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February 2009

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for 02/02/2009

(last updated 7:30am EST 02/02/2009)

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• Indonesia's export to continue to fall Indonesia's export to continue to fall
02/02/2009
Indonesia export will continue to decline this year, the Central Bureau of Statistics said here on Monday, as the global recession has further slumped demands from the country. The country's overseas sales weakened by 11.59 percent to 7.45billion U.S. dollars in the month compared to the same period last year, Ali Rosidi, deputy chairman of the Central Bureau of Statistics, announced here Monday. Indonesia is the world's biggest palm oil producer and the world's second biggest ru ... (4 h ago)

• Australia PM: Over $7 bln to be wiped of... Australia PM: Over $7 bln to be wiped off tax revenues by global recession
02/02/2009
Australian Prime Minister Kevin Rudd said here on Monday that a total of 115 billion Australian dollars (72.4 billion U.S. dollars) were expected to be wiped off tax revenues by the global recession over the next four years, sending the budget reeling into deficit. The figure is 75 billion Australian dollars more than predicted in November in the Mid-Year Economic and Fiscal Outlook (MYEFO), and reflects falling business and income tax receipts, as well as a halving in China's economic g ... (4 h ago)

• China announces new measures to boost se... China announces new measures to boost service outsourcing
02/02/2009
The Chinese government has announced a raft of tax breaks and subsidies to encourage the growth of service outsourcing. The measures to boost the development of service outsourcing were outlined in a document drafted by the Ministry of Commerce (MOC) and approved by the State Council, China's Cabinet. It said 20 cities, including Beijing, Shanghai, Xi'an, Suzhou and Hangzhou, had been identified as pilot service outsourcing regions, where companies are eligible for favorable poli ... (5 h ago)

• China's major export slowed in 2008 China's major export slowed in 2008
02/02/2009
An official with the Ministry of Commerce said on February 2 that a slower growth was the most obvious characteristics of exports of China's mechanical and electrical products and high-tech products in 2008. Mechanical and electrical products have been China's largest export commodities for 14 years and accounted for 57.8 percent of China's total exports in the first 11 months of 2008. Zhang Ji, Director General of the Department of Mechanic, Electronic and Hi-Tech Industry, said that in the ... (6 h ago)

• Fewer job vacancies unfilled in Singapor... Fewer job vacancies unfilled in Singapore
02/02/2009
Singapore registered fewer unfilled job vacancies due to softening labor market as of September 2008, according to local media Monday. According to TV broadcaster Channelnewsasia's report, the country's Ministry of Manpower (MOM) said on Monday that only 28 percent of openings in September 2008 were unfilled for six months or more, compared to 36 percent on year. There were about 2,000 openings for construction and manufacturing laborers as of September 2008, said the report, adding that a ... (6 h ago)

• Tokyo stocks close down 1.5% Tokyo stocks close down 1.5%
02/02/2009
Tokyo stocks closed lower Monday, extending their losing streak for a second trading day as investors remained worried about the grim economic outlook after a number of leading companies released worse-than-expected earnings reports last week. The 225-issue Nikkei Stock Average lost 120.07 points, or 1.50 percent, from Friday to 7,873.98. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 16.18 points, or 2.04 percent, to 777.85. Major Japanese expo ... (6 h ago)

• Hyundai's sales in China sets highest re... Hyundai's sales in China sets highest record in Jan.
02/02/2009
South Korea's biggest automaker Hyundai Automotive Group's sales in China reached a record high of 42,790 units in January, up 35 percent from a year earlier, said Hyundai on Monday. The rise in Hyundai's sales is attributed to the lowered tax on vehicles with smaller than 1.6-liter engine displacements in China and the companies' quick responses to the changes in China's market, said Hyundai at a news release. On Jan. 20, the Chinese government lowered the tax imposed on automobiles with ... (7 h ago)

• Chinese shares up 1% as recovery signs b... Chinese shares up 1% as recovery signs boost confidence
02/02/2009
Chinese shares rose about 1 percent Monday, the first trading day after the national Lunar New Year holiday, as signs of an economic recovery inspired investor confidence, analysts said. Total loans of Chinese banks hit 900 billion yuan (about 130 billion U.S. dollars) in the first 20 days of January, up 12 percent year-on-year, Premier Wen Jiabao told the World Economic Forum in Davos, Switzerland, which ended Sunday. The figure convinced some investors that China's economic gro ... (7 h ago)

• Japan's new car sales plunge to lowest i... Japan's new car sales plunge to lowest in 37 years
02/02/2009
Monthly new vehicles sales in Japan fell to the lowest level in 37 years as wide-spread economic crisis battered consumer sentiment, the Japan Automobile Dealers Association said Monday. Domestic sales of new vehicles, excluding minivehicles, in Japan declined 27.9 percent in January from a year earlier to 174,281 units for the sixth consecutive monthly decline. The figure was about half the peak of 325,468 cars logged in January 1990, the association said. The sales logged fall for six co ... (7 h ago)

• Foreign enterprises continue to favor Ch... Foreign enterprises continue to favor China
02/01/2009
&$ &$Toshiba: Establishment of Wuhan branch&$ &$ Against the backdrop of a global economic downturn, Wuhan branch of Toshiba China held its grand opening ceremony on January 19. According to the experts, this indicates that Toshiba is taking advantage of the time-honored industrial foundation in Wuhan as well as the government-initiated Rise of Central China development strategy to further extend and deepen the company's industry integration ability. In 2008, Wuhan urban agglomeration wa ... (8 h ago)

• Export of Nepali manpower faces crisis Export of Nepali manpower faces crisis
02/01/2009
The number of Nepali migrant workers going abroad is witnessing a steep tumble after the government stopped issuing work permits for Malaysia, local media reported on Monday. According to a nepalnews.com report, the pace of Nepali unskilled workers going abroad has also slowed down drastically as other countries are resorting to retrenchment due to the ongoing global financial meltdown. The government of United Arab Emirates (UAE) has also recently decided to cut the number of foreign work ... (8 h ago)

• South Korea's consumer prices rise 3.7% ... South Korea's consumer prices rise 3.7% in January
02/01/2009
South Korea's consumer prices rose 3.7 percent in January from a year earlier over falling crude oil prices, the National Statistical Office (NSO) said Monday. The rising pace of the consumer price index (CPI) was 0.1 percent lower than the previous month, the NSO said. At a report released on Monday, the NSO attributed the slide of CPI to decrease in prices for oil products, such as liquefied petroleum gas and kerosene, both of which fell 1.7 percent in price in December. The drop of hous ... (8 h ago)

• World Bank official warns on human crisi... World Bank official warns on human crisis in Africa
02/01/2009
The World Bank's Chief Economist on Africa Shanta Devarajan has warned that the global financial crisis would pose a greater danger of human crisis for Africa. Devarajan gave the warning on Sunday in a statement posted on the World Bank's website, saying that since Africa has already caught the flu of the global financial crisis, it will likely experience a deceleration. "Africa was spared the first-round effects of banking failures, it is already facing the second-round impacts of declini ... (8 h ago)

• China's natural gas output jumps to nint... China's natural gas output jumps to ninth in the world
02/01/2009
China's oil and natural gas production in 2008 maintained double digit growth with an increase of 13.7 percent, according to the China National Petroleum Corporation (CNPC). This was the sixth consecutive year that China’s oil and natural gas production recorded double digit growth. Relevant statistics also show that the growth rate of China’s natural gas output in recent years has surpassed the average annual global growth rate of 4 percent, with China’s natural gas output already jum ... (10 h ago)

• Big money to be saved with energy-effici... Big money to be saved with energy-efficient lights in Philippines
02/01/2009
Some 100 million U.S. dollars will be saved every year as Filipinos replace their bulbs with energy-efficient lights, the Manila-based Asian Development Bank (ADB) said on Monday. ADB will fund the energy-efficiency project in the Philippines that will give away 13 million energy-saving lights to homeowners and businesses as part of a government push to cut the nation's power bills, the lender said in a statement. The bank has approved a 31.1 million-dollar loan to the Philippines governme ... (10 h ago)

• China reports 111 bln yuan in fiscal def... China reports 111 bln yuan in fiscal deficit in 2008
02/01/2009
China reported a fiscal deficit of 111 billion yuan (16.21 billion U.S. dollars) in 2008. The country's fiscal revenue reached 6.13 trillion yuan for the whole of 2008, up 19.5 percent from the previous year, the Ministry of Finance (MOF) said Monday in a statement posted on its website. Meanwhile, fiscal spending last year increased 25.4 percent year on year to 6.24 trillion yuan. The actual spending was 22.6 percent higher than planned in the budget fixed at the beginning of 2008, and ... (12 h ago)

• S. Korea' export marks record drop in Ja... S. Korea' export marks record drop in January
02/01/2009
S. Korea's exports made a record decline of 32.8 percent in January from the same period in the previous year due to the cutback in the overseas demand for locally made goods along with the global economic recession, according to a government report on Monday. The report by the Ministry of Knowledge Economy showed that the country's exports reached 21.7 billion U.S. dollars, while imports lost 32.1 percent to 24.6 billion dollars, together to sum up a trade deficit of 2.9 billion dollars. ... (13 h ago)

• Hyundai, Kia target China sales Hyundai, Kia target China sales
02/01/2009
Hyundai Motor Co and affiliate Kia Motors Corp, South Korea's biggest carmakers, are targeting record sales in China this year to help them weather the meltdown of auto markets in the U.S. and Europe. Hyundai's 50-50 joint venture in China aims to raise factory sales by 22 percent to 360,000 vehicles, while Kia's China plant expects to sell 185,000 cars, up 30 percent from 2008, the Seoul-based companies said in an emailed statement. They aim at a combined 10 percent share of Chin ... (13 h ago)

• Cambodia's private sector exports of mil... Cambodia's private sector exports of milled rice expected to rise 10 folds in 2009
02/01/2009
Cambodia may see a 10-fold increase in private sector milled rice exports this year, up to 200,000 tons from 20,000 tons in 2008, due to greater milling capacity and emergence of new markets, national media said on Monday. The rise would come despite higher government stock requirement, English-language daily newspaper the Phnom Penh quoted the Federation of Cambodian Rice Miller Associations (FCRMA), as saying. The private sector is required to maintain minimum stocks of 500,000 tons in 2 ... (13 h ago)

• Chinese shares open higher on first trad... Chinese shares open higher on first trading day after major holiday
02/01/2009
Chinese shares opened higher on Monday, the first trading day after the Chinese traditional Lunar New Year holiday, which met investors' expectations. The benchmark Shanghai Composite Index, which covers both A and B shares, gained 0.88 percent, or 17.47 points, to 2,008.13 points at the opening. The smaller Shenzhen index was up 0.84 percent, or 58.63 points, to open at 7,073.87 points. Overnight Wall losses sent Chinese share prices down 0.71 percent on Jan. 23, the last trading day b ... (13 h ago)

• Joblessness Jumps Sharply Among China’s ... Joblessness Jumps Sharply Among China’s Migrants
02/02/2009
China’s government announced at a briefing that more than one in seven rural migrant workers have been laid off or are unable to find work. (4 h ago)

• Stocks Slip in Europe and Asia Stocks Slip in Europe and Asia
02/02/2009
Stocks fell Monday in Europe and Asia as banks and electronics companies declined sharply amid the prospect of growing losses and an increasingly difficult business environment for global exporters. (5 h ago)

• Bringing the Internet to Remote African ... Bringing the Internet to Remote African Villages
02/02/2009
When Internet connections arrive in small towns like Entasopia, Kenya, they put new tools into the hands of people hungry to use them, and for some there, that has had wide repercussions. (5 h ago)

• Iceland Names New Prime Minister Iceland Names New Prime Minister
02/01/2009
Johanna Sigurdardottir is a political veteran who has served for long periods as social affairs minister. She also appears to be the modern world’s first openly gay head of government. (9 h ago)

• London Paper Tries to Decipher a Russian... London Paper Tries to Decipher a Russian Owner
02/01/2009
Over all, staff reaction to The Evening Standard’s new owner has been mixed. (10 h ago)

• World Leaders Wary of U.S. Economic Meas... World Leaders Wary of U.S. Economic Measures
02/01/2009
A reservoir of good will for President Obama at the economic forum in Davos, Switzerland, has failed to quell concern over American protectionism. (10 h ago)

• Guidelines on Bailouts Said to Be in the... Guidelines on Bailouts Said to Be in the Works in Europe
01/31/2009
The European Central Bank is working on guidelines to prevent bailout plans from one country from being significantly more generous than plans from another. (1 d ago)

• Chinese Cautious on Treasury Notes Chinese Cautious on Treasury Notes
01/31/2009
China’s willingness to continue buying United States Treasury securities in large numbers will depend on its need to protect the value of its foreign investments, the Chinese premier said. (1 d ago)

• Medvedev Meets Editor of Newspaper Where... Medvedev Meets Editor of Newspaper Where Slain Journalists Worked
01/31/2009
The Russian president held a surprise meeting on Thursday with the editor of Novaya Gazeta 10 days after a reporter was shot in what was apparently a contract killing. (1 d ago)

• Japan’s Latest Woes Include Layoffs at N... Japan’s Latest Woes Include Layoffs at NEC
01/31/2009
The plight of Japan’s economy deepened as the computer maker announced 20,000 job cuts and Honda lowered its profit forecast. (2 d ago)

• Hero’s Welcome for Turkish Leader After ... Hero’s Welcome for Turkish Leader After Davos Walkout
01/31/2009
Prime Minister Recep Tayyip Erdogan of Turkey walked off the stage after an exchange with the Israeli president at the World Economic Forum, vowing never to return. (2 d ago)

• British Unions, Angry Over Use of Foreig... British Unions, Angry Over Use of Foreign Workers, Stage Walkouts
01/30/2009
The disruption underscored rising fears of labor unrest across Europe as job losses across the Continent mounted into the hundreds of thousands with the global financial crisis. (2 d ago)

• The Saturday Profile: Where Officials Se... The Saturday Profile: Where Officials See Fraud, Colombia’s Masses See a Folk Hero
01/30/2009
David Murcia Guzmán has been charged with creating a hydra-headed enterprise that laundered money and enticed thousands of Colombians into a pyramid scheme. (2 d ago)

• Off the Charts: A Rise in Pessimism in t... Off the Charts: A Rise in Pessimism in the Corner Office
01/30/2009
Corporate bosses across the globe fear that this downturn may be fundamental, not just cyclical. (2 d ago)

• Roche’s Genentech Bid Turns Hostile Roche’s Genentech Bid Turns Hostile
01/30/2009
Roche said it would pay a lower price than it had offered last July for the 44 percent of Genentech it does not already own and that it would go directly to shareholders with its offer. (2 d ago)

• Warning Sounded as France Moves Ahead on... Warning Sounded as France Moves Ahead on Reactor
01/30/2009
New evidence emerged to suggest that industry and governments might be unprepared to handle the toxic waste from nuclear reactors. (2 d ago)

• Global Worries Over U.S. Stimulus Spendi... Global Worries Over U.S. Stimulus Spending
01/30/2009
The long-term fallout from increased borrowing by the U.S. government seems to getting more attention in Davos than in Washington. (2 d ago)

• High & Low Finance: A Global Credit Sque... High & Low Finance: A Global Credit Squeeze Is Felt Unevenly
01/30/2009
The recession in the U.S. has revealed a downside to globalization, and poorer countries fear their access to credit will be stymied. (2 d ago)

• Bailed-out banks sought foreign workers Bailed-out banks sought foreign workers
02/02/2009
Major U.S. banks sought government permission to bring thousands of foreign workers into the country for high-paying jobs even as the system was melting down last year. (3 h ago)

• Times may change, but Super Bowl ads don... Times may change, but Super Bowl ads don’t
02/02/2009
With the economy in the doldrums and the nation’s future uncertain, it’s nice to know that some things never change. (3 h ago)

• Coke, Pepsi ready for new round of soda ... Coke, Pepsi ready for new round of soda wars
02/01/2009
Feeling bad about the economy? Indulge a little, have a soda. (11 h ago)

• GOP Senate leaders doubt stimulus will p... GOP Senate leaders doubt stimulus will pass
02/01/2009
Senate Republican leader Mitch McConnell said Sunday the massive stimulus bill backed by President Barack Obama and congressional Democrats could go down to defeat if it's not stripped of unnecessary spending. (15 h ago)

• Wall Street braces for another rough wee... Wall Street braces for another rough week
02/01/2009
Wall Street is bracing for yet more reminders this week that the economy is in rotten shape. (17 h ago)

• Under Armour enters the running shoe rac... Under Armour enters the running shoe race
02/01/2009
There are plenty of bets on Super Bowl weekend, but few with stakes as high as Under Armour's wager. (18 h ago)

• Corporate America starts to get serious ... Corporate America starts to get serious on pay
02/01/2009
There's finally some good news on executive pay. (19 h ago)

• From high-tech executive to Mr. Mom From high-tech executive to Mr. Mom
02/01/2009
In a year, Don McCoy has gone from being a top executive in a high-tech startup to Mr. Mom. Now he cares for his two children while his wife tries to make her fledgling walking tour business meet some of the financial demands left open by his long-term unemployment. (19 h ago)

• Folding dealers shock car buyers with li... Folding dealers shock car buyers with liens
02/01/2009
The national wave of auto dealership closures has come crashing down on thousands of people who are on the hook for used-car loans that dealers were supposed to absolve. (19 h ago)

• The top 10 Super Bowl ads of all time The top 10 Super Bowl ads of all time
02/01/2009
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. (19 h ago)

• As economy needs cash, Americans are sav... As economy needs cash, Americans are saving
02/01/2009
Americans are hunkering down and saving more. For a recession-battered economy, it couldn't be happening at a worse time. (19 h ago)

• FDIC’s Bair shakes up Washington, Wall S... FDIC’s Bair shakes up Washington, Wall Street
02/01/2009
The Wall Street crowd that packed into the ballroom of the fancy Times Square hotel didn't know what was about to hit it. (21 h ago)

• The most infamous Super Bowl ads of all ... The most infamous Super Bowl ads of all time
02/01/2009
Sometime tacky and sleazy works. And then there are those nasty other times. (21 h ago)

• End of line for four generations at GM? End of line for four generations at GM?
01/31/2009
For four generations, the Greens have built Chevys, Oldsmobiles, Buicks, Pontiacs and Cadillacs. But with GM's future uncertain, the family may have reached the end of the line. (1 d ago)

• Adding up the Super Bowl by the numbers Adding up the Super Bowl by the numbers
01/31/2009
Recession is gripping the country, but the Super Bowl is the Super Bowl — that annual holiday from reality that grips the country every year. (2 d ago)

• Stocks stumble on economy, earnings worr... Stocks stumble on economy, earnings worries
01/30/2009
Wall Street ended its worst January ever by stumbling again over the banking system and the economy. (2 d ago)

• Recession appears to be picking up steam Recession appears to be picking up steam
01/30/2009
The latest reading on the economy is just one more indication that as the recession has spilled over into the new year, it may be picking up speed. (2 d ago)

• ABN Amro in talks to buy back assets sol... ABN Amro in talks to buy back assets sold to RBS
02/02/2009
ABN Amro, the Dutch state-owned bank, is in talks with Royal Bank of Scotland about recovering some of the overseas businesses sold to RBS under a disastrous €70bn (£63bn) deal. The Dutch finance ministry, which nationalised ABN last year , confirmed today that the buyback of some assets from RBS "will be looked into as part of the new strategy" for the bank. RBS, the main player in a consortium with then Belgo-Dutch bank Fortis and Spain's Santander that acquired ABN in 2007 over a rival offer from Barclays, has indicated it could lose £28bn last year because of the deal. Fortis, now a rump state-owned business, is set to lose €20bn. RBS refused to comment. It is understood, however, that the Dutch remain keen to acquire parts of the former ABN operations and that these could be on the block after the Edinburgh-based bank concludes its own strategic review. The focus is on overseas networks. Most of the ABN assets acquired by RBS - its wholesale and investment banking division, its Asian business and some Dutch corporate banking activities - have already been integrated into the Scottish bank. RBS has said its review will examine all its businesses without any distinction between existing and newly acquired ones and these will be "subject to exactly the same tests and strategic thinking". The talks are now understood to be on hold but Wouter Bos, the Dutch finance minister, has indicated he wishes to rebuild ABN into a third big player on the domestic market alongside ING and Rabobank. He has said he has no intention of recreating it in its former entirety. Meanwhile, shares in BNP Paribas, France's biggest bank, fell more than 13% today after it emerged that it had accepted more onerous terms to acquire the Belgian banking and insurance operations of Fortis. After a revolt by Fortis shareholders, upheld in Belgian courts, BNP has now agreed to acquire 10% of the insurance business rather than 100% for the same price of €550m. It has also committed to taking on more of the risk associated with Fortis's toxic banking assets. Royal Bank of Scotland Banking European banks Europe Netherlands guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• City drifts as snow makes for slow busin... City drifts as snow makes for slow business
02/02/2009
The arctic weather that struck Britain overnight is likely to cost the UK economy over £1bn. The Federation of Small Businesses estimated this morning that one-in-five workers will fail to reach work today, at a cost of £1.2bn. "People are doing their level best to get in, and many are working from home over the internet. But we are now doubling our earlier forecast that 10% of people will not get to work," said FSB spokesman Stephen Alambritis. Alambritis warned that even firms who do keep functioning will be hit, with emails being unanswered, invoices not being paid, and parcels undelivered. The bad weather has hit much of the UK , and the total cost could rise if the disruption continues. The FSB has calculated that a typical bank holiday costs the economy £6bn. The City of London was brought to a near standstill first thing this morning. Trading in shares and currencies in London was remarkably light as financial workers struggled to overcome train cancellations and the suspension of London's bus and tube services to reach their desks. "It's looking like Christmas Eve," said David Buik of BGC Partners. Buik said that only around half the staff at BGC, based at Canary Wharf, had made it into work by shortly after 8am. Buik himself reached the office thanks to a lift from a lorry driver, followed by a minicab ride. Those who got as far as the Square Mile encountered treacherous pavements as the snow kept falling. At Blackfriars, Richard Turner of IG Index overcome the slippery conditions to reach the foreign exchange sales desk. He reported that trading was light, with the pound sliding against other currencies. "Volumes have dropped off today, which is probably because people aren't coming into the City," Turner said. At CMC Markets's offices, in Tower Hamlets, only half the traders arrived in time for the start of trading at 8am. "We are really struggling first thing with trade - volumes are thin because people just can't get into the office," said James Hughes of CMC. Those who did get into London today were in a selling mood, with the FTSE 100 index falling by over 2.5% to 4042 points this morning, a fall of 107 points. According to Buik, there are concerns that there could be a struggle to reconcile the day's trading. "The big worry for everyone is settlements," he warned. The already struggling retail sector is expected to suffer from the poor weather. "The weather is undoubtedly going to be detrimental," predicted Kate Heseltine, analyst at Seymour Pierce. "Few of the high street shops stand to benefit from the bad weather - perhaps Blacks, the outdoor specialist, may see a rise in snow boot and ski jacket sales - if consumers can make it out of their driveways." Small business Weather guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Manufacturing activity down again Manufacturing activity down again
02/02/2009
Manufacturing activity contracted at a marginally slower pace in January than in December, according to a key survey today, but remained mired in recession as firms cut jobs at the fastest pace in the survey's 17-year history. The CIPS/Markit purchasing managers' index – a broad measure of activity, orders and employment – for manufacturing picked up marginally to 35.8 last month from 34.9 in December and November's record low of 34.5. But that was still the third lowest reading on record and a long way below the 50.0 level which divides expansion from contraction. "The latest PMI figures highlight the appalling market conditions that UK manufacturers are currently facing," said Rob Dobson, an economist for pollsters Markit, who conduct the survey for the Chartered Institute of Purchasing and Supply. "Although the PMI output index rose for the second month running it was still consistent with production contracting by around 6% year-on-year," he added. Howard Archer of IHS Global Insight said the data was marginally better than expected, but did not disguise the fact that the manufacturing sector is deep in recession. "With a number of factories recently indicating that they are going on to a reduced working week or even stopping production for a while due to sharply reduced demand , it seems certain that the manufacturing sector will see sharp contraction for some time to come," Archer warned. The employment sub-index of the main PMI hit a fresh record low, falling to 33.5 from 33.9 as firms cut capacity and jobs in response to tumbling orders. It chimes with one report after the next in recent weeks showing firms shedding jobs by the tens of thousands. The survey showed firms were as yet to enjoy any order boost from the sharp fall in sterling's value over the past year, as most of Britain's key export markets – especially the eurozone – are also in recession. Firms achieved higher average sterling revenue from overseas sales, but strong competition and lower demand reduced their pricing power and the cost of some imported raw materials rose. "The principal factors underlying the weak performance of UK manufacturing remained the downshift in global aggregate demand and frozen credit markets," the survey said. Backlogs of unfinished work fell to a series low, and firms reduced stocks of finished goods to the lowest level since January 2002 as they sought to trim working capital costs. Consumer goods industries reported an accelerating downturn in output and new orders, with especially weak domestic demand, while companies producing investment and intermediate goods reported some levelling-off of the rapid decline. US unemployment and employment data Manufacturing sector Manufacturing data guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Ryanair takes off thanks to cheap oil Ryanair takes off thanks to cheap oil
02/02/2009
Ryanair shares climbed this morning after the low-cost airline raised full-year profit expectations and promised an ever better performance next year. The Irish company said tumbling fuel costs meant it was likely to report an annual profit of between €50m (£44m) and €80m (£71m), against previous guidance that it would just break even. The low-cost operator also said it expected to return to "substantial profitability" in the 2009/10 year. Ryanair announced a loss of €101.5m (£90.3m) for the third quarter of its financial year, thanks to a 71% jump in fuel costs, which rocketed over the summer. The oil price has since collapsed amid growing global economic turmoil. Ryanair shares were up 5% at 3.005 euros in early trade in Dublin. Here in London, leading shares began a new month in disappointing style, falling for a third consecutive session. As traders struggled into a snowbound City, the FTSE 100 dropped more than 2%, with all but two of the blue-chip index's members in negative territory. At around 9.15am, the FTSE 100 stood at 4066.77 points, down 82.87 on Friday night's close. The index has now lost almost 230 points over the last three days as it heads back down towards the 4000 point mark. Financial stocks were the day's biggest fallers, led by Barclays, down 8% to 97.2p, while HSBC slid 6% to 512p. Icap, the interdealer brokerage, slipped 6% to 221.75p, while the hedge fund group Man dropped 5% to 195.4p. Ryanair FTSE Barclays HSBC ICAP Man guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Fraud up threefold in a year Fraud up threefold in a year
02/02/2009
The recession is driving increasing numbers of British workers to crime, according to new research, with fraud by company managers, employees and customers up threefold in the past year. British courts saw cases accounting for more than £1.1bn worth of fraud last year, according to KPMG's forensic fraud barometer, the second highest in the survey's 21-year history. KPMG warned that the level of fraud is likely to rise further, even if the recession eases as the year goes on. The highest level of fraud seen in the survey was in 1995, three years after the state of the British economy forced the pound out of the European exchange rate mechanism on Black Wednesday. "These figures are bad enough in themselves, but I fear the trend for the next couple of years will be even worse," said Hitesh Patel, fraud investigation partner at KPMG Forensic. "As the global economic downturn takes hold and organisations look ever more closely at their operations it is very likely that more fraud will come to light so that the real impact of the credit crunch on fraud is yet to be fully felt." Already the global economic slowdown has brought to light the multibillion-dollar fraudulent pyramid scheme of Bernard Madoff and a scandal at India's Satyam, whose founder is in jail after confessing last week to a £1bn fraud involving the falsification of asset values. The KPMG barometer, which measures fraud cases coming to court where the charges are for £100,000 or more, shows that half of fraud by value was committed in London and the south east, but the area with the sharpest rise was the Midlands, where fraud amounting to £380m was committed, three times the level in 2007. Fraud by professional gangs remains high – at £806m in 2008 – with the financial services sector a particular target. The government actually saw a significant fall in losses to fraud, down to £207m from £833m in 2007 as a result of its crackdown on VAT fraud schemes that rely upon shipping and re-shipping small high-value consumer devices such as mobile phones. There were £115m of carousel fraud cases last year, down from over £700m in 2007. Fraud by individuals has gone up most dramatically, to more than £300m, three times the amount seen in 2007. Managers accounted for £128m, up from £54m. One senior fraudster was the financial controller of a data firm in Exeter who wrote cheques to himself to pay for three cars including an £84,000 Bentley, ran up credit card bills of some £150,000 and diverted £130,000 of company funds into his wife's business. Fraud by employees last year amounted to £100m, up from £27m, with one Midlands woman stealing £250,000 over a two-year period from the vending company for which she worked, including £70,000 in coins. "Internal frauds are becoming more prevalent and should set alarm bells ringing within organisations," Patel said. "In difficult times, they could even become the tipping point between the survival and demise of an organisation." Customers accounted for £65m of fraud on companies, up from £25m in 2007, including one fraudster who applied for a £130,000 mortgage from his prison cell. Accounting frauds were also on the rise in 2008 with 34 cases worth more than £145m, compared with 30 cases worth £22m in 2007. Mortgage fraud cases, which started to show an increase in the first half of 2008, continued to grow in the second half of the year, with 25 cases worth £36m across the year compared with only 10 cases worth £3.7m in 2007. More frauds are likely to emerge as property prices decline. "Our restructuring teams are seeing far more cases of fraud," said Philip Davidson, European head of restructuring at KPMG. "For management teams, economic stress leads to personal stress. "With falling revenues and often high levels of debt, managers of businesses may be tempted to massage figures to paper over the cracks in the hope that operational changes can be made to improve performance before creditors look more closely. Unfortunately, tweaking the figures can spiral out of control and, by the time the restructuring experts are called in, management are digging themselves further and further into a hole." KPMG plans to increase the number of forensic specialists working with its restructuring teams in order to make sure there was not any fraud involved in the company going under. Recession Crime Scams Mortgages guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Woolworths lives again as online brand Woolworths lives again as online brand
02/02/2009
High street brand Woolworths is to be relaunched as an online store after the name was today bought by the UK's biggest internet and home shopping retailer. Shop Direct - which also owns brands such as the Littlewoods catalogue - plans to launch Woolworths online in the summer following the deal to buy the brand for an undisclosed sum. The move brings the famous brand under the control of Sir David and Frederick Barclay, whose interests also include the Telegraph newspaper group. Woolworths was forced into administration late last year after plunging sales and mounting debts, costing 27,000 jobs. The last of its 807 stores closed in January. But Shop Direct, which has also bought Woolworths' childrenswear brand Ladybird, said it was confident that the store would "stay at the heart of British retailing" as an online presence. Chief executive Mark Newton-Jones said: "Woolworths is a much-loved brand that engenders huge affection among British consumers and is an important part of the country's retail heritage." Woolworths first opened its doors in the UK 100 years ago this year. The move would revive the brand for future generations, Newton-Jones added. Details of the new product ranges to be offered will be announced in the next few months, the company said. Shop Direct employs around 10,500 people and has around five million customers. Its other well-known catalogue brands include Kays and Marshall Ward. Woolworths appointed Deloitte as administrators in November after efforts to rescue the business failed. Deloitte was unable to find a buyer for the firm and launched a closing-down sale in December. Woolworths Barclay Brothers guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Thousands may strike over 'British jobs'... Thousands may strike over 'British jobs' dispute
02/01/2009
The wave of strikes that swept the UK last week is expected to escalate today with thousands more employees planning walkouts in protest at the exclusion of British workers from construction contracts. The centre of last week's dispute, Total's Lindsey refinery on the Humber estuary, will again be the focal point, with workers from around the country pledging to join the 500 wildcat strikers who gathered outside the desulphurisation plant on Friday. Elsewhere, up to 900 contractors at Sellafield nuclear power plant are due to meet this morning to decide whether to walk out. A union source said feelings were running "extremely high" at scores of other sites, adding that the action appeared to have been co-ordinated via mobile phones, text messages and online forums. "This is unofficial action so it is impossible to say with any certainty what will happen but it seems fairly clear from what we are hearing that this is only going to grow." On Friday up to 3,000 workers from at least 11 oil refineries and power plants in England, Scotland, Wales and Northern Ireland mounted protests and unofficial strikes over the granting of an estimated 300 jobs to European contractors at the Total refinery in Lincolnshire. In an apparently co-ordinated action, 700 workers at the Grangemouth oil refinery near Falkirk walked out, and 400 more downed tools at the Wilton chemical site in Cleveland. There were also protests at eight other facilities in Scotland, Wales and Northern Ireland. Last night Paul Kenny, general secretary of the GMB, called on the government to address the workers' concerns. "Understandably UK workers are angry that they are excluded from jobs simply because they are British. The Labour government has been made aware of this issue and had promised to sort it out but they have failed to keep their promise," he said. Fears that work on the 2012 Olympic site could be caught up in the dispute were played down yesterday. Alan Ritchie, general sectary of construction union UCATT, said that although it was monitoring developments, the site was one of the best regulated in the UK with workers directly employed and wages well above industry minimums. "Seventy per cent are British and Irish," he said. "Of the remaining 30%, which is fewer than 350 workers, most have lived in the area for over 20 years, but hold foreign passports." The biggest demonstration is expected outside the Lindsey refinery from 6am today, although forecast snow may disrupt plans. Supporters are expected from across the country and organisers hope to block access to the plant. Total last night issued a statement stressing it had never been its policy to discriminate against British workers. It said it would work with subcontractors "to ensure that British workers are considered in the same way as anyone else". But staff at the site said they planned to get in early to avoid confrontation. It was confirmed that the Italian and Portuguese workers at the centre of the dispute will be confined to their barge hostel in nearby Grimsby docks. The situation in the port and at neighbouring Immingham was described as "volatile and nasty" by one of the workers at the refinery yesterday. He said that rumours were rife about the far right BNP attempting to exploit the issue and extremists "looking for the Italians in bars". "It is disgusting," said the man, who did not want to be named. "They're decent people who've come here to work, just like our people – including plenty from Grimsby – go over there to do." The conciliation service Acas was asked to mediate by the government on Friday and last night Derek Simpson, joint general secretary at Unite, said he had met ministers over the weekend to call for the creation of "a corporate social responsibility clause" that would force companies to give all workers fair access to jobs. "We need an urgent meeting with the government and the employers this week to address the issues raised so we can bring this to a speedy and satisfactory resolution." Trade unions Construction industry Unemployment and employment statistics Work & careers guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Westminster picks its two non-execs for ... Westminster picks its two non-execs for Lloyds
02/01/2009
The first government-approved appointments to the board of the new Lloyds Banking Group are expected this week under the terms of a £12bn cash injection by the taxpayer. The government is entitled to nominate two non-executive directors to the board of Lloyds, created by the rescue of HBOS by Lloyds TSB. UK Financial Investments, the body set up by the government to manage its stakes in banks, controls 43% of Lloyds and will soon control 70% of Royal Bank of Scotland, where it can oversee the appointment of three new non-executives. The two new directors for Lloyds Banking Group are Tony Watson, the highly regarded former head of the Hermes pension fund management group, and Tim Ryan, chief executive of the US Securities Industry and Financial Markets Association. This week the government is also expected to publish the formal terms of engagement for UKFI, which is intended to operate at arm's length from the Treasury. UKFI is expected to make it clear that it will exercise its votes at annual general meetings and wants to ensure that big City institutions - whose power has been reduced by the taxpayers' involvement - also continue to try to influence debate by casting their votes too. The body is also thought to have conducted an audit on how the bailed-out banks are performing in relation to the government's demand that they continue to lend to housebuyers and small businesses at 2007 levels. That progress report may also be published shortly. The new appointments to the Lloyds board are being made at a time when the industry is awaiting details of how the government's new insurance scheme for toxic assets will be constructed. RBS is a guinea pig for the scheme, which Lloyds is also expected to join. The Lloyds directors are also joining in the face of a possible row over potential pay rises for the boardroom bosses at the bank and demands for a speedy departure of the former HBOS chief executive Andy Hornby. He picks up £60,000 a month in consultancy fees from the enlarged bank. Legal & General is reported to be leading the calls for Hornby's early departure. The insurer refused to comment. Lloyds Banking Group Banking Economic policy Credit crunch Mergers and acquisitions guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Bonus row intensifies with new revelatio... Bonus row intensifies with new revelations of corporate excess at Citigroup
02/01/2009
Criticism of Wall Street's multibillion-dollar culture of bonuses and executive perks is set to intensify with new revelations of corporate excess at Citigroup. According to the New York Post, only weeks after the beleaguered firm averted collapse with a $45bn (£31bn) federal bail-out, the company lent one of its four business jets to Sanford "Sandy" Weill, its 75-year-old former chief executive, to celebrate New Year with his family in Mexico. Weill's Caribbean expedition came as Citigroup announced 75,000 job cuts and agreed to a reduction in corporate expenses in return for the bail-out, and days after Weill himself announced he would reduce the compensation of an advisory contract that paid him more than $3m a year in retirement. In his weekly radio address on Saturday, President Barack Obama said his reform of the $700bn troubled asset relief programme would "insist on unprecedented transparency, rigorous oversight and clear accountability so taxpayers know how their money is being spent and whether it is achieving results". With expectation mounting that Obama will announce a reform of the US banking system this month, he said he would "ensure CEOs are not draining funds that should be advancing our recovery". It comes barely a week since revelations of former chief executive John Thain's $1m office refit at Merrill Lynch and the cancellation of Citigroup's new $50m corporate jet after a public scolding from Obama. Now Weill's use of a Citigroup plane for a holiday - confirmed by a source close to the former chief executive - will be greeted as further evidence of Wall Street's deaf ear to public anger at executives' continuing self-enrichment. Under the terms of his 2006 retirement, Weill, whose fortune was estimated at $1.3bn in 2008, was guaranteed access to the firm's jets until 2016. A source close to Weill, credited with building Citigroup into the biggest bank in the world at one time, said he reimbursed the firm for the operating costs of the $45m Bombardier Global Express, estimated at $100,000 for the eight-day trip. Citigroup declined to comment. Popular outrage at Wall Street's $18bn bonus bill last year - a 44% reduction on 2007 - even as firms collapsed is being met with calls in Washington for a $400,000 wage cap on chief executives at firms receiving government assistance. "These people are idiots," Senator Claire McCaskill said last week. "You can't use taxpayer money to pay out $18bn in bonuses ... Right now they're on the hook to us. And they owe us something other than a fancy wastebasket and a $50m jet." Obama's senior adviser, David Axelrod, said the administration will take steps to limit "some of this executive compensation". Citigroup Executive salaries Banking US economy Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• GlaxoSmithKline's British workers braced... GlaxoSmithKline's British workers braced for 10% job cuts
02/01/2009
British workers at GlaxoSmithKline are bracing themselves for bad news this week as the pharmaceuticals group prepares to announce plans to shed about 10% of its global workforce. The company, which employs 100,000 people across the world, is seeking to slash costs in the face of the threat to profits from cheap, generic "copycat" versions of some of its biggest selling drugs as they lose their patent protection. Glaxo employs about 18,000 people in Britain. The company runs manufacturing operations across the UK, including sites at Ware, Maidenhead and Worthing. News of the job losses are expected to be revealed when Glaxo reports its results on Thursday. Union leaders are becoming increasingly concerned that British workers are being sacrificed by multinational companies ahead of European workers because UK employment laws are more lax than those on the continent. The job losses are particularly galling for the government as it has pinned its hopes for economic growth on exactly the sort of high-specification manufacturing and development that is carried out by the drugs industry. The job losses are part of a cost-cutting drive by GSK's new chief executive, Andrew Witty. Some analysts say the cuts could be deeper than the 10,000 mooted over the weekend. Analysts say that with growing competition, drug companies must make cuts or seek mergers. Last week, US firm Pfizer announced a $68bn (£47bn) bid for Wyeth, a smaller rival. Witty has indicated that, for the moment, he does not intend to pursue major acquisitions, preferring instead to expand in emerging markets. GlaxoSmithKline Pharmaceuticals industry Credit crunch Economics guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Firms' secret tax avoidance schemes cost... Firms' secret tax avoidance schemes cost UK billions
02/01/2009
British taxpayers are being left to plug a multibillion-pound hole in the public finances as hundreds of the country's biggest companies increasingly employ complex and secretive tax arrangements to limit the amount they hand over to the exchequer. An extensive Guardian investigation has examined the accounts of the UK's biggest companies - many of them household names - and discovered a series of sophisticated tax strategies which, critics say, amount to an almost unstoppable tide of perfectly legal corporate tax avoidance. The veil of confidentiality that covers these tax avoidance schemes is so difficult to penetrate that nobody knows exactly how much tax goes missing each year. But HM Revenue & Customs estimated that the size of the tax gap could be anything between £3.7bn and £13bn. The Commons public accounts committee put it at a possible £8.5bn and the TUC said £12bn. UK listed companies are not required to set out exactly how much UK corporation tax they actually hand over to HM Revenue & Customs. When the Guardian asked each FTSE 100 company to provide this information only two offered a response. Similarly each company was asked what its official policy on so-called tax planning is and how this is implemented. No company was prepared to answer the question directly. However, the investigation, which we publish over coming days, has established that: • The UK-based drinks giant Diageo plc has transferred ownership of brands worth billions of pounds, including Johnnie Walker, J&B and Gilbey's gin, to a subsidiary in the Netherlands where profits accrued virtually tax-free. Despite average profits of £2bn a year, it paid an average of £43m a year in UK tax - little more than 2% of its overall profits. • Two major drug firms have shifted ownership of their brands to tax havens in the Caribbean. Their UK operations can then be made to pay royalties for the use of the trademarks, reducing their profits and the amount of tax due in this country. • An internationally renowned corporation has structured itself so that it is now simultaneously a British public company, tax-resident in Amsterdam, but whose brands are Swiss-owned. • The makers of an iconic British food product have shifted the rights in it to a tax haven in Switzerland. • A household name has been deliberately loaded with debt so that it no longer has any profits to pay tax on. • Top accountancy firms are charging £500,000 a time to invent tax-avoidance schemes. • Some UK-listed companies which have moved control to Dublin to benefit from Ireland's low-tax regime appear to have little real presence there. According to the National Audit Office, in 2006 more than 60% of Britain's 700 biggest companies paid less than £10m corporation tax, and 30% paid nothing. Britain's top taxman, Dave Hartnett, told the Commons public accounts committee last year that 12 major corporations had "extinguished all tax liabilities in 2005-6" thanks to avoidance schemes. Vince Cable, the Liberal Democrats' deputy leader, said last night: "The scale of corporate tax-dodging exposed by the Guardian research is absolutely mind-boggling. It will deeply anger households and businesses who pay their fair share. "The baroque complexities of corporate tax-avoidance schemes are similar to the elaborate structures which have now devastated a substantial part of the banking system. The tax authorities should stop trying to compete in the complexity stakes and apply the general principle that if companies deliberately seek to avoid taxation they should be penalised and charged." According to the Institute of Fiscal Studies, overall tax receipts - including personal income tax - will be £7bn lower next year than forecast as a result of the downturn. The respected thinktank says key Labour programmes face being squeezed, in particular health and education spending. The result, say unions and campaigners, is that ordinary taxpayers have to make up the difference. If the TUC estimate of £12bn is correct, it takes the average income tax contribution of 2.4m households just to fill the gap left by the perfectly legal tax manoeuvres of big business. That £12bn is the equivalent of around 480 new schools, 300 hospitals or more than 1.3m new nursery places. Today, guardian.co.uk is also launching a unique interactive database of the corporation tax figures recorded in the accounts of each FTSE 100 compay in the last four years. It reveals the low amounts of tax paid by some, and a reluctance to supply meaningful numbers to the public. Despite their efforts to shift profits out of the country and minimise UK tax, the companies enjoy a range of important benefits by being based in Britain and listed on the London stock exchange. This has given them access to one of the widest pools of capital in the world; they have enjoyed light-touch but respected regulation and high corporate governance standards; and it has enhanced their international reputations to be listed in the UK, helping them to attract the best talent. Companies here also benefit from political stability and - perhaps most important of all - the directors want to live near London Many of the companies the Guardian looked at are already feeling the effects of the recession on their profits so their tax bills will go down. But campaigners insist that this makes the task of collecting maximum tax revenues more, rather than less, urgent. Failure to do so, they say, will put a massive strain on public finances already being stretched to breaking-point. Brendan Barber, TUC general secretary, said: "Tax avoidance is hollowing out the tax system. With the rest of us having to fill the tax gap left by Britain's most wealthy, there is a real threat to the future of public services - especially as the recession takes its toll on normal tax flows. "It will be hard to maintain public support for tax when it looks increasingly optional for big companies and the super-rich, who increasingly float free from the network of mutual obligations that underpin any civilised society." As they watch tax receipts dwindle through a combination of legal avoidance schemes and economic downturn, governments also face international pressure to crack down on the entirely separate problem of illegal tax evasion. In the US, Barack Obama introduced the Stop Tax Haven Abuse Act in 2007 when he was still just an Illinois senator. Obama and his fellow sponsors of the act, Democrat Carl Levin and Republican Norm Coleman, claimed the US annual tax gap was approaching $100bn. "We need to crack down on individuals and businesses that abuse our tax laws so that those who work hard and play by the rules aren't disadvantaged," Obama said. Political concern is growing across Europe. German chancellor Angela Merkel launched hostilities against individual tax evaders after her secret service bought computer discs from a whistleblower detailing the bank accounts of thousands of wealthy Germans in the tiny Alpine tax haven of Liechtenstein. In Britain, the Revenue paid £100,000 for the same information about individual UK tax dodgers and is now pursuing them. And just before Christmas, Alastair Darling, the chancellor, launched a potentially explosive review of British-linked tax havens. Tax avoidance Economic policy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Rio Tinto confirms talks over Chinalco c... Rio Tinto confirms talks over Chinalco cash injection
02/01/2009
Rio Tinto tonight admitted it was trying to secure an investment from state-owned Chinese aluminium producer Chinalco that would help it avoid a rights issue and ease its debt burden. The announcement to the Australian Securities Exchange did not indicate the size of any deal with Chinalco but it is thought that it could be for at least £6bn. The talks with the aluminium company are part of an urgent refinancing promised by Rio's chief executive, Tom Albanese. The mining company has been saddled with debt since taking over Alcan as the credit crunch began in mid-2007. Albanese has turned to the Chinese producer, which owns 9% of Rio after an audacious dawn raid a year ago, with a view to selling it some bonds and possibly stakes in mines to try to cut debt by $10bn (£7bn) by the end of this year. If a deal can be agreed, it would represent a substantial investment by the Chinese government and further reflect the shift in power between recession-struck developed countries and faster-growing Asian economies. Beijing has been aggressively building stakes in energy and natural resources companies to feed its rapidly growing economy. Rio, with a listing in London and Sydney, stressed that no agreement had been reached and that there was "no certainty a transaction will ultimately take place". The announcement referred to "acquiring minority interests" in a number of Rio businesses and possibly the issue of convertible bonds. It did not mention a share sale to Chinalco, a possibility that would require Rio to tread carefully to ensure shareholders do not feel their stock is being unfairly diluted if it issues more shares to Chinalco. Pre-emption rights have been a point of issue in recent weeks. Barclays was punished by investors for inviting Middle Eastern governments to buy new shares and Rio's rival Xstrata is embroiled in a row over its fundraising deal with its largest investor, Glencore. Chinalco's stake in Rio would rise from 9% to at least 15% if new shares were issued. Rio stressed tonight that shareholders would have to approve any deal, as would regulators. The talks are part of a contingency plan being drawn up by Rio and advisers at JP Morgan Cazenove. It is thought that if the talks break down, Rio will be left with little option but to launch a rights issue - an eventuality it is refusing to rule out. Though its next scheduled announcement to the London Stock Exchange is on February 12, when its results are due, it was forced to issue an update to investors in Australia when the stockmarket opened in Sydney tonight. It is likely to issue the same announcement in London when the market opens. Rio's shares have collapsed from the £60 at which Chinalco stormed into the market a year ago to a little over £15. BHP Billiton's decision in November to walk away from the takeover of Rio knocked its share price and forced Albanese to commit to the debt reduction. Rio Tinto China Mining Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (16 h ago)

• Facebook offers up users as marketing to... Facebook offers up users as marketing tool
02/01/2009
Facebook intends to capitalise on the wealth of information it has about its users by offering its 150 million-strong customer base to corporations as a market research tool. The appearance, later this year, of corporate polls targeted at certain parts of the Facebook audience because of the information they have posted on their pages, is likely to infuriate privacy campaigners. Last week Mark Zuckerberg, the company's 24-year-old founder and chief executive, showed the audience at the World Economic Forum in Davos how the social networking site could be used to poll specific groups of users. He asked users in Palestine and then Israel about peace issues before relaying the results back to the audience within minutes. He also polled more than 100,000 American users of the website, asking them whether they thought President Obama's fiscal stimulus package would be enough to resurrect the economy. Two out of five said it was not enough. Giving consumer brands the chance to use such a wide audience to get a quick response to targeted questions would do away with, or at least reduce their reliance on, expensive and time-consuming focus groups. Speaking to well known tech blogger Robert Scoble at the event, Zuckerberg said 2009 will be Facebook's "intense" year as it tries to justify some of the mammoth valuations that have been placed upon it by making some serious revenues through advertising. He was even seen sporting a tie, a sartorial extra which the Harvard drop-out has so far eschewed. He added the company has been experimenting with analysis of user sentiment, tracking the mood of its audience through what they are doing online. Such information is potentially very interesting to large brands, which are always seeking to measure what their customers think about their own or competitors' products. Facebook's advertising technology already allows advertisers to choose which sort of customer will see their display adverts when they log on to the site. Advertisers can choose from such categories as where the user is located and their age and gender, based upon what the user has uploaded on to Facebook – which is adding about 450,000 new users a day. Last year, Facebook launched its Engagement Ads tool, which allows advertisers to publish a poll on people's home pages. They are then able to see how their friends and other Facebook users have voted. The polls, which can include actions such as watching and rating a movie trailer, are being tested by companies including AT&T and CareerBuilder.com. The American recruitment website tonight used its trial Facebook polls to ask people what they thought of the advert that was played during the coverage of the 43rd Super Bowl. The first widespread use of polls is expected in the spring. Facebook also has a tool called Facebook Lexicon, which is a bit like Google Trends, in that it allows users to track what topics are being discussed by people on Facebook. While Google Trends uses the search terms that are entered into its site, Facebook Lexicon looks at one of the most visible parts of a user's profile page – their wall, where people and their friends exchange public messages. It provides a searchable database of trends over time, showing how the incidence of particular words or phrases has increased or decreased in wall posts. Facebook Lexicon shows that the company already has a significant database of user information which it could exploit and the tools are in place to allow companies to use its information for market research purposes. Facebook Facebook Privacy and the net Advertising Data and computer security Google United States Davos guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Peter Mandelson backs new 'people's bank... Peter Mandelson backs new 'people's bank' at Post Office
01/31/2009
A groundbreaking "people's bank", offering a full range of financial services and using the UK network of 12,000 post offices, is being promoted by Peter Mandelson, the business secretary. The plan to use the remaining post office outlets as the backbone of a new national bank would head off a Labour revolt over Royal Mail privatisation and provide the country with a fiscal impetus. Last night Pat McFadden, the minister for postal affairs, said he was keen to expand their operations and allow them to function more like fully fledged banks, but with a clear social purpose. "I am warm about the idea," he said. "The secretary of state [Lord Mandelson] has said he wants to see a stronger role for the Post Office. This is something we are working on. We have asked the business and enterprise select committee to look into this." The Post Office already offers some banking services and bill payments. In 2004 it linked up with the Bank of Ireland in a joint venture that allowed it to offer credit cards, mortgages and personal loans. Last year it was re-awarded a contract to run the card account that distributes benefits and pensions to 4.3 million claimants. But under proposals submitted to the select committee last week by a powerful coalition of business groups, MPs and unions, the new state-owned "people's bank" would do far more, offering all the debit-card facilities, current accounts, savings plans, loans, business services and financial advice currently available in main city-centre banks. The ideas are being worked on as part of a package that they hope will persuade rebel Labour MPs and peers to abandon their fierce opposition to legislation on the part-privatisation of Royal Mail, the parent company of Post Office Ltd. More than 100 Labour MPs have signed a House of Commons motion demanding that the government drop plans to sell off part of Royal Mail to a foreign operator - a move they believe will lead to further dismantling of the country's most cherished public service. They also fear a part sale will lead to rising prices, the erosion of the "universal service" of six-days-a-week postal deliveries and collections, and the closure of thousands more local post offices. Ministers have been alarmed by the extent of opposition to their privatisation plans, both in the Commons and Lords, and fear Gordon Brown's premiership, and the run-up to an election, could be scarred by a mass revolt. In a further sign of their willingness to compromise, ministers have also backed away from plans to sell a 49% stake in Royal Mail and now say the most they expect to hive off will be 30-35%. But they remain adamant that private-sector capital and expertise must be brought in to shake up the company. The favourite to take a stake is Dutch operator TNT. MPs opposed to part-privatisation last night gave a cautious welcome to the plans. John Grogan, Labour MP for Selby, said deep public cynicism about the performance of private banks had highlighted the need for a state-run bank that people could trust. "The question that many Labour backbenchers will ask is that, if public-sector managers are good enough to run a 'people's bank' as a successful public enterprise, why can't they do the same with the Royal Mail?" Grogan said. Billy Hayes, general secretary of the Communication Workers' Union (CWU), which is opposed to part-privatisation, said: "The people's bank is an idea whose time has come." Ministers now needed to ensure that all of Royal Mail remained in public ownership. Lindsay Mackie, of the New Economics Foundation, which has helped drive forward the plans with the CWU, the Federation of Small Business and the centre-left pressure group Compass, said: "It's great that the government is listening to the huge sweep of public, parliamentary, union and business opinion in favour of a trusted 'Post Bank'. "It would be even better if ministers could now say that they are completely committed to an expanding, innovative Post Office network, with no more closures." Postal service Banking Banks and building societies Consumer affairs Peter Mandelson Economic policy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Advertising: Ads That Pushed Our Usual (... Advertising: Ads That Pushed Our Usual (Well-Worn) Buttons
02/02/2009
Few of the commercials during Super Bowl XLIII offered anything special. (7 h ago)

• Los Angeles Steps Up Fight on Large Ads Los Angeles Steps Up Fight on Large Ads
02/01/2009
The city ordered building owners to remove advertisements draped across multistory structures after deeming them fire hazards. (9 h ago)

• Lucky Magazine’s iPhone Tool Is All Abou... Lucky Magazine’s iPhone Tool Is All About Shopping
02/01/2009
A Condé Nast magazine is introducing an iPhone application, Lucky at Your Service, that ties into stores’ inventories. (9 h ago)

• As Journalist, a Doctor Trips Over Ethic... As Journalist, a Doctor Trips Over Ethics
02/01/2009
British Columbia’s medical licensing body censured Kevin Lee Patterson last week because of an article the doctor wrote about working for the Canadian military. (10 h ago)

• The Political Suspicions of 9/11 The Political Suspicions of 9/11
02/01/2009
An upcoming episode of the FX drama “Rescue Me” will tackle what may sound like a far-fetched plot line: that the attacks of Sept. 11 were an “inside job.” (10 h ago)

• To Relive the Inauguration, a Wave of Ne... To Relive the Inauguration, a Wave of Network DVDs
02/01/2009
Television executives are hoping that consumers will want digital memories of Inauguration Day. (10 h ago)

• The Media Equation: When Even Condé Nast... The Media Equation: When Even Condé Nast Is in Retreat
02/01/2009
The recent closing of Domino magazine shows that even Condé Nast’s legendary patience to turn a profit is now meeting the pull of economic gravity. (10 h ago)

• Despite iTunes Accord, Music Labels Stil... Despite iTunes Accord, Music Labels Still Fret
02/01/2009
The tension between Apple and the music industry stems from Apple’s power over the industry, but it also echoes the traditional divide between suppliers and distributors. (10 h ago)

• TV Sports: N.F.L. Stars Who Took the Pit... TV Sports: N.F.L. Stars Who Took the Pitch and Ran With It
01/31/2009
While it is tempting to crown Peyton Manning the greatest N.F.L. commercial star, other players from the past, like Joe Namath, could be considered. (1 d ago)

• Coca-Cola Deleting ‘Classic’ From Coke L... Coca-Cola Deleting ‘Classic’ From Coke Label
01/31/2009
After 24 years, one of the most famous blunders in marketing history is quietly coming to end. (1 d ago)

• Malcolm MacPherson, 65, War Reporter, Di... Malcolm MacPherson, 65, War Reporter, Dies
01/30/2009
Mr. MacPherson was a former foreign correspondent for Newsweek whose novels and nonfiction books dealt with subjects as varied as Disneyland, the Iraq war and special operations in Afghanistan. (2 d ago)

• Newspaper Companies to Make More Cutback... Newspaper Companies to Make More Cutbacks
01/30/2009
Gannett said it planned a $5 billion write-down while The Los Angeles Times and the A. H. Belo Corporation announced job cuts. (2 d ago)

• Consumed: Dumb and Dumber 2.0 Consumed: Dumb and Dumber 2.0
01/30/2009
An old joke gets a digital remake — and attracts consumers in a down economy. (2 d ago)

• UK'S GLAXO TO CUT JOBS UK'S GLAXO TO CUT JOBS
02/01/2009
British drugmaker Glaxo- SmithKline will cut thousands of jobs when it announces full-year results this week, two UK newspapers reported yesterday. The Sunday Telegraph said up to 6,000 posts would be eliminated around the world, while The... (10 h ago)

• IN SURVIVAL MODE IN SURVIVAL MODE
02/01/2009
Last week was a painful one for magazines, as Condé Nast decided to shutter Domino and Readers Digest's parent laid off a chunk of its staff. While advertising pages are down across the board, there are a number of mags that are fighting for... (10 h ago)

• DRUG DEAL BAD RX FOR JERSEY DRUG DEAL BAD RX FOR JERSEY
02/01/2009
The state known as the nation's medicine chest is bleeding from sweeping job cuts to its high-paying pharmaceutical industry. "When the pharmaceutical industry catches a cold it sneezes first in New Jersey," said Bob Franks, president of the... (10 h ago)

• PENSION TENSION PENSION TENSION
02/01/2009
Just when it started to look as if The New York Times Co. had found a way to dig itself out from under its massive debt load, the beleaguered newspaper company may be on the verge of getting knocked down again. The cash-strapped publisher last... (10 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
02/01/2009
'Trash' plan Nobel laureate Joseph Stiglitz told the Davos World Economic Forum that a decision by Presi dent Obama to establish a so-called bad bank to rid financial companies of toxic assets risks swelling the national debt and would amount to... (10 h ago)

• BOFA DISSIDENTS SET SIGHTS ON CEO LEWIS BOFA DISSIDENTS SET SIGHTS ON CEO LEWIS
02/01/2009
A group of angry Bank of America shareholders plans to demand that Chairman and Chief Executive Officer Ken Lewis get the boot at the bank's upcoming annual meeting. Jerry Finger, a Bank of America shareholder and leader of an ongoing... (10 h ago)

• GLITZ GETS SACKED GLITZ GETS SACKED
02/01/2009
Tiptoeing around a tanking economy, Super Bowl advertisers shunned over-the-top celebrity glitz and relied on nostalgia and funny animals to hawk their products. The $3 million-per-spot ads focused largely on simple, hopeful messages and used... (13 h ago)

• THE WEEK'S WINNERS AND LOSERS THE WEEK'S WINNERS AND LOSERS
02/01/2009
WINNERS JEFF BEZOS Amazon.com chief defies the recession with a 4Q profit of $225 million. MARY SCHAPIRO In line to receive $5M to $25M in benefits upon leaving Finra for SEC. STEPHON MARBURY Disgruntled NY Knick opens Starbury.com - an... (1 d ago)

• PECKER FINALLY PULLS IT OUT PECKER FINALLY PULLS IT OUT
02/01/2009
After weeks of feverish negotiations, American Media's bondholders yesterday reached a bailout agreement with the publisher of the National Enquirer, Star and Shape, The Post has learned. The deal cuts $227 million off the company's debt and... (1 d ago)

• DR. DOOM'S REAL 'ASSETS' DR. DOOM'S REAL 'ASSETS'
02/01/2009
New York University professor and famed economist Nouriel Roubini is at it again - simultaneously making news for his doomsday financial predictions and his colorful social life. The 49-year-old professor of economics - nicknamed "Dr. Doom" -... (1 d ago)

• It’s the Economy, Girlfriend It’s the Economy, Girlfriend
02/01/2009
A group called Dating a Banker Anonymous offers support to women whose romantic relationships have suffered from the economic downturn. (12 h ago)

• For Home Buyers, More Bank Roadblocks For Home Buyers, More Bank Roadblocks
02/01/2009
Norman Calvo, the president of Universal Mortgage, says banks are now requiring documentation from buildings as well as home buyers.Many banks are refusing to make loans if they don’t like what they find when they review the finances and bylaws of the building where the purchaser hopes to live. (19 h ago)

• Fundamentally: It’s a Great Time for a M... Fundamentally: It’s a Great Time for a Makeover
02/01/2009
Some planners say the bear market has given investors a rare opportunity: they can completely refashion their portfolios with little or no tax consequence. (19 h ago)

• Fisher Island: Still a Refuge, but Not F... Fisher Island: Still a Refuge, but Not From the Downturn
01/31/2009
About a quarter of the condos in one of the country’s wealthiest communities are for sale, and few are finding buyers. (1 d ago)

• Your Money: American Express Kept a (Ver... Your Money: American Express Kept a (Very) Watchful Eye on Charges
01/31/2009
Until this week, American Express scrutinized how its cardholders spent money, searching for similarities to other customers with bill-paying problems. (1 d ago)

• Patient Money: Making the Most of Flexib... Patient Money: Making the Most of Flexible Spending Accounts
01/31/2009
Flexible spending accounts offer a tax break and can stretch health care dollars, if used wisely. (1 d ago)

• Market Values: Finding Market Bargains i... Market Values: Finding Market Bargains in Shrinking Companies
01/30/2009
When a sour economy causes middle-cap companies to shrivel into small caps, an investment opportunity may emerge. (2 d ago)

• Shortcuts: The Popular Practice of Putti... Shortcuts: The Popular Practice of Putting Stuff Off
01/30/2009
There’s a little procrastinator in all of us, but delaying some tasks can be costly. (2 d ago)

• A Month Free? Rents Are Falling Fast A Month Free? Rents Are Falling Fast
01/30/2009
When Sara Nuttall and her family went hunting for a rental, she said, incentives "made a big difference." In this painful economic climate of layoffs and shrinking investments, there is a sliver of positive news: it’s a good time to be a renter in New York City. (2 d ago)

• Times may change, but Super Bowl ads don... Times may change, but Super Bowl ads don’t
02/01/2009
With the economy in the doldrums and the nation’s future uncertain, it’s nice to know that some things never change. (8 h ago)

• Corporate America starts to get serious ... Corporate America starts to get serious on pay
02/01/2009
There's finally some good news on executive pay. (19 h ago)

• Bailed-out banks sought foreign workers Bailed-out banks sought foreign workers
02/01/2009
Major U.S. banks sought government permission to bring thousands of foreign workers into the country for high-paying jobs even as the system was melting down last year. (20 h ago)

• Coke dropping 'Classic' tagline from log... Coke dropping 'Classic' tagline from logo
01/30/2009
Coca-Cola Corp. is ending its almost 25-year experiment with the "Classic" label on its flagship cola, The Wall Street Journal reported Friday. (2 d ago)

• Caterpillar laying off 2,110 more worker... Caterpillar laying off 2,110 more workers
01/30/2009
Caterpillar Inc said Friday it is laying off an additional 2,110 workers, bringing the week’s total to about 22,000, as the company scrambles to cope with the economic downturn. (3 d ago)

• Could Britain become another Iceland? Could Britain become another Iceland?
01/30/2009
Critics are questioning Britain's second multibillion-pound bailout of its banks. Some say another bailout is unnecessary and could make the U.K. the next Iceland -- a bankrupt nation. Stephen Beard reports. (2 d ago)

• Leaders in Davos discuss politics, trust Leaders in Davos discuss politics, trust
01/30/2009
World leaders converged in Davos, Switzerland, this week for the World Economic Forum. But there was one notable absence -- the United States. Kai Ryssdal speaks with Bloomberg's Tom Keene about the happenings in Davos. (2 d ago)

• Weekly Wrap: From bad to worse Weekly Wrap: From bad to worse
01/30/2009
The GDP number was pretty bad and things could get worse. Kai Ryssdal talks about the GDP and nationalization with Portfolio.com's Felix Salmon and The Atlantic's Meghan McArdle. (2 d ago)

• Program to help foreclosed borrowers Program to help foreclosed borrowers
01/30/2009
In an effort to slow evictions resulting from the housing crisis, Freddie Mac is starting a new program to let homeowners and tenants stay in foreclosed homes. Will private lenders follow suit? Nancy Marshall Genzer reports. (2 d ago)

• Exxon's pumping profit in downturn Exxon's pumping profit in downturn
01/30/2009
Exxon Mobil's fourth-quarter earnings fell 33% from a year ago, but it still reported a record profit for 2008. What's it doing that other companies aren't? Sam Eaton reports. (2 d ago)

• House GOP explains 'no' stimulus vote House GOP explains 'no' stimulus vote
01/30/2009
House Republicans, none of whom voted for President Obama's stimulus plan, are mounting a campaign to defend their positions as pressure from critics and constituents builds. Jeremy Hobson reports. (2 d ago)

• GDP numbers signal more slowdown GDP numbers signal more slowdown
01/30/2009
The U.S. economy suffered its biggest slowdown in more than 25 years, according to last quarter's GDP figures. And with inventory piling up and consumers slow to buy new things, the outlook's not good. Mitchell Hartman reports. (2 d ago)

• Refinery Workers Set To Go On Strike Refinery Workers Set To Go On Strike
01/31/2009
With a third contract offer rejected, some 24,000 refinery workers from the Gulf of Mexico to Montana prepared to head to the picket lines Saturday just hours before an existing labor agreement expires. (1 d ago)

• Under Armour Takes Chance On Shoe Market Under Armour Takes Chance On Shoe Market
01/31/2009
The relatively young athletic apparel company Under Armour is launching its first running shoe line, betting it can compete against the likes of Nike in one of the biggest categories in the shoe world and in the midst of a recession. (1 d ago)

• Economy Logs Worst Showing In 25 Years Economy Logs Worst Showing In 25 Years
01/30/2009
The economy shrank at a 3.8 percent pace at the end of 2008, the worst showing in a quarter-century, as the deepening recession forced consumers and businesses to throttle back spending. (2 d ago)

• Famed Waterford Crystal Shutters Doors Famed Waterford Crystal Shutters Doors
01/30/2009
Waterford Crystal workers have mounted a sit-down protest in their world-famous factory after union leaders informed them that the debt-crippled company is closing immediately. (2 d ago)

• Tech Ads Shoved To Sidelines For Big Gam... Tech Ads Shoved To Sidelines For Big Game
01/30/2009
With price tags that can reach nearly $3 million, Super Bowl ads are something that could disappear quickly from a budget amid financial panic. (2 d ago)

• ExxonMobil Shatters Annual Profit Record ExxonMobil Shatters Annual Profit Record
01/30/2009
ExxonMobil Corp. reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago. (3 d ago)

• Your Career: Ace your job interview Your Career: Ace your job interview
02/01/2009
If there ever was a time to make yourself stand out during a job interview, this recession is it, because you’ll be up against a large pool of talented applicants. (17 h ago)

• In downturn, federal work force grows In downturn, federal work force grows
01/31/2009
Companies are cutting jobs by the tens of thousands. State and local governments are penny-pinching, too. So what about Uncle Sam? (1 d ago)

• Need a job? Try the Border Patrol Need a job? Try the Border Patrol
01/30/2009
Job seekers, head for the border. (2 d ago)

• For economy, January proves cruel For economy, January proves cruel
01/30/2009
Over the past month, Americans have been inundated with a seemingly daily drumbeat of massive layoff announcements. No sector seems to be safe. The biggest names have been hit. (2 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

• Bailout transparency problems continue Bailout transparency problems continue
01/31/2009
The Financial Times reports that the Obama administration is expected to come out with a "big bang" announcement next week that will see a bank clean-up, measures to reduce home... (2 d ago)

• Rupert Murdoch's downturn blues Rupert Murdoch's downturn blues
01/30/2009
Rupert Murdoch is blaming the spending binge for the crisis, and warns that it will probably take some time until we emerge from it.But the reality is that his News Corporation has been hit hard by... (2 d ago)

• Winter of discontent: will the Paris rio... Winter of discontent: will the Paris riots spread?
01/30/2009
Paris has broken out in violent protests over the French government's handling of the economic crisis with 65,000 demonstrators joining a march from the Place de la Bastille towards the center of... (2 d ago)

• Answer Desk: Small business bailout? Answer Desk: Small business bailout?
02/01/2009
Small business owners are wondering: is there anything in this bailout that's going to help me? The answer, unfortunately, is: not much. The Answer Desk. (18 h ago)

• Make $6 million sitting on your couch Make $6 million sitting on your couch
01/30/2009
Recessions can be a great time to start your own business. Thanks to the Web and a variety of other resources, it's cheaper and easier than ever to start one at home. (3 d ago)

• Coke, Pepsi ready for new round of soda ... Coke, Pepsi ready for new round of soda wars
02/01/2009
Feeling bad about the economy? Indulge a little, have a soda. (11 h ago)

• Electronics giant NEC to cut 20,000 jobs Electronics giant NEC to cut 20,000 jobs
01/30/2009
Japanese electronics giant NEC Corp. said it will cut 20,000 workers worldwide as it tries to stanch losses from semiconductors and other businesses. (2 d ago)

• Video: Is it last call for British pubs? Video: Is it last call for British pubs?
01/30/2009
Jan. 30: The world economic blues have hit British watering holes in a big way as beer sales are down ten percent causing an average of six pubs per day to close. NBC's Dawna Friesen reports. (MSNBC) (3 d ago)

• After a Promising Start, a Down Week After a Promising Start, a Down Week
01/31/2009
U.S. stocks fell for the fourth straight week, capping the market's worst January retreat, after companies from Procter & Gamble to Caterpillar and Allstate reported earnings that trailed estimates. (1 d ago)

• Social media and social entrepreneurship Social media and social entrepreneurship
01/31/2009
First of all, a note on the previous blog: Jill Finlayson kindly provided more links to the Bill Drayton's presentations/lectures which are pretty cool (check the comments for previous blog to... (1 d ago)

• Facebook Becomes (Even More) Business Fr... Facebook Becomes (Even More) Business Friendly
01/31/2009
Josh Peters had a good piece over at Mashable earlier this month on the growing number of Facebook applications that can help you with your business. Josh seems to think that Facebook's app... (1 d ago)

• Recession Has Landlords of Retail Tenant... Recession Has Landlords of Retail Tenants Extending Discounts of Their Own
01/31/2009
Some small businesses are finding a silver lining in the recessionary clouds: they suddenly have leverage with their landlords. (1 d ago)

• Start Saving Money on Heating This Winte... Start Saving Money on Heating This Winter
01/30/2009
Photo courtesy of iStockphoto, Image# 3940432 Hopefully by now you have already taken some steps to save money on your heating bills. If you haven't, it is not too late to do something now.... (3 d ago)