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Business News
for 12/17/2009

(last updated 7:30am EST 12/17/2009)

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• International Panel Proposes Raising Ban... International Panel Proposes Raising Bank Capital Requirements
12/17/2009
Banks would have to set aside more capital by the end of 2012 to provide greater protection against downturns, under proposals released by international financial regulators. (1 h ago)

• Asia Stocks Fall as Dollar Rises After F... Asia Stocks Fall as Dollar Rises After Fed Meeting
12/17/2009
Most Asian stock markets fell as the dollar strengthened after the Federal Reserve signaled it would start undoing some of its emergency supports next year. (1 h ago)

• Hopes Are Fading for Climate Accord at C... Hopes Are Fading for Climate Accord at Copenhagen
12/17/2009
China signaled overnight that it sees virtually no possibility that the nearly 200 nations gathered would find agreement by Friday. (1 h ago)

• Accenture, as if Tiger Woods Were Never ... Accenture, as if Tiger Woods Were Never There
12/17/2009
For a company that has spent millions to link its services with Woods’s image, severing that link may take time. (1 h ago)

• Swiss Report First Appeals Filed in UBS ... Swiss Report First Appeals Filed in UBS Tax Case
12/17/2009
Switzerland has received two appeals in the UBS tax case, a judicial official said, just weeks after 500 Americans were notified that their data was to be sent to the U.S. Justice Department. (1 h ago)

• A.I.G. Said to Plan Hong Kong Listing fo... A.I.G. Said to Plan Hong Kong Listing for Asian Life Insurance Unit
12/17/2009
Analysts say the listing could raise as much as $20 billion, which would make it one of the largest public stock offerings in history. (1 h ago)

• Europe Drops Microsoft Antitrust Case Europe Drops Microsoft Antitrust Case
12/17/2009
Microsoft averted a legal battle by agreeing to give users in Europe a choice of browsers from competing companies. (1 h ago)

• Google Defends Itself in Italian Court Google Defends Itself in Italian Court
12/17/2009
Attorneys for the Internet giant presented the company's defense in a trial of four of its executives Wednesday, telling the court that Google was not responsible if objectionable videos were uploaded. (1 h ago)

• 4 Big Mortgage Backers Swim in Ocean of ... 4 Big Mortgage Backers Swim in Ocean of Debt
12/17/2009
Four companies appear at risk of getting onto a debt merry-go-round, where they draw new money from the government just to keep up with their existing government debts. (1 h ago)

• Credit Suisse Settles Inquiry Over Iran ... Credit Suisse Settles Inquiry Over Iran Sanctions
12/17/2009
They referred to banks with code names like “Iron” and “Wood.” Sometimes they just used initials. (1 h ago)

• U.S. Reports Upturn in Home Building U.S. Reports Upturn in Home Building
12/17/2009
The figures offer some hope that construction will continue a slow and steady revival that will spread through the broader economy. (1 h ago)

• Fed Will Hold Down Rates, Citing Tenuous... Fed Will Hold Down Rates, Citing Tenuous Recovery
12/17/2009
Policy makers kept the Federal Reserve’s overnight rate unchanged, pledging to keep it “exceptionally low” for “an extended period.” (1 h ago)

• F.T.C. Says Intel Stifles Competition F.T.C. Says Intel Stifles Competition
12/17/2009
The agency asserted the chip maker systematically prevented rivals from selling their products by blocking access to the market. (1 h ago)

• Air Routes in Asia Stir Bidding War Air Routes in Asia Stir Bidding War
12/17/2009
A bidding war over Japan Air emphasizes the importance of Japan as a transfer point to Asian routes. (1 h ago)

• Bank Picks a Successor to Lewis Bank Picks a Successor to Lewis
12/17/2009
Bank of America named one of its top managers, Brian Moynihan, as its chief executive, succeeding Kenneth D. Lewis, who plans to leave by the end of the year. (1 h ago)

• German Budget Plan Foresees Record Borro... German Budget Plan Foresees Record Borrowing
12/17/2009
Germany's new center-right government agreed Wednesday on a spending plan that drastically ramps up borrowing, and the deficit, next year. (1 h ago)

• Threatened Strikes May Disrupt Travel in... Threatened Strikes May Disrupt Travel in Europe
12/17/2009
The planned 12-day strike by cabin crew personnel, over job cuts, pay and working conditions, threatens to ruin holiday travel plans for a million passengers. (1 h ago)

• Qantas Ownership Rules to Change Qantas Ownership Rules to Change
12/17/2009
The Australian government plans to scrap some rules that apply to Qantas Airways, a move that could give the airline more clout to raise capital and play a bigger role in an industry consolidation. (1 h ago)

• Government Reconsiders Quick Sale of Cit... Government Reconsiders Quick Sale of Citigroup Stake
12/17/2009
Two days after Citigroup moved to untangle itself from Washington, the Treasury backed away from plans to immediately sell a portion of its stake in the bank, according to a person briefed on the situation. (1 h ago)

• National Australia Bank Makes $12 Billio... National Australia Bank Makes $12 Billion Bid for AXA Unit
12/17/2009
The offer highlights the eagerness of financial institutions to expand in the fast-growing Asia-Pacific region. (1 h ago)

• Surprise fall in high street sales as Ch... Surprise fall in high street sales as Christmas shoppers hold fire
12/17/2009
Retailers expect even tougher conditions in the new year as figures confound City expectations Britain's Christmas shopping season got off to a sluggish start this year with retailers reporting a surprise fall in sales volumes last month – and expecting even tougher trading conditions in the new year. Confounding City expectations that low interest rates and an improvement in the jobs outlook would keep tills jangling, the Office for National Statistics (ONS) said business was down 0.3% in November compared with October. Department stores saw the biggest sales slump on record after a strong October, while clothes shops also had a poor month. The news sent the pound to a two-month low against the US dollar of $1.6120, down around 1¢. Meanwhile, the monthly snapshot of consumer activity from the CBI showed that retailers believe a late December burst of activity will fizzle out once the new year sales are over and VAT returns to 17.5%. The CBI's distributive trades survey reported that business for shops and stores in November remained at its strongest levels since the early months of the financial crisis in late 2007. Even so, retailers were slightly disappointed by the slow start of the Christmas trading period. Andy Clarke, chairman of the CBI distributive trades panel, and chief operating officer of Asda, said: "With a week left to go until Christmas, retailers may yet benefit from a flurry of last-minute sales and from shoppers bringing forward spending to beat the VAT rise. "Grocers have continued to enjoy strong growth after some fierce price-cutting, while motor traders appear to be reaping the benefits of the scrappage scheme with sales growing at their fasest rate in seven years. Sectors relating to the housing sector are also seeing improvements. "Although individual retailers may post healthy-looking Christmas numbers compared to the same time last year when we were in the grip of the recession, conditions across the whole of the sector are likely to remain challenging in 2010. The recent growth in retail sector sales is expected to fizzle out in the new year." Against the backdrop of the biggest decline in overall economic activity since the early 1920s, spending in the high street has held up during the recession. Consumers have cut back on other items of expenditure such as eating out. The ONS said sales were 3.1% higher in November than in the same month a year ago – when the world economy was in freefall after the month-long banking crisis triggered by the collapse of Lehman Brothers. In the year to October, the annual rate of increase stood at 3.7%. Despite the surprise drop in retail sales last month, the City remains confident that the UK will return to growth in the final three months of this year following six quarters of recession . In previous years, consumers have played a cat-and-mouse game with retailers, deferring their Christmas shopping until stores cut prices. Howard Archer, chief UK and European economist at IHS Global Insight, said November's retail sales were "very disappointing", particularly the fall in department store sales. "Much will depend both for retailers and for hopes of significant economic growth in the fourth quarter as to what extent consumers are holding back their Christmas shopping to the last minute, very possibly in the hope of getting decent late bargains," Archer said. Retail industry Recession Office for National Statistics Christmas Larry Elliott guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Clapham House halts Gourmet Burger Kitch... Clapham House halts Gourmet Burger Kitchen opening programme
12/17/2009
Clapham House Group , best known for its Gourmet Burger Kitchen eateries, has halted its opening programme in the UK for the moment, but still plans to expand overseas. It opened two UK restaurants in the first half, but there will be no more during the rest of the financial year. It expects a similar number of openings next year, but it is still expanding overseas, with three sites planned in Turkey and the Middle East. Ultimately though it believes it can increase the number of Gourmet Burger Kitchen outlets in the UK from the current 51 to more than 150. Meanwhile the company - which put its Tootsies, Urban Dining and TD Scotland businesses into administration in October - said first half profits had fallen from £1.5m to £1.3m. But it said third quarter trading was in line with its expectations. Chairman David Page said: We are now focused on two robust, growing and cash generative restaurant businesses that are set to benefit as the UK economic enviroment improves. The company's shares have edged up 0.5p to 58p. Altium Securities raised its recommendation to buy from hold with an unchanged target price of 70p, while Charles Stanley kept its hold rating, saying: The loss of Tootsies into administration during the year means that Clapham House has clear focus on just two brands. Management's decision to continue with a very conservative opening programme indicates the degree of nervousness that persists in the industry about general consumer confidence. We retain our hold and price target of 68p. Meanwhile Seymour Pierce suggested there could be some action at the company. Analyst Hugh-Guy Lorriman said: We continue to recommend a positive stance (outperform) based on the likelihood of corporate action. Capricorn Ventures - the owner of Nandos - currently holds a 23.55% stake and has previously been mentioned as a possible bidder. Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Rescue effort begins for Flyglobespan pa... Rescue effort begins for Flyglobespan passengers stranded abroad
12/17/2009
Budget rivals step in with special packages to help people stranded abroad but military staff may be stuck in the Falkland Islands over Christmas The difficult task of bringing back passengers stuck abroad following the sudden collapse of Flyglobespan began today, as unions attacked the airline's handling of passengers and staff. About 4,000 passengers were left stranded after Scotland's biggest carrier applied for administration last night and all scheduled flights were cancelled. The airline was also responsible for the Ministry of Defence air link with the Falkland Islands, and there are concerns that military staff and their families may be left stranded over Christmas. Budget rival Flybe stepped in with a special one-off rescue fare to fly affected passengers home to Scotland. For £59.99 including all taxes and charges, Flybe will, wherever possible, make seats available on its scheduled services from Malaga, Alicante, Geneva and Chambery for Flyglobespan passengers who wish to return to Edinburgh and Glasgow via Southampton or Exeter. Passengers should phone the Flybe customer call centre with their Flyglobespan booking reference, or go to Flybe ticket desks at airports. Ryanair also launched a rescue fare, costing between £59 and £89 one way including taxes and charges. Transport minister Paul Clark said efforts were being made to try to get stranded passengers home for Christmas. "We are working with the industry and the Civil Aviation Authority to minimise the regrettable disruption," he said. "People have been aware of this and very few have been turning up at the airport in Glasgow," said a spokeswoman for PricewaterhouseCoopers, which was appointed administrators to Flyglobespan yesterday. She said the administrators would first focus on the practical issues – how to bring back stranded passengers – and the future of the airline's 800 staff. The news came as Virgin Atlantic announced extra flights from Glasgow to Florida next summer. It expects to add seven extra flights to Orlando during June and July. Unite, the biggest union in aviation, said it was outraged at the "shocking mistreatment" of Flyglobespan's workforce and passengers. Brian Boyd, Unite national officer for civil aviation, said: "It is tragic that Flyglobespan has been unable to survive the current difficult trading conditions within civil aviation. However, the real tragedy is that, along with thousands of passengers stuck overseas, the 800 Flyglobespan employees have been thrown into a Christmas of misery with no wages and no job. "The manner in which workers can be cast aside in the UK is shocking. It is totally unacceptable to Unite and our members, and we call upon everyone with a responsibility to play in rectifying this dreadful situation, including the Scottish government, to assist Flyglobespan employees by ensuring speedy compensation at this most important time of the year." Airline industry Ryanair Consumer affairs Consumer rights Scotland Falkland Islands Flights 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)

• Tube upgrade faces delay after ruling Tube upgrade faces delay after ruling
12/17/2009
London Underground chief Richard Parry said that cutting back work to provide faster and more frequent lines on the busiest parts of the network was not an option The future of the public-private partnership to upgrade key parts of the London underground was in the balance this morning following a ruling that saddled the last remaining PPP contractor, Tube Lines, with a £1.35bn funding gap. Important upgrades to the Northern and Piccadilly lines could be delayed as a consequence of this morning's verdict by Chris Bolt, the man charged with refereeing the PPP contract. Bolt said he expected maintenance, repair and upgrade work on the Northern, Piccadilly and Jubilee lines over the next seven years to cost the contractor £4.4bn. Tube Lines had calculated that the work would cost £5.75bn and must now bridge a financial gap of £1.35bn. But Bolt's figure is bad news for both sides, because London Underground had estimated that the work would cost just £4bn – leaving LU with the choice of finding £400m worth of cost savings in order to pay for the work, or cutting £400m worth of upgrade costs out of the programme. The London mayor, Boris Johnson, labelled the PPP a "shambles" this morning. Caroline Pidgeon, the chair of the London Assembly transport committee, warned that responsibility for filling the £400m funding hole must not fall on commuters through further above-inflation fare hikes or service cuts. "The question is whether the government will now step in to help Transport for London with additional funding, rather than leaving London to shoulder the burden," Pidgeon said. Richard Parry, acting head of LU, said that cutting back work to provide faster and more frequent lines on the busiest parts of the network was not an option, "Whatever this gets to, it cannot be about reducing that scope. We will not salami-slice what London's transport system needs," he said. Insiders said today's announcement posed serious questions about the viability of Tube Lines. It is co-owned by US project management firm Bechtel and UK company Amey, a subsidiary of Spain's Ferrovial, the majority shareholder in airport owner BAA. David Begg, Tube Lines chairman, said negotiations over the work, which must be completed by the summer, would be fraught because LU management was now openly attempting to close down the PPP. "This is an arranged marriage where one partner does not want to be in it," he said. Tube Lines's position is further hampered by the fact that it must find a way of bringing its costs down to the £4.4bn level – something Begg believes is achievable – while trying to find a new chief executive. Dean Finch , a former rail industry executive with a strong reputation for cost management, announced yesterday that he was joining equally troubled National Express as chief executive. LU's Parry denied that his publicly owned organisation was attempting to shut down Tube Lines. "It is not a product of failure in the relationship. It is a product of the failure of them to fulfil their half of the bargain." LU's hostility towards Tube Lines has been intensified by the company's failure to deliver an upgrade of the Jubilee line on time. The Jubilee debacle featured in Bolt's cost estimates this morning as he claimed that upgrade work on the Northern Line would have begun sooner had the Jubilee work gone to plan. The project to install a new signalling system for faster and more frequent services on the Jubilee route is heading for a six-month overrun that will cost Tube Lines about £10m a month in compensation payments and unforeseen costs. Even without taking into account today's ruling, the overrun costs spell bad news for Tube Lines because a six-month delay would effectively wipe out the company's annual profits. Struggle for survival It has also emerged that Tube Lines would have struggled to survive if Bolt had recommended today that the company raise around £400m in further debt in order to pay for the 2010-2017 work programme. It is understood that Tube Lines cannot borrow more money due to difficult market conditions and an order to raise more finance could have crippled the company. Parry confirmed that if Tube Lines was unable to raise new finance on its own, LU could be required to buy the business. "We have looked at various scenarios and a statutory mandatory sale is one of the options we might arrive at." The sale of Tube Lines would mark the end of a PPP programme that was implemented by Gordon Brown when he was chancellor, in the face of overwhelming opposition from LU and the then mayor, Ken Livingstone. The largest contractor, Metronet, collapsed into insolvency and was taken over by LU in 2007 after racking up a projected overspend of £2bn. Parry said that if Tube Lines faces a struggle to continue as a going concern it must admit any concerns to LU. "Hopefully we can have a candid conversation. If they were to be in difficulties we don't want it to be a surprise." Bolt, the PPP arbiter, said he would make a final announcement on costs in March and said he would seek assurances from LU, which has its own funding concerns, that it could meet the projected £4.4bn bill. "Before I make draft directions on charges, I am seeking an assurance from London Underground that it is able to afford the cost figure I propose to direct. If it cannot give that assurance, it will need to review the scope of its requirements. I am also seeking its views on whether it would offer better value for money for any additional financing to be raised by Tube Lines or by Transport for London [LU's parent]." Bolt said LU could close its £400m funding gap through cutting back the upgrade programme, increasing its monthly payments to Tube Lines or by adding extra debt to a balance sheet that is already highly leveraged. Bolt added that Tube Lines could get towards £4.4bn by reviewing its costs and pursuing LU for around £500m in outstanding financial claims. Both sides must reach an agreement by July next year, when the 2010-2017 programme officially begins. Tube Lines Travel & leisure London London politics Dan Milmo guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• We need to talk about banks | John McFal... We need to talk about banks | John McFall
12/17/2009
The Future of Banking Commission will widen the discussion on bank practices, to include the public and keep the debate alive We can see worrying signs that the banks are going back to business as usual. Yet their customers seem to have slipped below the radar. A barrage of reports and reviews – Turner , de Larosière , Volcker , Walker – have analysed the causes of the crisis and made recommendations on how to move forward, without focusing on the human impact of the financial meltdown or how their recommendations will affect customers. Authorities around the world have responded to the crisis by improving aspects of financial regulation, without asking whether the needs of customers are being served. I visited Japan in 2007, to find out what lessons had been learned from the 1990s financial crash. I found that, even today, there is still considerable public anger about it, and resentment of the government's costly bank bailout from ordinary people who are still feeling the pain. The authorities in Japan still struggle to restore public confidence in the banking system. Today in the UK we must restore this confidence quickly if we are to bring about a solid economic recovery. So David Davis, Vince Cable and I are launching a cross-party Future of Banking Commission , supported by the consumer group Which?. We have on board a number of highly respected experts, including leading economist Roger Bootle and policyholder advocate and former regulator Claire Spottiswoode. The Right Rev Christopher Jamison, Abbot of Worth , will act as an adviser. Together we want to continue the debate between the financial industry and the public, and ask the big questions about how the banking system should be working and what major changes need to be made. It is the biggest questions that remain unanswered. Even after an £800bn public bailout, the taxpayer still finds himself on the hook, not just to protect vital everyday banking facilities, but also to stand behind high-risk financial trading. Which parts of banking are vital to society, and so must be protected by the government? How do we avoid giving a public guarantee for the less socially useful activities? We may need to challenge existing ideas on remuneration in the financial sector. The latest pay packages for senior bankers look eerily similar to the ones we saw before 2007. Worryingly, directors no longer speak of bonuses as a reward for performance, but now say they are obliged to pay employees the "going rate" for bonuses. Do these give bankers incentives that are in line with the long-term wellbeing of the company? If not, how will they need to change? Big questions also remain for the public. The customer, too, will need to alter their expectations of financial services, just as the banks alter theirs. How can we ensure that financial companies compete by being inclusive and treating customers fairly? Do we need to make it easier for people to shop around and switch banks? And is there a need to go "back to the future" on mutuals and building societies, to create more diversity in the sector? Our task is to widen the discussion on the future of banking. The banks were at the centre of what went wrong, so they must be at the centre of creating a lasting solution. But we must ensure that the public also has a place at the table. The public have had to foot the bill for the crisis, by bailing out the banks, stimulating the economy and suffering job losses and cuts in public services. Their needs must also be taken into account. Most importantly, we must maintain the momentum for change – this debate must not be allowed to fade quietly away. Banking Banks and building societies Financial crisis Recession Economic policy Executive pay and bonuses John McFall guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• ITV deputy chairman Sir George Russell t... ITV deputy chairman Sir George Russell to step down from board
12/17/2009
Vastly experienced figure, seen as close ally of Michael Grade, leaving at end of year as Archie Norman arrives ITV's deputy chairman, Sir George Russell, is to step down at the end of the year, in the latest sign of changes to the company's board ahead of Archie Norman's arrival as chairman in the new year . Russell, 74, has served in the role since the merger of Carlton and Granada created a single ITV plc in February 2004. A figure of immense experience – his previous jobs had included chairing the two of the ITV network's former regulators, and before that ITN – he was widely seen as a close ally of the outgoing executive chairman, Michael Grade. "I had always made it clear that I wanted to see Michael Grade through his tenure and now that has come to an end it is the right time for me to step down from what has been a fascinating and fulfilling six years at ITV," he said. Grade added: "Sir George has made a huge contribution to ITV plc since its inception in 2004. "He was instrumental in seeing the merger through, with the full support of shareholders, and since then has offered invaluable advice on any number of regulatory and broader industry issues. I personally would like to thank him for the support he has offered me during my time at ITV." Russell's departure comes at a time for transition for ITV, with Norman arriving to replace Grade next month and looking to appoint a chief executive. John Cresswell, the chief operating officer who will serve as interim chief executive, is also set to leave the company, although there has been speculation that he may stay if given the job on a permanent basis. Meanwhile, Sir James Crosby, the former HBOS chief executive who is the company's senior independent director, has said he will stand down from the board when a successor is appointed. Russell made his name in industry, running the aluminium company Alcan and the building materials group Marley. He was chairman of the Independent Broadcasting Authority and its successor, the Independent Television Commission, between 1989 and 1996, and chaired ITN from 1988 to 1989. Russell was also deputy chairman of Channel 4 from 1987 to 1989, under Richard Attenborough. He joined the board of ITV company Granada in 2002, graduating to the first ITV plc board when it merged with Carlton. During his time with ITV he served on all the board committees and is currently a member of the audit and nomination committees. • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". ITV Michael Grade Archie Norman Television industry Media business ITV Chris Tryhorn guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Argos owner Home Retail hit by poor reta... Argos owner Home Retail hit by poor retail sales and pricing concerns
12/17/2009
Home Retail has been hit by a double blow: weaker than expected UK retail sales in November and a downbeat note from Credit Suisse. November's high street sales showed a surprise 0.3%, confounding recent talk of a buoyant Christmas shopping season. UK retail sales have fallen sharply in November, providing a major disappointment regarding the economy's recovery prospects. James Knightley at ING Bank said: Rather than rise by 0.5% month on month as the market had expected, sales actually fell 0.3% (the worst figure since May), which in turn has dragged the annual rate of growth down to 3.1% from 3.7%. October was revised up to 0.6% from 0.4%, but even so the figures are very poor since many retailers were hoping that the imminent VAT hike would encourage shoppers to spend. The details show that clothing fell 1.8% month on month while department store sales dropped 4.4%. Food stores saw sales rise 0.4% while non-store (largely internet) saw sales climb 0.8%. This report therefore suggests that shoppers remain somewhat reluctant to spend and retailers will be hoping December will be better. This has undermined the retail sector, with Kingfisher down 6.6p at 226.5p, Marks & Spencer off 3.4p to 398.6p, Next 10p lower at £20.16 and DSG down 1.11p at 34.32p. As for Home Retail, the owner of Argos and Homebase, its shares are down 9.2p at 286.8p as Credit Suisse put an underperform rating on the shares with a 235p price target. And it is Argos which analyst Assad Malic spotlights as a potential problem area: Given the proximity to Christmas, we have published our most recent pricing data for Argos which shows pricing down 6% relative to the initial Autumn/Winter 2009 catalogue prices on an absolute basis and -4.7% on a time weighted basis, suggesting further downward pressure on gross margins. Whilst we have made some compositional changes to our forecasts and increased benchmark 2009/10 estimated pre-tax profit by 7% reflecting better underlying demand conditions, we would note that within Argos these are largely offset by additional gross margin attrition. Our new 2009/10 benchmark pretax profit forecast is £239m, 9% below consensus. We still believe that the market is failing to discount that Argos could be vulnerable to medium term structural concerns as supermarkets continue to develop their non-food offer. Our price comparison against Tesco suggests Argos started Autumn/Winter 2009 with a significant pricing disadvantage but that even following a very promotional period through November by Argos (where the level of pricing reduction peaked at near 9%) we have found that Tesco has still remained cheaper on a larger number of lines. We also believe that the significant discounting through November is likely to have impacted gross margins and offset any material sales gains made over the period. The shares trade on a PE of 16.5 times 2009/10 estimates and 15.5 times 2010/11 estimates, a premium valuation, implying the market is valuing Home Retail on a recovery multiple. While we believe that the market already regards Homebase as a weaker operating division than Argos, we believe that conditions within the markets in which Argos operates are changing and are likely to lead to further pressure on its pricing model and therefore restrict operating margin expansion over the medium term. Home Retail Next Kingfisher DSG Marks & Spencer Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• FSA fines Toronto-Dominion Bank £7m FSA fines Toronto-Dominion Bank £7m
12/17/2009
City watchdog opts to impose fourth-largest ever penalty following previous offence in 2007 The London branch of Toronto-Dominion Bank has been fined £7m by the Financial Services Authority for repeatedly breaching the rules governing the pricing of financial products, marking the second time the bank has received a penalty from the City watchdog. The FSA found that the bank – one of the largest in Canada – had repeatedly failed to follow established procedures in ensuring that a proprietary trader's books were independently verified, and did not have adequate controls in place that could have detected the pricing issues. It is the fourth-largest fine ever levied by the London regulator. Margaret Cole, FSA director of enforcement and financial crime, said: "This is one of our largest fines and it underlines the seriousness with which the FSA views repeat offences. When we uncover failings in a firm, we expect them to put it right immediately and to take special care to ensure it does not happen again. Toronto–Dominion clearly failed to apply proper controls in this area despite its previous sanction, and repeat offenders need to know that they will face severe consequences." In November 2007, Toronto–Dominion was fined £490,000 when a fixed income trader, Simon Brignall, attributed false values to his trading positions and created fictitious trades to hide significant losses on his book. Cole added: "It is important that firms trading in sophisticated and often illiquid financial products have robust controls in place, particularly in times of increased market volatility. Where a firm doesn't do this, the FSA will take action." Toronto–Dominion cooperated fully with the FSA and agreed to settle at an early stage of the investigation – thus escaping a larger penalty of £10m. Last month, Japanese bank Nomura was fined £1.75m by the FSA for failing to properly monitor its fast-growing international equities division. Banking Financial Services Authority (FSA) Regulators Banks and building societies 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)

• Globespan collapse passenger information Globespan collapse passenger information
12/17/2009
Latest news: Thousands stranded as Scottish airline Flyglobespan goes bust What happens to package holidaymakers with Globespan ? Travellers who booked their entire holiday with Globespan will be covered under the Civil Aviation Authority's Atol scheme , which kicks in when a travel company fails. They will be able to continue their holiday and will be offered alternative flights home, free of charge. Representatives have been appointed in the resorts where Globespan provided holidays to offer information and help people make arrangements to get back to the UK. There are more details on the CAA's website . What if the hotel tries to charge us? In some cases the hotel may ask for a payment from Globespan customers. If this happens the CAA says you should pay it and keep any receipts, as you will be able to reclaim the money through Atol. The same is true if you need to pay for a taxi to the airport to replace the transfer service Globespan was supposed to provide. The Globespan claim form is available to download here . What happens to those who just booked a flight with FlyGlobespan? Despite discussions on how to improve protection for independent travellers, they are still not covered under the Atol scheme, which means the CAA will not help the estimated 3,400 holidaymakers in Spain, Portugal, Cyprus and Egypt who flew out with FlyGlobespan. They will have to find their own alternative flights and stump up the cost. Following previous airline failures, rivals have stepped in to offer reasonable deals to stranded customers. So far, Ryanair has launched a £89 rescue fare to and from Edinburgh and Glasgow airports. Subject to availability it can be booked online until 24 December for travel until 15 January. And Thomas Cook has arranged additional capacity on flights out of Glasgow. Other airlines may follow suit. Can FlyGlobespan customers get any money back? Not from Atol and not from the company, but they could try making a claim to the administrators, PricewaterhouseCoopers, but it seems unlikely there will be any money to pay consumers once the company is wound up. However, if a customer paid for any part of their flight with a credit card or a Visa debit card they may be able to claim a refund from them. Credit card payments of more than £100 are covered under Section 75 of the Consumer Credit Act 1974, which also allows consumers to claim for any extra expenses they incur from having to rebook their flight. Persevere if the card company tries to fob you off – they have been known to turn down valid claims . Those with specialist airline failure insurance will be able to get a refund, while those who have a standard travel insurance policy will have to read the small print, as not all policies will pay out. Direct Line confirmed today that its policies do include cover, so its customers will be able to reclaim the cost of getting home. We were due to travel after Christmas. What should we do? If you were expecting to go on a package holiday with Globespan – and the firm has 27,000 future bookings – your next move will depend on where you booked it. If it was directly with the company and you used a credit card to pay for any part of it, you will have to submit a claim to your card issuer. When you do so you should include a copy of the CAA's claim form covering letter. If you booked directly with Globespan and paid by cash, cheque or direct debit you should make your claim to the CAA. Holidaymakers who booked via a travel agent should submit a claim to them. Who can I contact for more advice? Customers in the UK should call the number set up by the administrators: 0871 271 9000; or if they booked a package deal the CAA's Globespan UK Helpline number: 0844 856 2585. From abroad you can call the administrators helpline on +44 141 332 3233. Package holiday customers stranded overseas can call 00 44 203 441 0846. Travel insurance Insurance Consumer rights Consumer affairs Insurance industry Hilary Osborne guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• BA-Unite talks continue over 12-day Chri... BA-Unite talks continue over 12-day Christmas action
12/17/2009
Vote: who's to blame ? Profile: BA's Willie Walsh British Airways and union leaders will return to the negotiating table later today in another attempt to avert the 12-day strike that threatens to disrupt Christmas for nearly 1 million people. It is understood that face-to-face discussions between BA's chief executive, Willie Walsh, and the joint general secretaries of Unite, Tony Woodley and Derek Simpson, are struggling to find a way forward but will resume today. BA will also head back to the high court in an attempt to secure an injunction to prevent cabin crew staging a mass walkout from next Tuesday to 2 January. The threat of disruption has already pushed up the cost of flying with other airlines, as BA passengers try to arrange contingency plans in case the strike does go ahead. There are reports this morning, however, that some BA cabin crew are becoming concerned about the implications of withdrawing their labour for nearly two weeks . Staff did not know the length of the strike action when they were balloted. Thousands of other passengers are also facing disruption over the Christmas period. Last night, Scottish airline Flyglobespan fell into administration , leaving passengers stranded. And unions representing Eurostar staff are still threatening to hold a two-day strike, starting on Boxing Day. Walsh, Woodley and Simpson began talking yesterday afternoon, with negotiations focused on the changes that are being made to working practices . Union sources said yesterday that they were prepared to halt the strikes if BA suspends changes in staff rotas and pays cabin crew about £400,000 a week in extra allowances while formal negotiations get under way. But last night BA insisted that reductions in crew numbers, imposed last month, could not be rolled back. "Tony Woodley knows that we cannot reverse the changes to onboard crew numbers," it sad. 'Over the top'? Internal union politics have also emerged as a complicating factor in the search for a compromise. It is understood that Unite's leadership considered delaying the announcement of strike dates on Monday after BA threatened legal action over the ballot, but pushed ahead amid pressure from Bassa, the branch of Unite that represents 12,700 BA cabin crew. Mindful of the depth of feeling among Bassa members, Woodley and Simpson are believed to have told its representatives on Tuesday that they would not back down. Simpson said yesterday that a 12-day strike was "probably over the top" but that it was what was needed to bring sense to the situation. He said the union's negotiating team had decided a 12-day strike was the "appropriate reaction" but added that the length of the industrial action was unusual. "It was the decision of the negotiating team in BA. That's their judgment of what's needed to bring sense to this. It's probably over the top," he said on GMTV. Nonetheless the wobble over strike dates has reignited concern among some cabin crew that Unite would seek a hasty deal amid mounting political pressure to call off industrial action. BA said passengers face at least another day of uncertainty as the airline puts off publishing contingency plans, pending the outcome of an injunction hearing tomorrow. "Clearly this is going to frustrate our customers more because we hoped to give them some clarity," the airline said. "We will make an announcement about what the schedule will look like as soon as possible." The high court is expected to rule this afternoon whether or not Unite can proceed with a strike that could cost the airline heavily. BA has lodged an appeal, claiming "serious and substantial" irregularities in the ballot under the 1992 Trade Union Act. Bruce Carr QC, representing the airline at a packed hearing yesterday, said the union was "depriving literally millions of people of a happy Christmas". He added: "The apparent recognition of the deliberate timing is highlighted by the fact that Unite needed to make [the strike] 12 days of Christmas, not 10 or 14 ... It knew the number has a resonance for the many passengers who are deprived of flying with BA." The appeal centres around the fact – which both BA and Unite accept – that about 900 cabin crew were balloted despite taking voluntary redundancy before the strike was due to take place. 9,514 in favour Unite, which will make its full submission this morning, argues the ballot would still have resulted in a vote in favour of industrial action even if those members leaving the airline had not been balloted. Of the 13,000 cabin crew balloted, 9,514 voted in favour of industrial action. The union says it tried to find out which members had been granted voluntary redundancy before issuing ballot papers last month, but BA was unhelpful. Carr said one union official advised members that as long as they were employees at the time of the ballot – even if they had left by the time of any industrial action – they were still eligible to vote. John Hendy QC, representing Unite, said: "We did our level best to discover who these members were who were to be made redundant. In the absence of discovering them, BA [was] completely unhelpful and uncooperative, and in that regard we had no option but to include them in the [ballot] notices." BA did not comment on when the estimated 900 crew members were given notice. The dispute entered the political arena on Thursday as Gordon Brown warned there would be huge disruption to the public and damage to the company if the strike went ahead . Within hours of the prime minister urging talks, BA and Unite confirmed they would open discussions. Brown said he had discussed the situation with the transport secretary, Lord Adonis. "We will do everything we can to bring the sides together; we will do everything we can to make sure that these disputes are resolved," the prime minister said in a television interview. "Equally, at the same time, the trade unions and the management have a responsibility to look outwards, and not just look inwards, and I think they have got to remember that they are serving the public." A source close to the BA and Unite discussions indicated that political pressure was being brought to bear: "All channels of communication are being used." BA's director of human resources, Tony McCarthy, today met the general secretary of the TUC, Brendan Barber, in an apparent attempt to involve the wider trade union movement in finding a solution. British Airways Airline industry Trade unions Gordon Brown Christmas and New Year Dan Milmo Tim Webb guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Savills sees property pick-up Savills sees property pick-up
12/17/2009
Real estate consultant Savills has seen a pick-up in the UK commercial and residential markets, adding to other signs of greenshoots in the property sector. In recent weeks the upmarket estate agent has seen an increase in commercial deals which are likely to complete before year end, as well as a higher-than-expected number of transactions in the prime residential market. Its Asia Pacific business has also performed better than anticipated, against expectations that markets in the region were cooling. The shares jumped 11p to 301p in early trading, a gain of 3.8%, making it one of the biggest risers on the FTSE 250 this morning. The company said in a trading statement: We have also achieved cost savings at the higher end of our anticipated range. The combination of these factors means that we expect Savills' underlying performance for 2009 to be significantly ahead of our previous expectations. However we remain cautious about the sustainability of the current performance of UK residential and Asia Pacific transaction markets in 2010. Music publisher Chrysalis , which recently signed the Fleet Foxes and The Horrors, posted annual revenues and operating profits ahead of its targets. Its release schedule this year is strong and includes new albums from David Gray, the Yeah Yeah Yeahs and the Mercury-award nominated act, Bat for Lashes. Chrysalis also expects increased income from The Beatles' digitally re-mastered catalogue and Michael Jackson songs. "With this in mind the board is hopeful that consolidated NPS [net publisher's share] will increase again in 2010," it said. Net publisher's share is the revenue received by a music publisher, less any royalties. Transport group Arriva said revenues had grown in its bus and train divisions and that cost cutting measures would outweigh higher fuel costs. Savills Property Arriva 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)

• Punch investors vote down pay report Punch investors vote down pay report
12/16/2009
55% oppose big bonuses at Punch Taverns in face of huge losses Britain's biggest pub landlord suffered a huge shareholder revolt todayas investors showed their anger at boardroom pay levels. More than 55% of shareholders voted against the Punch Taverns pay report at the group's annual meeting in protest at huge grants of shares to directors and bonus payments to directors despite Punch's dismal performance. The company, which has 7,600 pubs, lost £400m last year and wrote £600m from the value of its estate. With debts of £3.5bn, some analysts believe it faces a struggle to survive. Iin a trading update, Punch said there was no sign of any improvement in its dire performance – this time last year sales were down 11% at its leased pubs – and profits remain "under pressure". Punch said rent concessions to tenants struggling to keep their pubs open were costing the company £2m a month. The shares, which hit £13.20 two years ago, closed down 5% at 77p. Long-suffering shareholders objected to increased pension contributions for directors, big payoffs to departing board members and a lucrative special deal for one particular director, Mike Tye, who runs Punch's 800 managed houses. The Association of British Insurers had given the report a so-called "red top", an alert to investors of serious issues. Its concerns focused on the big new share awards to directors, worth 200% of salary levels, and payments of bonuses to directors in a year when the dividend at the debt-burdened business was suspended. Peter Montagnon, director of investment affairs at the ABI, whose members own 15% of UK-listed shares, said: "This result is a further signal that companies must pay attention to their own performance and the economic climate when setting remuneration policy." The protest vote is one of a series faced by companies this year as shareholders take a more active interest in their investments ifollowing the credit crunch. In a statement released after the meeting Punch said it "noted" the vote and now intended to conduct "a full review" of its pay policies. As part of that review it will consult its shareholders. It added: "The policy of the remuneration committee is to ensure that remuneration is competitive, provides sufficient incentive to retain talented executives, rewards long-term performance and at the same time is aligned with shareholders' interests." Tye's personal scheme links his pay directly to the performance of his division and assumes it is a separate company. Corporate governance lobby group Pensions and Investment Research Consultants has described Punch's pay policy as unacceptable, with bonus targets set too low. It has highlighted Tye's deal and the fact that performance targets for his payouts are not fully explained. PIRC has calculated that his deal could generate payouts of nine times his basic pay of £400,000. Punch has been widely criticised, especially by its pub tenants. In recent years Giles Thorley, chief executive, has had payouts of £30m. Last year an analyst calculated that more than one in four Punch tenants earned less than £20,000 a year. The vote is likely to put pressure on the remuneration committee, which is chaired by Fritz Ternofsky, a former boss at catering group Compass. Other revolts over pay this year have resulted in remuneration committee bosses stepping down. Sir Peter Job, chairman of Shell's committee left after 60% of the oil company's shareholders protested against his decision to award directors half their bonuses even though they had missed targets. Louise Patten was moved aside from her role as chairman of the M&S committee after a substantial number of investors voted against her re-election as a director at the M&S annual meeting in July. Other members of the Punch remuneration committee are Mike Foster, a career brewing and pubs executive, and Tony Rice, the chief executive of Cable & Wireless International. Punch Taverns Executive pay and bonuses Investing Julia Finch guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Microsoft lets in rivals to end 10-year ... Microsoft lets in rivals to end 10-year web browser war with EU regulators
12/16/2009
Deal could see tens of millions of European windows users ditch Internet Explorer Microsoft has ended more than a decade of wrangling with European Union regulators by agreeing to let Windows users surf the web using rival applications. From the spring, European web users running Windows 7, XP or Vista who have Internet Explorer as their default browser will be presented with a "ballot screen" that will offer them a dozen alternatives to choose from, including Mozilla Firefox, Google Chrome and Apple's Safari . Under a five-year agreement, anyone buying a new Windows-based PC will see the same screen, meaning tens of millions of consumers could switch. Neelie Kroes, the European commissioner for competition policy, greeted the move as an early Christmas present for consumers. But it is a major blow for Microsoft. The rise of broadband internet access means applications such as word processors or spreadsheets no longer need to reside on a computer, and can instead be run online, with documents stored virtually. This makes the browser a vital gateway to the next generation of applications, relegating the PC operating system where Microsoft remains dominant. "Web browsers have gained strategic importance as they have become the gateway to an enormous range of online services both for businesses and consumers," said Kroes. "This decision therefore has the potential to foster the development of platforms for applications which will rival existing ones and therefore offer consumers choice and variety. "Now – for the first time in over a decade – internet users in Europe will have an effective and unbiased choice between Microsoft's Internet Explorer and competing web browsers. It is as if you went to the supermarket and they only offered you one brand of shampoo on the shelf, and all the other choices are hidden out the back, and not everyone knows about them. What we are saying is that all the brands should be on the shelf." A dozen browsers – including Internet Explorer – will appear on the pop-up ballot screen, with the top five listed prominently. Exactly which applications will be present depends on market share data, but Microsoft has been testing the screen since October and it has included Safari, Chrome, Internet Explorer, Firefox, Opera, AOL, Maxthon, K-Meleon, Flock, Avant Browser, Sleipnir and Slim Browser. Brad Smith, senior vice-president and general counsel at Microsoft, said: "Under this resolution, Microsoft commits that PC manufacturers and users will continue to be able to install any browser on top of Windows, to make any browser the default browser on new PCs, and to turn access to Internet Explorer on or off." Since it was created 14 years ago, Microsoft has been packaging Internet Explorer with its Windows operating system. As the system has become dominant – Windows is used on more than nine out of every 10 PCs – so has Internet Explorer, which now has more than 60% of the global market. The way Microsoft used to bundle products such as its media player or browser with Windows, and prevent rivals from ensuring their competing applications were fully interoperable with its products, has been at the heart of legal battles on both sides of the Atlantic. In the late 1990s, Microsoft fought what became known as a "browser war" with Netscape, whose Navigator application dominated the market before Internet Explorer was released. Microsoft used its Windows customer base to effectively shut Netscape out of the market and in 1998 the US department of justice accused it of stifling competition. The department initially suggested splitting Microsoft in two, and the case was not settled until 2004. That same year, the EU ended a five-year investigation by condemning Microsoft for illegal abuse of its near-monopoly, ordering it to remove its digital music player from the Windows operating system and slapping a fine of nearly €500m (£333m) on the firm. Since then it has accused the company of abusing its position by preventing rivals from linking with its software , which last year led to a record €899m fine. Microsoft is still appealing that decision but this deal effectively ends the EU's investigation. Microsoft also agreed to give developers access to technical documentation needed to build products that work well with Microsoft's Windows, Windows Server, Office, Exchange and SharePoint. Europe Microsoft Internet European Union Neelie Kroes Richard Wray guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Lewis plots to replace M&B non-execs Lewis plots to replace M&B non-execs
12/16/2009
Investor whose lieutenants were ejected from the board will try to oust four non-executive directors Joe Lewis, the billionaire investor who this month saw two of his lieutenants ejected from the Mitchells & Butlers board in a bitter boardroom row, has plans to fight back which could see most of the existing non-executive directors replaced at a meeting next month. Piedmont, the Lewis investment vehicle that holds a 23% stake in M&B, revealed details of resolutions it will demand are voted on at the showdown shareholders' meeting. The resolutions call for the removal of former chairman Drummond Hall and the appointment of four new non-executive directors. In addition, four other existing directors — including Simon Laffin, who succeeded Hall as chairman this month — face routine shareholder votes on their election or re-election to the board. Lewis's proposed candidates are the veteran retailer John Lovering, Fitness First's co-founder Michael Balfour, former Scottish & Newcastle pub boss Jeremy Blood and Majestic Wines chairman Simon Burke. None is thought to have links to Lewis, though he is believed to favour Lovering as a future chairman for the group. Lewis retains the right to reappoint two additional representatives to the M&B board under an agreement linked to his status as the firm's largest shareholder. Meanwhile, ahead of the meeting M&B hopes for a ruling from the takeover panel about a complaint it filed claiming that one of Lewis's lieutenants — before his ejection from the board for misconduct — tried to bully independent directors and sought to frustrate attempts to find a suitable candidate to succeed Hall as chairman. The allegations centre on claims that one of Lewis's representatives, Richard McGuire, threatened Laffin, urging him to step down and allegedly warning him that if he did not quit a small number of large shareholders would vote against him at January's meeting. M&B has suggested to the takeover panel that this amounts to a case where shareholders controlling more than 30% of shares have acted in concert, which is in breach of company rules. M&B has a total of 404m shares in issue, but the number that will be voted at next month's shareholder meeting is expected to be substantially lower than that as many investors, such as small shareholders and tracker funds, tend not to exercise their voting rights. This means Lewis's 23% stake will be highly influential. Meanwhile, there has been widespread speculation that 17.5% stake holder Elpida, backed by JP McManus and John Magnier, the Irish investors and horse racing tycoons, is also unhappy with the board. Along with Lewis's lieutenants, two further directors — a former Citigroup executive Denis Jackson, and veteran Irish politician Ray MacSharry — were ousted in a boardroom purge orchestrated this month by Hall and Laffin. Many within M&B had assumed that these two, and MacSharry in particular, were de facto representatives of Elpida, although they were originally put forward as directors by Leo Capital, which holds 2.2% of shares. Last weekend it emerged that several well-known associates of Lewis, McManus and Magnier had significant positions on the M&B share register. They include fellow horse racing enthusiasts Michael Tabor and Derrick Smith. Mitchells & Butlers Food & drink industry Simon Bowers guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Tory MP steps down as chairman of Tullet... Tory MP steps down as chairman of Tullett Prebon executive pay committee
12/16/2009
Money broking firm Tullett Prebon offered to help staff move abroad to avoid bonus tax Conservative MP Michael Fallon has stood down as chairman of the remuneration committee of Tullett Prebon, the money broking firm offering to help its staff move to countries with more favourable tax regimes . The company's website had named Fallon, a senior member of the parliamentary Treasury select committee, as chairman of the remuneration committee until about two weeks ago, though it is unclear when his role was changed. Until last night the website did not list him as having any role on the remuneration committee, although the company was expected to change this overnight to make it clear he is still a member. The committee is now chaired by fellow non-executive and former banker Rupert Robson. Changing the chairman might be seen as helping to keep Fallon away from any direct criticism of the decision by Tullett Prebon to tell staff that it "will seek to facilitate, where possible and appropriate, relocation to the company's other offices around the world which have more certain taxation regimes". It followed last Wednesday's announcement of a 50% super tax on bonuses which has led to warnings that the City will endure a mass exodus of star financiers. The website lists Fallon , who joined the board in 2004, as a member of the audit and nominations committees. Fallon is a highly respected member of the Treasury select committee, which has had a high profile role during the financial crisis . He is often described as a front-runner to replace its chairman, the Labour MP John McFall, if there is a change of government next year. Lord Myners, the City minister, used a speech in London today to reassure financiers that the tax on bonuses over £25,000 was a one-off. "From the engagement I've had with the banking industry to date I'm fairly clear that it's not going to … be extended further. We've made it very clear it's a one-off tax," Myners stressed. Bankers are scheduled to meet Treasury officials to discuss the implications of the tax and how it will work in practice. Earlier Myners had opened a debate in the House of Lords on the pre-budget report , telling peers that "these have been testing times". A spokesman for Tullett Prebon told the Guardian this week that the decision to make it easier for staff to move abroad was not a political one and stressed that the company did not make political donations. Of the changing role for Fallon, the Tullett spokesman said: "The company periodically rotates the chairmen of its committees and on this occasion felt it was appropriate to do so, particularly bearing in mind that Michael Fallon has an election to fight in the new year and this gives him freedom to do so." Tullett Prebon Conservatives Tax avoidance General election Jill Treanor guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Claimant count falls unexpectedly Claimant count falls unexpectedly
12/16/2009
• ILO measure rises by 21,000 in third quarter to 2.49m • Young people out of work highest since records began in 1992 • Number of people 'economically inactive' close to 8m A surge in the number of women taking part-time jobs has helped employment in Britain to jump by its biggest amount since spring last year in the latest sign that the labour market may be levelling out. Official data released also showed that the country's claimant count measure of unemployment unexpectedly fell for the first time since February 2008 in November. The Office for National Statistics also reported that the labour force survey, which uses the wider International Labour Organisation (ILO) measure of unemployment, rose by its smallest quarterly amount since March to May last year. That measure rose by just 21,000 in the three months to October to 2.49 million. But that was still enough to give a jobless rate of 7.9%, the worst for 13 years. The ONS said a 122,000 jump in part-time working in the three months to October was entirely driven by women taking those jobs. Full-time employment, by contrast, fell by 69,000 from the previous three months. Statisticians said part of the rise in employment was due to an extra 23,000 jobs being created in the National Health Service in the latest quarter, which pushed up employment in the public sector to 6.1 million – about a fifth of all jobs. The ONS said the claimant count – which only measures those drawing unemployment benefit – fell by 6,300 in November to 1.63 million and a jobless rate of 5%. October's rise was also revised down by about half to 5,900 – a far cry from the monthly rises of about 100,000 seen earlier in the year. Economists say a big shift to part-time jobs or cuts in hours has helped prevent unemployment rising as far or as fast as in the recessions of the early 1980s or 1990s or as fast as in the United States, where the jobless rate has doubled to 10%. But the news was far from uniformly good. The data revealed that the number of 16- to 24-year-olds out of work was 952,000 in the three months to October, a quarterly rise of 6,000 and the highest figure since records began in 1992. The number of people out of work for more than a year increased by 49,000 in the latest quarter to 620,000, the worst total since 1997. However, Yvette Cooper, work and pensions secretary, said that the figures showed that the government's efforts to create jobs and work experience places for young people were paying dividends. "Young people are starting work in these jobs – it is making a difference. To see these falls in unemployment at this stage in the recession is a very, very different picture to the one we saw in the 1980s and 90s." But the shadow work and pensions secretary, Theresa May, said: "This is yet more evidence of the devastating effect the recession is having on young people. We cannot afford to risk losing a generation of people to Gordon Brown's recession. "Labour makes many claims about tackling the recession yet behind the unemployment figures there are many families struggling to cope where one or both adults have been put on to part-time work." Vicky Redwood, of Capital Economics, warned that it was too early to sound the all-clear: "The fact that the rise in employment has been driven entirely by part-time workers suggests that firms remain nervous. A second leg downwards in the labour market remains a key risk for 2010." The TUC general secretary, Brendan Barber, said: "The economy is still on a knife edge. While the overall quarterly figures are encouraging ... it is vital the government continues to dedicate significant resources to tackling joblessness. "After falling for two successive months, today's rise in youth unemployment is disappointing. The UK is nowhere near the levels reached in the 1980s but the government must continue to invest to prevent a second wave of rising unemployment amongst 16-24-year-olds." The figures also showed the number of people classed as economically inactive, including those on long-term sickness benefit or who have given up looking for a job, was 7.9 million, down by 1,000 over the three months but up by 96,000 compared with last year. More than one in five working-age people are now economically inactive. Unemployment and employment statistics Recession Job losses Ashley Seager Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Abu Dhabi sues Citigroup over its $7.5bn... Abu Dhabi sues Citigroup over its $7.5bn investment in US bank
12/16/2009
Emirate's wealth fund is bound to pay for Citigroup shares at 10 times current price The oil-rich emirate of Abu Dhabi is trying to disentangle itself from a disastrous deal two years ago to shore up the finances of Citigroup into whose stock it pledged to pump $7.5bn (£4.6bn) at a pre-arranged level 10 times higher than the Wall Street institution's present share price. In a claim filed with arbitrators in New York, the Abu Dhabi Investment Authority (ADIA) has alleged "fraudulent misrepresentation" in connection with the commitment, which was negotiated before Citigroup was crippled by vast liabilities on mortgage-related securities and derivatives sullied by the global credit crunch. If the investment from Abu Dhabi is thrown into doubt, the bust-up could affect Citigroup's plans for a $20.5bn fundraising needed to pay back $20bn of bailout money from the US treasury. In a terse statement revealing the dispute, the US bank said that the Middle East's largest sovereign wealth fund was seeking either to scrap the investment contract or damages of more than $4bn. It said: "Citi believes the allegations are entirely without merit and intends to defend against them vigorously." Abu Dhabi came to the aid of Citigroup in November 2007 when confidence in the bank's finances was beginning to falter after suggestions from a leading Wall Street analyst that Citigroup needed to shore up its balance sheet. Under the tie-up, the ADIA accepted convertible instruments that it must exchange for shares at a range of prices between $31.83 and $37.24 between March 2010 and September 2011. Unfortunately, Citigroup's share price subsequently collapsed as the bank teetered on the brink of financial oblivion and required a vast aid package from the US government to stay in business. The stock slipped 1.5% on Wall Street during early trading today to $3.51. An ADIA spokesman declined to provide details of the alleged fraud in the deal, citing confidentiality obligations, and would only say that "it is the policy of the ADIA to pursue its legal rights fully". Legal experts say that the sovereign wealth fund probably aims to negotiate the price but needs to tread carefully, as any perception, fairly or otherwise, that it is reneging on a deal could harm its chances of securing future investment opportunities. Jacob Frenkel, a former SEC securities lawyer now in private practice, said: "If, all of a sudden, Abu Dhabi starts circling the world, bringing claims in relation to bad investments, then no matter how desirable they are as an investor, there may be caution about whether parties want to sell investments to Abu Dhabi." The timing of the claim is particularly awkward for Citigroup, which has a significant motivation to find a swift resolution. Citigroup announced on Monday that it had been given the go-ahead by the US government for a huge issuance of stock and debt to repay financial support from American taxpayers . The US Treasury, which owns a 34% stake in Citigroup, pledged to sell its stock over the next six to 12 months. Citigroup's chief executive, Vikram Pandit, has been under enormous pressure to restore stability to the bank, which was once the largest in the US in terms of assets. Once a sprawling 'financial supermarket' the bank has been forced to slim its operations, ring-fencing certain troubled assets in self-contained division, Citi Holdings, and selling a controlling stake in its Smith Barney brokerage to rival Morgan Stanley. Citigroup Sovereign wealth funds Financial crisis Credit crunch Banking Vikram Pandit Morgan Stanley Andrew Clark guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Lloyds cuts funding of its charitable fo... Lloyds cuts funding of its charitable foundations
12/16/2009
Bank halves future funding of Lloyds TSB foundations for England and Wales, Northern Ireland and the Channel Islands – but Scottish foundation refuses to accept new package Lloyds is to heavily reduce its long-term funding for three of its main charitable foundations after claiming that it has been forced to act by the "particularly challenging economic" climate. The bank, now Britain's largest after it absorbed HBOS, has halved its future funding of the three foundations after agreeing a four-year deal to guarantee their income, as well as taking greater corporate control over the foundations' policies. The deal covers the three Lloyds TSB foundations for England and Wales, Northern Ireland and the Channel Islands, which got £23.4m this year. The Scottish foundation has refused to accept the new package, and is now only eligible for a minimum payment of £39,000 this year, raising doubts about its long-term future and its independence. Mary Craig, the Scottish foundation's chief executive, said: "In addition to a significant reduction in income, it is clear that the foundations will be expected to align a sizeable portion of their remaining funds to the group's corporate giving priorities. That will effectively end the foundations' historic status as independent charitable organisations." The Scottish foundation protested vigorously after it emerged earlier this year that Lloyds wanted to abandon a legally-binding funding arrangement for the four foundations, established by an act of parliament in 1986 by the then TSB Group. The covenant guaranteed each foundation a share of 1% of the TSB's pre-tax profits and independence on which charities to fund, a deal which has seen £85m given to the foundations since 1986. Lloyds took on that legal commitment when it merged with the TSB, but Lloyds Banking Group now argues that the significantly expanded current bank is so large, it dwarves the scale of the original covenant and is difficult to justify. It has now cut that to 0.5% and put a bank director on each foundation's board, with a guarantee of fixed funding for the next four years which it insists will be more generous than getting 1% of its currently very low annual profits. It believes that paying 0.5% of its future profits from 2014 will be broadly similar to the 1% funding they originally received. Lloyds has promised the other three foundations increased funding until 2013 and insists it wants to extend the same deal to the Scottish foundation. However, it has so far refused to discuss that package and has launched an emergency drive to find £12m in funding from other sources. Lord Leitch, the deputy chairman of Lloyds, said: "We are very pleased to have reached agreement on a new and expanded relationship which we believe will bring the group and the foundations even closer together. This agreement will enable the foundations to grow and flourish." Craig rejected the bank's renewed offer of talks. She said the group's statement today made clear it would only discuss its proposals and not the foundation's alternatives. "As we have made very clear already, that would mean us ignoring all of the legal and financial advice received to date and accepting a proposal we believe will damage the foundation and our work with charities in Scotland in the longer term." Lloyds Banking Group Banking Charitable giving Scotland Severin Carrell guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• SFO to probe Kaupthing bank SFO to probe Kaupthing bank
12/16/2009
Kaupthing Singer & Friedlander, failed Icelandic bank's UK savings arm, will be part of inquiry The Serious Fraud Office has announced an official investigation into suspected UK frauds linked to the Icelandic bank Kaupthing, which collapsed in October last year. The SFO's white-collar crime unit said the inquiry would include successful efforts by Kaupthing's UK subsidiary, Kaupthing Singer & Friedlander, to attract British savers to its high-interest Edge savings account. "The investigation will seek to identify whether misrepresentations or false representations were communicated by the bank in the push to attract UK investors," the SFO said. "Another focus for us will be the decision-making processes, which appear to have allowed substantial value to be extracted from the bank in the weeks and days prior to its collapse." The SFO investigation follows months of intelligence exchanges between British prosecutors and their Icelandic counterparts. On 8 October last year the Financial Services Authority used new powers to seize online deposits at Kaupthing Edge, transferring them to Dutch rival ING Direct. The intervention stemmed a run on deposits but precipitated the collapse of the Icelandic parent bank. As well as building a substantial UK deposit base, a large proportion of Kaupthing's loan book had been made up of loans to private businesses controlled by wealthy UK entrepreneurs. Among them were Robert and Vincent Tchenguiz and their brother-in-law Vivian Imerman, as well as Nick and Christian Candy, Simon Halabi and retailer Kevin Stanford. A confidential summary of the bank's loan book was published on internet site Wikileaks earlier this year, prompting widespread criticism of Kaupthing. Many multimillion-euro loans were advanced on little or no collateral. Critics have also expressed concern that some of the bank's largest clients also had complex relationships with the banks. For example, Robert Tchenguiz and Kevin Stanford separately borrowed large sums from Kaupthing, had direct or indirect investment interests in the bank's shares, and were involved in joint venture private equity investments with Kaupthing. In the autumn it emerged that Kaupthing's former executive chairman, Sigurdur Einarsson, who lives in London, had been made a suspect by Icelandic fraud prosecutors examining alleged market manipulation at the bank. That investigation relates to an investment in the bank by Qatari royal Sheikh Mohammed Bin Khalifa Al-Thani, weeks before its collapse. In a stock market statement, Kaupthing did not mention that Sheikh Mohammed's investment had been financed via a complex corporate structure using loans from Kaupthing itself. Investigators in Iceland are also looking into Kaupthing's official statements in relation to an investment in the bank last summer by British-based tycoons Moises and Mendi Gertner. The brothers became the owners of a 2.5% holding in Kaupthing, but investigators are examining how the investment was financed. There is no suggestion of wrongdoing on the part of the Gertners. Icelandic regulators have also passed a file to criminal investigators there concerning loans made by Kaupthing to a company owned by Kevin Stanford. The focus of the allegations concerns whether Kaupthing used Trenvis, a Stanford-controlled company in the British Virgin Islands, to orchestrate transactions that moved the price of certain complex derivatives indicating the bank's financial health. These prices had been among the first warning signs of Kaupthing's stretched finances. There is no suggestion of wrongdoing on Stanford's part. Serious Fraud Office Banking Financial crisis Robert Tchenguiz Iceland Savings Simon Bowers guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)

• Boeing's Dreamliner makes its first flig... Boeing's Dreamliner makes its first flight
12/15/2009
After a delay of more than two years, the Boeing 787 Dreamliner, with its lightweight design, has made a successful test flight Watched by hundreds of cheering workers from the aircraft factory, Boeing's 787 Dreamliner took to the skies for the first time at an airfield near Seattle, in a long-delayed test flight for a plane viewed as a breakthrough due to its lightweight design, hi-tech composition and fuel efficiency. At 10.30am local time, the plane, painted in blue and white Boeing livery, lifted off smoothly in damp conditions. But the flight, which was due to last four hours, was brought to an end an hour early when persistent rain swept through the area. Flown by Boeing's chief test pilot, Mike Carriker, the 787 was flanked by two T-33 military reconnaissance aircraft and was filled with equipment to measure its performance, efficiency and safety. In a rare show of solidarity, Boeing's European rival, Airbus, paid tribute to the US company and promised robust competition: "Airbus congratulates the people of Boeing on this important achievement in their history." About half of the 787 is built from carbon and titanium composites, rather than the aluminium used for the majority of commercial airliners. Its lightweight design has allowed Boeing to promise tens of millions of pounds of savings on fuel and maintenance to its customers. Boeing has received orders for 840 aircraft, including advance sales to British Airways, Virgin Atlantic and Monarch Airlines, and the plane is viewed as crucial to Boeing's success in its commercial rivalry with Europe's Airbus. "It's only the second time in the history of aviation that the materials with which aircraft are built have fundamentally changed," said Wolfgang Demisch, a New York-based consultant on aerospace finance. "They went from wood and fabric to metal. And now from metal to composites." Conceived in 2003, the 787's journey to its first flight has been a turbulent one. The test was two-and-a-half years late after a series of technical hold-ups, strikes and problems with suppliers. At one stage in the highly delicate process of assembly, progress was hampered by a tiny disparity of 0.3 inches at the connection between the plane's cockpit and fuselage sections. More recently, engineers have struggled with a shortage of bolts and with a stress tests on a joint between the wing and the body. A mid-size plane, the 787 will carry about 250 people on long-haul routes of up to 8,200 nautical miles – covering London to Jakarta in one hop. It will use 20% less fuel than more conventional aircraft. The Dreamliner faces a further 10 months of tests to obtain full certification of its air worthiness before deliveries to airlines can begin. If all goes to plan, the first deliveries could take place at the end of 2010. Boeing Airline industry Transport policy Andrew Clark guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Uneasy Engagement: Chinese Team Searches... Uneasy Engagement: Chinese Team Searches Museums for Art Treasures
12/17/2009
A delegation scoured the Metropolitan Museum of Art last week for objects looted in 1860 from a palace in Beijing. (1 h ago)

• CNN Falls Behind MSNBC in Annual Prime-T... CNN Falls Behind MSNBC in Annual Prime-Time Ratings
12/17/2009
News networks continued to attract more viewers on average this year than they did in 2006 or 2007. (1 h ago)

• Investigation of Web ‘X-Men’ Leads to Ar... Investigation of Web ‘X-Men’ Leads to Arrest of Bronx Man
12/17/2009
The government said it was seeking the source of the leak, which resulted in the movie being uploaded to the Web before its release in theaters. (1 h ago)

• Advertising: Dwyane Wade’s Sponsors Aren... Advertising: Dwyane Wade’s Sponsors Aren’t Perturbed by a Scandal
12/17/2009
Companies that pay Dwyane Wade to endorse their products have stood by him during his contentious divorce. (1 h ago)

• Never Listen to Céline? Radio Meter Begs... Never Listen to Céline? Radio Meter Begs to Differ
12/16/2009
By measuring what people listen to rather than what they report, a radio rating system is finding new winners. (7 h ago)

• Designer on ‘Oprah’ to Be Host of a Show... Designer on ‘Oprah’ to Be Host of a Show
12/16/2009
The home and fashion designer is the latest of the Oprah-spawned regulars to move up to a show of their own. (17 h ago)

• Comcast Introduces a Streaming TV Servic... Comcast Introduces a Streaming TV Service
12/16/2009
The new service, in testing since last summer, is seen as a major step toward what Comcast calls “anytime, anywhere media.” (17 h ago)

• Advertising: Magazines Get Ready for Tab... Advertising: Magazines Get Ready for Tablets
12/16/2009
A new breed of electronic devices is expected in the months and years ahead, and publishers are already creating apps and planning to charge for their content. (17 h ago)

• Top Author Shifts E-Book Rights to Amazo... Top Author Shifts E-Book Rights to Amazon.com
12/15/2009
Amazon will have the exclusive e-book rights to two books from Stephen R. Covey, a move that promises to raise the anxiety level among print publishers. (1 d ago)

• The Times Co. Names a Human Resources Ex... The Times Co. Names a Human Resources Executive
12/15/2009
Todd C. McCarty, 43, served most recently as senior vice president for global human resources at the Reader’s Digest Association. (1 d ago)

• Paramount to Start Online Service to Sel... Paramount to Start Online Service to Sell Movie Clips
12/15/2009
The studio plans to eventually sell snippets of films cheaply, like ring tones, although a license to use that snippet in a national ad campaign will not be cheap. (1 d ago)

• Advertising: In Times Square to Press th... Advertising: In Times Square to Press the Flesh, and Show Some, to Promote Shows
12/15/2009
Theater producers for shows including “Chicago” and “Wishful Drinking” are asking their own street hawkers to dress up, and sometimes take it off. (1 d ago)

• Webdenda: People and Accounts of Note Webdenda: People and Accounts of Note
12/15/2009
The Advertising Club of New York is undertaking two initiatives to help find and cultivate young men and women to join and stay part of the ad industry. (1 d ago)

• Q & A With Stuart Elliott Q & A With Stuart Elliott
12/15/2009
Q & A With Stuart Elliott. (1 d ago)

• Disney’s ‘Princess’ Displays Limited Box... Disney’s ‘Princess’ Displays Limited Box Office Magic
12/14/2009
“The Princess and the Frog” opened in first place but on the low end of industry expectations. (2 d ago)

• Remodeling ABC News, Without Too Much Du... Remodeling ABC News, Without Too Much Dust
12/14/2009
The moves of Diane Sawyer to “World News,” and George Stephanopoulos to “Good Morning America” have been done with a clearly conscious lack of fanfare by ABC. (2 d ago)

• A Surprise ‘Today’ Show Trip to Kabul, W... A Surprise ‘Today’ Show Trip to Kabul, With Curious Timing
12/14/2009
The trip may have seemed like a stunt to blunt ratings during Diane Sawyer’s goodbye week, but it was a coincidence. (2 d ago)

• Something in the Water? Maybe, but Not i... Something in the Water? Maybe, but Not in the Beer
12/14/2009
Breckenridge Brewery spoofs a classic Coors ad to promote its Lucky U India pale ale. (2 d ago)

• Media Cache: TV Still Has a Hold on Teen... Media Cache: TV Still Has a Hold on Teenagers
12/14/2009
The results of a study portray a generation that in some ways is more traditional than media executives might fear. (2 d ago)

• Hong Kong stocks close 1.22% lower Hong Kong stocks close 1.22% lower
12/17/2009
Hong Kong stocks dropped for the third straight day this week, plunging 264.11 points, or 1.22 percent, to close at 21,347.63 on Thursday. After a 54-point higher opening, the benchmark Hang Seng Index soon edged up to the day high of 21,665.79 but only stayed in the positive ground briefly. The market then tumbled till hitting the day low of 21,218.90 minutes before the end of the session. Turnover expanded from the previous day, totaling 66.6 billion HK dollars. The ove ... (1 h ago)

• S Korea's pension fund to increase share... S Korea's pension fund to increase share purchase by $13.6 bln next year
12/17/2009
South Korea's pension fund said Thursday it will increase its purchase of stocks to 50 trillion won (42.4 billion U.S. dollars) from the current level of 34 trillion won (28.8 billion U.S. dollars), focusing more on buying as it makes investment. According to the Ministry for Health, Welfare and Family Affairs, the National Pension Service (NPS) convened a meeting where it decided to expand investment in the stock market by 16 trillion won, or 13.6 billion U.S. dollars, 0.02 percent of ... (1 h ago)

• Indonesian central gov't to provide half... Indonesian central gov't to provide half funds needed for infrastructure projects: official
12/17/2009
Indonesian central government is only capable of providing 768.16 trillion (about 81.2 billion U.S. dollars), or 53.74 percent of funds needed to finance the country's infrastructure projects from 2010 to 2014, an Indonesian senior official said here on Thursday. Dedy Supriadi Priatna, Infrastructure Deputy at National Development Planning Agency (PPN), said that infrastructure development in Indonesian requires 1,923.7 trillion rupiah (203.4 billion U.S. dollars) of funds during that fi ... (1 h ago)

• U.S. to increase assistance to Philippin... U.S. to increase assistance to Philippines next year: Romulo
12/17/2009
Philippine Foreign Affairs Secretary Alberto Romulo said Thursday the U.S. Congress has increased Washington's development and security assistance to the Philippines to 135.1 million U.S. dollars next year. Romulo said this amount is higher than the 118.7 million U.S. dollars requested by the Obama administration. It also represents an increase by 13 percent from the 2009 fiscal year's appropriated budget of 119.7 million U.S. dollars. "The U.S. Congress has always played a key r ... (1 h ago)

• DPRK top leader calls for expanding expo... DPRK top leader calls for expanding exports
12/17/2009
Kim Jong Il, top leader of the Democratic People's Republic of Korea (DPRK), called for increasing exports of the country, the official Rodong Sinmun daily said Thursday. Kim said it was very important for DPRK companies to abide by the principle of the "credit-first" in foreign trade, urging DPRK companies to strictly observe export discipline and improve the quality of goods. He also urged the railway and marine transportation sectors to take thorough measures to ensure that f ... (1 h ago)

• S Korea's central bank to retrieve forei... S Korea's central bank to retrieve foreign currency loans after Fed declares end of currency swap line
12/17/2009
South Korea's central bank on Thursday announced that it recovered the remaining 450 million-U.S. dollar foreign currency loans extended to local banks a day after the U.S. Federal Reserve said it will close its swap arrangements with its central bank counterparts, including the Bank of Korea (BOK). With the retrieval, the BOK has the full amount it tapped from the swap arrangement with the U.S., which was worth 16.35 billion U.S. dollars, the BOK said. On Wednesday, the Fed ann ... (1 h ago)

• Macao gambles on diversifying tourism in... Macao gambles on diversifying tourism industry
12/17/2009
When visitors return from Hong Kong, friends ask "What did you buy?" When people return from Macao, they're asked "How much did you win?" "Now Macao wants to become 'What did you win? What did you buy? And what did you see?'" says Alan Hills, who heads Montreal-based Cirque du Soleil's Asia Pacific Regional Office. "The last part is going to take the most time," he adds. Gambling on Macao's diversification into a leisure destination and the large potential market in the ... (1 h ago)

• Fine looms for property management compa... Fine looms for property management company
12/17/2009
An unlicensed Beijing branch of a US property management company could be fined as much as 200,000 yuan, a local government department said. Pinnacle Realty Management International, which has looked after 1,400 households in the east district of Jian Wai SOHO since October 2008, was found to be in possession of an expired temporary third-level certification. When valid, it would limit its actions to a property complex of less than 200,000 sq m of floor space. According to the Chaoyang d ... (1 h ago)

• Central banks eager to get their hands o... Central banks eager to get their hands on gold
12/17/2009
Some of the biggest buyers of gold may be sending the strongest signal to sell it, if past performance is indicative of future results. Central banks, holding about 18 percent of all gold ever mined, are expanding their reserves for the first time in a generation as a nine-year bull market drives prices to a record. The banks will buy 13.8 million ounces (429 tons) this year, worth $15.5 billion, for the first net expansion in reserves since 1988, New York-based researcher CPM Group estima ... (1 h ago)

• Property shares set to rebound Property shares set to rebound
12/17/2009
China's property stocks, the worst performers this quarter, will rebound because policy changes are "factored into" shares and the government needs the industry to bolster consumer spending, CLSA Asia-Pacific Markets said. The China Se Shang Property Index of real estate shares fell the most in two weeks on Tuesday, led by the largest developers China Vanke Co and Poly Real Estate Group Co, after the government said it will target "excessive" growth in property prices in some cities. That fol ... (1 h ago)

• Geely likely to get Volvo control soon Geely likely to get Volvo control soon
12/17/2009
Zhejiang Geely Holding Group aims to conclude the acquisition of Ford Motor's Volvo Car Corp in early 2010 and has hired consultants for restructuring and integration, Reuters reported yesterday, citing sources with direct knowledge of the deal. Germany-based Roland Berger Strategy Consultants has been hired to conduct a 100-day internal review and restructuring to improve Geely's operations with a focus on sales of its self-branded cars in China, a source said. "The Volvo deal does not ... (1 h ago)

• Grid operator planning to build mega pow... Grid operator planning to build mega power carrier
12/17/2009
State Grid Corp of China (SGCC), a major power grid operator, plans to construct next year an ultra-high voltage carrier that will transmit electricity generated by wind and thermal power plants in Inner Mongolia to Jiangsu province, a company executive said yesterday. Work on the 1,300-km transmission line is awaiting the government's nod, Shu Yinbiao, deputy general manager of SGCC, said yesterday. "With the use of ultra-high voltage (UHV) technology - the most advanced technology in p ... (1 h ago)

• Regulator cautions banks on bad loans Regulator cautions banks on bad loans
12/17/2009
China's top banking regulator yesterday warned banks of the potential risk in focusing lending only on certain industries, in an indication that bad loans could return to haunt Chinese banks in the next couple of years. Far too many loans were extended to the infrastructure, energy, real estate and transportation sectors this year, Wang Huaqing, disciplinary commissioner of the China Banking Regulatory Commission, said at an international seminar on syndicated loans in Beijing yesterday. ... (1 h ago)

• Beijing housing price tops 20,000 yuan p... Beijing housing price tops 20,000 yuan per sq m inside 4th Ring
12/17/2009
The average price of pre-construction homes inside Beijing's 4th Ring Road now stands at a staggering 20,515 yuan (3,004.6 U.S. dollars) per square meter, according to a report by the Beijing Youth Daily Tuesday citing the Beijing Bureau of Statistics. The figures reveal that 19.95 million square meters of commercial homes were sold from January to November this year, up 110-percent year-on-year. The number of apartments sold between January and November is 141,000, surpassing last year' ... (1 h ago)

• Singapore's non-oil domestic exports gro... Singapore's non-oil domestic exports grow 8.7% in November
12/17/2009
Singapore's non-oil domestic exports (NODX) grew by 8.7 percent in November over the same period last year, contrasting the 6.2 percent decrease in the previous month, official data showed on Thursday. According to data from the International Enterprise Singapore, the expansion in November is mainly due to higher non-electronic NODX. Non-electronic NODX expanded by 19 percent in November over the same period last year, contrasting with the 0.6 percent decline in the previous mon ... (1 h ago)

• Vegas Rolls Dice on City Center Vegas Rolls Dice on City Center
12/17/2009
Luxury Spas, Celeb-Filled Shows and Casinos Offer Alternative Holiday Fare, but Will Tourists Come? (1 h ago)

• Fewer Deep Discounts as Holidays Approac... Fewer Deep Discounts as Holidays Approach
12/17/2009
Those Waiting for Major Clearance Sales Will Likely Be Disappointed (1 h ago)

• Bank of America Names New CEO Bank of America Names New CEO
12/17/2009
Negotiations for Candidates Complicated by Pay Restrictions Imposed by Government Pay Czar (1 h ago)

• EU Drops Microsoft Antitrust Charges EU Drops Microsoft Antitrust Charges
12/17/2009
Software Giant's Move to Allow Windows Users a Choice of Browsers Satisfies European Trade Regulators (1 h ago)

• Video: Paying Back TARP Money Video: Paying Back TARP Money
12/17/2009
As the economy slowly grows, the key is to keep banks lending, including the banks paying back TARP money. Anthony Mason shows us how these banks are paying this bailout money back. (1 h ago)

• Video: Health Care Reform Imminent Video: Health Care Reform Imminent
12/16/2009
After months of fierce bipartisan debate, congressional Democrats say they have nearly enough votes in order to enact health care reform legislation. Nancy Cordes reports from Capitol Hill. (2 m ago)

• Video: Preview: Dave Price on Rwanda Video: Preview: Dave Price on Rwanda
12/16/2009
Dave Price recently traveled to Rwanda for a story about social entrepreneurs. What's the connection between basket weaving in Rwanda and Macy's? He gave Katie Couric a preview. Story airs Monday (12/21)on the CBS Evening News. (46 m ago)

• Walt Disney's Nephew, Roy, Dies at 79 Walt Disney's Nephew, Roy, Dies at 79
12/16/2009
Played Major Role in Walt Disney Co.; Responsible for Michael Eisner Ousting (3 h ago)

• Fed Keeps Rates Low, Strikes Upbeat Note Fed Keeps Rates Low, Strikes Upbeat Note
12/16/2009
Central Bank Says Economy Improved, Vows to Hold Down Rates at Record Low for "Extended Period" (3 h ago)

• Credit Suisse to Pay $536M in Iran Case Credit Suisse to Pay $536M in Iran Case
12/16/2009
Company Admits to Violating U.S. Economic Sanctions (5 h ago)

• SEC Broadens Disclosure Rules on Exec Pa... SEC Broadens Disclosure Rules on Exec Pay
12/16/2009
Regulators Requiring Companies to Provide More Information on Compensation; Accounting Practices Altered (6 h ago)

• Inflation Tame Despite High Energy Price... Inflation Tame Despite High Energy Prices
12/16/2009
Consumer Prices Rise 0.4 Percent in November, Led by Increases in Energy, Food; Home Construction, Trade Deficit Jump (8 h ago)

• New Home Construction Rises 8.9% in Nov. New Home Construction Rises 8.9% in Nov.
12/16/2009
Rebound Follows Setback in October, Though Increase Slightly Lower than Expected (8 h ago)

• FTC Accuses Intel of Stifling Competitio... FTC Accuses Intel of Stifling Competition
12/16/2009
Commission Sues World's Largest Chip Maker, Say It Has Shut Rivals out of Marketplace (8 h ago)

• British Air, Union to Hold Emergency Tal... British Air, Union to Hold Emergency Talks
12/16/2009
Cabin Crew Staff Planning 12-Day Strike over Christmas; Airline Seeking Court Injunction (8 h ago)

• U.S. Trade Deficit Soars to $108B in 3Q U.S. Trade Deficit Soars to $108B in 3Q
12/16/2009
Sharp Increase in Imports Seen as Sign of Economic Rebound (8 h ago)

• IRS Gives Citigroup Huge Christmas Prese... IRS Gives Citigroup Huge Christmas Present
12/16/2009
Washington Post: Feds to Forgo Billions in Tax Revenue from Rescued Bank in Exchange for Bailout Repayment (10 h ago)

• McDonald's to Offer Free Wifi McDonald's to Offer Free Wifi
12/16/2009
World's Largest Burger Chain to Lift Fee for Internet Access (17 h ago)

• Fed Expected to Leave Rates at Record Lo... Fed Expected to Leave Rates at Record Low
12/15/2009
Meeting About Money Supply May Hint at Policy Shift on Raising Rates (1 d ago)

• Bank of America to make internal hire fo... Bank of America to make internal hire for CEO
12/17/2009
Bank of America says retail banking head Brian Moynihan will replace Ken Lewis as CEO on Jan. 1. Bank of America - Ken Lewis - Business - Financial services - Banking Services (1 h ago)

• Citi to launch a $20.5 billion fire sale... Citi to launch a $20.5 billion fire sale of stock
12/17/2009
Citigroup Inc. said Wednesday it is selling a huge chunk of its stock at a steep discount to raise the cash it needs to repay bailout funds and free itself from government support. Citigroup - Stock - Business - Investing - Stocks and Bonds (1 h ago)

• Sponsored By: Sponsored By:
12/17/2009
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• Roy Disney, nephew of Walt, dead at 79 Roy Disney, nephew of Walt, dead at 79
12/17/2009
Roy E. Disney, the son and nephew of The Walt Disney Co. founders who twice led shareholder revolts that shook up the family business, died Wednesday. He was 79. Roy O. Disney - Disney - Arts - Movies - Studios (1 h ago)

• EU drops Microsoft antitrust charges EU drops Microsoft antitrust charges
12/16/2009
EU antitrust regulators accepted Microsoft's offer to allow users in Europe choose rival Internet browsers, ending a decade-long dispute and averting a possible fine. Microsoft - Business - Allegedly Unethical Firms - Monopolies and Oligopolies - Economic (1 h ago)

• Feds accuse Intel of stifling competitio... Feds accuse Intel of stifling competition
12/16/2009
The Federal Trade Commission is suing Intel Corp., the world's biggest chip maker, accusing the company of using its size to snuff out competition. Federal Trade Commission - Intel Corporation - Advanced Micro Devices - European Commission - Intel (2 h ago)

• Workers: AT&T owes $1 billion in overtim... Workers: AT&T owes $1 billion in overtime pay
12/16/2009
AT&T Inc workers are suing the telephone operator for an estimated $1 billion in overtime payments in two class action lawsuits that say it is wrongly depriving about 5,000 employees of overtime pay. Class action - Lawsuit - AT&T - Law - Legal Information (3 h ago)

• EBay’s plans to compete surprised Craigs... EBay’s plans to compete surprised Craigslist
12/16/2009
Craigslist officials were caught off guard when told in 2007 that their minority shareholder, eBay, was going to compete directly with them, an attorney for Craigslist said Wednesday. Craigslist - eBay - Shopping - Servers - Auctions (4 h ago)

• Companies must reveal more about pay: SE... Companies must reveal more about pay: SEC
12/16/2009
Federal regulators voted Wednesday to require companies to reveal more information about how they pay their top executives amid a public outcry over compensation. U.S. Securities and Exchange Commission - Business - Law - Allegedly Unethical Firms - One Complainant (5 h ago)

• Boeing has much to prove with 787 Boeing has much to prove with 787
12/16/2009
Boeing Co.'s new 787 jetliner finally took to the skies Tuesday, more than two years later than the company had planned. Boeing - Aviation - Aircraft - Paine Field - Military (8 h ago)

• Citigroup gains huge tax break in deal w... Citigroup gains huge tax break in deal with IRS
12/16/2009
In effort to wean Citigroup and other firms from taxpayer bailout that helped them survive, IRS issues exception to longstanding tax rules. Internal Revenue Service - Citigroup - Tax - Tax break - Accounting (9 h ago)

• Mechanics target overseas airline mainte... Mechanics target overseas airline maintenance
12/16/2009
The union that represents mechanics at American Airlines plans to launch a publicity campaign aimed at steering travelers away from airplanes maintained overseas. American Airlines - United States - Airline - Technology - History (11 h ago)

• Boeing 787 takes flight after two-year d... Boeing 787 takes flight after two-year delay
12/16/2009
Boeing Co.'s new 787 jetliner finally took to the skies Tuesday, more than two years later than the company had planned. Boeing - Aviation - Aircraft - Military - Boeing 787 (22 h ago)

• McDonald's to lift fee for Internet acce... McDonald's to lift fee for Internet access
12/16/2009
McDonald's Corp. said Monday that it will soon offer free wireless Internet access at most of its U.S. fast-food restaurants as it tries to broaden its appeal still further. McDonald - United States - Fast food - Internet access - Access Providers (23 h ago)

• Work fashion tips from Sarah Palin’s sty... Work fashion tips from Sarah Palin’s stylist
12/15/2009
Love her or loathe her, it's hard to argue that Sarah Palin didn't look chic during her debut at the Republican National Convention in September 2008. Sarah Palin - United States - Alaska - Government - 2008 Republican National Convention (1 d ago)

• Upper Deck gives Tiger Woods ‘full suppo... Upper Deck gives Tiger Woods ‘full support’
12/15/2009
Trading card and memorabilia company Upper Deck said on Tuesday that it would not end its sponsor deals with Tiger Woods. Tiger Woods - Upper Deck Company - United States - Business - Upper Deck (1 d ago)

• Sponsored By: Sponsored By:
12/15/2009
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• Great Recession spawns biz buzzwords Great Recession spawns biz buzzwords
12/15/2009
Every year brings with it a host of business buzzwords. This year, the Great Recession — buzzword alert — made business news everyone’s business for a change. Business - Newspapers - Magazines and E-zines - Business and Economy - Management (1 d ago)

• Recession hits Rust Belt towns hard Recession hits Rust Belt towns hard
12/17/2009
In Ohio's fading steel towns, the recession was a final cruelty piled on top of three decades of disappearing jobs. (1 h ago)

• Credit Suisse fined millions for Iran de... Credit Suisse fined millions for Iran dealings
12/17/2009
Credit Suisse Group has agreed to pay $536 million to settle a Justice Department probe and admit to violating U.S. economic sanctions by hiding business it was doing for Iranian banks. (1 h ago)

• Fed holds rates, weak economy holds infl... Fed holds rates, weak economy holds inflation
12/17/2009
The economy is growing, but only weakly. Layoffs have slowed, yet jobs remain scarce. And interest rates will need to rise — but not anytime soon. (1 h ago)

• House narrowly approves Democratic jobs ... House narrowly approves Democratic jobs plan
12/17/2009
President Barack Obama's Democratic allies in the House have muscled through a year-end measure aimed at creating jobs through a second round of stimulus spending. (1 h ago)

• Stocks end mixed after Fed announcement Stocks end mixed after Fed announcement
12/17/2009
Stocks pared their gains Wednesday as the Federal Reserve reminded investors that it would end several of its extraordinary supports for the economy in the coming year. (1 h ago)

• UAW leaders nominate Bob King to lead un... UAW leaders nominate Bob King to lead union
12/17/2009
United Auto Workers leaders on Wednesday nominated top Ford Motor Co. negotiator Bob King to be the union's next president, saying King is the right person to lead the union. (1 h ago)

• Newsweek: Biz school grads head overseas... Newsweek: Biz school grads head overseas for jobs
12/17/2009
Many of the nation's top business schools report an increase in the number of students who are interested in working overseas in emerging markets such as India, China, Russia, and Brazil. For those willing to take a possible pay cut, MBAs say that working overseas can provide experience in a growing market. (1 h ago)

• Chapter closing on lone Laredo bookstore Chapter closing on lone Laredo bookstore
12/16/2009
With a population of nearly a quarter-million people, Laredo, Texas, could soon be the largest in the nation without a single bookseller. (1 h ago)

• Big holiday crunch-time sales? Probably ... Big holiday crunch-time sales? Probably not
12/16/2009
If you were hoping to find massive clearance sales as you finish up your holiday shopping, prepare to be disappointed. (2 h ago)

• Domino’s changing pizza recipe Domino’s changing pizza recipe
12/16/2009
Domino's Pizza Inc., the U.S. pizza delivery chain that earns high marks for convenience but low grades for taste, is revamping its pizza recipe. (2 h ago)

• Fed leaves key interest rate unchanged Fed leaves key interest rate unchanged
12/16/2009
The Federal Reserve has decided to hold interest rates at a record low and pledged to keep them there for an "extended period" to keep the recovery going and drive down double-digit unemployment. (2 h ago)

• Oil spikes, wiping out a week of price d... Oil spikes, wiping out a week of price declines
12/16/2009
Oil prices rose sharply Wednesday, wiping out a week's worth of declines after the government said supplies of oil and petroleum products dropped much more than expected. (9 h ago)

• Retailers' Holiday Offer: Free Shipping ... Retailers' Holiday Offer: Free Shipping Day
12/16/2009
Thursday marks the second annual "Free Shipping Day," but consumers concerned with getting the best deals should check deadlines and do some homework when it comes to the offers. (1 h ago)

• Read the Fine Print on Gift Return Polic... Read the Fine Print on Gift Return Policies
12/16/2009
Read the fine print on retailers' return policies because there's a big difference between the most generous and the most restrictive. (3 h ago)

• Why Schwab Visa's 2 Percent Rebate May F... Why Schwab Visa's 2 Percent Rebate May Fall
12/16/2009
Charles Schwab may lower the 2 percent rebate -- one of the most generous rebates -- on its Visa credit card. (3 h ago)

• Pittsburgh Sets Vote on Adding Tax on Tu... Pittsburgh Sets Vote on Adding Tax on Tuition
12/16/2009
The mayor of Pittsburgh says a 1 percent tuition tax on students attending college in Pittsburgh will raise revenue needed to pay pensions for retired city workers. (3 h ago)

• Wednesday Reading Wednesday Reading
12/16/2009
A possible tuition tax in Pittsburgh, reader tips for visiting New York on the cheap and other consumer-focused items from Wednesday's Times. (5 h ago)

• Your Money: Redeem All of Gift Card, or ... Your Money: Redeem All of Gift Card, or Give Store a Present
12/16/2009
Major retailers and banks often profit from unspent portions of gift cards, but consumers don’t seem to notice. (7 h ago)

• Poll Reveals Trauma of Joblessness in U.... Poll Reveals Trauma of Joblessness in U.S.
12/15/2009
Unemployment has caused major life changes and mental health issues for millions of Americans, a New York Times/CBS News poll found. (1 d ago)

• Interest Rates Are Low, but Banks Balk a... Interest Rates Are Low, but Banks Balk at Refinancing
12/14/2009
Banks that once handed out home loans freely are now imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out. (2 d ago)

• The Lure of Store Credit Cards, and the ... The Lure of Store Credit Cards, and the Hook
12/14/2009
A 15 percent discount, or no interest payments for 18 months, sounds enticing, but there are some other things you need to know about store-brand credit cards. (2 d ago)

• Heavy taxes fuel Danes' clean economy Heavy taxes fuel Danes' clean economy
12/16/2009
Denmark is far ahead of the U.S. in moving to a clean economy. Sam Eaton reports on the sacrifice the Danes are making to build a low-carbon future. (5 h ago)

• Insurers must be forced to compete Insurers must be forced to compete
12/16/2009
A way to cut costs in the health care system is competition, but it's strangely missing from the Senate debate. Commentator Robert Reich says if Americans are going to be required to get health insurance, that must change. (5 h ago)

• Will importing drugs save U.S. costs? Will importing drugs save U.S. costs?
12/16/2009
One of the more contentious issues in the Senate debate over health care is whether to allow Americans import lower-cost prescription drugs from other countries. Nancy Marshall Genzer reports. (5 h ago)

• China, U.S. at odds over cutting carbon China, U.S. at odds over cutting carbon
12/16/2009
The U.S. and China are the world's largest emitters of heat-trapping gases. But they have big disagreements about how much carbon to cut and who should pay for it. Scott Tong reports. (5 h ago)

• Deadlock at Copenhagen conference Deadlock at Copenhagen conference
12/16/2009
At the UN climate conference, negotiations are crawling along as protesters take to the streets. Stephen Beard talks with Kai Ryssdal about what's going on in Copenhagen. (5 h ago)

• BA strike may strand holiday travelers BA strike may strand holiday travelers
12/16/2009
Cabin crews at British Airways have voted to launch a 12-day strike. If your travel plans include London this holiday season, things could get interesting. Christopher Werth reports. (5 h ago)

• NY uproar over cut to free student rides NY uproar over cut to free student rides
12/16/2009
New York City's public transportation system voted to approve massive budget cuts, including getting rid of free rides for students. Alisa Roth reports. (5 h ago)

• Do we benefit from Citi's tax break? Do we benefit from Citi's tax break?
12/16/2009
The IRS has extended favorable tax treatment worth billions to struggling banks like Citigroup that benefited from government bailout money. But what does that mean for people who bankrolled the bailout? John Dimsdale reports. (5 h ago)

• No chance of a climate deal No chance of a climate deal
12/17/2009
With not much time left, talks are deadlocked in Copenhagen. As a result, the heavy artillery is being hauled out with world leaders like Chinese Prime Minister Wen Jiabao, Us president Barack Obama, German Chancellor Angela Merkel, UK Prime Minister Gordon Brown, Brazilian President Luiz Inacio Lula de Silva and Iranian President Mahmoud Ahmadinejad set to descend on Copenhagen.It's not looking good and China now says it sees no chance of getting any sort of deal. The closest thing we can get, it says, ... (1 h ago)

• Detroit's unemployment closer to 50% Detroit's unemployment closer to 50%
12/17/2009
Earlier this year, I did a blog entry asking whether the official unemployment numbers were telling us the truth. The figures don't take into account discouraged job seekers, people who have looked for work in the past year but who have stopped searching in the past month because of barriers to employment such as child care, poor health or lack of transportation, and "involuntary part time workers" who are underemployed.Now the Detroit News reports that while the official unemployment rate in America's automotive heartland ... (1 h ago)

• Cell phone radiation labels Cell phone radiation labels
12/17/2009
At the moment, the jury is still out on whether cell phones give you cancer.From Denmark, we have a comprehensive study conducted over a 30 year period showing that cell phones do NOT cause cancer. However, the findings are not conclusive. As one of researchers says, the problem with the study is that found a lack of detectable tumor rates up until 2003. But she says the time it takes for phone to cause cancer could take 10 years or more.In other words, the ... (1 h ago)

• California to vote on legalizing dope California to vote on legalizing dope
12/16/2009
This year I have looked at how California might be forced to legalize marijuana because of its financial crisis. Marijuana is a great cash crop and dope sales could get more revenue in through the door with more tax being collected. And with unemployment in California to hit 12.7% and stay there for the next two years, we can expect more people will be smoking dope. They'll have nothing else to do. And that might mean more money for the cash strapped California government.Already, ... (15 h ago)

• Smart phones changing business Smart phones changing business
12/16/2009
Very struck by a recent piece in Inc. on the best smart phone apps for business owners. Like for example TomTom which integrates with your phone's contact list, providing quick directions to a client's office or sales call. Or the Timewerks built-in stopwatch which helps you track the hours spent on a project and create client invoices. Or Jott which records voice messages and then converts them to text and sends them to contacts. That means you don't have to text while driving. Indeed, ... (16 h ago)

• Will Outsourcing Save You Money or Cost ... Will Outsourcing Save You Money or Cost You Customers?
12/15/2009
© Claus Rebler Recovery: return to an original state; A period in a business cycle following a recession, during which the GDP rises. I hear stories about how business has picked up and companies are beginning to suspect that the Recession is actually over. But they're not prepared to take the risk of actually hiring new people yet. It's a common dilemma. The solution? It might be outsourcing. You could meet your new demand by letting someone else handle some of your services. ... (1 d ago)

• Drug money and banks Drug money and banks
12/15/2009
The world's financial markets have been so badly hit. So who's got the cash? Drug czars. It's not surprising to read this report in the Observer alleging that the drug industry had the kept the bank industry going.It happened because the banks had stopped trusting each other and wouldn't lend money to one another. As a result, they turned to the drug industry.International drug barons and cartels are raking in hundreds of millions of dollars every year. Thanks to the banks and the meltdown ... (1 d ago)

• Cleaners more valuable than bankers Cleaners more valuable than bankers
12/14/2009
Cleaners are more valuable to society than bankers, advertising executives and accountants.The British study from the New Economics Foundation found that for every pound or dollar that they earned, hospital cleaners contributed 10 times that amount in benefits to society. Childcare workers generated seven to 10 times their wages in social and economic benefits, but bankers on million dollar salaries and bonuses actually destroyed social value. On the other hand, bankers destroyed seven times the value for every pound or dollar they earned, and ... (2 d ago)

• U.K. transit crews may follow British Ai... U.K. transit crews may follow British Air strike
12/16/2009
Baggage handlers and check-in staff at Heathrow and Aberdeen airports announced strikes in tandem with work stoppages by British Airways cabin crews on Wednesday. British Airways - Christmas - Injunction - History - Working Class (6 h ago)

• Britain preparing to phase out checks Britain preparing to phase out checks
12/16/2009
After more than three centuries, the humble check could become a historic relic if British banks, as expected, vote to phase it out in favor of more modern payment methods. British Empire - United States - European Union - World Trade Organization - Latin America (7 h ago)

• Cadbury launches defense against Kraft o... Cadbury launches defense against Kraft offer
12/14/2009
Cadbury PLC revealed Monday it has received approaches from rival suitors to Kraft Foods Inc. as the British candymaker launched a robust defense against the U.S. company's attempts to buy it . Kraft Foods - Cadbury plc - United States - Public limited company - Law (2 d ago)

• Dubai gets surprise $10 billion bailout Dubai gets surprise $10 billion bailout
12/14/2009
Abu Dhabi pumped $10 billion into its indebted neighbor, sending stocks soaring while sparing Dubai and the rest of the Emirates federation the humiliation of an imminent default. Abu Dhabi - Dubai - United Arab Emirates - Middle East - Government (2 d ago)

• When Good Customers Become Bad Bill Paye... When Good Customers Become Bad Bill Payers
12/17/2009
The recession has taught many entrepreneurs to take action before customers get deeply into arrears. (1 h ago)

• Introducing a Twitter for Credit Card Pu... Introducing a Twitter for Credit Card Purchases
12/17/2009
The creator of AdBrite moves on to develop Blippy, a new online social network that will report details of card use. (1 h ago)

• That Hobby Looks Like a Lot of Work That Hobby Looks Like a Lot of Work
12/17/2009
Yokoo Gibran, in her Oatmeal Soopascarf, started a business on Etsy.These days, the fantasy of building a career on Etsy, an eBay of the do-it-yourself movement, is not just the stuff of dreams. (1 h ago)

• At Home of ‘As Seen on TV,’ a Chance for... At Home of ‘As Seen on TV,’ a Chance for Inventors
12/16/2009
At TeleBrands headquarters, entrepreneurs try to get their products a starring role on late-night infomercials. (2 h ago)

• Economic Scene: If Health Care Reform Fa... Economic Scene: If Health Care Reform Fails, America’s Innovation Gap Will Grow
12/16/2009
The need for health coverage prevents many workers from finding new jobs or starting new companies, which suppresses economic growth. (17 h ago)

• Hamstrung by Delays, Fitbit Explains and... Hamstrung by Delays, Fitbit Explains and Tries to Deliver
12/14/2009
It is a classic start-up story: entrepreneurs with a hot idea generate excitement, then run into problems making and delivering their product. (2 d ago)

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• ConsumerMan: Giving charity gift cards ConsumerMan: Giving charity gift cards
12/16/2009
The latest trend in gift-giving is not really a gift at all. For some, it's better. Charity gift cards allow you to make a donation but the recipient chooses which charity receives it. Gift - Shopping - Greeting card - Stationery - Business and Economy (5 h ago)

• Campbell Soup to change SpaghettiOs reci... Campbell Soup to change SpaghettiOs recipe
12/14/2009
Campbell Soup Co. said Monday that it will cut the amount of sodium in its SpaghettiOs canned pastas by up to 35 percent, as food makers increasingly try to make healthier products for children. Campbell Soup Company - Home - Cooking - Soups and Stews - Food (2 d ago)

• The Big Money: Legacy of the luxury kitc... The Big Money: Legacy of the luxury kitchen
12/14/2009
One of the oddest phenomena of the boom years was how kitchen appliances quickly morphed into sexy, high-maintenance trophies. Big Money - Shopping - Home and Garden - Kitchen and Dining - Business and Economy (2 d ago)

• Rebuilding the American dream: An interv... Rebuilding the American dream: An interview with Pete Peterson
12/16/2009
The quintessential business statesman reflects on a long career and the work needed to rebuild America's economic future. Read more on the McKinsey Quarterly > Topics: Economic Studies Interviews Public Sector Video (7 h ago)

• The business opportunity in water conser... The business opportunity in water conservation
12/15/2009
For many companies, water efficiency is a long-term requirement for staying in business, a big commercial opportunity, or both. Read more on the McKinsey Quarterly > Topics: Climate Change Energy, Resources, Materials Strategy (1 d ago)

• Next-generation water policy for busines... Next-generation water policy for businesses and government
12/15/2009
The solution to water scarcity, in part, will come from new technologies for better managing water as a resource. But to make these technologies more effective, business and policy leaders will need to work more closely to implement them. Read more on the McKinsey Quarterly > Topics: Climate Change Energy, Resources, Materials Public Sector (1 d ago)

• Will Outsourcing Help You Milk the Recov... Will Outsourcing Help You Milk the Recovery?
12/17/2009
© JCardinal18 There's a little excitement in the air these days because the business world is beginning to suspect that the Recession is over. But how do you plan to take advantage of the Recovery? The overhead and the risk involved in hiring new people to take on new work... If you do it, you may lose money. If you don't do it, your competition may gain market share (and eventually put you out of business). How do you increase our workforce without taking ... (1 h ago)

• Seen that? - Job Dissatisfaction Epidemi... Seen that? - Job Dissatisfaction Epidemic
12/16/2009
Job Dissatisfaction Epidemic at Biz Plan Hacks I was reading an article awhile ago about job satisfaction. According to CareerBuilder.com one in four workers are dissatisfied with their jobs. These are people that are currently employed. The really shocking statistic is what came ... (21 h ago)

• Solving the Hiring Delimma Solving the Hiring Delimma
12/17/2009
© quinn.anya Is the recession over? I heard a joke recently. If you took all the macro-economists in the world and laid them end to end they still wouldn't reach a conclusion... Many companies feel that business has picked up, and they wonder whether the Recession is over. But they're not prepared to take the risk of actually hiring new people yet. That dilemma's not uncommon. Can the hiring dilemma be solved? How does a small or mid-sized company protect itself against the ... (1 h ago)

• Seen that? - People - The Most Valuable ... Seen that? - People - The Most Valuable Asset of Your Business
12/16/2009
People - The Most Valuable Asset of Your Business at Bizinformer In the past, I've been as guilty as others in saying that a company's greatest asset is its customer base. I was wrong. Small businesses have no greater asset than their employees. ... (21 h ago)

• Southwest Air tops list of best places t... Southwest Air tops list of best places to work
12/16/2009
Southwest Airlines Co topped the list of the 50 best U.S. places to work, based upon employee opinions, according to research released on Wednesday. Southwest Airlines - United States - Airline - Business - Technology (4 h ago)

• Seen that? - Site provides brand name in... Seen that? - Site provides brand name inspiration
12/17/2009
Site provides brand name inspiration at BootStrapMe What exactly is a guru Smile? A Dragbot? A Pop Cycle? Not even the creators of Wordlab are exactly sure. The website offers an extensive database of brainpan drippings from the site's creators divided into more ... (1 h ago)

• Seen that? - FutureGen Generation Next P... Seen that? - FutureGen Generation Next Power
12/15/2009
FutureGen Generation Next Power at IfEnergy FutureGen is a public-private $1 billion dollar cost share project to build and operate the world's first, near zero emission power plant......The prototype plant will have capacity designed to supply 150,000 homes about 275 MW. The project ... (1 d ago)

• Seen that? - Your Game Plan Seen that? - Your Game Plan
12/17/2009
Your Game Plan at The Personal Finance Weblog Paul Volker, former Chairman of the Federal Reserve, has an opinion piece in the Washington Post. It is wise to consider what he has to say. I don't know whether change will come with a ... (1 h ago)

• Seen that? - the UAV business Seen that? - the UAV business
12/16/2009
the UAV business at TJ's Weblog The Economist also sheds light on the emerging business with Unmanned Aerial Vehicles (UAVs). "Today, at least 32 countries are developing a total of more than 250 models of UAV, and 41 countries already operate 80 types. ... (21 h ago)

• Seen that? - Understanding the law in Ch... Seen that? - Understanding the law in China is always a good mantra
12/17/2009
Understanding the law in China is always a good mantra at China Venture News No need to read tea leaves before investing in China or understanding the Chinese investment paradigm, the International Financial Law Review, in a comprehensive article authored by John E. ... (1 h ago)

• Seen that? - UK Phasing Out Low-skilled ... Seen that? - UK Phasing Out Low-skilled immigration
12/17/2009
UK Phasing Out Low-skilled immigration at Global Mobility Report In response to dramatic increases in recent immigration levels, the British government announced limits on low-skilled immigration from outside the EU. It was reported the annual immigration level had grown to four times the ... (1 h ago)

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