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for 12/09/2009

(last updated 7:30am EST 12/09/2009)

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• Pre-budget report 2009: the main points Pre-budget report 2009: the main points
12/09/2009
Key details from chancellor Alistair Darling's 2009 pre-budget report • Pre-budget report Economic policy Tax and spending Executive pay and bonuses Economics Credit crunch Recession Retail industry Banking Economic growth (GDP) Government Borrowing Manufacturing sector Services sector Income tax Family finances Consumer affairs Pensions Property State benefits First-time buyers Mortgages Childcare Public services policy Social exclusion Children Housing Public finance Health International aid and development Mark Tran guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Pre-budget report: live verdicts via Twi... Pre-budget report: live verdicts via Twitter
12/09/2009
Business and political reporters from the Guardian and Observer give their verdicts on Alistair Darling's pre-budget report Pre-budget report guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Japan's economic growth slows sharply Japan's economic growth slows sharply
12/09/2009
• Economy grew 1.3%, down on earlier estimate of 4.8% • Estimate did not take into account problems with soaring yen Japan's economy grew at a dramatically slower pace than previously thought in the three months to September, in a further sign that the country's fledgling recovery is already running out of puff. The economy grew at an annualised pace of 1.3% from July to September, drastically down on an earlier estimate of 4.8%, the cabinet office said today. Last month's estimate had failed to factor in a huge decline in corporate spending as Japan's export-led economy struggles under the weight of weak demand and the soaring yen . While Japan was expecting capital investment to grow by 1.6%, today's figures revealed that it actually contracted 2.8%. The revision comes a day after the government announced a ¥7.2tn (£50bn) stimulus package in another attempt to prevent the economy from sliding back into recession. The GDP data means the world's second-biggest economy, which only emerged from its worst postwar recession earlier this year, grew a mere 0.3% compared with the previous quarter, compared with an initial estimate of 1.2%. Officials were clearly taken aback by the size of the revision. "When releasing the preliminary figures, I commented with hope that a path for domestic demand-led recovery may have emerged, but now we need to re-examine that," Keisuke Tsumura, parliamentary secretary of the cabinet office, told reporters. The strength of the yen and falling prices have created a rift between the government and the Bank of Japan, which last week made ¥10tn available to commercial banks in an apparent sop to the finance ministry. Japan's faltering recovery has also opened up divisions in the coalition government. Shizuka Kamei, the outspoken banking minister, successfully lobbied the prime minister, Yukio Hatoyama, to add a further ¥100bn to the stimulus package. That portion will be covered by a bond issue, placing further strain on Japan's vast public debt. Japan has introduced four emergency spending packages since September last year, totalling more than ¥29tn. Hatoyama defended the new measures, but acknowledged, with considerable understatement, that the economy was "not necessarily doing well". Analysts did not expect the package, which includes support for jobseekers and smaller companies, as well as more incentives to buy eco-friendly products, to have much of an impact. Ryutaro Kono, chief economist at BNP Paribas in Tokyo, said that while Asia would continue to fuel the recovery in exports, poor demand at home would continue to slow growth. "The fact that manufacturers are saddled with excessive capacity and employment that cannot be undone by a cyclical upturn means cost cutting will continue for some time," he said. Global recession Japan Currencies Justin McCurry guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Trade deficit rises to £7.1bn as imports... Trade deficit rises to £7.1bn as imports grow
12/09/2009
The overall goods and services deficit increased from £3.1bn to £3.2bn Britain's trade deficit with the rest of the world widened in October to its highest level since January as the weak pound failed to help close the gap. The Office for National Statistics (ONS) said that Britain's goods trade gap rose to £7.1bn from £6.9bn the previous month as imports grew more than exports, despite the weakness of the pound, which makes imports more expensive. Analysts had expected a deficit of £6.85bn. The overall goods and services deficit also increased from £3.1bn to £3.2bn. The goods trade gap with non-EU countries narrowed slightly more than expected to £3.53bn from September's £3.77bn, broadly in line with forecasts for a deficit of £3.6bn. Excluding oil and erratic items, the seasonally adjusted volume of exports was 3.8% higher and the volume of imports was 4.3% higher in October, compared with September. Britain's oil deficit narrowed to £92m in October, the smallest since May, helped by growth in exports which were boosted as maintenance work on North Sea oil rigs came to an end. Oil imports also fell slightly. Vicky Redwood, UK economist at Capital Economics, said: "October's UK trade figures suggest that the external sector is still playing little, if any, role in helping the UK to escape recession. Instead of reversing some of September's sharp widening as expected, the trade deficit in fact grew even further. "Admittedly, exports are still growing fairly strongly (goods export volumes posted a 2.9% month-on-month rise). But import volumes are growing even faster. What's more, the drop in both the CBI and CIPS measures of export orders in the latest surveys suggest that even this rate of export growth might not be sustained. Overall, still few signs that the lower pound is giving the UK recovery much of a helping hand." Sterling rose to $1.6314 on the back of the data, having earlier hit a low for the day of $1.6167 - its weakest since mid-October. Economics Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Lloyds Banking Group lifted by Citigroup... Lloyds Banking Group lifted by Citigroup comments
12/09/2009
As well as a positive performance from Standard Chartered at the moment, other banks are also higher, despite the prospec to windfall taxes on bonuses in the forthcoming pre-budget report. In particular Lloyds Banking Group has been lifted 0.61p to 54.38p, helped by a positive note from Citigroup. Citi said: Lloyds is clearly a play on the UK economy, which remains moribund, and has been a recipient of central bank liquidity support which will roll-off over the next two to three years. Company guidance for improving credit quality and margins through 2009-11 takes account of this, but a degree of uncertainty exists over the economy and refinancing costs. In our view, though, the underlying margin and credit momentum is strong, and a moderate double-dip recession and/or more expensive than expected debt refinancing would delay but not derail the return to a valuation based on the long-term fundamentals. The scale of the upside is such that even if this process takes five years and not the three we envisage, the stock is still attractive. Meanwhile Royal Bank of Scotland has risen 0.855p to 31.305p. The bank wants to sell its commodities trading business jointly owned with Sempra Energy, which could reportedly fetch up to $3bn. Still with the banks, HSBC is 7.8p higher at 702.9p. Lloyds Banking Group Royal Bank of Scotland HSBC Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Standard Chartered plays down effect of ... Standard Chartered plays down effect of Dubai problems
12/09/2009
Standard Chartered is one of the biggest FTSE 100 risers after the bank played down the effect of the current financial problems in Dubai. As part of a trading update, the bank said: With regard to recent developments in the United Arab Emirates, the situation remains in its early stages and is fluid. However, given the profile of our exposures in Dubai we do not believe any impairment would be material. Two weeks ago the state controlled Dubai World, said it wanted a halt in debt payments, and it has been holding talks with its creditor banks. Standard's statement helped lift its shares 35p to £14.72. Analysts at KBW said: Overall, there are no material surprises in the pre-close statement, suggesting the group is trading in line with the $5.1bn profit before tax consensus. There is no additional information on Dubai, although the group indicates it does not expect any impairment to be material. The lack of detail on UAE and reduction in the operating leverage at the group level could drive some early weakness, but we see nothing to get overly concerned about. Meawhile Evolution Securities issued a buy note on the bank, saying: We wrote [recently] that the recent correction provides a good opportunity to buy the stock. We already increased our Middle East provisions, but decreased them for Asia. We also see a quicker turn-around in Korea. Our target price provides 28% upside and the valuation is low at just 8.8 times 2011 PE. Standard Chartered Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Imagination Technologies boosted by roya... Imagination Technologies boosted by royalty payments
12/09/2009
Imagination Technologies , whose chips are used in 150 mobile phones includine Apple's iPhone, is in demand after strong half year results. Its shares have climbed 6.5p to 224.1p as it reported adjusted pre-tax profits of £4.4m, more than four times last year's figure. The company - where Apple and Intel both have stakes - also said it was confident about the rest of the year. Ian Robertson at Seymour Pierce said: The results make broadly comfortable reading. Given the nature of the beast it is always difficult to get a clear read across for the full year overall result at the interim stage but these results do suggest that our current estimates should be more than achievable. Partner chips shipped of 54m is impressive and equates to 43% of our current full year forecast of 125m units - at the half year stage in 2008 Imagination had shipments equivalent to 48% of full year shipments. We are encouraged by the revenue per chip of 20.6p - up from the 16.3p achieved for 2008 as a whole and ahead of the 16.0p in our forecasts for 2010. This is perhaps the most important part of today's results. The decline in royalties per chip has been reversed. Customers are shipping more chips with multiple cores and more chips with technology from directly signed licensing deals. Overall we believe that the market will be impressed by these results, particularly the revenues per chip, and we expect to see the shares outperform the market over the coming months. Remains a buy. Evolution Securities was also impressed by the royalty rate, and issued a buy note: A strong royalty rate means upgrades to our 2011 earnings per share forecast are likely. This would leave Imagination looking relatively cheap compared to UK peer ARM Holdings. Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Merry Xmas Darling? Place your bets Merry Xmas Darling? Place your bets
12/09/2009
As Alistair Darling prepares to deliver his pre-budget report, a flurry of odds are available on what words the chancellor will use The pre-budget report , which will be delivered at 12.30pm today, has sparked the usual flurry of odds from the nation's bookmakers. And this year, the accountants are joining in the fun. As in previous years, Ladbrokes are offering odds on which words will make it into Darling's speech. "Climate change" is a racing certainty this year, with punters driving the odds down to 10/1 on. If only there was as much chance of a meaningful deal coming out of the Copenhagen talks . The betting world is also expecting new measures on "inheritance tax" (1/8). In the buzzword stakes, there's an even chance of Darling talking about "tough decisions" (which might make a decent title for this year's PBR) or "depression". The chancellor is widely expected to announce new levies on the City , but you can still get quite decent odds on the precise choice of words. "Windfall" is available at evens, while "bankers' bonuses" is a 6/4 shout. But with this year's deficit expected to rise even higher, to £180bn, should Darling apologise? "Sorry" is currently 3/1 at Ladbrokes, as is every politician's favourite, "hard-working familes". The elephant in the room, of course, is next year's "election", available at 6/1. If Darling wants to get Labour backbenchers cheering, he could play the class-war card – but the latest odds suggest that the chancellor is unlikely to turn dirty with an attack on "fat cats" (20/1), "Eton" (25/1) or "toffs" (33/1). Although if he put an accumulator on first he could really get to grips with the deficit. And surely no chancellor will have the nerve to wish us all a "merry Christmas" (50/1). This year, PricewaterhouseCoopers has also got into the betting spirit with a list of predictions. Barry Murphy, tax partner and head tipster at PricewaterhouseCoopers, believes there is a 50% chance that Alistair Darling will announce future rises in VAT today as part of his attempt to bring the nation's finances under some sort of control. Murphy estimates that increased petrol taxes are a 3/1 possibility, with a rise in the basic level of income tax much less likely (10/1). "Big decisions and tough choices are the name of this race … although faced with some stark choices, the chancellor of the exchequer has a window of opportunity to keep things on track," he said. Latest odds from Ladbrokes Climate change: 1/10 Inheritance tax: 1/8 Afghanistan: 1/5 Macro-economic: 4/6 Civil service: 4/5 Depression: evens Tough decisions: evens Windfall: evens Bankers' bonuses: 6/4 Quantitative easing: 7/4 Dubai: 5/2 Hard-working families: 3/1 Millionaires: 3/1 Obama: 3/1 Sorry: 3/1 Olympics: 5/1 ID cards: 8/1 Election: 6/1 Best placed: 12/1 Trident: 14/1 Boom and bust: 16/1 Bookmakers: 20/1 Fat cats: 20/1 Eton: 25/1 World Cup: 25/1 Toffs: 33/1 Zac Goldsmith: 40/1 Merry Christmas: 50/1 And from PricewaterhouseCoopers A further three-month extension (perhaps to coincide with new registrations of the decade!) of the government scrappage scheme, which is due to end 28 February 2010: 5/1 Confirmation that the VAT rate will return to 17.5% from 1 January 2010: 1/3 Confirmation of further staged VAT rises in the future: evens The current temporary extension of the stamp duty land tax limit to £175,000 replaced with a general lifting of the threshold to £150,000: 5/1 A raise in the basic rate of income tax by 1p across the board from April 2010: 10/1 Further 1% rise in national insurance contributions across the board from April 2011: 5/1 Dropping the threshold of pension tax relief to £100,000 per annum for higher earners: 100/1 Introduction of a higher-rate capital gains tax for short-term (for example 1-3 years) gains: 10/1 Abolition of principal private residence CGT relief: 1,000/1 Increase in relief for entrepreneur and employee shareholders/investors to encourage long-term investment: 50/1 Extension of the new three-year carry-back of £50,000 of losses beyond the scheduled expiry date of November 2009: 1/2 Duty rises in petrol/diesel announced: 3/1 New carbon tax proposals announced: 100/1 No alcohol duty rises for some pre-holiday season cheer: 100/1 Ladbrokes Pre-budget report Gambling Alistair Darling Christmas Graeme Wearden guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Stagecoach accelerates after better than... Stagecoach accelerates after better than expected figures
12/09/2009
Contrasting fortunes for a couple of transport companies, with Stagecoach moving higher after its figures but Easyjet losing ground after a boardroom reshuffle. Stagecoach shares are up 5.5p at 155.4p despite the bus and transport group reporting a 28% fall in first half profits to £75.5m, with rising fuel and pension costs and a slowdown in its US business. The company - recently involved in a proposed merger with rival National Express - still beat expectations, and it raised the half year dividend by 11.1%. Chairman Brian Souter said it had made a good start to the second half of the year and currently trading was in line with forecasts. Panmure Gordon analyst Gert Zonneveld said: We maintain our buy recommendation on Stagecoach. The shares trade on 10 times this year and 8.8 times next year with a dividend yield of about 4.4% (assuming a 10% increase in full year dividend per share). Furthermore it has a strong balance sheet. We expect the dispute with the Department for Transport regarding the revenue support on South Western to be resolved through arbitration by April next year. The shares would clearly benefit from a favourable outcome. Meanwhile Easyjet slipped 12.2p to 364.7p after news that chief executive Andy Harrison would leave at the end of June. The airline had been embroiled in a dispute with founder and 38% shareholder Stelios Haji-Iannou. Overall the market has slipped back ahead of the pre-budget report, with FTSE 100 now down 28.41 points at 5194.72. Brian Myers at odlmarkets.com said: Today feels like one of those defining moments in our recent financial history. Markets are likely to be paralysed until we get confirmation from then Chancellor about the state of our economy and his plans to revive us. Stagecoach Easyjet Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Pre-budget report – live blog Pre-budget report – live blog
12/09/2009
Minute-by-minute coverage of Alistair Darling's statement to parliament today, perhaps the biggest political event left before the next general election 12.33pm: 12.24pm: In a moment one of my colleagues is going to insert a fantastic gizmo into this live blog that should allow you to see what is happening to the FTSE 100 index while Darling is speaking. We've never done it before, but it should be fun - if it works. 12.22pm: Brown says he would "regret very much" any decision to cut tax credits by £400m. He says this would affect anyone earning more than £16,000. The Tories have said that they would cut tax credits for high earners, but they claimed this would save £400m. Labour has used Treasury figures to infer that people earning more than £16,000 would lose out. 12.17pm: The Nick Clegg exchanges are particularly acrimonious. He asks about fairness. Brown says Clegg does not know the level of the state pension. Clegg accuses him of just reading out a list. Brown says Clegg can't read out any lists of what he's done. 12.11pm: Cameron has moved on to the PBR. He has asked Brown to support Tory plans for a 5% cut in ministerial pay and a 10% cut in the size of the Commons. Brown says Cameron has "lost the art of communication but not, alas, the gift of speech." 12.09pm: In the Commons David Cameron is asking about Afghanistan. Darling is sitting alongside Brown looking at his PBR speech. 12.04pm: I've just been checking what the Guardian's "What to expect from the PBR" says about national insurance. A cash-hungry chancellor could be tempted to build on plans to raise NI contributions by 0.5% from April 2011, although this could be criticised as increasing taxes on jobs as the economy emerges from recession. Raising national insurance is effectively a tax rise. And a 0.5% increase would bring in far more than the several hundreds of millions Darling is expected to raise from the bonus tax. 12.02pm: In the Commons, PMQs has started. A Tory MP has just asked Gordon Brown about his claim, last week, that Spain is in the G20. (Technically it isn't, but it's a de facto member.) Does that mean "the pain in Spain is mainly in his brain?" Brown had a wonderful reply. He knew the Tories were going to talk down Britain. "But it's a bit much them talking down Spain." 12.00pm: Sky's Glen Oglaza says, on Twitter, that Darling is going to announce an increase in national insurance. 11.39am: As usual, others are also live blogging the PBR. If you get bored reading this one, you could try: The FT's Westminter blog (from 12.30) Coffee House (from 12.30) Left Foot Forward and Touchstone (from 12) The Times (already running) The BBC (already running) 11.22am: Harriet Harman is on BBC News now. She's just reminded Matthew Amroliwala that Darling said (in a Guardian interview last year) this would be the worst recession for 60 years. "Everybody said that he was going far too over the top. [But] he was right." She did not mention that the person who was most angry about Darling going over the top was Gordon Brown, who apparently rang Darling to deliver an ear-bashing after the interview appeared. 11.11am: Will the Tories accept the bonus tax? Yes. The Daily Mail carries some quotes from David Cameron, who signalled yesterday that the Tories will not oppose anything Darling announces today about bankers' bonuses. I believe in normal times, the tax system needs to be simple, predictable and give people confidence. But these are extraordinary times. It is not acceptable that taxpayer money goes into the banks and out in bonuses ... It is not necessarily true that all windfall taxes will lead to damage. The Mail says Cameron called for a tax of at least 60% on bank bonuses above a certain level. 11.08am: The Daily Mail says Darling is going to abandon a planned increase in corporation tax from 21p to 22p for 800,000 smaller companies. 11.05am: Harriet Harman has just told Sky that the City of London has been important "since the days of Dick Whittington". Eh? Was he a bond trader? Or perhaps he was in equities? 10.59am: Hamish McRae in the Indie is worth reading. I think the best preparation for [today's PBR] is to look at what Alistair Darling said in his pre-budget report on 24 November last year. From the present perspective it is a remarkable document in that just about everything in it is, I'm afraid, so wrong as to be almost comical in its inaccuracy. Thus, the economic forecast for this year was that Britain's economy would shrink by between 0.75 and 1.25 per cent. We don't have final figures but looks as though it will have declined by about 4.5 per cent. The budget deficit for the present year was forecast to be £118bn. In the subsequent budget this was increased to £175bn and current market estimates range between £180m and £200m. The pre-budget report announced the cut in VAT to 15 per cent for 13 months but this was to be clawed back by an increase in the top rate of income tax to 45 per cent from April 2011; now it is 50 per cent from April 2010. Borrowing was supposed to peak at 57 per cent of GDP in 2013-14. It reached 59.2 per cent last month and it is hard to see the peak being much below 100 per cent of GDP. We all make mistakes and the depth of the recession has been more serious than most of us expected late last year. But the UK economy has been in the middle of the pack as far as the depth of the recession is concerned: worse than the US and France, not quite as bad as Germany or Italy. Where we have been far worse than everyone else is in the scale of public borrowing. The government cannot control the economy but it should have at least some control over its own finances. 10.56am: Good question from pseudosp1n in the comments about the bonus tax. If it's a one off what's to stop the banks defering awarding the bonuses for a year? I don't know the answer. I presume we'll get one from Darling later. 10.37am: The Indie (paper version) is leading with "Exodus of the bankers", highlighting Bob Diamond's warning about financial whizz kids fleeing the UK. That may be a bit premature. Mandelson said this morning that he was confident that that was not going to happen and, if the bonus tax (which won't be levied on individuals) only raises a few hundred million, then it's unlikely to worry firms like Goldman Sachs. Denis Healey once committed himself to a tax increase that would provoke "howls of anguish" from the wealthy. This isn't Darling's approach at all. It's too early to tell, but it's very possible that by this evening he will be facing complaints from Labour for not being more robust with the bankers. 10.32am: I said earlier that we had not heard much about public sector pay. But at that stage I had not read the Daily Mirror. Their PBR story says Darling "will today spare seven million public sector workers from the pay freeze they expected" . There's not much more detail. But the Mirror did get the boiler scoop. (See 10.20am) It says people will be offered £300 if they scrap their boiler. 10.28am: This is Ken Clarke, the shadow business secretary, on the proposed one-off tax on bankers' bonuses. (See 9.42am for more) It's all tinsel really - because they will pay themselves in other ways. It's just the sort of stuff that Gordon and Peter have insisted the chancellor, who they didn't want to be chancellor, put in. 10.20am: BBC News has just said that Darling is going to announce a household boiler scrappage scheme in the PBR. It wil work in the same way as the car scrappage scheme. In other words, if you order a new boiler, you will qualify for some kind of discount. New boilers are normally more fuel efficient than old ones, and so I presume this will be presented as a green measure. 10.09am: Sky are showing footage of a stunt that the Tories have been performing on Westminster Green this morning. They called it the G8 race to recovery and had runners, dressed up to represent all the G8, ambling towards a finishing line. At the back the UK figure, wearing a Gordon Brown mask, staggered way behind holding a huge pretend iron ball labelled "debt". They were trying to make the point that Britain is the only G8 country still in recession and blaming Brown for running up too much debt. Unfortunately, they seem to have got debt and deficit muddled up. Britain does have a monstrously large deficit (the amount it is borrowing annually to fund the gap between the amount it is spending and the amount it is raising through taxation). But the debt (the amount UK plc owes because of all the money it has borrowed over the years) is actually relatively low by G8 standards. 10.03am: We haven't heard much yet about what Darling is going to say about public sector pay, but, if he does address the subject, this could be one of the most important features of the speech. With the Tories committed to freezing the pay of most public sector workers, Labour must be tempted to turn this into a dividing line. Cable could be on to something. (See 9.57am) 9.57am: The Times is carrying a piece by Vincent Cable in which the Lib Dem Treasury spokesman says Darling should do a Roy Jenkins: Jenkins, it will be remembered, inherited Harold Wilson's devalued "pound in your pocket" entering what he called a "long, dark Treasury winter". He told the Cabinet that the situation was "extremely menacing". So it is today, after an even deeper devaluation of the pound and with a far more serious structural budget deficit. Jenkins pursued fiscal discipline at the expense of short-term popularity and was blamed for Labour's defeat in 1970 although he probably did help to avoid an electoral bloodbath. There's another interesting line in the article. Cable says public sector workers should receive pay rises worth a maximum of £400 a year, or £8 a week, for the next two year. That's quite clever. It's progressive - £8 a week is worth a lot more to a binman than to a quangocrat - and it's a more subtle and less draconian version of the one-year pay freeze proposed by the Tories. 9.42am: Obviously, anyone with any sense reads the Guardian, but on budget days the Financial Times is also pretty essential and I've just had a good look. The splash says that Darling's plan to maintain spending on schools, hospitals and the police means that other Whitehall budgets will be cut by around 14% over three years. Chris Giles and Sam Jones have a story about the one-off bonus tax , which Lord Mandelson was defending on BBC News this morning. They say it will only raise hundreds of millions of pounds, not billions, and that Darling will say that he is using the money to fund measures to help the unemployed. But they also say that the link will be "entirely notional and done for presentational purposes". The Treasury hates hypothecation - pledging tax revenues for a particular purpose. According to Treasuy lore, raising money and spending money are, and should be, quite separate functions. 9.38am: David Cameron has told Sky he thinks the chancellor will deliver a "pre-election" report, rather than a pre-budget one. The central fact of this pre-budget report is the massive size of our deficit. it is the biggest in our peacetime history. It is the biggest deficit that this government's incompetence has given us. We need to see early action about tackling it, but if all you have is promises about the future, then you are not dealing with the big, dark cloud hanging over our economy. This ought to be a day of reckoning, but I fear it will be a pre-election report, not a pre-budget report. 9.30am: Assuming we get through the next few months without anything extraordinary taking us all by surprise, there are only two big political events between now and the general election and one of them is about to take place at 12.30pm today. The publication of election manifestos does not really count (because they rarely contain anything important that has not been trailed) and the budget, the other big event, will not take place until next spring (assuming it takes place at all; a March election would kill it off). That leaves the pre-budget report, which Alistair Darling will delivering in the Commons this afternoon straight after prime minister's questions. It has been described as the most political budget (the PBR is, in effect, a mini-budget) that any chancellor will have delivered for years. Commentators always says things like this, but this year there is more probably more truth in the claim than usual. Darling has to assure the markets that he has got a credible plan for bringing Britain's deficit under control, while at the same time persuading the voters that they would be better off voting Labour at the election. To use a fairly crude analogy, his team are 3-1 down with 10 minutes to go and he's been asked to take a penalty. That's the kind of pressure he's under. If he gets it right, Labour won't necessarily win. But if he misses – in other words, if he announces measures that somehow backfire, politically or ecnomically – he could lose the match. I'll be liveblogging throughout the day. I'll start soon with some of the best pre-PBR reporting in the papers as we wait to hear from the chancellor later on. Economic policy Pre-budget report Banks and building societies Banking Alistair Darling Labour General election Andrew Sparrow guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Heather Stewart on PM's plan for tax on ... Heather Stewart on PM's plan for tax on financial transactions
12/09/2009
Heather Stewart on PM's plan for tax on financial transactions and the pre-budget report Heather Stewart (1 h ago)

• Kipper Williams: Banks look to human rig... Kipper Williams: Banks look to human rights to challenge windfall tax
12/09/2009
City accountants are being asked by bankers whether being singled out for a windfall tax might breach their human rights (1 h ago)

• Mandelson: Bonus tax 'not designed to te... Mandelson: Bonus tax 'not designed to teach bankers a lesson'
12/09/2009
Business secretary denies suggestions pre-budget report will result in highly paid City workers leaving UK Lord Mandelson told bankers today that the one-off tax that will be imposed on their bonuses in today's pre-budget report was not designed to "teach them a lesson". The business secretary told BBC News that the tax on bankers' bonuses would be "balanced and judicious" and he denied suggestions that it would result in highly paid City workers leaving Britain to work abroad. According to reports this morning, the widely trailed tax on bonuses will not be imposed on individuals. Instead banks that want to pay individual bonuses worth more than a certain amount will have to pay a tax worth more than 50% on the total bonus pot. Alistair Darling, the chancellor, reportedly believes that this will give banks an incentive not to pay excessive bonuses. Mandelson said this morning: "I know some people think that the banks have brought this on themselves and that we just ought to teach them a lesson. That's not the frame of mind that we are in. "We want them to become profitable again. But also people do have to understand that people will be very disconcerted, very disappointed to see the return of excessive bonuses we have seen in the past." As well as imposing a one-off tax on this year's bonus round, the government is threatening two more levies on banks. Tomorrow No 10 will further step up the squeeze on the Square Mile with a 60-page report making the case for a so-called transactions tax on all City trading, and an insurance scheme to stop taxpayers from being forced to foot the bill for any future banking crises. Leaked plans for the bonus tax have already attracted fierce criticism in the City, where traders will be scrutinising the pre-budget report for signs of weakness in Britain's public finances after renewed jitters in the market today. In today's speech, the chancellor will signal "real cuts" across Whitehall if Labour is re-elected, promising that only the budgets for schools, hospitals and the police will be protected from his determination to meet a commitment to halve a £180bn deficit by 2014. He will not spell out precisely how much each department will have to cut in the year after the election, arguing that the economic outlook is too unpredictable to set out detailed figures now, but the promise to increase spending in the three protected areas implies that some departments will face cuts as deep as 15% from 2011. In what is one of the last big political landmarks before the election, Darling is locked in a balancing act: trying to show he can protect cherished frontline services and yet cut the deficit and assuage the markets. He hopes to inject credibility into his promise to cut the deficit by publishing a bill binding him to halving it within four years. He will also spell out for the first time the degree to which the schools, hospitals and police budgets will be protected when he reveals how extra spending in these areas will be funded by measures including higher taxes and efficiency savings. Nevertheless, Darling will face Tory allegations of dangerously deferring the necessary tough medicine when he reveals that he will not start to cut spending next year, instead sticking to published plans for 2010-11 to boost spending by £30bn to £700bn. David Cameron mounted a pre-emptive strike by claiming that the deficit represented a dark cloud hanging over Britain, adding that the government did not have a credible plan to reduce it. Speaking at a business conference yesterday, the Conservative leader said: "A credible plan is not only about tomorrow but it's also about what you start to do today. I don't think anyone is going to be impressed with a plan that doesn't have at least some early action in it." Darling's tax on bankers' bonuses may not in itself raise significant sums. But the government's newfound appetite for challenging the City is winning enthusiastic support from Labour MPs, and the decision to follow this up immediately with the threat of two further taxes is hugely symbolic. The prime minister and the chancellor are determined to keep up their populist attack on high-rolling bankers, who have infuriated the government by rapidly returning to business as usual. The Treasury-backed report due to be published on Thursday will suggest international financiers are making excessive profits, and should be forced to contribute more to society. It will say: "Where there are elements of the financial services industry that are generating super-normal returns for either executives or shareholders because of the existence of market failures, then there may be a case for increasing taxation on those returns." Plans for the bonus tax have prompted a furious reaction in the City. Jon Wood, a hedge fund manager, described the proposal as disgusting, adding: "It wasn't all the bankers' fault." When asked if the tax would drive financiers away from the City, Wood, the founder of SRM Global fund, which lost out when Northern Rock was nationalised, said: "Absolutely." But he also reckoned bankers would find ways around whatever tax was introduced. "The City will be ahead of the Treasury," he said. Bob Diamond, one of the highest profile investment bankers in the City, who has himself been paid bonuses of up to £20m, also launched a defence of the bonus culture today. Diamond, president of Barclays and the head of its investment banking arm Barclays Capital, said that a tax on bonuses went against the principles agreed by the G20 to spread out payments over three years and pay larger portions in shares. "We don't feel that is supported by the principles that were adopted," Diamond said, adding that bankers could flee the City if the plans go ahead. "Both financial capital and human capital are extremely mobile," he said. Asked about Diamond's comment on BBC News this morning, Mandelson said: "I don't think that's going to happen." The business secretary said the pre-budget report would be "quite a balanced package", containing measures to cut the deficit in the future without threatening Britain's "fragile" economic recovery. "It's not going to be painless, nor is it going to be reckless," he said. Economic policy Pre-budget report Banks and building societies Banking Peter Mandelson Executive pay and bonuses Heather Stewart Patrick Wintour Jill Treanor Andrew Sparrow guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Windfall taxes are nothing new Windfall taxes are nothing new
12/09/2009
• Margaret Thatcher introduced a levy on banks in 1981 • New Labour targeted utilities after coming to power in 1997 Windfall taxes are often championed by the political left as a good way of recouping cash from "fat cats" seen to have made excessive profits. But in fact Margaret Thatcher's government was one of the most notable users of the tactic. In 1981 the then-chancellor Geoffrey Howe introduced a special budget levy to harvest around £400m from the banks, which were seen to be escaping the pain of that recession. The move, which creamed off 2.5% of the banks' non-interest bearing current account deposits, caused great consternation on the Conservative benches. However, it was only equivalent to around a fifth of their profits in that 12 months. The following year the Treasury sought to share the benefit of high oil prices by imposing a special tax on North Sea oil and gas, which raised £2.4bn. Soon after New Labour came to power in 1997, it targeted utilities that had been privatised under the Tories and were said to be making "excessive" profits. Around £5bn was drained from firms including BAA, British Gas, British Telecom and Powergen. Their value was calculated on the basis of profits and the market value at flotation was subtracted. The companies then had to pay 23% of that figure to the exchequer in two instalments, with the money used to fund the New Deal welfare-to-work programme. No windfall levies have been introduced since – although there were calls for one on energy companies such as BP and Shell in 2008, when soaring oil prices gave them massive profits as motorists suffered record prices at the pumps. Tax and spending Banking Executive pay and bonuses Pre-budget report Margaret Thatcher guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• PBR: Glossary of key terms PBR: Glossary of key terms
12/09/2009
The key terms expected to come up as chancellor Alistair Darling delivers his pre-budget report Alcohol and tobacco duties Levied on beer, wine, and spirits. Changes are usually announced in the main budget rather than the PBR. However, a year ago Alistair Darling did increase the duty on both alcohol and tobacco (which is levied on cigarettes, cigars, hand-rolling tobacco, pipe tobacco and chewing tobacco) to counteract the effect of his temporary VAT cut. Darling increased alcohol duty by another 2% in the 2009 budget, putting another penny on a pint of beer, 13p on a bottle of spirits and 4p on a bottle of wine. Capital allowances These allow businesses to offset a proportion of their spending on equipment, property and other physical assets against their taxable profits, thus reducing their tax bill. The standard allowance is 20%, for items such as vehicles machines, tools, furniture and computers, but in the last budget Darling doubled this rate to 40% for this financial year. Green rules introduced in the last pre-budget report mean that cars that emit more than 160g/km of CO2 only qualify for a 10% rate. Capital gains tax This is levied on individuals, trustees and personal representatives of the recently deceased when an asset is sold or given away or upon receipt of a large sum of capital. It covers land, buildings, personal possessions worth £6,000 or more, shares or business assets. There is a flat rate of 18%, although the 'entrepreneurs' relief' system allows some people to pay just 10% on assets up to £1m. Carbon budget For the first time, the 2009 budget included CO2 reduction targets for all government departments in an effort to hit the UK's emission goals. This committed the government to reducing its carbon emissions by 34% by 2020. Child benefit A tax-free payment, every four weeks, for children under 16, or older if they are in employment or training. Currently £20 a week for the first child, and £13.20 for subsequent offspring. Child tax credits Available to people who are responsible for at least one child or qualifying young person. It consists of two parts – a family element worth up to £545, and a child element worth up to £2,235 for each child – and due to increase by £20 per child next April. Comprehensive spending review A wide-ranging assessment of the government's spending priorities, used to decide how much funding departments should receive. The most recent review, carried out in 2007, will still influence the spending plans announced in this year's PBR. Corporation tax Levied on business profits and other forms of income, as well as on chargeable gains accruing to companies. The main rate was cut to 28% last year and is paid by companies with profits of at least £1.5m a year. A lower rate of 21% is used for companies with earnings of less than £300,000 a year, with a sliding scale in between. Fuel duty Fuel duty accounts for more than 70p out of every pound spent on petrol, and is set to increase. It rose by 2p per litre in September , and Darling has previously said it will rise by another "1p per litre above indexation each" April for the next four years. The golden rule As chancellor, Gordon Brown pledged that the Labour government would keep the nation's finances balanced by only borrowing to invest over the life span of an economic cycle. This golden rule meant he could only finance the cost of building new roads, hospitals and schools from tax revenue rather than borrowing. However, critics point out that the government defines when economic cycles start and finish – giving it flexibility to offset borrowing today against future earnings. In last autumn's pre-budget report, Darling declared that the last cycle ended in 2006. Brown also introduced the sustainable investment rule: debt will be kept at a 'low and sustainable level' throughout the cycle. The huge increase in debt that is expected to occur over the next few years makes it impossible for Darling to stick to this rule. Growth forecasts Early in his speech, the chancellor will update parliament on the government's economic forecast for GDP growth, or contraction, over the next few years. Darling's forecast in the last budget that the UK economy would shrink by 3.5% this year now looks far too optimistic, with independent analysts predicting a 4.75% decline. He may stick to his prediction of a 1.25% recovery in 2010. Income tax More than 200 years after being introduced as a temporary measure by William Pitt the Younger in 1798 to cover the cost of the Napoleonic Wars, income tax remains a key source of revenue for the exchequer. Paid by individuals and trusts, there is currently a basic rate of 20% on the first £37,400 of income in excess of the £6,475 personal allowance and a 40% rate on anything above this. In the budget, Darling announced a 50% band on earnings above £150,000, starting in 2010. Income from savings is taxed at 10% if you earn less than £2,440, 20% if you are a basic taxpayer and then 40% if you earn above £37,400. But dividend income is taxed at 10% for basic taxpayers, with an upper rate of 32.5%. Individual savings accounts (ISAs) ISAs let individuals save tax-free, and can be made up of cash, shares and life assurance policies. In the budget the annual limit was raised to £10,200, of which £5,100 can be saved in cash. Inheritance tax Charged on estates following their owner's death or the transfer of assets in the proceeding seven years. It only applies to estates worth more than £325,000 – the nil rate band. This band can be transferred to the surviving spouse, creating a combined tax-free allowance of £650,000. This is due to rise to £700,000 by 2010. The inheritance tax rate is 40% after death, although anything given away more than seven years before is exempt. National insurance Levied on individuals, including the self-employed, and companies, although those who earn less than £110 a week are exempt. Workers earning up to £844 a week pay 11% of their earnings and there is an extra 1% charge on those earning more. But anyone who has chosen to withdraw from the state earnings-related pension scheme pays a rate of 9.4% on earnings below £770 a week. Employers pay 12.8% of their employee's earnings. The self-employed have a flat charge of £2.40 per week, plus 8% of profits between £5,715 and £43,875 for 2009-10, plus 1% of earnings above the upper limit. The national insurance rate is due to go up by 0.5% for both employees and employers from April 2011, and there is speculation that this could be brought forward by a year. Pension credit Designed to allow pensioners on low and modest incomes a guaranteed level of income without penalising them for having small amounts of savings. It means single pensioners will receive at least £130 a week, while couples are guaranteed at least £198.45 a week. Pension tax relief This allows a pension provider to claim back the tax that was levied on pension contributions, which means savers can put money aside for their pension 'tax free' (although the annuity is then taxed when the pension matures). In the 2009 budget the chancellor announced the gradual reduction in pension tax relief for top earners, so that they will eventually only be able to reclaim the basic 20% rate rather than the full rate at which their gross income was taxed. This will affect the top 1.5% of pension savers. Public sector net cash requirement (PNCR) Used to fill the gap between how much the government wants to spend in a year and how much money it receives. The government is expected to have to borrow around £175bn this financial year to cover this gap, which would exceed the previous record of £89bn which was set last year. Stamp duty A levy on the sale of buildings or land. The current freeze on properties worth £175,000 or less will extend until the rest of this year, which means the basic 1% is charged on sales between £175,001 and £250,000, 3% where the price is between £250,001 and £500,000 and 4% where the price is above £500,000. There is also a stamp duty of 0.5% on all share transfers. Super tax Land on it in Monopoly and it costs you £100. The one-off tax that Darling is considering imposing on Britain's army of well-paid bankers would be much more lucrative. He could announce plans to tax City bonuses at more than 50%. There is some precedent – Mrs Thatcher's government took 20% of bank profits in the early 1980s through a 2.5% levy on their noninterest bearing current account deposits. Trade credit insurance A state-backed guarantee scheme under which the government will provide insurance to a company whose commercial insurer cuts their cover. It was announced in the 2009 budget, following concern that suppliers could go bankrupt because the cost of their credit insurance has increased in the recession, or been withdrawn altogether. This is similar to the state credit insurance operated in France, which protects suppliers who supply goods on credit against the risk that they will not get paid. If insurance is withdrawn, suppliers demand to be paid up front, which can leave the companies they supply short of stock, create cash flow problems and cost jobs as firms seek to divert funds from wages towards paying suppliers. Tax avoidance The government is putting more and more pressure on companies who use complex arrangements to cut the amount of profit they hand over to HM Customs & Revenue. In the last budget Darling said he was closing a series of loopholes that should generate £1bn of extra revenue over the next three years. The chancellor is also planning a "name-and-shame" policy for the worst offenders. VAT Charged on much consumer spending. The standard rate was cut to 15% in the last pre-budget report. It was due to return to 17.5% at the end of December, but there is speculation that the chancellor could actually raise it. There is also a reduced rate of 5% for costs such as domestic fuel, and a zero rate for items including food and books. Vehicle excise duty There are six bands, based on a car's CO2 emissions, including a new top band of £425 a year for the most polluting cars. Working tax credit Part of the tax credit system, like child tax credit, it is a regular payment to low wage earners. There is currently a basic element of £1,890, as well as a couple and lone parent element (£1,860), a 30 hour working week element, a disabled worker element (£2,530), a severely disabled worker element (£1,075) and a 50+ return-to-work payment at £1,300 for those working between 16 and 29 hours, and £1,935 for those working 30 hours or more. Winter fuel allowance A tax-free payment to those 60 and over to cover heating costs, which can be claimed by 9m households. Darling promised in the budget to maintain it at £250 to those at least 60, and £400 for the over 80s, until next year. Glossary Pre-budget report Tax Tax and spending Savings Graeme Wearden guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Problems mount for chancellor as alarm s... Problems mount for chancellor as alarm sounds over surge in UK budget deficit
12/08/2009
Despite a cheaper pound and rising house prices, falling output has left Britain still mired in recession • Leading economies by size of GDP (pdf) House prices are booming, industry struggles and a ratings agency warns that it remains troubled by the size of Britain's budget deficit. As he put the finishing touches to his third pre-budget report Alistair Darling could hardly have been given a starker reminder of the short and long-term challenges facing the economy . Despite the boost from a cheaper pound, the Office for National Statistics said factory output stalled in October. The CBI employers group said manufacturers expected to trim production over the next few months. Meanwhile, Halifax – the UK's biggest mortgage lender – said the cost of property rose by 1.4% last month. The price of the average house is up by £13,000 to almost £168,000 since the trough earlier in the year. Little sign yet, in other words, of the rebalancing of the economy being sought by the government in the aftermath of the longest recession in modern history. The economy, as it prepares to exit the slump, looks pretty much like the economy as it went in, only with a smaller financial sector and a much-diminished industrial base. In his last budget speech in March 2007, Gordon Brown boasted that Britain was top of the G7 league table for growth after the longest period of sustained expansion since the dawn of the industrial age. What the then chancellor did not say was that the boom was built on unsustainable activity in housing and financial services, and that if those twin engines stalled the economy would nosedive. That was precisely what happened from August 2007 onwards – a period that has brutally exposed how dependent the UK was on debt-fuelled consumer spending and the speculative activities of the City of London. In the pre-crisis days, it was not seen as a problem that the financial and business sector – which includes not just the City but all its satellite sectors such as accountants, lawyers and PR firms – was responsible for almost half Britain's growth. Far from it – the City was Britain's cluster of excellence. In an increasingly integrated European single market, each country would specialise in what it did best and in the UK's case that would be financial services. The crash has re-opened an argument that has been raging off and on for the past century: does the size and power of the City stifle the other parts of the economy, preventing them from flourishing? After a decade in which the government pampered global finance, Labour now accepts the need for a more diversified economy. Darling will ring-fence spending on science in the hope of encouraging hi-tech spin-offs from the universities. Lord Mandelson, the business secretary, opened a new advanced manufacturing centre in Sheffield last week. There is talk of a national investment bank to channel funds from the City into a small business sector starved of credit. The change of tack has been forced on the government, and it looks like being a long, hard slog. Although the crisis had its genesis in the financial sector, and it was widely expected that the City would be the biggest casualty, the impact on manufacturing has been far more severe. Output is down by 14% since it peak in 2007 and – if the CBI's monthly industrial trends survey is right – has still further to fall. Tellingly, the first sector to show signs of life earlier this year was property, which has become far more pivotal to the economy over the past four decades. Low interest rates have so far failed to boost business investment or factory output although they quickly reversed the decline in house prices. But as with the City, activity remains well below pre-crisis levels. From being the fastest-growing G7 nation in early 2007, Britain at the end of 2009 is the only member of the broader G20 group that remains in recession. The 25% devaluation of the pound has meant that the UK is now the seventh-biggest economy in the world – behind the United States, Japan, China, Germany, France and Italy. One team of analysts predicted this week that Britain would soon drop out of the top 10 altogether. An unwanted by-product of the recession has been a rapid expansion of the government's budget deficit from just over 2% of GDP to 12% of GDP. The ratings agency Moody's made it clear that it was keeping a close eye on fiscal developments in four major economies given an Aaa rating: the United States, France, Germany and Britain. "The next year or two will show whether growth potential has been structurally eroded or whether a sustainable recovery is possible," said Pierre Cailleteau, managing director of Moody's Sovereign Risk group. "Next year, Aaa governments with stretched balance sheets will find themselves under pressure to announce credible fiscal plans and – if markets start losing patience – to start implementing them," he said, adding, "This will complicate the recovery and test political cohesion." Simon Jenkins, page 29 Recession Economic growth (GDP) Green shoots Economics Manufacturing sector Credit crunch Real estate Consumer spending Pre-budget report Investing Larry Elliott guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Tesco sales slow as pre-Christmas market... Tesco sales slow as pre-Christmas marketing blitz fails
12/08/2009
Aggressive price cuts and double points strategy has limited impact as Tesco sales growth is lower than expected Tesco reported slower than expected quarterly sales growth today, disappointing some City analysts who had expected its recent marketing blitz to pay off before Christmas. Tesco has been offering its 16 million Clubcard holders "double points" on their shopping since August and announced aggressive price cuts last month. Laurie McIlwee, Tesco's finance director, said he was "pleased" with sales momentum within the business, adding that without the food price inflation caused by last year's commodity boom, growth in the UK had been achieved through sales volume increases. "This is a good performance," he said. Like-for-like sales at Tesco's UK stores climbed 2.8% in the 13 weeks to 28 November. However, some analysts had expected the company to achieve 3%. The growth rate also fell behind the 3.1% recorded in the previous quarter and figures of 4.3% and 5.6% in the third quarter for Morrisons and Asda respectively. Like-for-like sales at Tesco's international business were down 3.7%. Tesco's update coincided with quarterly market share data from the research firm TNS, which showed that Tesco held its share at 30.6% in the three months to 29 November, while Morrisons notched up its highest-ever market share of 12.1%. Sainsbury's and Asda also posted gains, to 16.1% and 17% respectively, said TNS. A Morgan Stanley analyst, Geoff Ruddell, said that given the Clubcard relaunch, Tesco's UK performance was disappointing. "Either the initiative isn't working or the underlying business is continuing to underperform." The shares closed down more than 2% at 425.5p. McIlwee said consumer confidence was rising as customers "traded up" again to its Finest range. He said the brand had returned to growth in the period, as had its large non-food business, which includes the Florence & Fred clothing label. Market share figures showed that Waitrose was growing much faster than rivals. TNS analyst Edward Garner said that "recessionary buying behaviour" was coming to an end, with upmarket retailers such as Waitrose doing well, while sales at Aldi and Lidl were stagnating. Tesco pointed to the improved performance of its American chain Fresh & Easy, with sales up 37.4% in the period. The government is expected to confirm plans to put VAT back up to 17.5% in the pre-budget report. McIlwee said: "Just as consumers are getting more confident, to start indirectly taxing people [more] will be a strain on their budgets." Tesco Supermarkets guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Fitch downgrades Greece's credit rating Fitch downgrades Greece's credit rating
12/08/2009
• Greek debt marked down from A- to BBB+ • Fear for Eurozone push down single currency Financial markets around the world sold off after Greece's credit rating was cut amid mounting concerns about its fiscal health. European stock markets tumbled and the euro weakened sharply with investors becoming increasingly worried about dragging debt problems worldwide. The fallout also followed a ratings downgrade for six companies in Dubai, reinforcing fears of a global debt crisis. The Fitch rating agency cut Greece's long-term debt to BBB+ from A minus . It marked the first time in 10 years that the country has seen its rating pushed below an A grade. The agency cited: "The weak credibility of fiscal institutions and the policy framework … exacerbated by uncertainty over the prospects for a balanced and sustained economic recovery." It said the medium-term outlook was negative. The debt downgrade for Greece will concentrate Alistair Darling's mind as puts the finishing touches to his pre-budget report. Darling has to present credible policies for reducing Britain's budget deficit to head off investors' fears about the UK's debt. Credit rating agency Moody's warned yesterday that the UK faces "an inexorable deterioration of debt affordability in the short term" due to a structural public deficit running above 10% of GDP. Moody's confirmed Britain's AAA credit rating, but placed it in the middle of three categories within the band. The UK's "resilient" rating means that it may "test the boundaries" of the AAA band, but displays the capacity to rebound and reverse its debt problems. The effect of the ratings cut was felt immediately in Greece in a week where Athens has marked the first anniversary of the police shooting of a teenager with riots and protests. Within minutes of the decision becoming public knowledge, the Greek stock exchange began to tumble, with shares falling by 6 %. Analysts voiced fears that the downgrade might also encourage other major agencies, such as Moody's and Standard & Poor's, to follow suit. After the decision the euro slipped against the dollar and other major currencies, highlighting anxiety over the possible repercussions it could have for the eurozone if Greece defaulted on what has become the most expensive debt in the EU. European stock markets also took fright, with the pan-European FTSEurofirst index slipping 1.5%, while in London the FTSE 100 shed 1.65% to close at 5223.13, down 87.53 points on the day. The euro fell by 2% against the yen and by 0.6% against the dollar to $1.472. The currency was also undermined by continuing worries about Dubai and a huge fall in German industrial production. James Hughes, at CMC Markets, said: "While you've got weak data coming out and doubts about Greece and Dubai, you will get fickle markets ruled by fear." Greece has the highest debt ratio within the 16-member eurozone with the finance minister, Giorgos Papaconstantinou, admitting that "the fiscal situation is dramatic". Next year it is forecast to reach 124.9 % of gross domestic product. The downgrade came less than a day after Standard & Poor's put Greece's debt under "negative" watch and warned of a downgrading if the country's government did not tackle overspending quickly. The head of the European Central Bank, Jean-Claude Trichet, appealed to the prime minister, George Papandreou, to enact "courageous" measures. "The situation in Greece is very difficult," Trichet told the European parliament's economic committee. "This calls for very difficult, very courageous but absolutely necessary measures." Last week the country was formally put under EU supervision. The administration, which revealed within weeks of assuming power in October that the public deficit was 12.7% of GDP – more than four times the EU's permitted level – has tried to limit the damage, reassuring Brussels and investors that measures will be taken to shore up the economy. Appearing on CNN, Papandreou rejected the prospect of Greece going bankrupt, saying it was "a responsible country" and would not default on its debt. The socialists have announced that they will curb the deficit by cutting tax evasion and trimming public expenditure. Attending an Ecofin meeting in Brussels last week, the Greek finance minister appealed for a "suspension of disbelief" in the country's ability to attain results through tough measures and structural reforms. Athens, he said, would present the EU with a detailed plan in January outlining in detail how it would work its way out of the economic debacle. With Greece bracing for a winter of discontent, Papandreou has said that he will invite political parties and social partners from across the board "to face-to-face dialogue" to discuss the painful measures that are now needed. "The changes required in the country are not the exclusive task of our government but should be the outcome of a wider political and social consensus," he said. Greece Market turmoil Credit crunch Currencies Euro Dubai Financial crisis Helena Smith Ashley Seager guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Black's hopes boosted as supreme court a... Black's hopes boosted as supreme court attacks law under which he was jailed
12/08/2009
Judges join press baron's legal team to condemn the 'honest services' law also used to convict Jeffrey Skilling of Enron Disgraced press baron Conrad Black received a boost in his quest for a release from prison today as US supreme court judges peppered prosecutors with sceptical questions over the controversial fraud law at the centre of his conviction. Several of Black's family members including his daughter, Alana and his elder son, James, were in a packed public gallery at the highest court in America for a last-ditch appeal by the 65-year-old peer to overturn his six-and-a-half-year prison sentence for fraud and obstruction of justice. Black, who is incarcerated in Florida, was not allowed to attend. The fallen media mogul's appeal lawyer, Miguel Estrada, told the nine supreme court justices that Black's conviction for embezzling from shareholders was unconstitutional because it depends on a contentious 28-word law that is "basically a mess", written with "vague, amorphous and open-ended" wording. The law, originally drawn up to target corrupt public officials, allows for the conviction of people who deprive constituents, employers or shareholders of their entitlement to "honest services". It has been used in scores of high-profile cases including the conviction of the former Enron chief executive, Jeffrey Skilling, and an ongoing case against a former governor of Illinois, Rod Blagojevich, who has been accused of trying to "sell" president Barack Obama's former senate seat. Several of the judges clearly indicated unease with the law, repeatedly interrupting the deputy US solicitor general, Michael Dreeben, who was arguing that Black's convictions should stand. One of the court's more liberal judges, Stephen Breyer, wondered whether it was so broadly drawn that it could be used to prosecute somebody who uses working hours to read horse-racing form in a newspaper. He suggested that under a loose interpretation, the law could "criminalise" millions of people. "There are 150 million workers in the United States," Breyer told Dreeben. "I think possibly 140 million would flunk your test." Once the head of a global media empire who counted Baroness Thatcher, Princess Michael of Kent and Henry Kissinger among his friends, Black was found guilty by a Chicago jury in 2007 of plundering $6.1m from shareholders in his Hollinger newspaper company, which owned 200 titles at the height of its fortunes including the Daily Telegraph, the Chicago Sun-Times and the Jerusalem Post. Since entering jail in early 2008, he has been helping inmates with their literacy. The peer, who has been stripped of the Conservative whip in the House of Lords, failed to overturn his convictions through an initial appeal. But his legal team scored a major coup by persuading the supreme court to grant an oral hearing‚ a privilege only afforded to roughly 100 out of 10,000 petitioners annually. The hearing was held with considerable ceremony in a room surrounded by red velvet curtains, marble columns and ornate stone friezes. One of the supreme court's judges, Antonin Scalia, has repeatedly expressed unease about the "honest services" statute used in the case, suggesting earlier this year that it invites "abuse" by headline-grabbing prosecutors targeting "any manner of unappealing or ethically questionable conduct" rather than out-and-out fraud. Emerging from court, one of Black's team of defence lawyers suggested that eight out of the nine justices appeared worried about the law's validity. The supreme court is due to hear an appeal by Enron's former boss on similar grounds next year and is likely to rule on the issue by June. If the judges decided that the statute needs amendment, Black's convictions could be overturned or referred back to lower courts for re-examination. Conrad Black US supreme court Law 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)

• Northern Rock investors will not get com... Northern Rock investors will not get compensation
12/08/2009
Independent valuer based his calculation on how much money the lender would have had left for shareholders after it had repaid the £25bn loan from the Bank of England Thousands of Northern Rock investors have suffered a setback in their claims for compensation following the nationalisation of the Newcastle-based lender nearly two years ago after the independent valuer concluded that there was "no value" in the bank's shares. After receiving "several thousand" responses, the independent valuer Andrew Caldwell published a consultation document in which he concludes that shareholders should receive "no compensation". His pronouncements came as the government said the nationalised lender could be split in two – in to a "good" and "bad" bank – on 1 January. However, government sources warned that hopes that the "good" part of the bank could be sold before an election were rapidly fading. The division of the bank, which has been sanctioned by Europe, will have implications for mortgage customers of Northern Rock as some customers will be placed into the "bad" bank. The Treasury select committee of MPs, which yesterday signalled it would begin a new inquiry into why some banks were deemed "too big to fail", is also expected to weigh the pros and cons of Northern Rock being turned back into a mutual – a status it held before 1997. Responding to a campaign at Westminster, partly organised by the Co-operative Party and which has seen 100 MPs sign a parliamentary motion jointly calling for the bank to be remutualised, the committee will look at the "relationship between size and risk, and business model (including mutual models) and risk". The investigation into whether shareholders should be compensated has taken longer than expected, Caldwell, a partner at accountants BDO Stoy Hayward, admitted. He encountered difficulties in obtaining the information he needed – and had been promised – when he was appointed by the Treasury 14 months ago. He did not receive some of the information until last month, further delaying the publication of today's consultation document. His report has cost £4.5m. But shareholders, led by hedge fund manager Jon Wood, who have demanded compensation from the government and are determined to carry on their fight and are ready to take their claim to the European court of human rights in Strasbourg. Wood, who is awaiting a decision from Britain's new supreme court about whether the methodology used by Caldwell can be challenged, said: "I do really think we'll get justice in the end." Under the terms of his appointment, Caldwell based his calculation on the lender being in administration and no longer "a going concern" after all assistance from the Bank of England and the Treasury had been withdrawn. He calculated how much money Northern Rock would have had left for shareholders after it had repaid the £25bn loan from the Bank of England , granted in September 2007 when it experienced funding difficulties during the credit crunch. He concluded that it was "unlikely" Northern Rock could have been sold in its entirety and therefore searched for any assets the lender could have sold to raise the necessary funds. Following a complex analysis, he concluded that the lender would actually have had no money left after repaying the loan and would have been "in a deficit" of £5.7bn. However, Wood and other shareholders have argued that the basis for the review for compensation should have assumed that the lender was still a "going concern" when it was nationalised. If this had been the case, shares in Northern Rock might have been valued at £4, Wood argued. Northern Rock Credit crunch Banking Bank of England Banks and building societies Jill Treanor Allegra Stratton guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Japanese Economy Grew More Slowly Than F... Japanese Economy Grew More Slowly Than First Thought
12/09/2009
Revised figures also showed that personal spending had improved because of government subsidies. (1 h ago)

• Britain to Levy a One-Time Tax on Banker... Britain to Levy a One-Time Tax on Banker Bonuses
12/09/2009
The move, expected to be announced Wednesday, is seen as the most direct attack on bank bonuses in the world. (1 h ago)

• Global Stock Markets Fall Amid Recovery ... Global Stock Markets Fall Amid Recovery Fears
12/09/2009
Markets fell in Europe amid worries about sovereign credit risks and ahead of a budgetary policy statement from the British government. Asian markets ended mostly lower. (1 h ago)

• Losses at Dubai World Unit Add to Jitter... Losses at Dubai World Unit Add to Jitters
12/09/2009
Concern over the debts of Dubai’s utility provider and losses at the builder drowned out assurances by top officials that Arab economies in the Gulf were sound. (1 h ago)

• Climate Deal Likely to Bear Big Price Ta... Climate Deal Likely to Bear Big Price Tag
12/09/2009
If negotiators reach an accord at climate talks in Copenhagen, the global changes required will cost trillions of dollars over the next few decades. (1 h ago)

• Climate Conference Begins to Feel Pressu... Climate Conference Begins to Feel Pressure of the Clock
12/09/2009
Countries have begun shuttling drafts for a new climate agreement, feeling rising pressure to get texts ready before top ministers begin to arrive at the conference. (1 h ago)

• Year-End Audit Finds TARP Program Effect... Year-End Audit Finds TARP Program Effective
12/09/2009
The panel that oversees the bailout said that the program “can be credited with stopping an economic panic.” (1 h ago)

• Volkswagen to Buy 20 Percent Stake in Su... Volkswagen to Buy 20 Percent Stake in Suzuki
12/09/2009
The German carmaker said Wednesday that it would pay $2.5 billion for a 20 percent stake in Suzuki Motor of Japan. (1 h ago)

• In India, Anxiety Over the Slow Pace of ... In India, Anxiety Over the Slow Pace of Innovation
12/09/2009
Indians fret that Bangalore, and India more broadly, will remain a low-cost satellite office of the West, rather than a hotbed of entrepreneurship. (1 h ago)

• Obama Offers Help for Small Businesses Obama Offers Help for Small Businesses
12/09/2009
President Obama presented a series of initiatives aimed at turning around the nation’s beleaguered job market. (1 h ago)

• Russian Aluminum Company Alters Tactics Russian Aluminum Company Alters Tactics
12/09/2009
After a listing on the Hong Kong Exchanges and Clearing for Rusal was delayed, the company added board members to help steer its strategy. (1 h ago)

• Japan’s Leader Promotes $81 Billion Stim... Japan’s Leader Promotes $81 Billion Stimulus Plan
12/09/2009
The latest stimulus spending is a bid to buttress the country’s fragile economic recovery, which has been hurt by deflation and the yen’s rise against the dollar. (1 h ago)

• Publishers Make Plans for Devices Yet to... Publishers Make Plans for Devices Yet to Come
12/09/2009
The consortium of Time Inc., Condé Nast, Hearst, Meredith and the News Corporation is aiming to create software primarily for devices that do not yet exist. (1 h ago)

• Advertising: Uptick in Global Ad Spendin... Advertising: Uptick in Global Ad Spending Is Forecast for 2010
12/09/2009
The forecasts came with caveats — a less robust recovery in the United States and continued weakness in magazine and newspaper advertising. (1 h ago)

• Google Unveils News-by-Topic Service Google Unveils News-by-Topic Service
12/09/2009
The new service presents news online by topic and was developed in collaboration with The New York Times and The Washington Post. (1 h ago)

• Morgan Stanley Shuffles Its Top Ranks Morgan Stanley Shuffles Its Top Ranks
12/09/2009
James P. Gorman, who will become chief executive on Jan. 1, is moving to position the bank to better compete against its Wall Street rivals. (1 h ago)

• Credit Agencies Downgrade Debt Linked to... Credit Agencies Downgrade Debt Linked to Greece and Dubai
12/09/2009
The fresh downgrades served as a reminder that the effects of the credit crisis are far from over. (1 h ago)

• Mortgage Relief Plan Shows Weak Results Mortgage Relief Plan Shows Weak Results
12/09/2009
Lenders have so far made loan modification offers to just 680,000 borrowers, far short of the administration’s goal of up to four million. (1 h ago)

• Plans for Third Heathrow Runway Win Cond... Plans for Third Heathrow Runway Win Conditional Approval
12/09/2009
Britain's chief climate adviser said that the expansion would not necessarily keep the country from meeting its long-term commitments to lower carbon emissions. (1 h ago)

• Dark Side of a Natural Gas Boom Dark Side of a Natural Gas Boom
12/08/2009
Some environmentalists are concerned that a technology called hydraulic fracturing used to produce natural gas could be leading to pollution. (15 h ago)

• Tiger Woods as Pitchman Slips From View Tiger Woods as Pitchman Slips From View
12/09/2009
As Tiger Woods remains hidden from public view in his home, or somewhere else, he has begun to fade from view in his role as ubiquitous corporate pitchman for an array of products. (1 h ago)

• New Editor at Daily Variety New Editor at Daily Variety
12/09/2009
Leo Wolinsky, who left The Los Angeles Times in 2008 after 31 years, will take over responsibility for Variety’s daily print editions starting in January. (1 h ago)

• A Shake-Up at ‘Good Morning America’ A Shake-Up at ‘Good Morning America’
12/09/2009
George Stephanopoulos is expected to succeed Diane Sawyer as co-host, and JuJu Chang will succeed Chris Cuomo as the news reader. (1 h ago)

• Music Industry Companies Opening Video S... Music Industry Companies Opening Video Site
12/08/2009
The new Web site will be introduced Tuesday night as three of the four top music labels combine to try new ways to increase revenue. (6 h ago)

• Google Adds Live Updates to Results Google Adds Live Updates to Results
12/08/2009
Google will supplement its search results with updates posted each second to sites like Twitter and Facebook. (15 h ago)

• Showtime Adds Weekly Nascar Program to L... Showtime Adds Weekly Nascar Program to Lineup
12/08/2009
Showtime, which last year added “Inside the NFL” to its schedule, will carry a new hourlong weekly program that covers Nascar. (16 h ago)

• Mistrial in Case of Broadcaster Accused ... Mistrial in Case of Broadcaster Accused of Threats to Judges
12/08/2009
A juror said that prosecutors appeared to have presented less evidence than had been expected against Harold C. Turner. (17 h ago)

• Advertising: Groups Far Apart on Online ... Advertising: Groups Far Apart on Online Privacy Oversight
12/08/2009
A round table on privacy and technology held by the Federal Trade Commission showed a heightened awareness of online privacy issues, if not much consensus. (17 h ago)

• Times Company Reverses Its Plans to Sell... Times Company Reverses Its Plans to Sell Worcester Telegram & Gazette
12/08/2009
The New York Times Company informed Telegram & Gazette employees that it would keep the paper, which it had planned to sell with The Boston Globe. (17 h ago)

• Two Reality Shows Stir Publicity and Ang... Two Reality Shows Stir Publicity and Anger
12/07/2009
A show about Italian-Americans has brought accusations of stereotyping, and another about reuniting adoptees with their birth parents has riled adoption groups. (1 d ago)

• Publisher Lays Out Plan to Save Newspape... Publisher Lays Out Plan to Save Newspapers
12/07/2009
Axel Springer wants Internet companies to work together to create a “one-click marketplace solution.” (1 d ago)

• Zappos Tries a Printed Catalog Zappos Tries a Printed Catalog
12/07/2009
Zappos.com, the online seller of shoes and other merchandise, is mailing 750,000 copies of a printed catalog to consumers. (1 d ago)

• Advertising: The Two-Way Street for Film... Advertising: The Two-Way Street for Film Promotions
12/07/2009
This season’s promotions are putting a new twist on the Happy Meal model of film marketing, with some efforts branching out into unexpected realms. (1 d ago)

• Univision to Make Its Own Telenovelas fo... Univision to Make Its Own Telenovelas for U.S. TV
12/07/2009
For years, almost all of the Spanish-language television network’s soap operas have been imported from other countries. (1 d ago)

• So Much Air in Packages, So Many Explana... So Much Air in Packages, So Many Explanations
12/07/2009
From the plausible to the fanciful, food makers produce reasons for their very spacious packaging. (1 d ago)

• Media Firm Buys Stake in Sports Cable TV Media Firm Buys Stake in Sports Cable TV
12/07/2009
Mariah Media, which has been producing shows for cable television channels, will take a minority stake in the Resorts Sports Network. (1 d ago)

• Portfolio.com’s New Tack Diverts From De... Portfolio.com’s New Tack Diverts From Defunct Magazine
12/07/2009
Under the ownership of American City Business Journals, Portfolio.com is being reinvented as more helpful and earnest. (1 d ago)

• Japan's debt may top $500 bln in FY 2010... Japan's debt may top $500 bln in FY 2010: gov't spokesman
12/09/2009
Japan's Chief Cabinet Secretary Hirofumi Hirano said on Wednesday that the government may have to issue more than 44 trillion yen (500 billion U.S. dollars) in government bonds if it is to fulfill campaign pledges set out in its manifesto this summer. "The drop in tax revenues has made it difficult for the government to realize the action plan it promised in its manifesto," Hirano said. "I assume the Prime Minister (Yukio Hatoyama) thinks it is important to maintain fiscal discipline, bu ... (1 h ago)

• Indonesia has potentials for development... Indonesia has potentials for development: VP
12/09/2009
Indonesian Vice President Boediono said that the country has potentials to become nations like some emerging countries, namely Brazil, Russia, India and China (BRIC),due to its favorable demographic and fiscal condition, Bisnis.com online news reported on Wednesday. However, Boediono said that it is not enough depending only on potentials it has because it needs concrete steps. "So that the potentials could be used to achieve economic growth of more than 7 percent," said Boedion ... (1 h ago)

• S Korea's financial watchdog appealed fo... S Korea's financial watchdog appealed for ratification of KORUS FTA
12/09/2009
South Korea's financial watchdog chief Chin Dong-soo on Wednesday called on the American Chamber of Commerce (AMCHAM) to contribute to an early ratification of the pending South Korea-U.S. Free Trade Agreement (KORUS FTA). "(We) ask AMCHAM to help us ratify the FTA and open a new chapter in the trade and investment relations between the two countries," Chin, head of the Financial Supervisory Commission told the general membership meeting of the AMCHAM held in Seoul. The remarks c ... (1 h ago)

• VW acquires 49.9% stake in Porsche VW acquires 49.9% stake in Porsche
12/09/2009
Volkswagen announced Monday that it has formally acquired a 49.9% stake in Porsche's core sportscar operations for 3.9 billion euros ($5.8 billion). &$ &$ The completed merger of the companies is still scheduled to take place during the course of 2011. As Europe's largest auto maker, Volkswagen plans to buy the retail operations of Porsche Holding Salzburg as its next step. The histories of VW and Porsche have ... (1 h ago)

• Hong Kong stocks close 1.44% lower Hong Kong stocks close 1.44% lower
12/09/2009
Hong Kong stocks lost 318.76 points, or 1.44 percent, to close at 21,741.76 on Wednesday. Turnover rose to 74.53 billion HK dollars (about 9.63 billion U. S. dollars) from Tuesday's 68.46 billion HK dollars (about 8.84 billion U. S. dollars). &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• Obama to extend bailout funds Obama to extend bailout funds
12/09/2009
The Obama administration is expected to extend the life of the 700 billion U.S. dollar financial bailout fund until next October, administration officials said on Tuesday. One official said the administration was likely to pledge to use no more than 560 billion dollars from the fund. Another said the plan would be to tap the program to help homeowners secure mortgages through the government's housing program and to free up credit for small businesses to spur job growth. The finan ... (1 h ago)

• Philippine fast food giant JFC rearrange... Philippine fast food giant JFC rearranges businesses
12/09/2009
Philippine fast food giant Jollibee Foods Corp. (JFC) has given up its operations in China's Taiwan and Shanghai and chosen to focus on "building bigger brands" in other parts of China. In a release sent to the Philippine Stock Exchange Wednesday, JFC officials said it had signed a deal with some of its overseas partners to withdraw from Lao Dong and Chun Shui Tang restaurant chains. JFC gave up its 70 percent stake in Lao Dong Pte. Ltd. which operates Lao Dong restaurants in Tai ... (1 h ago)

• Tokyo stocks fall on renewed economic wo... Tokyo stocks fall on renewed economic woes
12/09/2009
Tokyo stocks fell Wednesday morning, as renewed global credit woes, a stronger yen and a worse-than-predicted GDP growth in the third quarter ruined investors' confidence on economic recovery. The benchmark Nikkei-225 index lost 135.75 points, or 1.34 percent, from Tuesday to 10,004.72 after briefly dipping below 10,000 line. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 11.76 points, or 1.31 percent, to 884.94. Decliners were le ... (1 h ago)

• ChiNext stock index higher ChiNext stock index higher
12/09/2009
The ChiNext Index closed higher Wednesday as only ten of the 28 shares at China's start-up board for small and medium-sized enterprises went down. The board, which is based in Shenzhen and started trading on Oct. 30, 2009, is tailored to the needs of enterprises engaged in independent innovation and other enterprises with great growth potential. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• Chinese shares close down 1.73% Chinese shares close down 1.73%
12/09/2009
The benchmark index of Chinese equities dropped 1.73 percent Wednesday, led by declining financial and property stocks. The Shanghai Composite Index went down 1.73 percent, or 57.09 points, to close at 3,239.57. The Shenzhen Component Index dipped 1.14 percent, or 158.12 points, to close at 13,772.17. Combined turnover shrank to 232.27 billion yuan (34.01 billion U.S. dollars) from 275.4 billion yuan on the previous trading day. Losers outnumbered gainers by 730 t ... (1 h ago)

• Chinese companies become bestseller in D... Chinese companies become bestseller in Deutsch Brse
12/09/2009
Chinese enterprises have become the bestseller at the Deutsche Brse which is intended to be the best partner for Chinese enterprises' overseas listing and help Chinese companies achieve value growth in the international market, said Dr. Martin Steinbach, executive director of issuer and investor marketing department, the Deutsche Brse. Dr. Steinbach said that the Deutsche Brse's position is to become the focused and professional listing place for green energy and technological enterpris ... (1 h ago)

• New electricity tariff under study: Mala... New electricity tariff under study: Malaysian minister
12/09/2009
Malaysian Energy, Green Technology and Water Minister Peter Chin Fah Kui said after an assembly near here Wednesday that the new electricity tariff increase application made by Tenaga Nasional Bhd, the main Malaysian energy provider, was being studied. The result would be submitted to the Malaysian cabinet to seek approval, added Chin. Chin said the electricity tariff was being reviewed every six months due to the fuel price adjustment but whether or not there would be a new tari ... (1 h ago)

• Video: Creating More Jobs Video: Creating More Jobs
12/09/2009
President Obama took credit for recent good news on the economy, but America still has work to do. As Chip Reid reports, Obama laid out a list of ideas for the federal government to create more jobs. (1 h ago)

• Video: Global Warming Boosts Economy? Video: Global Warming Boosts Economy?
12/09/2009
As the climate conference continues in Copenhagen, melting glaciers in Greenland could mean a more stimulated economy. Mark Phillips reports from Greenland, where global warming is most evident. (1 h ago)

• Video: 'As The World Turns' Cancelled Video: 'As The World Turns' Cancelled
12/08/2009
After over 50 years on the air, CBS has decided to end one of the longest-running Television programs, the daytime drama "As The World Turns." Janet Choi reports from New York. (32 m ago)

• Video: Obama Aims for Job Growth Video: Obama Aims for Job Growth
12/08/2009
U.S. President Barack Obama hopes to reallocate the recently returned stimulus bailout funds from banks in an effort to promote national employment growth. Joel Brown reports from the White House. (3 h ago)

• Questions over Dubai's Debt Woes Mount Questions over Dubai's Debt Woes Mount
12/08/2009
Dubai Stocks Plunge for 2nd Straight Day and Ratings Agency Again Downgrades 6 State-linked Companies (6 h ago)

• Bernanke's Warning Spooks Asian Markets Bernanke's Warning Spooks Asian Markets
12/08/2009
Global Stock Values Fall on Heels of Fed Chief's Remarks Heralding Long, Tenuous U.S. Rebound (13 h ago)

• Bernanke Warns of "Formidable Headwinds" Bernanke Warns of "Formidable Headwinds"
12/08/2009
Fed Chief Says It's Too Early to Declare Economic Recovery Will Last, Vows to Hold Rates Down (22 h ago)

• Video: Tracking Bailout Funds Video: Tracking Bailout Funds
12/08/2009
As many American banks are starting to return the bailout money originally allotted to them as part of the stimulus program, Chip Reid reports that future federal spending has now come in to question. (23 h ago)

• Video: EPA: Greenhouse Gases Harmful Video: EPA: Greenhouse Gases Harmful
12/08/2009
In a monumental first for the U.S. government, the Environmental Protection Agency has declared that greenhouses gases pose a significant health risk. Wyatt Andrews reports on this historic ruling. (23 h ago)

• Consumer Borrowing Falls, Again Consumer Borrowing Falls, Again
12/07/2009
Americans Borrowed Less for Record 9th Straight Month in October (1 d ago)

• Video: D.C. Debates Abortion & Reform Video: D.C. Debates Abortion & Reform
12/07/2009
A congressional showdown is now underway in Washington, as lawmakers from both sides of the aisle debate whether health care reform will provide abortion coverage. CBS News' Joel Brown reports. (1 d ago)

• Branson Unveils New Space Tourism Ship Branson Unveils New Space Tourism Ship
12/07/2009
Public Gets Glimpse of SpaceShipTwo; Virgin Galactic Founder Hopes Flights can Start in 2011 (1 d ago)

• Video: Protests at Copenhagen Summit Video: Protests at Copenhagen Summit
12/07/2009
Amid worldwide protests, a 12-day international summit has been launched in the Danish capital of Copenhagen in order to address global climate change. CBS News' Charlie D'Agata reports from London. (1 d ago)

• Gambler Lost $127M in 2007, Sues Casino Gambler Lost $127M in 2007, Sues Casino
12/07/2009
High Roller Files Lawsuit Saying Harrah's Staff Plied Him With Alcohol, Painkillers to Keep Him Gambling (1 d ago)

• U.S. Expects to Lose $200B Less on TARP U.S. Expects to Lose $200B Less on TARP
12/07/2009
New Estimate Lowers Overall Cost of Financial Bailout, Administration Looking to Use Funds for Job Programs (1 d ago)

• AOL Bids Farewell to Time Warner AOL Bids Farewell to Time Warner
12/07/2009
One-Time Internet Mammoth to Start Again On Its Own — a Debt-Free Business Seeking a New Path (1 d ago)

• Apple Confirms Purchase of Lala.com Apple Confirms Purchase of Lala.com
12/06/2009
Music Site Had Threatened "the End of the MP3" With Fast Song-Streaming Application (2 d ago)

• Video: Temporary Solution Video: Temporary Solution
12/06/2009
New figures recently showed the unemployment rate unexpectedly dropped. Michelle Miller reports whether the rise in temporary jobs will lead to more permanent jobs in the future. (2 d ago)

• Video: Welcome To America's Nightmare Video: Welcome To America's Nightmare
12/06/2009
Ben Stein, a true-blue aficionado of capitalism, is troubled by the bankers Americans bailed out barely a year ago rewarding themselves with obscene bonuses. (2 d ago)

• Open House: Living in a winter wonderlan... Open House: Living in a winter wonderland
12/09/2009
Even the snow can be romantic in these mountaintop luxury homes. (1 h ago)

• Obama set to extend bank bailout fund Obama set to extend bank bailout fund
12/09/2009
The Obama administration plans to announce on Wednesday that it intends to extend the life of the $700 billion financial bailout fund until next October, officials said Tuesday. (1 h ago)

• Congress tries to broker auto dealership... Congress tries to broker auto dealerships deal
12/09/2009
House and Senate leaders proposed a compromise plan Tuesday to give shuttered General Motors and Chrysler dealers an appeals process to keep their showrooms open. (1 h ago)

• Obama outlines bailout for Main Street Obama outlines bailout for Main Street
12/09/2009
President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals, saying the U.S. must continue to "spend our way out of this recession" until more Americans are back at work. (1 h ago)

• Auto industry turns to Europe for direct... Auto industry turns to Europe for direction
12/09/2009
The new Ford Fiesta, unveiled at the L.A. auto show, is at the front edge of a wave of European-influenced small cars that are about to become more common in the U.S. market. (1 h ago)

• Retailers to get final credit card suit ... Retailers to get final credit card suit payment
12/09/2009
More than 600,000 businesses across the country are getting an early Christmas present. (1 h ago)

• Americans getting better at managing cre... Americans getting better at managing credit
12/08/2009
Consumers are expected to further improve their credit management in 2010, but unemployment will hamper the efforts of many to make their credit card payments on time. (11 m ago)

• FTC sues to stop deceptive credit card c... FTC sues to stop deceptive credit card calls
12/08/2009
The FTC said Tuesday it has filed lawsuits against three groups allegedly offering worthless credit card interest rate reduction programs through illegal automated calls. (45 m ago)

• Stocks close sharply down; dollar streng... Stocks close sharply down; dollar strengthens
12/08/2009
Investors dumped stocks and sought safe-haven assets like the dollar and Treasurys on signs that the global economy is still struggling. (1 h ago)

• Gatorade canceled Tiger drink before wre... Gatorade canceled Tiger drink before wreck
12/08/2009
Gatorade says it is discontinuing its Tiger Woods drink but says it made the decision before the golfer's car accident led to a media firestorm surrounding his personal life. (2 h ago)

• Oil prices fall for fifth day, dip below... Oil prices fall for fifth day, dip below $73
12/08/2009
Oil prices dipped below $73 a barrel Tuesday on a stronger dollar and a slew of economic data that did not indicate a quick rebound in demand from big energy users or from consumers. (3 h ago)

• Few CEOs plan to hire in next 6 months Few CEOs plan to hire in next 6 months
12/08/2009
More of America's largest companies will shrink their staffs than will hire in the next six months, according to the latest survey of their CEOs. (4 h ago)

• Mercury tops list in customer satisfacti... Mercury tops list in customer satisfaction
12/08/2009
Customers who bought new Mercury cars said they were the most satisfied among mass market brands with the sales process, according to a report by J.D. Power and Associates. (6 h ago)

• U.S. must fix its finances: credit ratin... U.S. must fix its finances: credit rating agency
12/08/2009
The United States and Britain must take action soon to get their public finances in order if they want to avoid threats to their top triple-A credit ratings, a leading credit ratings agency said Tuesday. (9 h ago)

• McDonald’s: U.S. same-store sales dip McDonald’s: U.S. same-store sales dip
12/08/2009
McDonald's Corp said sales at established U.S. restaurants fell 0.6 percent in November, the latest sign that the fast-food sector that had performed well through most of the recession is weakening. (10 h ago)

• Hasbro transforming how it sells its toy... Hasbro transforming how it sells its toys
12/08/2009
When Brian Goldner arrived at Hasbro in 2000 as chief executive, the toy and game maker generated $30 million from its Transformers action figures. (11 h ago)

• Answer Desk: Adding up bank bailout loss... Answer Desk: Adding up bank bailout losses
12/08/2009
As the Great Bank Bailout of 2008 appears to be winding down, it's looking like taxpayers will get a lot – but certainly not all – of their money back. The Answer Desk. (11 h ago)

• Morgan Stanley shuffles executive team Morgan Stanley shuffles executive team
12/08/2009
Morgan Stanley announced it is shuffling its executive team, moving its chief financial officer and a top banker into the roles of leading the bank's institutional securities unit. Morgan Stanley - Chief financial officer - Business - Financial services - Management team (8 h ago)

• Procter & Gamble chairman to step down Procter & Gamble chairman to step down
12/08/2009
Procter & Gamble Co. announced Tuesday that the A.G. Lafley era is coming to a close at the world's largest consumer products maker. Procter & Gamble - G. Lafley - Home - Consumer Information - United States (9 h ago)

• United orders Boeing 787, Airbus planes United orders Boeing 787, Airbus planes
12/08/2009
United Airlines says it placed an order for 25 of Boeing's long-awaited 787 widebody jetliners and 25 of the A350 aircraft from Airbus. Airbus - Boeing - Airbus A350 - Aircraft - Boeing 787 (9 h ago)

• Citi, Wells Fargo seek to repay TARP loa... Citi, Wells Fargo seek to repay TARP loans
12/08/2009
Citigroup and Wells Fargo are seeking to repay billions in federal bailout aid but so far haven't received permission from the government, sources say Wells Fargo - Citigroup - Troubled Asset Relief Program - Business - United States (23 h ago)

• Ex-CEO says eBay didn't misuse Craigslis... Ex-CEO says eBay didn't misuse Craigslist data
12/07/2009
Former eBay CEO Meg Whitman said Monday she was unaware of any attempt by the Internet marketplace to misuse confidential data from Craigslist. Meg Whitman - EBay - Craigslist - Shopping - Servers (1 d ago)

• Industry slams EPA greenhouse gas ruling Industry slams EPA greenhouse gas ruling
12/07/2009
Political, costly, and likely to choke off growth. That's how the energy industry and some companies describe the EPA's announcement that greenhouse gas emissions must be regulated. Greenhouse gas - United States Environmental Protection Agency - United States - Energy - Emissions trading (1 d ago)

• Rich getting richer? Particularly in Con... Rich getting richer? Particularly in Connecticut
12/07/2009
If you're feeling like the rich are getting richer and the poor are getting poorer, you may be on to something. Especially if you live in Southern Connecticut. Connecticut - United States - Society and Culture - Genealogy - History (1 d ago)

• Hasbro to make Sesame Street-brand toys Hasbro to make Sesame Street-brand toys
12/07/2009
Toy maker Hasbro says it will make and market toys and games based on well-known Sesame Street characters, such as Elmo, Big Bird and Cookie Monster. Sesame Street - Cookie Monster - Big Bird - Television - Arts (1 d ago)

• Where porn stars sing for their supper Where porn stars sing for their supper
12/07/2009
Porn Star Tuesdays began accidentally when a handful of entertainers dropped by to unwind. They had so much fun singing karaoke they came back the next week. Six years later, they are still coming back. (1 d ago)

• Five AIG execs say may quit over pay: re... Five AIG execs say may quit over pay: report
12/07/2009
Five senior executives at AIG told the bailed -out insurer last week they may quit if their compensation was cut significantly by the U.S. pay czar, the Wall Street Journal reported on Sunday. Wall Street Journal - American International Group - United States - Substance Abuse - US (1 d ago)

• NYT: U.S. forecasts smaller loss from ba... NYT: U.S. forecasts smaller loss from bank bailout
12/07/2009
The new estimates, for a loss of $42 billion out of $370 billion lent to banks, could lower the administration’s deficit forecast for this fiscal year. United States - Financial services - Bailout - Business - Banking Services (1 d ago)

• Apple confirms purchase of music site La... Apple confirms purchase of music site Lala
12/06/2009
Apple Inc. has purchased online music retailer Lala.com, a Silicon Valley startup that has threatened "the end of the MP3" with its fast song-streaming application. Apple - Online music store - MP3 - Silicon Valley - Music (2 d ago)

• AOL goes it alone in split with Time War... AOL goes it alone in split with Time Warner
12/06/2009
AOL is shaking loose from Time Warner Inc. and heading into the next decade the way it began this one, as an independent company. TimeWarner - AOL - Access Providers - Business - Member Help and Advice (2 d ago)

• Sponsored By: Sponsored By:
12/06/2009
(2 d ago)

• American Express Zync: Will Young Adults... American Express Zync: Will Young Adults Want a Charge Card?
12/08/2009
American Express has introduced Zync, a new charge card aimed at young adults. (57 m ago)

• How to Find the Right 529 Plan With the ... How to Find the Right 529 Plan With the Lowest Fees
12/08/2009
As 529 college savings plan fee reductions spread, here's how to find the right plan with the lowest fees. (1 h ago)

• Tuesday Reading Tuesday Reading
12/08/2009
The push to extend jobless benefits, how to pay to avoid a middle seat and other consumer-focused items from today's Times. (5 h ago)

• A Plea to Congress on Jobless Benefits A Plea to Congress on Jobless Benefits
12/08/2009
An appeal is made by state labor officials and worker advocates for the long-term unemployed, whose insurance expires this month and whose health plan premiums are rising. (10 h ago)

• Answers About Unemployment Benefits: Par... Answers About Unemployment Benefits: Part 3
12/08/2009
Andrew Stettner, deputy director of the National Employment Law Project, answers readers' questions about unemployment benefits. (19 h ago)

• Secret’s Out: Sample Sales Move Online Secret’s Out: Sample Sales Move Online
12/07/2009
More sample sales are moving online as new private-sale sites have become a thriving corner of online commerce. (1 d ago)

• Patient Money: Knowing What’s Worth Payi... Patient Money: Knowing What’s Worth Paying For in Vitamins
12/07/2009
Vitamin sales in the United States are expected to grow 8 percent this year to $9.2 billion, according to Nutrition Business Journal. (1 d ago)

• Strategies: When the Performance Looks a... Strategies: When the Performance Looks a Little Too Good
12/06/2009
Shares of companies with weak balance sheets have been soaring, but the extreme outperformance of more speculative stocks could make them vulnerable. (2 d ago)

• Does Tamiflu work? Does Tamiflu work?
12/09/2009
The standard response of governments to the Swine Flu pandemic has been to stock up on Tamiflu put out by Roche. It's made Roche billions of dollars in sales. Then we get this disturbing British Medical Journal report suggesting that it might actually be an enormous waste of money. According to that report, it's not that effective."We now conclude there is insufficient evidence to describe the effects of Tamiflu on complications of influenza or the drug’s toxicity," one of the researchers Tom Jefferson told ... (1 h ago)

• Copenhagen's secret deal Copenhagen's secret deal
12/09/2009
While all eyes are on Copenhagen you have to really start what kind of bad deal it will produce. Already we have a disturbing report showing that the world's richest nations have put together a secret plan that completely dismantles the Kyoto Protocol principle that the rich nations should cut back on emissions, weakens the role of the United Nations and hands over control to the rich man's club at the World Bank. Worse still, the so called "Danish text" screws the world's poorest ... (1 h ago)

• Cutting banks down to size Cutting banks down to size
12/08/2009
Ten years after the Clinton administration did the groundwork for the financial meltdown by repealing the Glass Steagall Act, something I looked at here. US lawmakers plan to bring it back with proposals that force Wall Street behemoths to choose whether they want to be commercial banks or investment houses. Under these proposals mirroring Glass-Steagall, they can't be both. Wall Street Pit says it needs to be done to stop the bank oligopoly. The banks are too big and because they are allowed to play ... (18 h ago)

• Branson push for space travel Branson push for space travel
12/08/2009
The International Air Transport Association has warned that airlines will be losing $9 billion this year but that hasn't stopped unstoppable entrepreneur Richard Branson unveiling a rocket plane for the ultimate piece of travel, right through space.This is for the seriously well-heeled. More than 300 people have already put down deposits or paid the full $200,000 cost of a ticket for future sub-orbital up-and-down flights aboard the new spacecraft.The plane will seat six passengers and two pilots. Branson obviously has a lot of faith ... (19 h ago)

• Millions desert banks Millions desert banks
12/07/2009
The financial crisis has created a shift in consumer banking patterns. About 60 million adults in the United States are now doing their banking at places other than banks, according to this report. Instead, they are turning to check-cashing services, payday loans or pawn shops according to a Federal Deposit Insurance Corp report.There are some clear patterns here reflecting a deep divide in US society. According to the FDIC, 17 million adults in the US don't have bank accounts at all while another 43 million ... (1 d ago)

• Sovereign wealth funds cash in on the cr... Sovereign wealth funds cash in on the crisis
12/07/2009
There are some winners in the global financial crisis. The sovereign wealth funds have been cleaning up.With reports that Kuwait's sovereign wealth fund, the Kuwait Investment Authority, has made a $1.1 billion profit from the sale of its stake in Citigroup, it's worth seeing who else has cleaned up from the misery of the US banking sector. Certainly, Kuwait has done a lot better than Citigroup investors. At the beginning of last year, Citigroup was trading at $15, now it's $4.As the New York ... (1 d ago)

• Tiger Woods: will the sponsors stick? Tiger Woods: will the sponsors stick?
12/06/2009
The carefully crafted image of Tiger Woods continues to crumble with evidence now emerging that his minders paid alleged lover Rachel Uchitel to fly business class to Melbourne last month and mistress number four stepping forward. There are two fascinating aspects about this sordid little story. First, is the number of people now lining up to make money out of it. For example, one of the women Jaimee Grubbs has sold her story to US Weekly. But the more important question is whether those sponsors ... (2 d ago)

• Ready for the fight: PCAOB seeks a bigge... Ready for the fight: PCAOB seeks a bigger handout
12/06/2009
On Friday, I did a blog entry looking at a case starting in the Supreme Court this coming week questioning whether the Public Company Accounting Oversight Board (PCAOB) is constitutional. If the case gets up, it could end Sarbanes Oxley.But the PCAOB seems confident it will survive and with it, Sarbanes Oxley. That explains why the PCAOB seeking a 16% increase in its budget to more than $183 million.PCAOB acting chairman Daniel Goelzer claims the economic climate has increased its work load. There ... (2 d ago)

• Transgender teen: McDonald’s discriminat... Transgender teen: McDonald’s discriminates
12/07/2009
A transgender teenager says a McDonald's restaurant in Florida discriminated against her when managers refused to interview her for a job, according to a complaint filed Monday. (1 d ago)

• Some employers swap parties for charity Some employers swap parties for charity
12/07/2009
Some companies are looking for alternative ways to celebrate the holiday season without spending too much money or appearing ostentatious. (1 d ago)

• Home Depot to sell Martha Stewart paints Home Depot to sell Martha Stewart paints
12/07/2009
The Home Depot Inc. will start selling Martha Stewart-branded paint and cleaning products next year in addition to the home decor and closet organization lines announced in September. MarthaStewart - Home Depot - Interior design - Kmart - Retail (1 d ago)

• Child support suffers in bad economy Child support suffers in bad economy
12/08/2009
The recession's been tough on single and divorced moms and dads. Many jobless parents are falling behind on child-support payments. But are some using the bad economy as an excuse? Thomas H. Humphreys investigates. (6 h ago)

• Ads seek to rebrand 'Made in China' Ads seek to rebrand 'Made in China'
12/08/2009
China is launching an ad campaign to show that Chinese manufacturing benefits everyone. USC Professor Jay Wang talks with Kai Ryssdal about whether the effort will work. (6 h ago)

• Business lessons from history Business lessons from history
12/08/2009
Harvard Business School historian Nancy Koehn talks with Kai Ryssdal about the book she edited, "The Story of American Business: From the Pages of the New York Times," and what might be learned from our current economic climate. (6 h ago)

• U.S. settles Indian trust lawsuit U.S. settles Indian trust lawsuit
12/08/2009
The U.S. government is settling a trust lawsuit with Native Americans for $3.4 billion. John Dimsdale reports. (6 h ago)

• U.S. moves green patents to fast lane U.S. moves green patents to fast lane
12/08/2009
The Obama administration says it will fast-track the review of patents for green technologies. Now green inventors will be able to jump ahead in line. Nancy Marshall Genzer reports. (6 h ago)

• Why credit remains tight for borrowers Why credit remains tight for borrowers
12/08/2009
Billions of dollars have been poured into the financial system to get credit flowing again. But that hasn't exactly happened. Amy Scott reports. (6 h ago)

• Will Obama's incentives help small biz? Will Obama's incentives help small biz?
12/08/2009
President Obama is hoping to get small businesses hiring again through tax breaks and help with loans. But is this what small-business owners want or need? Mitchell Hartman reports. (6 h ago)

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• VW buys 49.9 percent stake in Porsche VW buys 49.9 percent stake in Porsche
12/07/2009
Germany's Volkswagen AG says it has purchased an initial 49.9 percent stake in fellow car maker Porsche AG — carrying out a move that it had been expected to make this week. Volkswagen - Porsche - Automotive industry - Germany - Makes and Models (1 d ago)

• Dubai World may sell assets to raise cas... Dubai World may sell assets to raise cash
12/07/2009
Dubai World, the indebted conglomerate at the heart of this sheikdom's credit problems, may sell off assets it acquired during a multiyear building and buying spree to raise cash. (1 d ago)

• Chicken of the sea? Tuna farming gets a ... Chicken of the sea? Tuna farming gets a boost
12/07/2009
As the world's love affair with raw fish depletes wild tuna populations, long-running efforts to breed the deep-sea fish from egg to adulthood may finally be bearing fruit. Tuna - Fish - Chicken of the Sea - Home - Cooking (1 d ago)

• High earners may pay more for U.K. recov... High earners may pay more for U.K. recovery
12/07/2009
The British government is likely to slug high earners with more taxes to pay the cost of economic recovery in a major budgetary report this week. Her Majesty's Government - Business - British government - UK - Services (1 d ago)

• Kuwait sells Citigroup stake for $4.1 bi... Kuwait sells Citigroup stake for $4.1 billion
12/06/2009
Kuwait's sovereign wealth fund said Sunday it booked a profit of $1.1 billion by selling the stake it took in Citigroup less than two years ago when the bank giant was strapped for cash. Citigroup - Kuwait - Sovereign wealth fund - Middle East - Government (2 d ago)

• Video: Elevator Pitch: Wine bags Video: Elevator Pitch: Wine bags
12/06/2009
Dec. 6: One entrepreneur is hoping our panelists are ready to toast her success. Deborah Ross of Deborah Ross Designs says her decorative wine bags are reason enough to celebrate and invest. (MSNBC) Entrepreneur - Business - Shopping - Recreation - Kiva (2 d ago)

• Video: Small Biz Startup: How to get sta... Video: Small Biz Startup: How to get started
12/06/2009
Dec. 6: Wondering what it takes to build the business of your dreams? Rich Sloan, an entrepreneur and founder of "Startup Nation," has some tips on turning your idea into a success. (MSNBC) Business - Entrepreneur - Small Business - Startup Nation - Business and Economy (2 d ago)

• Video: Business Answers: Projecting your... Video: Business Answers: Projecting your income
12/06/2009
Dec. 6: Erica Duignan-Minnihan, CEO of Healthy Mama Enterprises, and Gene Marks, president of The Make Group, answer viewer questions about startup issues like projecting your income and getting employees to handle the long hours and certain tasks it takes to get a business going. (MSNBC) Business - MSNBC - Ask an Expert - Social Sciences - Small Business (2 d ago)

• Video: Startup Strategies Video: Startup Strategies
12/06/2009
Dec. 6: With unemployment on the rise, many people are taking a chance and staring their own businesses. Meet one woman whose struggle with weight loss turned into a financial gain after launching her own company. (MSNBC) Weight loss - Health - Shopping - Support Groups - MSNBC (2 d ago)

• IT in the new normal: McKinsey Global Su... IT in the new normal: McKinsey Global Survey results
12/08/2009
Recession or no recession, corporate and IT leaders continue to see a key role for IT, especially in regard to capturing efficiencies across the enterprise. Many expect IT investments to grow soon. Read more on the McKinsey Quarterly > Topics: Business Technology Surveys (7 h ago)

• The future of capitalism: Building a sus... The future of capitalism: Building a sustainable energy future
12/07/2009
In a collaboration between Duke University’s Fuqua School of Business and McKinsey, a panel of experts and CEOs from leading energy companies debate the critical scientific, resource, and policy issues challenging energy sustainability today. Read more on the McKinsey Quarterly > Topics: Climate Change Energy, Resources, Materials Video (1 d ago)

• Managing the clinical workforce Managing the clinical workforce
12/07/2009
Most health systems lack a rigorous approach for matching clinician supply to the demand for various health services. As a result, patient care and clinician morale suffer--and costs cannot be controlled effectively. Read more on the McKinsey Quarterly > Topics: Health Care (1 d ago)

• Think twice before giving the boss a gif... Think twice before giving the boss a gift
12/07/2009
Employees thankful to still have jobs this holiday season may want to show their gratitude by giving a gift to the boss. But adding a manager to your Santa list may not be the best career move. Christmas and holiday season - Employment - Business - Arts - Television (1 d ago)

• Overqualified, but happy to have a holid... Overqualified, but happy to have a holiday job
12/06/2009
Mara Proctor used to design limestone hearths and columns for luxury homes near Kansas City, drawing on her college education and six years of training. Kansas City Missouri - Kansas - United States - Business and Economy - Society and Culture (2 d ago)

• Seen that? - In Focus: Creative Capital Seen that? - In Focus: Creative Capital
12/09/2009
In Focus: Creative Capital at Audeamus - How dare we... (Photo from Creative Capital) Throughout history artists and writers have often enjoyed the patronage of aristocrats, the monied and others willing to fund their ventures. Today it seems there's little of this type ... (1 h ago)

• Seen that? - Open office provides free s... Seen that? - Open office provides free software
12/07/2009
Open office provides free software at BootStrapMe While griping recently to an associate about the lack of Microsoft Excel on my Windows XP Home Edition, I was reminded of this site. Open Office, as its name implies, is completely free of licensing fees ... (1 d ago)

• Seen that? - pricing strategies Seen that? - pricing strategies
12/07/2009
pricing strategies at TJ's Weblog Techdirt runs a good headline on a research paper about pricing strategies. Although I do not share the great concern about privacy issues, pointed out by the author, it gives good insight on how to implement a pricing strategy in consumer markets. A good introduction into pricing from ... (1 d ago)

• Seen that? - About me Seen that? - About me
12/07/2009
About me at China Venture News I have an extensive international writing and financial publishing background. As an itinerant journalist, I have been reporting on emerging markets, especially China and Vietnam for Asia Times Online. As a serial media entrepreneur, I was ... (1 d ago)

• Seen that? - Rule of 72 Seen that? - Rule of 72
12/07/2009
Rule of 72 at The Personal Finance Weblog A: Compound Interest Q: What did albert einstein think was the most powerful force in the universe? Hey, if it works for Al it works for me too. The title of this article refers to ... (1 d ago)

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