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Business News
for 01/24/2009

(last updated 7:30am EST 01/24/2009)

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• News Analysis: China Jittery About Obama... News Analysis: China Jittery About Obama Amid Signs of Harder Line
01/24/2009
Timothy F. Geithner’s assertion that China manipulates its currency isn’t the only sign that an Obama administration may take a harder line toward Beijing. (4 h ago)

• Once a Boon, Euro Now Burdens Some Natio... Once a Boon, Euro Now Burdens Some Nations
01/24/2009
Euro membership allowed some countries to gloss over economic problems that have now roared to the fore. (5 h ago)

• Europe Wants U.S. to Join Carbon Trading... Europe Wants U.S. to Join Carbon Trading Market
01/24/2009
The European Commission will call on the U. S. to help limit greenhouse gas emissions and to press for the establishment of similar markets in developed countries. (6 h ago)

• Shares Mixed, Closing a See-Saw Week Shares Mixed, Closing a See-Saw Week
01/23/2009
The major indexes finished about 2 percent lower for the week, their third week of losses. (8 h ago)

• France Expands Its Financial Support for... France Expands Its Financial Support for Newspapers
01/23/2009
In an effort to help newspapers through the recession, President Nicolas Sarkozy said the government would double the amount of advertising it did in print and online newspapers. (8 h ago)

• Britain and Spain Show More Signs of a S... Britain and Spain Show More Signs of a Slowdown
01/23/2009
As Britain officially falls into recession, unemployment in Spain hits an eight-year high. (8 h ago)

• China’s Route Forward China’s Route Forward
01/23/2009
China is starting to spend hundreds of billions of dollars on infrastructure projects, fearing that widespread joblessness could lead to social unrest. (16 h ago)

• Sweden’s Fix for Banks: Nationalize Them... Sweden’s Fix for Banks: Nationalize Them
01/23/2009
Sweden’s experience with reviving a failed banking system might provide a model for the United States. (19 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. (22 h ago)

• Geithner Hints at Harder Line on China T... Geithner Hints at Harder Line on China Trade
01/23/2009
Timothy F. Geithner stated that the president believed that China was “manipulating” its currency. (22 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 d ago)

• Calif. Bank Is Third To Fail This Year Calif. Bank Is Third To Fail This Year
01/23/2009
Regulators on Friday shut down 1st Centennial Bank in California, the third U.S. bank to fail this year. California regulators closed the Redlands-based bank and appointed the Federal Deposit Insurance Corp. as receiver. (9 h ago)

• Google Reprices Employee Stock Options Google Reprices Employee Stock Options
01/23/2009
Google Inc. is showing its love for its employees by giving them a second chance to profit from their wilting stock options. But the move irked shareholders still stuck with agonizing losses on their investments. (11 h ago)

• Jobless Execs Face Tough Lifestyle Chang... Jobless Execs Face Tough Lifestyle Changes
01/23/2009
With unemployment rising, white collar workers are trading in briefcases and careers for brown bag lunches and dim job prospects. Seth Doane looks at painful lifestyle changes. (12 h ago)

• Year Of The Ox Looking Very Un-Bullish Year Of The Ox Looking Very Un-Bullish
01/23/2009
Chinese fortunetellers say fire is essential to financial well-being. And fire is nowhere to be found in the mythology of this coming Year of the Ox, the Chinese lunar year that begins Monday. (17 h ago)

• Report: Pfizer Looking To Buy Rival Wyet... Report: Pfizer Looking To Buy Rival Wyeth
01/23/2009
Pfizer Inc., the world's largest drugmaker, may be seeking to buy rival Wyeth in a deal that could be valued at more than $60 billion, the biggest in recent memory. (22 h ago)

• GE's 4Q Earnings Drop 46 Percent GE's 4Q Earnings Drop 46 Percent
01/23/2009
General Electric Co.' fourth-quarter net income fell 46 percent, weighed down by its ailing financial business and capping a difficult year for the industrial giant. (22 h 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 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. (3 d ago)

• Obama: Economy plan means lower power bi... Obama: Economy plan means lower power bills
01/24/2009
President Barack Obama on Saturday laid out more pieces of an economic plan he says would add 3,000 miles of electrical lines and double the United States' renewable energy capacity within three years. (2 h ago)

• Downturn accelerates as it circles the g... Downturn accelerates as it circles the globe
01/24/2009
The world economy is deteriorating more quickly than leading economists predicted only weeks ago, with Britain becoming the latest nation to surprise analysts with the depth of its economic pain. (5 h ago)

• Regulators close 1st Centennial Bank Regulators close 1st Centennial Bank
01/23/2009
Regulators have shut down 1st Centennial Bank in California, the third U.S. bank to fail this year. (11 h ago)

• Obama sees stimulus package by mid-Feb. Obama sees stimulus package by mid-Feb.
01/23/2009
President Obama said Friday he expects an $825 billion economic recovery plan to be approved by mid-February and urged congressional leaders to work swiftly to pass it. (14 h ago)

• Wall Street closes seesaw session mixed Wall Street closes seesaw session mixed
01/23/2009
Wall Street closed Friday with modest losses, as investors adopted a “glass is half full” approach to a handful of weak corporate earnings reports. (15 h ago)

• Newsweek: Can Richard Parsons turn Citi ... Newsweek: Can Richard Parsons turn Citi around?
01/23/2009
If you let his track record speak for itself, and the answer is a resounding yes. Fortunately for Citi, Parsons spent much of his early career bridging the gap between Corporate America and the government. (16 h ago)

• Wall Street's entitlement culture Wall Street's entitlement culture
01/23/2009
There's still a deeply ingrained culture of entitlement at financial companies. It's a mindset banks will have to work harder at changing as they come to grips with their failures. (16 h ago)

• Why you'll work through retirement Why you'll work through retirement
01/23/2009
There is a major social and cultural message in the current economic collapse for the future retirees of America: Forget retirement. (17 h ago)

• Senate panel proposes $300 bonus for sen... Senate panel proposes $300 bonus for seniors
01/23/2009
Senior citizens receiving Social Security would get a bonus payment of $300 under the Senate version of President Barack Obama’s economic recovery plan. (17 h ago)

• Oil prices jump in volatile market Oil prices jump in volatile market
01/23/2009
Oil prices rose in another day of volatile trading Friday as investors parked money in commodities even as questions arose over how much OPEC will cut production. (18 h ago)

• General Electric’s profit down 46 percen... General Electric’s profit down 46 percent
01/23/2009
General Electric posted a 46 percent drop in fourth-quarter earnings on Friday and warned of a “tough environment” this year as it struggles with its ailing finance business. (19 h ago)

• Harley’s profit skids, will cut 1,100 jo... Harley’s profit skids, will cut 1,100 jobs
01/23/2009
Harley-Davidson Inc. said Friday it will cut 1,100 jobs over two years, close some facilities and consolidate others as it grapples with a slowdown in motorcycle sales. (20 h ago)

• Pfizer in talks to buy Wyeth for $60 bil... Pfizer in talks to buy Wyeth for $60 billion
01/23/2009
Pfizer Inc., the world’s largest drugmaker, may be seeking to buy rival Wyeth in a deal that could be valued at more than $60 billion, the biggest in recent memory. (20 h ago)

• Newsweek: The value of an Oscar nod Newsweek: The value of an Oscar nod
01/23/2009
Oscar campaigns aren't cheap. Estimates put the cost at tens of millions of dollars. Yet nobody seems to question whether it's worth all the trouble in the first place. How much money, exactly, is a best picture nomination worth at the box office, anyway? (21 h ago)

• Honda’s Insight hybrid marks the sweet s... Honda’s Insight hybrid marks the sweet spot
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. (23 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. (1 d 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. (1 d 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. (1 d 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? (1 d ago)

• DirecTV Raises Its Sights for a Channel DirecTV Raises Its Sights for a Channel
01/23/2009
The satellite television provider picks up well-regarded series from other networks. (8 h ago)

• Banker Emerges as Cubs’ Top Bidder Banker Emerges as Cubs’ Top Bidder
01/23/2009
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. (1 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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)

• Lights go out across Britain as recessio... Lights go out across Britain as recession hits home
01/23/2009
Britain's days as the fastest growing economy in Europe were officially declared over yesterday as the deepest recession in a generation saw consumers turning off the lights and Poles returning home. While official figures showed the economy contracting at its fastest since 1980, National Grid said demand for electricity had fallen over Christmas at homes and factories across the land, and Poland confirmed that thousands of its citizens were coming home from Britain and Ireland. National Grid said it was cutting its forecast for electricity consumption this year because of the recession. The thousands of people being laid off each week and the hundreds of firms cutting production are reducing demand. Industry has suffered most in this recession and made the biggest contribution to the slump in national output, which fell by a worse-than-expected 1.5% in the fourth quarter of last year compared to the third - or around 6% on an annualised basis. As the economy had contracted by 0.6% in the July to September period, Britain now meets the most common definition of a recession - two consecutive quarters of shrinkage. But some analysts say the country fell into recession last April. Financial markets took fright at the sheer speed of the economy's contraction, which outpaced anything seen in the recession of the early 1990s. The pound slumped to a fresh, 23-year low against the dollar of just $1.35 - a far cry from the peak of $2.11 seen last summer - and to an all-time low against the yen. The FTSE 100 share index fell below the key 4,000 level after the news, although it later recovered to end little changed. "These figures are the final nail in the coffin for Gordon Brown's claim to have 'ended boom and bust'. The UK economy is most definitely bust at the moment," said Charles Davis at the Centre for Economics and Business Research. "It is not just that the UK has entered recession; it is the size of the contraction ... The economy is set for the steepest contraction in the post-war era in 2009." Brown admitted the government had not seen what was coming: "What we did not see, nobody saw, was the possibility of markets' failure. "We are fighting this global recession with every weapon at our disposal. We need other countries to work with us and we are asking them to agree with us a common set of measures." He criticised David Cameron for having suggested Britain might need to go to the IMF for help in financing its bail-out of the creaking banking system. But Cameron insisted he was right to warn that the country faced the prospect of an IMF loan for the first time since 1976. "I think it's right to warn about that, I think it's a responsible thing to do," Cameron said. He and the shadow chancellor, George Osborne, mocked Brown's claims last summer that the economy was better placed than in the past to withstand recession and would grow in spite of the credit crunch. But TUC chief Brendan Barber blamed bankers and previous Tory governments for the economic mess: "This recession is not bad luck or an inevitable swing of the pendulum. Its cause is irresponsible behaviour by banks and financial institutions taking advantage of the deregulation started by Mrs Thatcher and president Reagan, and continued to a greater or lesser extent ever since." Unemployment was this week reported to have jumped to nearly two million, and analysts say it would be much higher were it not for workers from countries such as Poland returning home. Poland's treasury minister Aleksander Grad told the Guardian that the economy there, unlike Britain's, would avoid recession. Poland's banks had been regulated tightly and had not got into the toxic derivative products that have brought down banks around the world, said Grad. National Grid said weekly peak electricity demand would fall by 600-1,000 megawatts, the equivalent of a large power plant, over the next year. The drop will ease the strain on power stations, some of which are facing closure because of age or environmental rules. It will also reduce CO² emissions. Recession Energy Energy bills guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Pfizer in talks to buy American rival Wy... Pfizer in talks to buy American rival Wyeth
01/23/2009
The American drugs company Pfizer is in talks to buy rival Wyeth in a deal worth as much as $60bn (£44bn), as the pharmaceuticals industry scrambles to overcome the expiry of lucrative patents on blockbuster medicines. Negotiations between the two companies have been under way for months but a deal is not thought to be imminent. Turmoil on the global financial markets has made it challenging for companies to complete multibillion-pound transactions. Pfizer, the world's biggest drugs company in revenue terms, is looking for ways to plug a potential gap in its earnings as its anti-cholesterol pill Lipitor loses patent protection in 2011 – a change that will allow competitors into the market with cheaper, copycat drugs. Shares in Wyeth jumped by 8% to $42.03 during early trading on the New York Stock Exchange today as news of the potential deal surfaced in the US media. Both companies declined to comment. If it goes ahead, the tie-up will be the first drugs merger on a global scale since Sanofi-Synthelabo's takeover of Aventis in 2004. "Pfizer, more than anyone else in the pharmaceutical industry, is under pressure because of Lipitor coming off patent," said Chris Sterling, head of European pharmaceuticals research at KPMG in London. Based in New Jersey, Wyeth was formerly known as American Home Products, which held unsuccessful merger talks with Britain's SmithKline Beecham a decade ago. The group has 48,000 staff worldwide including 1,500 people at four sites in England. Among Wyeth's top-selling drugs are an antidepressant treatment, Effexor, and a paediatric vaccine called Prevnar, which protects against infections such as pneumonia and meningitis. The company's consumer healthcare business owns brands including the lip balm ChapStick and the cough medicine Robitussin. Pfizer's chief executive, Jeffrey Kindler, has cut costs by eliminating more than 15,000 jobs. But he is under pressure to find deals to bolster Pfizer's pipeline. The success of Lipitor is considered a hard act to follow – the drug has been the best selling prescription medicine in the world, bringing in $12bn in 2007. A Deutsche Bank analyst, Barbara Ryan, estimated that by purchasing Wyeth, Pfizer could limit the drop in its profits to a 10% fall rather than a 23% decline in 2011. Tim Anderson, an analyst at Sanford Bernstein, said: "Wyeth represents perhaps the best take-out play if one assumes there will be at least some big pharma consolidation over the next one to three years." Pfizer United States Drugs guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• Barclays shares fall for ninth day Barclays shares fall for ninth day
01/23/2009
John Varley, the chief executive of Barclays, was under mounting pressure after the bank endured its ninth day of heavy stockmarket falls as investors turned against bank stocks. More than £10bn has been wiped off Barclays' stockmarket value in the past fortnight. Its fall to 51.2p a share today gave it a value of just £4.2bn. The fall has taken place even though Varley has mounted a strong defence of the bank's financial position and the bank is thought to be working hard with its auditors to try to finalise its 2008 accounts, as quickly as possible. The accounts were due to be released on 17 February. Last Friday, after the bank's shares suffered a tumultuous 25% drop, Barclays released figures showing it expected profits for 2008 of more than £5.3bn. But this failed to stem the fall and prompted Varley to insist that the bank was being unfairly caught up in the negative sentiment sweeping through the banking sector. The admission by Royal Bank of Scotland that it could make a loss of up to £28bn for 2008 knocked investor confidence, as did the release of a package of measures by the government to try to stimulate lending. Varley said: "Sentiment in the banking sector at the moment, whether it's in the United Kingdom or the United States or Europe, is at a low point in the cycle." Shares in the new Lloyds Banking Group, formed on Monday when Lloyds TSB completed its takeover of HBOS, have more than halved to 49.3p, while RBS is now trading at 12.1p, well below the 65p at which the taxpayer injected £15bn into the Edinburgh-based bank. He tried to reassure investors that if Barclays took part in a government-backed scheme to insure banks for losses on toxic assets that the bank would be able to pay in cash. This would allow Barclays to avoid issuing preference shares, which is the other method of payment the government will accept to pay for the insurance. Issuing shares may also be difficult for Barclays because of a clause in the contract with its Middle East investors allowing them to increase their shareholding. But City sources noted the Financial Services Authority had reassured the stockmarket on Monday that it was not expecting banks to need to raise more capital – despite the downturn in the economy and the continued fall in price of a variety of assets. There was also discussion about whether the lifting of the ban on short-selling on Friday had contributed to the fall. Lansdowne Partners is the only hedge fund to have admitted to the strategy of selling shares with a view to buying them back more cheaply. It has made a profit of about £12m in just four days from this strategy. Other hedge funds have not disclosed any other short positions to the market, as would be required by the FSA if they held positions worth more than 0.25% of the company's value. One of the lingering concerns about Barclays is the way it values the investments that have caused major losses at other banking groups. But Varley continues to insist that there are no hidden problems. "Risk isn't generic and risk management isn't generic," he said. Barclays Banking Credit crunch London Stock Exchange Shares Royal Bank of Scotland Lloyds Banking Group guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• Wall Street boss Thain ousted for extrav... Wall Street boss Thain ousted for extravagance
01/23/2009
Antique furniture, a $15bn (£11bn) loss and an unacceptably lavish trip to a Swiss ski resort. The 30-year Wall Street career of former Merrill Lynch boss John Thain came crashing to an end this week as his new employer, Bank of America, ran out of patience. Nicknamed "superThain" for his bespectacled Clark Kent looks, Thain was once known as a turnaround expert with a deft hand for fixing troubled financial institutions. But he lost his job in a meeting which lasted barely 15 minutes on Thursday morning with Bank of America's chief executive, Kenneth Lewis. "Ken went to see him, they had a short meeting and they mutually decided things weren't working out," a Bank of America spokesman said. Ostensibly, the reason for Thain's departure was that Merrill Lynch has being losing money hand over fist since Bank of America agreed to buy the business in September. In the final quarter of the year, Merrill lost an eye-watering $15.3bn on exposure to toxic derivatives and bad mortgages. Bank of America bosses privately complain that Thain left them in the dark about the scale of the outflow – as the situation deteriorated in December, he went on holiday to the mountain resort of Vail. The banking group might have pulled out of its purchase of Merrill had it not been urged to press on by the US treasury which, fearing another Wall Street bankruptcy, hurriedly stumped up $20bn of aid. But Thain's personal style engendered particular irritation. In a carefully timed leak, it emerged this week that Thain spent $1.22m of Merrill's money renovating his office in New York a year ago. The 58-year-old signed off on purchases including an $87,784 rug, a $35,115 commode and a pair of curtains costing $28,091. Even the waste paper bin cost $1,405. In any other year, such expenses would barely have prompted a raised eyebrow among Wall Street banks where wood panelling, tropical fish tanks and oil paintings are commonplace. But Thain misjudged the climate. "Redecorating your office at this expense while letting go of employees is not a good thing," said Stuart Plesser, a banking analyst at Standard & Poor's equity research. Office furnishings were not the only example of Thain's reluctance to tighten his belt. He was planning to lead a Merrill delegation to the World Economic Forum's annual summit in Davos at the end of this month – and his plans irritated Bank of America chiefs. While Bank of America plans a single cocktail reception for opinion leaders in Davos, the Merrill team intended to show off in style. A banking industry source said: "Signals were sent to John that what he was planning was not appropriate. They were going to take over a hotel. They were going to do a lot of press with multiple parties and dining events." With Wall Street banks struggling to stay afloat, Thain even had the audacity to lobby for a bonus. He let it be known to Merrill's board late last year that he felt he deserved $10m for successfully selling the business, thus protecting it from the fate of Lehman Brothers and Bear Stearns. When his peers at rivals such as Goldman Sachs and Citigroup declared that they were renouncing personal payouts, Thain backed down. "The collective weight of things coming out – the office, the trips, the bonus – borders on indefensible," said Nancy Bush, an analyst at NAB Research. It is a shattering end for a man who spent 24 years at Goldman Sachs before moving to run the New York stock exchange – where he won plaudits for trimming costs and smoothing the process towards electronic trading. For many on Wall Street, the lingering question is what might happen to Bank of America next. While Merrill's brand and brokerage network are valuable assets, the firm's investment banking arm is proving a huge liability. Bank of America's own boss will face his board next week with doubts mounting over his handling of the takeover. Critics suggest Lewis failed to negotiate sufficiently hard when he agreed to buy Merrill in an all-stock deal which was worth nearly $50bn before share prices sank. Others, such as JP Morgan's Jamie Dimon, have proved more ruthless in snapping up troubled firms. "It is possible to do good deals in this environment," said Robert Bruner, dean of the University of Virginia's Darden school of business. "It looks like JP Morgan, which has acquired Bear Stearns and Washington Mutual, will stay on its feet and remain healthy." Many wonder whether Lewis will meet the same fate as Thain. Shares in Bank of America have collapsed by 78% since September. "If he doesn't go, he's going to be kept on a very, very short leash by the board in future," said Bush. "As the stock continues to sink, it's going to get harder and harder for the board to defend him." US economy Global recession Merrill Lynch United States guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Scardino admits using shares to back loa... Scardino admits using shares to back loan
01/23/2009
Dame Marjorie Scardino today became the latest leading business figure to admit using shares in their employer to underwrite a personal loan. Scardino, the chief executive of Pearson and one of the most powerful women in British business, has pledged 216,668 shares in the publishing house to HSBC, along with other assets. The arrangement dates back to March 2006, and at today's price the shares are worth almost £1.37m. The arrangement was disclosed by Pearson to the stockmarket this morning. "This is not Pearson-related," a spokesman explained. "It is a personal financial situation, a personal family matter." today is the deadline set by the Financial Services Authority for company directors to reveal whether they have pledged their shares in this way. The regulator set up the disclosure amnesty after David Ross, the co-founder of Carphone Warehouse, was forced to resign from several company boards after admitting secretly using £162m worth of shares as collateral personal loans. Pearson said that Scardino had informed the company the day after Ross's actions came to light. Ross's fall has prompted a rush of disclosures across the City, including the billionaire businessman Michael Spencer ; Lord Rothermere , Daily Mail & General Trust chairman; JD Wetherspoon's chairman, Tim Martin , and Fritz Seegers, Barclays chief executive of retail and commercial banking. About 60 listed companies have updated the market to date. However, it seems unlikely that other directors will share Ross's fate, as there is a widespread feeling that the FSA's rules were not clear enough, hence the amnesty. Stockmarket rules say a company director must disclose any dealings in its shares, but it appears that there has been confusion over whether pledging shares against a loan counts as dealing. Scardino owns a total of 632,755 shares in Pearson, equivalent to 0.078% of its issued share capital. Her disclosure did not appear to affect Pearson's share price, which was down 1.7% today at 632p. Financial Times Regulators Pearson Marjorie Scardino Carphone Warehouse Corporate governance guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• Home Delivery Network and Atkins jobs at... Home Delivery Network and Atkins jobs at risk
01/23/2009
Nearly 1,000 people face losing their jobs at Home Delivery Network, a parcel carrier that used to be part of Littlewoods, and the design and engineering group Atkins. On the day that Britain officially entered recession, a reorganisation of Home Delivery Network, which will see seven depots close, puts up to 686 jobs at risk. Atkins is to slash up to 260 staff from its UK design arm. The Unite and Usdaw unions said Home Delivery Network's decision to shut depots would have a "devastating effect" on workers and their families, and they pledged to try to help find alternative work for staff at the depots affected. The Unite national officer Julia Long said: "We have been working together over the last year putting changes in place to help the business move forward and become profitable after years of what we believe were bad decisions and poor management." The Usdaw national officer Irene Radigan added: "We are working with HDNL to minimise compulsory redundancies as a result of this restructuring. The home shopping sector has seen a steady decline over the last few years and these redundancies are not a direct result of the economic downturn." The depots affected are in Basildon, Daventry, Newcastle, Eastleigh, Burslem, Sheffield and Edmonton. Home Delivery Network is the UK's largest home delivery and collection service, operating 59 parcel depots covering the UK. The firm separated from Littlewoods Shop Direct Group in May 2008. Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Santander applauded 'impeccable' Madoff ... Santander applauded 'impeccable' Madoff weeks before scandal
01/23/2009
Spanish banking giant Santander reportedly praised Bernard Madoff for his "impeccable" timing just weeks before the disgraced financier was accused of the biggest fraud in corporate history. According to the Financial Times, Optimal, Santander's fund-management arm, told its institutional investors in a report last autumn that Madoff had an ability "to find great entry and exit points to benefit investors". US regulators now believe, though, that Madoff may never have made a single trade . He is accused of running a massive pyramid scheme, using cash from new investors to fund payments to earlier clients. Clients of Santander are thought to be some of the biggest victims of Madoff's alleged $50bn (£37bn) fraud. With lawyers on both sides of the Atlantic already considering legal action, the bank faces the prospect of being sued by investors who have lost money. A Santander spokesman declined to comment this morning, other than to state that the bank is not involved in any legal action over Madoff. While Santander faces losses of just €17m (£16m), its clients face total losses of €2.3bn. Spain's top anti-corruption investigator has already launched an investigation into how such a large exposure could have been built up without triggering Santander's risk controls, and Spanish legal firm Cremades & Calvo-Sotelo has teamed up with America's Labaton Sucharow to represent victims. Labaton Sucharow has cited Optimal as one of the "feeder funds" who channelled funds into Madoff Securities in return for what it calls "lucrative commissions". "Labaton Sucharow is investigating whether these feeder funds conducted adequate due diligence before investing in Madoff in light of the multiple red flags that are now know to have been evident, including the absence of a serious or reputable auditor, the absence of an outside clearing agent, and the overly consistent returns," it said last month. Many other financial institutions have also reported being exposed to Madoff Securities, including Man Group – which is considering legal action of its own . Reports from Spain have shown that many small investors were also encouraged to put their savings into Madoff Securities via Optimal, including a retired school teacher who put half her savings in the fund, and a street vendor who invested more than $400,000 in lottery winnings in the fund. And in Philadelphia, a widow who thought she had more than $7m invested with Madoff has now taken up cleaning work . Bernard Madoff himself is still on bail in New York, and wore a bullet-proof vest on his last court appearance . Banco Santander Bernard Madoff Banking US economy United States guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• 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 (1 d 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 (1 d 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 (1 d 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 (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 (2 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 (2 d ago)

• Former Merrill CEO Thain resigns from Bo... Former Merrill CEO Thain resigns from BofA
01/23/2009
John Thain resigned under pressure from Bank of America on Thursday after reports he rushed out billions of dollars in bonuses to Merrill Lynch workers in his final days as CEO. (21 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. (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. (1 d 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. (2 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. (2 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. (2 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. (3 d ago)

• Air taxi service to begin operation in N... Air taxi service to begin operation in Nepal
01/23/2009
The operation of air taxi through single engine aircraft is to begin in Nepal for the first time with the objective of ensuring ample flight services in remote areas at lower price, the National News Agency RSS reported on Saturday. According to the RSS, the air taxi service was brought to operation in the context that chartered flight could only be operated through single engine aircraft and was difficult to run scheduled flight service, and the government allowed the market to determin ... (11 h ago)

• China's private airline resumes flights China's private airline resumes flights
01/23/2009
China's first private airline, Okay Airways, resumes operation Saturday morning after suspension of seven weeks. Its first plane, a Boeing 737-800, took off at 9:00 a.m. from Tianjin Binhai International Airport, carrying 62 passengers to Harbin. The flight, coded BK2821, is set to make a landing at 10:50 a.m.. Six other flights will also be resumed Saturday. &$ &$Source:Xinhua&$ &$ ... (12 h ago)

• EU approves Samsung joint venture EU approves Samsung joint venture
01/23/2009
The European Commission said on Friday it had approved the acquisition of joint control over Samsung Mobile Display by Samsung Electronics and Samsung SDI. The European Union (EU)'s antitrust watchdog said in a statement that the transaction would not significantly impede effective competition in the EU. Samsung SDI is active in the development, manufacture and sale of products in the digital display and energy businesses. It had previously spun off its activities in the area of ... (12 h ago)

• Dutch banks suffer serious loss due to I... Dutch banks suffer serious loss due to Icelandic bank's demise
01/23/2009
Dutch banks have suffered a loss of around 230 million euros (about 294 million U.S. dollars) due to the bankruptcy of Icelandic Internet bank Icesave, the Dutch central bank said on Friday. Under the Dutch savings guarantee system, when a bank goes bankrupt, other banks have to share the costs of compensating Dutch savers for part of their lost deposits with the bankrupt bank. Because of the Icesave demise, Dutch banks have to fork out 212million euros (271 million dollars) for ... (12 h ago)

• Finland's GDP expected to drop over 2% i... Finland's GDP expected to drop over 2% in 2009
01/23/2009
Finland's gross domestic product (GDP) is expected to fall by more than two percent this year, according to a statement posted on the website of the Ministry of Finance Friday. Finland's GDP growth slowed sharply toward the end of 2008. The higher cost of finance and the subdued state of the housing market led to a slackening in construction output, the statement said. In addition, the export markets declined rapidly, and the fall in exports was followed by drops in industrial ou ... (12 h ago)

• Indian gov't lowers growth forecast to 7... Indian gov't lowers growth forecast to 7.1%
01/23/2009
Indian Prime Minister's Economic Advisory Council Friday lowered the nation's growth forecast for the current fiscal year to 7.1 percent, reported Indo Asian News Service. The council had earlier projected India's growth at 7.7 percent this fiscal year ending March 31. The Economic Advisory Council said that the downturn was due to the impact of global meltdown and warned that the fiscal deficit was well above the comfort zone. It explained that the slowdown was caused b ... (12 h ago)

• Philippine budget airline reports rise i... Philippine budget airline reports rise in passenger load last year
01/23/2009
Philippine budget airline Cebu Pacific on Saturday said it flew 6.7 million passengers in 2008, representing a 23 percent annual growth despite impacts of high fuel prices and the global economic turmoil in the second half of the year. In a press release, the 13-year-old airline company attributed the passenger load growth to the increase in its seat capacity coupled with "trademark low fares". "The 2008 challenged us to look for ways to stimulate travel and sustain our domestic ... (12 h ago)

• Survey: 80% Chinese confident of economi... Survey: 80% Chinese confident of economic prospect
01/23/2009
The majority of Chinese people are still confident of the country's development prospect in spite of the global economic downturn, a survey by the National Bureau of Statistics said. More than 80 percent of the 10,000 people polled in 18 cities and 20 counties said they expect the country to maintain a steady and fairly fast economic growth despite the global financial crisis which has already started to affect China. The survey, conducted in November, covered 500 urban residenti ... (13 h ago)

• Foreign investment in Malaysia up 53.4% ... Foreign investment in Malaysia up 53.4% in 2008
01/23/2009
Foreign direct investment (FDI) in Malaysia totaled 12.9 billion U.S. dollars in 2008, up 53.4 percent against the previous year. "This makes Malaysia the country with the highest regional growth in FDI, outperforming other investment destinations such Singapore, Thailand, Indonesia...," the Malaysian Ministry of International Trade and Industry said on Friday. The sectors recorded the highest FDI inflows were those of basic metal products, electrical and electronic products, che ... (15 h ago)

• Minister: Tunisia's industry to suffer f... Minister: Tunisia's industry to suffer from global downturn in 2009
01/23/2009
Tunisia's industry minister said on Friday the industrial sector, the most labor intensive one in the country, is expected to be hit by the world downturn in 2009, and called on local firms to reform structures and enhance productivity. "We expect that 2009 will be a difficult year for our companies as the country's industrial sector was under pressure of the global financial and economic crisis since November," Industry Minister Afif Chelbi was quoted by the official TAP news agency ass ... (1 d ago)

• British economy contracts 1.5%in fourth ... British economy contracts 1.5%in fourth quarter of 2008
01/23/2009
The British economy entered recession with a heavy bash in the fourth quarter of 2008 as GDP plunged by 1.5 percent, the British National Statistics Bureau said here Friday. More than double of the 0.6 percent drop seen in the third quarter, the quarter-on-quarter contraction was the sharpest since1980. As a result, British GDP shrank by 1.8 percent year-on-year in the fourth quarter of 2008. Overall, its GDP rose by just 0.7 percent in 2008, the weakest performance since 1992. ... (1 d ago)

• Cost of Living: Bankruptcy as a Step to ... Cost of Living: Bankruptcy as a Step to Solvency
01/23/2009
The idea of declaring bankruptcy may be unpleasant, but for many people right now it could be the best option. (8 h ago)

• Your Money: Doing the Right Thing by Pay... Your Money: Doing the Right Thing by Paying the Nanny Tax
01/23/2009
Consider a couple of reasons it may be wise for people who are not paying their housekeeper or baby sitter’s taxes to reconsider. (8 h ago)

• Costs and Tighter Rules Thwart Refinanci... Costs and Tighter Rules Thwart Refinancings
01/23/2009
Interest rates are falling, but many potential borrowers may not qualify for the best rates. (8 h ago)

• Patient Money: Seeing Straight Without B... Patient Money: Seeing Straight Without Breaking the Bank
01/23/2009
A month’s rent just for eyeglasses? Taking care of your eyesight doesn’t have to cost so much. (14 h ago)

• Wealth Matters: Surviving in a Financial... Wealth Matters: Surviving in a Financial World With Limits
01/23/2009
In a year when the sins of a few are being paid for by many, it is appropriate for people at all income levels to adopt some survival techniques. (16 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. (1 d 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. (1 d ago)

• Economic View: How About a Stimulus for ... Economic View: How About a Stimulus for Financial Advice?
01/21/2009
The government should start a major program to subsidize personal financial advice for everyone. (2 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. (2 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)

• BARCLAYS MAY REPORT EARLY BARCLAYS MAY REPORT EARLY
01/23/2009
British banking giant Barclays PLC might report its fourth-quarter earnings early in an attempt to quiet rumors that the bank is in trouble. Barclays, which this week completed its acquisition of the US operations of bankrupt Lehman Brothers, has... (8 h ago)

• LEWIS LOOKS LIKE GONER LEWIS LOOKS LIKE GONER
01/23/2009
Bank of America chief Ken Lewis has gone from being hailed as a Wall Street hero to now looking like a big fat zero. Just a day after Lewis decisively ousted ex-Merrill Lynch boss John Thain following a 15-minute meeting, Lewis yesterday was... (8 h ago)

• MARTHA FILETS HER STAKE 39% MARTHA FILETS HER STAKE 39%
01/23/2009
Perhaps owning stock in Martha Stewart Living Omnimedia isn't such a good thing. That appears to be the message the Diva of Domesticity Martha Stewart has sent to Wall Street as she's dumped more than one-third of her shares in the company she... (8 h ago)

• NY TIMES DEBT JUNKED BY MOODY'S NY TIMES DEBT JUNKED BY MOODY'S
01/23/2009
The New York Times Co.'s efforts to complete the sale of its Midtown headquarters took on greater urgency yesterday after Moody's Investors Service joined Standard & Poor's in downgrading the troubled newspaper company's debt to "junk" status... (8 h ago)

• GE IMMELT-DOWN GE IMMELT-DOWN
01/23/2009
Jeffrey Immelt's star has fallen so far that people are beginning to wonder if General Electric would have been better off naming someone else as CEO. That's the conversation going on around the water cooler at GE's Fairfield, Conn., headquarters... (8 h ago)

• RECESSION OFFICIAL; UK POUND-ED RECESSION OFFICIAL; UK POUND-ED
01/23/2009
The pound slid to the lowest level since 1985 against the dollar and posted its biggest weekly drop in three months after a report showed the UK economy shrank more than forecast in the fourth quarter. The UK currency also declined versus the... (8 h ago)

• NYSE LOWERS LISTING MINIMUM NYSE LOWERS LISTING MINIMUM
01/23/2009
The New York Stock Exchange relaxed listing requirements at the world's largest equity market, reducing the minimum value for companies to $15 million following the worst year for US stocks since the Great Depression. The reprieve, which lowered... (8 h ago)

• IT'S BANK NATIONALIZATION BY ANY OTHER N... IT'S BANK NATIONALIZATION BY ANY OTHER NAME
01/23/2009
The US government's decision to pledge billions of additional dollars with strings attached to Citigroup Inc. and Bank of America Corp. may be nationalization by another name, according to former bankers and regulators. Faced with pressure from... (8 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/23/2009
Harley skids Harley-Davidson said fourth-quarter profit fell 58 percent to $77.8 mil lion, or 34 cents a share, from $186.1 million, or 78 cents, a year ago, missing analysts' estimates. Rev enue fell 6.8 percent to $1.29 billion. Quarterly... (8 h ago)

• THAIN'S REIGN OF PAIN THAIN'S REIGN OF PAIN
01/23/2009
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... (21 h ago)

• President Obama flexes his tech muscle President Obama flexes his tech muscle
01/23/2009
President Obama is showing some tech savvy. He plans to post weekly video addresses on YouTube, and is creating a new chief technology officer position in his cabinet. Kai Ryssdal speaks with CNET.com's Declan McCullough about the technology officer. (20 h ago)

• Bar mitvahs less outlandish in recession Bar mitvahs less outlandish in recession
01/23/2009
Before the recession, many bar mitzvahs were outlandishly extravagant with families spending lavishly on parties after the religious ceremony. But the economic downturn is bringing these parties back down to earth. Rebecca Sheir reports. (21 h ago)

• Weekly Wrap: All about Obama Weekly Wrap: All about Obama
01/23/2009
Even with all the bad news about the economy, the main focus of the week was on President Barack Obama. Kai Ryssdal speaks with Fortune Magazine's Leigh Gallagher and The New York Times's David Leonhardt about how the president is addressing the economy and his stimulus package. (21 h ago)

• Would you like a pay cut or layoff? Would you like a pay cut or layoff?
01/23/2009
To cope with the recession, many companies are considering layoffs or pay cuts. Across-the-board pay cuts are mounting and more are expected to follow. But is it better for companies to cut pay or let employees go? Jeremy Hobson reports. (21 h ago)

• Sovereign wealth funds suffering Sovereign wealth funds suffering
01/23/2009
Dubai investors who bought Barneys New York less than two years ago now want to put it up for sale. Sovereign wealth funds like Dubai's were once huge sources of cash for U.S. companies. But that's starting to change. Sam Eaton reports. (21 h ago)

• GOP wants more tax cuts in stimulus GOP wants more tax cuts in stimulus
01/23/2009
President Obama met today with congressional leaders to discuss the best way to kick-start the economy. House members will try to pass their bill next week, but a large number of Republicans take issue with some of the stimulus proposals. John Dimsdale reports. (21 h ago)

• Amid losses, GE still paying dividends Amid losses, GE still paying dividends
01/23/2009
General Electric is reporting a 44% drop in quarterly profit. Despite this, the technology conglomerate is still paying dividends to investors. Why? Alisa Roth reports. (21 h ago)

• Global warming a last priority Global warming a last priority
01/24/2009
Some disturbing but not surprising data from the latest survey out of the Pew Research Center for the People & the Press which found that the economy and job are the top two public priorities for... (1 h ago)

• Thain's bonanza Thain's bonanza
01/23/2009
So John Thain has finally been ousted at Merrill Lynch.But the extraordinary part about this story is about his talent for self-enrichment and arrogance beyond belief. Merrill Lynch was in serious... (1 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... (2 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... (2 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... (3 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... (3 d ago)

Business

Technology

Sports

Entertainment

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

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

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

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

out of control
staystrong :: 02/23/2009

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

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

• More peanut products added to recall lis... More peanut products added to recall list
01/23/2009
The nationwide list of peanut products recalled for salmonella contamination continues to grow quickly, and a snack from the grocery chain Trader Joe's is among the latest. (17 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. (2 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. (2 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. (2 d 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. (1 d ago)

• Your Career: Get severance, and move on Your Career: Get severance, and move on
01/21/2009
After the initial shock of losing a job wears off, some people get angry and assume their former employer is trying to screw them out severance pay or vacations days. (2 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. (2 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. (3 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)

• 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... (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. (2 d ago)

• Saving Money Isn't What It Used to Be Saving Money Isn't What It Used to Be
01/23/2009
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... (1 d ago)

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