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Business News
for 12/11/2009

(last updated 7:30am EST 12/11/2009)

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• Bailout for Main Street instead of Wall ... Bailout for Main Street instead of Wall Street?
12/11/2009
The Obama administration plans to channel money from the government's massive financial bailout program to small businesses. (1 h ago)

• Americans’ net worth rises for second qu... Americans’ net worth rises for second quarter
12/11/2009
Inch by inch, Americans are recovering some of their vast loss of wealth from the recession, thanks to gains in stock investments and home values. It's likely to be a long trek. (1 h ago)

• Craigslist founder says eBay reneged on ... Craigslist founder says eBay reneged on promises
12/10/2009
The founder of the online classifieds site Craigslist says he began having concerns with eBay shortly after the online auction site took a minority stake in his company. (25 m ago)

• Motor Trend names Ram truck of the year Motor Trend names Ram truck of the year
12/10/2009
The 2010 Ram Heavy Duty was named Motor Trend magazine's truck of the year on Thursday, beating out contenders from Ford and Toyota in the closely watched competition. (49 m ago)

• McDonald's serving up breakfast dollar m... McDonald's serving up breakfast dollar menu
12/10/2009
McDonald's Corp. will begin selling a variety of breakfast items for $1 early next month, a spokeswoman for the world's largest hamburger chain said Thursday. (1 h ago)

• Europe leads in bonus crackdown, is U.S.... Europe leads in bonus crackdown, is U.S. next?
12/10/2009
Better to be a banker in New York than Europe this bonus season. (1 h ago)

• Stocks close higher after trade deficit ... Stocks close higher after trade deficit narrows
12/10/2009
Stock indexes closed higher as a jump in exports offset concerns about an increase in unemployment claims. (1 h ago)

• Mortgage rates remain below 5 percent Mortgage rates remain below 5 percent
12/10/2009
Mortgage rates rose this week but still remained below 5 percent, Freddie Mac said Thursday. (1 h ago)

• GM, Chrysler used bailout funds for dail... GM, Chrysler used bailout funds for daily costs
12/10/2009
GM and Chrysler have used the majority of their bailout funds for day-to-day expenses such as payroll costs and payments to suppliers, a government watchdog has found. (2 h ago)

• Mortgage relief slow in coming to many Mortgage relief slow in coming to many
12/10/2009
Just over 31,000 homeowners have received permanent loan modifications under the Obama administration's mortgage relief plan, a big setback for the government's embattled effort to stem the foreclosure crisis. (2 h ago)

• Geithner: TARP extension sets stage for ... Geithner: TARP extension sets stage for end
12/10/2009
Treasury Secretary Timothy Geithner on Thursday defended his extension of the government's unpopular financial bailout as necessary to safely wind down the program. (3 h ago)

• Goldman execs to forgo cash bonuses in 2... Goldman execs to forgo cash bonuses in 2009
12/10/2009
Goldman Sachs Group Inc.'s top executives will not receive cash bonuses for 2009, the firm said on Thursday. (3 h ago)

• Editor & Publisher closing after 108 yea... Editor & Publisher closing after 108 years
12/10/2009
The journalism trade journal Editor & Publisher is shutting down after 108 years of publication. (5 h ago)

• Costco will resume carrying Coke product... Costco will resume carrying Coke products
12/10/2009
Coca-Cola Co. products will soon be available again in Costco stores. The world's largest soft drink maker said a pricing dispute with the wholesale club operator has been settled. (7 h ago)

• New jobless claims rise, trade gap narro... New jobless claims rise, trade gap narrows
12/10/2009
The number new claims for jobless benefits rose more than expected last week, but a narrowing in the trade gap in October suggested the recovery was becoming entrenched. (7 h ago)

• Foreclosure activity falls for fourth mo... Foreclosure activity falls for fourth month
12/10/2009
The number of homeowners on the brink of foreclosure fell in November, the fourth straight monthly decline, as mortgage companies evaluated whether borrowers were eligible for help. (8 h ago)

• Review: Audi R8, precision meets flair Review: Audi R8, precision meets flair
12/10/2009
Unreformed sensualists will appreciate the opportunity to immerse themselves in the Audi R8 and its race-ready direct-injected V-10 engine. (9 h ago)

• Readers on how they’re downsizing the ho... Readers on how they’re downsizing the holidays
12/10/2009
As if the holidays weren’t stressful enough. (23 h ago)

• Credit card debt, terms limit holiday sp... Credit card debt, terms limit holiday spending
12/10/2009
This holiday season, experts say onerous credit card bills and changes in credit card terms could limit consumer spending, potentially adding another headwind for retailers. (23 h ago)

• ConsumerMan: It’s a ruby (in name only)... ConsumerMan: It’s a ruby (in name only)
12/09/2009
They look like real rubies, with vibrant color and brilliant sparkles. But “composite rubies” aren’t natural; their beauty was created in a factory. Be careful what you pay for. (1 d ago)

• Gordon Brown denies rift with Alistair D... Gordon Brown denies rift with Alistair Darling over VAT rise
12/11/2009
Prime minister tells press conference that he and chancellor 'work very closely together' Gordon Brown today said it was "completely wrong" to suggest that he had stopped Alistair Darling adopting a tougher approach to cutting public spending in the pre-budget report. This morning, the Guardian reported that the chancellor had wanted to raise revenue in the PBR by increasing VAT above 17.5% but had been persuaded by Brown to opt for a national insurance increase instead. Brown today said he and Darling worked "very closely together", adding that the PBR showed the government had a plan for cutting the deficit. He said Britain had provided "more detail than perhaps any other country" about the way it would bring down borrowing over the next four years. The prime minister, speaking at a news conference in Brussels, was asked about a BBC report that claimed there was a rift between No 10 and the Treasury as the PBR was being prepared. According to the BBC, the Treasury wanted to announce more spending cuts to give more credibility to the plan to halve the deficit in four years. But Brown – backed by his close ally Ed Balls, the children's secretary – reportedly blocked that approach. When a BBC journalist asked the prime minister about the claim, he replied: "You are completely wrong. Alistair Darling and I have worked together for many, many years, work very closely together and continue to do so. "I want to praise him for the pre-budget report he that he has given to the House of Commons, which assures people that we have both a fiscal deficit reduction plan and, at the same time, we can get resources to our frontline public services." Brown was not asked about the report in today's Guardian. The paper said cabinet sources claimed the discussion at the top of the government was over whether to opt for a VAT rise or a 0.5% hike in national insurance to raise the funds necessary to protect frontline services and start to plug the deficit. There had been fears in the Treasury, and amongst some in the cabinet, that the national insurance rise would be seen as a tax on jobs – a charge levelled yesterday by the shadow chancellor, George Osborne. Darling intended to bring in a specific package that would have protected the poor because VAT, as a flat tax, is seen as a regressive tax. There had been no plan to extend the existing VAT exemptions. It also emerged that there was cabinet anger over the decision not to be specific about the degree of spending cuts required in later years to bring the deficit under control. Some government sources said they found Brown to be still in denial about the scale of the cuts required. Predicting that the budget would be deeply unpopular, they argued that politicians would gain greater respect if they showed leadership and honesty about the difficulties the country faced and the need to cut spending. Speaking to the BBC yesterday, Darling said spending in Whitehall would be "broadly flat". Treasury officials elaborated, saying this meant spending – including capital and current spending – would be flat in cash terms. Because spending in the protected areas of schools, hospitals and police numbers would rise in real terms, or in line with inflation, spending in other departments would fall. However, ministers refused to be specific about the scale of the cuts in public, arguing that economic instability made predictions impossible. The independent IFS thinktank said Labour's plans implied a real-terms spending cut of more than 15% in unprotected areas such as defence, higher education, transport and housing between 2011 and 2013. Such was the battle to resist cuts that one spending minister refused to settle with the Treasury until 2am on the day of the PBR. The policy discussion about VAT continued until the weekend before the report, but Brown and his allies prevailed with the argument that national insurance was a progressive tax and could be more carefully targeted by providing exemptions. A more politically visible rise in VAT would risk choking off the recovery, they said. In his report, Darling confirmed that he was restoring VAT to its previous 17.5% level from 15% on 1 January, thus restoring £12bn in revenues. But it is understood Treasury officials favoured taking the VAT rise further in a bold move that would have shown the government's determination to take radical steps to address the deficit and protect spending. There were fears that raising national insurance contributions would take tax for the highest earners over 50% and could be seen as a tax on job creation. Brown said the government's deficit reduction plan was " very detailed" and included achieving savings on back-office functions, asset sales, curbs on pay and action on senior civil servants' salaries. "It is considerable action we are taking over the next four years to cut the deficit," he added. "We were probably the first country to come out with a deficit reduction plan." Yesterday, Treasury officials confirmed that the VAT option had been on the table. "Ministers look across the range of options, and it is no surprise that other ways of revenues were being examined," one said. A 1% rise in national insurance raises a total of £4.48bn in a full year. A 1% rise in VAT, in contrast, raises slightly more, at £4.8bn. The Tories claimed the impact of the NI rise in the NHS paybill alone would be £446m in employer contributions. The party's leader, David Cameron, likened Brown and Darling to "joyriders wrecking the neighbourhood". Speaking to party activists, he said: "The Labour party should be haunted for a decade by what we saw yesterday in terms of irresponsibility, basic deceit and complete lack of moral principle." Gordon Brown Alistair Darling Tax and spending Economic policy Labour David Cameron Conservatives Tax Recession Pre-budget report Patrick Wintour 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)

• FSA's bank tests just got more stressful FSA's bank tests just got more stressful
12/11/2009
Stress tests are used by firms to try to gauge how their businesses would react to certain sudden changes in economies or markets Major banks, building societies and insurance companies are being forced to embark on radical changes to the way they run their businesses under a new regime for "stress testing" announced today by the Financial Services Authority . Stress tests are used by firms to try to gauge how their businesses would react to certain sudden changes in economies or markets but are widely regarded as having failed to capture the effects of the financial crisis when it started more than than two years ago. In an attempt to address this problem, the City regulator is now demanding that firms embark upon "reverse stress testing" which would for the first time require a firm to "identify explicitly and assess the scenarios most likely to render its business model unviable". The FSA wants firms to imagine they had gone bust - and then try to work out what had taken them to the point of collapse. In this way, banks might be able to identify the vulnerabilities of their current business plan. The City regulator is not currently expecting the reverse stress testing to be used to help gauge how much capital a firm should hold, although conceded that it might result "indirectly" in changes to the levels of capital held by firms. Paul Sharma, FSA director of prudential policy, also pointed to changes to the types of scenarios banks consider when building their stress tests. "Stress and scenario testing should be an important element in firms' planning and risk management processes. These changes send a clear signal to firms' senior management that they need to engage in building a robust stress testing infrastructure as an important part of effective risk management, and use that to assess capital needs in a stress," Sharma said. He added: "Reverse stress testing is a separate, but complementary exercise. It is essential that firms identify what could cause their business to fail and use this information to ensure that the relevant risks are sufficiently well-understood and appropriately managed to secure consumer protection and market confidence." The FSA has three main elements to stress tests: • Firms own stress testing • The FSA's own stress tests of individual firms • System-wide stress testing. Today's annoucement only affects firms own stress tests although the regulator is expected to make changes to its own tests next year. Its current tests for banks, for instance, has been based upon a repeat of the 1980s recession. The FSA has stepped back from asking a firm to assess the effects of an economic recession of a severity experienced once in 25 years because companies were confused about the exact parameters of such a test. Financial Services Authority (FSA) Financial crisis Banking Jill Treanor guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Views on the News: What you thought of A... Views on the News: What you thought of Alistair Darling's pre-budget report
12/11/2009
Cynical electioneering? Damage control? Or sound financial planning? The pre-budget report got everyone talking and most bloggers could not help but have one eye on a certain upcoming national event. "Anyone might think there was an election looming," said JonnyThinkTank . "Oh. Hold on. Apparently there is." Yes, said tatanulabour : "I hope Labour surprise us all and win the next election, Darling must be dreading doing the next budget." Alistair Darling's comments that things might just be a teensy bit more problematic than first thought got kakihara thinking: "Whenever I hear Darling's predictions on the economy as each one is a little bit worse than the previous, I'm reminded more than anything of a teenager admitting to his dad he's written off the car – Y'know, bit-by-bit: 'Dad, I've had an accident in the car' 'Oh God, what happened?' 'Well, I knocked off the wing mirror' 'Oh, OK, so that's it?' 'Well, I also knocked the bumper off' 'Ah! Anything else?' 'Well, there's the driver's door – ripped off, Er, and the passenger doors, all 3 of them ...' etc, etc. "All the way through to 'The wheels came off and it's a complete write-off'." Perhaps inevitably the lion's share of the comments were reserved for bonuses and bankers. dutchcapital kicked off with a question: "I'm not a banker, so obviously I'm not very good at maths. Does this mean that anyone who earns, as a bonus, more than my actual salary, will still get to keep half of it, whilst I will have to take a pay cut next year to help towards it? $%£$ me!" "What possible good can it do to tax the banks for the bonuses they pay?" asked OneManisAnIsland , echoing the views of many. "The man is a fool. All that will happen is that the banks will end up paying twice as much in bonuses and end up paying less corporation tax on profits. D'oh. "This tax is a perfect example of short-sighted bureaucracy. Like the VAT cut. Remember that? What happened? Shops just pocketed the difference, or turned it into a marketing exercise." "I don't understand this talk of taxing the banks, or bankers' bonuses," wrote Elajac . "If the banks have so much money sloshing around that they can afford to pay egregious bonuses, why doesn't the gov't just ask for our money back? If the banks still can't manage without our money, they can't afford bonuses." As for the scenario that our brightest financial whizzes may leave for better bonuses elsewhere, practitioner imagined the scene: "I'm an employer. A former RBS director applies to me for a senior position. I ask him in what circumstances he left his previous job. He tells me that he flounced out in the middle of a number of significant projects because he didn't get his bonus. Am I likely to say to him, 'When can you start?' " A few brave bloggers did stick to the line that it may be damaging in the long run to disincentivise bankers. Swapp3r urged naysayers to consider what would happen if they did go somewhere else: "Where will the growth come from then? The mines? The steel industry? The car industry? The NHS? The only competitive advantages for the UK on the world stage are the city, public schools and the fact we speak English." brunobignose retorted: "Competitive advantage, what competitive advantage? Without the billions in bailouts and guarantees, they would have gone the way of British Leyland, and dragged the rest of us down totally in the process." Then, ever helpful, a number of people offered a few alternatives for any bankers who might feel aggrieved at missing out. Gigolo wrote: "I'd suggest tar and feathers." "Personally I favour hanging them up by their ankles and catching whatever falls out of their pockets," added ieclark . The overall mood though seemed to be more depressed and despondent than angry. "Let's face it, Brown is gunning for thee, me and every poor sod who is on PAYE," wrote mugclass . "We are going to be the fall guys for every wasted penny, every quango that did bugger all, every pointless initiative that this pathetic government have inflicted on us since 1997." "I am wondering if Darling gets his advice for running the country's finances from a similar source Blair got his advice for going to war – a foreign taxi driver," posted ponyman . Although Communicationalist decided some grudging credit was due to Gordon Brown following the news that France was joining the UK in taxing bank bonuses: "I'll say this for Brown, he understands, and is good at coordinating action in the international context. Shame that this has very little bearing on his chances of being re-elected." But any warm feelings did not last long. News that the government may be thinking of selling off BBC Worldwide were met with howls of indignation. yorkie54 stormed: "What next Gordon? You've sold all our gold, and now you're planning to sell a profitable, reputable company, that reflects what is best about great Britain. Why not get the Queen a cleaning job whilst you're about it, that should bring in another few pennies to plug your trillion pound debt. Leave the BBC alone, and put your own house in order first!" "Please stop asset stripping our country; to us it's a lot more than a resource stream to finance the banking crises," added Shov . There is only one thing for it, says pwgold , bringing us back to the PBR and imagining an interesting addition to the report: "Darling unveils Government-scrappage scheme: Under the scheme, due to begin in June, households may trade in their rusty, inefficient Governments that are over 10 years old, and receive a big tax break for doing so. In order to qualify, consumers must replace it with a nice, low-cost, shiny new Government. A spokesman for the National Consumer Council criticised the proposals on the grounds that there are not enough new Governments on the market that meet reasonable efficiency targets." Form an orderly queue now. Keep them coming... Alistair Darling Pre-budget report Teena Lyons guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• UK economy in peril: follow the money, n... UK economy in peril: follow the money, not the pundits
12/11/2009
The spectacle of the bankers threatening to go off to Singapore tells us a lot. My God, have they ever visited Singapore? "This is the most anonymous cabinet I can remember," growled an old friend I bumped into on the Christmas geniality circuit yesterday. Since he is a former Whitehall official who worked for six prime ministers, I take his views seriously. "Nonsense," I replied. "Name me four members of John Major's cabinet in 1997." When he came up with Virginia Bottomley, I suggested the explanation might be that a man of his age probably fancied the then-health/heritage secretary. Chummy is half-right, of course. Apart from Major, the shattered survivors of the long march of Thatcherism by 1997 still included Hezza, the indestructible Ken Clarke, Michael Howard and Douglas Hogg, of later moat fame. But Roger Freeman, Ian Lang, Mickey Forsyth, Gillian Shepherd, Paddy Mayhew, William Waldegrave, assorted Pattens, Michael Portillo? They have slipped down the memory holes as Trollope's fictional politicians did, as we all do. I hear Portillo is on TV sometimes nowadays, a fate more anonymous than it used to be. So it will be for most of the current crop. But I reminded my friend that they still include Brown himself, Alistair Darling and Jack Straw – the three survivors of Blair's first cabinet – Peter Mandelson and Harriet Harman too, though they both had a cabinet career break. Alan Johnson is well known. David Miliband will be around for a long time – it's not just Hillary Clinton who thinks so. But my old Whitehall chum (he first poured drinks for Harold Wilson) bailed out before those two were on his radar, so they don't count. I mention this to underline the fragility of memory, the flexibility of what passes for conventional wisdom. Does it get worse in the forgettable age of 24/7 media – or am I just getting old and grouchy like my friend(s)? Thus Wednesday's pre-budget report was savaged in most of yesterday's newspapers. But it's a safe bet that, by New Year, the conventional wisdom will have moved on and the reasons for attacking it been changed utterly. The BBC's Nick Robinson reported this morning that there were rows between No 10 and No 11 over the shape of the budget, amplifying Patrick Wintour's lead story in today's Guardian that Alistair Darling would have preferred to have raised £4.8bn from a 1% VAT hike rather than a 1% NICs hike , but was ground down by the chap next door. Nothing unusual about that. Most PMs and chancellors fight and eventually fall out, as Mrs T did with all hers and Tony Blair famously did with his at least half the time. There is usually some right on both sides. Darling is unusual in having seen off Brown's barely-concealed desire to replace him with his consigliere, Ed Balls. Good. I've always been a fan of Darling, a modest man who is tougher than he looks, though I never cultivated him: too loyal to the team (to both Blair and Brown), too discreet, not egotistical enough to be a good source for hacks. As I've noted here before, one of my children works for the chancellor nowadays, which complicates things: another reason to keep a prudent distance. As one colleague put it when telling me last night about his daughter's new career: "I can't tell you that, Dad, it's a secret." Both Darling and Sam White were circulating among officials, analysts and journalists at last night's Treasury reception. I spoke to them both, albeit briefly, but mostly to economic writers from other publications whom I rarely see. That's where Robinson picked up this morning's BBC report, I'd guess, chatting with all and sundry. No 10 will instantly have sussed that from a glance at the diary. Most of the hacks I spoke to – like most I read earlier in the day – seemed agreed that Darling's pre-budget report didn't do enough to tackle the debt mountain or reassure the money markets, on whom we depend to fund the debt. For their part, ministers present defended what they'd done: both the uncertainty of the economy's recovery and the political timetable point to the need to delay the savage cuts that await public services – far bigger than the tax hikes that await us all. After an initially calm reaction in the City on Wednesday, investors decided to panic yesterday – herd instinct again – and sold British Treasury gilts. The FTSE rose a little; the money has to go somewhere. We'll see what happens next. One erudite pundit I've known for decades assured me that the credit agencies that clipped Greek and Spanish credit this week will reduce the UK from a triple-A rating to a double-A soon enough. Another economic pundit who sits even further up the media food chain, whom I'd only just met, told me that they won't. "If they downgraded Britain they'd have to downgrade the US too – and they can't do that," he chuckled. So much for the wisdom of credit agencies, the people who slumbered as the investment banks blew their collective gasket. Correction: as the banks, the regulators and the British government ran amok in their different ways. One thing that was striking in last night's chit-chat was the affection, even respect, for the aforementioned Darling, a calm man with a very awkward inheritance. It was offset by hostility to Brown, some of it among people who used to be big fans. "I believed Gordon for the first five years," admitted someone who should have been warier. The BBC's Robert Preston, absent last night, is in that camp too. His Brownite book, Brown's Britain (2005), did not read well at the time and reads less well by the day. There are plenty in that position. Not me, as it happens. Forced to choose between what Brown or Blair, I was saying I usually went with Blair – or neither. But I did argue that Brown had earned his chance to succeed Blair and, fingers crossed, we'd have to see how it turned out. In 2007 there was no alternative – still isn't, really, and that's why he's still there. But the verdict of the hacks drinking Treasury Special Brew was that history will be very hard on Chancellor Brown. I asked one of my economic pundits who was to blame for the current financial crisis. "Brown by a proportion of 70% to 30%. He lost control of public expenditure. If we'd entered this recession with a small surplus, say 1%, instead of a structural hole of 6% to 7%, we'd be in much better shape," he replied. As a non-economist, I'm much more inclined to blame the bankers, as regular readers know. My City reporting chum leans the other way, of course. "I'll go no further than 60:40," he conceded. Me, I stick to my guns. The spectacle of the bankers threatening to go off to Switzerland or Singapore (my God, have they ever visited Singapore?) in a fit of righteous anger over Darling's threat to their bonuses surely tells us quite a lot. "They're like the miners in 1983; they still don't get it," genial Digby Jones said when I bumped into him elsewhere this week. Today's Guardian carries an interesting report from the French quarter of South Kensington – so handy for the Lycée – suggesting why French bankers won't be going home, even without Brown's claimed victory in persuading Nicolas Sarkozy and Angela Merkel to tax their bank bonuses too. Too much red tape, too miserable at home, said some. Do bear that thought in mind before emigrating or jumping off a bridge. The Times's Anatole Kaletsky, a pundit I respect, argues gloomily that Darling has bombed the banks to all our disadvantage. But one of the nice things about Kaletsky's columns is that every new year he writes one admitting everything he got wrong. It's a habit that should be legislated into statute as the Pompous Pundits Penance Act. If you want a shrewder assessment as to why the City's golden decade may not return – it has little to do with the Darling bonus bomb – try Gillian Tett's column in today's Financial Times . Markets will move where the wealth is. The wealth is moving to Asia, she notes. Like Kaletsky, Tett's clever. She's also better looking (am I still allowed to say that?). Pre-budget report Banking Banks and building societies Executive pay and bonuses Michael White guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Whitbread steps up Coffeeheaven takeover... Whitbread steps up Coffeeheaven takeover talks
12/11/2009
• Discussions are 'advanced', says Costa Coffee owner • Shares in both companies benefit from caffeine boost Whitbread, which runs the Costa Coffee chain, is in "advanced" talks to take over Coffeeheaven for about £32m. Shares in Aim-listed Coffeeheaven jumped more than 10% on the news, rising 2p to 21.9p. Whitbread shares were also up, climbing 15p to £13.05, a gain of 1.2%. Both companies put out statements to the stock market this morning. Whitbread said it is in "advanced discussions with Coffeeheaven regarding a possible recommended cash offer of 24p for each Coffeeheaven share". It added that a further announcement will be made in due course. Whitbread's Costa Coffee has prospered during the recession , outperforming the group's Premier Inn budget hotel chain. Coffeeheaven runs about 90 coffee bars in central Europe – Poland, the Czech Republic, Slovakia, Bulgaria, Hungary and Latvia – under the names of Coffeeheaven and Coffee Nation. Whitbread Mergers and acquisitions Food & drink industry Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Inflation fears stoked by factory-gate d... Inflation fears stoked by factory-gate data
12/11/2009
Output prices climbed 2.9% in the year to November, the fastest annual rate since February Inflation at the factory gate has picked up in the wake of higher oil and petrol prices, reinforcing expectations that inflationary pressures will accelerate across the economy in the coming months. Alistair Darling said in Wednesday's pre-budget report that consumer price inflation would rise to 3% early next year before falling back again. Output prices climbed 2.9% in the year to November, the fastest annual rate since February, the Office for National Statistics said this morning. This compares with a 1.9% rise in the year to October. Factory-gate prices rose 0.2% between October and November, mainly due to price rises in petrol, alcohol and tobacco. Manufacturers' costs climbed 0.1% on the month and 4% on the year, the fastest annual rate in a year, as crude oil prices soared 30% last month. A year ago they were falling. "The underlying trends are still very much intact, nothing particularly dramatic here," said Ross Walker at RBS Financial Markets. "We've obviously got big rises in the year-over-year rates but this is really just mainly a base effect story, with the previous large energy price cuts dropping out. I don't think we've got an inflation problem, and I don't think there is a deflationary influence of any significance." Inflation Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Shell and Petronas win a third of Iraq's... Shell and Petronas win a third of Iraq's oil reserves
12/11/2009
Majnoon oilfield goes to Anglo-Dutch and Malaysian consortium in second auction of oil assets since 2003 invasion A consortium led by Shell has won the rights to develop the giant Majnoon oilfield at the second auction of Iraq's oil rights since the 2003 invasion. The auction for about a third of the country's known reserves quickly surpassed last summer's sale, with Majnoon the largest field on offer in the current round. A group of oil companies led by China's CNPC struck a deal to develop the Halfaya field. There are 10 fields being auctioned over two days under tight security at the Iraqi oil ministry's headquarters. Last summer's auction saw a single deal struck despite eight fields being on offer. Shell and Malaysia's state-run oil company, Petronas, beat another consortium consisting of France's Total SA and China National Petroleum Corp for the rights to Majnoon, which has estimated reserves of almost 13bn barrels of oil, compared with 4.1bn for Halfaya. A total of 45 firms are vying for 20-year contracts to develop the 10 fields, spanning from northern Iraq to major fields in the Basra region in the south. Among the bidders are Britain's BP, America's Exxon Mobil and state-backed companies from Asia. The deals are crucial for Iraq, which relies on oil for 90% of its government budget and sorely needs international companies' help in boosting production and revamping its dilapidated oil sector. Iraq has the world's third-largest known oil reserves. Although the security situation has improved since the 2007 surge of US troops, the auction takes place against a background of attacks in Baghdad that killed at least 127 people on Tuesday and raised questions about the ability of Iraq security forces to stem the violence as US troops depart. Opening the auction, Iraq's prime minister, Nouri al-Maliki, played down the significance of Tuesday's attacks. "There is no security deterioration in Iraq even if a security violation took place here," he said. The US defence secretary, Robert Gates, flew into Iraq to discuss security concerns. In a meeting with Maliki he expressed his condolences for the Baghdad bombing and offered any assistance the country might need. Iraq Royal Dutch Shell Oil and gas companies Oil Haroon Siddique guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Britain's top credit rating safe for now... Britain's top credit rating safe for now, Moody's says
12/11/2009
Moody's analysts do not expect US or UK to lose triple A rating, but interest rates and debt financing remain concerns Moody's has reiterated that the top credit ratings of Britain and the United States are not under immediate threat of a downgrade, which has boosted the pound on foreign exchange markets this morning. Sterling made its biggest gains this week against the dollar and the yen on the news. It climbed to $1.633 against the dollar and more than 1% to ¥145.17. The FTSE 100 index rose more than 50 points to 5294.55 in early trading, a rise of about 1%. Gilt futures opened lower this morning, extending yesterday's slide after the pre-budget report did little to allay fears about Britain's creditworthiness. The comments were made by Moody's analysts in a presentation and reiterated an analysis from the ratings agency on Tuesday. They come after Alistair Darling admitted that UK government borrowing this year would total £178bn, £3bn more than he estimated in the April budget. "Only the UK and the US are classified as 'resilient,' rather than 'resistant'. Their resilience will be tested in the next couple of years, but for now they have a high degree of financeability and debt affordability," Moody's analysts said today. "The rise in debt and higher interest costs could test the ratings under some scenarios, but not right away." The analysts said they did not expect either country to lose its triple A rating, but two risks to this view are how quickly interest rates rise over the next few years and debt financeability – ie governments' ability to raise debt in their own currency without paying punitive rates. Moody's senior vice-president, Tom Byrne, also told Bloomberg that "the outlook is stable" for both countries. On Tuesday, Moody's sent alarm bells ringing when it warned that the UK and the US may "test the Aaa boundaries" as their public finances deteriorate. Sovereign credit risk has become a sensitive issue for investors this week after Standard & Poor's cut its sovereign credit rating outlook of Spain and Fitch downgraded Greece's debt rating amid concerns about its fiscal health. Government Borrowing Financial crisis Pre-budget report Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• HMV upbeat about Xmas as losses ease HMV upbeat about Xmas as losses ease
12/11/2009
HMV said this morning it is "well prepared" for Christmas, with a strong line-up in music, as it reported a smaller half-year loss than last year. The music, DVD and books retailer saw like-for-like sales in the UK and Ireland advance 1.6% in the six months to 24 October. Sales across the group, including new stores, climbed 5.6% to £797m, while like-for-like sales were down 2.1%. Chief executive Simon Fox said: With a good line-up of products across all categories, our stores and websites are very well prepared for Christmas and we are confident that customers will receive great service and availability however they choose to shop. HMV's Waterstone's book chain suffered a 5.1% drop in like-for-like sales, but the company hopes to benefit from the demise of rival Borders. HMV reported a group loss before tax of £24.9m, compared with £27.5m a year ago. It makes all of its profits in the second half, which includes Christmas. The news came as Asian stockmarkets advanced, with investors cheered by a surge in China's industrial output in November to its fastest pace since June 2007. There was also a big improvement in Chinese exports, which dropped just 1.2% in November from a year ago, the smallest fall this year, as nascent recoveries in the US and other big markets helped revive demand. It was a dramatic improvement from October when exports slid 13.8%. Back in the UK, gaming group Rank said it had submitted a claim for VAT it overpaid on bingo from July 2004. If successful, the company reckons it should get back £16m (before interest) from HMRC. Pawnbroker Albemarle & Bond , which has benefited from the rise in gold prices to record levels, appointed a new finance chief this morning. Liam Moran replaces David Pattinson, who has been in the job for the last seven years and wants to move on to "new challenges". Moran, 41, joins the company from B&Q where he was director of commercial and supply chain finance. He previously worked for Kingfisher. He will join Albemarle on Monday. One of Britain's biggest pawnbrokers, Albemarle has seen profits surge as consumers cash in old gold jewellery to take advantage of soaring gold prices. Gold climbed above $1,135 an ounce this morning. HMV Rank Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Private equity firms using company debt ... Private equity firms using company debt to enrich themselves, says report
12/10/2009
A report from the private equity industry shows that firms paid cash dividends out of debt despite warnings from ratings agencies Private equity firms are increasingly saddling companies with debt to pay themselves hefty bonuses, according to an industry-sponsored study. A group of 47 private equity-owned businesses – including United Biscuits, sports chain Fitness First and casino operator Gala Coral – now have an accumulated debt of £71bn, up £13bn from their combined debt before they were taken over, said a report by BVCA, the British Private Equity and Venture Capital Association. Of that £13bn, new owners directed £11bn towards acquisitions and capital expenditure programmes while £2bn went to pay shareholders of the private equity funds through measures such as special dividends. Apart from the private equity companies themselves, fund investors also include pension schemes and other institutional shareholders. Paying cash dividends out of debt – instead of profits – has been widely criticised by ratings agencies, which warned about the high levels of debt used by private equity firms at the peak of the credit bonanza. "Using debt to pay dividends to shareholders in an excessive manner will ultimately damage the company when the cycle turns," said Pablo Mazzini, senior director at the Leverage Finance unit at Fitch Ratings in London. Many private equity firms raised debt by convincing lenders that profits were rising when the growth was mostly attributable to general economic conditions. Some buyout businesses are now suffering as they cannot sustain their high debt. The study said that the quality of debt also falls after a private equity buyout. The highest-ranked "A" debt accounted for 65% of total debt before a buyout, but only 54% after. Lower quality debt is more expensive for the company as investors demand higher interest in exchange for the risk of ranking below senior creditors for repayment if a company goes bust. According to the report, private equity companies are better at generating pre-tax profits than other firms, although they lag far behind in terms of job creation: while employment grew at 0.1% at private-equity-owned businesses, it increased 5.2% at other firms. Average company revenues rose by 9.6%, more than the 9.1% growth among private-equity-owned firms, but earnings before interest, taxes, depreciation and amortisation rose by 11% at private equity-owned companies, compared with a fall of 0.7% for other firms. Private equity Pre-budget report Credit crunch Elena Moya guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Sports Direct staff on course for 25% pa... Sports Direct staff on course for 25% payouts
12/10/2009
Thousands likely to benefit as company moves towards £155m profit figure Thousands of staff at Sports Direct are on course to receive bumper bonuses after the pile-it-high-and-sell-it-cheap retailer told the City it was set to beat its profit forecasts and expects bumper sales ahead of next year's World Cup. Sports Direct , controlled by Newcastle United owner Mike Ashley, set up the bonus scheme in the summer. It is open to all UK employees with at least one year's service and offers 25% of base pay, in shares, if underlying profits reach £155m in this financial year. Today the retailer upgraded its predicted earnings to "at least" £155m. The shares would be released after two years for any staff who remain with the company. Sports Direct reported half year profits down 41% to £58m, but most of the decline was attributable to adverse currency movements, and underlying profit before tax was ahead 39% to £72m. Net debt, which had mushroomed after a series of acquisitions, has been reduced from £431m to £362m, with some of that improvement down to suspension of the dividend. Sports Direct shares closed down 7p at 99p – just a third of their flotation price nearly three years ago. The company has set aside nearly £5m towards the cost of the bonus. A second bonus, dependent on profits and debt levels, offers even bigger rewards in the 2010/11 financial year. Sports Direct operates more than 350 UK outlets and owns a raft of sports brands, including Slazenger, Lonsdale, Everlast and Dunlop. Chief executive Dave Forsey said he was "pleased" with the group's performance in challenging conditions and said the retailer had "the World Cup to look forward to". Group sales were ahead 10% to £757m, but revenue from brands was down 19% to £95m – partially a result of rival JJB cancelling orders for Sports Direct brands. UK profit margins fell from 45.4% to 41.6%, which Sports Direct said was the result of £44m of foreign exchange losses on hedging-related arrangements. The update from Sports Direct came as JJB named Keith Jones as its new chief executive . Jones, 45, is currently retail director at electricals chain DSG , the company behind PC World and Currys. He previously worked at Virgin and B&Q and is expected to join in the new year. The chief executive's job at JJB has been vacant since former boss Chris Ronnie was suspended almost a year ago and later sacked. The retailer was engulfed by financial crisis and needed a groundbreaking Company Voluntary Arrangement, allowing it to shed unprofitable stores, to avoid administration. It has since completed a £100m rescue fundraising. JJB's shares were unchanged at 25p. JJB is now embroiled in an Office of Fair Trading investigation into alleged criminal price-fixing with Sports Direct. JJB acted as whistleblower, alerting the watchdog, in return for immunity. Sir David Jones , Chairman of JJB Sports, said: "JJB has been through a lot in the past year but we have now reached a stage where we have the funding, the strategy and the team to plan for the future." Sports Direct is also being investigated by the Competition Commission, over the purchase of 31 stores from JJB, and by the Serious Fraud Office , in connection with the price-fixing and fraud allegations. It recently appointed Keith Hellawell as chairman . Hellawell, previously a police chief constable and the government's drugs "tsar", has had experience of negotiating with the SFO as he is also chairman of generic drugs group Goldshield, which was investigated for colluding to overcharge the NHS . Sports Direct said it was continuing "to comply with the ongoing investigations of the CC, OFT and SFO". Sports Direct International JJB Sports Serious Fraud Office Sir David Jones DSG Mike Ashley Julia Finch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Labour's boost to public services spendi... Labour's boost to public services spending since 2001 'will be wiped out'
12/10/2009
Defence, transport and housing face big cuts, and expenditure may fall to 1997 levels, warns Institute for Fiscal Studies Alistair Darling's pre-budget report signalled that all of the increase in spending on public services by Labour in its second and third terms of government will be entirely reversed during the next parliament, the Institute for Fiscal Studies said today. The independent think-tank's in-depth review of Wednesday's statement also contradicts Darling's claim that for Whitehall departments outside the ring-fenced areas of education, health and aid spending will remain flat. In fact they face average cuts of 5.6% a year, or around £36bn in the three years to 2013/14, equivalent to nearly half the annual NHS budget, according to IFS researcher Gemma Tetlow. "All the increase in central government spending on public services over Labour's second and third terms will be reversed by 2013/14. And potentially the first-term increases could be reversed by 2017/18," she said. Labour began its second term in 2001 with spending on public services amounting to around 22% of national income, a figure that has risen to 26%. By 2013/14, it will have dropped back to 22% and potentially to 20% – the level Labour inherited from the Conservatives in 1997. The government's plans were for departmental spending as a whole to be cut by 3.2% a year over the period, but with health to be frozen, education to rise marginally and overseas development assistance to rise sharply, she said. That meant departments such as defence, higher education, transport and housing face big cuts. "The bottom line is that the targeted spending on priority areas is being paid for not just by higher taxes, but by a severe squeeze elsewhere in the public services," said IFS chief Robert Chote. Liberal Democrat shadow chancellor Vince Cable said: "Alistair Darling should have laid out yesterday exactly where these cuts would be made. It appears there will be severe cuts in the housing, transport, defence and environment budgets. "We needed honesty from the chancellor yesterday, but instead we got a return to Labour smoke and mirrors. [We] have already set out several areas where long-term savings could be made, including tighter control of public sector pensions and scrapping a like-for-like Trident replacement." TUC general secretary Brendan Barber added: "These grim figures show the need for a fundamental reform of our tax system to rebuild the public finances, and makes the case for a financial transaction tax even stronger. The level of spending cuts envisaged by the IFS would be disastrous for our economy and an assault on our public services – there must be an alternative. The TUC estimates a tax on financial transactions in sterling could raise up to £30bn a year." The government has also shifted the focus of its consolidation of the public finances over the next two "parliaments of pain", the IFS's Carl Emmerson said, to one-third tax rises and two-thirds cuts in public spending. In the budget in April, the government said it intended making 80% of the necessary savings by cutting spending and only 20% by raising taxes. He said that over the next two parliaments total tightening of the public finances needed to clear the deficit amounted to 5.4% of national income, equivalent to £76bn today – £2,400 for every British family. This "structural" deficit – that which will not be fixed by a recovering economy – was, however, estimated to be smaller than at the time of the budget, when the Treasury estimated it at £90bn, Emmerson said. He added that the national debt, which Darling admitted on Wednesday was likely to rise to 80% of national income in the next few years – double the government's original ceiling – would not return to 40% until 2032. "More of the borrowing is thought to be temporary rather than permanent, and that means that a smaller repair job is needed over the next few years to put the public finances back on track," he said. He was not impressed by the government's new fiscal consolidation plans. He said they were not "sensible" as they could be broken fairly easily. The IFS estimated that the chancellor only had a "six in ten" chance of complying with his own legal responsibility to cut the deficit within four years, based on the accuracy of Treasury forecasts in previous years and no further policy tightening. But he was also dismissive of the Tories' proposed fiscal rule that the national debt should be falling at the end of the forecast horizon in 2014. This, he said, was not sensible either and was in fact "more likely than not to be broken" since the national debt was likely to still be rising, rather than falling, at that time. Pre-budget report Alistair Darling Economic policy Ashley Seager guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Royal Mail predicts £10bn pension defici... Royal Mail predicts £10bn pension deficit
12/10/2009
• Chief expects to face biggest shortfall in UK corporate history • Royal Mail profits up 4% to £184m in first half of year Royal Mail has a found a £10bn black hole in its retirement postbag – the biggest pension deficit in UK corporate history, its chief executive Adam Crozier confessed today. The size of the bill for payments to former mail staff will easily overtake the pensions deficits hanging over other British companies, such as the £9bn revealed last month by telecoms group BT, or the near £3bn liability at airline BA. "The pension plan deficit is widely expected to increase from its £3.4bn deficit three years ago to at least £10bn and we are exploring with the trustees ways of addressing this legacy deficit," said Crozier. Confirmation of an issue that has been the subject of intense speculation came as Royal Mail reported a 4% increase in operating profits to £184m in the first six months of the year. The profit came despite a continuing fall in revenues and the early impact of industrial action by some of its 172,000 staff. Crozier – and the government – said the improvement in profits should not lead to a relaxation in the pace of modernisation at Royal Mail given the pension problem and £434m of cash outflow in the first half of the year. "Change is difficult for everyone but Royal Mail has no alternative but to change and modernise if it is to compete in today's highly competitive communications market and keep on delivering the postal service on which so many depend," he argued. The Department for Business hammered home the same message, saying the figures only served to confirm that Royal Mail must press ahead with further changes. "Behind the headline profits, the figures show that mail volumes continue to fall and the company is heavily cash negative. The strikes and threat of strikes in the second half of the year will not have helped the situation as businesses rushed to find other ways to communicate with their customers or used other postal operators," said the department. But the profit figures were seized on by the Communication Workers Union (CWU) which continues to be locked in difficult talks with the postal operator over pay and working conditions. "These financial results betray the myth that the CWU has been blocking change. Postal workers are now working harder than ever before. We believe they deserve to be rewarded for the success they have brought to this change process, which has delivered a 4% increase in half-year profits. A pay freeze is no way to thank staff who have seen colleagues leave and workloads rise," said David Ward, the CWU's deputy general secretary. "On pensions we are equally daunted by the scale of the deficit. The government must take responsibility and honour its commitment for the deficit which will allow the company to continue with a modernisation programme which increases profits, quality of service and greater innovation in products and services," he added. Crozier said the state-owned business had "come a very long way" since the time when Royal Mail was losing £1m every working day, but he confirmed the latest figures showed another decline in the number of letters being sent in Britain. Royal Mail delivered an average of 72m letters a day between April and September, 3m a day fewer than the previous year, and nearly 15% below the peak of 84m a day in 2006. The state-owned company said rival private operators had an "increasingly significant" impact, handling one in three of the 8.2bn letters delivered by Royal Mail in the six months. "The group's resilient financial performance, along with some of the best spring quality-of-service figures on record, shows that modernisation of the letters business is working, while the further progress made on tackling costs across the group has also helped sustain operating profit," Crozier added. Royal Mail's profits would have been even higher, had it not been for the impact of the recession on General Logistics Systems, its European parcels division. Profits at GLS fell by almost a quarter, from £59m to £45m. Today's financial figures do not show the damage caused by this autumn's nationwide industrial action, which began in October. Royal Mail says is it too early to say what the impact of the strikes will be on profitability or how many customers have been lost. Last month management and unions agreed a temporary deal under which there would be no more disruption until the new year. Royal Mail, though, pledged to continue pushing for increased efficiency, a policy that has led to the introduction of new sorting machines and the loss of 5,000 staff during the half year. Royal Mail is now considering selling its stake in lottery operator, Camelot, to raise further funds. Royal Mail Postal service Occupational pensions Pensions Terry Macalister guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)

• United rescues Clipper Windpower United rescues Clipper Windpower
12/10/2009
Stake in loss-making firm stabilises future of Britannia turbines for wind power market United Technologies Corporation, the maker of Sikorsky helicopters, has come to the rescue of Clipper Windpower and secured the future of the huge Britannia offshore turbine being developed in the north-east of England. UTC, which also makes Pratt & Whitney aero engines, has spent £126m buying a 49.5% stake in loss-making Clipper, which is listed on London's junior Aim market but has most of its sales in the US. Clipper recently won a grant from energy secretary Ed Miliband to build a factory to construct the Britannia's 70m (230ft) blades for use in the North Sea wind power sector, but, like Vestas and other turbine manufacturers, has been struggling with cash shortages. Clipper more than doubled its sales but made a net loss of $120.2m (£75m) in the first six months of the year. Management has made clear in recent months it is searching for a new backer to secure the company's long-term future. Shares in Clipper soared 19.86% to 175p amid relief and excitement about the investment by UTC, seen by many as the strongest possible partner given its $64bn (£39.3bn) capitalisation. UTC, based in Hartford, Connecticut, has a fuel-cell business but no other real investment or track record in wind or other renewable energy. Douglas Pertz, Clipper's chief executive, described the UTC investment as "transformational" and said it would give a platform for expansion. "Our relationship with UTC will enable Clipper to access UTC's support and expertise in areas of manufacturing, product quality and other industrial processes, while providing Clipper with equity financing to deliver our longer-term strategic goals," he said. "Following this transaction, we believe there is a tremendous opportunity for Clipper to grow its market share and take its world-class technology to new markets." But not everyone is convinced the future is bright enough yet for Clipper. Analysts at investment bank Piper Jaffray warned: "Today's placing clearly gives the company a cash buffer given that it remains loss-making – the company had a $103m cash burn in the first half of this year. However, technology issues remain and reliance on customer pre- payments remains a key risk to the business model." Wind power Terry Macalister guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (11 h ago)

• Mortgage lending at 22-month high Mortgage lending at 22-month high
12/10/2009
Number of mortgages for purchases has more than doubled since January when just 23,000 loans were advanced A total of 55,300 mortgages for house purchases were granted by lenders in October, the highest number since December 2007, the Council of Mortgage Lenders (CML) said today. Activity in the housing market has increased markedly since reaching a trough in January when just 23,000 home loans were advanced during the month. The bulk of the market is made up of home movers, with 35,600 of October's loans going to borrowers who already own a property, a 49% increase on the same period last year. However, first-time buyer numbers have also recovered since the start of the year, more than doubling from 8,900 in January to 19,700. The value of first-time buyer loans dropped by 4% on September's figure to £2.2bn, but was up 29% on last October's figure, reflecting rising house prices and an increased willingness by lenders to offer higher loan-to-value mortgages. Yesterday, the chancellor, Alistair Darling, announced that the temporary stamp duty holiday, which increased the threshold from £125,000 to £175,000, would finish as planned at the end of the year , which could put a damper on first-time buyer numbers over the coming months. However, the main reason total mortgage lending remains subdued is the continued lack of enthusiasm among borrowers to remortgage while interest rates remain low. In October, 33,000 homeowners switched lenders, the same as in September. The figure was 52% down on last October, while at £4bn the value of the loans was down 57%. Low interest rates have also quelled demand for fixed-rate loans. The proportion of borrowers choosing to tie into a rate fell to 66% of the market in October, down from 73% in September. The CML's director general, Michael Coogan, said we were witnessing "a two-speed mortgage market". "It appears that low interest rates for those with substantial deposits, coupled with this year's sustained increases in house prices, are encouraging more people to buy or move home. "But the same low interest rates that are driving house purchase activity provide little incentive for borrowers to refinance their loans. This, coupled with ongoing tightness in lending criteria, continues to hold back the remortgage market." This morning the UK's biggest building society, Nationwide, announced it was cutting mortgage rates with effect from tomorrow. The society is cutting the cost of fixed-rate loans by up to 0.29%, reducing the cost of a two-year fixed-rate loan to 3.69% on borrowing of up to 70% of a property's value. Most of the cuts are focussed on loans of up to 70% LTV, but the society said it was making some reductions for borrowers with deposits of up to 15%. Mortgages Mortgage rates Property Mortgage lending figures Hilary Osborne guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (13 h ago)

• Volkswagen takes stake in Suzuki Motor Volkswagen takes stake in Suzuki Motor
12/09/2009
• £1.5bn stake in Suzuki comes days after buying into Porsche • Joint venture targets success in emerging markets Volkswagen (VW ) underlined its ambition to become the world's largest car maker when it acquired a £1.5bn stake in Japanese firm Suzuki Motor – a key player in the growing Indian market – just days after buying half of Porsche. The acquisitions by the German company are the latest in a global shake-up of an industry that has been pushed into the slow lane by recession and falling sales in the west. The company has made clear its ambition to become the world's biggest car maker by 2018. In the first half of the year VW and Suzuki had combined sales of 4.4m, and a full merger with Suzuki would make it bigger than the current number one, Toyota. "If that succeeds faster (than 2018), we're happy," said VW chief executive, Martin Winterkorn, as he announced the 20% holding in Suzuki. But there were indications he will have to move carefully. Osamu Suzuki, the 80-year old chief executive of Suzuki, which will take a 2.5% stake in VW as part of the strategic partnership deal, said he did not intend the company he had led for three decades to come under full VW control. "I don't want you to misunderstand: Suzuki is not becoming a 12th brand for Volkswagen," he said when asked whether the company may get a German boss in the future. "I don't want other folks telling me how to do things," added the car boss who changed his surname after marrying the granddaughter of the company's founder. Suzuki has been looking for fresh funds to help finance a new generation of green cars, and VW is keen to develop small vehicles – especially those geared to emerging markets, such as India, where Suzuki is already strong. But both are also keen to find synergies and share their skills at a time of major contraction in the west, which has seen massive financial losses by firms such as Chrysler, General Motors (GM) and also Toyota. The bright spots in car sales have been India and China. VW is the number one in the latter market. "In partnership with Suzuki, the VW group can take a big step forward in the compact car segment, particularly in the emerging markets in Asia," said Winterkorn. "In turn Suzuki can benefit from our experience with efficient and environmentally-friendly drive train and vehicle technologies." VW, which formally took over a £3.5bn stake in Porsche on Tuesday, and which also owns Audi and Seat, already has one factory in India making Skodas, which are considered premium cars there, and is building another to make cheaper small cars there. Analysts said forming a joint venture with Suzuki, India's biggest car manufacturer, selling mainly small economic cars to the mass market, would help VW gain a much bigger foothold. Paul Newton, automotive analyst from Global Insight, said: "Margins are so low selling small cars for the mass market in places like India, which means you really need economies of scale, which this joint venture gives them." Suzuki would also get access to VW's more sophisticated powertrain engine technology said Newton, although Michael Tyndall, an automotive analyst at Nomura, worried the German firm could be driving its expansion plans too fast. Automotive industry Porsche Toyota Terry Macalister Tim Webb guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Easyjet boss quits after Stelios row Easyjet boss quits after Stelios row
12/09/2009
• Harrison is fifth of easyJet management board to resign in a year • BT chairman Sir Michael Rake to take over in January The wave of management departures from easyJet claimed its most senior figure today as chief executive Andy Harrison announced plans to stand down following a long-running dispute over strategy with the carrier's founder and largest shareholder, Sir Stelios Haji-Ioannou. Harrison is the fifth member of easyJet's eight-person management board to resign over the past 12 months, following a year marked by a public boardroom rift over the budget airline's expansion plans. The airline said Harrison was stepping down "in order to seek new challenges". However, it has emerged that Harrison could have quit even earlier were it not for an unusual intervention by the easyJet board this summer. It is understood that Harrison threatened to resign in May following the loss of easyJet's finance director Jeff Carr and chairman Sir Colin Chandler but board directors hastily agreed a one-off payment that then persuaded him to stay. EasyJet confirmed in a statement today that its chief executive had signed a "retention agreement" in May, including a commitment that he would stay with the low-cost carrier until next March at least. It declined to comment on Harrison's near-departure earlier in the year. The company added that Harrison would now depart in June next year. It is understood that Harrison's pay-off has already been factored into his golden "don't go". "I am looking forward to being part of the process of selecting my successor and am committed to ensuring a smooth transition," said Harrison. "I have loved being a part of easyJet's success but am now looking forward to moving on to a new challenge." His departure is preceded by the loss of easyJet's finance director, commercial director, communications director and procurement director over the past 12 months. EasyJet also confirmed that Sir Michael Rake, chairman of BT and easyJet's senior independent director, will take over as chairman in January next year, replacing Sir David Michels who was drafted in as a stop-gap replacement for Chandler, who quit ahead of schedule this summer. Chandler stepped down after becoming "fed up" with the stress of running a board, according to Michels. A boardroom with "strong characters" was difficult to manage, he added. The oblique reference to the dispute between Sir Stelios and his fellow directors indicates the consequences of a rift that threatened to destabilise the business. In April this year Michels told the Guardian that Sir Stelios, whose family owns 38% of the airline, had "strong feelings" about the business. He added: "If you owned nearly 40% of the airline, you'd have strong feelings too. He is affable or he can be the opposite. And I mean that as a compliment. He is a typical entrepreneur." Sir Stelios has waged a public battle with easyJet executives over his concerns about the low-cost carrier's expansion plans which, even after both sides agreed a truce, will see the airline's fleet grow from 165 aircraft to 207 by 2012. Today a spokesperson for Sir Stelios said the airline's founder had "nothing to add" to the airline's statement. It is understood that Harrison was irritated by the row but did not consider it a serious distraction and it was not the deciding factor in his resignation. Harrison is not a career aviation executive, unlike most of his peers, and was recruited from the RAC. It is believed the 52-year-old, who joined easyJet four years ago, harbours ambitions to take a chief executive post at a FTSE 100 company and was widely expected to move on after five years at the business. Shares in easyJet fell 5.2% to 357.2p as investors reacted to the news that an airline without a finance director will soon be without a chief executive. "We accept that a company with no permanent CFO and in search of a new CEO may well struggle to outperform in the short term," said Gerald Khoo, analyst at Arbuthnot Securities. He added: "Andy Harrison and Jeff Carr are both well respected amongst investors, and are therefore potentially difficult acts to follow." Easyjet Airline industry BT Dan Milmo guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Standard Chartered shakes off Dubai conc... Standard Chartered shakes off Dubai concerns
12/09/2009
• Analysts forecast profit rise of 6% to $5.1bn • Dubai losses unlikely to impact on profits Standard Chartered is on track for record profits in 2009 even though the emerging markets bank had been dogged by concerns about its exposure to Dubai. The London-based bank told the City today it had achieved "record levels of income and operating profit before tax" in the 11 months to November and insisted that any losses it suffered in Dubai were unlikely to have an impact on its profits. Analysts are forecasting a profit rise of 6% to $5.1bn (£3bn) by the year-end. Richard Meddings, Standard Chartered's finance director, said of the potential losses in Dubai: "The situation is fluid and in its early stages, but given the profile of our exposures, we don't expect any impairment to be material." Standard Chartered was described by one banking analyst as "simply the best, better than all the rest". Ian Gordon, banks analyst at Exane BNP Paribas, said: "The reason why Standard Chartered has enjoyed remarkably low levels of "peak" impairments during this crisis is that it is first and foremost a trade bank, not a balance sheet lender". He noted that the trading update ahead of its full year results to be published early next year was consistent with the market's expectations and would not lead to any change in his forecasts. Meddings said the bank's exposure to the United Arab Emirates was $12bn and "very well spread and well diversified across multiple customer accounts". Standard Chartered is the first London-listed bank to make a formal statement on its exposure to Dubai amid speculation that Royal Bank of Scotland, soon to be 84% owned by the taxpayer, has the greatest exposure. Standard Chartered's shares, which have been knocked by the uncertainty over Dubai, were up 2.85% at lunchtime, after a day in which the government announced a plan to tax bankers' bonuses. Speaking before confirmation of the new tax, Meddings said: "We are absolute advocates of performance-related pay and incentivised performance. It's the way to incentivise high energy levels and high performance for the benefit of the bank as a whole and its shareholders." The bank, which has not taken any direct taxpayer bailouts during the crisis but had to close down its off-balance sheet vehicle Whistlejacket, is positioning itself for growth in Asia and the other emerging markets where it has a presence. Peter Sands, chief executive, said: "Our markets are returning to growth as economic conditions improve, although it is still too early to forecast a sustained recovery and we therefore retain a degree of caution as to the macro economic outlook". "The group is very well positioned to benefit from the opportunities in our markets as they continue to recover," said Sands. Standard Chartered Executive pay and bonuses Banking Dubai World Jill Treanor guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Kipper Williams Kipper Williams
12/09/2009
Three festive cards illustrated by Guardian cartoonist Kipper Williams that you can print out and send to friends and family (1 d ago)

• Ireland braced for cuts as budget looks ... Ireland braced for cuts as budget looks to save €4bn
12/09/2009
Public pay and jobseekers' allowance to be reduced in 'hair shirt budget' Ireland was today bracing itself for €4bn (£3.6bn) of cuts in one of the toughest budgets in its history. The Irish cabinet met in Dublin earlier today to approve the budget, which will bring deep cuts in public service pay, social welfare entitlements and capital spending in the Republic. Sources in the ruling Fianna Fail party told the Guardian they were confident that the budget would pass through the Dail – the Irish parliament – despite misgivings from some party backbenchers and a number of independents. They predicted that it would pass by at least a four-vote majority. The Republic has to plug a €12bn hole in its public finances. The main measures of what is being called "the hair shirt budget" are: • A €1.3bn cut in public sector pay • A 4% reduction in the Irish jobseekers' allowance • A €1bn cut in government capital spending projects. The government has also cut the levy on alcohol by 10c in a move intended to dissuade southern shoppers from flocking to Northern Ireland to buy cheaper wine, beer and spirits. Irish ministers including the taoiseach, Brian Cowen, are taking pay cuts, with the prime minister accepting a 20% reduction in his salary. Speaking outside the government buildings in Dublin today, the Irish finance minister, Brian Lenihan, said: "I've made it clear, and the government has made it clear, we have to secure €4bin in savings – and we are going to do that. And we are going to ensure that is done as fairly as possible." Speaking yesterday, he admitted the budget would be tough but added: "It is going to be the last of the very difficult budgets." In the Dail today, the Irish Labour leader, Eamon Gilmore, accused Cowen and the government of being responsible for the economic problems. "The reason is that you and your party and your friends the developers, and your friends the bankers, have ruined this economy," he said. Accusing Gilmore of engaging in "political rhetoric", Cowen said every developed country in the world was facing a financial crisis. "We have a divided opposition who, on the one hand, claim that there should be no cuts in services and welfare, no cuts here, no cuts there, but at the same time suggest that we are going to tax our way out of this problem by imposing further impositions on labour and companies," he added. "That won't maintain jobs – that will destroy jobs." To placate the Green party, the junior partner in the coalition government, the budget will introduce a carbon tax to raise about €500m. This will entail an increase of about 5c on a litre of petrol, €54 on 1,000 litres of home heating oil, 48c on a bale of briquettes and €56 on a tonne of coal. Ireland Economics Henry McDonald guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Central SOEs to adopt EVA evaluation nex... Central SOEs to adopt EVA evaluation next year
12/11/2009
Beginning from 2010, the Sate-Owned Assets Supervision and Administration Commission (SASAC) of the State Council will implement economic value added(EVA) appraisal in central state-owned enterprises (SOEs) The SASAC expected that the detailed assessment programs would be released at the end of December. Implementing EVA assessment will help central state-owned enterprises to focus on the quality of development, strengthen the core business, and curb impulsive investment. EVA means the net ... (1 h ago)

• Australia to build new coal termina Australia to build new coal termina
12/11/2009
The State government of Queensland in Australia has approved a 4-billion-dollar (3.7 billion U.S. dollars) coal terminal. The Wiggins Island Coal terminal at Gladstone is a cooperation construction project involving and owned by 18 coal companies. Queensland Premier Anna Bligh said in a statement on Friday the Wiggins Island Coal terminal at Gladstone would create up to 800 jobs in construction and 300 ongoing jobs. "This news will be a magnificent Christmas present for t ... (1 h ago)

• Japan's consumer confidence drops for 1s... Japan's consumer confidence drops for 1st time in 11 months
12/11/2009
Consumer confidence in Japan fell in November, according to a survey released by the cabinet office on Friday. Confidence dropped by 1 point to 39.5 in November. It is the first time the Monthly Consumer Confidence Survey has posted a fall since December last year. The survey questions 6,720 households from cities, towns and villages throughout Japan on their perceptions of the economy. On employment, confidence dropped by 1.1 points, and stands at 35.0 points. Household ... (1 h ago)

• Mexico City sees 8,500 business closures... Mexico City sees 8,500 business closures
12/11/2009
Around 8,500 businesses in Mexico City have closed in the first 10 months of this year, the city's business chamber (Canaco-DF) told a televised press conference on Thursday. The figure represents 8 to 10 percent of the city's businesses, with auto dealers, white goods retailers and furniture shops being the worst hit, according to Arturo Mendicuti, president of the business chamber. Mexico's economy declined by 10.3 percent in the second quarter as a result of the worldwide econ ... (1 h ago)

• China's November CPI rises 0.6%, ending ... China's November CPI rises 0.6%, ending nine months of fall
12/11/2009
China's consumer price index (CPI), a main gauge of inflation, rose 0.6 percent year on year in November, the National Bureau of Statistics (NBS) announced Friday. It is the first monthly growth since January, before the CPI dropped 1.6 percent in February. The producer price index (PPI), a major measure of inflation at the wholesale level, declined 2.1 percent in November from a year earlier, according to the NBS. The rate of decline was 3.7 percentage points lower than that in Octo ... (1 h ago)

• China urban fixed-asset investment up 32... China urban fixed-asset investment up 32.1% in first 11 months
12/11/2009
China's urban fixed-asset investment rose 32.1 percent year on year in the first 11 months to 16.86 trillion yuan (2.47 trillion U.S. dollars), the National Bureau of Statistics (NBS) announced Friday. The growth rate was 5.3 percentage points higher than that in the corresponding period of last year, but 1 percentage point lower than that in the first 10 months, the NBS said at a press release. The NBS did not release the figures for the month of November. &$ &$Source: Xinhua&$</i ... (1 h ago)

• China's retail sales up 15.8% in Novembe... China's retail sales up 15.8% in November
12/11/2009
China's retail sales rose 15.8 percent year on year to 1.13 trillion yuan (166 billion U.S. dollars) in November, the National Bureau of Statistics (NBS) announced on Friday. The rise was 5 percentage points lower than that of a year earlier. It was also down 0.4 percentage points from that in October, the NBS data showed. In the first 11 months, total retail sales topped 11.27 trillion yuan, up 15.3 percent year on year. The rate was 6.6 percentage points down from that of the correspon ... (1 h ago)

• China's industrial output up 19.2% in No... China's industrial output up 19.2% in November
12/11/2009
China's industrial output growth accelerated to 19.2 percent in November year on year, following a 16.1-percent increase in October, data from the National Bureau of Statistics showed Friday. The figure increased 10.3 percent year on year over first 11 months this year, 0.9 percentage points higher than that of the first 10 months, said the NBS. Production of heavy industries was up 22.2 percent in November, and that for the light industries rose 12.6 percent. China's continued econo ... (1 h ago)

• China's electricity power production up ... China's electricity power production up 26.9% in November
12/11/2009
China's electricity power production increased by 26.9 percent in November year on year, the National Bureau of Statistics said Friday. In October, the country's power production climbed 17.1 percent. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• China's new loans rise to 294.8 bln yuan... China's new loans rise to 294.8 bln yuan in November
12/11/2009
China's new yuan-denominated lending in November rebounded slightly to 294.8 billion yuan (43.2 billion U.S. dollars) from October's 253 billion yuan, the People's Bank of China, the central bank, said Friday. The November figure brought new yuan-denominated loans in the first 11 months to 9.21 trillion yuan, 5.06 trillion yuan more than the corresponding period last year. The broad measure of money supply, M2, which covers cash in circulation and all deposits, rose 29.74 percent ... (1 h ago)

• China's imports, exports up 9.8% in Nove... China's imports, exports up 9.8% in November
12/11/2009
China's imports and exports rose 9.8 percent in November year on year, ending a 12-month decline, to stand at 208.2 billion U.S. dollars, the General Administration of Customs announced Friday. The trade surplus was 177.96 billion dollars in the January-November period, down 30.6 percent from a year earlier. Exports stood at 113.65 billion dollars in November, down 1.2 percent from a year earlier, but were up 2.6 percent from October for the fifth consecutive monthly increase. ... (1 h ago)

• Emirates to gets its fifth A380 Emirates to gets its fifth A380
12/11/2009
Emirates airline said yesterday it plans to receive its fifth Airbus A380 "superjumbo" next week and another before year's end after lining up more than $1 billion in financing. The funding deal comes as other Dubai state-run companies are under increasing scrutiny over their willingness to pay back more than $80 billion in debt. Emirates, the Mideast's biggest airline and the world's top buyer of the A380, is fully owned by the city-state. Emirates President Tim Clark said the carrier r ... (1 h ago)

• Traders bet on RIM China prospects Traders bet on RIM China prospects
12/11/2009
Traders are snapping up options on Research In Motion Ltd, betting the shares will climb 31 percent in five weeks as prospects for sales improve, especially in China. Investors buying contracts to purchase RIM for $80 through Jan 15 helped drive bullish contracts on the stock to twice the level of bearish ones, the highest ratio since March 2006, according to data compiled by Bloomberg. The last time so-called calls outnumbered puts by as much, shares of the Waterloo, Ontario-based BlackBerr ... (1 h ago)

• Chinese shares open slightly higher Frid... Chinese shares open slightly higher Friday ahead of economic data release
12/11/2009
Chinese shares opened slightly higher on Friday with the benchmark Shanghai Composite Index rising 0.19 percent to open at 3,260.45 points. The Shenzhen Component Index edged up 0.53 percent to 13,942.24 points at the opening. Monthly economic figures for November concerning industrial output, urban fixed-asset investment, export and import, and inflation are expected to be released by China's National Bureau of Statistics on Friday. It is forecasted that China's consumer ... (1 h ago)

• Gas supply from key Xinjiang oilfield hi... Gas supply from key Xinjiang oilfield hits 60 billion cubic meters
12/11/2009
Tarim Oilfield in Xinjiang, one of the major suppliers of natural gas from west China to the east, has delivered 60 billion cubic meters of gas to east China cities as of Thursday, the company said. The oilfield is now supplying nearly 50 million cubic meters of gas each day to 80 cities including Beijing and Shanghai. The oilfield is capable of piping 18 billion cubic meters of gas annually to other parts of China and has a production capacity of 20 billion cubic meters a year, said Wu ... (1 h ago)

• SEC probes 9 deals for insider trading: ... SEC probes 9 deals for insider trading: report
12/10/2009
U.S. securities regulators are investigating at least nine mergers, including Pfizer's takeover of Wyeth and Merck's acquisition of Schering-Plough Corp, for possible insider-trading violations. InsiderTrading - U.S. Securities and Exchange Commission - Schering-Plough - Pfizer - Business (6 h ago)

• GE inks largest wind turbine contract ev... GE inks largest wind turbine contract ever
12/10/2009
General Electric says it has received a $1.4 billion contract to supply wind turbines and related services for a wind farm project that is expected to be the largest ever. General Electric - Wind turbine - Wind farm - Wind - Business (10 h ago)

• BofA repays all of government bailout fu... BofA repays all of government bailout funds
12/10/2009
Bank of America said it has repaid the entire $45 billion it owes U.S. taxpayers as part of the Troubled Asset Relief Program. Citi also said it was talking with regulators to pay back loans. Bank of America - Troubled Asset Relief Program - Citigroup - Government - Business (10 h ago)

• Woods scandal a boon to Internet publica... Woods scandal a boon to Internet publications
12/10/2009
The Tiger Woods sex scandal has been a boon for online publications, even though it hasn't generated the same amount of Internet traffic as Michael Jackson's death. Tiger Woods - Michael Jackson - United States - Presidents - History (21 h ago)

• eBay official: Employees shared Craigsli... eBay official: Employees shared Craigslist data
12/10/2009
An eBay official says employees of the auction site gave confidential information gained from Craigslist to other eBay employees developing eBay's own online classifieds business. Craigslist - EBay - Classified advertising - Shopping - Servers (22 h ago)

• Feds target rating agencies’ role in mel... Feds target rating agencies’ role in meltdown
12/09/2009
Enforcement officials from the SEC and Justice Department said Wednesday that their staffs are targeting the role of Wall Street rating agencies in the financial meltdown. Wall Street - US Securities and Exchange Commission - United States Department of Justice - Business - United States (1 d ago)

• Battle lines forming over TARP extension Battle lines forming over TARP extension
12/09/2009
The Obama administration has extended the $700 billion financial bailout program until October, setting up a struggle between Democrats and Republicans. Bailout - Presidency of Barack Obama - Business - United States - Obama administration (1 d ago)

• How Apple gets it all wrong, and still i... How Apple gets it all wrong, and still is on top
12/09/2009
Apple does none of the things that pundits always say you should do to succeed in the Internet economy. Apple - Macintosh - Apple II - Articles - IPhone (1 d ago)

• Tiger Woods TV ads vanish from prime-tim... Tiger Woods TV ads vanish from prime-time
12/09/2009
Advertisements featuring Tiger Woods have vanished from prime-time since Nov. 29, two days after a Nov. 27 car crash involving the No. 1 ranked golfer, according to data from Nielsen Co. Tiger Woods - Traffic collision - Elin Nordegren - Tiger - Mammals (1 d ago)

• Boeing’s delayed 747-8 completes engine ... Boeing’s delayed 747-8 completes engine test
12/09/2009
Boeing says it has completed the first tests on engines for its 747-8 freighter, moving the delay-plagued jet one step closer to a flight test. Boeing - Boeing 747-8 - Jet aircraft - Business - Recreation (1 d 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. Barack Obama - Unemployment - United States - Politics - Society and Culture (1 d 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 (2 d 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 (2 d 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 (2 d 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. United States - Credit rating - Credit rating agency - Financial services - Business (2 d ago)

• ING to Repay Half of Bailout in Coming W... ING to Repay Half of Bailout in Coming Weeks
12/11/2009
The Dutch financial services group, which came close to collapse last year, said that it would repay half of the government bailout of $14.7 billion. (1 h ago)

• Asian Markets Climb as China's Exports I... Asian Markets Climb as China's Exports Improve
12/11/2009
Asian markets advanced Friday as a fall in the yen boosted Japanese stocks and a big improvement in China’s exports pointed to rising global demand that could lift other economies in the trade-reliant region. (1 h ago)

• Payback Time: Many See the VAT Option as... Payback Time: Many See the VAT Option as a Cure for Runaway Deficits
12/11/2009
Runaway federal deficits have thrust a politically unsavory savior into the spotlight: a nationwide tax on goods and services. (1 h ago)

• China Data Reflect Continued Economic Re... China Data Reflect Continued Economic Rebound
12/11/2009
Data released by China on Friday provided fresh evidence that the nation's economy is firmly on a path back to rapid growth, thanks to massive government stimulus measures and lending by the country's state-run banks over the past year. (1 h ago)

• Shell Consortium Wins Major Iraq Oil Dea... Shell Consortium Wins Major Iraq Oil Deal
12/11/2009
A consortium led by European oil giant Shell has on the rights to develop Iraq’s giant Majnoon oil field, an almost 13 billion barrel behemoth that is the largest on offer in the country’s second international oil auction. (1 h ago)

• A.I.G. General Counsel Is Set to Depart ... A.I.G. General Counsel Is Set to Depart Amid Talks on Pay
12/11/2009
The general counsel, Anastasia D. Kelly, notified the company that she planned to exercise her rights to severance, according to people who know her professionally. (1 h ago)

• Britain, Long a Libel Mecca, Reviews Law... Britain, Long a Libel Mecca, Reviews Laws
12/11/2009
England’s libel laws, which make jurisdiction easy to obtain and are weighted in favor of complainants, are under attack from publishers and scientists. (1 h ago)

• Goldman’s Curbs on Bonuses Aim to Quell ... Goldman’s Curbs on Bonuses Aim to Quell Uproar Over Pay
12/11/2009
It’s unclear if the move, which comes just ahead of new rulings by the government’s compensation czar, will placate critics of Wall Street pay. (1 h ago)

• Quake Threat Leads Swiss to Close Geothe... Quake Threat Leads Swiss to Close Geothermal Project
12/11/2009
A study deals a blow to the idea of energy from hot rock deep in the earth, as a similar project in California faces review. (1 h ago)

• China to Tax Some Imports From U.S. and ... China to Tax Some Imports From U.S. and Russia
12/11/2009
China said it would impose provisional duties on some U.S. and Russian imports after anti-dumping and subsidy investigations, intensifying a trade dispute. (1 h ago)

• China and Russia Lagging in Global Anti-... China and Russia Lagging in Global Anti-Graft Effort
12/11/2009
In a 2009 index of the perceived level of public-sector corruption among 180 countries, China ranked 79th and Russia 146th. (1 h ago)

• New Zealand Struggles to Keep Wine Price... New Zealand Struggles to Keep Wine Prices Up
12/11/2009
Wineries are fighting to preserve their reputation as premium wine producers, even as bumper harvests and thrifty drinkers pull them in the opposite direction. (1 h ago)

• Stocks and Bonds: Trade Data Helps Lift ... Stocks and Bonds: Trade Data Helps Lift Shares, Despite Job Report
12/11/2009
The trade deficit narrowed in October but the number of newly laid-off workers seeking jobless benefits rose more than expected last week. (1 h ago)

• International Monetary Fund Withholds $3... International Monetary Fund Withholds $3.5 Billion Loan to Ukraine
12/11/2009
The decision by the International Monetary Fund reflects frustration over the inability of the country’s politicians to get the budget under control. (1 h ago)

• October U.S. Trade Deficit Narrowed as E... October U.S. Trade Deficit Narrowed as Exports Rose
12/11/2009
The trade deficit unexpectedly fell as exports hit their highest levels in nearly a year, aided by a weaker dollar. (1 h ago)

• British Bank Holds Steady on Rates and B... British Bank Holds Steady on Rates and Bond Plan
12/11/2009
The Bank of England kept its benchmark interest rate unchanged and decided to keep its program of buying government bonds because signs of an economic recovery remained weak. (1 h ago)

• Democrats Defend Bill to Rein in Wall St... Democrats Defend Bill to Rein in Wall Street
12/11/2009
They said their legislation would protect consumers in their dealings with financial institutions while holding executives rather than taxpayers accountable. (1 h ago)

• Breakingviews.com: After the Divorce, AO... Breakingviews.com: After the Divorce, AOL Faces Challenges
12/11/2009
The company’s new leader will have to turn around its cash flow troubles, among other problems. (1 h ago)

• Europol: $7.4 Billion Lost from Carbon T... Europol: $7.4 Billion Lost from Carbon Trading Fraud in Europe
12/10/2009
The European Union's law enforcement arm against organized crime announced on Wednesday that four member countries have changed their tax codes to protect against emissions trading fraud. (1 h ago)

• U.S. Negotiator Dismisses Reparations fo... U.S. Negotiator Dismisses Reparations for Climate
12/10/2009
A top American envoy rejected arguments that the U.S. owes a debt to developing nations for decades of emissions. (15 h ago)

• House Eases Wall Street Regulations House Eases Wall Street Regulations
12/11/2009
Democratic Attempts to Toughen Financial Regulations Thwarted in Vote Showcasing Partisan Divide (1 h ago)

• Video: Animals with Guardian Angels Video: Animals with Guardian Angels
12/11/2009
Some animal-loving aviators have teamed up to save animals from being euthanized in shelters. Richard Schlesinger reports on this "over ground railroad" for pets. (1 h ago)

• Video: Reigning Reckless Pay Video: Reigning Reckless Pay
12/11/2009
President Obama's "pay czar," Ken Feinberg, will be presenting a new set of pay restrictions to reign in executive compensation at companies that received bailout money. Anthony Mason reports. (1 h ago)

• Video: 2010 Budget's Earmarks Video: 2010 Budget's Earmarks
12/11/2009
The House passed a $477 billion budget for 2010 that includes 5,000 "earmarks," pet projects worth nearly $4 billion. Sharyl Attkisson follows the money, in what some say is wasteful spending. (1 h ago)

• What to Buy at Walmart What to Buy at Walmart
12/10/2009
MoneyWatch.com: Five Products Consumers Can Feel Good About Buying at the Country's "Low-Price Leader" (29 m ago)

• What Not to Buy at Walmart What Not to Buy at Walmart
12/10/2009
MoneyWatch.com: Country's Largest Retailer Has Improved in Some Categories, But Still Has Ways to Go in Others (29 m ago)

• What Not to Buy at Walmart What Not to Buy at Walmart
12/10/2009
MoneyWatch.com: Country's Largest Retailer Has Improved in Some Categories, But Still Has Ways to Go in Others (59 m ago)

• Goldman Sachs Execs Won't Get Cash Bonus... Goldman Sachs Execs Won't Get Cash Bonuses
12/10/2009
Top Brass Will Get Stock Redeemable after 5 Years; Traders Will Still Get Cash (3 h ago)

• Editor & Publisher Magazine to Close Editor & Publisher Magazine to Close
12/10/2009
Nielsen Co. Will Close Down 108-Year-Old Journalism Journal Immediately (4 h ago)

• Dems Under Pressure in Regulation Debate Dems Under Pressure in Regulation Debate
12/10/2009
House Democrats Face Opposition from GOP, Bankers, Lobbyists in Debate on Financial Overhaul (6 h ago)

• Geithner Defends Extension of Bank Bailo... Geithner Defends Extension of Bank Bailout
12/10/2009
Treasury Secretary Tells Skeptical Panel that Not Extending TARP Would Have Been Irresponsible (7 h ago)

• GE Gets $1.4B Contract for Wind Turbines GE Gets $1.4B Contract for Wind Turbines
12/10/2009
Shepherds Flat Wind Farm Project in Oregon will Touted as Largest Ever in the World (8 h ago)

• Panasonic to Take Majority Stake in Sany... Panasonic to Take Majority Stake in Sanyo
12/10/2009
Electronics Giant Buys 50.2 Percent Stake for $4.6B (8 h ago)

• New Jobless Claims Climb to 474K New Jobless Claims Climb to 474K
12/10/2009
Rise More Than Expected, Though Continuing Claims Drop Sharply (8 h ago)

• Bank of America Repays $45B to Gov't Bank of America Repays $45B to Gov't
12/10/2009
Announced Plan Last Week to Repay Entire Amount Received under Troubled Asset Relief Program (21 h ago)

• Video: Public Option May Be Scrapped Video: Public Option May Be Scrapped
12/10/2009
Two new proposals have been announced which would effectively eliminate any tentative public option plan amid Congressional health care reform. Nancy Cordes reports from Capitol Hill. (23 h ago)

• Video: Stimulus Funding Waste Claims Video: Stimulus Funding Waste Claims
12/10/2009
As U.S. government stimulus dollars are dispersed to various organizations, some Republican lawmakers claim that these funds are being misused or wasted. Sharyl Attkisson investigates. (23 h ago)

• Should You Buy Gold Now? Should You Buy Gold Now?
12/10/2009
MoneyWatch.com: No One Knows for Sure, But the Bullish Case Remains Compelling (23 h ago)

• Video: Putting Economic Trouble Behind U... Video: Putting Economic Trouble Behind Us
12/09/2009
After a bipartisan meeting with Congressional leaders, President Obama stressed the importance rebuilding the U.S. economy and putting our nation's economic woes behind us. (1 d ago)

• Obama Seeks Bipartisan Jobs Plan Obama Seeks Bipartisan Jobs Plan
12/09/2009
President Meets with Lawmakers from Both Parties at the White House (1 d ago)

• Britain, Long a Libel Mecca, Reviews Law... Britain, Long a Libel Mecca, Reviews Laws
12/11/2009
England’s libel laws, which favor complainants, are under attack from publishers, scientists and others. (1 h ago)

• The Way We Live Now: Cable Guise The Way We Live Now: Cable Guise
12/11/2009
How can you tell the difference between a member of Congress and a TV personality? (1 h ago)

• National Briefing | Washington: Senate C... National Briefing | Washington: Senate Committee Passes Shield Law
12/11/2009
A bill to protect reporters’ confidential sources in federal court cleared the Senate Judiciary Committee on a 14-to-5 vote, ending months of stalemate. (1 h ago)

• Stephanopoulos to Join ‘Good Morning’... Stephanopoulos to Join ‘Good Morning’
12/11/2009
George Stephanopoulos, anchor of ABC’s Sunday morning program “This Week,” was considered the front-runner for the job. (1 h ago)

• Advertising: Livening Up a Staid Magazin... Advertising: Livening Up a Staid Magazine
12/11/2009
Gird yourselves, Harvard deans: the Harvard Business Review is getting a little more lively, beginning with the January/February issue. (1 h ago)

• Editor & Publisher and Kirkus Reviews Cl... Editor & Publisher and Kirkus Reviews Close
12/11/2009
The Nielsen Company’s plans to sell had been reported for months, but the news that Editor & Publisher and Kirkus Reviews would close at the end of the year was a surprise. (1 h ago)

• Web Site for Woods Is Drawing Attention Web Site for Woods Is Drawing Attention
12/10/2009
Tiger Woods’s personal Web site has had an increase in visitors since he issued a statement about his car accident on Nov. 29. (4 h ago)

• Animated News Clips Fuel Debate on Media... Animated News Clips Fuel Debate on Media Freedom
12/10/2009
The use of animated depictions of violent events by Apple Daily, Taiwan’s most widely read newspaper, has provoked an intense discussion of their influence on children. (6 h ago)

• Advertising: Chex, Already a Ubiquitous ... Advertising: Chex, Already a Ubiquitous Holiday Party Snack, Trots Out New Recipes
12/10/2009
Chex has embarked on an effort to publicize new microwaveable recipes and, through a recipe contest, is adding spice to the snack. (17 h ago)

• Part of the Daily American Diet, 34 Giga... Part of the Daily American Diet, 34 Gigabytes of Data
12/10/2009
The information an average American consumes has jumped 350 percent over about three decades, a report says. (17 h ago)

• Google Adds Live Updates to Results Google Adds Live Updates to Results
12/09/2009
Google will supplement its search results with updates posted each second to sites like Twitter and Facebook. (1 d 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 d 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 d 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 d 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 d 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 d 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 d 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. (2 d ago)

• Readers on how they’re downsizing the ho... Readers on how they’re downsizing the holidays
12/10/2009
As if the holidays weren’t stressful enough. Travel and Tourism - Travel Services - Tour Operators - Christmas - Macy (23 h ago)

• Peeps show opens in time for Christmas Peeps show opens in time for Christmas
12/09/2009
It's almost Christmas, but one company wants its fans thinking about chicks and bunnies — year-round. Christmas - People and Society - Kids and Teens - Holidays and Special Days - Peeps (1 d ago)

• Online holiday spending rises 3 percent ... Online holiday spending rises 3 percent so far
12/09/2009
Online spending has increased 3 percent this holiday season , but shopping slowed after the special deals offered by retailers on Cyber Monday ended, comScore Inc said Tuesday. Cyber Monday - Christmas and holiday season - ComScore - Electronic commerce - Christmas (1 d ago)

• Sponsored By: Sponsored By:
12/09/2009
(1 d ago)

• General Mills cutting sugar in kids' cer... General Mills cutting sugar in kids' cereal
12/09/2009
The maker of Lucky Charms, Trix and Cocoa Puffs says it will further reduce the sugar in its cereals marketed to children. General Mills - Lucky Charms - Trix - Business - Food and Related Products (1 d ago)

• Video: Video: Top 10 toys under $20 Video: Video: Top 10 toys under $20
12/09/2009
Dec. 9: You don’t have to spend a bundle to get a bundle of smiles from the kids on your list this year. Todaymoms.com’s Elizabeth Werner has tips for snagging the hottest toys for under $20. (Today Show) Today - Toys and Games - Shopping - Business and Economy - Educational (1 d 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. Credit card - Christmas - Business - Financial Services - Personal Finance (1 d 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. Credit card - Federal Trade Commission - Business - Financial Services - FTC (2 d 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. McDonald - United States - Fast food - Restaurant - Business (2 d 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. (2 d ago)

• 26 Students Arrested in Protest Over Tui... 26 Students Arrested in Protest Over Tuition Increases
12/11/2009
Some students barricaded themselves inside a building at San Francisco State University to protest budget cuts and tuition increases across the state’s public university system. (1 h ago)

• Recession Elsewhere, but It’s Booming in... Recession Elsewhere, but It’s Booming in China
12/11/2009
Aggressive bank lending is sending Chinese consumers on a shopping spree, while Americans spend more prudently. (1 h ago)

• Answers About Unemployment Benefits: Par... Answers About Unemployment Benefits: Part 4
12/10/2009
Andrew Stettner, deputy director of the National Employment Law Project, answers readers' questions about unemployment benefits. (1 h ago)

• College Dropouts Cite Low Money and High... College Dropouts Cite Low Money and High Stress
12/10/2009
Most people leave college because they have trouble going to school while working to support themselves. (1 h ago)

• Reports About Charity Gift Cards Upset C... Reports About Charity Gift Cards Upset Card Providers
12/10/2009
Consumer Reports blog posts about the drawbacks of charity gift cards have angered many card providers, and they are fighting back. (1 h ago)

• Roadside Assistance With a Rental Car Roadside Assistance With a Rental Car
12/10/2009
A look at what is and isn't covered with a rental car agency's new roadside assistance service. (2 h ago)

• Thursday Reading Thursday Reading
12/10/2009
How to ditch your cable, how to save on video rentals, how to renovate a rental and other consumer-focused items from today's Times. (3 h ago)

• Holiday Jobs Draw on Spirit, and Need Holiday Jobs Draw on Spirit, and Need
12/10/2009
Applications for holiday Salvation Army positions skyrocketed this year, and some people are in it mostly for the paycheck. (16 h ago)

• For Elderly in Rural Areas, Times Are Di... For Elderly in Rural Areas, Times Are Distinctly Harder
12/10/2009
The recession and cuts to programs for aging Americans have made growing old in isolated areas even tougher. (17 h ago)

• A Plea to Congress on Jobless Benefits A Plea to Congress on Jobless Benefits
12/10/2009
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. (20 h ago)

• Going Deep for the Cheap in New York Going Deep for the Cheap in New York
12/09/2009
With a little research, you can bring the price of a New York vacation down to earth. Find a listing of the best resources for discovering affordable dining, shopping and sleeping options. (1 d ago)

• On Sales: Tight Times, Tiny Niche: Openi... On Sales: Tight Times, Tiny Niche: Opening a Store Anyway
12/11/2009
In October, a couple started Tokyo Rebel, which is devoted to Japanese street fashion. But they kept their other jobs. (1 h ago)

• Hamstrung by Delays, Fitbit Explains and... Hamstrung by Delays, Fitbit Explains and Tries to Deliver
12/11/2009
It is a classic start-up story: entrepreneurs with a hot idea generate excitement, then run into problems making and delivering their product. (1 h ago)

• Small-Business Guide: Buying the Best In... Small-Business Guide: Buying the Best Insurance for Your Business
12/10/2009
It’s important to pay close attention to the kind of insurance you buy for your small business; otherwise you could face a shock when you file a claim. (16 h ago)

• In the Hunt: Checking Back In With the R... In the Hunt: Checking Back In With the Risk-Takers
12/10/2009
The column catches up with entrepreneurs interviewed over the years and finds that some have thrived and some have not. (17 h ago)

• Toolkit: The Help Is Free, and It’s a Cl... Toolkit: The Help Is Free, and It’s a Click Away
12/09/2009
A list of free tools to help small-business owners do their jobs better. (1 d 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 d ago)

• Square Feet: In a Soft Leasing Market, P... Square Feet: In a Soft Leasing Market, Pet Shops Find Room to Grow
12/09/2009
Technology advances in ventilation and soundproofing have made it possible to locate pet stores in apartment buildings. (1 d ago)

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• Lack of funding holds up probe of blasts Lack of funding holds up probe of blasts
12/10/2009
There have been two industrial accidents in Texas recently, but the board in charge of looking at these incidents isn't investigating either one. Why? Nancy Marshall Genzer reports. (5 h ago)

• House debates financial regulation bill House debates financial regulation bill
12/10/2009
Fifteen months after Lehman Brothers collapsed there are still no new rules for the financial industry. But the bill for new regulations is finally on the House floor. Jeremy Hobson reports. (5 h ago)

• AT&T to iPhone users: Cut back on da... AT&T to iPhone users: Cut back on data!
12/10/2009
Many people who use iPhones in dense cities like New York or San Francisco have experienced dropped calls. So AT&T has a plan to tackle the problem. You could call it the pretty-please approach to customer service. Stacey Vanek-Smith reports. (5 h ago)

• The atmosphere at Copenhagen The atmosphere at Copenhagen
12/10/2009
There's more going on at the Copenhagen climate conference than delegates sitting around talking about climate policy. European correspondent Stephen Beard discusses the details with Kai Ryssdal. (5 h ago)

• China-Taiwan move to thaw relations China-Taiwan move to thaw relations
12/10/2009
Officials from Taiwan and China are meeting to set up a new round of trade talks. Scott Tong reports on the diplomatic and economic thaw underway. (5 h ago)

• New Peeps store gets hopping New Peeps store gets hopping
12/10/2009
The maker of Peeps, those little marshmallow chicks and bunnies, is opening its first store near Washington, D.C. Sabri Ben-Achour reports. (5 h ago)

• Cleveland restaurants serve up success Cleveland restaurants serve up success
12/10/2009
Despite Cleveland's problems with foreclosures and poverty, restaurants keep opening up and prospering. Why? Dan Bobkoff reports. (5 h ago)

• Climate change strategies: one child pol... Climate change strategies: one child policy and shrinking the food and drink industry
12/11/2009
When it comes to climate change, these seem to be desperate times, the sort of times when people will come up with desperate solutions. The sort of solutions that will transform society, business and economies.Now we read that the British Government has received recommendations from its independent advisory body on sustainability which has, among other things, called for reduced consumption of intensively-produced meat and dairy foods, even if that devastates the UK food and drink industry. If implemented, the changes would also shake ... (1 h ago)

• 86,600 jobs a month to stop unemployment... 86,600 jobs a month to stop unemployment rising
12/10/2009
President Barack Obama has come out with his job creation package that basically targets small business, infrastructure spending and energy efficiency. But will it work? Experts think not. They reckon it's a case of doing too little. In his blog, economist Robert Reich says the package doesn't measure up. Not when unemployment is at 10% and one in four homeowners is paying more than what their house worth. "No president in modern times walks a tightrope as exquisitely as this one. His balance is a ... (13 h ago)

• Surviving climate change with houses tha... Surviving climate change with houses that float
12/10/2009
Whatever comes out of Copenhagen, we can be sure that seas will continue to rise and coastlines will continue to disappear. And that means architects and builders will need to adjust a very different future if we are to survive. We will see a new type of house emerging over the next few years in coastal areas: it will float.It's already happening in Holland, a nation that was really created out of a constant confrontation with water and which in time became one of the ... (14 h 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 d 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 d ago)

• Brown, Sarkozy: Tax financial bonuses mo... Brown, Sarkozy: Tax financial bonuses more
12/10/2009
European leaders ganged up Thursday against a favorite target — fat bonuses to bailed-out bankers. Business - Financial services - Brown - United States - Banking Services (7 h ago)

• Trade gap narrows unexpectedly in Octobe... Trade gap narrows unexpectedly in October
12/10/2009
The U.S. trade deficit unexpectedly narrowed in October as exports surged to the highest level in nearly a year. Balance of trade - Balance of payments - Business - Economic - International Business and Trade (9 h ago)

• Iraq opens big slice of oil riches to bi... Iraq opens big slice of oil riches to bidders
12/09/2009
A total of 44 companies will make their pitch this week, vying for the 15 fields in Iraq — the largest of the reserves located in Iraq's relatively calm Shiite-dominated south. Iraq - Shia Islam - Middle East - Baghdad - Warfare and Conflict (1 d ago)

• U.K. slaps 50 percent tax on bankers’ bo... U.K. slaps 50 percent tax on bankers’ bonuses
12/09/2009
The British government slapped a one-time tax of 50 percent on fat bank bonuses as it tried to win over voters ahead of a looming general election. Alistair Darling - Financial services - HM Treasury - Business - Banks and Institutions (1 d ago)

• The right way to invest in infrastructur... The right way to invest in infrastructure
12/10/2009
New thinking is needed to deliver the benefits of public-works spending and eliminate the waste. Read more on the McKinsey Quarterly > Topics: By Invitation In the News Public Sector Transportation (7 h 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 (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 d ago)

• Seen that? - Where to Get Capital for Yo... Seen that? - Where to Get Capital for Your Home Business
12/09/2009
Where to Get Capital for Your Home Business at Home Based Business So, you finally decided to run your own home business? Just like any kind of business, putting up your own home business is not as easy as counting 1, 2, 3! ... (1 d ago)

• Seen that? - Pharmaceutical Outsourcing Seen that? - Pharmaceutical Outsourcing
12/10/2009
Pharmaceutical Outsourcing at The Outsourcing Weblog An Offshore Outsourcing World reader asks: Do you know which Pharmaceutical Companies are currently involved with offshoring/outsourcing to lower cost countries? Any help would be appreciated. 3 loosely related topics that are making headlines lately are: ... (21 h ago)

• The states where women earn the most The states where women earn the most
12/11/2009
Where do women earn the most? ForbesWoman's ranking of the best and worst states for women's wallets may make you think twice about where you settle down. Women - People - History - Science and Technology - United States (1 h ago)

• Seen that? - Markets Shake and Jump, lik... Seen that? - Markets Shake and Jump, like riding a bull
12/11/2009
Markets Shake and Jump, like riding a bull at The Hedge Funds Weblog Over the Weekend the "Big Question" was being asked , is the bull market dead . Funny how a few hundred points make people soul search. Well the answer I ... (1 h ago)

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