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Business News
for 01/27/2009

(last updated 7:30am EST 01/27/2009)

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• BBC Assailed for Refusing to Carry Gaza ... BBC Assailed for Refusing to Carry Gaza Appeal
01/26/2009
Citing concern with protecting its impartiality in the Arab-Israeli dispute, the BBC declined to broadcast an appeal by aid agencies for victims of the recent conflict. (7 h ago)

• William Kristol’s Column in the Times En... William Kristol’s Column in the Times Ends
01/26/2009
A single sentence printed below Mr. Kristol’s weekly column in the Monday issue broke the news: “This is William Kristol’s last column.” (9 h ago)

• Advertising: Teaching Teenagers About Ha... Advertising: Teaching Teenagers About Harassment
01/26/2009
Digital harassment has gotten to be such a problem that it’s now the focus of a campaign from the Advertising Council. (9 h ago)

• Screen Actors Guild Fires Its Executive ... Screen Actors Guild Fires Its Executive Director
01/26/2009
Members of the Screen Actors Guild forced the firing of Doug Allen in a bid to restart long-stalled negotiations. (9 h ago)

• Senate Approves Digital TV Delay Senate Approves Digital TV Delay
01/26/2009
The Senate voted to delay next month’s transition to June 12 because some viewers would not be ready for the switch. (10 h ago)

• Movies Sell Slowly at Sundance Movies Sell Slowly at Sundance
01/26/2009
In a weakening entertainment economy, sales slowed, but did not halt, at the usually more exuberant festival. (10 h ago)

• Slicing Decades of Video for New Life on... Slicing Decades of Video for New Life on the Web
01/26/2009
Video clips of TV shows and behind-the-scenes outtakes are omnipresent online -- but how do they get there? (17 h ago)

• Television Review | 'Trust Me': A Fictio... Television Review | 'Trust Me': A Fictional Ad Agency That Really Hawks [Your Product Name Here]
01/26/2009
“Trust Me,” a TNT series set in a Chicago advertising agency, is clever and likeable -- which, incidentally, is what most commercials try to be. (19 h ago)

• With Magazines Folding, One Finds a Surp... With Magazines Folding, One Finds a Surprising Bid
01/26/2009
The publisher of a small magazine called Hardcore Gamer was determined to keep it alive. So he put it up for sale on eBay and a last-minute savior swooped in. (21 h ago)

• ‘Obama Girl’ Team Retools for Tech Satir... ‘Obama Girl’ Team Retools for Tech Satire
01/25/2009
The “Obama Girl” music video attracted 13 million Internet views, twice as many as the Obama campaign’s official videos. (1 d ago)

• Advertising: Infomercials Find Their Way... Advertising: Infomercials Find Their Way to Television’s Prime Time
01/25/2009
A sign of the ailing economy, infomercials are now filling television slots that traditional advertisers like banks and automakers once owned. (1 d ago)

• New on the Networks: Safe Formulas From ... New on the Networks: Safe Formulas From the Past
01/25/2009
With significant ratings declines, the networks are extending the runs of old shows and limiting the experimentation seen in recent years. (1 d ago)

• Isle of Man Plans Unlimited Music Downlo... Isle of Man Plans Unlimited Music Downloads
01/25/2009
Promoting an offbeat remedy for digital piracy, the rainy outpost in the Irish Sea is suggesting a fee on Internet service to pay for downloaded music. (1 d ago)

• Sometimes, a Political Position Is Just ... Sometimes, a Political Position Is Just About Wanting a Cigar
01/25/2009
The latest issue of Cigar Aficionado magazine advises President Obama on relations with Cuba and argues for abolishing preconditions if the United States should re-engage the Caribbean nation. (1 d ago)

• Drilling Down: Smart Move in Letting You... Drilling Down: Smart Move in Letting You Pick Price?
01/25/2009
By letting Internet buyers name their price for its 2007 album, Radiohead introduced many people to the retailing strategy called “pay what you want.” (1 d ago)

• To Fleet Street by Way of the K.G.B. To Fleet Street by Way of the K.G.B.
01/25/2009
Britons aren’t sure what to make of an ex-K.G.B. officer’s deal to buy London’s most enduring afternoon newspaper, The Evening Standard. (2 d ago)

• Jim Horne, a Familiar Face in Ads From t... Jim Horne, a Familiar Face in Ads From the 1950s, Dies at 91
01/24/2009
Beginning in the late 1940s, Mr. Horne was perhaps the most widely seen male model in the country, appearing in hundreds of advertisements. (2 d ago)

• Streaming Onto the Mall, and Into Laptop... Streaming Onto the Mall, and Into Laptops
01/24/2009
An estimated 1.8 million people watched the inauguration of Barack Obama in person. How many more watched it across the country? (2 d ago)

• Essay: See the Web Site, Buy the Book Essay: See the Web Site, Buy the Book
01/24/2009
Do elaborate Web sites and videos really sell books? As in so much of publishing, no one really knows. (2 d ago)

• Scene Stealer: Suddenly, Hollywood Seems... Scene Stealer: Suddenly, Hollywood Seems a Conservative Investment
01/24/2009
Although the movie business has been hurt along with nearly every other industry, it’s proving far more resilient to recession than most. (2 d ago)

• Japan to Take Stakes in Ailing Companies Japan to Take Stakes in Ailing Companies
01/27/2009
Japan on Tuesday outlined a plan to inject state funds into ailing companies in exchange for stakes in them. (4 h ago)

• Barclays to Write Down £8 Billion, but A... Barclays to Write Down £8 Billion, but Asks for No Help
01/26/2009
After investors punished its stock last week, Barclays attempted to restore trust in its earnings, saying it did not need fresh capital. (7 h ago)

• Olhão Journal: From a Portuguese Marsh, ... Olhão Journal: From a Portuguese Marsh, Salt, the Traditional Way
01/26/2009
What to do when a dream of marketing microalgae goes bust? One group of entrepreneurs found an answer in the salt marshes of Portugal’s Algarve region. (7 h ago)

• France Looks to Help Airbus With Loan Gu... France Looks to Help Airbus With Loan Guarantees
01/26/2009
The move is squarely aimed at helping Airbus and its parent company, European Aeronautics Defense and Space, maintain production during the current credit crunch. (8 h ago)

• Siemens Quits Venture to Build Reactors Siemens Quits Venture to Build Reactors
01/26/2009
The decision by Siemens, the German engineering company, to withdraw from a venture with Areva adds financial challenges to the French nuclear reactor builder. (9 h ago)

• W.T.O. Finds China Copyright Law Lacking W.T.O. Finds China Copyright Law Lacking
01/26/2009
China was found to have failed to protect and enforce copyrights and trademarks on a wide range of goods. (9 h ago)

• In India, Clues Unfold to a Fraud’s Fram... In India, Clues Unfold to a Fraud’s Framework
01/26/2009
As investigators seek a clearer picture of Satyam’s accounting, many wonder whether its executives had help. (9 h ago)

• UBS Is Said to Have ‘Weeks’ to Release D... UBS Is Said to Have ‘Weeks’ to Release Documents
01/26/2009
Federal prosecutors have given UBS “several weeks” to hand over scores of United States client names or face possible indictment over its offshore banking services. (10 h ago)

• College-Educated Chinese Feel Job Pinch College-Educated Chinese Feel Job Pinch
01/26/2009
Anxiety is rippling through a generation of Chinese who had grown up thinking that prosperity was guaranteed. (16 h ago)

• Once a Boon, Euro Now Burdens Some Natio... Once a Boon, Euro Now Burdens Some Nations
01/26/2009
Euro membership allowed some countries to gloss over economic problems that have now roared to the fore. (18 h ago)

• OPEC Achieves Cuts in Output, Halting Pr... OPEC Achieves Cuts in Output, Halting Price Slide
01/26/2009
Members of the oil cartel have slashed their output by more than three million barrels a day in recent months, temporarily stopping the slide in oil prices. (1 d ago)

• At Davos, Crisis Culls the Guest List At Davos, Crisis Culls the Guest List
01/25/2009
Politicians, not corporate titans, are poised to be the big draw at this year’s World Economic Forum gathering, as power shifts away from the free market. (1 d ago)

• 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. (2 d ago)

• Brazil Expands Investment in Offshore Dr... Brazil Expands Investment in Offshore Drilling Projects
01/24/2009
Brazil’s state-controlled oil company announced a plan to spend more than $174 billion for deep-water oil and gas exploration. (2 d ago)

• China Rejects Currency Manipulation Char... China Rejects Currency Manipulation Charge
01/24/2009
The central bank of China rejected an accusation by President Obama’s nominee for Treasury secretary that China was trying to gain an unfair advantage on exports. (2 d 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. (3 d ago)

• Forecasters see historic drop in retail ... Forecasters see historic drop in retail sales
01/27/2009
The nation’s retailers had a rough 2008, but this year will likely be even scarier, according to a sales forecast released Tuesday from the world’s largest retail trade organization. (2 h ago)

• Auto market rebound depends on housing Auto market rebound depends on housing
01/27/2009
When will the moribund automotive market rebound? For an answer, it pays to monitor the state of the housing market. (2 h ago)

• The view from the auto mall darkens The view from the auto mall darkens
01/27/2009
At the Tempe Autoplex, the natural optimism that is essential to the car business is running up hard against the cold reality of today’s economy. (2 h ago)

• Geithner set to unveil new lobbying rule... Geithner set to unveil new lobbying rules
01/27/2009
Treasury Secretary Timothy Geithner was expected to unveil a new set of rules to limit the influence of special interests in decisions involving the government's $700 billion financial rescue program. (3 h ago)

• AP: 9 in 10 execs at bailout banks keep ... AP: 9 in 10 execs at bailout banks keep jobs
01/27/2009
At banks that are receiving federal bailout money nearly nine out of every 10 of the most senior executives from 2006 are still on the job, according to an Associated Press analysis of documents. (4 h ago)

• Cozying up to prime time: Snuggie's big ... Cozying up to prime time: Snuggie's big break
01/27/2009
Peddlers of $19.95 gimcracks ("Act now!") and other 800-number come-ons have become some of TV's most prominent sponsors as a sales lull and an ailing economy sends prices for airtime plummeting. (4 h ago)

• Thain to pay back office decorating cost... Thain to pay back office decorating costs
01/26/2009
Former Merrill Lynch Chief Executive John Thain said Monday he plans to reimburse Bank of America for a $1.2 million renovation of his office a year ago. (13 h ago)

• Fannie Mae may need another $16 billion ... Fannie Mae may need another $16 billion in aid
01/26/2009
Mortgage finance company Fannie Mae said Monday that it likely needs up to $16 billion from the government as conditions in the U.S. housing market continue to deteriorate. (13 h ago)

• Green rules will challenge automakers, b... Green rules will challenge automakers, buyers
01/26/2009
President Barack Obama wants automakers to make greener cars at a time when General Motors and Chrysler are hanging by the thread of a massive government loan. (13 h ago)

• Crush of job cuts to open the week Crush of job cuts to open the week
01/26/2009
A slew of American heavyweight companies, including Caterpillar, Pfizer, Sprint Nextel, Home Depot and General Motors, announced cuts Monday adding up to 45,000 jobs lost. (14 h ago)

• Oil falls below $46 as stocks give up ga... Oil falls below $46 as stocks give up gains
01/26/2009
Oil prices fell Monday as investors weighed early gains in the equity markets against signs of a deepening recession that could further eat away at energy demand. (15 h ago)

• The top 10 Super Bowl ads of all time The top 10 Super Bowl ads of all time
01/26/2009
Nothing makes the economy appear sound like scores of corporations lining up to spend $3 million for a 30-second advertisement that may or may not help their company. (16 h ago)

• Your Career: More companies using furlou... Your Career: More companies using furloughs
01/26/2009
Many companies, universities and governments across the country are forcing their workers to take time off. There’s one catch — no pay. (16 h ago)

• Newsweek: Myths of the recession Newsweek: Myths of the recession
01/26/2009
Decoupling was a powerful myth, but only one of many in the global recession. The crisis is moving so fast, and in so many different directions, that the shelf life of conventional wisdom is shrinking exponentially. What's behind the recession myths, and why haven't they come to pass? (16 h ago)

• Out of work? Try self-employment Out of work? Try self-employment
01/26/2009
If you're among the thousands of unemployed now trying to go it alone, where do you start? (17 h ago)

• Some new relief as Americans file 2008 t... Some new relief as Americans file 2008 taxes
01/26/2009
Start filling out your taxes and you might find some opportunities to save money, courtesy of the IRS. (20 h ago)

• Pfizer to buy Wyeth for $68 billion, cut... Pfizer to buy Wyeth for $68 billion, cut jobs
01/26/2009
Pfizer Inc., the world’s largest drugmaker, will pay $68 billion for rival Wyeth in a move that will consolidate two of the industry’s largest drug developers. (22 h ago)

• Mandelson to unveil aid for car industry Mandelson to unveil aid for car industry
01/27/2009
The government will step in to help the ailing car industry this afternoon. Lord Mandelson, the business secretary, will unveil the support to the House of Lords shortly after 3pm. It is expected to include a scheme to help potential car buyers get a loan and funding to give workers extra training. Car sales have plunged in recent months, as the deepening recession slashed demand for new vehicles. Many manufacturers have already cut production , putting their employees on three or four-day weeks or sending them on enforced leave. The 450 jobs cuts announced by Jaguar Land Rover earlier this month have added to the pressure on the prime minister to take action. Gordon Brown's spokesman said this morning that the package was meant to help the car industry through the economic crisis. "Lord Mandelson and the department have been making clear that, in our view, the car industry is a sector with a strong future," he said. "So not only are we in a position to provide some support to help them get through this difficult period but also, and this will be a very important part of the announcement, this is about how we provide the right support for them in the future." Environmental groups have said they would oppose the use of taxpayers' money to stimulate demand for private cars, arguing that greener initiatives such as public transport improvements should be supported instead. The prime minister's spokesman denied that the package amounted to a bail-out. Data released by the CBI this morning showed that motor traders have seen sales fall for the last eight months . The car industry has benefited from the ready supply of credit in recent years, which allowed it to offer attractive finance packages to potential customers. The credit crunch has put the squeeze on this practice. Figures released by moneyexpert.com showed that 300,000 motorists have been turned down for a car loan in the last six months. Several other countries are also considering intervening to help their domestic carmakers. Last week the French government said it would offer up to €6bn (£5.5bn), to avoid flagship names like Renault going under . In America, car part makers are now warning that they face bankruptcy, despite General Motors and Chrysler receiving billions of dollars in aid . Automotive industry Recession Economic policy Manufacturing sector guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Hornby ups prices to get profits back on... Hornby ups prices to get profits back on track
01/27/2009
Hornby has raised its prices to cope with the slump in sterling, and warned today that they might be increased again if the pound fails to recover. The toys group, which makes model railways, Scalextric sets and Corgi cars, said it suffered disappointing sales in the run-up to Christmas. Its shares slid by over 12%, to 84p, as it admitted current-year profits would be at the low end of City expectations. It blamed a fall in orders from major customers during November and early December, as toy retailers braced themselves for one of the most challenging festive periods in decades. Although demand picked up as Christmas drew closer, beating last December's sales, it came too late to reverse the damage. A Hornby spokesman said the sales decline had been "across the board". One highlight was Hornby's new Airfix model of Lewis Hamilton, which sold out following his success in the formula one world championship. The company raised its prices in an attempt to offset the impact of the weak pound, which hit a 23-year low against the dollar last week. This will erode Hornby's profit margins in the months ahead, unless sterling rallies. "We are considering a number of measures to mitigate such erosion including, if appropriate, further price increases later in the year," Hornby said. Hornby has pursued an expansion drive in recent years, buying Airfix and Corgi. Its chairman, Neil Johnson, said the company was performing well following a "difficult" pre-Christmas period. "Strong demand in the early weeks of 2009 gives us further confidence that our hobby-based businesses will continue to demonstrate their defensive characteristics in what is likely to continue to be a challenging economic climate," he said. Retail industry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Retail sales volumes continue to fall Retail sales volumes continue to fall
01/27/2009
Retail sales volumes have fallen for the 10th month in a row, and are expected to fall sharply again next month as consumers tighten their belts further. The CBI's distributive trades survey for January showed that 63% of retailers said year-on-year sales volumes fell in the first half of this month. A balance of +52% expect sales to fall in February, which is the weakest forecast since the survey began in July 1983. Many large retailers, including Debenhams and Marks & Spencer, launched sales in the run-up to Christmas to try to lure shoppers into their stores. With the UK now officially in recession, retailers will continue to suffer this year, warned Ian McCafferty, the CBI's chief economic adviser. "Most of the retail sector continues to struggle as the recession bites more deeply, and February will be tough. It is possible that pre-Christmas discounting by some retailers numbed many shoppers to the allure of new year sales," McCafferty said. The three-month moving average of sales volumes, which smooths out monthly volatility, also hit a record low. Motor traders saw sales fall for the eighth month in a row. Retail industry Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Siemens has bucked the global downward t... Siemens has bucked the global downward trend by posting a healthy rise in profits and sales in the last three months of 2008
01/27/2009
Siemens, Europe's biggest engineering and technology group, today bucked the global trend of gloom by posting a healthy rise in profits and sales in the last three months of 2008. However, the company admitted that orders fell in what is its first quarter, dropping 8% to €22.2bn (£20.8bn). Sales were up 7% to €19.6bn, driven by double-digit growth in the energy and healthcare divisions. It also admitted its "strong, confident and decisive" outlook could change if customers failed to convert orders into sales. "We are sticking to our goals for fiscal 2009, even though reaching them is becoming more ambitious," said Siemens chief executive, Peter Loescher. Siemens, which aims to achieve twice the level of global growth in its annual sales, said its three divisions delivered a 20% jump in profits to €2bn while net earnings rose to €1.2bn. Loescher said: "We got off to a good start." The German group has been hit in recent years by a corruption scandal and last month reached a settlement with the German and US authorities , including the SEC, paying a record £875m. Overnight it announced it is disposing of its 34% stake in a joint venture with French state-owned Areva to build nuclear reactors, including for the new and highly controversial EPR power plant in Finland . The disposal, after severe pressure from French president Nicolas Sarkozy, could net it €2bn over the next three years. It could enable Sarkozy to pursue his goal of a merger between Areva and engineering group Alstom to create a new French "global champion". Siemens, which said it remained committed to nuclear energy expansion in an era of global warming and climate change, has so far stood apart from its German peers by refusing short-time working at its German plants as the recession deepens. Technology Utilities Nuclear power Energy Europe guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Hedge fund manager John Paulson nets £10... Hedge fund manager John Paulson nets £100m from RBS slide
01/26/2009
Billionaire hedge fund manager John Paulson has made a £100m profit by betting that the Royal Bank of Scotland's share price would fall dramatically, according to calculations by the Guardian, adding fuel to the debate about the impact of short-selling on bank stocks. New York-based Paulson, who made more than $3bn by betting against the US housing market, now appears to be profiting from positions placed on the assumption that bank shares would tumble in the aftermath of the market chaos caused by the demise of the sub-prime mortgage industry. His hedge fund, Paulson & Co, was one of the few to trade through the ban imposed on short-selling by the Financial Services Authority in September to protect the rescue takeover of HBOS by Lloyds TSB. On the basis of the disclosures that his company has made since then, the Guardian estimates Paulson is likely to have made a profit of £100m - and possibly more - after making around 240p on each of the RBS shares he sold. When Paulson made the first disclosure in the wake of the FSA move, he had a position worth around £300m - or 0.87% of the total RBS shares in issue when they were trading at around 252p. When he bought them back again this month the share price had slumped to only 12p. The size of the position automatically fell in December after the government bought new shares to inject £15bn into the bank to 0.36% of the shares in issue. Yesterday Paulson admitted this had now fallen to less than 0.25% - the threshold at which the FSA requires disclosure. At the very least Paulson appears to have reduced his position by a third, netting a near £100m profit as RBS shares closed at 12.10p on Friday. A spokesman for Paulson refused to comment on the profit but said: "We made our position available because the FSA requested it. Beyond that, we don't discuss our portfolio." Short-sellers are expecting share prices to fall so they borrow shares they do not own to sell them in the hope they will be able to buy them back more cheaply and so turn a profit. In September the City regulator gave speculators 24 hours to shut down their positions or name themselves publicly and admit the size of the positions. Paulson & Co did not close its positions and admitted it had placed a near £1bn bet that share prices in HBOS, RBS, Lloyds TSB and Barclays would fall. While the FSA lifted the ban this month, in defiance of Alistair Darling's wishes, the regulator still requires speculators to admit if they are changing their positions. Paulson appears to have hung on to the majority of his positions until yesterday, when a statement to the stock market indicated he was reducing his short position in RBS, revealing his £100m profit. It is possible that Paulson's profit is even higher as it is not clear at what precise price he started putting his position into place or how many shares he has actually bought back. His position in Barclays remains unchanged and stands at 1.18% of its entire stock market value. Lloyds and HBOS now have one stock market listing and Paulson has disclosed that it has sold shares to the equivalent of 0.79% of the combined group. Paulson rarely gives interviews and is guarded about his methods - embedding hi-tech software in his emails to prevent them being forwarded. When the ban was introduced he said his "primary objective" was to make money in all markets. "We do this by going long stocks we think will rise in value and going short stocks we think will fall in value - in each case based on extensive research on the company and its fundamentals, rather than short-term market movements," he said. Short shrift The FSA lifted its ban on short-selling on 15 January because it argued there was no longer evidence the practice was forcing down bank shares. The Investment Management Association cited research it said showed banning short-selling had not stopped shares from falling or reduced volatility. From when the ban was introduced to the end of November, the FTSE 350 financial sector index lost 0.68% a day. In the three months before this the index had fallen 0.2% a day. Short-selling Royal Bank of Scotland Regulators Banking guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Former Merrill Lynch chief says sorry fo... Former Merrill Lynch chief says sorry for $1.2m furniture bill
01/26/2009
The former Merrill Lynch boss John Thain has apologised for spending $1.2m (£860,000) on antique furniture, carpeting and curtains for the troubled bank's executive offices and has promised to pay back the money personally. But Thain, who lost his job last week, yesterday staunchly defended his tenure and refused to take the blame for quarterly losses of $15bn amid an increasingly bitter dispute with Merrill's new owner, Bank of America. Saying he was "surprised" to be relieved of his duties, Thain insisted that it had been necessary to pay $4bn in bonuses to retain Merrill's key staff and that Bank of America had been kept in the loop on all key decisions. The 54-year-old Wall Street veteran has been lambasted as an example of the banking industry's extravagance over a decision to splash out in early 2007 on accoutrements such as an $87,784 rug, a George IV chair costing $18,468, a commode worth $35,115 and a waste paper basket priced at $1,405. In an interview with CNBC television, Thain pointed out that the furniture went into two of Merrill's conference rooms as well as his own office. But he expressed regret: "It's clear to me, in today's world, that it was a mistake. I apologise for spending that money on those things and I will make it right. I will reimburse Merrill Lynch for all of those costs." Furious at indications that it has overpaid for Merrill, Bank of America has suggested that the brokerage firm kept quiet about its mounting losses as the two firms' tie-up was finalised in December. But Thain rejected this, saying senior Bank of America staff had been seconded to Merrill's premises: "They were seeing exactly the same information we saw. We gave them complete access to everything we had." He said Merrill's fourth-quarter loss of $15bn was a result of "legacy" assets in mortgages and credit instruments built up under his predecessor, Stan O'Neal, who was fired in late 2007. "Virtually all the losses were from legacy positions that had already been there and the decline in the prices of those positions," he said. Thain also laid some blame on O'Neal for his furniture buying. He said that O'Neal did not follow the "general decor" of Merrill's offices, and it "really would have been very difficult for me to use it in the form that it was in". Bank of America has suggested that Thain was profligate in handing out bonuses to Merrill staff late last year. But Thain insisted that some parts of Merrill, including its equity trading desk and brokerage, were still performing well: "If you don't pay your best people well, they will go somewhere else." The highly public breakdown in relations between Bank of America and Thain comes amid a public furore over costs at banks which are relying on US taxpayers for support. Citigroup was forced to defend itself yesterday over the purchase of a new corporate jet for between $40m and $50m which, it said, had been ordered well before the credit crunch began. Meanwhile, the former head of the defunct bank Lehman Brothers has been accused of transferring assets into his wife's name to avoid claims on his assets by possible angry Lehman shareholders. Dick Fuld, who led the bank until its bankruptcy in September, recently sold his seaside mansion in Florida to his wife, Kathleen, for just $100, according to property transaction records. The minimal consideration paled into comparison to the $13.75m paid by Fuld in 2004 for the house on Jupiter Island. Fuld received $22m from Lehman in 2007 but was given no bonus or severance payment when he departed last year. Merrill Lynch Citigroup United States guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Meet the bankruptcy barons who turn bust... Meet the bankruptcy barons who turn bust into boom
01/26/2009
The staff and owners of Manchester tea-bag maker JR Crompton thought a sympathetic bank manager would rescue them in times of trouble; after all, the company had been around since 1856. What they didn't know was their future was in the hands of young, aggressive traders in a well-known investment bank in London. The traders had bought parts of the company's debt, gaining enough control to block a proposed restructuring. The company was pushed into administration and the assets sold. Crompton ceased to exist. Vulture funds are at the extreme end of a booming market in distressed debt - pushing companies into administration for profit even when other investors feel the company is worth saving. The funds circle struggling firms and buy their debt at a discount to gain control of the business. Usually hedge funds or proprietary desks at large investment banks, the funds may turn their debt into equity in a restructuring, gaining a stake or full control of the firm, or sell the assets in a liquidation, receiving a higher price for the debt than they paid for it. "When debt has been acquired at a substantial discount to par, the fund may still make a profit notwithstanding the liquidation of a company," says Mark Hyde , global head of restructuring at law firm Clifford Chance. "If you buy at 20 and recover at 30, you've made a good profit." Administration will also relieve the company of its pension deficit, making a sale of the assets more attractive - which was the case at Crompton. The deals are struck behind the scenes. The secondary market where loans trade is not public, with investors buying and selling large amounts of a company's debt in bilateral transactions. Usually based in offices in upmarket areas, vulture funds also tend to act together. Last summer, debtholders of Martinsa Fadesa, Spain's largest construction company, imposed stringent conditions on a restructuring deal, which led to the company's failure. The funds, which bought the debt at a discount after Morgan Stanley sold some of its loans, negotiated favourable terms for themselves: as soon as the sale of assets started, they would receive payments within one year, whereas some Spanish savings banks will have to wait as much as seven years. Other funds have become professionally noisy. By imposing conditions or threatening a restructuring, they encourage other creditors to buy them out just to see the deal through. Most restructurings need the agreement of all creditors. Not all distressed funds are run by aggressive players who put companies into insolvency deliberately. "Debtholders are entitled to get as much as they can but you want to save jobs as well," says distressed-debt investor Jon Moulton . "But if somebody deliberately blocks a restructuring, or does nothing about a problem, that's being an asset stripper. All we're trying to do is to find value, help a company. More often than not we preserve jobs, but sometimes a hopeless business needs to close down." Vulture funds are only one of many players to profit from a company's misfortune. Those at the top of the tree include private equity directors, who bought firms with as much debt as possible - sometimes putting in no equity or cash at all - and used the company's profits to repay debt instead of making operational improvements. Private equity firms also borrowed even more money to pay themselves substantial dividends, credit rating agencies such as Standard & Poor's warned. "Undoubtedly people have benefited during the good years from financial engineering," says Buchan Scott , head of investor relations at Duke Street Capital, the private-equity firm behind Focus, the DIY chain which had to be restructured. "Ultimately, the debt was too high and the sector fell off the cliff. We didn't call the administrators, we ended selling it to Cerberus, but it still was one of our most successful investments [after growing it from seven to 450 stores]." Primary lenders, such as Barclays, RBS or Deutsche Bank, sold billions of pounds worth of loans for leveraged buy-outs (LBOs) in the market, allowing hedge funds and other investors to take positions in a company's debt. Young and financially savvy, distressed-debt players study companies - sometimes beyond the belief of bankers and company directors. A US hedge fund once produced an 800-page report on Drax, Britain's largest power station, whose failure turned into multimillion-pound profits for funds such as BlueBay when its debt was converted into equity. Through similar transactions, BlueBay holds - or has recently held - stakes in Polestar, a printing business, and Danoptra, a gaming company. Vulture funds swoop after a company is about to or has breached its banking covenants - a move than can give them the right as creditors to call in the administrators. The creditors usually appoint banking advisers, such as Rothschild, Close Brothers or Houlihan, and specialist law firms, including Clifford Chance, Freshfields or Allen & Overy. The company appoints its advisers as well. Each stage of the process generates fees for all the professionals involved. "Round-table meetings between all the stakeholders can get quite heated - you see people getting very angry, shouting," Hyde says. "This is not surprising given that somebody who has to accept that they're going to lose all their investment is likely to get emotional." Alfred Schefenacker, a German industrialist, was absent from the meeting that had to decide the fate of the car parts maker he had devoted his life to. Company advisers Alix Partners moved the firm's headquarters to from Germany to Britain's more creditor-friendly administration and restructuring system. Schefenacker creditors turned some of their debt into equity, rescuing the company but leaving the founder and owner with a substantially reduced stake. It wasn't his company any more. Some companies are trying to ring-fence their loan syndicate, closing the doors to vulture funds. "We don't tend to have vulture funds in our company portfolio - we like to have control of the banking syndicate to ensure a proper alignment of interest in case things go wrong," said Duke Street's Scott. Vulture funds "have other agendas - they are much more short-termist and less relationship driven". Hedge fund managers have found their niche in the market. Wealthy and flexible, they will pick up the distressed assets of insolvent companies and recycle them, said Matthew Prest, head of European special situations group at Close Brothers. Vulture funds may also help a business survive by assuming a level of risk that high-street banks would not tolerate - and charge accordingly for it. "We don't see hedge funds as being difficult," says Alistair Dick , restructuring director at Rothschild in London. "They can often provide more flexible capital than the original lenders - typically banks and CLOs [collateralised loan obligations] - so they can help in the process." The vultures risk becoming distressed themselves if their trades go wrong. "Buying distressed debt is always a gamble," says Hyde. Some hedge funds are stuck in deals because buyers are hard to find. Others have bought debt at 60p to the pound only to see it fall further. They are under pressure as the $1.2tn (£860m) hedge-fund industry is expected to see an outflow of $450bn in assets this year through losses and withdrawals, on top of the $600bn lost last year, according to Bloomberg News. "People are scared now to invest in turnaround opportunities - they don't think we've reached the bottom," Prest says. "Things will turn when people start believing they have some visibility about the future, some confidence about the forecast in the company, or when prices have gone to a certain level. "We still have a very illiquid secondary-debt market. Buyers are looking at things from a very bearish point of view, while sellers think tomorrow will be brighter." At this point, only the administrators have their fees guaranteed. Private equity Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Private equity could aid nuclear shutdow... Private equity could aid nuclear shutdown
01/26/2009
Government agencies have asked private equity firms to help with decommissioning the UK's old nuclear power stations, it emerged yesterday. The UK Atomic Energy Authority has held exploratory talks with the controversial sector, while the Nuclear Installations Inspectorate (NII) used a conference in London yesterday to call for "innovative" ways of raising money. Its chief inspector said private equity might be one solution. The moves come amid widespread concern that a shortage of public money and the soaring cost of dismantling sites could delay vital safety projects and push up costs. The Nuclear Decommissioning Authority (NDA) has said more than £80bn is required to pay for the legacy of the atomic industry, with the vast bulk being spent at Sellafield in Cumbria and Dounreay in Scotland. The NDA told the same Nuclear Dialogue conference that future public spending rounds would be tougher than ever. Bill Hamilton, the NDA's head of communications, urged colleagues to tell government about the need for the nuclear clean-up to be properly resourced. "It's up to everyone in this room and beyond to make sure we do have the funding to help us move forward," he said. Mike Weightman, chief inspector at the NII, warned ministers they would be storing up problems if vital clean-up projects were delayed further. "Delaying will make it more difficult and more costly," he said, before suggesting that innovative funding was needed, including the possible use of private equity. The UKAEA is among agencies that have approached private equity, a sector that is often criticised for being overly profits-orientated and short-term in its focus. A spokesman for the agency declined to comment, but industry sources said private equity companies were demanding long-term revenue streams in return for involvement. A spokeswoman for the Department of Energy and Climate Change said last night that funding for the NDA was more than £8bn, the largest ever over a three-year period. "We cannot speculate on what specific budgets will be in future spending rounds. Funding for the NDA must continue to strike the correct balance between what is desirable and what is affordable and ensuring that safety remains the paramount concern." Utilities Private equity Nuclear power Waste Pollution guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Pfizer to buy rival Wyeth for $68bn Pfizer to buy rival Wyeth for $68bn
01/26/2009
The world's largest drug company, Pfizer, has broken through Wall Street's credit freeze to borrow billions of dollars for a $68bn takeover of rival Wyeth in the first US corporate deal of its scale since the economic crisis began. The takeover is the biggest tie-up in the pharmaceuticals industry since Glaxo Wellcome's merger with SmithKline Beecham in 2000. It is intended to bolster Pfizer's product pipeline in preparation for the expiry of patent protection on its blockbuster anti-cholesterol medicine Lipitor. "Investors have rightly been concerned about the clarity of what happens when Lipitor goes off patent," Pfizer's chief executive, Jeffrey Kindler, told a press conference in New York. "Today's announcement definitively addresses that question." Between them, the two companies will have nearly 130,000 employees although large-scale job cuts are likely as they pool resources in areas such as research and development, marketing and administration. Pfizer is borrowing $22bn to help pay for Wyeth. Five banks are each lending $4.5bn - Barclays, Goldman Sachs, JP Morgan, Citigroup and Bank of America. The four US banks involved have all received substantial bail-out funds from the treasury, and Pfizer acknowledged that taxpayers were effectively financing part of the transaction. "It's really good for America to support a healthy, strong biopharmaceutical organisation," said Kindler, who suggested that few industries created more "intellectual capital" than pharmaceuticals. "It's good to see banks doing what banks are supposed to be doing - lending money to advance the American economy and moving companies forward." Approved by board meetings of both companies yesterday, the takeover is widely expected to spur further deals in the drugs industry as more multinationals cope with lucrative products losing patent protection. Wyeth investors will get $33 in cash and 0.985 of a Pfizer share for each Wyeth share - an initial valuation of $50.19 – although Pfizer's stock slumped by 9% during early trading on the New York stock exchange, sharply depressing the price of the deal. Wyeth's top drugs include an antidepressant, Effexor, and a paediatric vaccine, Prevnar. The company owns over-the-counter brands such as ChapStick lip balm and Robitussin cough mixture. The firm employs 1,500 staff in Britain at four sites, including its European headquarters campus in Maidenhead. Wyeth's chief executive, Bernard Poussot, said his firm concluded there was a "remarkable" fit: "Everybody in the industry realised that Pfizer would take something of magnitude at some point." A newly disclosed slump in earnings underlined Pfizer's need for a tonic. Its fourth-quarter profit collapsed by 90% to $266m, partly blamed on a $2.3bn settlement with US prosecutors over the mislabelling of several painkillers. But its underlying sales were weak, with pharmaceuticals revenue down 4% to $11.2bn. Wyeth, which is based in New Jersey, has insisted on a $4.5bn break fee in the event that Pfizer's deals with banks fall through and the takeover collapses. But irrespective of financing challenges, analysts predict more such pharmaceutical tie-ups. "This will not be the last deal," said Barbara Ryan, drug analyst at Deutsche Bank in New York. "While Pfizer has specific issues with regard to Lipitor, these issues are systemic and throughout the entire industry. The industry will continue to consolidate to eliminate excess spending." Pfizer Pharmaceuticals industry 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)

• British Airways warns of £150m operating... British Airways warns of £150m operating loss
01/26/2009
British Airways confirmed a drastic turnaround in its fortunes today as it predicted a loss in 2009, 12 months after the airline announced its best-ever financial results. BA blamed the profit warning on the weak pound, which it said had pushed up costs that are incurred in dollars and euros, forcing the airline to scrap forecasts that it will break even in the year to March 2009. Instead, BA warned that it is heading for an operating loss of £150m this year, reversing record pre-tax profits of £883m in 2008. "At current exchange rates the year to 31 March 2009 is now expected to be an operating loss of some £150m," said the airline. BA's shares closed down 8.5% at 133.8p as the warning added to an already grim outlook for the airline, which has seen a sharp decline in business-class bookings. Premium sales account for the majority of BA's profits and they slumped 12% in December compared with the same month in 2007, due to reduction in demand from financial services clients. However, until today, BA clung to the hope that a falling oil price and a refusal to slash fares would help it remain profitable. One analyst speculated that dollar-denominated sales, from US-based passengers, might have suffered a slump that meant the airline could no longer cancel out dollar-denominated costs. Dollar costs and revenues normally cancel each other out at the airline, but BA confirmed yesterday that turnover had fallen behind in recent months. Gert Zonnefeld, analyst at Panmure Gordon, said: "It means that the underlying revenue market has worsened." The profit warning also casts doubt on whether BA will pay a dividend this year, after it made its first payout to shareholders in seven years in 2008. BA's dividend payout was £57.5m and an operating loss of £150m would leave a similar dividend payment uncovered this year. BA has to pay a proportion of air traffic control fees, baggage handling costs and airport landing fees in dollars and euros whenever it flies to the US and mainland Europe. The airline said it expected full-year revenues to rise by 4%, in line with previous guidance, indicating that it will stick to its strategy of refusing to slash fares. BA is banking on a sufficient number of business passengers, who are less price-sensitive than leisure customers, continuing to travel in the downturn. Meanwhile, BA's close rival Virgin Atlantic imposed a pay freeze on its staff yesterday. The airline said 9,000 staff from ground crew to senior directors will not get a pay rise in the next financial year, which starts in March. Steve Ridgway, chief executive of Virgin Atlantic, said: "A pay freeze among our staff will help us remain strong during a period of lower demand for air travel." British Airways Airline industry Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• Banking crisis brings down Iceland gover... Banking crisis brings down Iceland government
01/26/2009
Iceland's prime minister today announced the immediate resignation of his government because of the country's severe financial crisis, which saw the collapse of the currency and banking system. Geir Haarde announced as recently as Friday that his coalition administration would remain in office until early elections called for May 9 after violent protests at its handling of the economic situation. Today he said his Independence party and its Social Democrat partners were quitting immediately after a disagreement over whether he should step down as prime minister. "I really regret that we could not continue with this coalition. I believe that that would have been the best result," he told reporters at parliament. "We couldn't accept the Social Democratic demand that they would lead the government. That is not something we agreed on in 2007." Haarde said he would speak to Iceland's president, Olafur Ragnar Grimsson, to arrange the formal dissolution of the coalition, which has ruled since May 2007. Haarde himself has been in office since mid-2006. The 57-year-old becomes the first world leader to leave office as a direct result of the financial crisis. Announcing the election date last week, Haarde revealed he had been diagnosed with throat cancer and would not be seeking re-election anyway. The prime minister's previous national popularity was obliterated in October when the global credit crisis ravaged Iceland's hugely indebted economy, leading to a collapse in the country's currency, the crown, and forcing the government to take control of its three major banks. The population of 320,000 – who had enjoyed years of rising incomes and high growth rates, thanks in no small part to an economy burdened with a foreign debt that peaked at 10 times the annual national GDP – now face a potential economic contraction of up to 10% this year, with unemployment rising rapidly. After months of rallies outside the parliament building, last week protesters pelted Haarde's car with eggs while riot police using teargas for the first time in the country since 1949. The protests continued at the weekend despite Haarde's announcement of the early election. Yesterday the country's commerce minister, Bjorgvin Gudni Sigurdsson, resigned, apologising for the collapse. "I accept my part of responsibility in the collapse of the banking sector even if numerous other people have their share of responsibility," Sigurdsson, a Social Democrat, told a press conference. Who will take over from Haarde is unclear. The leader of the Social Democrats, Ingibjorg Solrun Gisladottir, currently Iceland's foreign minister, immediately ruled herself out. She has only just returned to Reykjavik after undergoing treatment for a brain tumour in Sweden. Gisladottir has called for another senior member of her party, Johanna Sigurdardottir, the social affairs minister, to lead a new government. Iceland Credit crunch Global recession Banking guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Bullish Barclays sees share price soar Bullish Barclays sees share price soar
01/26/2009
Barclays today revealed that it suffered credit crunch losses of £8bn last year, but once again insisted that it is profitable and does not need a government bailout. Shares in the bank soared by almost 70% this morning after it disclosed the scale of the losses in an open letter to shareholders, in an attempt to squash widespread speculation that it was close to collapse. In another unusual move, it is bringing the release of its 2008 financial results forwards by a week, to 9 February. In the letter, chairman Marcus Agius and chief executive John Varley reiterated that Barclays will make a profit of more than £5.3bn for 2008 and also said that current trading is healthy. Barclays' share price has been ravaged by rumours over that the bank's health. From 150p at the start of 2009, it plummeted to below 50p last Friday. This evaporation of confidence has led to speculation that it could have to be nationalised . But in today's letter, Agius and Varley reiterated that Barclays is performing well, and does not need a capital injection – either from the government or anyone else. "Our starting point is that Barclays has £36bn of committed equity capital and reserves; we are well funded, and we are profitable. However, we know that our stakeholders want to see the detailed figures for 2008 as quickly as possible," they wrote. These figures will include total credit crunch-related losses of £8bn for the year. Barclays had previously said that it had suffered writedowns of £3.3bn in the first six months. A spokesman explained that the additional losses came from the continued "market dislocation". These losses mean profits for 2008 will fail to meet 2007's figure of £7.1bn. Agius and Varley told investors that they could be absorbed by the rest of the business. "Although we have been heavily impacted by the credit crunch, our income generation was at a record level in 2008 and has enabled us to withstand this impact and still produce strong profits," they argued. Shares in Barclays rallied strongly this morning, up 34p to 85p. Other banks also saw their shares rise, with Lloyds up 22% at 60p and Royal Bank of Scotland gaining 20% to 14.5p. The company also said it was talking to the UK Treasury about taking part in its asset protection scheme. Announced last week, the scheme would allow banks to insure themselves against losses , thus encouraging them to start lending again. Analysts were broadly encouraged by the content of today's letter, including the pledge that Barclays has £17bn more capital than it needs to meet the Financial Service Authority's minimum requirement. "In terms of 2008 profit, there are still too many moving parts to be specific, and we await the results before assessing the underlying performance of the business. However, confirmation that it is not seeking a capital increase should provide some reassurance to the market ahead of that," said Mark Phin of Keefe, Bruyette and Woods. Barclays Banking Credit crunch Recession guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• WH Smith sales fall but margins improve WH Smith sales fall but margins improve
01/26/2009
WH Smith , the books, newspaper and stationery retailer, has reported worse than expected Christmas sales. But its profits held up as margins improved, so its shares have reacted reasonably well, up 1.5p to 356.5p. The company's chief executive Kate Swann said like for like sales for the 20 weeks to January 17 were down 5%, but gross margins increases and it also accelerated its cost reduction programme. David Stoddart at Altium Securities said: "The continuing loss of revenues, particularly in high street, remains a concern for the long-term. There is a limit to how far one can cut costs. On the other hand, in the short term the strength of Smith's balance sheet and the potential to sustain pre-tax profit through gross margin increases are relatively attractive. The share price is within 10% of our target, which leaves our core hold. However, giving more weight to the short-term factors than the long-term, and acknowledging the around 8% upside to our target price [of 385p], we upgrade our trading recommendation from neutral to buy." Elsewhere a trading statement from Independent News & Media - in response to what it called "the significant and unwarranted decline" in its share price - seemed to reassure investors. Its shares recovered 33% - up 6 cents to 25c. Oil services specialist Petrofac is 51p higher at 402.5p after the company announced it had won a $2.3bn contract from the Abu Dhabi Company for onshore oil operations. Keith Morris at Evolution Securities was positive on the news. He said: "[This is] a large contract, even by Petrofac standards, and an important win a key Middle East country. "Industry gossip is that the contract award is around 20% less than the headline number six months ago - but this probably reflects the drop in raw material prices etc. This award is a validation of the $10bn of bidding pipeline that the chief executive outlined in August and underlined in the trading update in December - and confirms our belief that the Middle East region remains one of the key areas for energy infrastructure investment - even in today's troubled global economy. Companies which are well placed to exploit these opportunities will continue to do well." But International Ferro Metals fell 3p to 14p as it warned it was unlikely to make a first half profit due to sharp falls in the price of ferrochrome - used in the production of stainless steel. Investec said: "IFM released a profit warning this morning, just two trading days after it published a production update. The company says a 'rapid deterioration of the conventional industry-wide ferrochrome pricing mechanism' has resulted in a 'retrospective downward price revision'. It does not give guidance on the price received for product sold in the first half of 2009, but does guide that pretax profit will not be positive. We were forecasting R75m pretax, but this is now under review. "It is disappointing that the company did not allude to today's news in either its trading update last Thursday or during its meeting with analysts. This unexpected news could therefore be taken badly by the market. "Today's news could have a negative read-through for Eurasian Natural Resources Corporation , which has significant ferrochrome exposure. It may also have a small negative read-across for Xstrata . From a commodity perspective, today's news from IFM shows that the stainless steel market (which is the main user of ferrochrome) remains very weak." ENRC is down 7p at 312.5p while Xstrata - also hit by a sell recommendation from Citigroup - is down 38p at 642p. Overall, though, the leading index remains in positive territory, helped by banking shares which have been boosted by Barclay's trading update. The FTSE 100 is now 47.20 points higher at 4099.67. WH Smith Independent News & Media Petrofac Xstrata guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Electronics giant Philips cuts 6,000 job... Electronics giant Philips cuts 6,000 jobs after first loss in five years
01/26/2009
Philips, Europe's biggest electronics consumer group, today underlined the steep scale of falling demand when it reported a net €1.5bn (£1.4bn) loss in the final quarter of last year – its first deficit for five years, and said it was shedding 6,000 jobs around the world. The Dutch group, held up by strong sales and earnings growth at its healthcare division, was forced to write off €1.3bn of assets, including recent acquisitions, in the last three months of 2008 as the continental recession deepened and the financial crisis accelerated. Philips, a rival of the US's General Electric and Germany's Siemens, reported full-year pre-tax earnings of €931m on sales of €26.4bn. GE announced a 43% drop in earnings last week and Siemens is due to report big losses tomorrow, partly because of the cost of settling its corruption case with the US authorities. Gerard Kleisterlee, the Philips chief executive, said the final quarter figures reflected "both the severe impact of the global financial and economic crisis and the decisive actions taken by management." The group is taking out a further €400m of costs annually. "The development of our quarterly results reflects the unprecedented speed and ferocity with which the economy softened in 2008," he said. The depressed sales came especially in consumer products and lighting, with Kleisterlee indicating the group, makes devices such as scanners, would focus more on healthcare. Philips said it would stop its share buyback programme until further notice and proposed a 2008 dividend of €0.70 per share, unchanged from 2007, meeting analyst expectations. Europe Manufacturing sector Netherlands 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)

• Independent News & Media plans to raise ... Independent News & Media plans to raise £94m from sale of assets
01/25/2009
Independent News & Media will unveil plans this week to raise at least €100m (£94m) from the sale of assets that could include its flagship Independent title as it struggles to manage its €1.4bn debts. A spokesman said the company would make a statement to the stock exchange this week after continued speculation surrounding the fate of the media group run by Irish billionaire Tony O'Reilly. Its share price in Dublin fell 45% last week to just 19 cents and has now crashed 95% from a high two years ago. According to Ireland's Sunday Business Post newspaper, the group was likely to sell its British online bingo business, Cashcade, its German price comparison firm Verivox and its African outdoor advertising operation. The paper said the group could offload the London Independent completely. It is also understood that INM has hired Merrill Lynch to advise on raising a 200 euro million bond from investors, which will be used to repay a similar bond that is due in May. Gavin O'Reilly, INM's chief operating officer, told the newspaper that the company would ''be issuing a full trading statement in the next week where all of these questions will be answered and more". INM said in November it would cut jobs at the London Independent and its Sunday sister title to slash costs as a global downturn hits advertising revenue. It also announced that staff would move from the current headquarters in London's Docklands to the Daily Mail newspaper group's base in Kensington. There has been widespread speculation that Russian spy turned oligarch Alexander lebedev, who last week bought the London Evening Standard from the mail's owners for £1, would be interested in acquiring the Independent titles. INM, which also publishes the Irish Independent and titles in South Africa and India, said in October it planned to sell its stake in Australasian radio and newspaper group APN News & Media Ltd (APN.AX) to cut its debt by about €800m. No buyer has been found so far. INM was not available for comment at the time of publication. Independent News & Media Newspapers & magazines guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• House prices fell 9.4% last year House prices fell 9.4% last year
01/25/2009
House prices in Britain fell for the 16th straight month in January and are set to continue to plummet throughout 2009. The property consultants Hometrack's monthly national housing survey, released today, showed that the average price of a house fell by 1% this month. Prices have dived 9.4% over the last 12 months. The survey, based on more than 5,800 responses from agents and surveyors across the country, said the average time a property spent on the market was now 12.3 weeks, up 45% on a year ago. The proportion of the asking price being achieved is now 88.3%, compared with 93.5% a year ago. Hometrack said these factors suggested continued price falls over 2009. The biggest annual fall was in London, where prices have plunged 10.7%. The proportion of the asking price being achieved in London is 88% with an average of 16 viewings per sale. The lowest proportion of the asking price being achieved is in Wales (87.4%) while the highest is in the north-east and north-west (both 88.6%). Properties in the East Midlands take the longest average time to sell at 15 weeks. Hometrack's Richard Donnell said: "Over 2009 the market is at the mercy of the economy. Purchasers remain few and cautious - some agents have reported potential buyers extending rental contracts to sit out the current uncertainty." House prices Housing market Property guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Germany looks at new bank rescue plan Germany looks at new bank rescue plan
01/25/2009
David Gow Brussels The German government is poised to do a U-turn and approve several "bad banks" to take over its banks' toxic assets for up to five years as the financial crisis and recession deepen. German banks are estimated to have between €300bn (£285bn) and €1tn of these assets sitting on their books, adding to the pressure on Berlin to act. The total of bad assets held by banks across Europe could be as high as €4.8tn. Private sector banks and Landesbanken, or state-owned regional banks, in Germany are due to declare multibillion losses for 2008. Deutsche Bank, the country's biggest, has already indicated a near-€4bn loss and BayernLB, the Bavarian regional bank, one of €5bn. This dire situation has emerged as eurozone and EU governments consider handing the European Central Bank the lead role in supervising Europe's 46 big cross-border banks in the wake of the crisis that saw the nationalised Fortis bank of Belgium indicate last week it had lost close to €20bn last year. Chancellor Angela Merkel and her finance minister, Peer Steinbrück, are under pressure from leading Bundestag deputies of their respective parties — the Christian (CDU) and Social (SPD) Democrats — to draw up a second bank rescue plan on top of the current €480bn scheme. Steinbrück has been the most vocal opponent of the notion of a bad bank, and his spokesman said late last week that there could be no question of nationalisation. CDU experts said a "state-financed toxic waste dump" was out of the question. The finance minister has also sharply queried Britain's latest scheme to insure the banks' toxic assets, saying that nobody could price these and they could potentially amount to up to 30% of banks' balance sheets. But Berlin's "grand coalition" is now reportedly coming round to the notion of adopting a solution whereby individual banks would park their toxic assets in separate bad banks. The state would guarantee these as they were unwound and sold off over the next few years. The new Obama administration in the US is also reportedly considering a bad banks solution as EU governments pile the pressure on the banks to come clean about how big their exposure is. On February 25 an independent body of advisers, led by Jacques de Larosière, the ex-Bank of France chairman, is due to propose an overarching supervisory role for the ECB to prevent a recurrence of the crisis. This will come in a report to the European commission. Both he and the current French central bank chairman, Christian Noyer, have pinpointed the ECB as a more viable solution than the current system of cross-border supervisors, including the City-based Committee of European Banking Supervisors. But David Wright, deputy head of the European commission's internal market department, has insisted that the banks must first own up to the scale of their toxic assets. "How can you deal with the problem if you don't know where it is? Even today we are struggling to define the size of the problem," he said on Friday. The UK government, pressing British and other European banks to come clean, is already casting a wary eye on the proposed new ECB role, given the once-mighty position of the City as the EU's leading financial centre. Banking Germany 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)

• MADOFF MAY HAVE CHEATED BEFORE HE SWINDL... MADOFF MAY HAVE CHEATED BEFORE HE SWINDLED
01/27/2009
BERNIE Madoff was a cheat before he became a crook. The now infamous alleged perpetrator of a $50 billion Ponzi scheme apparently honed his skills by using his position as head of the little-known Cincinnati Stock Exchange to cheat traders who... (6 h ago)

• SHAREHOLDERS SUE MARVEL SHAREHOLDERS SUE MARVEL
01/27/2009
Marvel Entertainment Inc., maker of the movie "Iron Man," and comic-book creator Stan Lee were sued by Stan Lee Media Inc. stockholders over ownership of assets including "Spider-Man" and "The Incredible Hulk" characters. Shareholders including... (6 h ago)

• CONDO PLAN FOR DIAMOND TOWER CONDO PLAN FOR DIAMOND TOWER
01/27/2009
THE Diamond District's mysteries are many: There's no explaining why two men were trying to sell persimmons - no other fruit, just persimmons - off a sidewalk table on deserted West 47th Street between Fifth and Sixth avenues on the coldest night... (6 h ago)

• TOURADJI CASE INCLUDES BRIBERY CHARGES TOURADJI CASE INCLUDES BRIBERY CHARGES
01/27/2009
A lawsuit filed against hot-shot hedge-fund manager Paul Touradji has taken a nasty turn as a former employee who claims he's owed more than $30 million accuses his ex-boss of bribing another employee to keep him from testifying against Touradji... (6 h ago)

• REED TITLES TAKE A HIT REED TITLES TAKE A HIT
01/27/2009
Reed Business Information sacked 7 percent of its work force, including such titles as Publishers Weekly, Variety and Broadcasting & Cable. Publishers Weekly Editor Sara Nelson - a one-time books columnist at The Post - is among the most... (6 h ago)

• O'S CLOTHIER GOES BROKE O'S CLOTHIER GOES BROKE
01/27/2009
Hartmarx Corp., a Chicago-based maker of men's suits, including President Barack Obama's inauguration tuxedo, has filed for bankruptcy protection. The company, along with 50 affiliates, listed assets of $483 million and debt totaling $261 million... (6 h ago)

• STOLEN E-MAIL MESS STOLEN E-MAIL MESS
01/27/2009
A batch of internal e-mails stolen from American Apparel on Christmas Eve has caught the attention of the Securities and Exchange Commission, sources told The Post. The SEC has launched a probe into electronic correspondence between executives at... (6 h ago)

• DIGITAL DANCING AT CONDé DIGITAL DANCING AT CONDé
01/27/2009
Condé Nast, long seen as one of the least tech-savvy publishing giants, yesterday said it will consolidate all of its digital units into a single group called Condé Nast Digital. CondéNet boss Sarah Chubb will run the show, putting... (6 h ago)

• SAG GOES BACK TO BICKERING SAG GOES BACK TO BICKERING
01/27/2009
After taking the night off to toast Hollywood and hand out awards, the deeply divided Screen Actors Guild is back to bickering as usual. Yesterday, a majority of SAG's national board, which is split over stalled contract negotiations with the big... (6 h ago)

• IT WAS A PINK-SLIP MONDAY IT WAS A PINK-SLIP MONDAY
01/27/2009
As far as showing up for work on a Monday goes, yesterday was about the worst. In one of the worst-single days ever for widespread layoffs, more than 78,000 workers yesterday got pink-slip notices at global public companies, cutting across almost... (6 h ago)

• SPINNING CLASS SPINNING CLASS
01/27/2009
Disgraced ex-Merrill Lynch chief John Thain went on a p.r. blitzkrieg yesterday defending a reputation in tatters since he was ousted Thursday by Bank of America boss Ken Lewis. In what is turning into a Wall Street version of "he said, he said... (6 h ago)

• END MAY BE NEAR FOR MADOFF-VICTIM TREMON... END MAY BE NEAR FOR MADOFF-VICTIM TREMONT
01/27/2009
Hedge-fund firm Tremont Group Holdings, which lost more than half of its assets to alleged scammer Bernard Madoff, is winding down operations and could shutter its doors by summer, sources tell The Post. The Rye, NY, fund, which is owned by... (6 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
01/27/2009
Home sales Sales of previously owned homes in the US unexpectedly rose 6.5 percent to an annual rate of 4.74 million from 4.45 million in November, the National Association of Realtors said yesterday. The median price dropped 15 percent from a... (6 h ago)

• China's oil product use up 12% in 2008 China's oil product use up 12% in 2008
01/26/2009
China's oil product consumption rose 11.9 percent last year to 215 million tonnes, the China Petroleum and Chemical Association said Tuesday. The growth rate was 5 percentage points higher than in 2007. China used 365 million tonnes of crude oil last year, up 5.8 percent. The growth rate was 1.5 percentage points below the 2007 level. According to Zhu Fang, deputy head of the association's information and market department, refined oil product consumption grew faster than that of cru ... (9 h ago)

• Norway announces fiscal measures to stim... Norway announces fiscal measures to stimulate economy
01/26/2009
The Norwegian government unveiled a stimulus package Monday to limit the economic downturn caused by the global economic crisis. The stimulus package amounts to 20 billion kroner (2.88 billion U.S. dollars). It consists of 16.75 billion kroner (2.41 billion dollars) in an increase in budget expenditures and 3.25 billion kroner (467 million dollars) in tax relief for the business sector, the Norwegian government said in a statement posted on its website. "This is the most ambitious fiscal ... (11 h ago)

• Dutch ING posts 1-bln-euro loss for 2008... Dutch ING posts 1-bln-euro loss for 2008, CEO steps down
01/26/2009
Dutch financial services group ING will book a loss of 1 billion euros (1.29 billion U.S. dollars) for 2008 and its Chief Executive Officer Michel Tilmant will step down after the group posted first ever losses in two consecutive quarters. The biggest Dutch financial group will also accept a Dutch state guarantee for its troubled loan portfolio, and shed 7,000 full-time jobs this year as part of a cost control operation which is expected to save 1 billion euros in 2009, it said in a statemen ... (11 h ago)

• Dollar falls against most major currenci... Dollar falls against most major currencies amid good news
01/26/2009
The dollar fell against most major currencies on Monday as investors' risk appetite was boosted by better-than-expected U.S. economic data and the profit forecast of a major British bank. The index of leading U.S. economic indicators unexpectedly increased by 0.3 percent in December as the money supply expanded, the Conference Board reported on Monday. It was the first growth in six months, after a 0.4 percent loss in November. The National Association of Realtors said that sales of prev ... (11 h ago)

• U.S. existing home sales rise unexpected... U.S. existing home sales rise unexpectedly in December
01/26/2009
Sales of existing homes in the United States rose unexpectedly by 6.5 percent in December 2008 to a seasonally adjusted annual rate of 4.74 million units, the National Association of Realtors (NAR) reported on Monday. Existing home sales -- including single-family, townhouses, condominiums and co-ops -- in November was revised downward to 4.45 million units. While sales gained, home prices were down last month. The national median price of existing homes plunged by 15.3 percent from a ye ... (11 h ago)

• U.S. stocks advance on Pfizer deal U.S. stocks advance on Pfizer deal
01/26/2009
U.S. stocks advanced on Monday over a takeover deal in the drug industry that offset a grim warning about poor corporate earnings. Pfizer is spending 68 billion U.S. dollars to buy Wyeth. The deal will increase Pfizer's revenue by 50 percent and change it from a pure pharmaceutical company into a diversified health care giant. British bank Barclays said it would not need to raise more capital, which helped boost investors' confidence and sent its shares up. A report released on Monda ... (11 h ago)

• Oil prices retreat on demand concerns Oil prices retreat on demand concerns
01/26/2009
Oil prices retreated on Monday on worries about weak energy demand. The International Monetary Fund cut its forecasts for 2009 global economic growth to 0.5 percent from 2.2 percent in its previous outlook issued in November. The weak outlook of the world economy stirred concerns about weak energy demand. Meanwhile, energy analysts' expectation that U.S. crude stockpiles would increase also dragged down the prices. Light, sweet crude for March delivery fell 74 cents to settle at 45.7 ... (11 h ago)

• Home Depot to lay off 7,000 jobs Home Depot to lay off 7,000 jobs
01/26/2009
The Home Depot, the world's largest home improvement retailer, on Monday announced its plans to lay off about 7,000 employees, or about 2 percent of its workforce. The retailer said it will also shutter 34 Expo centers, five YardBirds stores, two Design Center stores and its bath remodeling business known as HD Bath over the next two months. The Home Depot's business has not performed well financially as the demand for big-ticket design and decor projects has declined amid the downturn i ... (11 h ago)

• Default rate of Brazilian companies up 3... Default rate of Brazilian companies up 36% in December
01/26/2009
The default rate of Brazilian companies was up 36 percent in December compared with the same period in 2007, the highest increase since 1999, according to a study released on Monday by credit consulting company Serasa Experian. Compared with November, December's default rate was up 5.9 percent. In 2008, the default rate among Brazilian companies was up 4.8 percent compared with 2007. According to Serasa Experian, the high default rate was caused by the international financial crisis and ... (11 h ago)

• S Korea to issue new banknote in first h... S Korea to issue new banknote in first half of 2009
01/26/2009
South Korea's central bank said Tuesday that it will issue a 50,000 won (about 35.93 U.S. dollars) banknote in the first half of 2009, dropping its previous plan to issue a 100,000 won (about 71.86 U.S. dollars) due to economic slowdown. The central bank plans to make public the final version of the 50,000 won bills in February and to put the notes into circulation starting in May or June, said the Bank of Korea (BOK). Currently, 10,000 won banknotes are the highest-denominated bills in ... (11 h ago)

• Japan close to enact controversial packa... Japan close to enact controversial package to boost economy
01/26/2009
Japan's parliament, or the Diet, is expected to enact a secondary supplementary budget for fiscal 2008,featuring a controversial two trillion yen (22 billion U.S. dollars) cash handout plan, on Monday. The opposition-controlled House of Councilors approved a budget bill that excluded a government plan to give the public two trillion yen (22 billion dollars) in a bid to kick start spending. But the 4.79 trillion yen budget will eventually be enacted as the decision of the more powerful Ho ... (11 h ago)

• Financial crisis forces IT makers toward... Financial crisis forces IT makers towards China's countryside
01/26/2009
As the global financial crisis takes hold on China's economy, eroding domestic and international demand, the government is hoping to boost consumption and help the crisis-hit IT industry by subsidizing computer purchases by rural households that have thus far been sidelined in the expansion of new technologies. The government is rolling out a 13-percent subsidy for farmers who buy home appliances from Feb. 1 in a nationwide expansion of a pilot policy in 12 provinces last year. It will also ... (11 h ago)

• Survey finds most Chinese rate economic ... Survey finds most Chinese rate economic fundamentals as "good"
01/26/2009
Most of Chinese people believed the fundamental factors of the Chinese economy remained good, according to a survey conducted by the National Bureau of Statistics (NBS). The survey found 80.9 percent of the respondents considered that despite the impact from the international financial crisis, China would realize a healthy and relatively fast economic growth in the coming couple of years. NBS said earlier this month Chinese economy grew 9 percent in 2008, and the rate was relatively high ... (11 h ago)

• Big U.S. companies announce massive job ... Big U.S. companies announce massive job cuts
01/26/2009
A slew of American heavyweight companies, including Caterpillar, Pfizer, Sprint Nextel, Home Depot and General Motors, announced cuts Monday adding up to 45,000 jobs lost. (14 h ago)

• Super Bowl feels, and ignores, down econ... Super Bowl feels, and ignores, down economy
01/26/2009
The economy has put a hit on plans for this year's Super Bowl, not that visitors to Tampa for the game and hundreds of millions watching on TV will be able to tell the difference. (20 h ago)

• Libel trial begins over mortgage scam ch... Libel trial begins over mortgage scam charges
01/26/2009
A libel trial scheduled to begin Monday is the latest chapter in a Texas-sized legal battle between a mortgage-servicing firm and a wealthy family that has raged for years. (1 d ago)

• Super Bowl pregame ads proving a tougher... Super Bowl pregame ads proving a tougher sell
01/25/2009
Sales of Super Bowl ads are holding up fairly well, even at $3 million for 30 seconds. But commercial spots that will run in the pregame hours? That's a different ball game. (1 d ago)

• Governors seek sacrifices from public wo... Governors seek sacrifices from public workers
01/24/2009
Governors across the nation are seeking significant concessions from public employee unions in hopes of helping to balance their teetering budgets during the economic downturn. (2 d ago)

• In Effort to Build Support, Obama Detail... In Effort to Build Support, Obama Details Stimulus Plan
01/26/2009
Releasing new details of an $825 billion economic recovery plan, President Obama depicted the proposal as critical to rebuilding for a new era. (19 h ago)

• Your Money: Doing the Right Thing by Pay... Your Money: Doing the Right Thing by Paying the Nanny Tax
01/25/2009
Consider a couple of reasons it may be wise for people who are not paying their housekeeper or baby sitter’s taxes to reconsider. (1 d ago)

• The Count: The Horror of Examining a 401... The Count: The Horror of Examining a 401(k) Balance
01/25/2009
Those who can bring themselves to open the envelope are often stricken by columns of minus signs and descending numbers. (1 d ago)

• Mortgages: Safeguarding Against Loan Dis... Mortgages: Safeguarding Against Loan Discrimination
01/25/2009
New York State authorities announced a settlement this month with two mortgage brokers accused of discriminating against minority borrowers. (1 d ago)

• Editorial: From Here to Retirement Editorial: From Here to Retirement
01/25/2009
The wipeout in 401(k)’s has made it clear that there needs to be a better way to ensure that a lifetime of savings can’t be undone by forces beyond one’s control. (1 d ago)

• Strategies: A Quarter When Mutual Fund R... Strategies: A Quarter When Mutual Fund Rankings Didn’t Matter
01/24/2009
During the fourth quarter, the average five-star mutual fund lost nearly as much as the stock market itself. (2 d ago)

• Wealth Matters: Surviving in a Financial... Wealth Matters: Surviving in a Financial World With Limits
01/24/2009
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. (3 d ago)

• Costs and Tighter Rules Thwart Refinanci... Costs and Tighter Rules Thwart Refinancings
01/24/2009
Interest rates are falling, but many potential borrowers may not qualify for the best rates. (3 d ago)

• Patient Money: Seeing Straight Without B... Patient Money: Seeing Straight Without Breaking the Bank
01/24/2009
A month’s rent just for eyeglasses? Taking care of your eyesight doesn’t have to cost so much. (3 d ago)

• Indian casinos unlucky in recession Indian casinos unlucky in recession
01/26/2009
Native American casinos are feeling the pinch of the recession. Revenue is down, and the drop in business is having a big impact on local communities. Alex Cohen reports. (17 h ago)

• CEO sees health care as fixable issue CEO sees health care as fixable issue
01/26/2009
With the Obama administration vowing to reform the health care system, Kai Ryssdal talks with Health Net CEO Jay Gellert about how much the health industry is willing to change. (18 h ago)

• Minnesota hospital ailing in recession Minnesota hospital ailing in recession
01/26/2009
The affluent town of Edina, Minn., has been slowly feeling the effects of layoffs and stretched budgets. Annie Baxter visits the town's biggest employer to see how it's coping with the economic stress. (19 h ago)

• Decoding the nationalization of banks Decoding the nationalization of banks
01/26/2009
Talk about nationalization of the banking industry is increasing. But what does that mean and how will it work? Bob Moon reports. (19 h ago)

• Rising jobless rate adds to banks' woes Rising jobless rate adds to banks' woes
01/26/2009
As unemployment rates creep higher, banks are worried that more loans will have to be written off. Because if prime borrowers find themselves jobless, they may not be able to pay their mortgages. Ashley Milne-Tyte reports. (19 h ago)

• Home sales up, but not really Home sales up, but not really
01/26/2009
Sales of existing homes rose 6.5% in December. But the new numbers might not be much to celebrate since a lot of those sales are skewed by foreclosures. Nancy Marshall Genzer reports. (19 h ago)

• Obama OKs new look at emissions rules Obama OKs new look at emissions rules
01/26/2009
President Obama has ordered the EPA to reconsider whether states can set their own auto emissions standards. But if a waiver to states is granted, can the ailing auto industry meet the tougher requirements? Sam Eaton reports. (19 h ago)

• Recession Claims Thousands More Jobs Recession Claims Thousands More Jobs
01/27/2009
It's shaping up to be another lousy year for workers, with more companies expecting to cut payrolls in the months ahead. Thousands of layoffs were announced Monday, underscoring the bleak economic forecast. (5 h ago)

• Pfizer Will Pay $68B For Wyeth Pfizer Will Pay $68B For Wyeth
01/26/2009
Pfizer Inc., the world's largest drugmaker, will pay $68 billion for rival Wyeth in a move that will consolidate two of the industry's largest drug developers. (18 h ago)

• Giant Caterpillar Reports Steep Plunge Giant Caterpillar Reports Steep Plunge
01/26/2009
The world's largest maker of mining and construction equipmen said its fourth-quarter profit plunged 32 percent, and that it expects sharply lower results this year as the world economy continues to contract. (21 h ago)

• McDonald's Posts Big 4Q Drop McDonald's Posts Big 4Q Drop
01/26/2009
McDonald's Corp. reported a 23 percent drop in its fourth-quarter profit on because of a year-ago tax benefit, but strong same-store sales helped the hamburger chain beat Wall Street's expectations. (22 h ago)

• States Roll The Dice On Legal Gambling States Roll The Dice On Legal Gambling
01/25/2009
A tell-tale sign America's chips are down: States are increasingly turning to gambling to plug budget holes. (1 d ago)

• States Hobbled By Unemployment Bills States Hobbled By Unemployment Bills
01/24/2009
More than 4.6 million Americans are now receiving jobless benefits, and that's putting a serious squeeze on state budget, reports CBS News correspondent Michelle Miller. (2 d ago)

• The axe man cometh: get ready for a shor... The axe man cometh: get ready for a shorter working week
01/27/2009
It's the year of the axe with companies axing more than 75,000 jobs, led by Caterpillar which is sacking 20,000. For a good breakdown, check this little table from the Financial Times.The news... (1 h ago)

• Guess who's coming to Davos Guess who's coming to Davos
01/26/2009
The financial meltdown has hit the world's most prominent gabfest which kicks off in Davos today. Last year's event included Bill Gates, Bono and Queen Noor (pictured above) but this... (7 h ago)

• Obama's options Obama's options
01/26/2009
What are Obama's options to breathe life back into the banks and get the economy going again?Basically, it boils down to three options, says the New York Post's Michael Gray.The first is to... (1 d ago)

• The meltdown's rogue gallery The meltdown's rogue gallery
01/26/2009
So who is responsible for the financial crisis?The Guardian's City editor Julia Finch picks out the 25 who were at the heart of the meltdown.The list is headed by former Fed chairman Alan... (1 d ago)

• Financial meltdown claims its first casu... Financial meltdown claims its first casualty
01/25/2009
One down, how many more to go?With his country's economy melting, its three biggest banks nationalised and then placed in receivership and public anger rising, Iceland's Prime Minister Geir... (2 d 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... (2 d ago)

• Saving Money on Food Tips Saving Money on Food Tips
01/27/2009
Photo courtesy of iStockphoto, Image# 1589114 When you fall into the habit of spending money regularly, it does not take long before you begin to ignore it altogether. Even worse, it becomes possible... (3 h ago)

• 7 More Ways to Save Money 7 More Ways to Save Money
01/26/2009
Photo courtesy of iStockphoto, Image# 2172516 When the winter comes and money is tight because of heating costs, finding ways to save money becomes a little tougher. Here are some simple tips about... (1 d ago)

• It's the End of January. Do You Know Whe... It's the End of January. Do You Know Where Your Rebate Data Is?
01/24/2009
If you didn't qualify for the entire tax rebate the government handed out earlier this year, you may still be eligible to get that money after you file your 2008 return. Especially if you made... (2 d ago)

• Free Tax Help (and Some Things You Shoul... Free Tax Help (and Some Things You Should Know)
01/24/2009
Tax time is upon us. And before you run down with all you paperwork in tow and pay someone like H&R Block, consider your other options... Shannon Buggs had a good article about those other options... (2 d ago)

• Forecasters see historic drop in retail ... Forecasters see historic drop in retail sales
01/26/2009
The nation’s retailers had a rough 2008, but this year will likely be even scarier, according to a sales forecast released Tuesday from the world’s largest retail trade organization. (9 h ago)

• California drought may raise vegetable p... California drought may raise vegetable prices
01/25/2009
Consumers may pay more for spring lettuce and summer melons in grocery stores across the country now that California farmers have started abandoning their fields. (1 d ago)

• Report: Starbucks may cut 1,000 more job... Report: Starbucks may cut 1,000 more jobs
01/25/2009
Coffee chain Starbucks Corp could cut another 1,000 jobs in the coming weeks, according to a report in the Seattle Times on Saturday. (1 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

• Out of work? Try self-employment Out of work? Try self-employment
01/26/2009
If you're among the thousands of unemployed now trying to go it alone, where do you start? (17 h ago)

• Bill Gates on Philanthropy in Crisis Bill Gates on Philanthropy in Crisis
01/26/2009
In a letter scheduled to be released today, January 26th, Bill Gates is offering insight to the world both about the current financial crisis as well as what his foundation has been able to do despite... (1 d ago)

• Hedge Fund Operational Due Diligence - B... Hedge Fund Operational Due Diligence - Book Review
01/25/2009
Informative book by Jason Scharfman on, well, pretty much everything you need to run a hedge fund, from risk management to disaster recovery, all need-to-know material for both investors and hedge... (1 d ago)

• Pessimism Deepens, Driving Down Stocks Pessimism Deepens, Driving Down Stocks
01/24/2009
U.S. stocks fell as disappointing earnings at companies from Microsoft to Fifth Third Bancorp increased concern that the recession is deepening and that banks need to raise more capital. (2 d ago)

• Bill Drayton of Ashoka talks to Google p... Bill Drayton of Ashoka talks to Google people about social entrepreneurship
01/24/2009
Drayton is the founder and current Chair of Ashoka: Innovators for the Public, a nonprofit organization dedicated to finding and fostering social entrepreneurs worldwide. He is considered by many one... (2 d ago)

• The Market for MBA Grads Tightens Up The Market for MBA Grads Tightens Up
01/26/2009
National Public Radio ran a story today on the job prospects for MBA graduates these days. While it is harder to find a job than it used to be, many businesses evidently learned a lesson from the... (14 h ago)

• Will Employee Micro-Blogging Help Busine... Will Employee Micro-Blogging Help Business?
01/26/2009
Yammer: it's not a rare type of woodpecker or a new cocktail for yuppies. It's a micro-blogging tool similar to Twitter - but designed for businesses. VentureBeat ran a story last week on the... (14 h ago)

• J. Peterman riding tall in the saddle ag... J. Peterman riding tall in the saddle again
01/25/2009
“It's not fun going bankrupt,” says John Peterman. He should know. His $75 million catalog company went bust in 1999. But now the “Seinfeld"-parodied businessman is back. (1 d ago)

• Geithner on Currency Manipulation, and C... Geithner on Currency Manipulation, and China's Reaction...
01/26/2009
China is manipulating the value of their currency, the yuan renminbi. At least that's what Obama's new Treasury Secretary, Tim Geithner says. The statement came as part of his 102-page... (13 h ago)

• The richest people that you’ve never hea... The richest people that you’ve never heard of
01/25/2009
Meet the not-so-famous people behind some of the biggest fortunes on earth. (1 d ago)

• PE Hub Interviews NVCA President Mark He... PE Hub Interviews NVCA President Mark Heeson
01/25/2009
PE Hub published a interesting interview with Mark Heeson a few days ago. Heeson is the president of the National Venture Capital Association (NVCA). The interview examines a number of issues -... (1 d ago)

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