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for 11/21/2009
(last updated 7:30am EST 11/21/2009)
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Business Tagline: People's Daily Online
• Property developer acquires land in Beij... Property developer acquires land in Beijing at 5.05 bln yuan
11/21/2009
Dalong Estate, a Shanghai-listed property developer owned by Beijing's Shunyi district government, had acquired a parcel of residential land in Shunyi for 5.05 billion yuan (739 million U.S. dollars), the Beijing Times reported on Saturday. The land low-density housing lot was about 526,000 square meters. Its planned construction area was about 169,100 square meters. The floor price amounted to nearly 29,900 yuan each square meter, the highest unit price for a residential site on the Chi ... (1 h ago)
• Property developer acquires land in Beij... Property developer acquires land in Beijing at 5.05 bln yuan
11/21/2009
Dalong Estate, a Shanghai-listed property developer owned by Beijing's Shunyi district government, had acquired a parcel of residential land in Shunyi for 5.05 billion yuan (739 million U.S. dollars), the Beijing Times reported on Saturday. The land low-density housing lot was about 526,000 square meters. Its planned construction area was about 169,100 square meters. The floor price amounted to nearly 29,900 yuan each square meter, the highest unit price for a residential site on the Chi ... (1 h ago)
• Hong Kong transport sector receipts up 4... Hong Kong transport sector receipts up 4.7%
11/21/2009
The transport sector's total receipts of Hong Kong, including business receipts and other income, rose 4.7 percent in 2008 over a year earlier to 544.8 billion HK dollars (some 70.4 billion U.S. dollars), the Census and Statistics Department said here on Friday. The sector's gross surplus dropped 41.6 percent to 33.7 billion(about 4.4 billion U.S. dollars), accounting for 6.2 percent of total receipts last year. The value-added of the sector fell 8.9 percent to 91.5 billion (over 11.8 bi ... (1 h ago)
• China to float 15 bln yuan T-bonds next ... China to float 15 bln yuan T-bonds next week
11/21/2009
China will issue 15 billion yuan (about 2.2 billion U.S. dollars) of short-term treasury bonds next week, the Ministry of Finance said here Friday. The book-entry treasury bonds, which is the 24th batch of its kind in the year, has a term of 273 days, said the ministry in a statement on its website. The T-bonds will be sold at an issue price of 98.979 yuan, with an annual interest rate of 1.39 percent. According to the ministry, a three-day sales will begin on Nov.23. The ... (1 h ago)
• Profits of China's central SOEs more tha... Profits of China's central SOEs more than doubled in Oct
11/21/2009
Profits of China's state-owned enterprises (SOEs) administered by the central government more than doubled in October from a year ago after months of declines, a senior official said here on Friday. The 132 central SOEs reaped a profit of 79.5 billion yuan (11.64 billion U.S. dollars) in October, up 151 percent year on year, said Huang Shuhe, deputy director of the State-owed Assets Supervision and Administration Commission (SASAC) at the 2009 Annual CEO Forum. In October, revenu ... (1 h ago)
• China telecom sector reports nearly 700 ... China telecom sector reports nearly 700 bln yuan in main business revenue by Oct.
11/21/2009
China's telecom industry reported 698,9 billion yuan (101 billion U.S. dollars) in main business revenue for the first ten months this year, up 3.4 percent year on year, according to a statement Friday by the Ministry of Industry and Information Technology. To breakdown, business revenue of wireless telecommunications took 60 percent share while those for fixed-line business and data communications took 28 percent, and 12 percent share, respectively. The ministry also released su ... (1 h ago)
• China is dynamo of world economy: ECLAC China is dynamo of world economy: ECLAC
11/21/2009
China is a dynamo of the world economy and is playing a central role in helping a global economic recovery, said Alicia Barcena, executive secretary of the Economic Commission for the Latin America and the Caribbean (ECLAC), on Friday. "China is part of the world trade of wheat, rice, soya, sugar and others, playing a very important role in the increase of those product exports. The same happens in the case of the minerals and oil," Barcena told Xinhua in an interview. He said Ch ... (1 h ago)
• Malaysia oks license to China's largest ... Malaysia oks license to China's largest commercial bank
11/21/2009
Malaysia has approved a commercial bank license to the Industrial and Commercial Bank of China Ltd. (ICBC), China's largest commercial bank, the Malaysian central bank said here on Friday. Bank Negara Malaysia, or Malaysia's central bank, said in a statement issued here on Friday that the Malaysian Finance Ministry had approved the issuance of a commercial bank license to ICBC. The licence followed a bilateral arrangement between the China Banking Regulatory Commission and Bank N ... (1 h ago)
• China continues anti-dumping measures on... China continues anti-dumping measures on some imported TDI
11/21/2009
China's Ministry of Commerce (MOC) announced Friday that it will maintain anti-dumping measures on some imported Toluene Diisocyanate (TDI) from Nov. 21. The anti-dumping measures target TDI, a widely used organic compound in the chemical industry, imported from Japan, the Republic of Korea, and the United States. The period will be five years. China launched anti-dumping measures on TDI from those countries in 2003 for a period of five years, and launched an investigation into e ... (1 h ago)
• China needs national plan to boost consu... China needs national plan to boost consumption: expert
11/21/2009
High savings and weak consumption was still the main structural problem for China's economy, and the country needed to craft a national plan to boost consumption and adjust the economic structure, an expert had said. In an interview run by the China Securities Journal on Saturday, Xia Bin, a researcher with the Development Research Center, a think-tank under the State Council (cabinet), said China's GDP growth in 2010 would mainly rely on expanding domestic demand. "In the first ... (1 h ago)
• China continues anti-dumping measures on... China continues anti-dumping measures on some imported TDI
11/20/2009
China's Ministry of Commerce (MOC) announced Friday that it will maintain anti-dumping measures on some imported Toluene Diisocyanate (TDI) from Nov. 21. The anti-dumping measures target TDI, a widely used organic compound in the chemical industry, imported from Japan, the Republic of Korea, and the United States. The period will be five years. China launched anti-dumping measures on TDI from those countries in 2003 for a period of five years, and launched an investigation into ... (2 h ago)
• China telecom sector reports nearly 700 ... China telecom sector reports nearly 700 bln yuan in main business revenue by Oct.
11/20/2009
China's telecom industry reported 698,9 billion yuan (101 billion U.S. dollars) in main business revenue for the first ten months this year, up 3.4 percent year on year, according to a statement Friday by the Ministry of Industry and Information Technology. To breakdown, business revenue of wireless telecommunications took 60 percent share while those for fixed-line business and data communications took 28 percent, and 12 percent share, respectively. The ministry also released su ... (2 h ago)
• China to float 15 bln yuan T-bonds next ... China to float 15 bln yuan T-bonds next week
11/20/2009
China will issue 15 billion yuan (about 2.2 billion U.S. dollars) of short-term treasury bonds next week, the Ministry of Finance said here Friday. The book-entry treasury bonds, which is the 24th batch of its kind in the year, has a term of 273 days, said the ministry in a statement on its website. The T-bonds will be sold at an issue price of 98.979 yuan, with an annual interest rate of 1.39 percent. According to the ministry, a three-day sales will begin on Nov.23. The ... (2 h ago)
• Tax-take from automobile industry surges... Tax-take from automobile industry surges in China
11/20/2009
Tax-take from the automobile industry has surged in the first 10 months this year as auto production and sales were booming in the world's largest market. The State Administration of Taxation said Friday value added tax (VAT) paid by the transportation equipment manufacturing industry grew 28.8 percent to 88.6 billion yuan (13 billion U.S. dollars) during the period, and business income tax revenue was 30.7 billion yuan, up 29.6 percent. Meanwhile, automobile acquisition tax reve ... (2 h ago)
• Hong Kong's October underlying CPI falls... Hong Kong's October underlying CPI falls 0.3%
11/20/2009
The underlying consumer price index of Hong Kong for October fell 0.3 percent year on year, statistics authority said Friday. The composite consumer price index rose by 2.2 percent year on year, representing a larger growth than that in September, the Census and Statistics Department of the Hong Kong Special Administrative Region (HKSAR) government said. However, the underlying CPI inflation, or the year-on-year rate of change after netting out the effects of the one-off relief m ... (2 h ago)
• French gov't unveils debt plan to enhanc... French gov't unveils debt plan to enhance development
11/20/2009
The French government on Thursday unveiled a 35-billion-euro (52 billion U.S. dollars) national debt policy aimed at enhancing France's long-term development. A commission led by former prime ministers Alain Juppe and Michel Rocard on Thursday submitted a report to President Nicolas Sarkozy, outlining priorities of the financing campaign. According to the report, 13 billion euros (19 billion dollars) will come from bailout money repaid by French banks, while the rest will be rais ... (3 h ago)
• French gov't unveils debt plan to enhanc... French gov't unveils debt plan to enhance development
11/20/2009
The French government on Thursday unveiled a 35-billion-euro (52 billion U.S. dollars) national debt policy aimed at enhancing France's long-term development. A commission led by former prime ministers Alain Juppe and Michel Rocard on Thursday submitted a report to President Nicolas Sarkozy, outlining priorities of the financing campaign. According to the report, 13 billion euros (19 billion dollars) will come from bailout money repaid by French banks, while the rest will be rais ... (3 h ago)
• Japan's central bank chief denies differ... Japan's central bank chief denies differences between BOJ, government
11/20/2009
Masaaki Shirakawa, the governor of the Bank of Japan (BOJ), denied on Friday there was a difference of opinion between his organization and the government, despite seemingly contradictory statements from the two sides on the economy being released earlier in the day. "I don't think there is a difference in our views on price moves," Shirakawa said at a news conference. Earlier in the day, Deputy Prime Minister Naoto Kan and Finance Minister Hirohisa Fujii said that they believed ... (3 h ago)
• Japan's central bank chief denies differ... Japan's central bank chief denies differences between BOJ, government
11/20/2009
Masaaki Shirakawa, the governor of the Bank of Japan (BOJ), denied on Friday there was a difference of opinion between his organization and the government, despite seemingly contradictory statements from the two sides on the economy being released earlier in the day. "I don't think there is a difference in our views on price moves," Shirakawa said at a news conference. Earlier in the day, Deputy Prime Minister Naoto Kan and Finance Minister Hirohisa Fujii said that they believed ... (3 h ago)
• 39th ASEAN bankers' council meeting held... 39th ASEAN bankers' council meeting held in Cambodia
11/20/2009
Senior officials from ASEAN nations' national and private banks gathered here on Friday to attend the 39th ASEAN banking council meeting. The annual bankers' meeting focused on how to speed up the process of the integration of ASEAN financial services by 2015, and discussed on the cooperation in finance, investment, education and ASEAN inter-regional relations. "The close cooperation among ASEAN banks will certainly help to speed up the process of the integration of ASEAN financi ... (3 h ago)
Latest Business Headlines - CBS News Tagline: Read the latest Business headlines on CBS News, covering news stories, videos and pictures of world and US news, as well as news in politics, health, sports and business.
• Suicide Epidemic Sweeps France Telecom Suicide Epidemic Sweeps France Telecom
11/21/2009
Corporate Culture and Stress Cited as Contributing to 26 Deaths in Last 18 Months (1 h ago)
• Sin City Heats up Battle for Businesses Sin City Heats up Battle for Businesses
11/21/2009
Nevada and California Have Started Ad Campaigns to Attract and Retain Companies - and the Taxes They Generate (1 h ago)
• Video: Suicides At France Telecom Video: Suicides At France Telecom
11/21/2009
France Telecom is undergoing a major restructuring in which the goal is to cut billions of dollars in expenses. The process has led to an epidemic of suicide. Sheila MacVicar reports. (1 h ago)
• Video: California Vs. Nevada Video: California Vs. Nevada
11/21/2009
In this economy, states are trying to attract and retain businesses and the taxes they generate. An increasingly nasty border battle is raging between California and Nevada. Ben Tracy reports. (1 h ago)
• Video: Medical Revisions Frenzy Video: Medical Revisions Frenzy
11/21/2009
Phones are ringing off the hook in many medical offices throughout the nation as the public reacts to two new guidelines this week concerning cancer screenings. Dr. Jon LaPook reports. (1 h ago)
• Goldman Sachs' Thanksgiving: Garbage Dut... Goldman Sachs' Thanksgiving: Garbage Duty
11/20/2009
Oft-Reviled Wall Street Giant Volunteers to Clean up after Salvation Army Charity Dinner (2 h ago)
• The Best Stocks to Buy Now The Best Stocks to Buy Now
11/20/2009
MoneyWatch.com: Some Blue-Chip Stocks Are Undervalued Right Now, But Is it Really Possible to Beat the Market? (4 h ago)
• "3 Hebrew Boys" Scam Goes to Jury "3 Hebrew Boys" Scam Goes to Jury
11/20/2009
South Carolina Trio Accused of $80 Million Ponzi Scheme (5 h ago)
• Congress Lashes Out at Obama on Economy Congress Lashes Out at Obama on Economy
11/20/2009
Washington Post: Many Members Angry at Pace of Recovery, Treasury Secretary Geithner and/or Financial Regulatory Plans (7 h ago)
• While Worker Pensions Fail, CEOs Get Ric... While Worker Pensions Fail, CEOs Get Rich
11/20/2009
GAO Reports That Companies Didn't Fund Pensions Then Dumped Them Off on Taxpayer-Funded Rescue Program (22 h ago)
• Video: Senate Unveils Health Care Bill Video: Senate Unveils Health Care Bill
11/20/2009
Democratic senators unveiled their long-awaited health care reform bill with significant departures from the House's plan. Nancy Cordes reports. (23 h ago)
• Video: FAA's Flight Plan Meltdown Video: FAA's Flight Plan Meltdown
11/20/2009
The FAA's computer flight plan system failed for a few hours setting into motion a "ripple effect" that delayed flights nationwide. Mark Strassmann reports. (23 h ago)
• Video: Robo Rodents Top Toy List Video: Robo Rodents Top Toy List
11/20/2009
Every year, there seems to be one hard-to-find toy that tops children's Christmas lists. This year, Anthony Mason reports, the must-have toy is a pet for kids who want one and parents who don't. (23 h ago)
• Video: Exorbitant Executive Pensions? Video: Exorbitant Executive Pensions?
11/20/2009
Sharyl Attkisson reports that taxpayers have been responsible for worker pensions at some of the same firms where corporate executives received very generous retirement packages. (23 h ago)
• Kellogg Warns of Eggo Waffle Shortage Kellogg Warns of Eggo Waffle Shortage
11/19/2009
Interruptions in Production at Two Plants Forcing Customers to Leggo of their Eggos (1 d ago)
• Can the Postal Service be Saved? Can the Postal Service be Saved?
11/19/2009
With Losses Mounting, Postal Service Seeks Autonomy, Pushes to Cut Saturday Service; Rep. Danny Davis Calls for a Bailout (1 d ago)
• As Gold Value Soars, Some Cash in Fillin... As Gold Value Soars, Some Cash in Fillings
11/19/2009
With Price of Gold through the Roof, Some in Mo. Town are Literally Putting their Money where their Mouth Is (1 d ago)
• Foreclosures Hit Homeowners in Good Cred... Foreclosures Hit Homeowners in Good Credit
11/19/2009
Report Raises Doubts About Rebound of Economy's Strength (1 d ago)
• Geithner to Congress: Overhaul is Urgent Geithner to Congress: Overhaul is Urgent
11/19/2009
Treasury Secretary Presses Congress on Administration's Financial Overhaul Plan (1 d ago)
• AOL Plans to Ax 2,300 Employees AOL Plans to Ax 2,300 Employees
11/19/2009
Struggling Internet Company Says Cuts to Third of Its Workforce Aimed at $300 Million Savings (1 d ago)
NYT > Business Tagline:
• Shares Finish Lower on Doubts About Reco... Shares Finish Lower on Doubts About Recovery
11/21/2009
Investors are increasingly wondering about the speed of the economy recovery and they are questioning the fast-paced rise of technology stocks. (1 h ago)
• Shortcuts: When ‘Customer Service’ Seems... Shortcuts: When ‘Customer Service’ Seems Anything But
11/21/2009
Sometimes it is hard to remember that the person on the other end of the phone line is not the enemy, but staying calm can help. (1 h ago)
• Patient Money: How to Find Mental Health... Patient Money: How to Find Mental Health Care When Money Is Tight
11/21/2009
Hot lines, online groups and organizations that charge fees on a sliding scale are options for finding help. (1 h ago)
• Off the Charts: From Leader to Laggard i... Off the Charts: From Leader to Laggard in Just Over a Decade
11/21/2009
Since 1998, the dollar’s weakness has been a major contributor to the United States stock market’s fall from global grace. (1 h ago)
• In Britain, Visions of Japan’s Decade of... In Britain, Visions of Japan’s Decade of Stagnation
11/21/2009
Even as the British economy seems to be improving, some analysts worry that its underlying structural flaws could mean the country won’t be able to sustain its recovery. (1 h ago)
• Your Money: Experienced in Love and Mone... Your Money: Experienced in Love and Money
11/21/2009
Some advice from those with firsthand experience of divorce may help you avoid the financial pitfalls of a split. (1 h ago)
• Cadbury Bid Under Study at Hershey Cadbury Bid Under Study at Hershey
11/21/2009
Any Hershey offer would need to be at least $17 billion and would break from the financial conservatism that has long defined the American chocolate giant. (1 h ago)
• Europe’s Bank Tightens Loan Rules Europe’s Bank Tightens Loan Rules
11/21/2009
In a move to prepare the ground to unwind emergency liquidity measures, the European Central Bank has tightened rules for collateral it accepts against loans. (1 h ago)
• Ohio Sues Rating Firms for Losses in Fun... Ohio Sues Rating Firms for Losses in Funds
11/21/2009
Ohio claims state funds lost $457 million because the rating agencies “departed from their objective, neutral role as arbiters.” (1 h ago)
• Bank of Japan Sets Itself Up for Clash W... Bank of Japan Sets Itself Up for Clash With Government
11/21/2009
The central bank upgraded its economic assessment, setting itself up for a confrontation with a government pressing for a policy response to deflation. (1 h ago)
• Winfrey Bets on Her Future With Cable Winfrey Bets on Her Future With Cable
11/21/2009
Oprah Winfrey will end her daytime talk show in 2011 as she prepares to start a cable channel of her own. (1 h ago)
• Geithner Hopes to End Bailout Fund Geithner Hopes to End Bailout Fund
11/20/2009
Treasury Secretary Timothy F. Geithner said on Thursday that the government would close the $700 billion program “as soon as we can,” and that part of it would be used to lower the federal debt. (3 h ago)
• Google Offers Peek at Operating System, ... Google Offers Peek at Operating System, a Potential Challenge to Windows
11/20/2009
Computers using Chrome, which uses “cloud computing,” will not arrive for a year, but it is already seen as a potential challenger to Microsoft. (4 h ago)
• As Recovery Spreads, Greece Is Bypassed As Recovery Spreads, Greece Is Bypassed
11/20/2009
New concerns are being raised about Greek banks as the country’s budget deficit swells and its sovereign credit rating has come under renewed threat. (5 h ago)
• Back to Business: With F.H.A. Help, Easy... Back to Business: With F.H.A. Help, Easy Loans in Expensive Areas
11/20/2009
An effort by the F.H.A. to prop up real estate prices amid rising defaults has put taxpayers at risk. (8 h ago)
• U.S. Mortgage Delinquencies Reach a Reco... U.S. Mortgage Delinquencies Reach a Record High
11/20/2009
The Mortgage Bankers Association’s quarterly survey found that one in seven homeowners was either late on payments or was already in foreclosure. (8 h ago)
• Panel Votes to Broaden Oversight of the ... Panel Votes to Broaden Oversight of the Fed
11/20/2009
Rejecting warnings by the Obama administration, a committee approved a plan by Representative Ron Paul to carry out sweeping new audits of the central bank’s policy decisions and operations. (10 h ago)
• Attention Shifts to China for Private Eq... Attention Shifts to China for Private Equity Industry
11/20/2009
Global private equity firms are seeking to raise capital from China’s wealthy individuals and institutions, even as the nation works to create a private equity industry of its own. (11 h ago)
• South Korea Trade Pact Is Revived by Oba... South Korea Trade Pact Is Revived by Obama
11/20/2009
President Obama pledged to complete a long-stalled trade agreement with South Korea that he inherited from former President George W. Bush. (14 h ago)
• AOL to Cut One-Third of Its Staff AOL to Cut One-Third of Its Staff
11/20/2009
AOL said on Thursday that about 2,500 jobs will be lost after it is spun off from Time Warner next month. (15 h ago)
Latest financial, market & economic news and analysis | guardian.co.uk Tagline: Latest news and features from guardian.co.uk, the world's leading liberal voice
• Construction industry blacklisting: the ... Construction industry blacklisting: the fallout continues
11/21/2009
Guardian Work's exposé of blacklisting in the construction industry has led to draft legislation, but many workers whose details were kept on file are still suffering Seventeen months after Guardian Work exposed blacklisting in the construction industry , new laws outlawing the practice are set to come into force, and next week 23 of its alleged victims will start their court cases. But for electricians such as Colin Trousdale it doesn't mean the scandal is over. Officials from the Information Commissioner's Office (ICO) launched an investigation following Work's story. It led them to a shadowy group in Droitwich, Worcs, called The Consulting Association, run by 66-year-old Ian Kerr. There they found a database of some 3,200 names and invoices showing 44 construction firms, including some of the UK's biggest, had used its services. Kerr was fined £5,000 , The Consulting Association was closed and 14 of Kerr's clients given warning notices. Trousdale, 51, from Manchester, was interviewed for the original article as he claimed to be on a blacklist. Like the others interviewed, he now has copies of his file after the ICO investigation. The six-page document opens in 2006, shortly before he launched an unsuccessful employment tribunal claim for being blacklisted. The last entry is October 2008. However Trousdale says that since last December he's only had eight weeks' work. He has joined pickets at several construction sites in the north-west this year, highlighting what he sees as his continued blacklisting. "I can only think that because I've raised health and safety concerns – and remember this is an industry in which 53 people died last year – I'm affecting profits and they don't want me doing that," he says. According to the government, the likes of Trousdale should get better protection from new laws due before Christmas. The government had promised to outlaw blacklisting as part of the 1999 Employment Act but decided, after a review, there was no evidence it was an issue, so that part of the legislation was not enacted. After the exposure of The Consulting Association's activities, it carried out a hurried consultation on new regulations. These do not have to be debated and once published, can be signed into law by the business secretary, Lord Mandelson. Professor Keith Ewing, from the Institute of Employment Rights, was commissioned by the builders' union Ucatt to study the proposed laws. He has identified several loopholes, including the fact there is no right not to be blacklisted; that they do not make blacklisting a criminal offence and so put the onus on the victim to bring a case; and that the definition of "union activity" in relation to an individual is too tightly drawn, meaning information on other actions could legitimately be gathered. "The regulations need to be stronger in order to eradicate blacklisting," says Alan Ritchie, general secretary of the Ucatt union, who has his own file. "For example, many of those blacklisted were due to health and safety issues, therefore the regulations should cover all activities associated with trade unions. The regulations should also stipulate that if a blacklist is discovered, all those on it should be informed and receive compensation." MP John McDonnell wants a committee to consider the proposals to ensure they are properly worded and says this must be done soon or the result will be ineffective legislation. "The timing is critical," he says. "We need to scrutinise the wording but if this goes on after Christmas we might lose that chance in the run-up to an election." Ewing studied a number of files as part of his research. "I was deeply offended at the amount of intimate and personal detail so meticulously gathered," he said. "At the same time, some files were hopelessly inconsistent." Steve Kelly, 43, from Essex, was one of those who received a copy of his file. The 18-page document runs from 1998-2007 and includes minutes from a union branch meeting, along with allegations that Kelly was a "trouble maker", involved in "intimidating workers to join the union" and was even "writing abuse on the toilet walls". "I was gobsmacked what they had on me," says Kelly. He is one of 238 people to have received their file, out of 1,872 who have contacted the ICO. Given this relatively small total, Ucatt has launched a poster campaign targeting 100,000 construction workers to encourage them to ask for theirs. It is not just Ucatt members affected though: the National Union of Rail, Maritime and Transport Workers and, in particular, public sector union Unite, also had members on the blacklist. One effect of the release of the files has been to question how far some union officials were involved in supplying details to The Consulting Association. Another has been to strengthen the numerous legal actions being prepared. The traditional route is via an employment tribunal and this is the one union lawyers are pursuing. So many cases have been submitted that they are being lumped together and will be heard in Manchester. An initial case management discussion is due to take place on November 24, which will set a hearing date for the new year. Dave Smith, 44, is one of those putting in a tribunal claim. His large file starts in 1999 and includes details on the car he drove, newspaper clippings and union correspondence. He says: "The file specifically identifies incidents when I raised health and safety concerns. At no point is my competence as an engineer questioned. I believe the folder is prima facie evidence of deliberate and vindictive discrimination and victimisation." Smith has left the industry because he couldn't get work. Other legal actions being considered by unions and individuals are through the Data Protection Act and the Human Rights Act. Lawyers say there are serious hurdles in the cases because of time limits and the proof required by the court. Meanwhile, solicitors at Guney, Clark and Ryan are compiling a class action. The firm has secured financial insurance and retained the barrister Hugh Tomlinson, a specialist on privacy and data protection. For McDonnell, the blacklisting scandal requires a public inquiry so that those affected can properly air their grievances and those responsible can be cross-examined. "This is one of the worst ever cases of organised abuses of human rights in the UK," he says. Many of the companies identified declined to comment other than to say they do not condone blacklisting. This has already been a terrible year for a construction industry battered by the recession. In September the Office of Fair Trading (OFT) fined six recruitment firms for forming a cartel to supply labour. Separately the OFT fined 103 building companies a total of £129.5m for bid-rigging. "These scandals have thrown into sharp focus that the UK construction industry is not fit for purpose in the way it operates," says Ucatt general secretary Ritchie. "That view is not just coming from the UK; many of the biggest blacklisters were multinational corporations, and their international boards have been shocked at what was happening. Already we are seeing personnel changes at a senior level and different approaches to work because of the scandal." For Colin Trousdale, the best solution is a simple one. "I am not interested in the money, I am just interested in getting back to work," he says. If you think that The Consulting Association held a file on you, ring the ICO on 08456 306060 or 01625 545745 between 9am-5pm, Monday to Friday and choose option one From the files: The notes that scuppered the blacklisted workers' careers The Consulting Agency's blacklist files were held on a card index, organised much like a local police intelligence system. They typically had a name, address and national insurance number, and some included material such as newspaper clippings, photographs, copies of union correspondence and reports from companies. The companies were identified by code numbers (the meanings of which have since been decoded). Those files that have been released have been redacted where they identify individuals other than the subject, to protect that person's privacy. Mick Anderson, 40, married with three children, from Kerry, Ireland Submitted 250 job applications and took courses to keep his electrician training up to date but was out of work for 16 months. Anderson and his family moved to the Irish Republic three years ago because of the blacklist, but he has struggled to find work. His file includes this extract: "Information received by 3271/81 site manager at Heather T5 that the above is 'not recommended' by amicus." George Fuller, 64, single, from London A bricklayer from Forest Gate, Fuller has a file that covers 1990 to 1998 but has been an active trade union member since the 1960s and was involved in several major disputes during the 1970s. "I think there must be another file," he says. John Winstanley, 66, married with three children, five grandchildren and two great-grandchildren, from Liverpool This retired joiner's file was opened in 1975, when it was held by the Economic League, and ends in 2002. It has details on his heart bypass surgery in 2001. He is described as an "an old-style communist" in one entry. "I heard about the blacklist when I was an apprentice," he says. "You tried to beat it any way you could." Darren O'Grady, 47, married with two children, from London O'Grady, an electrician, left the industry in 1990 after repeatedly failing to secure work and moved to America. Now back in the UK, he is a tutor with the TUC. "I am disappointed that the people who fingered me cannot be identified," he says. Discrimination at work Work & careers Construction industry Phil Chamberlain guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)
• Hovis to use only British wheat in loave... Hovis to use only British wheat in loaves
11/20/2009
• Breadmaker to stop Canadian imports in the new year • Move welcomed by National Farmers' Union Britain's farmers were given a boost today when bread maker Hovis announced that it plans to use only British wheat across its entire range. The switch is due to take place early next year. At present, the brand is using between 25% and 50% British wheat, with the remainder imported from Canada. However, as trials of growing a strain of Canadian red wheat in Britain over the past five years have proved successful, it is able to move to sourcing wheat from local farmers – with an extra 600 farmers now growing wheat for Hovis loaves. In total, about one in eight wheat fields across Britain is being used to grow this wheat, in preparation for the switchover. Jon Goldstone, marketing director at Hovis, said: "We used to import £18m worth of Canadian wheat, £18m which will now go to British farmers; this is a significant amount of cash." Peter Kendall, president of the National Farmers' Union, welcomed the move. "This shows real commitment to UK farming, and its skill, professionalism and reliability, by a well known and respected UK company," he said. Other big brands such as Warburtons and Kingsmill continue to import wheat from countries including Australia and Canada. However, Warburtons announced today that it is launching a loaf using 100% British wheat which will be available from March. It is not only bakers that are focusing on local produce. Chef Gary Rhodes and caterer Compass Group launched a "Truly British" and "truly local" campaign in October to encourage the use of locally sourced produce. Rhodes said: "For too long there have been a number of misleading claims in the marketplace around British and local sourcing. In some cases, companies have claimed they source locally when in fact they source from a local wholesaler and there are no guarantees that the products are genuinely British or local. "I support Compass's Truly British and truly local criteria because it is all about local provenance and traceability. "Britain has a wonderful variety of produce, much of which has strong regional characteristics. " "Truly British" status is awarded to products that can be traced to a British source. "Truly local' applies to products from small, local companies that are made from local ingredients and are supplied to a Compass site within a 50-mile radius. Where a product is made by a local company but does not contain local or British ingredients, then it will be referred to as "locally produced". Food & drink industry Farming Food Gary Rhodes Compass Harriet Meyer guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)
• Shareholders demand Goldman bonuses Shareholders demand Goldman bonuses
11/20/2009
Investment bank under fire again as investors protest at record bonuses of $717,000 each Goldman Sachs has had to defend itself from angry taxpayers, regulators, the government – and now its own shareholders. Some of the US investment bank's largest investors are furious about the New York-based firm paying record bonuses to its staff – bonuses are estimated to be $717,000 (£435,000) each for 2009, the biggest payout in the firm's 140 years. Investors claim that now profits are back, rewards should go first to shareholders because they suffered the cost of the credit crunch more than anybody else. "Most of the losses were for equity shareholders," said a fund manager at a large investment firm. "If they had cared about the preservation of equity value, the crisis wouldn't have been nearly as bad as it was. It would be in everybody's interest, the taxpayer and of banks themselves, if management's interests were more aligned with shareholders." Critics claim that banks' high-paying bonus culture encouraged a short-term vision that pushed institutions into over-lending and taking more risks than they could afford. In October last year, Goldman Sachs received $10bn from the US government to shore up its books – the bank was one of nine recipients of federal aid. Goldman, which repaid the money earlier this year , is still benefiting from government assistance as it can borrow funds direct from the Federal Reserve. But after the collapse of rivals such as Lehman Brothers and Bear Stearns, Goldman's earnings, as well as those of other banks, have soared to record highs, helped by booming stock, credit and commodity markets. Goldman has earmarked about $16.7bn so far this year for its staff bonus pool - or 47% of net revenues, along the lines of a 2000-2008 average of 46.7%, according to the firm. That compares with 66% at Merrill Lynch, 47% at Morgan Stanley and 41% at JP Morgan – one of the banks least affected by the crisis. "Our investors have consistently told us that they expect the firm to set compensation at a level which produces attractive returns to shareholders while maintaining the strength of our franchise, which is the basis for generating returns for the long term," Goldman Sachs said. Investors, however, complain that bankers' high bonuses did not save Lehman or Bear Stearns. "They were paid a lot and they didn't create value for shareholders," the fund manager said. Banks often find they are not challenged by their investors when deciding pay structures – if shareholders do not agree with management policies they just sell the stock, instead of instigating change. Only two investors hold more than 5% of Goldman Sachs shares, according to Bloomberg data. "Investors are a dispersed group, the only thing to do to solve this is to get the regulator involved," the fund manager said. Financial authorities in Britain and Europe are pushing for new regulations to cap bankers' pay. Some investors, however, say banks should pay its staff as much as possible to retain them. "We want firms to make as much profit as possible, what they have to pay their employees is appropriate," said a fund manager at a hedge fund that holds a stake in Goldman. Another hedge fund manager said that the partially nationalised Royal Bank of Scotland had "lost credibility as an employer" as they cannot pay bonuses following the government's intervention in the bank. Goldman's chairman, Lloyd Blankfein, publicly apologised this week for the role of his bank in the credit crunch. The bank also said it would donate $500m (or 3% of what it has set aside to pay its employees this year) to help thousands of small businesses recover from the recession. Goldman Sachs Executive pay and bonuses Banking US economy United States Global recession Elena Moya guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)
• Warning to Cadbury from Hershey's home Warning to Cadbury from Hershey's home
11/20/2009
• US confectioner has moved thousands of jobs to Mexico in three-year restructuring • Company's intentions towards Cadbury, a potential bid target, remain unclear It calls itself the sweetest place in America. But the home town of Hershey's, the chocolate maker, has a lingering hint of bitterness in the air after cost-cutting initiatives that have shifted thousands of manufacturing jobs to factories in Mexico, staffed by workers on lower wages. The US confectioner, which is considering wading into a takeover battle for Britain's Cadbury , is held in great affection by Americans, who flock to Hershey, tucked in a valley in rural Pennsylvania, to marvel at chocolate-themed street lamps, ride on Hershey rollercoasters and take lessons in the art of chocolate manufacturing at a "laboratory" staffed by white-coated chefs. The firm's goodies, including bite-sized Hershey's Kisses and peanut butter-flavoured Reese's Pieces, have carved a niche in the national diet. But Hershey has tested local loyalty with a three-year restructuring aimed at saving $190m (£115m) annually, which has caused the loss of 3,000 jobs at factories in Pennsylvania, California and Canada. The shift, which began in 2007, has been described as a "gut-wrenching" decision by company bosses. Cheap labour "I really don't know what the rationale is other than cheap labour," says Dennis Bomberger, business manager of the chocolate workers' union in Hershey, known as Local 464. "They want to outsource, build plants in Mexico, shut down American factories and move stuff around." He offers a warning to British workers at Cadbury who are waiting to see whether Hershey's, Italy's Ferrero or the food empire Kraft will prevail in a struggle for control of their company: "The question I would have is what is Hershey's intention to do with Cadbury? Do they want to outsource those jobs, too?" Founded in 1894 by a former printer's apprentice, Milton Hershey, the company has enjoyed a reputation as a paternalistic employer. The town of Hershey, which still has three chocolate factories in the area, is named after the company. The chocolate maker's childless founder used his billions to set up the Milton Hershey School for underprivileged children. This school, with 1,800 pupils, is overseen by the Hershey Trust, which holds a controlling stake in the confectioner. Chocolate dominates everything locally. The town's main streets are called Chocolate Avenue and Cocoa Avenue. Streetlights are moulded to look like Hershey's Kisses. A local diner, the Chocolate Avenue Grill, serves up sea scallops in a white chocolate beurre blanc, while the biggest hostelry in town, the four-star Hotel Hershey, offers venison chops in a cocoa nib jus. At the First United Methodist Church in the centre of town, the pastor, Gary Weaver, was given an avalanche of gifts when he arrived to take up his position in July: "We got chocolate, chocolate and chocolate." Weaver adds: "I'm given pounds and pounds of chocolate. They serve it at every meet and greet." An aroma of cocoa permeates the air around the oldest Hershey's factory in town, known as 19 East, where workers, who get an average hourly wage of $22.50, are allowed to eat as many chocolates on the production line as they wish, as long as they don't take any outside the plant. That privilege, say employees, rapidly loses its novelty. "That gets old very quickly," says Randy Bleiler, a 30-year veteran worker who was educated at the Milton Hershey School and who measures his words carefully on the subject of his employer. "It's a good place to work – but sometimes they don't let well enough alone." On the prospect of the company buying Cadbury, he expresses a personal distaste for the "white creamy yellow stuff" in Creme Eggs but is cautiously positive: "OK, as long as it's not Mexican." 'Buy them' Others are more enthusiastic. Susan Bross, an employee of 29 years' standing who works in the moulding room, says: "I say, 'Buy them'. We'd have ownership of the Cadbury products and that would be great. It's all about growth." Hershey's precise intentions towards Cadbury are unclear. The US company, which already makes Cadbury Dairy Milk and Fruit & Nut bars under a US licence, issued only a one-line statement this week, saying it was "reviewing its options" towards the much larger British firm, which employs 46,000 people to Hershey's 12,000. Hershey has examined a joint approach with Ferrero, the Turin-based maker of Tic Tac and Ferrero Rocher, in an attempt to upset a £9.8bn hostile bid for Cadbury by Kraft. But insiders say that the Hershey Trust favours a go-it-alone approach through a takeover offer for Cadbury by Hershey of at least $17bn (£10.2bn) to edge out Kraft's cash and paper offer, which was worth 717p a share when it was tabled 12 days ago. A significant motivation for Hershey would be international expansion – less than 10% of its $5.1bn annual sales are outside the Americas. Its chocolate is little known in Europe, and Cadbury has a useful footprint in India and Africa. Still, for local people, the subject of Mexico hangs heavily after 550 job cuts in the town, with the most recent redundancies in May. John Christopher, who spent 25 years at Hershey's as a processing worker and now operates a barber's shop on Chocolate Avenue, says: "Hershey's has made a lot of changes and a lot of those changes, people feel, are not for the good." He raises a common complaint: cuts to workers' healthcare benefits, which led to a strike in 2002, and adds: "They're taking jobs people would have here and taking them elsewhere – and they're doing it to cut labour costs." The Hershey museum, Hershey's Chocolate World, has pulled in 75 million visitors since it opened in 1973. It unveiled its latest gimmick this week – a 4m tall Sweet Candy Chalet with corner mouldings made from Kit Kats and a roof of oversized Hershey's bars. The foyer of the complex boasts an "apostolic clock" purchased by Milton Hershey in 1935 that was somewhat dubiously billed as "the ninth wonder of the world". A huge mural depicts the company's founder dispensing fatherly advice to a group of adoring infants. "Just the name Hershey itself makes you happy," says Margie Soufflas, a cheerful, semi-retired 66-year-old who sells chocolate souvenirs in the company gift shop. "When Hershey takes over anything, it becomes a very uplifting candy." Cadbury Mergers and acquisitions Food & drink industry Job losses Kraft United States Andrew Clark guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)
• Nationwide complains to regulators about... Nationwide complains to regulators about state-backed banks' savings rates
11/20/2009
Chris Rhodes, heads of products and marketing at Nationwide, said these were causing 'dislocations' in the savings market Nationwide Building Society has complained to the regulatory authorities about high savings rates being offered by taxpayer-backed institutions as it revealed its consumers had withdrawn £5.6bn of deposits in the first half of the year. Britain's biggest building society accused government-backed institutions of distorting the savings market by pricing their products "uneconomically." Nationwide also attacked regulatory changes being implemented by Brussels, which it warned could impede the mutual sector as it revealed profits in the half-year to 30 September had fallen by 64%. Underlying pre-tax profits were £117m, down from £322m the same time a year ago, while statutory profit was £142m if gains made from the takeover of Dunfermline Building Society were included. The society also admitted that its promise in 2001 that its rate for borrowers coming off fixed and tracker mortgages would never be more than 200 basis points above the Bank of England's base rate was costing more than £450m a year. Other lenders were typically charging mortgage rates 1.5% higher than this, the society said. Nationwide's chief executive, Graham Beale, was cautious about the outlook for this year and next, warning about the impact of rising unemployment. "The growth in house prices over recent months appears to be driven by lack of supply, and growth in unemployment throughout 2010 will inevitably exert downward pressure on house prices," he said. Chris Rhodes, a former Alliance & Leicester director who now heads products and marketing at Nationwide, said that the society had contacted the Treasury and the Financial Services Authority about savings rates being offered by the state-owned National Savings & Investments (NS&I) as well as some parts of the Lloyds Banking Group, which owns the UK's biggest savings institution, Halifax. Rhodes said these were causing "dislocations" in the savings market, which also affected the society's ability to offer home loans. In the first six months of the year, more customers repaid their loans than took out new mortgages at Nationwide. Its mortgage balance shrank by £1.7bn. The society also had to turn to the wholesale market for 30% of its funding (the rest being savings) from 28% previously. John Prout, NS&I's head of sales, stressed that it had a target to keep its overall savings book neutral for the year, plus or minus £2bn. "Our targets are very clear and very transparent," he said. Lloyds said it was aiming to build "deep and enduring customer relationships" rather than chasing market share. Beale also hit out at changes to regulations aimed at forcing banks to build up more capital. "Whilst we welcome many of the proposals and will fully support the objective of creating a more secure framework for banking regulation, we remain concerned that some of the changes could undermine the future of the building society sector which the government has said it wants to protect," he said. "It is critical that the fundamental changes being contemplated in relation to capital adequacy do not result in restricted access to capital markets for building societies," said Beale. He is concerned about the Financial Services Authority rigidly imposing European Union rules on capital. As Nationwide does not have a stock market listing, it is at a disadvantage compared with banks, which have shares that they can use to bolster their so-called core tier one capital ratio. Nationwide can only use retained earnings, which again impedes its ability to lend. Beale is also lobbying for changes to the funding of the Financial Services Compensation Scheme, which pays out when banks and societies collapse, to reduce the amount paid in by societies. The impairment charge for bad loans leapt to £317m, although Nationwide said the arrears levels of 0.66% were stable at just over a quarter of the industry average of 2.40%. The charge included a jump in losses on commercial property loans, which leapt to £180m from £25m "reflecting recessionary conditions and significant decline in property values". Commercial property prices have fallen 40% to 1997 levels. Beale said: "Our performance has been substantially affected by the low interest rate environment and the dramatic fall in commercial property valuations, which have led to compression in our margin and a sustained higher level of impairments in line with our experience during the second half of last year." Nationwide Banking Savings Savings rates Jill Treanor guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)
• Car scrappage take-up overestimated beca... Car scrappage take-up overestimated because of double-counting
11/20/2009
Errors in car scrappage data mean scheme will be extended beyond February The government has exaggerated the success of its car scrappage scheme after double counting thousands of orders , the Guardian has learnt. Officials at Lord Mandelson 's business department have begun a "data cleansing exercise" of its database and are expected to publish lower revised figures by the end of the month. The scheme, which began in May, gives motorists £2,000 off a new car when they trade in their old model. The government said last month that the scheme had resulted in 260,000 orders for new cars to date. But it has emerged that many of these orders have been double booked. Orders from motorists who later changed their minds, or found that their old model was not eligible to trade in, were not removed from the database. People who called their dealer to modify their order – for example to request a sunroof on the new car – were also counted twice on the database. The government in September announced it would provide another £100m to the scheme , extending it until February next year or when the funding runs out. Overestimating the number of orders it has generated, means that the scheme will run longer than previously thought. A government spokeswoman defended the scheme, which ministers decided to introduce hours before the budget in April, leading to teething problems and initial uncertainty over how it would work. "The scheme is now past the halfway mark of total orders possible under the scheme, therefore it is the right time to undertake a data cleansing exercise on the UK vehicle scrappage scheme database of orders to remove any minor errors," she said. Today, figures from the Society of Motor Manufacturers and Traders showed the rate of decline in UK car production had slowed to the lowest level this year, down 6.7% last month on the previous year. SMMT chief executive Paul Everitt said: "We are bumping along around the bottom now. Hopefully we will start to see a pickup as we go through the next months. We are still apprehensive about 2010, as much about what happens around the world as here." Car scrappage Peter Mandelson Automotive industry Recession Tim Webb guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)
• Deflation returns to Japan's economy Deflation returns to Japan's economy
11/20/2009
• Finance minister admits 'sense of crisis' as prices fall • Government urges Bank of Japan to tackle deflation Japan's fledgling recovery is under threat from falling prices, the government said today, as it conceded that deflation had returned to the world's second-biggest economy after a three-year gap. The finance minister, Hirohisa Fujii, spoke of a "sense of crisis" over falling prices – the problem that plagued Japan during what's known as its " lost decade " of economic stagnation in the 1990s. Fujii's comments came as the Bank of Japan (BoJ) kept interest rates at 0.1% and upgraded its assessment of the economy amid modest rises in exports and private consumption. The cabinet office said in its monthly report: "Recent price developments show that the Japanese economy is in a mild deflationary phase." However, the central bank appeared to ignore the report's implication that it had to do more to tackle deflation, saying the recent fall in the consumer price index was likely to slow. Fujii told a news conference: "Monetary policy is absolutely vital. It is like the lifeblood of the economy, so I want the BoJ to respond appropriately." The return of deflation for the first time since August 2006 had been expected but officials fear that flat consumption and a stagnant job market will strengthen the possibility of a double-dip recession. In the 1990s, consumers stopped spending in the expectation that prices would fall further. Faced with falling profits, companies were forced to squeeze wages, shed jobs and cut production. Hiromichi Shirakawa, of Credit Suisse, warned: "If consumers expect prices to fall further, they will stop spending and try to save. That's the biggest worry. That would have a knock-on effect on companies, on the government and everywhere." The BoJ upgraded its assessment of the economy for the third straight month but warned that the pace of recovery would remain slow until at least the middle of 2010. "Japan's economy is picking up mainly due to various policy measures taken at home and abroad," it said, citing stimulus-driven improvements in exports and production. But it added: "The momentum for a self-sustaining recovery in domestic private demand remains weak." Observing the bank's independence, the government did not offer policy advice in its report, though some investors interpreted the reference to deflation as pressure to return to quantitative easing – flooding the market with cash to boost economic activity. Japan's quantitative easing began in 2001 after two years of falling prices and ended in 2006, when the economy finally moved out of deflation after nearly 20 years. In that time the BoJ bought government bonds and other assets and raised commercial banks' reserve accounts sixfold. Interest rates stayed close to zero. Analysts did not expect the BoJ, which had earlier predicted three years of falling prices, to move on rates for as long as deflationary pressures continue.Hopes that Japan was emerging from its worst recession since the war were raised this week as data showed that the economy grew at its fastest pace in more than two years in the third quarter. However, uncertainty over the government's handling of the economy sent the benchmark Nikkei index to a four-month low. Deflation Japan Economics Quantitative easing Global recession Justin McCurry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)
• Time for banks to wean themselves off ch... Time for banks to wean themselves off cheap money, ECB president says
11/20/2009
Jean-Claude Trichet said it was time to unwind some of the measures that propped up the banking system during the financial crisis European Central Bank president Jean-Claude Trichet warned today that banks risk becoming addicted to cheap cash provided by central banks in their efforts get them lending again . Trichet also said that although it was "too early to say the crisis is over," it was time to unwind some of the measures that propped up the banking system during the financial crisis. In a speech at the European Banking Congress in Frankfurt, Trichet said: "Emergency treatment and strong medicines are sometimes necessary. But, if their use is prolonged, they can lead to dependence and even addiction. "Eventually, the administration of painkillers must be stopped if patients are to get back on their own two feet," he said, also warning that the ECB would have to take away its support "promptly and unequivocally" if it posed an inflation risk. He said the ECB would soon start withdrawing some of its "extraordinary measures" to ensure they do not cause higher inflation. The central bank is expected to provide details on how its stimulus will be scaled back at its meeting on 3 December. Policymakers are meeting next Thursday for discussions ahead of the decision. Responding to criticism against over-regulation as financial markets start recovering, Bundesbank president Axel Weber said regulators must press ahead with reform to "make the system more resilient". The worst financial crisis since the Great Depression has sparked calls for a radical overhaul of banking supervision. European Central Bank Europe Quantitative easing Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (9 h ago)
• Skills shortage dents green credentials Skills shortage dents green credentials
11/20/2009
• Shortage threatens low-carbon targets, argues business group • Gap comes as demand for scientists and engineers increasing Britain lacks the skills or training facilities to make the successful transition to a low-carbon economy that its international commitments require, an influential group of businesses and non-governmental organisations warns today. In a report that will dent Britain's image ahead of the Copenhagen climate conference, the Aldersgate Group says that in spite of the UK's pledge to meet a European Union 2020 target for carbon emissions, the government's skills strategy is inadequate to meet those needs. The report, Mind the Gap – skills for the transition to a low carbon economy, says it is now imperative that ambition and delivery are accelerated. John Edmonds, former TUC chief and Aldersgate Group Project chair for the report said: "The skills gap in the UK economy is well documented, with one in three firms already hampered by a shortage of skilled staff, from those needed to install new technology to scientists and engineers. "Investment in low-carbon skills is vital if the UK is to build a more resilient and sustainable economy. In the next two years a commitment to green training will accelerate the growth of new jobs and help us out of recession." The skills shortage comes at a time when demand for engineers for major infrastructure projects is increasing, as Britain attempts to address expansion in offshore and onshore wind, carbon capture and storage, nuclear power, flood defences, high-speed rail and upgrading the water infrastructure, the report says. "Many of the required skills identified in the report are not unique to a low-carbon economy – it is a shortage of precisely these skills that has held back the UK economy for decades. In this respect, reskilling for a low-carbon economy involves a policy of no regrets. The UK needs to fix these skill shortage problems in order to prosper in the modern world," Edmonds added. The report says that the most significant driver for low-carbon skills is a robust industrial policy that encourages investment in low-carbon technology and resource efficiency. Germany has shown how an active industrial and skills policy can help stimulate widespread economic growth and job creation. Responsibility for progress must be shared between government, businesses, trade unions, professional bodies and the workforce, it adds. Germany, in the decade since it launched its "feed-in tariff" policy for boosting the take-up of renewable energy technology – has created at least 250,000 jobs in the sector – more than 10 times as many as exist in Britain. Peter Young, chairman of the Aldersgate Group, said: "This report shows that our training institutions must be able to look beyond our current industrial and business structures and plan for the skill requirements of the future. Most of our recommendations are aimed at government because business members said they needed certainty from government if they are to invest." Economic growth (GDP) Carbon emissions Copenhagen climate change conference 2009 Renewable energy Ashley Seager guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (9 h ago)
• Threshers owner doubles store closures a... Threshers owner doubles store closures and job losses
11/20/2009
Administrators at off-licence group First Quench to close 381 more stores with loss of 2,000 jobs after failing to find buyer First Quench, the off-licence group behind Threshers and Wine Rack, is to close a further 381 stores with the loss of nearly 2,000 jobs after an initial flurry of interest from prospective buyers faded away. Administrators overseeing the failed company – which also runs the Haddows, Victoria Wine and Bottoms Up chains – have been forced to more than double the number of store closures and job losses just two weeks after announcing an initial round of more than 1,700 job losses and 373 shop closures. They have asked property agents Christie & Co to try to sell on the leases of shut stores. Richard Fleming, one of the joint administrators from KPMG, said he was still hopeful of selling "a significant number" of the 500-plus remaining stores as going concerns. Talks are believed to be progressing with several trade buyers and are likely to end in a series of break-up transactions. EFB Retail, a company controlled by entrepreneur Ranjinder Chatha, is thought to be among the interested parties. It bought about 100 Wine Cellar stores out of administration last month. Some supermarket groups are also thought to be interested in cherry-picking sites. Fleming described the likely outcome as a "jigsaw" series of transactions. Meanwhile the latest round of First Quench store closures will be completed by 16 December, depending on stock levels. Clearance sales will start next Tuesday, presenting early Christmas shoppers with a chance to replenish their drinks cabinets ahead of the festive rush. Heavy discounts may also raise concerns over socially irresponsible alcohol retailing. "Unfortunately there has not been sufficient interest in these 381 stores as part of the going concern sale, so we have no option but to close them," Fleming said. Administrators had been contacted by more than 700 potential buyers for some or all of First Quench but many are believed to have since lost interest, including Costcutter and Endless, a private equity turnaround specialist. High street off-licences have been losing trade for years because of aggressive discounting by supermarkets, a trend exacerbated by the recession. The introduction of extended opening hours for pubs and bars in 2005 also affected business. Supermarkets regularly use drinks promotions to draw customers through their doors, especially around peak trading spells such as Christmas, Easter and the summer holiday season. In recent weeks Asda has been selling boxes of 15 275ml bottles of Carlsberg Export for £5, with customers limited to three cases per visit. Mark Brumby, a leisure analyst with Astaire Securities, described the deal as "a new low point", noting that it was equivalent to 24p for a unit of alcohol. In the year to June 2008, the latest for which figures are available, First Quench lost £1.7m on sales of nearly £700m. It has also been hit by a withdrawal of credit insurance, which left shelves empty as suppliers refused to deliver goods in case they did not get paid, and was placed into administration on 29 October. Among the latest round of job losses are 34 posts at the company's head office in Welwyn Garden City, suggesting administrators believe a break-up is the most likely outcome. In 2005 Unwins, the 162-year-old rival chain, was shut down by administrators from KPMG with the loss of 1,800 jobs. Myles Halley, joint administrator, said at the time: "Unwins has suffered, like other off-licence chains, from increased competition from supermarkets and tight margins." Threshers, on which First Quench was built, has had several owners in recent years. Until 1998 it was part of Whitbread but then merged with Victoria Wine, part of the drinks group Allied Domecq. The chain was founded 112 years ago by Samuel Thresher and was bought by Flowers Breweries in the 1950s and became part of Whitbread in 1962. In 2003 it was bought out by Nomura's Principal Finance group and two years later purchased 200 shops from Unwins. Since 2007 it has been owned by the US private equity group Vision Capital. Since the 1990s Whitbread has moved away from a focus on brewing and alcohol retailing and is now owner of Premier Inn and Costa Coffee. Job losses Retail industry Recession Simon Bowers guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (10 h ago)
• Gartmore to float on LSE Gartmore to float on LSE
11/20/2009
Fund manager's original plan for £1.5bn IPO were cancelled two years ago when the financial crisis hit Fund manager Gartmore ended months of speculation today by announcing that it will float on the London Stock Exchange in mid-December. Gartmore, one of Britain's best-known fund managers, is expected to raise up to £300m by floating between 30% and 50% of the company, which could value it at about £1bn. Two years ago, the company's plans for an IPO of up to £1.5bn had to be put on ice when the financial crisis began. The money raised will be used to slash Gartmore's net debt to £150m from £400m. Gartmore, which was once run by City minister Lord Myners and had nearly £22bn of assets under management at the end of September, is owned by the American private equity group Hellman & Friedman. It has appointed Bank of America, Morgan Stanley and UBS as joint co-ordinators and bookrunners for the flotation. Citi is also acting as a bookrunner. The move will allow Hellman & Friedman, which bought the firm from America's Nationwide Mutual Life Insurance for £500m in 2006, to reduce its 52% holding. The private equity house is expected to retain a stake and to keep two seats on Gartmore's board, Gartmore said. The remaining half is owned by Gartmore's directors and staff, who are expected to sell about 20% of their shares. The remainder of their holdings are subject to staggered lock-in arrangements that expire in 2013. "We believe that a stock market listing now is the logical next step in Gartmore's development," said chief executive Jeffrey Meyer. "It will raise the profile of the group and provide benefits for our clients, shareholders and current and prospective employees. The fundamental prospects for our business are attractive and we have a clear strategy in place to deliver further growth." In the first nine months of this year, the firm made operating profits of £38m on revenues of £207m. Gartmore's move is set to mark the start of a flurry of stockmarket flotations over the next few months. Retailers New Look and Pets at Home are likely to float early next year while Poundland is also considering a stock market flotation. Other private equity-owned groups preparing to list include Merlin Entertainments, which runs the London Eye, Madame Tussauds and Legoland, Saga, the travel and financial services group, and the frozen food company Birds Eye. The appetite for IPOs had all but dried up since the credit crunch started two years ago. Among the few flotation success stories were Resolution, which raised £660m when it made its debut last December, and Mexican miner Fresnillo, which also listed in London last year. "London is reflecting a global drop-off in IPO levels," said a spokesman for the London Stock Exchange. "We still have a very strong pipeline of IPOs. It's really a question of timing. We're telling companies to get themselves prepared so they are ready to go when market conditions improve." Investing London Stock Exchange Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (11 h ago)
• Twitter chief tells Rupert Murdoch: inte... Twitter chief tells Rupert Murdoch: internet paywall will not work
11/19/2009
Charging to read news content is like 'putting genie back in bottle', says Twitter co-founder Biz Stone The co-founder of Twitter today warned Rupert Murdoch that his plans to charge for online content, and block Google from using stories produced by his News International titles, were a vain attempt to "put the genie back in the bottle". In recent weeks Murdoch has launched a vitriolic attack on Google and other web companies, accusing them of "stealing" content created by his titles, including the Times and the Sun. Management at News International is working on plans to introduce an online paywall next spring and prevent stories from being linked to by sites such as Google News. Twitter co-founder Biz Stone today warned that Murdoch "should be looking at it as an opportunity to do something radically different and find out how to make a ton of money out of being radically open rather than some money by being ridiculously closed". Speaking at an event organised by the National Endowment for Science, Technology and the Arts (Nesta) in London, Stone added that the speed of change on the internet meant Murdoch's plan was likely to "fail fast". He was joined in his attack by Reid Hoffman, co-founder of networking site LinkedIn, who added: "I am sure that during the transition from horses to automobiles there were some people bemoaning the loss of horse transport." In contrast, Stone said Twitter's future lay in making more of the service available to application developers and other partners so they could build on the stream of "tweets" created by its users. The social networking site's users post more than 500 messages per second. The service is increasingly being used by news organisations as a way of discovering breaking news. "I don't know what the future of traditional media is," said Stone. "But from my perspective and Twitter's perspective I think there is a wonderful co-operative alliance there in terms of the wisdom of crowds, and as we add things to Twitter… maybe we can help." Twitter, which was valued at more than $1bn just over a month ago, is looking to drive revenues and eventually start making a profit. It plans to introduce some new features over the coming months. Stone, who set up the company just two years ago, said that by the end of the year it would have begun to offer its corporate users a suite of new analytical tools to help them use Twitter to keep in touch with customers and keep an eye on their brands. An increasing number of corporations, from mobile phone companies to airlines, have added Twitter as a means by which customers can get in touch. Twitter is also considering giving its users reputation scores, which would help traditional news organisations using the social networking service to spot breaking news stories. Twitter recently announced search deals with both Google and Microsoft's Bing and the deals added fuel to recent speculation that the micro-blogging site might be a takeover target for either business. But Stone emphasised a sale was not on the cards: "That was never something we were interested in talking about". Instead, the company was interested in doing more partnership deals. "One of the things we are seeking to do as we have already done with Myspace as we have done with LinkedIn, as we have done with AOL, as we have done with Google, as we have done with Bing, is to share our data and form partnerships that are long standing... Twitter wants to work with social networks, with mobile networks, with TV networks with search engines… we want to put a little Twitter in everything." Twitter Rupert Murdoch News International Richard Wray guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)
• Reasons not to believe in Reckitt-Colgat... Reasons not to believe in Reckitt-Colgate merger
11/19/2009
The £50bn tie-up is a great story, but only a story The rumour of the day was a belter: Reckitt Benckiser and Colgate-Palmolive to merge. This would be a £50bn combination – a fee bonanza – so you can understand why the City was excited. Analysts trotted out many reasons why the deal sounds like a fantasy. The mix of businesses doesn't look exactly right; the market values of the two companies are not quite aligned; neither side has hinted in the past about contemplating a deal of this size. But the main reason to be sceptical is that is very hard to imagine Bart Becht, Reckitt's handsomely rewarded chief executive, doing anything other running his own show. Never say never, of course, but sharing power in a merger of semi-equals doesn't sound like Becht's style. Reckitt Benckiser Nils Pratley guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)
• Nils Pratley | Froth and bubbles in the ... Nils Pratley | Froth and bubbles in the oil sector
11/19/2009
Low interest rates and Opec discipline seem to have contributed to the soaring oil price Why does oil cost almost $80 a barrel? The recession is clearing but the speed of the run-up from $38 earlier this year has surprised even senior figures in the oil industry – folk who are disposed to see the "right" price for their product as "higher than it is today". One privately described about $20 of the $80 price as "froth" this week. What has caused this froth? Here the debate gets messy. Financial speculators undoubtedly can distort prices (at least temporarily) but speculation does not happen in a vacuum. In this case there are probably two factors to be mentioned first. One is Opec. When the cartel cut production quotas last year as the recession developed, many thought the effect on the oil price would be limited. Experience suggested that sooner or later Opec members over-produce – that was part of the story of the low oil price in the late 1990s. This time, however, discipline has held. Levels of over-production appear small. The most convincing explanation is that most of the "swing" capacity – the under-utilised capacity – within Opec is concentrated in countries that can afford to under-produce, such as Saudi Arabia and Angola. In other words, "the usual suspects" – Nigeria and Venezuela, for example – couldn't cheat on quotas even if they wished to. The good news for motorists is that even the Saudis might regard $80 as too frothy for their own good; at some point, they will worry about choking recovery. The other factor is near-zero interest rates. When the cost of borrowing is so low, physical assets (especially those priced in a weakening dollar) look more attractive. After all, central banks have committed themselves to do "whatever it takes" to prevent depression and cement recovery. That's speculation of a sort, but it's almost as old as the oil. Nor is a frothy oil price an isolated example of what zero interest rates can do. Even commercial property, which three months ago everybody regarded an investment doldrum, has started to pick up. Oil Commodities Nils Pratley guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)
• M&S job too big to ignore, says Bolland M&S job too big to ignore, says Bolland
11/19/2009
Departing Morrisons chief executive says new role was too good to miss, as he unveils slower growth at Bradford-based chain The chance to take over the top job at Marks & Spencer was too big a chance to miss, said Marc Bolland, chief executive of Morrisons, today as he reported slower growth at the Bradford-based grocer. Bolland, unveiled on Wednesday as the surprise choice to take over as M&S boss, refused to give any details of the selection process he had been through to get the job, but said: "It was an opportunity that passed by which I could not miss." He will move to M&S next year but insisted he would remain committed to Morrisons "until the last minute" before his departure at the end of its current financial year on 1 February 2010. He added: "I have really enjoyed my time at Morrisons and have had a terrific three years". The grocer's finance director, Richard Pennycook – now viewed as a frontrunner to replace Bolland – said the Dutchman had been "a great member of the team and we're sorry to see him go". Sir Ian Gibson, Morrisons chairman, said Bolland had made an "enormous contribution" but refused to allow Bolland to answer questions about M&S and said the process to identify a successor was already under way. Gibson said he was in no hurry to find a replacement: "The team we have here is running the business very successfully with a clear strategy and will keep on doing that. Our objective is to find the right person, male or female, rather than hurtle into it. We are not, in any sense, in a panic here. It is a good business going well." Morrisons shares lost 15p to 281p on the day Bolland's departure was announced, but today they were unchanged, even though recent sales growth figures were slightly lower than anticipated. In the 13 weeks to 1 November total sales were up 9.1%, while like-for-like sales, which exclude gains from new shops, were up 4.3% – slightly less than the 4.5% expected. The grocer, however, said the slower growth – like-for-like sales were up 7.8% in the first six months – was largely a result of lower commodity prices, which had fed through to lower retail prices for products such as meat, wheat and potatoes. The Morrisons trading update compared unfavourably with the 5.6% and 5.4% growth reported recently by Asda and Sainsbury's respectively. However, Bolland pointed out that the Morrisons numbers contained an extra month of sharply slowing food inflation. The grocer said it was now pulling in 10.8 million customers a week, up 1.6 million since Bolland stamped his mark on the firm, focusing on fresh food and using a high-profile advertising campaign with celebrities including Top Gear's Richard Hammond and actor Denise Van Outen. Morrisons has been the fastest growing of the big four supermarkets for two years. Bolland said Morrisons was continuing to win new customers, with those on the tightest budgets shopping around for the best deals. "Most switching is in the lower parts of the market, in the downmarket sector," he said. Sales of Morrisons' Value range were up 48% on a year ago, while its premium "Best" label was up just 1%. The healthier Eat Smart range rose by 11%. These sales trends are in contrast to those reported recently by Tesco and Sainsbury's, which have both said shoppers were returning to the premium foods they deserted a year ago when the recession set in. That was underlined by a trading update from upmarket grocer Waitrose, which says sales in the last week were ahead of last year's levels by more than 20%. All the big supermarkets are currently increasing their market share, but Morrisons' Bolland accused his rivals of buying market share with discounts and promotions while Morrisons was seeing growth in sales of goods not on promotion. "Our growth comes partly from promotional pressure and partly from background sales. None of our big competitors in the market can say that." He claimed that Morrisons promotions – such as the current buy-one-get-two-free deal on Pepsi – were "more hard-hitting". Analysts are undecided about what Bolland's departure means to the grocer. Shore Capital's Clive Black said he was unable to make a positive recommendation on the shares while it was unclear who would be leading the business. Others said the biggest risk was that a new chief executive would attempt to change the existing blueprint. John Kershaw at Bank of America pointed out that the Morrisons recovery had started before Bolland arrived – and its recent success was likely to continue without him: "Much as the City may like to idolise or demonise managements, companies are about much more than one individual. Now will pass a short period of uncertainty and tough trading, but Morrison, at its heart, remains the same animal." Marc Bolland Morrisons Marks & Spencer Retail industry Julia Finch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)
• Tesco plans to conquer telecoms sector Tesco plans to conquer telecoms sector
11/19/2009
Supermarket seals deal with Cable & Wireless that will allow it to offer discounted internet and landline phone packages Tesco is building up its assault on telephone and broadband firms with plans for hundreds of new in-store telecoms outlets and discounted packages of internet and landline services. Britain's dominant retailer is already a growing force in the cut-throat telecoms market and said it saw more opportunities for big returns from mobile-phone users and broadband customers as it sought to build up its non-grocery revenues. Bosses announced a five-year deal with Cable & Wireless for it to supply Tesco with wholesale broadband services. Lance Batchelor, the company's telecoms chief executive, said the tie-up would allow Tesco to offer customers home-phone and broadband packages for the first time. That will pit it against names such as Virgin Media and BSkyB, which have long wooed customers with bundled services. Batchelor flagged up Tesco's "unique ability" to differentiate its offerings through Tesco's rewards scheme and by bundling a wide range of goods and services, for example a laptop sold with a broadband package. "Our goal: to become a leading provider of telecoms services and products to Tesco customers, with the medium-term potential to generate around £2bn revenue and around £200m profit," he said on Tesco's website. The supermarket already has a fast-growing mobile network, which it launched in 2003 as a joint venture with O2, and it sells handsets as well as mobile and broadband contracts through 100 phone shops in its stores. By also selling telecoms services online and from the supermarket aisles in Tesco stores that do not have a phone shop, the retailer's weekly sales rate of mobile contracts has quadrupled during 2009. It now plans to double its number of phone shops to 200 by the end of 2010 and eventually hold a nationwide network of 500, pitting it against high street specialists such as Carphone Warehouse . The new details of Tesco's telecoms push come weeks after it outlined plans to build a full-service bank offering current accounts and mortgages. Andrew Higginson, the chief executive of Tesco's retailing services arm, today reiterated the company's focus on financial services and telecoms as "big, profitable sectors". He said: "We have demonstrated we can be successful in specific product categories with modest market shares ... However, significant parts of these markets remain untapped." The retailing services arm – including the Tesco.com home delivery service – contributes about £500m to Tesco group profits and the company wants to double that to £1bn. Tesco Internet, phones & broadband Telecommunications industry Broadband Consumer affairs Katie Allen guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)
• US bank buys blue-blooded City broker Ca... US bank buys blue-blooded City broker Cazenove in £1bn deal
11/19/2009
£1bn buyout unleashed multimillion pound payouts for the staff and former partners of Cazenove David Mayhew, the City financier whose advice is valued by many FTSE 100 chief executives, will be able to cash in shares worth almost £20m after the firm he has worked at the last 40 years, Cazenove, was sold to the US powerhouse JP Morgan on Thursday. The £1bn buyout unleashed multimillion pound payouts for the staff and former partners of Cazenove, who first sold half of their highly regarded business to JP Morgan in 2004 . The joint venture was known as JP Morgan Cazenove, a name it will continue to use as it treads a route followed by other traditional City firms such as Kleinwort Benson in selling out to a larger, international group. JP Morgan is paying 535p a share to the 1,500 investors in Cazenove. Some 36% of shares are owned by current staff, while 55% are owned by former employees, 8% by City investors and 1% was already owned by JPMorgan. Among the others in line for big payouts are Michael Power, the finance director, who could receive around £10m while Alan Carruthers, promoted to head of equities for Europe, will also enjoy a pay day. Naguib Kheraj, the former Barclays banker appointed chief executive of JP Morgan Cazenove a year ago, will remain to oversee the full integration of the businesses before his role becomes redundant. It is possible that he could remain with JP Morgan but admitted that he had not yet had the time to consider his own future. Kheraj also played down the need for the bank to find ways to lock in the 600 or so employees of the operation who might feel unsettled by the transaction. Many of them hold swathes of deferred share awards, which, he said, was the same as a lock-in. Mayhew, who is approaching 70 and whose retirement has been the subject of debate for at least a decade, is staying on as chairman although he is no longer involved in the management of the business and will be able to spend more time indulging in his passion for fishing. He is synonymous with the firm which has a reputation earned over almost two centuries for helping chief executives understand the views of shareholders. Alleged to have been involved in the Guinness share support scandal, the charges against Mayhew were dropped in 1992 and only served to enhance his reputation. Staff based in the head office of JP Morgan Cazenove on Moorgate in the City will transfer to the US bank's nearby headquarters if they are involved in the equities operation although corporate finance experts will remain in Moorgate. The deal is intended to allow fuller integration of the two businesses and is taking place ahead of a deadline for either firm to force the other side to sell. Some roles are expected to be lost from the equities operation where there is some overlap with JP Morgan. JP Morgan Banking Mergers and acquisitions Jill Treanor guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)
• Reckitt bucks falling FTSE on deal hopes Reckitt bucks falling FTSE on deal hopes
11/19/2009
Reckitt Benckiser , the Cillit Bang and Dettol group, has bucked a falling market following reports it was close to announcing a major deal. A merger with US group Colgate Palmolive was one suggestion, as was a takeover of Durex maker SSL International , up 10p to 676.5p. But analysts played down the Colgate talk, saying if it happened at all it would be a surprise if it was imminent. Julian Hardwick of Royal Bank of Scotland said: While a Colgate tie-up would carry several attractions for Reckitt given the complementary products and Colgate's developing and emerging market exposure, structuring a merger to satisfy all parties looks challenging. Given their respective enterprise values (Colgate at US$45bn and Reckitt at US$39bn), we believe any combination would have to be structured as a merger. Such transactions are notoriously difficult to arrange, given the challenges re cross-border structures, the allocation of senior positions in the combined entity, reconciling different cultures and the absence of control premiums. With both companies performing well, and neither management, in our view, likely to want to play second fiddle in an enlarged entity, some of the key ingredients for a merger appear to be absent. We see add on acquisitions, particularly in the over the counter market, as the more obvious route for [Reckitt] to pursue. Evolution Securities said a deal with SSL would make sense, and also pointed to possible over the counter companies such as Boehringer Ingelheim, a private German company with €11.5bn of total sales or Swiss group Nycomed. Evo said: [Boehringer is] a good fit with Reckitt's existing OTC portfolio. Nycomed is owned by private equity including a unit of Credit Suisse, Reckitt's corporate broker. Investors seemed to welcome the idea of a deal of some sort, with Reckitt rising 35p to £31.40. Also doing well was SABMiller , up 57p to £17.14 after the brewer turned in better than expected first half profits and made upbeat noises about the rest of the year. Analysts believe it could also be on the acquisition trail. In a note raising its price target from £12.40 to £16.70, Citigroup said SAB could profitabley do a deal with Mexico's Femsa Cerveza. Citi said: A deal would make strategic sense for SABMiller, though we envisage a regional joint venture not outright acquisition. Potential 10% cost savings and a 10 times EV/EBITDA multiple suggest around 2%-4% earnings upside in year four, but no more unless the US, Brazil or integrated beer and soft drinks surprise on the upside, which we doubt. Overall the UK market had drifted lower for most of the day, with mining groups weaker on declining metal prices. But the fall acclerated after Wall Street lost around 150 points in early trading, hit by weakness in semiconductor stocks following a Bank of America/Merrill Lynch downgrade on the sector and falls in heath insurers. So the FTSE 100 finished 74.43 points lower at 5267.70, with eight of the top ten fallers being miners. Antofagasta was down 50.5p to 890.5p, silver miner Fresnillo fell 48.5p to 871.5p and Xstrata slipped 57p to £10.70. National Grid added 5.5p to 645.5p after the company said cheaper financing costs would boost its full year performance. But BG fell 6.5p to £11.31 despite announcing record productivity from well tests at the Santos Basin in Brazil, where the gases group owns a 25% share. In a buy note on the business, Alan Sinclair at Seymour Pierce said: These very high productivity rates mean that fewer development wells will be required on the field and, given that well costs account for over half anticipated capital costs on the field, this will have significant positive implications for project economics. The Santos Basin continues as an excellent source of positive news flow for BG and we reiterate our buy stance. Chipmaker Arm was caught up in the Merrill downgrade of the global semiconductor industry, losing 11.5p to 156p. Lower down the market, publishing group Mecom fell 10.75p to 144.25p, prompting chief executive David Montgomery to take advantage of the price weakness to buy 20,000 shares at 145p each. Finally, Raymarine , which supplies electrical products to the leisure marine market, sank 4.59p to 6.91p after saying it had breached banking covenants and admitting it was in talks about refinancing. It warned: "The board considers it increasingly likely that little, if any value for ordinary shareholders will be realised." Reckitt Benckiser Market forces column Antofagasta Xstrata SABMiller National Grid BG ARM SSL International Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)
• OECD: Darling cannot afford giveaway OECD: Darling cannot afford giveaway
11/19/2009
As budget deficit hits £11.4bn, economic thinktank expects a weaker upturn for Britain over next two years The Organisation for Economic Co-operation and Development today warned Alistair Darling that he could not afford pre-election giveaways, as official figures revealed that last month was the worst October on record for the public finances. With the chancellor putting the finishing touches to his pre-budget report, due on 9 December, the Paris-based thinktank insisted that "the weak fiscal position leaves little room for additional stimulus", and urged Darling to announce "concrete and comprehensive consolidation plans" to put the government's finances back in order. The budget deficit soared to £11.4bn last month, the worst October on record, as corporation tax receipts slumped by 26% from the same time last year, according to the latest figures from the Office for National Statistics, released today. In the first seven months of the year, the government has run up a cumulative deficit of £87bn, compared with £34bn at this point last year. Meanwhile, the national debt has soared to 59.2% of GDP, the highest since records began in 1974/75. While exhorting the chancellor to repair the public finances, the OECD warned that spending cuts and tax rises would hold back growth in the economy over the coming years. The government announced in the Queen's speech that it would publish a Fiscal Responsibility Act, setting in stone Darling's pledge to cut the deficit in half over the next four years. But Vince Cable, the Lib Dem Treasury spokesman said the OECD's analysis showed that more detailed plans were needed. "Turning a target to halve the structural deficit into a law is laughable when the government refuses to say what spending it will cut or the taxes it will raise to actually meet this target," Cable said. In its twice-yearly economic outlook, the OECD says China and other emerging economies are leading the world out of recession, as rich countries struggle with the legacy of the credit crisis. Echoing Bank of England governor Mervyn King's warning last week that the UK faced a "long haul", the OECD warns that all the world's wealthy economies can expect an extended period of sickly growth, "as households, financial institutions, non-financial enterprises and, eventually, governments have to repair their balance sheets". It added that the upturn was still "too timid" to begin reducing unemployment. However, it said that China and other Asian economies were already expanding strongly, helped by "both the limited direct exposure to the financial origins of the crisis and the strong policy stimulus these countries were in a position to apply". China has been able to spend some of its vast foreign currency reserves on boosting bank lending and kick-starting growth. Recovery is already under way in the US, the OECD says, forecasting growth of 2.5%next year and 2.8% in 2011. For the UK, it expects a weaker upturn than the chancellor is hoping for, with growth of 1.2% in 2010 and 2.2% the year after. In the budget, Darling forecast a much more robust 3.5% growth in 2011, and the Treasury is hoping a rapid return to strong growth will help rebuild the public finances. As recovery gradually takes hold in the developed world, the OECD warns policy-makers to start drawing up "exit strategies" for removing the extraordinary stimulus measures – rock-bottom interest rates and extra public spending – put in place to tackle the deepest recession in a generation: "Many of the interventions, while appropriate during the crisis, would be harmful if they stayed in place for too long." It also cautioned central banks against prematurely raising interest rates as recovery takes hold, saying "monetary policy will need to move slowly" and "close to zero" interest rates would be necessary until late 2010 in most of its member-countries. In the UK, it said it would be early 2011 before rates need to rise. Government Borrowing Green shoots Economic growth (GDP) Alistair Darling Heather Stewart Ashley Seager guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)
• Sony pins profit hopes on 3D TVs Sony pins profit hopes on 3D TVs
11/19/2009
Sir Howard Stringer's sweeping cuts and structural reforms have helped Sony achieve 80% of its ¥330bn savings target for this year Sony aims to finally meet its cherished profitability target in three years by staking a claim in the growing market for next-generation 3D televisions and lithium-ion batteries, the company said today. The consumer electronics and entertainment giant said it hoped to achieve a 5% operating profit margin by March 2013 and to send its struggling TV and video game businesses back into the black by the end of next year. Sony reported an annual loss of ¥98.9bn (£664m) last year and expects to lose almost as much again this year, as sales continue to take a battering from the global recession and the strength of the yen. It would be the firm's first consecutive annual loss since it was listed in 1958. "This is not a one-time or short-term initiative," Sony's chief executive, Sir Howard Stringer, told reporters. Stringer's sweeping cuts and structural reforms have helped Sony achieve 80% of its ¥330bn savings target for this year. The company shed 19,500 jobs - 12% of its global workforce - in the year to the end of September and will reduce the number of production plants worldwide from 57 to 47 by May next year in an attempt to return to profit. Stringer refused to comment on the prospect of further redundancies and factory closures. "We will continue to be more efficient," he said. "We must be light, speedy and tough." Sony is setting its sights on a return to profit for its ailing flat-screen TV and video game sectors by March 2011, and to secure a 20% share in the global flat-screen TV market by March 2013. New PS3 Sales of the PlayStation 3 game console have been boosted by the launch of a cheaper model in September, as Sony and its rivals Nintendo and Microsoft geared up for the crucial Christmas shopping season. The price cut helped make the PS3 the top-selling console in the US that month, the first time it had outstripped sales of both the Nintendo Wii and Microsoft Xbox 360 since its launch in 2006. "We know we have to restore profitability in our TV and game businesses," Stringer said. "We are driving costs out of the company to right-size it for the businesses we compete in." Sony plans to launch a range of 3D products, including TVs, game consoles and Blu-ray disc players by March 2011 and to generate revenue of ¥1tn in the first two years. "We see 3D as a pillar of our strategy," said Hiroshi Yoshioka, a senior Sony executive. Sony said it would start selling lightweight lithium-ion batteries used in a growing range of gadgets, as well as in electric vehicles, and grab a 40% share of the market for electronic reading devices. Stringer tightened his grip on Sony's management structure in February when he replaced Ryoji Chubachi as president. He also appointed young executives to head two new business groups to integrate hardware and software and develop a range of "cool new products". His cost-cutting regime has brought results. Last month Sony's losses for the July-September quarter were lower than expected , and it trimmed its estimated losses for the full year from ¥120bn to ¥95bn. "Our work is bearing fruit," Stringer said. But he added, "We still have more work to do." Global economy Sony Japan Justin McCurry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)
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• RV industry no longer running on empty RV industry no longer running on empty
11/20/2009
There are signs of recovery in the nation's heartland, including Elkhart, Ind., but the rebound is faint, uneven and faces many threats. (3 h ago)
• Newsweek: Students hit by high-interest ... Newsweek: Students hit by high-interest loans
11/20/2009
Not long ago, low-interest student loans were easy to come by. But the downturn and ensuing credit crunch put an end to that. (3 h ago)
• Electric car maker Tesla seen going publ... Electric car maker Tesla seen going public
11/20/2009
Electric sports car maker Tesla Motors plans to go public soon, two sources familiar with the matter said, amid growing interest in green technology and battery-powered vehicles. (3 h ago)
• Investors to Goldman: Be less greedy Investors to Goldman: Be less greedy
11/20/2009
Big shareholders at Goldman Sachs have asked the U.S. bank, on track to deliver $20 billion in bonuses, to pass more profit to investors after it quadrupled quarterly net profit. (3 h ago)
• Pace of job losses slows in many states Pace of job losses slows in many states
11/20/2009
In a sharp improvement, more than half of U.S. states added jobs in October, though economists said many of the gains likely occurred in temporary employment. (4 h ago)
• Will Ferrell is Hollywood's most overpai... Will Ferrell is Hollywood's most overpaid star
11/20/2009
Will Ferrell and British actor Ewan McGregor headed a Forbes.com list of Hollywood's most overpaid stars when looking at the financial returns of their movies. (4 h ago)
• 8 ways to slash your holiday budget 8 ways to slash your holiday budget
11/20/2009
It's possible to enjoy the holidays without spending lots of money.  Here are eight simple ways to trim your budget. (5 h ago)
NYT > Media & Advertising Tagline:
• New Leaders in Japan Seek to End Cozy Ti... New Leaders in Japan Seek to End Cozy Ties to Press Clubs
11/21/2009
The authorities are expanding access to journalists who don’t belong to cartel-like media groups that analysts say have produced a relatively spineless press. (1 h ago)
• G.E. and Vivendi Halt Talks Over Stake i... G.E. and Vivendi Halt Talks Over Stake in NBC
11/21/2009
The sides appear to be at least $500 million apart on how to value NBC Universal, which G.E. is hoping to sell to Comcast, the big cable television company. (1 h ago)
• An Unsteady Future for Broadcast An Unsteady Future for Broadcast
11/21/2009
Analysts and executives are wondering if the economic model of broadcast television, which is more heavily reliant on advertising than cable, is irreparably broken. (1 h ago)
• Winfrey Bets on Her Future With Cable Winfrey Bets on Her Future With Cable
11/21/2009
Oprah Winfrey will end her daytime talk show in 2011 as she prepares to start a cable channel of her own. (1 h ago)
• Talk to The Times: Editor for Digital In... Talk to The Times: Editor for Digital Initiatives
11/21/2009
Jim Schachter answered questions from readers. (1 h ago)
• Google to Add Captions, Improving YouTub... Google to Add Captions, Improving YouTube Videos
11/20/2009
The move is the first major step toward making millions of videos accessible to deaf and hearing-impaired people. (11 h ago)
• Advertising: The Jonas Brothers Promote ... Advertising: The Jonas Brothers Promote Xbox 360
11/20/2009
The band said it had been approached by many companies, but it wanted to endorse family-friendly brands. (14 h ago)
• Suit Accuses Hartford Courant of Plagiar... Suit Accuses Hartford Courant of Plagiarism
11/20/2009
A lawsuit cites 11 Hartford Courant articles it says were largely taken from The Journal Inquirer. (14 h ago)
• AOL to Cut One-Third of Its Staff AOL to Cut One-Third of Its Staff
11/20/2009
AOL said on Thursday that about 2,500 jobs will be lost after it is spun off from Time Warner next month. (15 h ago)
• Media Mogul's Battle With Deutsche Bank ... Media Mogul's Battle With Deutsche Bank Escalates
11/20/2009
German prosecutors said they filed fraud charges against the former chairman of Deutsche Bank in the latest development in Leo Kirch’s legal battle against the bank. (16 h ago)
• Shubert Reaches a Deal With Two Stage Pr... Shubert Reaches a Deal With Two Stage Producers
11/19/2009
The powerful Shubert Organization has struck a new business deal with two theater producers that may lead to greater competition among other producers. (1 d ago)
• Advertising: Once Wary of the Web, Luxur... Advertising: Once Wary of the Web, Luxury Brands Embrace It
11/19/2009
Executives say wary attitudes are softening as brands realize that the Web provides one of the last sources of potential growth. (1 d ago)
• Advertising: A Local Push, Timed to Holi... Advertising: A Local Push, Timed to Holidays, to Loosen Wallets
11/18/2009
A campaign being introduced for the Christmas shopping season by NYC & Company, the city’s tourism organization, focuses on specific neighborhoods. (2 d ago)
msnbc.com: U.S. business Tagline: Msnbc.com is a leader in breaking news and original journalism.
• Report: Hershey may launch bid for Cadbu... Report: Hershey may launch bid for Cadbury
11/21/2009
Hershey Co. may make a $17 billion bid for UK candy company Cadbury PLC, topping the recent $16.5 billion hostile offer by Kraft Foods Inc., the Wall Street Journal reports Friday. Kraft Foods - Cadbury PLC - Wall Street Journal - Business - Confectionery (1 h ago)
• Chase drops arbitration from card contra... Chase drops arbitration from card contracts
11/20/2009
JPMorgan Chase & Co. dropped a clause from its credit card contracts that required disputes with customers to be handled through binding arbitration. Credit card - JPMorgan Chase - Business - Arbitration - Financial services (2 h ago)
• Long-term unemployed face dwindling opti... Long-term unemployed face dwindling options 
11/20/2009
For Lawrie Covey and millions of other unemployed workers, life remains a day-to-day struggle. Instead of working on RVs in a factory, she may soon be living in one. Unemployment - Business - Insurance - Financial services - Health (2 h ago)
• RV industry no longer running on empty RV industry no longer running on empty
11/20/2009
There are signs of recovery in the nation's heartland, including Elkhart, Ind., but the rebound is faint, uneven and faces many threats. Recreational vehicle - Business - Camping - Recreation - Outdoors (3 h ago)
• Investors to Goldman: Be less greedy Investors to Goldman: Be less greedy
11/20/2009
Big shareholders at Goldman Sachs have asked the U.S. bank, on track to deliver $20 billion in bonuses, to pass more profit to investors after it quadrupled quarterly net profit. GoldmanSachs - United States - Business - Financial services - Banking Services (3 h ago)
• Will Ferrell is Hollywood's most overpai... Will Ferrell is Hollywood's most overpaid star
11/20/2009
Will Ferrell and British actor Ewan McGregor headed a Forbes.com list of Hollywood's most overpaid stars when looking at the financial returns of their movies. Will Ferrell - Ewan McGregor - Forbes - Hollywood - Movies (4 h ago)
• U.S. airlines' passenger revenue falls U.S. airlines' passenger revenue falls
11/20/2009
Passenger revenue among U.S. airlines fell 15 percent in October compared to the same month last year, an industry trade group said Friday. United States - Trade association - U.S - Airline - Business (7 h ago)
• House panel votes to audit Federal Reser... House panel votes to audit Federal Reserve
11/20/2009
A key House committee voted to assess upfront fees on large financial firms to pay for the failure of their peers and to require a congressional audit of the secretive Federal Reserve. United States Secretary of the Treasury - Timothy Geithner - United States Congress - Business - United States (23 h ago)
• AOL to shed one-third of work force AOL to shed one-third of work force
11/19/2009
AOL, an Internet company struggling to adapt to an advertising-driven economy, is looking to shed more than a third of its work force as it prepares to spin off from Time Warner next month. Time Warner - AOL - Spin-off - Access Providers - Member Help and Advice (1 d ago)
• 'Seinfeld' shop owner hit with tax charg... 'Seinfeld' shop owner hit with tax charges
11/19/2009
Prosecutors say the owner of a storied New York City bagel business shortchanged the state out of a lot of dough by cheating on taxes. New York City - Seinfeld - New York - United States - Tax (1 d ago)
• Judge rejects AT&T’s bid to pull Verizon... Judge rejects AT&T’s bid to pull Verizon ad
11/19/2009
A federal judge on Wednesday denied a request by AT&T Inc. to force competitor Verizon Wireless to pull its "There's a Map for That" commercials. AT&T - Verizon Wireless - Wireless - IPhone - Telecommunications (1 d ago)
• Wells Fargo to repay $1.3 billion to inv... Wells Fargo to repay $1.3 billion to investors
11/18/2009
Wells Fargo Investments LLC will repay about $1.3 billion to clients whose funds were frozen in the auction-rate securities market in the latest of a series of settlements with state securities regulators, an industry association said on Wednesday. Wells Fargo - Security - Business - Investing - Investor (2 d ago)
• Goldman, Buffett to help small businesse... Goldman, Buffett to help small businesses
11/18/2009
Goldman Sachs is teaming with billionaire investor Warren Buffett to invest $500 million to help small business owners across America. Warren Buffett - Goldman Sachs - Business - Small business - Lloyd Blankfein (2 d ago)
msnbc.com: Retail Tagline: Msnbc.com is a leader in breaking news and original journalism.
• UPS sets new rates for 2010 UPS sets new rates for 2010
11/20/2009
UPS Inc., the world's largest shipping carrier, is hiking 2010 rates for ground packages by an average of 4.9 percent. United Parcel Service - Business - Transportation and Logistics - United States - UPS (2 h ago)
• Holiday ‘pop-up’ stores are going upscal... Holiday ‘pop-up’ stores are going upscale
11/20/2009
Lionel Electric Trains has opened the first retail store in its 100-year history but plans to close the store after only two months as holiday "pop-up" stores go increasingly upscale. retail - Business - Retail Trade - Shopping - Retailers (4 h ago)
• McDonald's redesign aims for European lo... McDonald's redesign aims for European lounge
11/20/2009
A McDonald's in downtown Manhattan became the first in the U.S. to undergo a sleek, European-style makeover, complete with with outlets for plugging in laptops, upholstered vinyl chairs, subdued lighting and employees with all-black uniforms. McDonald - United States - Manhattan - Business - US (4 h ago)
• Sponsored By: Sponsored By:
11/19/2009
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• Rain may put pumpkin pie in peril Rain may put pumpkin pie in peril
11/19/2009
Nestle — which sells nearly all the canned pumpkin in the U.S. — says poor weather hurt its harvest, creating a potential shortage of its Libby's pumpkin pie products through the holidays. Pumpkin pie - Fruit and Vegetable - Pumpkin - Libby - Home (1 d ago)
• ConsumerMan: Clean clothes, stinky probl... ConsumerMan: Clean clothes, stinky problem
11/19/2009
When you buy a new washing machine, you don’t expect it to stink up your house. But that seems to be a common problem for people who own high-efficiency front-loading washers. Washing machine - Business - Industrial Goods and Services - Machinery and Tools - Cleaning Equipment (1 d ago)
• The Donald's new gig: Selling vitamins The Donald's new gig: Selling vitamins
11/19/2009
Donald Trump is synonymous with luxury high-rises, his TV show and his distinctive hairstyle. Now he's putting his name on a vitamin and health products business. Donald Trump - Television - Business - Health - Nutrition (1 d ago)
• Video: Video: Saks CEO shares holiday ou... Video: Video: Saks CEO shares holiday outlook
11/19/2009
Luxury retailer Saks posted a surprise third quarter profit earlier this week. Steve Sadove, the company's CEO, tells CNBC whether there's more upside from here. (CNBC) CNBC - Business - Video - Arts - Business Services (1 d ago)
• 10 most dangerous toys of 2009 10 most dangerous toys of 2009
11/19/2009
A foam rocket launcher, children's book and Batman and Wolverine action figures are among the most dangerous toys on store shelves, according to a consumer watchdog group. Action figure - Batman - Wolverine - Shopping - Toys (1 d ago)
• Penney to stop publishing ‘big book’ cat... Penney to stop publishing ‘big book’ catalogs
11/19/2009
J.C. Penney will stop publishing its twice-yearly "big book" catalogs, now that customers increasingly shop online. J. C. Penney - Business - JcPenney - Business and Economy - Services (1 d ago)
• Kellogg warns: Brace for an Eggo shortag... Kellogg warns: Brace for an Eggo shortage
11/18/2009
Dear Kellogg: Leggo my Eggo! Eggo - Kellogg Company - Health - Conditions and Diseases - Business (2 d ago)
Marketplace Tagline: Marketplace
• Small talk: Rich cow, waffles, marijuana Small talk: Rich cow, waffles, marijuana
11/20/2009
Marketplace's Brendan Newnam and Rico Gagliano talk with fellow staffers Tess Vigeland, Stacey-Vanek Smith, and Ben Adair about under-the-radar business stories, including a million-dollar cow, a waffle shortage, and marijuana busts. (4 h ago)
• Change in cancer-screening guidelines Change in cancer-screening guidelines
11/20/2009
New recommendations have been issued for when you should get breast cancer mammograms and cervical-cancer screenings. Nancy Marshall Genzer reports some doctors believe patients need to change their mindsets. (4 h ago)
• New asset bubbles may be growing New asset bubbles may be growing
11/20/2009
There's growing concern that the world's central banks are flooding financial institutions with too much cash, setting the stage for another asset-bubble burst. Do banks just need to put on the brakes? Bob Moon reports. (4 h ago)
• Bill would allow Congress to audit Fed Bill would allow Congress to audit Fed
11/20/2009
A House committee has approved a bill sponsored by Republican Ron Paul to expand congressional oversight of the Federal Reserve. Steve Henn reports. (4 h ago)
• U.S. green biz seen as risky investment U.S. green biz seen as risky investment
11/20/2009
Kevin Parker, global head of asset management for Deutsche Bank, tells host Kai Ryssdal why he is currently steering investors away from American companies developing clean-energy systems and products. (4 h ago)
• Thrift stores find a place in retail spa... Thrift stores find a place in retail space
11/20/2009
Recession-fueled vacancies in commercial retail space have provided the perfect opportunity for thrift shops to broaden their horizons. Gigi Douban reports. (5 h ago)
• Beckham's era in L.A. may pay off Beckham's era in L.A. may pay off
11/20/2009
The L.A. Galaxy will play in the Major League Soccer championship, marking the team's first appearance since David Beckham arrived in 2007. His tenure hasn't been perfect, but it could have a happy ending. Nancy Farghalli reports. (5 h ago)
• Weekly Wrap: Trouble in housing? Weekly Wrap: Trouble in housing?
11/20/2009
Fortune Magazine Leigh Gallagher, and Clusterstock.com's John Carney talk with Kai Ryssdal about how much trouble our housing market is still in, and whether calls for Treasury Secretary Geithner's resignation are justified. (5 h ago)
Sox First Tagline: SOX - Sarbanes-Oxley analyzed
• KaosPilot revolution KaosPilot revolution
11/21/2009
Earlier this year, I looked at the way business schools had contributed to the recession by producing the financial engineers, Masters of the Business Apocalypse (MBAs) who ended up destroying the markets. How refreshing then to read about the most unusual business school in the world. KaosPilots in Denmark. It's a business school that sends its students out to develop community facilities, everything from meeting places to rock festivals to football clubs. The whole idea is for students to use their entrepreneurial skills to build ... (1 h ago)
• Hedge funds and brokers turn to poker Hedge funds and brokers turn to poker
11/20/2009
Investing and poker have often been compared. But it's not surprising that financial recruiters for hedge funds and broking houses are scrutinizing professional poker to find talent and analytical tools. As Bloomberg reports, they think it's a good fit because both pursuits require a rational approach toward risk, self-control, speedy decision-making under pressure, discipline and a well-trained memory. And given the number of hedge fund managers and brokers who have screwed up badly over the last two years, it makes sense that the industry ... (1 h ago)
• China with the most English speakers China with the most English speakers
11/20/2009
Which country will have the most English language speakers? It will be China with the Financial Times reporting that China is about to get more English-language speakers than India. Whereas an estimated 55 million speak English in India, China is increasing its English language speakers by 20 million a year.Why English? Because that's the language of commerce and it's all part of a broader goal to encourage greater use of English to help boost China internationally.The deeply ironic part is that will keep the US ... (11 h ago)
• One in seven US home loans at risk of fo... One in seven US home loans at risk of foreclosures
11/20/2009
What chances of a US recovery? Don't hold your breath. As reported here, foreclosures will keep rising through 2010 and one in seven US home loans is now past due or in foreclosure. The quarterly delinquency measure is at its highest level since 1972.br />All up, just over 14% of US home loans are in foreclosure and this mirrors what's happening in the labor market with US unemployment officially up to just over 10% with the real figure at 17.5%.What's just as concerning is the ... (15 h ago)
• Cyber warfare to erupt Cyber warfare to erupt
11/19/2009
Banks and utilities will be on the front line when nations turn to cyber warfare, and there is evidence some of that's occurring right now, according to a new report.The report, by security vendor McAfee, says: "The critical infrastructure of nation-states—banking and finance, electrical grids, oil and gas refineries and pipelines, water and sanitation utilities, telecommunications systems—are all likely targets in future wars. In many countries, especially in the West, private ownership of these utilities means that private companies will likely be caught in the crossfire."The ... (1 d ago)
• Why it's not easy being green Why it's not easy being green
11/19/2009
Yesterday, I did a blog entry on how policy makers were losing the battle to win public support on climate change because of what's been called Apocalypse Fatigue where people are so overloaded with warnings of terrible climate-induced disasters ahead that they just switch off. That might explain why people are having such trouble embracing environmentalism. As Associated Press reports, a survey of more than 1000 adults found that while the majority endorsed easy stuff like recycling, they were less inclined to do any car ... (1 d ago)
• Apocalypse Fatigue: losing the battle on... Apocalypse Fatigue: losing the battle on climate change
11/18/2009
Why are so many still questioning climate change when the science is becoming more definitive?Scientist put it down to Apocalypse Fatigue. "The lesson of recent years would appear to be that apocalyptic threats — when their impacts are relatively far off in the future, difficult to imagine or visualize, and emanate from everyday activities, not an external and hostile source — are not easily acknowledged and are unlikely to become priority concerns for most people. In fact, the louder and more alarmed climate advocates become ... (2 d ago)
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msnbc.com: World business Tagline: Msnbc.com is a leader in breaking news and original journalism.
• Report: Hershey may launch bid for Cadbu... Report: Hershey may launch bid for Cadbury
11/21/2009
Hershey Co. may make a $17 billion bid for UK candy company Cadbury PLC, topping the recent $16.5 billion hostile offer by Kraft Foods Inc., the Wall Street Journal reports Friday. Wall Street Journal - Cadbury plc - Kraft Foods - Cadbury - UK (1 h ago)
• Europe: Drop some financial system crutc... Europe: Drop some financial system crutches
11/20/2009
It is time to withdraw some of the policy measures that supported the financial system through the credit crunch, ECB President Jean-Claude Trichet says. European Central Bank - Jean-Claude Trichet - Business - Financial Services - Banking Services (10 h ago)
• Dutch give ABN Amro billions in new bail... Dutch give ABN Amro billions in new bailout
11/19/2009
The Dutch government Thursday announced a new $6.5 billion (euro4.4 billion) bailout package for nationalized bank ABN Amro, intended to help the bank restructure and return to a strong financial position. Business - Emergency Economic Stabilization Act of 2008 - Financial Services - Banking Services - Banks and Institutions (1 d ago)
• Hershey, Nutella-maker mull Cadbury bid Hershey, Nutella-maker mull Cadbury bid
11/18/2009
Chocolate makers Hershey and Ferrero International SA confirmed  they are considering a possible offer for Cadbury, which is already the target of a hostile bid by Kraft Foods Inc. Chocolate - Confectionery - Ferrero Spa - Food - Nutella (2 d ago)
msnbc.com: Small business Tagline: Msnbc.com is a leader in breaking news and original journalism.
• Get to know your competition Get to know your competition
11/20/2009
Business is war and the competition is the enemy — right? Wrong. Arts - Music - Competition - Classical - Calgary (2 h ago)
• Sponsored By: Sponsored By:
11/18/2009
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• Experts: Companies should keep holiday g... Experts: Companies should keep holiday gifts
11/18/2009
Small business owners with cash flow problems might be tempted during yet another difficult holiday season to forgo gifts for clients or customers. Many look at gifts as budget items that just aren't critical. Business - Small business - Christmas and holiday season - Cash flow - Customer (2 d ago)
• Goldman, Buffett to help small businesse... Goldman, Buffett to help small businesses
11/18/2009
Goldman Sachs is teaming with billionaire investor Warren Buffett to invest $500 million to help small business owners across America. Warren Buffett - Goldman Sachs - Business - Small business - Lloyd Blankfein (2 d ago)
NYT > Small Business Tagline:
• Entrepreneurial Edge: In New World of Mi... Entrepreneurial Edge: In New World of Military Spending, Small Is Beautiful
11/19/2009
While overall Pentagon spending may decline, programs focused on communications and intelligence operations will grow, experts say. (1 d ago)
• Small-Business Case Study: Can Crispy Gr... Small-Business Case Study: Can Crispy Green Go National?
11/19/2009
Crispy Green, a maker of freeze-dried fruit snacks, wants to get its snacks on the shelves of major national food chains. (1 d ago)
• $500 Million and Apology From Goldman $500 Million and Apology From Goldman
11/18/2009
Criticized over bonuses, Goldman Sachs said it was working with the billionaire investor Warren E. Buffett in a $500 million project to help 10,000 small businesses. (2 d ago)
The Outsourcing Weblog Tagline: Best Practices and Resources for smart outsourcing
• CRM in Health Insurance CRM in Health Insurance
11/21/2009
© roland In a recent series of two articles (Part 1 and Part 2), CRM Buyer made the case that health insurers should look to outsourcing to build up their CRM capabilities. The article points out that health insurance companies have historically been behind the curve when it comes to understanding their customer base, being slow to build the 360º customer views that are common in other industries. The articles offer several explanations, including customer reluctance to use health insurance sites, mergers creating significant IT integration ... (1 h ago)
China Venture News Tagline: China Investment News
• Seen that? - Chinese Venture Capital Ush... Seen that? - Chinese Venture Capital Ushers in Thunder & Rainmakers
11/21/2009
Chinese Venture Capital Ushers in Thunder & Rainmakers at China Venture News A dramatic transformation is sweeping across the Pacific. For two decades, Asia watchers have proclaimed the dawning of a Pacific Century that is waking up the West like thunder out of ... (1 h ago)
TJ's Weblog Tagline: Technology, Venture Capital and Entrepreneurship
• Seen that? - Globetrotter Seen that? - Globetrotter
11/21/2009
Globetrotter at TJ's Weblog I had a nice event today in the facilities of Globetrotter.Globetrotter seems to have managed the transition from a normal retailer of outdoor goods to a successful brand. Their first shop has been around the corner, where I live ... (1 h ago)
washingtonpost.com - Tagline:
• Stocks take a break from rally Stocks take a break from rally
11/22/2009
U.S. stocks fell last week, halting a two-week advance, as a worsening outlook for technology company earnings added to concerns that the eight-month rally in equities has outpaced the prospects for economic growth. (1 h ago)
Bizinformer Tagline: The latest new about small business companies
• Seen that? - Business Plan Archive Seen that? - Business Plan Archive
11/21/2009
Business Plan Archive at Bizinformer I save things. Ridiculous things - old magazines, newspapers, memorabilia that offers no real memory. I'm not sure why. I started saving odd things as a kid - certain school work, comic books, etc. Now, I save presentations, ... (1 h ago)
The Personal Finance Weblog Tagline: Meditations on money
• Seen that? - Berkshire Hathaway says 'Ge... Seen that? - Berkshire Hathaway says 'Get Boring'
11/20/2009
Berkshire Hathaway says 'Get Boring' at The Personal Finance Weblog Berkshire Hathaway's 2004 annual report came out a few weeks ago. If you'd like to read it you can find it here. Warren Buffett has put together one of investing's all star performances. ... (21 h ago)