d ago)

• Mac Turns 25 With Uncertain Future Ahead Mac Turns 25 With Uncertain Future Ahead
01/23/2009
Twenty-five years after the debut of the Macintosh, the product that is the soul of Apple is not necessarily its vehicle to the future. (5 h ago)

• Former Merrill CEO Out At Bank America Former Merrill CEO Out At Bank America
01/22/2009
John Thain resigned under pressure from Bank of America after reports he rushed out billions of dollars in bonuses to Merrill Lynch while the brokerage was suffering huge losses and just before Bank of America took it over. (10 h ago)

• Meltdown Spurs Fugitives & "Econocides" Meltdown Spurs Fugitives & "Econocides"
01/22/2009
It's becoming a trend: So-called fugitive financiers attempting to skip town after losing big for investors. Bob Orr examines the disturbing recent spate of big-money power brokers fleeing financial meltdown - and taking their own lives. (14 h ago)

• To Refinance Or Not To Refinance? To Refinance Or Not To Refinance?
01/22/2009
That's not even a question for Ray Martin who says waiting could mean missing a historic window of opportunity. (14 h ago)

• Google Earnings Top Expectations Google Earnings Top Expectations
01/22/2009
For the last quarter of 2008, Google followed the example of Apple and IBM, reporting financial results that beat analyst estimates in grim economic environment. (17 h ago)

• Merrill Lynch CEO John Thain Resigns Merrill Lynch CEO John Thain Resigns
01/22/2009
Bank of America Corp. gave no reason for John Thain's departure, but it follows news that Merrill Lynch had moved up its year-end bonuses, doling out cash just days before it was officially acquired by Bank of America on Jan. 1. (20 h ago)

• Jobless Numbers Continue Bleak Rise Jobless Numbers Continue Bleak Rise
01/22/2009
Microsoft announced plans Thursday to cut up to 5,000 jobs, underscoring the latest disappointing news regarding the nation's growing unemployment rate. (21 h ago)

• Microsoft Shows It Isn't Recession-Proof Microsoft Shows It Isn't Recession-Proof
01/22/2009
Microsoft Corp. said it is cutting 5,000 jobs over the next 18 months, a sign of how badly even the biggest and richest companies are being stung by the recession. (22 h ago)

• New Home Constructions Hits 49-Year Low New Home Constructions Hits 49-Year Low
01/22/2009
New home construction plunged to an all-time low in December, capping the worst year for builders on records dating back to 1959. (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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (3 d ago)

• Honda’s Insight hybrid is a fuel fanatic... Honda’s Insight hybrid is a fuel fanatic
01/23/2009
Honda’s goal in designing the 2010 Insight was to find the value sweet spot, and it looks like they’ve hit it. The Insight marks the best intersection yet of the plots for price, efficiency and practicality. (3 h ago)

• The world’s most valuable pro sports tea... The world’s most valuable pro sports teams
01/23/2009
This may be hard to believe: In 2003, no pro sports team in the world was worth a billion dollars. By the end of 2008, there were 24. (3 h ago)

• General Electric’s profit down 44 percen... General Electric’s profit down 44 percent
01/23/2009
GE reported a 44 percent drop in quarterly profit Friday, as the U.S. conglomerate and economic bellwether closed out one of the toughest years in its 117-year history. (3 h ago)

• Former Merrill CEO Thain resigns from Bo... Former Merrill CEO Thain resigns from BofA
01/22/2009
Former Merrill Lynch chief executive John Thain will resign from Bank of America, effective immediately. (14 h ago)

• Obama recovery plan advances in Congress Obama recovery plan advances in Congress
01/22/2009
Legislation at the heart of President Barack Obama’s recovery plan advanced in Congress Thursday over the persistent opposition of Republicans seeking deeper tax cuts. (14 h ago)

• Wage discrimination limits bill clears S... Wage discrimination limits bill clears Senate
01/22/2009
A wage discrimination bill that heralds the pro-labor policies of the Democratic-controlled Congress and White House cleared the Senate Thursday. (14 h ago)

• Tech meltdown hits some harder than othe... Tech meltdown hits some harder than others
01/22/2009
The economic recession is hurting every industry, and technology is no exception. But the effects of the meltdown haven’t been spread evenly across the sector. (15 h ago)

• Microsoft slashing up to 5,000 jobs Microsoft slashing up to 5,000 jobs
01/22/2009
Microsoft Corp. said Thursday it is cutting up to 5,000 jobs over the next 18 months, a sign of how badly even the biggest and richest companies are being stung by the recession. (15 h ago)

• Google sees quarterly profits drop for f... Google sees quarterly profits drop for first time
01/22/2009
Quarterly profit at Google Inc. fell for the first time, although the performance was better than analysts anticipated. (16 h ago)

• Marijuana growers thrive in California Marijuana growers thrive in California
01/22/2009
The marijuana trade is an exploding industry in Northern California's 'Emerald Triangle' thanks to a state law legalizing the harvest of limited quantities of pot. CNBC's Trish Regan reports. (17 h ago)

• 30-year mortgage rates rise after record... 30-year mortgage rates rise after record run
01/22/2009
Rates on 30-year mortgages rose above 5 percent this week, ending a five-week run at record low levels, Freddie Mac reported Thursday. (19 h ago)

• New home construction at record low New home construction at record low
01/22/2009
New-home construction plunged to an all-time low in December, capping the worst year for builders on records dating back to 1959. (19 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? (20 h ago)

• Jobless claims soar in latest week Jobless claims soar in latest week
01/22/2009
New claims for unemployment benefits rose last week as companies continued to cut workers at a furious pace. (22 h ago)

• Oil prices drop as inventories rise Oil prices drop as inventories rise
01/22/2009
Oil prices tumbled Thursday after the government reported enormous builds of oil and gasoline at storage facilities. (22 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. (1 d 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. (23 h ago)

• Intel to cut up to 6,000 jobs in factory... Intel to cut up to 6,000 jobs in factory shakeup
01/22/2009
Intel Corp. plans to cut up to 6,000 manufacturing jobs as the company struggles with souring personal computer demand. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 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. (3 d ago)

• M'SOFT RATTLES MARKETS WITH FIRST-EVER L... M'SOFT RATTLES MARKETS WITH FIRST-EVER LAYOFFS
01/22/2009
Microsoft shocked investors and roiled the stock market by rushing out a surprise earnings report and announcing the first major layoffs in the company's history yesterday. The software giant released second-quarter results that fell short of... (9 h ago)

• GOOGLE'S PROFIT TOPS ESTIMATES GOOGLE'S PROFIT TOPS ESTIMATES
01/22/2009
Google's fourth-quarter profit slumped after several big writedowns, but the company's overall results were still better than expected given the bleak economy. Investors also saw the earnings report as evidence that the free-spending Internet... (9 h ago)

• ACTOR'S UNION GIVES UP STRIKE VOTE ACTOR'S UNION GIVES UP STRIKE VOTE
01/22/2009
LOS ANGELES - The Screen Actors Guild has suspended plans for a strike-authorization vote. A hardline faction within the union and the guild's president said the vote was likely to fall short of the 75 percent support needed to pass. The... (9 h ago)

• A SYMS SET ON SALES A SYMS SET ON SALES
01/22/2009
Off-price clothing retailer Syms has quietly moved to sell or rent some of its real estate to other businesses, The Post has learned. The Secaucus, NJ-based chain is looking to sell or lease properties it owns in Long Island, New Jersey and... (9 h ago)

• COLD COMFORT OVER MAG FEES COLD COMFORT OVER MAG FEES
01/22/2009
CANADIAN billionaire Jimmy Pattison's magazine-wholesale chain The News Group yesterday said it will not press for a 7-cent-per-copy surcharge that two rivals are trying to extract from magazine publishers starting Feb. 1. While News... (9 h ago)

• RESCUE CASH ISN'T PART OF GEITHNER'S PLA... RESCUE CASH ISN'T PART OF GEITHNER'S PLAN
01/22/2009
Treasury Secretary nominee Tim Geithner accused China of "manipulating its currency," suggesting that the Obama administration might take a tougher stance against the country if he's confirmed. Geithner, who Wednesday was buffeted by questions... (9 h ago)

• IT'S PARSONS' TIME IT'S PARSONS' TIME
01/22/2009
Citigroup's newly minted chairman Richard Parsons is expected to take a much more hands-on role in helping run the embattled bank giant - and that could be bad news for CEO Vikram Pandit. Parsons will likely work closely with Pandit as the bank... (9 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/22/2009
Aflac, duck! Aflac fell the most in more than a quarter cen tury as Morgan Stanley called the firm's invest ments in UK banks "a rapidly escalating con cern." Aflac plunged $13.37, or 37 percent, to $22.90 on the New York Stock Exchange. Varney... (9 h ago)

• THAIN'S REIGN OF PAIN THAIN'S REIGN OF PAIN
01/22/2009
The shotgun marriage of Merrill Lynch's John Thain and Bank of America's Ken Lewis already has ended in divorce. And in the process, Thain has added another Wall Street big to an already long list of enemies. Lewis yesterday booted Thain from... (9 h ago)

• PROBLEMS THAT COULDN'T BE SWEPT UNDER AN... PROBLEMS THAT COULDN'T BE SWEPT UNDER AN $88,000 RUG
01/22/2009
In getting bounced from Bank of America, John Thain not only lost his job, he got the rug yanked out from under him - an $87,784 rug, to be exact. The area rug was one of many high-priced items Thain had Merrill Lynch buy when he squandered more... (9 h ago)

• Corporate defaults on the rise Corporate defaults on the rise
01/22/2009
The number of companies filing for bankruptcy is expected to rise. Kai Ryssdal speaks with Standard & Poor's Diane Vazza about why so many companies are having trouble staying afloat and what it means for the economy. (21 h ago)

• Stimulus could energize green firms Stimulus could energize green firms
01/22/2009
Congress is considering a stimulus plan that will set aside $25 billion for energy efficiency projects. That money could go a long way to helping firms that have been quietly pushing energy efficiency for years. Deborah Wong reports. (21 h ago)

• Fixing our schools in a weak economy Fixing our schools in a weak economy
01/22/2009
High on President Obama's agenda is reforming our nation's schools. Kai Ryssdal speaks with author Susan Eaton about the problems with our schools and what can be done to fix them in our economic state. (21 h ago)

• Bad economy keeps lobbyists anxious Bad economy keeps lobbyists anxious
01/22/2009
With so much federal money up for grabs, one might think Washington's lobbying industry would be preparing for a bonanza. But, economic woes even have people on K Street feeling anxious. Steve Henn reports. (21 h ago)

• Dollar in better shape than U.K. pound Dollar in better shape than U.K. pound
01/22/2009
The U.K. pound continues to decrease in value as its banking system weakens. But with U.S. banks also suffering, why is the dollar doing better than the pound? Stephen Beard reports. (21 h ago)

• The ripple effect of layoffs The ripple effect of layoffs
01/22/2009
Company layoffs keep piling up. With so many people out of work, it can have a huge ripple effect. Sadie Babits has the story of one man who is dealing with the effects of unemployment in Portland, Ore. (21 h ago)

• Companies report serious case of blues Companies report serious case of blues
01/22/2009
Fallout from the financial crisis is spreading to the bluest of blue chip companies. Some of the world's biggest companies are reporting huge losses and layoffs. John Dimsdale reports. (21 h ago)

• More Americans Skipping Necessary Prescr... More Americans Skipping Necessary Prescriptions, Survey Finds
01/22/2009
Increasing numbers of Americans cannot afford prescription drugs for themselves or for their children, according to a new survey. (10 h ago)

• Growing Need for Medicaid Strains States Growing Need for Medicaid Strains States
01/22/2009
Medicaid enrollments are surging because of the recession and an increase in unemployment. (19 h 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. (1 d 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. (1 d 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. (2 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? (2 d 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... (1 d 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... (1 d 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... (2 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... (2 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... (2 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... (2 d ago)

• Peanut product recall keeps spreading Peanut product recall keeps spreading
01/22/2009
Federal health officials say the salmonella recall now involves about 31 million pounds of peanut butter and peanut paste. (15 h 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (3 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

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

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

out of control
staystrong :: 02/23/2009

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

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

• 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. (1 d 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. (1 d 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. (1 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. (2 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. (2 d ago)

• 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. (1 d 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. (2 d ago)

• Saving Money Isn't What It Used to Be Saving Money Isn't What It Used to Be
01/22/2009
Photo courtesy of iStockphoto, Image# 6667499 Just like the weather is blowing extremely cold air all around us right now, we certainly can feel the chill of financial events that are beyond our... (19 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... (2 d ago)

• European Immigration: A Round Up of Rece... European Immigration: A Round Up of Recent News
01/20/2009
A few pieces of immigration news from within Europe this week... Gonzi, Merkel discuss immigration - German Chancellor Angela Merkel and Malta's Prime Minister, Lawrence Gonzi, spent part of today... (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.... (2 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... (2 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. (2 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. (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... (1 d ago)

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