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Business News
for 12/18/2009

(last updated 7:30am EST 12/18/2009)

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• Japan's central bank holds interest rate... Japan's central bank holds interest rates at 0.1%
12/18/2009
Japan's central bank, headed by Bank of Japan Governor Masaaki Shirakawa, decided unanimously on Friday to keep its key interest rate at 0.01 percent. The seven member Policy Board stated it would not tolerate deflation. "The bank recognizes that it is a critical challenge for Japan's economy to overcome deflation and return to a sustainable growth path with price stability," the Bank of Japan (BOJ) said in a statement to the press. "The Policy Board does not tolerate a year-on-y ... (1 h ago)

• ChiNext stock index up ChiNext stock index up
12/18/2009
The ChiNext Index was up on Friday as 26 stocks of the total 28 at China's start-up board for small and medium-sized enterprises rose. The board, which is based in Shenzhen and started trading on Oct. 30, 2009, is tailored to the needs of enterprises engaged in independent innovation and other enterprises with great growth potential. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• Sixth round of Sino-Norwegian FTA talks ... Sixth round of Sino-Norwegian FTA talks conclude in Oslo
12/18/2009
The sixth round of Sino-Norwegian free trade area (FTA) talks concluded here on Thursday and the Chinese negotiators left for home on Friday. During this round of talks, which started on Wednesday, both sides discussed sanitary and phytosanitary measures, technical barriers to trade, rule of origin, services trade, investment, intellectual property rights and solution to disputes. It is learnt that the next round of talks will be held in Beijing in March 2010. The FTA tal ... (1 h ago)

• World's biggest pit diamond mine exposed World's biggest pit diamond mine exposed
12/18/2009
&$ &$ The Mir diamond mine ("Mir" means peaceful in Russian) is located in permafrost near Yakutia City in northeastern Russia. It is one of the coldest places in the world. Temperatures in the Mir mine range from -50F to -70F. However, in this remote place, Soviet and Russian miners have spent years digging what is now the world's largest "man-made hole"---the Mir pit diamond mine. The mine extends to a depth ... (1 h ago)

• China tightens control on residential ho... China tightens control on residential housing price
12/18/2009
China is tightening its commercial land policies to help control soaring housing prices in some big cities, the Shanghai Securities News reported Friday. The Ministry of Finance and Ministry of Land and Resources announced on Thursday, that the developers must pay land transfer fees within one year of the transfer, startin with a 50 percent down payment at the time of the transaction. In some limited cases, the payment period may be extended to two years. If the developer can not or will ... (1 h ago)

• S Korean companies pledge to cut energy ... S Korean companies pledge to cut energy use
12/18/2009
South Korea's 38 major companies Friday made an agreement with the country's Ministry of Knowledge Economy to trim their annual energy consumption by 1.0 percent to 4.9 percent, local media here reported. The agreement, in which participating firms and the government jointly set a reduction goal for the next three years, involves penalties and incentives designed to encourage accomplish the goal. The companies to be bound by the agreement are oil refiners, petrochemical companies ... (1 h ago)

• Chinese shares fall for 4th consecutive ... Chinese shares fall for 4th consecutive day, led by weak property stocks
12/18/2009
Chinese shares fell for the fourth consecutive day on Friday, led by slacking property shares on concerns that the government will intensify measures to curb property speculation. The benchmark Shanghai Composite Index lost 2.05 percent, or 65.19 points, to close at 3,113.89 points. The Shenzhen Component Index tumbled 3.56 percent, or 476.76 points, to close at 12,914.97 points. Combined turnover shrunk to 195.04 billion yuan (28.56 billion U.S. dollars) from 199.25 bill ... (1 h ago)

• S Korean gov't to conclude sale of Daewo... S Korean gov't to conclude sale of Daewoo International by June 2010
12/18/2009
The South Korean government plans to wrap up the sale of Daewoo International Corp. in the first half of next year as it seeks to retrieve public funds, a committee said Friday. According to the public fund oversight committee, the company's creditors, led by the state-run debt clearer Korea Asset Management Corp (KAMCO), decided to unload a 68 percent stake, worth 2.2 trillion won (1.87 billion U.S. dollars) in Daewoo. The government will start with a 35.5 percent stake held by ... (1 h ago)

• Profits in China's gov't firms continue ... Profits in China's gov't firms continue to fall but decline eases
12/18/2009
Profits in China's state-owned enterprises (SOEs) continued falling in the first 11 months from a year earlier, but the rate of decline eased markedly because of a lower comparison base. The SOEs posted combined profits of 1.19 trillion yuan (174.1 billion U.S. dollars) in the first 11 months, down 1.9 percent compared with the same period of last year, the Ministry of Finance announced Friday. During the January-October period, profits in the SOEs declined 10.6 percent year on y ... (1 h ago)

• Dollar rises against major currencies Dollar rises against major currencies
12/18/2009
The dollar rose against major currencies on Thursday as the U.S. Federal Reserve is more confident about the economic outlook. The central bank decided on Wednesday to maintain the target range for the federal funds rate at 0 to 0.25 percent. The Fed said in a statement that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an "extended period." It didn't give signals about lifting interest rates any time soon. But the Fed di ... (1 h ago)

• Ernst & Young to pay 8.5 mln dollars to ... Ernst & Young to pay 8.5 mln dollars to settle charges
12/18/2009
U.S. accounting giant Ernst & Young has agreed to pay 8.5 million dollars to settle the Securities and Exchange Commission (SEC)'s charges in connection with an alleged accounting fraud at Bally Total Fitness in 2001-2003, the SEC said on Thursday. The SEC had charged Ernst & Young LLP and six of its current and former partners, including three who are members of the firm's national office, for their roles relating to an accounting fraud at Bally Total Fitness Holding Corporation. ... (1 h ago)

• Water price hike lures foreign water sup... Water price hike lures foreign water supply giants
12/18/2009
According to the latest statistics from h2o-china.com, by December 1, 2009, the average residential water price and urban wastewater treatment fee in China's 36 major cities were 1.74 yuan and 0.73 yuan per cubic meter respectively, 37 percent and 117 percent higher compared with 2002 level. Rising water price is expected to attract more foreign-funded water supply companies to China. Currently, excluding cost of wastewater network construction and sludge disposal, average cost of urban waste ... (1 h ago)

• 18 transnational companies establish reg... 18 transnational companies establish regional headquarters in Shanghai
12/18/2009
The Shanghai municipal government issued certificates to the 17th batch of regional headquarters to transnational companies on December 17. 18 transnational companies including TESCO, Dow Chemical and Coca Cola have established regional headquarters in Shanghai. Four of these companies are corporations among the 2009 Fortune 500. To date, a total of 751 transnational companies have established regional headquarters in Shanghai. The foreign investment in Shanghai has been increasing steadily ... (1 h ago)

• More people enjoy pleasures of mobile re... More people enjoy pleasures of mobile reading
12/18/2009
In 2009, reading books on mobile phone is becoming more and more popular in China. In the third quarter, active users in China's mobile phone reading market reached 149 million. The so-called mobile phone reading refers to a reading behavior with the use of mobile phones and handheld e-books, users typically read the news, novels, magazines, animation, information and so on via mobile phone. The success of mobile phone reading in Japan made some of Chinese counterparts envious. In 2003 ann ... (1 h ago)

• More people enjoy pleasures of mobile re... More people enjoy pleasures of mobile reading (2)
12/18/2009
Nokia cooperated with ShengDa and launched the first interactive mobile phone novel in the Chinese-speaking region. HanWang and Founder have launched e-book terminals and mobile phone reading terminal services clients like GGBook and Byread also actively compete for market share. So far, more than 200 million units of Amazon Kindle e-book reader have been sold, and related sales of e-books have surpassed 10 millions dollars. Success of wireless reading in America works as a stimulant, pushin ... (1 h ago)

• Petropavlovsk boss raises £24m in share ... Petropavlovsk boss raises £24m in share sale
12/18/2009
What's going on at Petropavlovsk , the Russian focused gold miner formerly known as Peter Hambro Mining? A couple of weeks ago there was much talk of the company being a possible new entrant to the FTSE 100 although in the event that never happened. Shortly after that - two days ago in fact on 16 December - the company revised its production estimates for the year down by 6%. Just days before the year end. And now it has emerged that chief executive Pavel Maslovsky - or companies associated with him - yesterday raised £24m by selling 2m shares at £11.93 each. The sale was off market to "a non related party" at a ten day volume weighted average price. Which surely covers the period of the - surprise - trading upate? Meanwhile Peter Hambro himself has gifted 4,650 shares to two UK charities. The company's shares are now sitting at £10.50, down 5p, compared to the £11.93 at which Maslovsky sold his shares. 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)

• PartyGaming and Sportingbet both upbeat,... PartyGaming and Sportingbet both upbeat, but market awaits deals
12/18/2009
PartyGaming has unveiled an upbeat trading statement, but said little about what investors are really keen on - its thoughts on consolidation in the online gaming sector. The company was recently said to be in talks with Austria's Bwin about a merger, although Bwin subsequently played this down. Today PartyGaming annouced it had set up a new £35m loan which would be used for "general corporate purposes including mergers and aquisitions." But that is not enough cash to cover the sort of deals investors had in mind, ie the Bwins of this world. On the business front the company said current trading was solid, and earnings for the year were expected to be slightly ahead of expectations. Its shares have edged down 0.3p to 258.3p but Investec analyst Matthew Gerard issued a buy note and said: Albeit brief, this is an encouraging update. We expect the increasing focus on casino and bingo to drive robust revenue and earnings growth in what remains a structurally attractive sector. This supports the current 15 times 2010 PE valuation, whilst consolidation and regulatory change-driven growth offers more material upside, in our view. KBC Peel Hunt's Nick Batram was also positive: Our buy stance is based upon the view that Party is an attractive asset in a global market with exciting growth and consolidation prospects. Poker has stabilised, casino and sportsbook are growing and new markets and B2B present further opportunities. Assuming stable currencies the group should return to earnings growth in 2010. A prospective PE of 16.1 times doesn't look expensive given the opportunity for growth and corporate activity. Elsewhere Sportingbet shares climbed 1.25p to 66.25p after an annual meeting statement stating that trading was in line and the company was confident of a satisfactory outcome for the year. Oriel Securities analyst Jeffrey Harwood said: Sportingbet indicates that the main trends seen in the first quarter (reported on 25 November) have continued. The group is benefiting from its focus on European sports betting where revenues were 56% ahead in the first quarter. Following some recent weakness the shares look attractive on a prospective PE of 10 times. Shares moving up to the main market in early 2010. PartyGaming 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)

• Views on the news: BA strikes, jobless f... Views on the news: BA strikes, jobless figures and death of the chequebook
12/18/2009
The now cancelled British Airways strike had commenters working over time this week, while unemployment figures were greeted with scepticism A victory for common sense, or blow a for democracy? One thing is sure, British Airways would struggle to lay claim to being the "World's favourite airline" this week, even after ending it on a high note after the high court blocked a 12-day Christmas walkout by cabin crew. Yet hopefulcyclist , was one of many to point out that the numbers on the strike ballot thrown out by the court still didn't add up: "What are the numbers here? 92% (of all eligible to vote or all who actually voted?) backed a strike. "There are 12,000 members involved of which 900 have already been given redundancy notice. "So, unless the turnout was below 20% there is still a clear, indeed overwhelming majority on favour of striking. I think a strike would be suicidal, but that is their democratic right." "Yes, but it renders the poll null and void because it was essentially illegal," said climberdave . "Hence the legal challenge. When these labour laws were drawn up they were made with a set of rules which both sides had to abide to in order for the whole system to work. If you don't follow those rules then it doesn't count." However, since the strike was first announced on Monday, the thing that has troubled bloggers the most is the struggle to weigh up their support for workers' rights, versus the wider implications of the action. Sleepyfingers summed up the mood: "Normally I would instinctively side with the unions in any dispute, but seeing as BA aren't in the rudest of health and have a declining reputation, large numbers of people are out of work and we're in the middle of a serious depression, striking at this moment over anything can do nothing but harm. "They can strike anytime they like, but why pick the most emotionally charged time of year to do it? A cancelled holiday can be rescheduled, Christmas can't." There were many though, such as passy777 , who had no sympathy for crew all along, writing: "Seems like the turkeys have voted for Christmas!" "You've just hastened BA's demise, morons, surely less pension is better than zero pension?" added Hooloovoo . That is not to say there was much goodwill for British Airways either. Indeed an appeal by chief executive Willie Walsh ahead of the court ruling, urging Unite to talk further, elicited the following response from iruka : "Mr. Walsh, you've spent 30 years working your way through the ranks, and today are the CEO of an iconic major corporation. On this evidence alone I'd say we have to take it as given that you're a man of no moral substance whatsoever, and that your description of the situation bears little meaningful resemblance to the truth." Many could not help linking the ongoing saga with the news that thousands were stranded after Scottish airline Flyglobespan went bust. Slobloch , for example, posed the question: "How long before the same headline for British Airways?" After the ruling against the ballot on Thursday, 7chippy predicted that it is not over yet: "I think this will be a pyrrhic victory for BA. They have won a ruling by a technicality and have not resolved any of the issues. My guess is that a virulent flu bug will hit BA cabin crew next week." While toekneenose had a conundrum: "Planning a trip abroad in the new year, and wondering which airline to book with – the one with threatened impending strike action by cabin crew, or the one without. "Ummm..." "BA Humbug," summed up dcspanner . Elsewhere, there was little sign of festive high spirits either. Indeed, figures showing UK unemployment has jumped by its biggest amount since spring last year, were roundly dismissed by many as no reason for cheering. "Call me a cynic but I'm deeply suspicious of these figures," wrote economicwar . "Claims are down but unemployment is still up," said Koolio . "The UK has a very flexible labour market so it's normal for jobs to be created as quickly as they were destroyed." "Blinkers are very in this season," said sparrow13 . And of course, like a certain airline, banks and bankers remain very out this season. Take the news that the 300-year old tradition of paying by cheque is on the way out. "If the banks want it then I am against it," said Erdington . "So what if under 20s have never heard of a cheque, the people that do use them want to keep them around, it's those people's voices that ought to count the most," added whatwedoissecret . "Most under 20s have never heard of the vote either, doesn't mean we should get rid of it..." reasoned CaptSensible . Hmmm mused dh48 . "So having had it drummed into us for several years now that for the sake of security we must NEVER give anyone our bank details, and must shred every piece of paper we possess which has those details on it, we are now going to have to... "... give everyone our bank details." News that Dubai has received a $10bn bailout from Abu Dhabi did not go down well either. "So the super-rich bail out the (nearly) super-rich, while the rest of us work harder for less," wrote delphinia . "I can't find the words to express my disgust at this whole vilely wasteful extravaganza." It is not enough, said GolemXIV . "That money is stalling money. "Dubai also owe Japanese contractors somewhere between $4 and $15B in unpaid work on the Metro system. That's on top of what the papers here have talked about and in addition to the delinquent debts of Dubai's energy companies (those which produce electricity). "Recovery? Oh, you bet!" It's not looking too good anywhere, according to publunch : "Scheduled shutdowns, strikes, bankruptcy, winter weather, security problems, "I'm not travelling further than I can walk until spring." Only 'til spring? Will that be long enough? Keep them coming. British Airways Airline industry Trade unions Unemployment and employment statistics Cheques Teena Lyons guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Public sector borrowing: what the econom... Public sector borrowing: what the economists say
12/18/2009
Official figures showed public borrowing soared to £20.3bn last month James Knightley at ING The UK's public finances have deteriorated further in November, but not as badly as the market had feared. Nonetheless, public sector net debt rose to 60.2% of GDP, a new modern record. Certainly the better labour market data is helping the government finances and a return to growth will further help moderate the rate of deterioration. However, the deficit is still likely to exceed 13% of GDP this fiscal year, which will necessitate further fiscal policy tightening. In turn this will constrain the UK's growth prospects. Colin Ellis at Daiwa Tthe latest public finance data revealed that public sector net borrowing (PSNB) was a smaller-than-expected £20.3bn in November, and also that borrowing in October was revised down slightly to £10.2bn. While November's £20bn figure is the biggest monthly number for this financial year, November and December tend to be big deficit months. And, adding up PSNB in this financial year to date, Chancellor Darling is currently well on course to meet his £178bn borrowing forecast in the PBR. As such, he is likely to take some comfort from today's figures. Jonathan Loynes at Capital Economics November's public finances figures will do little to ease concerns about the UK's fiscal position following the chancellor's inaction in the pre-budget report. PSNB totalled £20.3bn in November, a touch below the consensus forecast but still the highest November figure on record. This left a cumulative figure for the first nine months of the year of £106.4bn, compared to £49bn at the same stage of last year. The trend should be improved in the next few months by the renewed rise in VAT in January. But we suspect that the risks to Mr Darling's PBR forecast of a full-year total of £170bn (on this definition of borrowing) are still on the upside. Elsewhere, there is better news in the upward revision to business investment in Q3, which now shows a q/q drop of 0.6% compared to 3% before. This could be enough to add 0.2% to the estimate for Q3 GDP growth in next week's national accounts, leaving a fall of just 0.1%. But the big picture is still that the economy is operating way below its trend level of output. Karen Ward at HSBC After a large upward surprise to borrowing last month, public sector borrowing was lower than expected in November at £20.3bn. There was also a downward revision to borrowing last month to £10.2bn from £11.4bn. Overall we think we are on track to see total borrowing of £160bn in FY09/10 which is lower than the chancellor projected at last week's PBR. Howard Archer at IHS Global Insight At £20.3bn, the November public sector net borrowing requirement is the highest monthly figure on record. The only consolation was that it was less than feared and there were signs that the rate of deterioration in the public finances is slowing as the economic downturn eases. Consequently, the chancellor could achieve the PSNB of £178bn in 2009/10 that he forecast in last week's pre-budget report. Nevertheless, there is still a pressing need on whoever is chancellor after next year's general election to be much more transparent on public spending cut details and he will also almost certainly have to announce further cuts and tax rises in order to win credibility over the long-term recovery of the UK public finances. The pre-budget report left many questions unanswered and if the next government fails to address them at an early stage, it is likely that the credit agencies and the markets will lose patience with dire consequences for the UK economy. Government Borrowing Public finance guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Mortgage lending falls by 10% Mortgage lending falls by 10%
12/18/2009
Mortgage lending slump typically seen this time of year is 'a little larger' than normal, the CML says Mortgage lending fell by 10% during November as the market suffered its traditional seasonal slowdown, figures showed today. A total of £12bn was advanced during the month, down from £13.3bn in October and 14% less than in November last year, according to the Council of Mortgage Lenders (CML). The group said a modest decline was typically seen between October and November, although the 10% fall was "a little larger" than normal. But it added that market conditions were holding steady and it did not expect much change during the coming months. The CML's economist, Paul Samter, said: "There could be a modest decline in underlying house buying activity in early 2010 due to the stamp duty holiday ending, with activity 'bunching' over the last few months of 2009. "But seasonal factors are likely to be the dominant driver over the next few months." Samter said it had become slightly easier for borrowers to get mortgages in recent months, including those looking for high loan-to-value (LTV) deals. But he added: "There is no sign of a swift recovery in lending volumes, especially with remortgaging set to remain at subdued levels while low interest rates persist." The mortgage market has picked up since reaching a nadir in February, when total lending slumped to £9.9bn. Rebounding house prices have encouraged would-be buyers into the market and lenders have started to loosen their lending criteria in recent months, reintroducing some of the 90% LTV deals that had been pulled from the market earlier this year. However, the best deals are still targeted at those with the largest deposits to put down, making it difficult for first-time buyers to enter the market. A flow of housing stock on to the market in the new year could bring an end to recent house price rises ( Halifax reported a 1.4% increase in November ) and put the mortgage market into reverse again. Remortgage activity is also likely to remain low unless there are signs that interest rates could start to go up again. Since the first rate cut last October, remortgaging has dropped off a cliff as borrowers have found it cheaper to stay on their lenders' standard variable rates than to move to a new short-term deal. In addition, some of those who do want to switch lender are finding it difficult to move as a result of the tightening in lending criteria since they took out their original loan. Figures from the CML for October showed the number of remortgages advanced by lenders was down 52% year-on-year. Mortgages Property Mortgage lending figures guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Barclays leads banks lower but FTSE 100 ... Barclays leads banks lower but FTSE 100 recovers ground
12/18/2009
Banking shares continue to come under pressure again on fears of further capital raising, following yesterday's recommendations from the Basel committee. Barclays is down 2.7p at 271.15p while Royal Bank of Scotland has fallen 0.16p to 30.58p and Lloyds Banking Group is 0.01p lower at 51.09p. The concern - not just for UK banks either - is that the Basel report on banking supervision may mean the institutions having to beef up their capital with new fundraising proposals. And we've been through that - investors are not likely to be happy if they have to cough up cash again. Bank of America/Merrill Lynch's Japanese analysts summed up the proposals: [The Basel committee's] key proposals are to tighten capital adequacy requirements, and introduce a leverage ratio, capital buffers that can be drawn upon in periods of stress, and minimum liquidity standards that include a 30-day liquidity coverage ratio. The committee also said it will put in place appropriate phase-in measures and grandfathering arrangements for a sufficiently long period to ensure a smooth transition to the new standards. We presume such measures would still allow preferred stock or deferred tax assets to be included in the definition of common equity for a certain period of time, or postpone some of the new standards to later than end-2012. There was also no mention of a fixed timeframe for the phase-in measures. How these measures are viewed will be a key point for bank stocks, but that is not to say that the risk of new share issuance has been eliminated. Closer to home Jonathan Pierce at Credit Suisse repeated his caution on the UK banks following the Basel news: The overall impact cannot be ignored and compounds our view that capital pressures are far from over. We continue to believe that, on balance, the three domestic banks can manage their capital position over the next few years through retentions rather than capital issuance, but it could be tight particularly if the economy experiences a further downturn next year. At the very least, we believe dividends are largely off the table over the next three to five years. We would therefore retain our cautious stance despite current deflated share prices. But he also comments on the Bank of England's overnight report which seems to imply further capital raisings. Pierce said: Our main takeaway from the [Bank of England financial stability] report was that the sector is in a better place, but that banks should use improved confidence to raise further capital and funding, despite the associated cost or dilution of doing so. As it says, "By deferring action because of the short-run costs of raising extra capital and long-term funding, banks would perpetuate balance sheet fragilities." Meanwhile JP Morgan has raised its target price on Lloyds from 40p to 44p but kept its underperform recommendation. This seems to have limited some of the damage to Lloyds share price compared to some of its rivals. But despite the banking sector weakness - and UK government borrowing climbing to a new record level in November - the market has recovered from earlier falls. It has passed the notoriously volatile Triple Witching where stock index futures, index options and stock options all expire together, and come out the other side ahead of the game. The FTSE 100 is now up 67.02 points at 5284.63. Ahead of the expiration Joshua Raymond, market strategist at City Index, said: Triple Witching Day is always viewed by investors with a degree of apprehension as it can cause some fairly ferocious spikes in prices and indeed we have already seen elements of this already. Barclays Lloyds Banking Group Royal Bank of Scotland 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)

• UK public borrowing soars to new record ... UK public borrowing soars to new record high
12/18/2009
Government borrowing swelled to £20.3bn last month, taking Britain's net debt to 60.2% of GDP, official figures show Britain's budget deficit ballooned to a record £20bn for the month of November alone, taking the country's net debt to 60.2% of GDP, the highest figure in the post-war period. Last week Alistair Darling revised up his prediction for government borrowing this fiscal year to a hefty £178bn from £175bn, or nearly 13% of national income, although some economists fear the total in the year to next April could still exceed even that level. The public finances have been wrecked by the combination of the recession, which has pushed up spending on welfare as unemployment has surged and as the financial crisis has clobbered tax receipts from the City, which were huge. The Office for National Statistics said public sector net borrowing rose to £20.3bn last month, the highest for any month since records began in January 1993, although that was less than City economists had expected. Net debt rose to £845bn, up from £706bn a year ago and equivalent to 60.2% of gross domestic product and way above the 40% level the government considered its ceiling before the recession came. If the bank bailouts, which added some liabilities to the public sector balance sheet, are excluded, however, the national debt is closer to 50% of GDP. VAT is to rise on 1 January, to 17.5% from 15%, which will bring in some extra revenue, but yesterday's retail sales figures suggested consumer spending is weakening, which could crimp extra income for the Treasury. Figures this week showing a small fall in the claimant count measure of joblessness will also help, say analysts. "Certainly the better labour market data is helping the government finances and a return to growth will further help moderate the rate of deterioration. However, the deficit is still likely to exceed 13% of GDP this fiscal year, which will necessitate further fiscal policy tightening. In turn this will constrain the UK's growth prospects," said James Knightley, economist at ING Financial Markets. Colin Ellis at Daiwa Securities thought the figures meant the chancellor probably would meet the £178bn target set in last week's pre-budget report, especially as the October deficit figure had been revised down slightly by the ONS. "As such, he is likely to take some comfort from today's figures," he said. He was concerned, though, by separate data from the Bank of England showing that headline M4 money supply growth stagnated last month – its weakest performance since June and one which suggested that the Bank's £200bn of quantitative easing (QE) had yet to have much effect on money-supply growth. "At face value the figures still suggest that QE is having little impact on broad money and credit in the real economy. [The Bank] may be (not so) quietly confident – but all I want for Christmas is a Plan B in case QE doesn't work." The ONS also revised up earlier estimates for business investment in the third quarter of the year to -0.6% from -3%. Economists said this made it likely that next week's revised data for third quarter GDP would be revised up, possibly to around -0.1%, from the -0.3% estimate it gave last month. Government Borrowing Public finance Economic policy Economics Julia Kollewe Ashley Seager guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Ryanair halts talks about 200 aircraft Ryanair halts talks about 200 aircraft
12/18/2009
Budget airline reins in expansion strategy and will hand money saved back to shareholders Ryanair has pulled out of talks with Boeing for an order of 200 aircraft and will scale back investment in planes from 2011. The move is seen as a sign that the era of rapid growth in budget airlines and their fleets is coming to an end. Ryanair boss Michael O'Leary had previously threatened to ditch his ambitious expansion plans if he could not agree a deal with Boeing by Christmas – and hand the money saved to shareholders instead. While Ryanair and Boeing were able to agree on pricing, the Irish carrier terminated the negotiations because the American plane-maker wanted to change delivery conditions. O'Leary said: "Ryanair has made clear to Boeing that we will not order aircraft if we believe that either the pricing or the other contractual terms and conditions will be inferior to those which we currently enjoy, as this would not be a wise or sensible use of shareholders' funds." The breakdown of talks will not affect Ryanair's planned delivery of 112 Boeing aircraft during the next three years. It is also scheduled to take delivery of 48 planes next year. But it will now bring forward plans to "significantly" reduce growth and capital expenditure, in order to hand back money to shareholders between 2012 and 2015. "We have no plans to reopen discussions with Boeing or any other aircraft manufacturers," O'Leary said. "Instead we will focus our efforts on maintaining Ryanair's strong traffic and new route growth into 2010 and we look forward to briefing shareholders in the first quarter of the new year with a revised strategy, which will comprise much reduced capital expenditures through 2011 and 2012, thereby generating substantial surplus cash balances for distribution during the period 2012-2015." He did, however, strike a conciliatory note by saying "perhaps in future there may be other opportunities for Ryanair and Boeing to work together to our mutual benefit during the period from 2013 onwards". The founder of rival Easyjet, Sir Stelios Haji-Ioannou, said: "I'm delighted that Michael O'Leary now accepts what I've been saying for over a year – the era of endless fast-growth and ever larger aircraft fleet is near its end. Low-cost airlines are now the mainstream way to fly in Europe. As such, it's getting difficult to find significant new passenger traffic which is profitable." He added: "Using shareholders funds to finance profitless growth by buying more and more aircraft from Boeing and Airbus is no longer acceptable. I look forward to companies like ours becoming 'normal' and starting to pay dividends." Arbuthnot analyst Gerald Khoo said: "The challenge faced by Ryanair is how it delivers earnings growth when its capacity growth slows or ends. Given the already low cost base, further significant unit cost savings will be difficult to deliver. Average fares would no longer be diluted by the discounting associated by new routes and rapid growth. "However, with stable unit costs and stable capacity (and assuming a stable capital structure), average fares would have to increase in order to generate earnings growth in the long term." Ryanair Boeing Airline industry Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• London Underground's PPP overhaul deal e... London Underground's PPP overhaul deal edges nearer collapse after funding verdict
12/18/2009
• City transport bosses and Tube Lines face shortfalls • Commuters may fill £400m gap or upgrades may be cut The future of the public-private partnership to upgrade key parts of the London Underground is in the balance following a draft ruling that saddled the last remaining contractor, Tube Lines, with a £1.35bn funding gap. Upgrades to the Northern and Piccadilly lines could be delayed as a result of the preliminary verdict by Chris Bolt, the regulator overseeing 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 gap of £1.35bn. But Bolt's figure is bad news for both sides, because London Underground estimated that the work would cost just £4bn - leaving LU with the choice of finding £400m worth of savings, or cutting £400m of upgrades out of the programme. The London mayor, Boris Johnson, called the PPP a "shambles" yesterday as he warned that Tube Lines could go the same way as Metronet, the main PPP contractor, which collapsed two years ago. "It's been a complete shambles from the moment it was conceived," he said. "It was basically a completely incompetent way of devising a great public works project because it gave us in London Underground absolutely no ability to bear down on the costs and to know really what was happening." C aroline 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," she said. Richard Parry, acting head of LU, said that cutting back work to provide faster and more frequent services on the busiest parts of the network was not an option. "Whatever this gets to, it cannot be about reducing that scope," he said. Insiders said the announcement posed serious questions about Tube Lines' viability. It is co-owned by the US project management firm Bechtel and the UK company Amey, a subsidiary of Spain's Ferrovial, the majority shareholder in airport owner BAA. David Begg, chairman of Tube Lines, said LU management was openly trying 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 £4.4bn - which Begg believes can be done - while trying to find a new chief executive. Dean Finch announced yesterday that he was joining National Express as chief executive. Andrew Cleaves, Tube Lines's commercial director, warned that the work would cost taxpayers an extra £1bn if it was taken over by LU. "We are cheaper, better and safer than LU across the board," he said. LU's Parry denied that his publicly owned organisation was deliberately attempting to shut down Tube Lines. He said: "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 its failure to deliver an upgrade of the Jubilee line on time. This featured in Bolt's cost estimates, as he claimed that upgrade work on the Northern line upgrade would have begun sooner had the Jubilee work gone to plan. It also emerged that Tube Lines would have struggled to survive if Bolt had yesterday ordered the company to raise £400m in further debt in order to pay for the 2010-17 programme. It is understood that Tube Lines cannot borrow more money due to difficult market conditions and that an order to raise more finance could have crippled the company. Both sides must reach an agreement by next July, when the programme officially begins . London politics Transport Transport policy London Hélène Mulholland 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)

• Banking exodus 'a price worth paying', B... Banking exodus 'a price worth paying', Bank of England official says
12/18/2009
• Andy Haldane said City reform should not be delayed • Poll: do you agree with Haldane's assessment of an exodus? A senior Bank of England official says that bankers moving overseas to avoid the bonus supertax could be a price worth paying to achieve lasting reform of the sector. Andy Haldane, the bank's head of financial stability, also said that banks had become too big and was sharply critical of a culture where bankers could take huge risks in the knowledge that the taxpayer would bail them out. In an interview with the BBC World Service, Haldane said: "Some of the downsides of carrying around a big financial system are now evident to all. "If some of that were to migrate overseas that would be unfortunate but given the costs of carrying that financial system around, it may be a price worth paying." His comments underline the gulf between Threadneedle Street and the City over how to deal with the fallout from the financial crisis. In the Bank's financial stability report published today, officials stepped into the row over bonuses by calling for banks to build up their capital rather than making large payments to staff as many are expected to do despite the sector being bailed out by the taxpayer. Earlier this year the governor, Mervyn King, suggested that the largest banks should be split in two in order to separate the retail part from the high risk investment bank divisions. Haldane said that the effort to reform the City should not be delayed. "It's true that the lobbying effort of the financial sector should not be under-estimated. Equally, the way to beat that back is by appealing to logic and to evidence. Disputing the argument used by bankers that they need to be big to compete globally, he said: "There is not so much as a scintilla of evidence of bigger being better in banking .... A lot of the noise around that really is rhetoric," he said. "So in most industries we do think that bigger and wider delivers a better product for the end user. I think in banking the evidence on that is close to non-existent." "And we do know at the same time that bigger certainly isn't better when the going gets tough. Bigger during this crisis has meant bigger bailouts not better bailouts." Haldane also spoke about what he described as a "Doom Loop" where banks take risks knowing that the state would bail out the sector because it was too important to be allowed to fail. "It's a loop we've been round repeatedly over the last 200 years which is that every time we have one of these events, the public sector has ridden to the rescue, it has written the cheque. "And that has rather fortified the financial sector to double their bets for next time which means that when next time comes the cheque needs to be that much bigger ... It will be a long-run battle." Executive pay and bonuses Bank of England Banking Martin Farrer guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Court blocks Christmas strike by BA Court blocks Christmas strike by BA
12/18/2009
The Unite union warned last night that the threat of strike action was not over for British Airways passengers, after the high court ruled a planned 12-day strike by cabin crew unlawful. The decision by Mrs Justice Cox appeared to side with a public increasingly hostile to the prospect of what would have been the longest walk-out in BA's history, when she said: "A strike of this kind over the 12 days of Christmas is fundamentally more damaging to BA and the wider public than a strike taking place at almost any other time of the year." But Unite's leaders, Derek Simpson and Tony Hadley, last night wrote to cabin crew to say the dispute was not settled. The letter said: "BA must accept that there can be no resolution except through negotiation, failing which there will inevitably be a further ballot for industrial action. "Given the clear mood of cabin crew about management's imposition of changes on their working lives, the spectre of further disruption to the company's operations cannot be removed. Only a negotiated agreement can do that." The court ruling means 910,000 passengers booked on BA flights between 22 December and 2 January will not face disruption. Union sources said last night they did not expect wildcat walkouts by the 12,700 cabin crew who had supported industrial action in a strike ballot. There appears to be limited support for further action within Bassa, the Unite branch that represents 12,700 cabin crew. A source within Bassa said that morale was low after the ruling, with members questioning how a year of negotiations which led to a ballot for strike action had left any legal loophole for BA to exploit. BA said it was delighted by the decision while Unite, which organised the ballot, said it was a "disgraceful day for democracy". It said it would poll members again for industrial action after Christmas. A second ballot would take at least a month to organise. Unite had considered delaying the announcement of a walkout earlier this week after receiving warnings from BA executives that the vote was invalid. The high court confirmed those fears by granting BA's request for an injunction against the strike after about 900 cabin crew were balloted despite taking voluntary redundancy, which meant they would not be working for the airline at the time of any industrial action. Cox ruled that the balloting error breached the 1992 Trade Union Act. There were gasps of relief from the court's packed public gallery when she delivered her verdict late yesterday afternoon. Several BA pilots there – who have agreed to take a pay cut along with most of BA's staff – congratulated Bruce Carr QC, representing the airline. They also shook the hand of a jubilant Denise Kingsmill, a non-executive director of BA, who had accompanied the airline's legal team. BA insiders said the cabin crew's planned action had attracted hostility from colleagues resentful that they were holding the loss making airline hostage when most other BA staff had agreed to take pay cuts. Unite says BA's cut in the number of cabin crew on long-haul flights from 15 to 14 is a breach of contract. Derek Simpson, joint general secretary of Unite, sat visibly shaken as Cox rejected Unite's case point by point. Speaking on the steps of the high court afterwards, he said Unite would reballot its members. "Even if we made mistakes [in the ballot process] we will fight back for our people," he said. Asked if there was any chance of reaching a compromise deal with BA to ward off any further action, he replied: "Judged on the meetings I've had with them, there's not a cat in hell's chance." BA said after the verdict: "It is a decision that will be welcomed by hundreds of thousands of families in the UK and around the world." The airline faced losing up to £30m a day if the strike had gone ahead. Industrial relations experts said Unite might struggle to secure a second big mandate from members for industrial action. A number of cabin crew questioned the length of the planned strike and Simpson had said earlier this week that it was "probably over the top". Andy Cook, chief executive of Marshall-James, an industrial relations consultancy and former human resources director at Gate Gourmet during its own dispute with BA, said: "Unite will find it very difficult to mobilise people again and get the same level of support. BA will be happy to have taken the sting out of Unite's campaign." Unite wrote to cabin crew last night and said the "judgment granting British Airways an injunction to deny you the right to take the industrial action you overwhelmingly balloted for is a disastrous day for democracy. "It underlines once again the extent to which the law is tilted against the rights of the ordinary person at work, and how a determined employer with effectively unlimited resources can frustrate your fundamental right to withdraw your labour as a last resort to ensure your voice is heard." Unite's leadership was dissuaded from postponing the strike date announcement by representatives from Bassa, the union's cabin crew branch, who were keen to put momentum behind a 92% vote in favour of strike action. But there was some regret for passengers who had spent hundreds and, in some cases, thousands of pounds booking alternative flights. Because the union does not have a duty of care towards passengers, they have no right to sue the union, said Mark Meryon, industrial relations partner at the law firm Bircham Dyson Bell. "The threat of a strike is not enough to trigger a liability," Meryon said. BA's ability to sue the union was also limited, he added. British Airways Trade unions Air transport 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)

• Commercial property values 'may plummet' Commercial property values 'may plummet'
12/18/2009
Bank of England report says empty properties and falling prices could lead to panic selling and loan defaults The Bank of England has warned of a vicious circle of panic-selling of commercial property by banks, potentially triggering a ruinous double dip in values. There is also a risk that worsening economic conditions will lead to widespread loan defaults by UK real-estate companies. Commercial property prices have already fallen 50% from the market's peak in July 2007. Some so-called prime assets have recovered in the last six months. But the Bank suggests today that the recovery could be short-lived. In its biannual Financial Stability Report , the Bank notes that vacancy rates have risen sharply to 12.6% – up 3.6% in the year to October. At the same time, rents have fallen sharply, leading to plunging income for property firms and raising the possibility of more of them failing to repay loans. The banks' need to refinance loans worth £160bn is just as serious a concern. Outstanding commercial property loans reached over £250bn at the end of September – six times higher than in 1999. Banks have so far held back from selling real-estate assets they have inherited due to covenant breaches or clients going bankrupt. Fear of crystallised losses have meant banks even delaying the revaluation of properties to protect prices, according to the Stability report.Banks holding commercial mortgage-backed securities will be caught in a "possible" rise in impairments. Loan defaults, warns the Bank, will lead to "the probability of rating downgrades across the capital structure ... increasing associated capital requirements" and a new wave of mark-to-market trading book losses for banks. Senior property executives expect increased sales from banks in 2010. However, the structure of many loans which have been securitised with different tranches of creditors, will complicate decision-making by banks. In addition, many of the "secondary" assets are so far underwater that banks will still be reluctant to sell outright, preferring to form long-term, profit-sharing joint ventures with developers. Commercial property Banking Bank of England Recession Nick Mathiason guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Chrysalis boosted by Jackson demand Chrysalis boosted by Jackson demand
12/17/2009
Music publisher makes small profit after loss last year Demand for Michael Jackson's music following the singer's death in the summer helped boost annual revenues for the music publisher Chrysalis, which has the rights to some of his songs, including Thriller and Off the Wall, through writer Rod Temperton. The company said that its current financial year should also benefit from releases by Estelle, Robbie Williams, the Black Eyed Peas, Jay-Z and Cheryl Cole. Chrysalis will also receive cash from the digitally remastered Beatles catalogue released in late September, as it holds the master rights for producer George Martin. In the year to the end of September, the firm, which has a back catalogue that includes Blondie and David Bowie, saw revenues from music publishing increase by £6.4m to £36m. It made a small profit of £500,000, which analysts at Numis Securities said was better than expected. Photograph: Tim Mosenfelder/Getty Music industry Michael Jackson guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Strikes hit Greece as debt crisis grows Strikes hit Greece as debt crisis grows
12/17/2009
Protests in capital at government attempts to reduce deficit The financial turmoil engulfing Greece intensified today as thousands of workers backed by militant trade unions went on strike, and international confidence in the economy plummeted following a second downgrading of its creditworthiness in as many weeks. In a sign of the mass resistance the socialist government can expect, Greeks took to the streets to protest at austerity measures that the EU deems crucial if the country is to avoid financial collapse. Prime minister George Papandreou announced the spending cuts on Monday in an attempt to calm markets after ratings agency Fitch downgraded the country's debt. Greece, he said, risked "sinking" if it failed to rein in its public sector deficit, projected to swell to 12.7% of GDP this year, and €300bn (£266bn) debt. Communist organisations, capable of mobilising thousands of people, denounced the measures. Marching on the Greek parliament, protesters shouted "Don't forget your promises George," referring to the pledges made by his party before being voted into office in October. "The rich should pay for the crisis." Unemployment figures also soared today and Greece's debt and bank stocks were pounded further. The prospect of social unrest wrecking long-overdue structural reforms prompted another ratings agency, Standard & Poor's, to cut Greece's creditworthiness to BBB+ from A minus late on Wednesday. Echoing other critics who remain unconvinced by the deficit-cutting measures announced by Papandreou, the agency said they were unlikely to achieve a sustainable reduction in the country's debt burden. With Greece set to become the eurozone's most indebted member next year, the effect of the downgrade was immediate: today, the risk premium on 10-year government bonds over benchmark German bunds hit its highest level since April. Although the socialists have vowed to reduce the deficit to below 3% by 2013, the level permitted under eurozone rules, Brussels has made clear that it wants to see more concrete measures. Fellow EU members and credit ratings agencies have urged Greece to follow the example of Ireland, which is also struggling with a huge public sector deficit, by cutting public sector pay and welfare benefits. Papandreou insists extra revenues can be raked in by cracking down on "core problems" starting with corruption, tax evasion and public sector waste. Europe Government Borrowing Financial crisis Greece Helena Smith guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Moulton's Better flotation yields £142m Moulton's Better flotation yields £142m
12/17/2009
• Capital to be used for turn around struggling companies • Moulton's personal stake of 10.5% now valued at £14.9m One of the country's most respected private equity figures, Jon Moulton, today successfully raised £142.4m by floating his new company Better Capital on London's Alternative Investment Market. The successful float is vindication of Moulton's shock decision last September to leave Alchemy Partners , the private equity firm he founded following a public disagreement over strategy with Dominic Slade, the man he anointed as his heir. Moulton will invest the capital in turning around companies in financial difficulties and his first deal is expected imminently. Deals will be in the range of between £5m to £25m. The float values Moulton's 10.5% personal stake at £14.9m. Ruffer Investment Management, the investment fund run by John Ruffer, is the largest investor. Ruffer, who like Moulton called the recession early and has close links to hedge fund tycoon Crispin Odey, has taken a 29.5% stake in Better Capital. Other investors in Better Capital include BlackRock, Scottish Widows and Aviva. Moulton, with characteristic wryness, declared: "The day started reasonably. This completes a fairly concentrated eight weeks of hard work. It's a good amount and the next stage is to invest in what could be a very profitable market." Moulton is scouring for firms across all sectors. "This really ought to be the time to do this," he said. "There's limited competition." In recent days, Kelso Place Asset Management also succcessfully completed a multimilllion pound fundraising to invest in undervalued companies. Moulton has in recent years become one of the country's most outspoken businessmen. His long-held belief about the unsustainability of the leveraged private equity boom and the danger to global financial stability of complex derivatives won him new-found renown. His reputation, in effect, was turned around as Moulton was famously portrayed as a private-equity hate-figure when he attempted to buy Rover from BMW eight years ago. He lost out to a consortium of businessmen, the now infamous "Phoenix Four" whose tenure saw a "black hole" develop in Rover's pension fund and the company shrivel before the rump of it was sold to the Chinese. Many people believe Moulton, who had a viable plan to ensure the long-term health of Rover as a British manufacturer, albeit with a reduced workforce, was unfairly treated by the government. Stephen Byers, the minister then dealing with Rover, took pleasure in seeing his bid defeated. Moulton hit back by saying anything Byers touched that had wheels, be it Rover or Railtrack, failed ignominiously. "Candidly, when they closed the deal, I expected Rover to fail and it did fail in unpleasant circumstances," he once said. Investing Private equity Aviva Rover Nick Mathiason guardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Hedge fund tycoon accused of fraud and r... Hedge fund tycoon accused of fraud and racketeering in row with ex-wife
12/17/2009
SAC Capital founder Steven Cohen also profited from insider trading, says former spouse as she files $300m lawsuit One of America's wealthiest hedge fund tycoons, the SAC Capital founder Steven Cohen, has become embroiled in a spectacular mud-slinging match with an ex-wife who has filed a potentially damaging lawsuit accusing him of racketeering, insider trading and of augmenting his fortune through repeated acts of fraud. A publicity-shy figure, Cohen has an estimated net value of $5.5bn and lives in a 14-acre estate in the affluent Connecticut enclave of Greenwich complete with an ice rink, a two-hole golf course and a private cinema. He is a noted art collector, owning works including Damien Hirst's famous installation of a shark pickled in formaldehyde. His hedge fund, SAC Capital, has grown from a nine-person operation in 1992 to a financial empire with 800 employees and $12.9bn of assets under management. But Cohen's resolutely low-profile style has been challenged by an explosive legal complaint lodged in a New York court by his former wife, Patricia Cohen, who wants $300m of compensation, claiming he lied about his finances in a settlement following the couple's divorce in 1988 after a nine-year marriage. Her lawsuit accuses him of violating a US racketeering act usually used to target organised crime rings. She claims that Cohen has conducted the affairs of his financial empire through "a pattern of racketeering activity involving repeated acts of mail fraud and wire fraud". Mrs Cohen, who had two children with the billionaire, alleges that he hid millions of dollars from her in a complex web of bank accounts and concealed a string of property transactions with a disgraced property manager, Brett Lurie, who subsequently fled to Costa Rica to escape US fraud convictions. She also poses questions about Cohen's trading ethics by claiming that he made "substantial" profits in the mid-1980s from an inside tip-off of a takeover of an electronics company, RCA, by General Electric. When the Securities and Exchange Commission quizzed him about this under oath, Cohen invoked his right to silence under the fifth amendment, his wife maintains. "Cohen's fraudulent concealment of his activities from Ms Cohen was consistent with a pattern of highly secretive conduct that has long characterised his business and personal affairs," says the lawsuit. A spokesman for Cohen brushed aside the court action today, saying: "These are ludicrous allegations made by a former spouse that are entirely without merit." But the all-too-public questioning of Cohen's ethics comes at an unfortunate time for SAC Capital. It emerged earlier this month that the FBI has been investigating allegations of insider dealing at SAC, based on information provided by a key co-operating witness in a high-profile criminal prosecution of another hedge fund boss, the Sri Lankan billionaire Raj Rajaratnam. No charges have been brought. Hedge funds Banking United States 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)

• M&B board reveals shareholder 'threats' M&B board reveals shareholder 'threats'
12/17/2009
Firm reveals details of claims that Leo Capital put pressure on board members to appoint two non-executive directors The besieged board of directors at Mitchells & Butlers has revealed further details of alleged threats they faced from some of the pub group's largest shareholders, in a letter to investors ahead of next month's critical shareholder meeting. The company claims that Leo Capital, one of its major investors, aggressively and repeatedly pressured the M&B board earlier this year to appoint Denis Jackson and Ray MacSharry as independent non-executive directors. Leo Capital, which earlier in the year held 5.6% of shares, allegedly told the board it had the support of M&B's two largest shareholders — billionaire currency trader Joe Lewis with 23% , and Elpida, an investment vehicle for Irish investors JP McManus and John Magnier, with 17.5%. Leo Capital allegedly threatened the board, warning that if the appointments were not agreed it would call an extraordinary general meeting (EGM) in order to push through the two men's appointments on a shareholder vote. For a shareholder to call an EGM, it must have a holding of more than 10%. M&B eventually caved in and the two men were appointed in late August. This month, however, they were ejected from the board in a dramatic purge which also saw the departure of two Joe Lewis lieutenants, amid allegations of boardroom bullying and misconduct which have been referred to the Takeover Panel as part of an official complaint. In a letter sent today to all M&B shareholders, accompanying the group's annual report, the remaining independent directors jointly explained in detail the circumstances leading up to their decision to oust the four non-executives . Of the circumstances surrounding the appointment of MacSharry and Jackson, the letter said: "On 24 June 2009 Leo fund told the company it had prepared a requisition to convene an EGM to propose a resolution to appoint Mr Jackson and Mr MacSharry as directors. Representatives of Leo said they believed that Elpida and Piedmont [Lewis's investment vehicle], who together with Leo held over 40% of the company's shares at the time, would vote in favour of that resolution." The M&B board said, in the face of these threats, it had "little choice but to appoint them". MacSharry and Jackson each signed statements insisting they were entirely independent of any shareholder, though internally MacSharry was assumed by some to be close to Elpida and Jackson to Leo. Richard McGuire, Lewis's leading representative on the M&B board until this month, has dismissed suggestions that Jackson and MacSharry were anything less than "totally independent", though he confirms the issue was hotly debated on the M&B board. "There was a great deal of discussion raised by a number of people on the board about Mr MacSharry, an Irish ex-European Union commissioner, [suggesting] that he was 'close to Elpida because he was Irish' — and I'm quoting that. It was as small-minded as that. A point that was put to Ray MacSharry, which he aggressively denied." M&B's letter to shareholders claims the four ousted directors had "appeared to have a consistent view on a variety of business issues and these views differed from that of the rest of the board". All four threatened not to sign off the full-year accounts at the height of boardroom confrontations, claiming their objection was to the way M&B was valuing its property portfolio. Details of the falling out were set out to shareholders ahead of a showdown annual shareholders' meeting on 28 January, at which investors will get the chance to vote to keep or expel many of the current board , including chairman Simon Laffin. They will also get to vote on resolutions proposed by Lewis calling for the appointment of four new independent directors, led by veteran retailer John Lovering, the former Debenhams chairman. Lovering is understood to be Lewis's preferred candidate to eventually become chairman. 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 morning powerful shareholder governance groups the Association of British Insurers and the National Association of Pension Funds issued a joint statement advising members to recall M&B shares they owned but had loaned out. It said: "Shareholders of Mitchells & Butlers must decide on matters that are critical to the future of the company and it is possible that the voting result may be close. It is therefore important that the result is properly representative of shareholder views. The ABI and NAPF accordingly urge their members not to lend stock in the company ahead of this meeting and to recall any lent stock in a timely manner." 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 (9 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 (1 d 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 (1 d 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 (2 d ago)

• European Stocks Higher; Asian Markets Re... European Stocks Higher; Asian Markets Retreat
12/18/2009
Most Asian markets, fatigued after a massive rally since March, were down about 1 percent or less while the dollar fell against the euro but rose versus the yen. (1 h ago)

• Obama Presses China for Accountability o... Obama Presses China for Accountability on Climate
12/18/2009
In a direct challenge to China, President Obama pushed for a climate change accord to include a way to monitor if countries are complying with promised emissions cuts. (1 h ago)

• Ryanair Drops Order for 200 Boeing Plane... Ryanair Drops Order for 200 Boeing Planes
12/18/2009
The Irish airline Ryanair said Friday that it had pulled out of talks to buy 200 aircraft from Boeing, and would now trim its investment plans starting in 2011. (1 h ago)

• American Engineer Detained for Year in C... American Engineer Detained for Year in China
12/18/2009
An American automotive engineer has been detained by the Chinese police for more than a year on charges of violating trade secrets, according to United States officials. (1 h ago)

• Panel Backs Bernanke for Second Term Panel Backs Bernanke for Second Term
12/18/2009
The 16-to-7 Senate vote, which came after a debate that saw flashes of the populist anger that has erupted amid a sluggish recovery, was not unexpected. (1 h ago)

• A.I.G. Said to Plan Hong Kong Listing fo... A.I.G. Said to Plan Hong Kong Listing for Unit
12/18/2009
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)

• Reuters BreakingViews: Merger Lessons In... Reuters BreakingViews: Merger Lessons In the Oil Patch
12/18/2009
The oil company is acquiring XTO Energy for a price that is more than 30 percent below its June 2008 high. (1 h ago)

• Stocks and Bonds: Dow Slips for a Third ... Stocks and Bonds: Dow Slips for a Third Day, but the Dollar Strengthens
12/18/2009
The dollar climbed to a three-month high against the euro, as equity markets declined on a weaker-than-expected jobs report and concerns over foreign debt. (1 h ago)

• Court Halts Strike at British Airways Court Halts Strike at British Airways
12/18/2009
A British court ruled that the vote for a 12-day strike over Christmas and New Year’s was invalid because it included workers who had already agreed to leave the airline. (1 h ago)

• National Australia Bank Makes $12 Billio... National Australia Bank Makes $12 Billion Bid for AXA Unit
12/18/2009
The offer highlights the eagerness of financial institutions to expand in the fast-growing Asia-Pacific region. (1 h ago)

• Global Panel Proposes Stronger Rules for... Global Panel Proposes Stronger Rules for Banks
12/18/2009
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)

• Shares of FedEx Fall After It Posts a 30... Shares of FedEx Fall After It Posts a 30% Decline in Profit
12/18/2009
FedEx said second-quarter profit fell 30 percent on a 10 percent decline in revenue and issued a disappointing forecast for the current period. (1 h ago)

• Forecast of Economic Activity Rises for ... Forecast of Economic Activity Rises for an Eighth Month
12/18/2009
And a forecast of economic activity rose for an eighth month in November, signaling the economic rebound will continue next year. (1 h ago)

• Japan Central Bank Keeps Interest Rates ... Japan Central Bank Keeps Interest Rates Steady
12/18/2009
Japan’s central bank said Friday it was crucial for the country to beat deflation and it would not accept continued price declines. (1 h ago)

• France Clears 17 Executives of Insider T... France Clears 17 Executives of Insider Trading at EADS
12/18/2009
The decision followed an investigation into assertions that managers knew of problems with the A380 jet when they sold shares. (1 h ago)

• Canada to Sell Reactor Unit of Energy Fi... Canada to Sell Reactor Unit of Energy Firm
12/18/2009
The unit of Atomic Energy of Canada has been a longstanding financial drain on the government. (1 h ago)

• Questions on Security Mar Foreign Invest... Questions on Security Mar Foreign Investments
12/18/2009
Foreign investors’ moves to buy U.S. industrial assets are getting a wary reaction from the Obama administration. (1 h ago)

• At Bank of America, a Chief Steps in Whe... At Bank of America, a Chief Steps in Where Few Can
12/18/2009
Bank of America’s new chief, Brian Moynihan, in many ways has had a career of falling into bigger jobs at the bank when executives were fired or shunted aside. (1 h ago)

• A Break at the Gas Pump A Break at the Gas Pump
12/18/2009
Retailers might be emboldened by the recent trend in gas prices, but the numbers are much higher than a year ago and experts disagree about where prices are heading. (1 h ago)

• Mobile Phones Become Essential Tool for ... Mobile Phones Become Essential Tool for Holiday Shopping
12/18/2009
Using powerful software applications on their smartphones, consumers can search for bargains across a range of retailers. (1 h ago)

• Ernst & Young Settle SEC Charges Ernst & Young Settle SEC Charges
12/18/2009
Accounting Firm to Pay $8.5 Million in Connection with Alleged Fraud at Bally Total Fitness (1 h ago)

• Video: Seniors Use Mexico Health Care Video: Seniors Use Mexico Health Care
12/18/2009
As some American senior citizens find it difficult to afford health care, many have moved to Mexico as an alternative for treatment and medicine. Kelly Cobiella reports from the town of Manzanillo. (1 h ago)

• France Clears EADS Execs of Inside Tradi... France Clears EADS Execs of Inside Trading
12/17/2009
Executives and Shareholders Were Suspected of Knowing about Problems with Airbus before Selling Stock (59 m ago)

• In Reversal, Treasury Keeps Stake in Cit... In Reversal, Treasury Keeps Stake in Citi
12/17/2009
Treasury Department Had Planned to See 34 Percent Stake in Citigroup; Changes Mind After Stock Offer by Bank Goes Badly (5 h ago)

• Credit Unions Better Than Banks for You? Credit Unions Better Than Banks for You?
12/17/2009
Vera Gibbons Has All You Need to Know if You're Mulling Making the Switch (6 h ago)

• Senate Panel Clears Bernanke Nomination Senate Panel Clears Bernanke Nomination
12/17/2009
Fed Chief Will Remain in Post for Another 4 Years (6 h ago)

• Economic Outlook up for 8th Straight Mon... Economic Outlook up for 8th Straight Month
12/17/2009
Leading Indicator Index Rises 0.9 Percent in November, Beating Analyst Expectations (6 h ago)

• Jobless Claims Unexpectedly Rise to 480K Jobless Claims Unexpectedly Rise to 480K
12/17/2009
Jump in Newly Unemployed Signals Continued Uncertainty in Labor Market (8 h ago)

• Video: Who to Tip this Holiday Season Video: Who to Tip this Holiday Season
12/17/2009
Harry Smith spoke with financial analyst Ray Martin about the rules of holiday tipping. (9 h ago)

• Can Domino's New Pizza Deliver on Taste? Can Domino's New Pizza Deliver on Taste?
12/17/2009
Recipe Change for Number One Pizza Delivery Chain Aims to Put Away the Competition (9 h ago)

• States Address Immigrant Wage Theft States Address Immigrant Wage Theft
12/17/2009
Crackdowns Increase on Employers who Pay Less than Minimum Wage and No Overtime (10 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 (16 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 (18 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. (23 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. (1 d 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. (1 d 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 (1 d 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" (1 d 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 (1 d 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 (1 d ago)

• BofA’s new CEO faces tough job in year a... BofA’s new CEO faces tough job in year ahead
12/17/2009
In two weeks Brian Moynihan will take on what is sure to be the toughest job of his career: Running the nation's biggest bank. Bank of America - Business - Financial Services - Banking Services - Banks and Institutions (49 m ago)

• ‘Bad boy’ clauses can sink Woods, other ... ‘Bad boy’ clauses can sink Woods, other stars
12/17/2009
As Tiger Woods' personal life continues to get heavy public scrutiny, "morality clauses" presumed to be in his multimillion-dollar marketing contracts are now the topic of discussion too. Tiger Woods - Marketing - Tiger - Mammals - Business (3 h ago)

• Senate panel approves Bernanke nominatio... Senate panel approves Bernanke nomination
12/17/2009
A Senate panel on Thursday approved the nomination of Federal Reserve Chairman Ben Bernanke to run the U.S. central bank for another four years. Ben Bernanke - Central bank - Chairman of the Federal Reserve - Senate - Government (4 h ago)

• Pepsi not advertising in Super Bowl next... Pepsi not advertising in Super Bowl next year
12/17/2009
Pepsi will not advertise its drinks in next year's Super Bowl, ending a 23-year run so the company can focus on a new marketing effort that will appear mostly online. Advertising - Super Bowl - Marketing - Business - Pepsi (6 h ago)

• U.S. has second thoughts about Citi stak... U.S. has second thoughts about Citi stake sale
12/17/2009
In a striking reversal of its attempts to unwind the government's financial stakes in big banks, the Treasury Department has backed out of plans to sell its 34 percent stake in Citigroup Inc. Citigroup - Stock - Business - Investing - Stocks and Bonds (6 h ago)

• BofA selects internal candidate for CEO BofA selects internal candidate 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 (22 h ago)

• Sponsored By: Sponsored By:
12/17/2009
(22 h ago)

• 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 (22 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 (1 d 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 (1 d 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 (1 d 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 (1 d 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 (1 d 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 (1 d ago)

• Sponsored By: Sponsored By:
12/15/2009
(2 d ago)

• 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 (2 d ago)

• Newest credit card trick? 79.9 percent i... Newest credit card trick? 79.9 percent interest
12/18/2009
A credit card with 79.9 percent APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. (1 h ago)

• Early ‘Boston Market’ restaurateur dead ... Early ‘Boston Market’ restaurateur dead at 52
12/18/2009
Arthur Cores, the co-founder of a small Boston-area chicken restaurant that eventually became the Boston Market chain, has died. He was 52. (1 h ago)

• Dungeons & Dragons fight: Hasbro vs. Ata... Dungeons & Dragons fight: Hasbro vs. Atari
12/17/2009
Toy maker Hasbro has sued video game company Atari over its license to make video games based on Hasbro's Dungeons & Dragons role-playing games. (9 m ago)

• Stocks slide after jobless claims rise Stocks slide after jobless claims rise
12/17/2009
A stronger dollar and disappointing corporate news muscled stocks lower over concerns that the economy will struggle to recover. Major stock indexes slid more than 1 percent. (1 h ago)

• U.K. court: British Airways can bar stri... U.K. court: British Airways can bar strike
12/17/2009
Britain's High Court delivered an early Christmas present to around one million travelers by granting British Airways an emergency injunction to stop a 12-day strike by its cabin crews. (3 h ago)

• Tough times seem to benefit General Mill... Tough times seem to benefit General Mills
12/17/2009
Cereal for dinner? It's a tough reality for some cash-strapped people. (3 h ago)

• Walmart.com boss sets his sights on Amaz... Walmart.com boss sets his sights on Amazon
12/17/2009
With a week to go before Christmas, division CEO Raul Vazquez says Walmart.com's holiday sales are growing two or three times faster than Web sales overall. (3 h ago)

• Natural gas surges on record supply drop Natural gas surges on record supply drop
12/17/2009
Natural gas prices jumped after the government reported that supplies fell by the largest amount ever for this time of year as frigid weather chilled parts of the Midwest and Northeast. (4 h ago)

• NYT: Taxpayers at risk with mortgage gia... NYT: Taxpayers at risk with mortgage giants
12/17/2009
Even as the biggest banks repay their government debt in what is being heralded as a successful rescue program, four giants of the financial world remain on government life support. (7 h ago)

• Latest data points to slow recovery in 2... Latest data points to slow recovery in 2010
12/17/2009
The number of newly laid off workers filing claims for unemployment benefits unexpectedly rose last week as the recovery of the nation's battered labor market proceeds in fits and starts. (7 h ago)

• 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. (1 d ago)

• Executive to Become Adviser to the Chief... Executive to Become Adviser to the Chief of CBS
12/18/2009
Nancy Tellem, who helped CBS introduce shows like “C.S.I.” and “Survivor,” will become a senior adviser to CBS’s chief executive, Leslie Moonves. (1 h ago)

• ‘American Idol’ Creator Plans Web Show... ‘American Idol’ Creator Plans Web Show
12/18/2009
The show, “If I Can Dream,” will follow the lives of five aspiring actors and musicians who move to Hollywood in search of stardom. (1 h ago)

• Advertising: Firestone Teams Up With the... Advertising: Firestone Teams Up With the Big Leagues
12/18/2009
The tire company’s deal with Major League Baseball is its first sponsorship in 25 years that doesn’t involve auto racing. (1 h ago)

• Uneasy Engagement: China Hunts for Art T... Uneasy Engagement: China Hunts for Art Treasures in U.S. Museums
12/17/2009
A delegation scoured the Metropolitan Museum of Art last week for objects looted in 1860 from a palace in Beijing. (6 h ago)

• A Day in the Life of NYTimes.com A Day in the Life of NYTimes.com
12/17/2009
Two data visualizations show where and when readers came to The New York Times's Web site on June 25, 2009, the day Michael Jackson died. (6 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. (10 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. (11 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. (15 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. (16 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. (1 d 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. (1 d 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.” (1 d 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. (1 d 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. (2 d ago)

• Sponsored By: Sponsored By:
12/17/2009
(9 m ago)

• Tough times seem to benefit General Mill... Tough times seem to benefit General Mills
12/17/2009
Cereal for dinner? It's a tough reality for some cash-strapped people. General Mills - Arts - General Mills Cereal - Cheerios - Chats and Forums (3 h ago)

• Christian parody products walk a fine li... Christian parody products walk a fine line
12/17/2009
Christian stores have just the Christmas gift for Facebook fans: A "Jesus Christ wants to be your friend" T-shirt that mimics the design of the popular social networking site. Facebook - Social network service - Christmas - Jesus - Social network (11 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. Population - Laredo Texas - Environment - United States - Texas (1 d 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. Business - Marketing and Advertising - Salesmanship - Sales - Consulting (1 d 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 (1 d ago)

• Facebook claims to be multicultural Facebook claims to be multicultural
12/18/2009
How multicultural is Facebook? Very, according to Facebook. But Facebook's methodology sucks. It's all about damage control following the latest controversies.Facebook, reeling from its latest privacy disaster, has released its latest study into the demographics of its users, purportedly showing that the site is not just for Whites and Asians anymore. There are more Blacks and Hispanics using it.How did they reach this conclusion? It uses US census results which go by people's last name.You would have to say that's not the most accurate ... (1 h ago)

• Unions target companies through sharehol... Unions target companies through shareholder votes
12/18/2009
The Securities and Exchange Commission might be bringing in new rules supposedly tightening up disclosures on pay and board performance but don't hold your breath. It's not going to stop corporations from behaving badly and, in any case, you would have to wonder how serious the SEC is with documents turned over to the nonprofit group Project on Government Oversight in response to a Freedom of Information Act showing the SEC did nothing to rein in SEC employees suspected of various crimes, from insider ... (1 h ago)

• Temperatures to rise even with Copenhage... Temperatures to rise even with Copenhagen cuts
12/18/2009
Even if there is some agreement at Copenhagen, it's not going to stop global warming. As The Observer reports that an internal United Nations document shows that even if the emission cuts offered at Copenhagen are taken up, it would still result in temperatures increasing regardless, resulting in more flooding and hunger.That means any agreement at Copenhagen will have to be just a start. More work will need to be done. And, unfortunately, that will mean more summits. (1 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, ... (15 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 ... (16 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 ... (16 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, ... (1 d 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, ... (1 d 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. ... (2 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 ... (2 d ago)

• Biz looks for signals from Copenhagen Biz looks for signals from Copenhagen
12/17/2009
Laurent Corbier, chair of the International Chamber of Commerce and VP of sustainable development at energy firm Areva, talks with Kai Ryssdal about investment and climate-change policy. (6 h ago)

• Homeless find help at Union Station Homeless find help at Union Station
12/17/2009
A lot of people have suffered reversals of fortune this year -- some have lost jobs and homes. Kai Ryssdal visits the Union Station Homeless Services center to see how people are coping. (6 h ago)

• Newspaper tries to find its focus online Newspaper tries to find its focus online
12/17/2009
In Michigan, the 174-year-old Ann Arbor News has become a mostly Web publication, but it still puts out a print edition twice a week. Jennifer Guerra reports on how the experiment is working with readers and advertisers. (6 h ago)

• Ship gifts away, it's Free Shipping Day! Ship gifts away, it's Free Shipping Day!
12/17/2009
It's Free Shipping Day. A made-up holiday when hundreds of online retailers offer free shipping with guaranteed delivery by Christmas. Sally Herships reports. (6 h ago)

• High stakes in climate deal decision High stakes in climate deal decision
12/17/2009
World leaders are gathering in Copenhagen for the final day of the UN climate summit. John Dimsdale reports on how the conference is playing in the U.S. (6 h ago)

• New SEC rules for financial advisers New SEC rules for financial advisers
12/17/2009
The SEC has announced new rules affecting it hopes will prevent another Bernie Madoff-like scandal from happening again. Ashley Milne-Tyte reports. (6 h ago)

• Citigroup's shares take a big hit Citigroup's shares take a big hit
12/17/2009
Citigroup's stock price dropped to it lowest level in four months after investors said they weren't excited about the bank's stock and the government said it'd wait to sell holdings. So what happened? Alisa Roth reports. (6 h ago)

• Health provision gives insurers a bonus Health provision gives insurers a bonus
12/17/2009
Now that the public option is off the table for the Senate health-care bill, the insurance industry will get 30 million new customers. Gregory Warner reports on another part of the bill that's going to work out well for insurers, too. (6 h ago)

• Answers About Cobra Benefits and Subsidi... Answers About Cobra Benefits and Subsidies: Part 2
12/17/2009
Ron Pollack, the founding executive director of the nonprofit health care advocacy organization Families USA, answers reader questions about Cobra subsidies and unemployment-related Cobra issues. (2 h ago)

• The Perfect Gift May be the Most Practic... The Perfect Gift May be the Most Practical One
12/17/2009
With more adults buying practical items as gifts this holiday season, here's a look at some practical gift ideas. (6 h ago)

• Retailers' Holiday Offer: Free Shipping ... Retailers' Holiday Offer: Free Shipping Day
12/17/2009
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. (7 h ago)

• Thursday Reading Thursday Reading
12/17/2009
Renting a Christmas tree, choosing between discounted navigation devices and smartphone navigation apps and other consumer-focused items from Thursday's Times. (8 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. (1 d 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. (1 d 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. (2 d ago)

• China holds engineer on trade secrets ch... China holds engineer on trade secrets charge
12/17/2009
Chinese police detain an automotive engineer for more than a year on accusations he misused trade secrets — the latest case of vague secrecy laws being used against an American in China. China - United States - Trade secret - Asia - Government (4 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. Credit Suisse - Iran - United States - Economic sanctions - United States Department of Justice (22 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 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 (1 d 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 (1 d ago)

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• 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. (2 h ago)

• Square Feet: In a Soft Leasing Market, P... Square Feet: In a Soft Leasing Market, Pet Shops Find Room to Grow
12/17/2009
Technology advances in ventilation and soundproofing have made it possible to locate pet stores in apartment buildings. (13 h 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. (16 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. (17 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. (1 d 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. (1 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 (1 d 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 (2 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 (2 d 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 ... (20 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. ... (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 ... (19 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 ... (1 d 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 ... (21 h 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 ... (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 (1 d 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 ... (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. ... (21 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. ... (1 d ago)

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