Business-news- at Simplenewz your social news reader

simpleNewz

your social news reader

Find and read news in one place.
Share and comment the news you love.
Travel back in "news time".

Business News
for 03/17/2009

(last updated 7:30am EST 03/17/2009)

Custom Search

• Great Wall Motor Company to export 3,300... Great Wall Motor Company to export 3,300 pickups to Libya
03/17/2009
Great Wall Motor Company (GWM) has won an overseas government procurement order to supply 3,300 pickups, according to news from GWM's headquarters, located in Baoding, Hebei Province. The vehicles will be loaded onto a vessel in the Tianjin Port and shipped to Libya. In February this year, GWM signed a procurement order for pickups with the Libyan government to supply a total of 3,300 units for over 200 million yuan. The first batch of 1,000 pickups will arrive in the Benghazi Port at ... (4 h ago)

• Indonesia, Malaysia vow to boost trade Indonesia, Malaysia vow to boost trade
03/17/2009
Indonesia and Malaysia agreed on Tuesday to step up trade and investment between the two countries, despite the weakening of global economic activities, leaders of the two countries said here. The statement was made in a joint press conference by Indonesian President Susilo Bambang Yudhoyono and Malaysian Prime Minister Ahmad Badawi after their meeting as the third annual consultation of the two countries. The plan comes amid the effort of the Indonesian government to shift the weakening ... (5 h ago)

• CNOOC's OML130 project put into operatio... CNOOC's OML130 project put into operation
03/17/2009
The China National Offshore Oil Corporation (CNOOC) recently announced that the Akpo deepwater oilfield of the OML130 project in Nigeria has been successfully put into operation. CNOOC holds a 45 percent share in the OML130 project. The oilfield is 200 kilometers off the coastline of Nigeria, and it has been proved that the probable reserves are estimated to reach 6.2 million barrels. The oilfield will enter its maximum production capacity period this summer with an expected maximum daily p ... (5 h ago)

• S Korea's central bank loans $3 bln to l... S Korea's central bank loans $3 bln to local banks
03/17/2009
South Korea's central bank said Tuesday that it loaned 3 billion U.S. dollars to local banks from its currency swap line with the U.S. Federal Reserve. The Bank of Korea (BOK) said that the loan was made by tapping its 30 billion dollar currency swap agreement with the United States. Twelve financial institutions participated in the auction, bidding for 4.2 billion dollars on offer, which was 1.2 billion dollar more than the BOK's supply. The loans have an average annual interest rat ... (5 h ago)

• Phantom of trade protectionism reemerges Phantom of trade protectionism reemerges
03/17/2009
The intensity of trade protectionism has kept growing recently in countries around the world, especially in the developed countries. The impact of trade protectionism on the international community has caused great concern. People's Daily recently invited some experts to elaborate on this topic. Question: On March 10, the US Senate passed Section 727, which contained in the Omnibus Appropriations Act of 2009, to limit imports of poultry products from China. In relation to the global economic ... (5 h ago)

• Bernanke suggests government's optimism ... Bernanke suggests government's optimism in reviving economy
03/17/2009
U.S. Federal Reserve Chairman Ben Bernanke has signaled the government's optimism in reviving economy although he did not dodge the fact that great difficulties lie ahead. In a rare interview televised by CBS Monday, Bernanke said that concerted efforts by the U.S. government likely averted a depression similar to the 1930s. "I think we've averted that risk," said Bernanke, the first sitting Federal Reserve chief to conduct a television interview in20 years. "I think we've gotten pas ... (5 h ago)

• Chinese shares rise 3.02 % on expectatio... Chinese shares rise 3.02 % on expectation of more economic stimulus plan
03/17/2009
Chinese equities rose 3.02 percent on Tuesday as investors expect more economic stimulus measures from the government. The benchmark Shanghai Composite Index added 3.02 percent, or 65.04 points, to 2,218.33. The Shenzhen Component Index rose 4.58percent, or 367.18 points, to 8,389.87. Gains outnumbered losses by 834 to 2 in Shanghai and 701 to 6 in Shenzhen. Combined turnover was 170 billion yuan (24.89 billion U.S. dollars), representing a big surge from 93 billion yuan on the previ ... (5 h ago)

• Singapore non-oil domestic exports drop ... Singapore non-oil domestic exports drop 24% in February
03/17/2009
Singapore's key non-oil domestic exports (NODX) declined by 24 percent on year in February, following the 35 percent decrease in January, due to lower electronic and non-electronic exports, the government data showed on Tuesday. On a month-on-month seasonally adjusted basis, NODX increased by 1.8 percent in February, following the previous month's 3.3 percent decrease, said International Enterprise Singapore (IE Singapore), the trade-promotion agency, in its monthly report. Electronic NO ... (5 h ago)

• Australian Treasurer returns from G20 fi... Australian Treasurer returns from G20 financial meeting
03/17/2009
Australian Treasurer Wayne Swan returned from G20 finance ministers' discussions in London and described on Tuesday the meeting as the "most important" the group had held. "What this demonstrates is just how difficult the global environment is at the moment and why there is such an urgent need for international action," Swan said. Swan told the parliament that all finance ministers agreed on the importance of economic stimulus. "Finance ministers from across the political divide unde ... (5 h ago)

• Schwarzenegger launches California Green... Schwarzenegger launches California Green Corps
03/17/2009
California Governor Arnold Schwarzenegger on Monday launched the California Green Corps (CGC) to promote the state's emerging green economy. The CGC, part of the state's efforts to utilize federal economic stimulus funds and public-private partnerships for green jobs training, will place at-risk young adults aged 16-24 into jobs in California's emerging green economy, Schwarzenegger said in a statement. "President (Barack) Obama and I share similar priorities right now when it comes to h ... (5 h ago)

• S Korea's KEPCO picked for Saudi power p... S Korea's KEPCO picked for Saudi power plant construction
03/17/2009
Korea Electric Power Corp (KEPCO), South Korea's state-run electricity company, said Tuesday that it has been selected as the prime bidder for a power plant construction in western Saudi Arabia. The company said that in a consortium with Saudi-Arabia's ACWA Power International, it has been chosen as a preferred bidder by Saudi Electricity Company (SEC), and plans to sign a formal deal with SEC in the near future. The project to build the 1,200-megawatt thermal power plant, to be built in ... (5 h ago)

• S Africa plans rescue package to Zimbabw... S Africa plans rescue package to Zimbabwe
03/17/2009
South Africa's treasury is considering a financial assistance package to Zimbabwe, according to reports by The Herald on Tuesday. It is unclear how much South Africa's contribution to the package would be, but Zimbabwe has previously estimated that it needs at least two billion U.S. dollars in the short term, the daily newspaper said. Speaking after the third session of the Zimbabwe-South Africa Joint Permanent Commission meeting in Victoria Falls on Monday, SA Foreign Affairs Minister N ... (5 h ago)

• Indonesia to propose private debt rollov... Indonesia to propose private debt rollover talks in G20
03/16/2009
Indonesia will propose talks on rollover risk of private debt in G20 summit, which will begin on April 2, Bisnis Indonesia daily quoted a state official as saying on Tuesday. Indonesian Finance Minister Sri Mulyani Indrawati said risk faced by private sectors in emerging markets, including Indonesia, was due to inability of European and American banks in disbursing loans. Private sectors need new loans to repay older debt, but they can not get these loans now because the American and Eur ... (8 h ago)

• Obama slams AIG for paying bonuses to ex... Obama slams AIG for paying bonuses to executives
03/16/2009
U.S. President Barack Obama on Monday blasted insurance giant American International Group and pledged to try and prevent it from giving its executives 165 million dollars in bonuses after taking billions in federal bailout funds. "It's hard to understand how derivative traders at AIG warranted any bonuses, much less 165 million dollars in extra pay," Obama said at the outset of an appearance to announce a plan to boost small businesses loans. "How do they justify this outrage to the ta ... (9 h ago)

• President Lula: Brazil will continue to ... President Lula: Brazil will continue to grow
03/16/2009
President Luiz Inacio Lulada Silva said Monday his country will continue to grow despite facing financial turbulence that it did not create. "While most rich countries dive into a recession, Brazil will keep on growing," Lulu said. "In 2009, we will grow less than we would have liked to, and less than we could have if not for this external crisis. But we will grow." During a business seminar in New York City, Lula said that the crisis represents an opportunity for world leaders, and one ... (10 h ago)

• Official: Brazil will recover from finan... Official: Brazil will recover from financial crisis soon
03/16/2009
Brazil's economy already is showing signs of growth and will soon recover from the 3.6 percent fall in GDP registered in the last quarter of 2008, a government official said Monday. Chief of Staff Dilma Rousseff said Brazil suffered from the effects of the financial crisis in a "brutal manner" in the last quarter of last year but all signs indicate the country will start recovering in the first quarter of this year. "And starting in the second half of this year, we will have a large expa ... (10 h ago)

• Report: Hiring prospects in China may ke... Report: Hiring prospects in China may keep dropping largely
03/16/2009
The latest report by major job service provider Manpower indicates that hiring prospects in China may continue to drop by a "considerable 10 percent" in the second quarter as the global financial crisis began to affect the real economy. The report, based on a survey which covered 4,149 employers across the country, showed that the eastern job markets were experiencing the weakest hiring climate in four years. "However, workforce contractions are of limited use as an effective means of co ... (11 h ago)

• Chicago soy futures rally on bullish out... Chicago soy futures rally on bullish outside market
03/16/2009
Soybean futures in Chicago Board of Trade went up sharply on Monday, pushed by rising equities markets and crude oil. Corn and wheat gained too. Corn future for May delivery rose 3 cents to 3.915 U.S. dollars a bushel. May soybean climbed 34.5 cents to 9.11 dollars per bushel and May wheat was up 26 cents, settled on 5.4425 dollars per bushel. The equities market and crude oil both did a good job on Monday. By the end of CBOT trading floor time, the Dow industrials rallied 124 points and ... (11 h ago)

• CSG to invest 71 bln yuan in 20 key proj... CSG to invest 71 bln yuan in 20 key projects in 2009
03/16/2009
China Southern Power Grid (CSG), the country's second largest electricity distributor, will invest 71 billion yuan (about 10.38 billion U.S. dollars) this year in its 20 key projects, the English newspaper China Daily reported Tuesday. The total amount of injection includes 62.2-billion-yuan to reconstruct urban grids and upgrade grid infrastructure in rural areas, and 8.8 billion yuan to construct new power grids. The money would partly go to 11 major grid expansion projects, including ... (11 h ago)

• Brazilian FM: U.S. should nationalize ba... Brazilian FM: U.S. should nationalize banks
03/16/2009
The U.S. government should nationalize its banks in trouble, Brazil's Finance Minister Guido Mantega said on Monday, considering it will be better than only buying the banks' bad assets, local media reported. "They have no other way out," said Mantega in New York City, where he is taking part in business seminars. The United States does not feel comfortable with the idea of nationalization due to "ideological reasons," but it would bring more security to the taxpayers, the minister said, ... (11 h ago)

• Nokia to shed another 1,700 jobs Nokia to shed another 1,700 jobs
03/17/2009
The telecoms group has embarked upon a further round of worldwide job cuts as the recession hits mobile phone sales Nokia is cutting another 1,700 jobs around the world, including an undisclosed number in the UK, as it slims down to cope with a fall in demand for mobile phones. The handset group plans to shed staff across its divisions, including sales and marketing, research and development and its corporate offices. Nokia, which runs UK offices in London, Farnborough and Cambridge, said it was determined to cut costs to weather the recession. "Nokia plans to scale sales, marketing and technology management to match the pruned portfolio and global consumer demand," the company said this morning. A spokeswoman said 700 jobs will be lost in Finland, with a smaller number of jobs also being cut in the US and the UK. She added that many other countries would be affected but to a lesser extent. Nokia has disclosed the departments which are likely to be affected, but staff will not be told whether they will lose their jobs until the company has consulted with unions and employee representatives. Network operator Vodafone warned in February that the mobile phone industry is suffering as cash-conscious consumers hold onto their existing phones for longer , rather than opting to upgrade to the latest models. Nokia warned in January that it expected the worldwide mobile phone market to shrink by 10% this year . Today's cuts are part of a plan to cut costs by €700m (£647m), and are on top of 600 job cuts announced in November. Last month, the company launched a voluntary redundancy programme and is looking for 1,000 employees to sign up. "Several hundred people have already applied," said the Nokia spokeswoman today. Nokia Telecommunications industry Job losses Recession Global recession Mobile phones Nokia guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• City minister reveals 'extraordinary' de... City minister reveals 'extraordinary' details of Fred Goodwin's pension
03/17/2009
Sir Fred Goodwin took a £3m lump sum from his pension but the cost to Royal Bank of Scotland was increased by 40% because the bank paid the tax on the payment, the Treasury select committee heard today. City minister Lord Myners told the committee that the board of RBS was "in denial" and determined to be generous to Goodwin, its departing chief executive. Myners revealed that Goodwin had agreed to repay the lump sum, provided his pension entitlement - already standing at £703,000 year - was further increased. He revealed more details of Goodwin's "extraordinary" pension agreements. The bank treated Goodwin as though he had joined the pension scheme at the age of 20, rather than at 40, when he actually joined the scheme. It also proceeded as though none of his pension savings from previous employers were included in the scheme. The committee revealed that the board of RBS, which was on the brink of collapse of the weekend of 12/13 October, had never discussed the actual size of the payments to Goodwin or any alternative arrangement. Reading from minutes of the board meeting held over that weekend that eventually led to £50bn being pumped into RBS, HBOS and Lloyds TSB, Myners said he found it "extraordinary" that "not a single number" had been discussed. Myners, facing hostile questions from the committee, insisted that the doubling of the pension for the former RBS chief executive to £703,000 a year was taken by the board of the bank and not by him. The City minister has had a high profile battle with Goodwin , whom he wants to hand back some of the extra pension. Myners told MPs: "I still hope there's the opportunity for Sir Fred to do the right thing and either return some of his pension or make a very very substantial and long term commitment to charity both of money and of his undoubted energy and resources. Sir Fred can mitigate even at this stage." Myners said that the minutes showed the board of directors, chaired by Sir Tom McKillop, had given Sir Fred "a choice of either taking his full pension at 50 or his full pension at 60. I think you'd have to have been a monkey in that situation to have spent a great deal of time deciding which of those choices to take." A former businessman who was on the board of NatWest when RBS launched a hostile bid 10 years ago, Myners said RBS was warned by remuneration consultants Watson Wyatt that the decision to double Sir Fred Goodwin's pension to £16m would not be approved by the bank's shareholders. Myners, who was accused by the MPs of being naive in his discussions that weekend, insisted he had no regrets about how he handled himself. "I was very clear with RBS about the principles the government expected to follow in dealing with departing executives. I developed a script for these meetings ... There should be no rewards for failure, payments to departing executives should be minimised". Sir Fred Goodwin Royal Bank of Scotland Banking Executive pay and bonuses Economic policy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Debenhams pledges to create 1,200 jobs Debenhams pledges to create 1,200 jobs
03/17/2009
Despite a 3.6% drop in half-year sales, blamed on 'extremely difficult trading conditions' and February's adverse weather, the high street retailer promises to boost the workforce by the end of next year Sales have continued to slide at Debenhams as the recession hits consumer spending. The high street chain reported this morning that like-for-like sales fell 3.6% in the first half of its financial year, to the end of February. The rate of decline has increased since Christmas, when Debenhams said sales were down 3.3%. Debenhams put some of the blame on the snow which struck most of the UK at the start of February. Chief executive Rob Templeman said the company's Oxford Street store had suffered a 90% drop in sales on 2 February, the first day of the disruption. The company also surprised the City by not announcing a cash call. Analysts had expected to hear details of a share placing or a rights issue , to cut Debenhams's large debt pile. Templeman said the company had done well to avoid a larger drop in sales, given the "extremely difficult trading conditions". He added that it was continuing to take market share from rivals, with its Designers at Debenhams range delivering strong sales growth. Debenhams also pledged to create another 1,200 full and part-time jobs by the end of 2010, by opening eight new stores. But the company has little hope that the economic downturn will end soon. It said: "Visibility for the second half remains poor and we will continue to run Debenhams in the expectation that the trading environment will remain challenging." Shares in Debenhams fell almost 12% this morning, losing 5.5p to 40.5p. Analysts said there was concern over how Debenhams will address its debt, which hit nearly £1bn last summer. The store chain said today the net debt has fallen since, but did not give a new figure. Templeman admitted this morning that his main fear was rising UK unemployment, which is expected to break through the 2 million mark when official figures are released tomorrow. He also said the company had not yet made any decision on capital raising. He added that the priority for Debenhams this year is generating cash, rather than growing sales, and that it expects pre-tax profits for the last six months to be ahead of last year. Debenhams 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)

• Shell shares hit by news of US inquiry Shell shares hit by news of US inquiry
03/17/2009
Shares in Royal Dutch Shell are under pressure after it said it was being investigated by US authorities for possible breaches of bribery rules. Coinciding with a strategy update, the company's annual report reveals on page 16 that "Shell is currently under investigation by the US Securities and Exchange Commission and the US Department of Justice for violations of the US Foreign Corrupt Practices Act. "Shell has an ongoing internal investigation and is co-operating with the US DoJ and the SEC investigations. While these US investigations are ongoing, Shell may face fines and additional costs." This seems to be a development from a year ago, when the company said a US subsidiary had been contacted by the DoJ about possible violations of the Act. Shell's A shares are currently down 37p at £16.03. Meanwhile the overall market is still suffering from a spot of profit taking after its recent rises, with the FTSE 100 down 14.09 points at 3849.90. Joshua Raymond, market strategist at City Index, commented: "We knew this was coming. The FTSE and DAX have risen 11% and 12% in a short space of time and investors have not seen these types of returns since the beginning of the year. As a result a degree of profit taking is expected. "What we now need to see is a small degree of consolidation and investors taking a pause for breath. If the FTSE can hold above the 3,800 level over the next few days, we could have more upside through the week. This could improve investor confidence." David Buik at BGC Partners added: "After a tremendous run in recent days the FTSE 100 has paused for breath with a little money coming off the table. This is hardly surprising and is not necessarily a negative sign as there is a will out there for markets to go better in a cautious manner. There may of course be one more sell-off if economic data continues to be downbeat. Tomorrow may not be fun with the dole queue likely to reach 2.1m. Conversely, the availability of credit in targeted markets is improving in the US. "However, the US Federal Reserve's quantitative easing strategies are having limited success in boosting the broader monetary aggregates. Quantitative easing has started here and it may be some weeks before the market feels the benefit. Today we have also heard that the Bank of Japan is prepared to buy subordinated debt. This further illustrates the positive stance taken by the global system to put the economy back on the rails." Royal Dutch Shell Market turmoil guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Goldman lends money to its cash-strapped... Goldman lends money to its cash-strapped executives
03/17/2009
Goldman Sachs is about to start lending money to its own executives after the financial crisis left them short of cash. In an indication that some have seen their personal wealth shrivel in recent months, Goldman is offering to lend money to around 1,000 staffers. The New York Times reported today that the bank is prepared to provide loans worth anything from a few thousand to hundreds of thousands of dollars. The money is being offered because some Goldman employees face cash calls on their investments in some of the bank's own funds. These financial vehicles have invested in real estate and private equity - and their value has plunged as the US economy has contracted. Employees who have invested in the funds are being asked to put up more money - and the relatively meagre bonuses paid out in 2008 means some are struggling to meet their obligations. During the boom years, Goldman was famous for its remuneration policies - lavish even by the gilded standards of Wall Street. But much of this money appears to have gone back into its investment funds. One former Goldman partner told the New York Times that a significant number of the bank's partners are now worth less than $5m (£3.6m) each, despite having enjoyed years of multimillion dollar bonuses. Goldman was forced to give up its treasured investment bank status last year, so that it could receive emergency funds from the Federal Reserve. It is also one of many Wall Street firms to receive billions of dollars through the US banking bailout. These companies have been heavily criticised for continuing to pay bonuses for work done in 2008 - a year punctuated by massive losses and writedowns across the banking sector. Goldman Sachs Banking United States US economy Financial crisis guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Row erupts over European satellite opera... Row erupts over European satellite operator licences
03/17/2009
Opponents of the commission's new licensing policy claim it will create a duopoly and threaten a well-established system of international co-operation A row has broken out between the European commission and the International Telecoms Union (ITU) over Europe's decision to take unilateral control of which satellite operators can broadcast in member countries. Tomorrow the EU will award 18-year licences to two satellite operators, giving them an effective duopoly over the use of what is termed the 'S band', which can be used for services such as satellite broadband. But many in the industry have warned that the commission's move could hinder technological development within the EU and cause interference with other satellite signals, as well as damage a system that successfully functioned throughout the cold war. "The commission process, if it goes ahead, is likely to set an ugly precedent that will ultimately destroy the fabric of international satellite communications and co-operation that has taken several decades to evolve," one satellite operator said. "What is to stop the Russians or other nations in Africa from unilaterally authorising their own systems to provide global coverage without co-ordinating with neighbouring countries? If all nations followed the commission process, then the end result is likely to be such interference that no satellite will be capable of operating." Since the Russian's launched Sputnik in 1957, the ITU has ensured there has been co-ordination between satellite operators. The regime in Europe relies upon satellite operators having to apply for and receive permission from each member state in a process that involved the ITU checking whether any interference might be caused. Any clash would lead to lengthy negotiations between the affected parties. "We see the EU as an unnecessary level [of regulation]," said Aarti Holla-Maini, secretary general of the European Space Operators Association. But tomorrow the commission will sweep that process aside as it awards licences to two companies from a shortlist of four - ICO, Solaris, Inmarsat and TerreStar. ITU insiders said the spectrum being handed over by the commission - in a so-called 'beauty parade' - could accommodate up to 10 operators, with proper co-ordination. The ITU is also furious that the commission has refused to say who will be judging which operators get the licences, and the fact that the 'winners' do not have to co-ordinate their signals with other operators. The commission's move has already caused at least one satellite operator to instigate legal proceedings which could derail a process behind which some in the industry see the influence of outgoing telecoms commissioner Viviane Reding. Throughout her tenure, Reding has clashed with the telecoms industry in her bid to strengthen the EU's regulatory power. Telecommunications industry Telecoms Technology European commission guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Barclays gags Guardian over tax Barclays gags Guardian over tax
03/17/2009
Injunction forces news website to remove seven leaked memos showing how bank avoided hundreds of millions of pounds in tax Barclays Bank obtained a court order early today banning the Guardian from publishing documents which showed how the bank set up companies to avoid hundreds of millions of pounds in tax. The gagging order was granted by Mr Justice Ouseley after Barclays complained about seven documents on the Guardian's website which had been leaked to the Liberal Democrats' deputy leader, Vince Cable. The internal Barclays memos – leaked by a Barclays whistleblower – showed executives from SCM, Barclays's structured capital markets division, seeking approval for a 2007 plan to sink more than $16bn (£11.4bn) into US loans. Tax benefits were to be generated by an elaborate circuit of Cayman islands companies, US partnerships and Luxembourg subsidiaries. The documents had been leaked to Cable by a former employee of the bank, who wrote a long account of how the bank works. The anonymous whistleblower wrote to Cable: "The last year has seen the global taxpayer having to rescue the global financial system. The taxpayer has already had a gun put to their head and been told to pay up or watch the financial system and life as we know it disappear into a black hole. "It is a commonly held view that no agency in the US or the UK has the resources or the commitment to challenge SCM. SCM has huge amounts of resources, the best minds rewarded by millions of pounds. Compare this with HMRC [Her Majesty's Revenue & Customs] recently advertising for a tax and accounting expert with the pay at £45,000. "Through the use of lawyers and client confidentiality SCM regularly circumvents these rules, just one example of why HMRC will never, in its current state, be up to the job of combating this business." The Guardian's decision to publish the documents came on a day when the chancellor, Alistair Darling, told parliament he had asked HMRC to publish shortly a draft code of practice on taxation for banks "so that banks will comply not just with the letter of the law but the spirit of the law". Barclays's lawyers, Freshfields, worked into the early hours to force the Guardian to remove the documents from the website. They argued that the documents were the property of Barclays and could only have been leaked by someone who acquired them wrongfully and in breach of confidentiality agreements. The Guardian's solicitor, Geraldine Proudler, was woken by the judge at 2am and asked to argue the Guardian's case by telephone. Around 2.31am, Mr Justice Ouseley issued an order for the documents to be removed from the Guardian's website. Cable said it was both "incongruous" and "offensive" that banks that rely on state support should avoid paying tax and therefore be "selling the taxpayer short". Although the taxpayer has not had to directly support Barclays by taking an equity stake, the bank had relied on the government's special liquidity scheme to provide funding for loans. "The banks are able to organise their activities in such a way that they can run rings around the Inland Revenue," he told the Telegraph. "It serves no other purpose than to reduce tax. The fundamental point is that it is incongruous and offensive that banks which are either directly or indirectly dependent on the government should be systematically finding ways to avoid tax." Cable, who passed the documents to HMRC and the Financial Services Authority, told the Sunday Times this week: "The documents suggest a deeply ingrained culture of tax avoidance. The Barclays team looks like the spider at the centre of a highly artificial web of non-transparent transactions through tax havens. Reputable banks don't turn tax avoidance into a profit machine." A Guardian spokesman said this morning that the paper would appeal against the order. "Tax avoidance is a matter of high public and political interest. These documents showed for the first time how major banks set up artificial schemes with the aim of earning hundreds of millions in tax-free money, which is why the Barclays whistleblower leaked them. "All decisions about tax are taken in secret, hidden from public view. It is not right for a judge to prevent daylight from shining on the few documents ever to have emerged which graphically demonstrate what HMRC is up against." Barclays Tax avoidance Banking Tax and spending Vincent Cable The Guardian Newspapers guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Ofcom sets out challenge of broadband Br... Ofcom sets out challenge of broadband Britain
03/17/2009
Ofcom boss Ed Richards last night set out the full scale of the challenge of realising the government's ambition of getting broadband to everyone in the UK by 2012, with over 1.5m homes currently unable to get the speed promised by Lord Carter in his Digital Britain plan. Speaking at the The Future of Telecoms at the London School of Economics, Richards unveiled research to be published by the regulator later this week. Over 40% of the UK's estimated 25m households do not have broadband and, of those, Richards said that 55% "have decided they do not want it at all, even though they can afford it – we call these the 'self excluded'". He added that 30% "are restrained by financial resources but would like to be online – we call these the 'financially excluded'," while "15% don't want it and don't have the resources anyway – we call these the 'dual excluded'". "So, even though people are bombarded by messages about the range of benefits of being online – whether buying cheap insurance or catching up on last week's soaps – there seems to be millions of people who are not yet persuaded." He added that 1% of UK households do want broadband but cannot get it where they live - the so-called 'geographically excluded' - but those figures are only for broadband at 512Kb per second. Communications minister Lord Carter, in his interim Digital Britain report published in January, said he wants universal broadband access by 2012 at speeds of 2Mb per second and above. At that speed, Richards said, "then the 1% grows substantially to an estimated 15% who simply can't access a service of this speed at present." That is equivalent to roughly 1.5m homes. He said it was "time to ensure that anyone who wants a decent basic broadband service can get one". Lord Carter has made it plain that he believes the UK mobile phone networks have a major role to play in plugging the gaps in broadband coverage while Richards added that in some cases "simple and cheap improvements to in-house wiring can deliver the desired speed improvements". Technology Ofcom Regulators Broadband Internet guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Campaign launched for 'people's bank' Campaign launched for 'people's bank'
03/16/2009
A coalition of unions, small businesses, charities and pressure groups begin a campaign today for a "people's bank" built on the Post Office network. The Post Bank campaign believes the strength of the Post Office brand and its 11,500 branches should be used to create a local banking infrastructure throughout the UK. "The effect of the banking crisis means the need for a new, trusted, state-owned bank based on the Post Office network is urgent," the campaigners say. "There is a unique opportunity to answer both concerns around secure and equitable finance and the future of the Post Office network." In recent years the Post Office has sought to build up its position in the financial service sector through an increasing range of products – including some banking facilities in partnership with the Bank of Ireland. It has sought to use financial services to replace government business lost to online rivals and other providers. However, there have been increasing calls for the Post Office, which has more than twice as many branches as Britain's high street banks, to operate its own bank network. Commenting on the proposals, a Department for Business spokesman said: "The government is committed to a secure, sustainable and successful future for the Post Office network. The Post Office is a trusted institution, offering face-to-face contact in local communities. "It could deliver more banking and financial services ... There will of course be different views about how to go about this. The Post Bank coalition's paper is a very welcome addition to this work." The coalition – made up of the Communication Workers Union, Unite, the Federation of Small Businesses, the Public Interest Research Centre and the New Economics Foundation – argues there are significant advantages: a stronger Post Office network, accessible and dependable services, and greater financial inclusion, as well as thousands of new jobs. "Deposits made through the Post Office Bank could play a vital role in reconnecting the banking system with the productive economy," the coalition said. Post Office Ltd, which runs the Post Office network, is part of Royal Mail. The government is looking at the sale of a strategic stake in much of Royal Mail to an outside operator, though the Post Office part of the business would not be included. Billy Hayes, CWU general secretary, said: "The Post Bank is the right proposal at the right time, politically and industrially. It answers the needs of the financially excluded and will appeal to many in this time of economic uncertainty." John Wright, of the Federation of Small Businesses, said: "Small businesses are completely reliant on the Post Office network, with 80% passing their letters and parcels through the Post Office and 47% visiting a post office a couple of times each week. Establishing Post Bank would not only retain jobs but could also, we estimate, create 11,000 new jobs." Frank Cooper, of the National Pensioners Convention, said: "Pensioners have lost faith in the financial sector and the launch of a new people's bank at the Post Office will offer some much-needed security." Banks and building societies Banking Postal service Pensions Savings guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (13 h ago)

• Brown: I should have done more to preven... Brown: I should have done more to prevent bank crisis
03/16/2009
PM accepts 'full responsibility' and declares pure free-market era is over Gordon Brown attempts to launch a political fightback today by declaring that he takes "full responsibility" for his role in the banking failures that led to the global recession, and claims that the downturn marks the end of the era of laissez-faire government. In an interview with the Guardian, the prime minister concedes that in retrospect he wishes he had mounted a popular campaign 10 years ago to demand more responsible regulation of the world's financial markets. He attempts to draw a line under calls for him to make an apology by admitting that the national system of regulation he helped establish in 1997 could not keep pace with the massive global financial flows. In some of his most extensive comments on his role in the recession, Brown said: "I take full responsibility for all my actions, but I think we're dealing with a bigger problem that is global in nature, as well as national. Perhaps 10 years ago after the Asian crisis when other countries thought these problems would go away, we should have been tougher ... keeping and forcing these issues on to the agenda like we did on debt relief and other issues of international policy." Brown spoke at the start of a major Guardian series on Labour's future. David Cameron, the Conservative leader, has exploited the prime minister's reluctance to make an apology, a tactic which has helped give him a double-digit lead in the polls. Brown's remarks will, he hopes, give the party a launchpad to retaliate, insisting that it "is essential for the sake of the country" that Labour wins a fourth term at the next general election, likely to be held next year. He argues that "only progressive, centre-left governments can address the problems of the global change". Brown also claims that "the 40-year-old prevalent orthodoxy known as the Washington consensus in favour of free markets has come to an end", but signals a refusal to return to Labour's comfort zone by saying there will be no return to "big government", or any let up in public service reform. "Laissez-faire has had its day. People on the centre-left and the progressive agenda should be confident enough to say that the old idea that the markets were efficient and could work things out by themselves are gone", he says. The Guardian has learned that ministers have separately conceded that the government is now unlikely to go ahead with a planned spending review this summer, partly because the economic outlook is so unstable that it is hard to make meaningful three-year spending forecasts department by department in Whitehall. During the interview, Brown: • Refuses to rule out a further British economic stimulus in the April budget. He promises extra help for hard-pressed savers and says ministers are looking at offloading further public assets in the budget in a bid to balance the books. • Defends reforms to the part privatisation of the Royal Mail, saying it is right to find an international investor to help with new international investment. • Insists the G20 summit in London on 2 April will determine whether the world collapses into protectionism. This, he says, would be "the road to ruin", parallel to the failed London economic conference in 1933 that made recession a fact of life for the rest of the decade. • Says the summit will agree new ground rules to control not just the structure of executive pay, but their absolute levels. He also claims the summit will also signal "the beginning of the end of the offshore tax havens and banking secrecy". • Seeks to dispel notions of a split between the US and mainland Europe on whether to back a specific co-ordinated further economic stimulus linked to each nation's GDP, saying: "It is not about numbers, but about commitments by each continent to coordinate their action." The prime minister also argued that the world recession was changing the public's expectations of business values, and they no longer believe a successful economy has to be based on high levels of risk. "Most people want business to have the same values as they practise in their everyday life. People would rather reward hard work rather than risk-taking. They want to support enterprise and not excess. They want to support people that take responsibility and not run away from it". Giving his fullest defence of his role in the recession, and his refusal to offer an outright apology, he said: "I take full responsibility for all my actions." The prime minister said: "We created a system in 1997 which was unified regulation. Before 1997 it was virtually self-regulation. We created a statutory system, but around the world we were finding that we had a global set of financial flows and you needed global supervision." He added there had been a wider general intellectual failure to understand the dangers of these sophisticated markets. "The general view of financial practitioners was that the more ownership of products was diversified, the more you limited the danger of risk falling on one institution. "But actually because of the entangled nature of the financial institutions, what was designed to spread risk actually spread contagion." He defended his role in bailing out the banks, saying he had saved them from collapse and claimed his government was the first in the world to impose quantitative targets for lending amounting to £50bn this year to banks in which the government holds shares. Gordon Brown Economic policy Recession Credit crunch Banking Regulators Global economy guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (13 h ago)

• Crack open the bubbly darling, this is a... Crack open the bubbly darling, this is a vintage recession
03/16/2009
Datablog: champagne exports from France, by country The economy may be heading south, debt levels are soaring and unemployment is mounting - but Britain, it seems, is still in the mood to celebrate. Figures from the French champagne industry show that sales in the UK are buoyant. Champagne shipments are holding up much better than they did during the last recession, leaving the UK way ahead of other countries as the world's number one export market. There are, however, signs that it may be becoming an indulgence engaged in by consenting adults in private. The sales rise is steepest in the home market. And the champagne of choice is decidedly non-vintage. Françoise Peretti, director of the Champagne Bureau, said the figures confirmed that, despite the global economic gloom, UK consumers were continuing to enjoy champagne. "Britain's love affair with champagne is still going strong, although what we are seeing is that the British are saving money by drinking more at home. The British are very knowledgeable about their champagne and are loyal to it. While the signs before the recession were that they were drinking more vintage, that is slipping back in favour of non-vintage." Supermarket chains confirmed an upturn in champagne sales, but alongside a significant rise in the sales of cheaper alternatives. Waitrose said sales of champagne were up 5% year on year while sparkling wines such as cava and sparkling chardonnay had seen a "significant" increase of 35%. A spokeswoman said: "People are still looking for treats which they can enjoy at home. Sparkling wines are getting better in quality and are now an acceptable, cheaper alternative to champagne." Sainsbury's said that in the run-up to Valentine's Day sales of champagne and sparkling wine rose by 18%, although most of the increase was in sparkling wines. Last year the French champagne producers shipped 35.9m bottles of champagne to the UK. While that was a 7.8% fall on the previous year, 2007 was actually a record year - when 39m bottles were sent to the UK. Today's figures merely return to stable levels of 2005. However much Britons may be lifting the economic gloom by reaching for the fizz, it is the French who are the real winners. On top of the 141m bottles exported last year, consumption in France reached a staggering 181.2m bottles. With that sort of homegrown demand the industry appears well placed to weather the economic storm. Food & drink industry Recession Wine Food & drink Consumer affairs guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (13 h ago)

• Obama will try to block AIG's 'outrageou... Obama will try to block AIG's 'outrageous' $165m bonuses
03/16/2009
The stricken US insurance firm AIG was battling to defend paying staff bonuses worth hundreds of millions of dollars after Barack Obama described the payouts as an "outrage" and vowed to use every legal avenue to block them. The company said it was legally obliged to pay traders $165m (£118m) in "guaranteed" bonuses, despite the near collapse of the insurer last September and its subsequent $173bn bailout by US taxpayers. Staff at the company's offices in London – many of them in the financial products division identified as the root cause of its downfall – are included in the payout. Meanwhile, New York's top legal officer, attorney general Andrew Cuomo, said he would issue subpoenas against AIG after the company missed an 8pm deadline tonight to release details of the bonuses. Cuomo said he was looking into whether the AIG payments were contractually required or could be voided under New York law. "We need this information immediately in order to investigate and determine whether any of the individuals receiving such payments were involved in the conduct that led to AIG's demise and subsequent bailout," Cuomo wrote in a letter to Edward Liddy, AIG's chairman and chief executive. In addition to the list of people set to receive bonuses, Cuomo demanded details about who developed the bonus plans and a status report on whether payments have been made. "Covering up the details of these payments breeds further cynicism and distrust in our already shaken financial system," Cuomo wrote. Liddy had previously said in a letter to the treasury secretary, Tim Geithner, that lawyers had advised the company that "retention benefits" were enforceable in the courts and could not be withdrawn without causing a breach of contract. Liddy said he feared the best-qualified staff would leave if they faced "continued and arbitrary adjustment" of their pay by the US treasury. Stung by increasing criticism of Wall Street bonuses, Obama said AIG had failed to address the reasonable concerns of ordinary Americans, many of whom were losing their jobs. "This is a corporation that finds itself in financial distress due to recklessness and greed," he said. "Under these circumstances, it's hard to understand how derivative traders at AIG warranted any bonuses, much less $165m in extra pay," he told a group of small-business owners at the White House. "How do they justify this outrage to the taxpayers who are keeping the company afloat?" Obama said he had asked Geithner to use the government's majority ownership of the company and White House lawyers to pursue "every legal avenue" to push back against the bonus payments. "I know he's working to resolve this matter with the new chief executive, Edward Liddy, who came on board after the contracts that led to these bonuses were agreed to last year," Obama said. The president said the bonus situation underscored the need for financial regulatory reform and the government needed "some form of resolution mechanism in dealing with troubled financial institutions, so we have greater authority to protect the American taxpayer and our financial system in cases such as this. We will work with Congress to that end." White House officials are concerned at the US public's growing resistance to further bailouts of the banks and insurers while large bonuses continue to be paid to traders and senior executives. AIG was rescued by the Bush administration after it became concerned that the company had underwritten many of the "toxic" derivatives sold by banks and its collapse could undermine the entire financial system. Obama is due to meet other G20 leaders in London next month with a view to agreeing a package of measures to underpin the finances of the banks and stabilise the financial system. The issue of bonuses payments at AIG and other financial firms is likely to generate further difficult headlines for the Obama regime and increased resistance in Congress to the use of more federal funds. This month the insurer announced a $61.7bn fourth-quarter loss – the largest quarterly loss reported by a US company. Liddy, who is expected to face a criticism on Wednesday when he appears before a congressional subcommittee investigating the insurer's bailout, said: "I do not like these arrangements and find it distasteful and difficult to recommend to you that we must proceed with them. "I would have designed these differently and at significantly lower levels. "I am committed, however, to working within the existing arrangements to get the most out of them for AIG's constituencies. … Honouring contractual commitments is at the heart of what we do in the insurance business." AIG Executive pay and bonuses United States Barack Obama Credit crunch Timothy Geithner guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Eidos: Championship Manager 'not good en... Eidos: Championship Manager 'not good enough'
03/16/2009
Eidos, the troubled computer game company behind the Tomb Raider franchise, has suffered yet another setback with news that the PC version of its showpiece Championship Manager football game has been delayed because it is not good enough. It is deja vu for the firm, whose shareholders are due to meet later this month to approve an £84.3m bid from Square Enix, best known for its Dragon Quest and Final Fantasy role-playing games. The delay of Championship Manager in October 2004, in a move that saw the title miss out on the crucial Christmas market, sent the company into a spiral that ultimately led to a buyout by its rival SCi Entertainment. The company subsequently changed its name back to Eidos but it has been dogged by profit warnings and, more recently, an admission that the attractions of archaeologist Lara Croft had worn off. Sales of the latest instalment of her adventures – Tomb Raider: Underworld – failed to live up to expectations, wiping £20m off projected sales. Today the company admitted that it had delayed the release of Championship Manager from April 2009 "to ensure we deliver the best game to our customers". "As a result, the release date will move into the company's next financial year", which starts on July 1. The company said the move would have "limited impact" on its profits. "We believe by moving the release date of Championship Manager we will give the product the additional time needed to deliver a more polished and highly competitive game within the genre," said the chief executive, Phil Rogers. "We will not compromise on quality and we are confident that this decision is right for consumers and will benefit the continued popularity of this franchise." Games guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (17 h ago)

• Pension funds join lawsuit against RBS a... Pension funds join lawsuit against RBS and Goodwin
03/16/2009
Sir Fred Goodwin and Royal Bank of Scotland are cited in legal action being brought by pension funds in North Yorkshire and Merseyside which are taking part in a class action suit being pursued in the US. The pension funds of council workers in North Yorkshire and Merseyside are among a number of investors arguing that RBS "falsely reassured" shareholders that its business was solvent. The action covers shares bought between 26 June 2007 and 19 January this year. RBS launched its record breaking £12bn rights issue in April last year before being rescued by the taxpayer in October. The pension funds have hired US law firm Coughlin Stoia Geller Rudman & Robbins, which has previously worked for North Yorkshire county council pension fund on a "no win no fee" basis in a number of cases. The US law firm has hired Cherie Booth, the wife of former prime minister Tony Blair and a QC at the Matrix Cambers, as an adviser on the case. Her role surprised some experts. Peter Murphy, a partner who specialises in litigation at law firm Sackers, said: "Her profile is mainly in UK and European human rights law, not US securities litigation. But that is not to say she doesn't have relevant expertise. It is simply that she is likely to be just one part of a large legal team bringing with it a variety of skills and knowledge. Her involvement in the case will certainly add greater public interest to an already high profile media event. "The US legal system is an ideal forum for these types of claims. US lawyers act on a 'no win, no fee' basis and plaintiffs do not have to pay for the other side's legal costs even if they lose. It is, of course, also based on US securities legislation." Patrick Daniels, a partner at Coughlin, said: "We will be pursuing this claim relentlessly in order to bring the executives, especially Sir Fred Goodwin, and this bank to book." Booth said: "This is a significant case not only for the massive losses inflicted on local authority pension schemes and other UK institutions who were the largest investors in RBS but also for the potential to protect investors in the future by significantly raising the standards for good governance in major UK companies". North Yorkshire county council invested £23m in RBS. "This process does not affect individual people who are entitled to pensionable benefits. The action has been taken to safeguard the value of the fund in the long term," the fund said. Royal Bank of Scotland Sir Fred Goodwin Cherie Blair Banking Credit crunch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (17 h ago)

• Ford cuts production in Europe Ford cuts production in Europe
03/16/2009
The crisis in Europe's shrunken car industry deepened today when Ford cut production and extended the shorter working week at two of its core continental plants. Ford executives battened down the hatches for a prolonged downturn in demand stretching years ahead by warning of more cutbacks to come. Their comments came as consultants said cumulative cash burn this year could be between €18bn (£16.6bn) and €30bn and revenues could plunge by up to €60bn via a 20% slump in output. They forecast a wave of bankruptcies among suppliers as assembly line volumes collapse by a third this year. The moves by Ford came as Germany's economics minister launched a series of emergency talks in New York and Washington with the banks and President Barack Obama's economic advisers on a €3.3bn plan to rescue General Motors Europe from insolvency. Industry executives are warning that only two or three of Europe's 10 carmakers will survive the worst crisis for the sector for almost 80 years and forecasting a spate of mergers, takeovers and closures along with tens of thousands of job losses. The sector, haemorrhaging cash in the continuing credit crunch, is being kept alive by "scrappage" schemes in eight mainland European countries, with the British-based industry stepping up demands on business secretary Lord Mandelson to offer £2,000 to consumers to buy new eco-efficient models. Overall European car sales fell 22% last month and, in a report by consultants Global Insight published today, industry association ACEA said sales are running 3.5m units below the past decade's average 17.2m a year. Still to demand government bailouts in the US or Europe, Ford is cutting output at its Valencia plant in Spain by moving from a three-shift to a two-shift operation. But it said the plant would still build a new 2-litre eco-petrol engine from later this year and the new C-Max model. At Saarlouis, south-west Germany, the workforce will continue on a four-day week for the foreseeable future but the plant will be the main source of the new-generation Focus. Cologne and a new plant in Romania, at Craiova, will also build a new fuel-efficient petrol engine. Ford made $1bn (£710m) in Europe last year despite losses in the final quarter and has yet to lay off staff – unlike some of its peers. But it said cutting capacity, reducing costs and safeguarding future product plans "remain essential to sustain a viable business". John Fleming, chairman and chief executive, said that demand was unlikely to improve significantly in the European market for some considerable time. "Ford of Europe must return to sustainable profitability as soon as possible. We will do whatever it takes to ensure the continuing viability of our business and further actions can be expected," he said. His drastic warning came as Karl-Theodor zu Guttenberg, German economics minister, again ruled out direct state cash for GM's European operations and urged an injection of private capital. Amid reports that Middle Eastern and Asian sovereign wealth funds have been approached, officials on Guttenberg's trip said there were "serious and less serious" interested parties. The minister held talks with Morgan Stanley, JP Morgan and Goldman Sachs in New York before flying to the US capital for discussions with Obama's senior economics advisers and Rick Wagoner, GM's chief executive, tonight. Germany, the key to unlocking GM Europe's future, including that of Vauxhall in the UK, fears the Detroit-based parent is holding a gun to its head during general election year, with 25,000 employees at risk – and up to 300,000 in the wider economy. Media reports suggested that GM, which seeks up to $30bn in US state aid alone and could soon be bankrupt, had yet to submit a viable survival plan or outline how a divestment of its European arm would work, notably as regards patents and licences. In Britain, Vauxhall sources insisted that discussions with Mandelson and his team were "constructive" and a deal could be reached by the end of the month – the deadline for Wagoner to convince the Obama administration the group can remain a "going concern". Automotive industry Recession Global recession Europe Germany France guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• US authorities to seize $69m of assets h... US authorities to seize $69m of assets held in Ruth Madoff's name
03/16/2009
US authorities confirmed today that they will seize $69m (£48.9m) of assets belonging to the wife of the multibillion dollar fraudster Bernard Madoff. Prosecutors will seek the $7m Manhattan penthouse registered in Ruth Madoff's name as well as another $62m that she had sought to keep, a filing to a New York court said. The decision, which will also see the seizure of other homes in Florida, Antibes and Long Island worth $22m, is a blow to Madoff. His lawyers had argued that his wife should be able to keep the assets, including $17m in a bank account, as they were not part of Madoff's fraud and were in her name. Prosecutors have been preparing legal action against Mrs Madoff amid fears that she will try to flee the United States or move her fortune beyond their reach. A source at the US Securities and Exchange Commission told the Observer at the weekend that attorneys believe Mrs Madoff's assets are "derived from ill-gotten gains and that they should be frozen for a certain period of time while the investigation is ongoing". The judge will now decide whether there is sufficient reason to believe Mrs Madoff's assets were the proceeds of her husband's $65bn Ponzi scheme which he admitted operating in a dramatic appearance last week . After Madoff confessed his crimes to the FBI on 11 December, the Department of Justice moved quickly to file a criminal complaint against him while the SEC issued an order to freeze his assets. SEC sources indicated that Mrs Madoff would soon experience something similar. "When you file a criminal complaint in this way you do not need the case to be nailed down, you just need to be able to convince the judge that there is a strong probability that the funds in question came from crime," the SEC source said. When Madoff pleaded guilty to 11 counts of fraud last week he claimed he ran the enterprise alone, without the knowledge of his wife or his two sons, Andrew and Mark, even though all three - and many more family members - were deeply involved in his business affairs. Investigators seeking to unravel Madoff's Ponzi scheme have focused on two wire transfers made by his wife just before his arrest. On 25 November Mrs Madoff withdrew $5.5m from Cohmad Securities, a Massachusetts-based brokerage firm part owned by her husband. Then on 10 December - the day Madoff confessed his thefts to his sons and 24 hours before his arrest - she took an additional $10m from her account, filings show. Bernard Madoff United States guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• Fed up with paltry interest on savings? Fed up with paltry interest on savings?
03/16/2009
Fed up with the paltry interest earned on your savings? The Swiss have an answer: pay the taxman too much. The fiscal authorities in Switzerland's cantons pay 2% interest on any money they owe in back payments and have now discovered, not entirely to their liking, that they have become a bank by default as savers seek more than the meagre 0.1% on offer in their normal accounts by deliberately overpaying tax. "Not much we can do about it; it goes with the business," said Roland Meier, spokesman for the federal department of finance (FDF) in Bern. "But you'd have to owe a lot to earn a few thousand francs." The cantons have yet to get together to reduce the rate and bring themselves into line with other national tax agencies such as the UK's HMRC, which demands interest on late or under-payments but pays none on over-payments. But Meier said: "It's up to the cantons to decide … Maybe they should think about that." The latest wheeze by the fiscally aware Swiss came to light when Peter Hegglin, finance director of the Zug canton, home to innumerable "tax-efficient" overseas shell companies, discovered his coffers were more swollen than he had budgeted for. A stunned Hegglin found he had Sfr50m (£30m) more income than expected and that the process was accelerating. "We've got high tax yields throughout all the classes," he told the Sonntag newspaper. He added that people were more and more treating the taxman as a savings bank by leaving their due back-payments untouched so as to earn yet more interest. "In a crisis we're a safer harbour than a cantonal bank." It is the latest shock to hit the once unchanging, conservative world of Swiss banking. The country is still angry about last week's agreement by their federal government to conform to OECD standards on tax evasion/avoidance under pressure from Europe and the US – a topic discussed by Hans-Rudolf Merz, finance minister, with Gordon Brown on Saturday. He told the prime minister there were no grounds to place Switzerland on a G20 blacklist. Opposition politicians today demanded retaliation against the British, French and, above all, Germans, saying up to 30,000 jobs were threatened. They want a boycott of German cars and fighter jets and the return of some Sfr300bn of Swiss bonds parked in EU banks. However, Meier said the growing clamour for tit-for-tat action was "not to be treated seriously … We've begun talks with various governments about revising double-taxation agreements but nothing has been decided yet." Europe European banks Switzerland Savings guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• Call to sacrifice wind power for nuclear Call to sacrifice wind power for nuclear
03/16/2009
Greenpeace dismisses EDF for protecting its 'vested nuclear interests' by undermining the future of renewable fuels EDF and E.ON have warned the government they may be forced to drop plans to build a new generation of nuclear power plants unless the government scales back its targets for wind power. The demands – contained in submissions to the government's renewable energy consultation – reinforces the worries of wind developers that the two sectors cannot thrive simultaneously. EDF of France and E.ON of Germany, two of the most high-profile nuclear supporters, said attempts to reach 35% of electricity generated by renewables is not only unrealistic but also damaging to alternative schemes such as nuclear plants. "The deployment of high levels of intermittent renewables for electricity generation will require the construction of additional carbon-emitting plant as back-up for when renewables are not available to meet demand," EDF argued. "This is likely to be predominantly gas-fired and will therefore undermine efforts to reduce dependence on non-domestic fuel sources." "A 25% electricity target will provide the best platform for further decarbonisation of electricity generation in the period beyond 2020, through a combination of further renewables, new nuclear and coal and gas with carbon capture and storage." The attempt to dilute the contribution from renewables has infuriated the environmental lobby. "We've always said that nuclear power will undermine renewable energy and will damage the UK's efforts to tackle climate change – now EDF agrees," said Nathan Argent, head of Greenpeace's energy solutions unit. "The National Grid shows that there is capacity to take well over 30% percent of our electricity from renewables. EDF are trying to block efforts to deliver on the most important technology to the UK to tackle climate change and keeps the light on in order to protect their own vested nuclear interests." Friends of the Earth agreed. "The UK is the windiest country in Europe with the best wave and tidal resources," said Andy Atkins, the group's executive director. "We should be maximising renewables and harnessing as much of that clean, safe energy as we possibly can – not propping up the French nuclear industry. "Nuclear power is no green alternative – it leaves a legacy of deadly radioactive waste that remains dangerous for tens of thousands of years. And nuclear power plants simply cannot be built in time to deliver the cuts in carbon dioxide emissions that science says are needed." E.ON said it was wrong to interpret the submission as an attempt to dismiss wind power completely. A spokesman said the company had already built a raft of wind farms in Britain and had plans for more. "We believe in a mix of power sources, including nuclear and renewables, but we know that during the cold spell in January that some of wind farms were operating at less than 10% of capacity." Utilities EDF Energy Renewable energy Energy Nuclear power Wind power guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• Job centre crisis as 10 bid for each adv... Job centre crisis as 10 bid for each advertised vacancy
03/14/2009
• Grim figures reveal depth of recession • Unemployment set to top two million Startling new figures have revealed that on average there are 10 jobseekers for every vacancy advertised in the UK. In one area of the south-east, 60 workers are available for each job. This week, as unemployment is expected to burst through the 2 million barrier, The Observer can reveal that the spectre of mass unemployment is forcing the government to reinforce job centres, with civil servants diverted from child maintenance and disability claims. Already 600 staff working for the Child Support Agency, which has been renamed the Child Maintenance and Enforcement Commission, and 300 Pensions, Disability and Carers Service staff have been asked to work with the growing number of unemployed, to the anger of charities. The full extent of the jobs misery is shown in a nationwide analysis by the TUC. In some parts of the country, the task facing jobseekers is critical. The Isle of Wight has more unemployed workers per new job than any other area. In total, there are 3,152 people chasing 52 advertised vacancies, as its main industries of tourism and manufacturing suffer from the credit crunch. "These shocking figures blow out of the water the government's claim that there are plenty of jobs available for people who are prepared to look," said Brendan Barber, the TUC general secretary. As unemployment has risen in recent months, Gordon Brown and James Purnell, the work and pensions secretary, have stressed the large number of job opportunities available, but the research shows that they are heavily outnumbered by unemployed workers. When Twycross Zoo in Leicestershire held a recruitment day recently to hire 150 staff, it attracted a crowd of up to 3,000 people. Central London emerges from the TUC's research as another unemployment blackspot, where the number of vacancies is far exceeded by unemployed workers. There are just 4,275 vacancies across the 12 inner London boroughs, against almost 71,000 unemployment benefit claimants. Hackney, in east London, has 37 claimants for every new job.The claimant count, a key measure of unemployment, is expected to show a sharp rise for February of up to 90,000, when official figures are announced on Wednesday, which would make it the worst month since the early-1990s downturn. On the broader measure favoured by the government, total unemployment is almost certain to hit 2 million, or 6.5% of the workforce. Since job losses usually lag behind an economic downturn by several months, the impact of the chaos unleashed last autumn after Lehman Brothers collapsed is unlikely to be felt until later in the spring. "There must be a good chance that we get a 100,000-plus monthly rise in unemployment soon," said Michael Saunders, chief UK economist at Citigroup. As Chancellor Alistair Darling draws up plans for his budget next month, Barber called for more help from the Treasury for the unemployed, including an increase in jobseekers' allowance to at least £75 a week, from the current level of £60.50. Together with the Federation of Small Businesses, the TUC is also calling for subsidies to support firms that are putting staff on to shorter working weeks on a temporary basis. "The government must use all available means to stem rising unemployment and provide much-needed support for those who are struggling to pay their bills," Barber said. "Measures such as increasing jobseekers' allowance and introducing short-term wage subsidies could be up and running straight away and prevent unemployment reaching the levels of previous recessions." The revelation that the government was switching civil servants from crucial jobs to deal with the unemployed has angered charities and the opposition parties. Shadow work and pensions secretary Theresa May said: "If Labour hadn't been so negligent in closing a job centre every week during 2008, when unemployment was rising, we wouldn't be in this situation. "We support measures to help job centres struggling with the increased workload during the recession. However, I have serious concerns about the knock-on effect this will have on the CMEC and its ability to chase absent fathers who are dodging paying maintenance." A DWP spokesperson said: "Where there is no operational risk to the departments' services, we will loan or transfer staff from other areas of DWP, but our main focus has been to hire staff externally and so far we have recruited 4,000 new staff to cope with rising demand in job centres." As job losses mount across the economy, analysts are becoming increasingly worried that mass unemployment will exacerbate the downturn in consumer spending and the housing crash, and create a vicious circle. "Looking ahead, the pressing concern now is whether the rise in unemployment will become self-sustaining by creating a negative feedback loop between demand and unemployment. While we are perhaps not in this territory yet, this is a clear medium-term risk for the economy," said Jonathan Loynes, of consultancy Capital Economics. Job losses Work & careers Unemployment and employment statistics Economics Trade unions guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 d ago)

• Seattle Paper Shifts Entirely to the Web Seattle Paper Shifts Entirely to the Web
03/16/2009
The Post- Intelligencer is the largest American paper to drop its print edition and become an Internet-only entity. (7 h ago)

• Advertising: Campaigns for Challenging T... Advertising: Campaigns for Challenging Times Put Children and Mothers First
03/16/2009
Even in tough times, advertising by companies like Campbell Soup, State Farm and J.C. Penney is holding steady or is being stepped up. (7 h ago)

• For a Week, CNN Turns Its Cameras to the... For a Week, CNN Turns Its Cameras to the Economy
03/16/2009
Between breaking news stories, all of CNN’s programs this week will present coverage and guests related to financial topics. (8 h ago)

• Chief to Step Down From Media Empire Bas... Chief to Step Down From Media Empire Based in Dublin
03/16/2009
Anthony O’Reilly will step down from the company that publishes The Independent of London, in a move to end a dispute with a dissident investor. (18 h ago)

• Back on TV, and Back in the Black Back on TV, and Back in the Black
03/16/2009
Ronald G. Insana will return to CNBC, after spending three years managing a hedge fund that lost money. (19 h ago)

• Advertising: Sci Fi Channel Has a New Na... Advertising: Sci Fi Channel Has a New Name: Now, It’s Syfy
03/16/2009
The new branding is the result of an effort to come up with a name that covered everything that fans expected, and that could be trademarked as well. (20 h ago)

• Advertising: A Hybrid’s Niche? The Masse... Advertising: A Hybrid’s Niche? The Masses, It Hopes
03/16/2009
Honda plans to offer the 2010 Insight hybrid for as little as $19,800, thousands below the typical entry point for a hybrid vehicle. (21 h ago)

• Advertising: Creeping Onto the Front Cov... Advertising: Creeping Onto the Front Covers of Magazines, Paid Ads
03/16/2009
Publications are changing their policies to sell prime space to advertisers, raising concerns with news media organizations. (21 h ago)

• The Media Equation: Next Big Film Has a ... The Media Equation: Next Big Film Has a Premiere in Your Living Room
03/16/2009
In an era where more and more films are vying for precious big screens, little movies are beginning to show up on small screens at the flick of the remote. (23 h ago)

• At Austin Meeting, Seeking Exposure for ... At Austin Meeting, Seeking Exposure for New Tech Products
03/16/2009
For the Web entrepreneur, the South by Southwest Interactive conference in Austin, Tex., can be pivotal in getting a nod from the technorati for a new product. (23 h ago)

• Capitalism Finds Voice in China TV Capitalism Finds Voice in China TV
03/16/2009
Rui Chenggang’s nightly financial news program attracts 13 million viewers on China Central Television. (1 d ago)

• Yahoo Reverses Its Web Strategy With Web... Yahoo Reverses Its Web Strategy With Web Videos
03/15/2009
The Internet portal will offer a series of niche Web shows directed at audiences it knows it already has. (1 d ago)

• Intergalactic Representatives at the U.N... Intergalactic Representatives at the U.N.
03/15/2009
“Battlestar Galactica” will be the subject of a panel discussion involving the creators of the show, two of its stars and local high school students at the United Nations headquarters on Tuesday. (1 d ago)

• Book Sales in Europe Are Gaining in Toug... Book Sales in Europe Are Gaining in Tough Times
03/15/2009
As the recession leaves other media industries in tatters, the oldest mass medium of all is holding up surprisingly well. (1 d ago)

• Off the Shelf: India’s Potential, Seen F... Off the Shelf: India’s Potential, Seen From the Inside
03/15/2009
In “Imagining India,” Nandan Nilekani, a founder of Infosys Technologies, offers guiding ideas on the transformation of India. (2 d ago)

• These Days, No Reporting Behind a Nation... These Days, No Reporting Behind a Nation’s Back
03/14/2009
In the Internet age, foreign correspondents write for locals as well as for readers living somewhere else. (2 d ago)

• In Downturn, China Exploits Path to Grow... In Downturn, China Exploits Path to Growth
03/17/2009
A $600 billion package for infrastructure, training and research is aimed at making China more competitive. (5 h ago)

• Markets in Asia Rally but Europe Slips Markets in Asia Rally but Europe Slips
03/17/2009
European stocks opened lower Tuesday after a mostly stronger session in Asia, and the euro regained all the ground it lost to the dollar since early February. (5 h ago)

• World Business Briefing | Asia: China: E... World Business Briefing | Asia: China: Evercore in a Joint Venture
03/16/2009
Evercore Partners, the investment bank founded by former Deputy Treasury Secretary Roger Altman, set up a venture with Citic Securities, China’s biggest securities firm by market value. (7 h ago)

• World Business Briefing | Europe: Italy:... World Business Briefing | Europe: Italy: Banco Popolare Makes Offer
03/16/2009
Banco Popolare has offered $231 million to take full control of the leasing company Italease. (7 h ago)

• World Business Briefing | The Americas: ... World Business Briefing | The Americas: Mexico: Tariffs Placed on U.S. Goods
03/16/2009
Mexico placed tariffs on about 90 American products after the U.S. restricted Mexican trucking, said the country’s economic minister, Gerardo Ruiz Mateos. (7 h ago)

• World Business Briefing | The Americas: ... World Business Briefing | The Americas: Canada: Libya May Buy Oil Company
03/16/2009
The National Oil Corporation of Libya may exercise its right to buy Canadian-owned Verenex Energy, blocking the China National Petroleum Corporation’s deal. (7 h ago)

• An Asset Sale Is Possible As Barclays Se... An Asset Sale Is Possible As Barclays Seeks Capital
03/16/2009
British bank says has had a good start to 2009 and is talking with several parties about selling iShares. (8 h ago)

• Irish Premier’s U.S. Trip Has Dark Tone... Irish Premier’s U.S. Trip Has Dark Tone
03/16/2009
With the Irish economy now in an even deeper tailspin than the American one, the Irish prime minister’s annual St. Patrick’s Day visit to the United States has an unusually somber feel about it. (8 h ago)

• China’s Leader Says He Is ‘Worried’ Over... China’s Leader Says He Is ‘Worried’ Over U.S. Treasuries
03/16/2009
The Chinese premier, Wen Jiabao, expressed concern on Friday about China’s $1 trillion investment in U.S. government debt. (17 h ago)

• OPEC Opts for No Shift in Output OPEC Opts for No Shift in Output
03/16/2009
Though the cartel would like to see oil prices at $60 to $70 a barrel, OPEC decided now was not the time to seek that increase. (1 d ago)

• Optimism and Jitters at Art Fair in Euro... Optimism and Jitters at Art Fair in Europe
03/15/2009
It was with a good deal of jitters that the European Fine Art Fair opened in the Netherlands with a record 239 exhibitors from 15 countries. (1 d ago)

• As Tax Havens Acquiesce, Monaco Adopts S... As Tax Havens Acquiesce, Monaco Adopts Standards
03/15/2009
Monaco is the latest country to adopt international standards for banking openness and information-sharing. (1 d ago)

• Chilean Town Withers in Free Market for ... Chilean Town Withers in Free Market for Water
03/15/2009
Trading water rights with little oversight, private interests siphon water from some of earth’s driest places. (1 d ago)

• Banks suffer 149 percent rise in bad loa... Banks suffer 149 percent rise in bad loans
03/17/2009
Foreclosures and bad loans raced through the banking industry in 2008, with the nation’s 8,000 banks registering a 149 percent increase in troubled assets, according to a new analysis of banks’ financial reports to the federal government. Msnbc.com's Bill Dedman reports. (1 h ago)

• Wall Street set for modestly higher open... Wall Street set for modestly higher opening
03/17/2009
Wall Street is pointing to a modestly higher opening Tuesday a day after the market's rally fizzled and ended a streak of four straight gains. (2 h ago)

• Downsize your life in one of these citie... Downsize your life in one of these cities
03/17/2009
They contain only 20 percent of the U.S. population, but midsize metropolitan areas can be an appealing alternative to life in the big city. (2 h ago)

• AIG likely won’t be able to pay taxpayer... AIG likely won’t be able to pay taxpayers back
03/16/2009
Pressure is mounting on the government to revise its bailout of AIG to ensure that taxpayers are repaid as much as possible of the $170 billion lent to the troubled insurer. (13 h ago)

• Seattle Post-Intelligencer to go Web onl... Seattle Post-Intelligencer to go Web only
03/16/2009
Seattle will be a one-newspaper town after Tuesday, when the 146-year-old Seattle Post-Intelligencer prints its last edition. (15 h ago)

• Congress played major role in AIG mess Congress played major role in AIG mess
03/16/2009
Congress played a major role in the financial mess made by insurance giant AIG – and big taxpayer-funded bonuses now being paid to the company’s executives. (15 h ago)

• Wal-Mart tries to cash in on store-brand... Wal-Mart tries to cash in on store-brand boom
03/16/2009
Wal-Mart is stepping up the competition to draw cost-conscious shoppers, promising that store-brand products will be tastier, smell better and look more attractive. (16 h ago)

• Mortgage fraud reports up 26 percent Mortgage fraud reports up 26 percent
03/16/2009
A mortgage industry group says there were a record number of mortgage fraud incidents last year, and Rhode Island made its first appearance as the nation's top fraud hot spot. (17 h ago)

• Prosecutors to seek Madoff’s wife’s mone... Prosecutors to seek Madoff’s wife’s money
03/16/2009
Prosecutors probing Bernard Madoff’s massive fraud are determined to leave his wife with almost nothing. (17 h ago)

• Banks must report small business lending Banks must report small business lending
03/16/2009
The Obama administration announced Monday that the 21 largest banks receiving U.S. government money must report monthly on how much they lend to small businesses. (19 h ago)

• Answer Desk: Mortgage alternatives Answer Desk: Mortgage alternatives
03/16/2009
Millions of homeowners who owe more than their house is worth are tempted to just walk away and mail the keys to the bank. Here's why that's not a good idea. The Answer Desk. (21 h ago)

• Bernanke: Recession’s end ‘probably’ thi... Bernanke: Recession’s end ‘probably’ this year
03/16/2009
America’s recession “probably” will end this year if the government succeeds in bolstering the banking system, Fed Chairman Bernanke said Sunday in a rare television interview. (22 h ago)

• California not so dreamy for workers California not so dreamy for workers
03/16/2009
California, the nation’s largest state economy, has another, less cheery, claim to fame: It is also one of the states hardest hit by the country’s unemployment woes. (1 d ago)

• Corporate meltdown leaves renters in lim... Corporate meltdown leaves renters in limbo
03/16/2009
Irvine, Calif.-based Bethany Holdings Group and affiliated companies abandoned dozens of large apartment complexes across the nation, potentially affecting tens of thousands of renters. Msnbc.com's Kari Huus reports. (1 d ago)

• 6 Web sites to help you slash food costs 6 Web sites to help you slash food costs
03/15/2009
Head to the Web for countless tips on how to cut back on grocery spending. Be sure to check the Web sites of your favorite grocery store, and the sites of your favorite products. (1 d ago)

• STUY TOWN FATE AND SEMANTICS STUY TOWN FATE AND SEMANTICS
03/17/2009
THE meaning of three seemingly simple words - "by virtue of" - is at the core of the Tishman Speyer/Stuyvesant Town rent-deregulation struggle, which will impact the fortunes of the landlord and the destinies of millions of city apartment dwellers... (6 h ago)

• SETTING HIS TARGET SETTING HIS TARGET
03/17/2009
Hedge-fund honcho Bill Ackman is turning up the heat on Target, saying he plans to wage a battle for five seats on the company's board of directors in an effort to boost the retailer's sagging stock price. The impending proxy battle by Ackman's... (6 h ago)

• SEC MULLS REQUIRING HEDGE-FUND REGISTRAT... SEC MULLS REQUIRING HEDGE-FUND REGISTRATION
03/17/2009
Recent moves by the Securities and Exchange Commission to tighten its grip on so-called registered investment advisers (RIAs) is being viewed as a possible precursor to mandatory registration of hedge funds, industry watchers said. As the SEC... (6 h ago)

• SEATTLE PAPER BITES DUST, WEB GETS GHOST SEATTLE PAPER BITES DUST, WEB GETS GHOST
03/17/2009
Hearst Corp. said the Seattle Post-Intelligencer will publish its final print edition today, but will continue to put out an online version, becoming the first big-city daily to abandon print entirely in an attempt to keep the paper's name alive... (6 h ago)

• FORTRESS' QUARTERLY SHORTFALL: $258M FORTRESS' QUARTERLY SHORTFALL: $258M
03/17/2009
Fortress Investment Group reported a fourth-quarter operating loss of $258 million after writing down the value of private-equity assets and setting aside money for fee refunds. The loss, excluding some Costs, was 56 cents a share, compared with... (6 h ago)

• WELLS FORGO TARP WELLS FORGO TARP
03/17/2009
Wells Fargo's chairman is breaking ranks with his big-bank brethren and blasting Uncle Sam's rescue, calling one rule in particular "asinine." While the heads of Citigroup, Bank of America and JPMorgan Chase last week praised the government's... (6 h ago)

• COULD AMERICANS' SAVINGS RATE BE 5%? NOT... COULD AMERICANS' SAVINGS RATE BE 5%? NOT REALLY
03/17/2009
IT used to be that the only two things in life that were certain were taxes and death. Let me add a third certainty to that list: Anything Washington tells you isn't 100 percent true. Take one of the few pieces of recent good news about the... (6 h ago)

• CITI CEO SEES PAY SINK $10M CITI CEO SEES PAY SINK $10M
03/17/2009
Just call it Vikram Pandit's nearly $10 million haircut. While the Citigroup CEO on paper might have received around $10.8 million for 2008, his actual take-home pay is a comparatively paltry $958,333 thanks to stock options and stock awards that... (6 h ago)

• RALLY OUT OF GAS RALLY OUT OF GAS
03/17/2009
The bear regained control of Wall Street again, smothering the market's fifth rally attempt and providing a clear indication the real bottom hasn't yet arrived. Financial stocks fizzled late in the day, erasing what had been gains strong enough... (6 h ago)

• BUSINESS BRIEFS BUSINESS BRIEFS
03/17/2009
Kirk talks MGM Mirage, seeking to modify terms of its un secured loans and avoid default as gambling reve nue withers, is in talks with banks to pledge casi nos as collateral, a source said. The company, con trolled Kirk Kerkorian, said it is... (6 h ago)

• BANKS POP ON TALK OF ACCOUNTING RULE REL... BANKS POP ON TALK OF ACCOUNTING RULE RELIEF
03/17/2009
It's the sweet relief that only an accounting rule change can bring. The body responsible for US accounting rules yesterday proposed to tweak guidelines affecting how financial institutions account for hard-to-value securities on their balance... (6 h ago)

• $90B Of AIG's Federal Rescue Went To Ban... $90B Of AIG's Federal Rescue Went To Banks
03/16/2009
American International Group Inc. used more than $90 billion in federal aid to pay out foreign and domestic banks, some of whom had received their own multibillion-dollar U.S. government bailouts. (13 h ago)

• Obama Reaches Out To Small Businesses Obama Reaches Out To Small Businesses
03/16/2009
President Barack Obama opened the federal treasury Monday to small businesses with plans for billions of dollars in government loans for the struggling sector that employs an estimated 70 percent of American workers. (13 h ago)

• Wall St. Optimism Levels Off Wall St. Optimism Levels Off
03/16/2009
Wall Street rallied for most of the day Monday before giving up its early gains in late-afternoon trading. (13 h ago)

• N.Y. AG Wants Answers On AIG Bonuses N.Y. AG Wants Answers On AIG Bonuses
03/16/2009
New York state's attorney general joined the growing list of those angered by news of American International Group's bonuses, and wants to have details on his desk this afternoon about who is getting it rewarded. (14 h ago)

• Seattle Post-Intelligencer Ditches Print Seattle Post-Intelligencer Ditches Print
03/16/2009
The Seattle Post-Intelligencer, which has chronicled the news of the city since logs slid down its steep streets to the harbor and miners caroused in its bars before heading north to Alaska's gold fields, will print its final edition Tuesday. (17 h ago)

• Buffett: Economy Has "Fallen Off A Cliff... Buffett: Economy Has "Fallen Off A Cliff"
03/16/2009
Billionaire Warren Buffett said the economy has "fallen off a cliff" over the past six months and consumers have changed their habits in remarkable ways. (1 d ago)

• Ben Bernanke's Greatest Challenge Ben Bernanke's Greatest Challenge
03/15/2009
In a rare interview with a sitting Fed chairman, Ben Bernanke tells Scott Pelley what went wrong with America's financial system, how it caused the economic crisis, what the Fed is doing to help fix it and when he expects the recession to end. (1 d ago)

• Investors Sue Trump Over Failed Resort Investors Sue Trump Over Failed Resort
03/14/2009
Dozens of angry investors last night sued Donald Trump, the high-profile real-estate magnate who lent his name to a failed hotel-resort in Baja, Mexico that went belly-up. (2 d ago)

• G-20 Countries Pledge Sustained Action G-20 Countries Pledge Sustained Action
03/14/2009
Finance officials from rich and developing countries pledged to boost the role of the IMF and make a "sustained effort" to restore global growth after a key conference that sought to bridge deep divisions on how to tackle the financial crisis. (2 d ago)

• Iran: There's Too Much Oil Available Iran: There's Too Much Oil Available
03/14/2009
Iran's oil minister suggested that a weekend OPEC meeting should decide to cut back on crude output, adding his voice to those in the organization who think supply has outstripped demand. (3 d ago)

• The Reverse Gear The Reverse Gear
03/16/2009
Changes in the law have made reverse mortgages more appealing and affordable. (21 h ago)

• Shortcuts: Even Pro Bono Work Requires D... Shortcuts: Even Pro Bono Work Requires Doing Your Homework First
03/15/2009
Volunteer work is a way to do some good while keeping a hand in the job market, though finding the right volunteer job can seem as difficult as obtaining a salaried position. (1 d ago)

• Your Money: Thoughts on Walking Away Fro... Your Money: Thoughts on Walking Away From Your Home Loan
03/15/2009
Moral hazard aside, the consequences of giving up on your mortgage may not be as painful as they once were. (1 d ago)

• Identity Theft Hits Close to Home for a ... Identity Theft Hits Close to Home for a Sheriff
03/14/2009
During a home search of a woman accused of forging checks, deputies discovered on her computer the copied signature of their boss, Sheriff Mark N. Pazin of Merced County, Calif. (2 d ago)

• Mortgages: Baby Boomers ‘Under Water’... Mortgages: Baby Boomers ‘Under Water’
03/14/2009
Many middle-aged homeowners had been so seduced by the rising prices of years past that they failed to save for retirement and may now owe more than their homes are worth. (2 d ago)

• Has the Economy Hit Bottom Yet? Has the Economy Hit Bottom Yet?
03/14/2009
And when we do hit bottom — this year or years from now — how will we know? There’s no easy answer, but stocks, home prices and consumer spending are valuable indicators. (2 d ago)

• Field Notes: Wedding Bells’ Toll Field Notes: Wedding Bells’ Toll
03/14/2009
Who says you have to spend a fortune on a wedding present? Etiquette experts and style-makers have helpful tips for how weddinggoers can buy impressive — yet affordable — gifts. (2 d ago)

• Madoff Goes to Jail After Guilty Pleas Madoff Goes to Jail After Guilty Pleas
03/14/2009
Bernard L. Madoff was sent to jail to await sentencing after expressing remorse for his Ponzi scheme. (2 d ago)

• Talking Business: Madoff Had Accomplices... Talking Business: Madoff Had Accomplices: His Victims
03/14/2009
Only the willfully ignorant could have seen Bernard L. Madoff’s fund as a good investment. (2 d ago)

• Bonus furor may prompt limits on AIG bai... Bonus furor may prompt limits on AIG bailout
03/17/2009
President Barack Obama called AIG reckless and greedy during an attack in which he pledged to try to block the insurance giant from handing its executives millions of dollars in bonuses after taking billions in federal aid. (4 h ago)

• Outrage over AIG bonuses, but no punishm... Outrage over AIG bonuses, but no punishment
03/15/2009
Leaders in the White House and the Senate's top Republican expressed outrage about bonuses at a bailed-out insurance giant and pledged to prevent such payments in the future. (1 d ago)

• Insurers portray self as part of health ... Insurers portray self as part of health care fix
03/15/2009
The health insurance industry is working on a transformation that could come right out of "Extreme Makeover." (1 d ago)

• Wind farms change the air in China Wind farms change the air in China
03/16/2009
China is using its stimulus to invest in wind power, which it hopes will boost air quality and help with energy demand. Scott Tong reports. (20 h ago)

• Cisco takes on IBM, HP with servers Cisco takes on IBM, HP with servers
03/16/2009
Network equipment maker Cisco has announced it will start selling its own data center servers. Will it be able to compete with rivals IBM and Hewlett-Packard? Mitchell Hartman reports. (20 h ago)

• Why the rich do matter Why the rich do matter
03/16/2009
Thanks to greedy bankers and cons like Bernard Madoff, the wealthy aren't so popular these days. But if you think the rich don't benefit the rest of us, think again. Jeff Tyler reports. (20 h ago)

• Taxpayer anger threatens bailout plans Taxpayer anger threatens bailout plans
03/16/2009
With taxpayer dollars on the line, anger over AIG is threatening government support for future bailouts. John Dimsdale reports on whether the federal government will have support to help anybody else. (20 h ago)

• Bonuses for crashing capitalism! Bonuses for crashing capitalism!
03/16/2009
AIG says its hands are tied when it comes to paying bonuses to employees of its disastrous financial product division. Commentator Paul Kedrosky thinks some people ought to have their heads examined. (20 h ago)

• Can those AIG bonuses be stopped? Can those AIG bonuses be stopped?
03/16/2009
President Obama wants to stop AIG from handing out bonuses to executives who nearly drove the firm to bankruptcy. But AIG says its hands are tied because of legally-binding contracts. Steve Henn reports. (20 h ago)

• Where is AIG spending that money? Where is AIG spending that money?
03/16/2009
With the federal government paying $170 billion to bail out AIG so far, why is the insurance company turning around and paying multi-billions to other banks and creditors? Kai Ryssdal speaks with reporter Jeremy Hobson about where the money's going and why. (20 h ago)

• Mortgage fraud and AIG Mortgage fraud and AIG
03/17/2009
Mortgage fraud is on the rise, up 26%, and it's a serious problem. Fewer loans are being processed but there's more fraud, suggesting there is a real sickness in the system. It means people... (1 h ago)

• Newspapers: obituaries and renewals. Newspapers: obituaries and renewals.
03/17/2009
The obituaries for the newspaper industry are rolling in with the death of the Seattle Post-Intelligencer .The Financial Times says there might be two hopes for the industry: that charitable... (3 h ago)

• Climate change: the worst case scenario ... Climate change: the worst case scenario is here
03/16/2009
Earlier this month, I did a blog entry suggesting that we should not expect any deal to come out of Copenhagen at the end of this year to stop climate change.Now more alarmingly, we have the... (1 d ago)

• The politics of AIG The politics of AIG
03/16/2009
The political fallout from the AIG bailout will be massive. With $165 million in US taxpayers' money going to pay executive bonuses, the Obama administration is bailing itself for a backlash. It... (1 d ago)

• The bear is bouncing The bear is bouncing
03/14/2009
Forget the irresponsible headline in Forbes, Tide Turns For Wall Street following this week's solid trading figures.Maybe they should have a cold shower, or at least check the fundamentals. This... (3 d ago)

Business

Technology

Sports

Entertainment

I have read this article this is really interestin...
property in mohali :: 08/06/2010

absolutely this is very supporting site for us i...
housing in chandigarh :: 08/02/2010

I remember when Joseph Ettedgui had a small boutiq...
Andrea Joy Russell :: 06/23/2010

Hello Anthony Evans your music is so enourage t...
Tracey :: 06/10/2010

Chevron the oil polluter wins; here’s why 1-2-3. ...
Joseph Macgregor :: 04/10/2010

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

• Obama Acts to Aid Small Businesses Obama Acts to Aid Small Businesses
03/17/2009
The president unveiled a plan to reduce lending fees, ease the tax burden and increase bank liquidity to get credit rolling to small businesses. (6 h ago)

• Weary of Looking for Work, Some Create T... Weary of Looking for Work, Some Create Their Own
03/16/2009
Some laid-off workers are turning to their inner entrepreneur in what could be a boon for the economy. (17 h ago)

• How much should you spend on groceries? How much should you spend on groceries?
03/15/2009
When Carla Chery sat down to plan her household budget, she simply calculated the average she typically spent to feed her family of four. (1 d ago)

• Saving Money By Using Free Stuff Saving Money By Using Free Stuff
03/16/2009
There are a lot of things that you can get for free these days. When you want to save money, simply find those places that give away the things you need. Free stuff can reduce your budgeting efforts... (1 d ago)

• Saving Money Is An Attitude That Must Be... Saving Money Is An Attitude That Must Be Developed
03/14/2009
Photo courtesy of iStockphoto, Image# 6126203 Saving money is more than just learning a few techniques. Knowing how to save money and having good money management does not mean that you will end up... (3 d ago)

• G-20 pledges to revive global economy G-20 pledges to revive global economy
03/14/2009
Finance officials from rich and developing countries pledged Saturday to do "whatever is necessary" to fix the global economy, including supervision of freewheeling hedge funds and restoring bank lending. (2 d ago)

• Obama Set to Help Small Business Obama Set to Help Small Business
03/16/2009
PE Hub had a story today on the Obama Administration's plans to help small businesses.U.S. President Barack Obama will announce steps on Monday to make it easier for small business owners to... (9 h ago)

• The Future of Electric Car Maker Th!nk The Future of Electric Car Maker Th!nk
03/14/2009
Norwegian car maker Th!nk is in the news at the moment. Treehugger describes Th!nk as having "a long and troubled history - gone bankrupt twice, changed hands a couple of times (including a short... (2 d ago)

• Will Health Care Reform Affect Outsourci... Will Health Care Reform Affect Outsourcing?
03/15/2009
© kimberlyfaye In a recent Huffington Post article, Fritz Hollings, former senator from South Carolina. The article calls for broad, sweeping changes in tax and trade policies, changes that would, no... (1 d ago)

• AIG's Contracts and Obama's Outrage AIG's Contracts and Obama's Outrage
03/16/2009
The Daily Kos had a good piece today on outrage many American's feel over AIG's bonuses being paid to people in it's financial unit - the same people who were responsible for the... (9 h ago)

• Rally Ends Four-Week Losing Streak Rally Ends Four-Week Losing Streak
03/14/2009
U.S. stocks ended a four-week losing streak with the steepest rally since November after the three largest U.S. banks said they've become profitable and General Electric said losing the top credit rating from Standard & Poor's won't hurt business. (2 d ago)

• Staying Motivated Staying Motivated
03/16/2009
Young Entrepreneur hand some sound tips on things to avoid if you want to stay motivate in your business venture. Top of the list: Avoid getting a knock back. You know what that means:Perhaps... (9 h ago)

<	March 2009					>
S	M	T	W	T	F	S
1	2	3	4	5	6	7
8	9	10	11	12	13	14
15	16	17	18	19	20	21
22	23	24	25	26	27	28
29	30	31