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for 01/07/2010

(last updated 7:30am EST 01/07/2010)

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• UK singles sales reach record high UK singles sales reach record high
01/07/2010
Thanks to the success of downloads, the UK singles market had its best year ever in 2009, with more than 150m copies sold The growth of downloads helped the UK singles market enjoy its best year ever in 2009. According to figures released by the British Phonographic Industry (BPI), 152.7m singles were sold last year, 98% of which comprised tracks that were downloaded. The X Factor was behind many of last year's success stories in the singles chart, including Cheryl Cole, Alexandra Burke and the Christmas No 1 battle between Joe McElderry and Rage Against the Machine. A record 4.56m singles were sold in the last week of 2009, traditionally part of the biggest sales period for the music industry. Black Eyed Peas, La Roux and Lady Gaga were also among the biggest sellers of 2009. Despite the continuing growth of the downloads market, only 128.9m albums were sold last year, a drop of 3.5% on 2008. Adam Liversage, head of communications at BPI, suggested that a number of factors contributed to the drop in album sales. "Prior to their closure last year, Woolworths and Zavvi accounted for approximately 17.9% of album sales. Their demise meant that their were fewer places to buy music on the high street, with the exception of HMV and supermarkets such as Tesco." Liversage also pointed to the growth in the number of online retailers in 2009. "While traditional methods of music sales suffered, online retailers offered unprecedented levels of competitive pricing, as well as the option to pick and choose individual album tracks rather than the whole LP." Kim Bayley, director general of the entertainment retailers association, said "2009 started on a low note after the collapse of Woolworths and Zavvi, but entertainment retailers across the board worked with their suppliers to end the year with a far better result than anyone had expected." UK charts Pop and rock Music industry Sean Michaels guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Iceland president warns UK government ov... Iceland president warns UK government over Icesave referendum
01/07/2010
• UK can have 'negative or positive impact' ahead of crucial vote • Referendum to settle dispute over repayment of Icesave bill The president of Iceland has warned Gordon Brown and Alistair Darling to avoid alienating Icelanders ahead of next month's crucial referendum on repaying the country's €3.8bn (£3.4bn) Icesave bill. Ólafur Grímsson said Icelanders were paying very close attention to British politicians as they weighed up how to vote in the referendum, which is likely to take place on 20 February. Latest opinion polls suggest that a majority of the population plans to vote against repayment . "It is very important for Alistair Darling and Gordon Brown and all the others to realise that a few minutes after they speak to their home audience in Britain everything they say is being talked about in Icelandic fishing plants, and every village and every office. Indeed, we live in a global village where leaders in Britain can have a negative or a positive impact on a referendum in Iceland," said Grímsson. "If they want a constructive outcome from this dispute, they should be very much aware that every sentence they utter on this issue will have repercussions in the debate in Iceland." Grímsson triggered the referendum on Tuesday when he refused to sign an unpopular law to repay Britain and the Netherlands for the compensation already given to Icesave account holders. The bank was part of Landsbanki, which filed for bankruptcy in 2008. His comments come after Lord Myners, the City minister, warned on Tuesday that Iceland would lose out on vital international aid if it fails to pass the bill. Brown is also reported to have declared "diplomatic war" on Iceland , by threatening to thwart Iceland's attempts to join the European Union if it defaults on the debt. A Downing Street spokesman has said that Brown expects Iceland to fulfil its legal responsibilities and pay up, while Darling said repayment is "very important". "We have spent many, many months in very productive meetings with Icelandic authorities and the Icelandic government to enter an agreement to make sure that the money was reimbursed to us," said the chancellor on Monday. These comments were seen as an attempt to push Grímsson into signing the bill into law. Some Icelanders are still seething that the UK government used anti-terror legislation in 2008 to freeze Icelandic assets in Britain. Grímsson defended his decision not to ratify the bill, which was passed by the Icelandic parliament late last year . "In order to facilitate the national reconciliation about this big issue, it is important that every Icelander should have the right to take part because every Icelander will have to pay," he said. Many in Iceland believe it is unfair to expect such a small country to pay the bill, which amounts to around €12,000 per person. A poll released yesterday showed that 58% of Icelanders expect to vote against repaying the money . In a sign of the importance of the vote, a $2.1bn (£1.31bn) bailout from the International Monetary Fund has already been suspended until the dispute is resolved. The cost of insuring Icelandic debt has been rising steadily in recent days, jumping from 475.6 basis points yesterday to 489.9 basis points today. This indicates that the financial markets believe there is a growing chance that the country could default on its borrowing. Ratings agency Fitch downgraded Iceland's main sovereign rating to "junk" status following Grímsson's veto. Icesave Banking Iceland Alistair Darling Gordon Brown Graeme Wearden guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• JD Sports shares jump after buoyant Chri... JD Sports shares jump after buoyant Christmas trading
01/07/2010
While most eyes in the retail sector are on Sainsbury, JD Sports Fashion has also put in an impressive performance. The company's shares have jumped 60p to 610p after it said it would beat market expectations for its full year profits following a good Christmas. Like for like sales for the five week festive trading period rose 6.6%, prompting the company to comment that 2009 profits would "significantly exceed" forecasts. But it added that the extent of the rise would depend on the current weather conditions. In a buy note Investec said: On the back of a significant improvement in trading relative to expectations in both divisions [sport and fashion], we are raising our pretax profit forecast by 12.5% for 2010, from £56m to £63m. Given the strong cash generation and extremely prudent levels of dividend cover we are also forecasting a higher increase in the final dividend, to give a total of 15p (previously 13p). This supports an increase to our price target from 710p to 750p and we remain buyers. Meanwhile Singer Capital Markets' Mark Photiades said: This strong performance, across both fascias, is an excellent achievement. In particular, the growth seen in fashion is very encouraging, as we believe that going forward the fashion division will be one of the main growth drivers for the group, primarily via the acquired Bank chain. There is considerable scope for profits to improve if they continue to enhance the product and brand mix, and then scale the business up. The strong trading at the core sports division is also encouraging, and demonstrates its resilience contrary to some observers' expectations From next year, we expect its international development plans to pick up pace, primarily via its French acquisition. The Canterbury rugby brand also looks well positioned for growth and the recent acquisition of stakes in the Australian and New Zealand distribution companies should create further leverage. Even prior to today's upgrades the shares were on a significant discount to the wider sector. The shares are therefore likely to bounce further on the back of today's news and we re-iterate our buy stance. Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Blockbusters and 3D films boost Cineworl... Blockbusters and 3D films boost Cineworld
01/07/2010
Cineworld said the upcoming release of the next Harry Potter film, Shrek 4, Toy Story 3 and Sex and the City 2 would be highlights of 2010 Slumdog Millionaire, other hits and the surging popularity of 3D films helped offset dwindling advertising revenues for cinema chain Cineworld last year and it is relishing more blockbusters in 2010. The company today highlighted the upcoming release of the next Harry Potter film, Shrek 4, Toy Story 3 and Sex and the City 2 as it said it was confident going into the new year. It said it was well placed to capitalise on more 3D films, which allow cinemas to charge a premium on tickets to standard 2D films. "The UK and Ireland cinema industry enjoyed another good year in 2009," Cineworld said in a trading update . "This box office growth was underpinned by a strong release schedule, which included Slumdog Millionaire, The Twilight Saga: New Moon, Transformers: Revenge of the Fallen and Harry Potter and the Half Blood Prince and a number of 3D releases, the most notable being Bolt, Monsters v Aliens, Ice Age 3, Up and Avatar. The number and success of films released in 3D has raised the profile of this format, which in turn has had a favourable effect on cinema admissions." The chain of 77 cinemas said that total revenues rose 11.4% in the 53 weeks to 31 December. That was thanks to a 16.8% rise in box office takings and a 9.6% rise in revenues from popcorn, drinks and so on. The ticket sales outperformed the industry wide box office in 2009, which was up 11% on the year, according to data from Nielsen EDI, quoted by Cineworld. The company said that between them, ticket sales and retail "more than compensated" for a 27.3% slump in other income, mainly screen advertising revenue, which suffered as companies slashed their marketing budgets. "While cost pressures have continued, overall profit performance is expected to be in line with market expectations," it added. Despite the recession, UK cinemas enjoyed a record year in 2009 . Industry experts cited mass escapism on the part of consumers, a strong awards season for the UK, led by Slumdog Millionaire and a surge in 3D blockbusters capped off with the release of Avatar, James Cameron's 3D spectacular. Cinema chains also report that hard-up consumers have opted for nights at the cinema over costlier meals at restaurants. Cineworld is optimistic more popular films like Shrek 4 and the latest Harry Potter movie in 2010 will keep cinema buoyant. Film industry Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Tate & Lyle and Yell both hit as City tu... Tate & Lyle and Yell both hit as City turns negative
01/07/2010
The top two fallers in the mid-cap index, Tate and Lyle and Yell , have both been hit by downbeat analyst comment. Tate and Lyle shares are down 32.5p at 415p after Credit Suisse downgraded from outperform to neutral and removed the company from its Europe focus list. The bank said: With demand for starch products (sweeteners, paper starches, food starches, etc.) remaining weak, the US starch industry has been scrambling to fill 2010 annual sweetener contracts. Such has been the rush that prices have been tumbling, and are off some 15% plus we believe. Raw material costs are no lower, so these prices will feed into starch producers profit and loss accounts. The dollar rate offers Tate some small respite. Generally not good news at all, and in truth we are surprised to see the extent to which the industry's "disciplined pricing" has collapsed. But it has (we believe), and industry profits will be sharply down accordingly. As a result we are reducing our 2010/11 forecast [for Tate] by £20m. The long term argument about return on assets remains, and so does our price target. However caution would seem appropriate in the run up to the trading update (due 28 January). Mesnwhile Yell is down 1.65p at 37.95p as Goldman Sachs moved from neutral to sell and cut its price target to 40.3p from 54p. Analyst Rakesh Patel said: Following the completion of the refinancing of Yell's £3.8bn debt load and the £660m equity issue on November 30, the shares have underperformed the sector. However, we believe that structural threats are accelerating and will limit a cyclical recovery. Evidence suggests that UK print usage has fallen over 30% in the last few years, and we believe this has only begun to impact print growth over the last year or two. Online growth has begun to recover and competition from Google is intensifying. Overall, this will likely limit future EBITDA growth and de-leveraging, meaning refinancing in 2013 could still be difficult. We expect Yell to underperform the sector during a cyclical recovery. We believe that as Yell underperforms other media peers including newspapers during a recovery period the market will re-assess the structural risks and the valuation. Yell will report third quarter revenues on February 4, 2010. Given the good visibility on quarterly revenue, we expect Yell to post results within its guidance of -16%; however, we expect management to point to very little improvement in the trading environment. Yell trades in line with Seat but at a meaningful premium to Trinity Mirror and Johnston Press. Historically, Yell's premium to the newspapers was justified due to better growth and higher margins, however, given the growing structural pressures, we believe this is no longer warranted. Tate and Lyle Yell Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• House prices rose by 1.1% in 2009, Halif... House prices rose by 1.1% in 2009, Halifax says
01/07/2010
House prices rose by 1% in December and by 9.4% since April's low, the latest Halifax housing index shows House prices increased by 1% in December to end the year 1.1% higher than they started it, figures from Halifax showed today. The lender said significant cuts in interest rates at the start of last year, together with improvements in the jobs market towards the end of the year, had supported demand for housing. Its index showed the average price of a UK home reached £169,042 in December – more than £14,000 up on April when prices reached a nadir following months of slowing sales. Between August 2007, when the market was at its peak, and April last year Halifax recorded a 23% drop in prices. Since then they have increased by 9.4%. The year-on-year growth reported by Halifax is much more muted than that reported last week by rival lender Nationwide. It said prices rose by 5.9% in 2009 , although values were up by just 0.4% in December. Part of the reason for the difference is that Halifax compares average prices over three months for its year-on-year figure to "smooth out" short-term fluctuations. A straight comparison of the average price in December 2008 with that in 2009 shows a 5.6% rise in prices, much more in line with Nationwide. Land Registry figures, which are based on completions rather than mortgage approvals, and include all sales not just those financed with a loan, are much less bullish. Its most recent data showed a 0.3% fall in prices over the year to November. Reduced burden on homeowners However, it seems clear that the housing market fared much better in 2009 than many commentators had anticipated, with swingeing interest rate cuts at the start of the year a key factor. As well as stimulating demand among would-be buyers, low mortgage rates made it easier for anyone losing their job or taking a pay cut to afford to stay in their home. Halifax's housing economist, Martin Ellis, said: "The significant cut in interest rates following the worldwide financial upheaval in the autumn of 2008 has markedly reduced the burden of servicing a mortgage for many households. This has helped to stimulate housing demand, albeit from a low base. "The recent improvement in the labour market, highlighted by increasing numbers of people in employment in both September and October, has also supported housing demand." Ellis said he expected prices to plateau in 2010. "The prospects for the market this year will depend on how the UK economy evolves and whether there is a significant increase in the supply of properties for sale. Overall, our current view is that house prices will be flat during 2010." Howard Archer, chief UK economist at IHS Global Insight, said that although early 2010 could see more rises he was expecting a fall of around 5% over the course of the year. "Much will clearly depend on whether the economy can develop [its] recovery after the highly probable return to growth in the fourth quarter of 2009, how much further unemployment rises, how much earnings rise, how quickly and to what extent credit conditions ease, and how many properties come on to the market over the coming months. "On the positive side for the housing market, interest rates seem unlikely to rise for some considerable time to come, and will then probably increase only gradually." House prices Property Housing market Hilary Osborne guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Bus services face competition probe Bus services face competition probe
01/07/2010
• Fears that limited competition is pushing up bus fares • Arriva and Stagecoach among operators facing probe The Office of Fair Trading (OFT) today referred local bus services to the Competition Commission and warned that limited competition was pushing up prices for bus users. The watchdog said local bus services tended to be dominated by a small number of large players and considered complaints that new entrants were blocked from the market. Local bus services receive at least £1.2bn in public support each year but this could represent "poor value for money for taxpayers", the OFT said. Services in London and Northern Ireland are excluded from the probe. In August the watchdog made an initial decision to refer local bus services to the commission, which is now set to launch a lengthy probe into major operators including Arriva, FirstGroup, Stagecoach, National Express and Go-Ahead. Bus operators have expressed fears that a long investigation will deter investment in the industry until the commission publishes its conclusions. Heather Clayton, a senior director at the OFT, said: "One of the concerns that we think the Competition Commission should take a look at is the tendency for local areas to become dominated by a single operator." The OFT does not want a return to the fierce "bus wars" which broke out on many local bus routes following deregulation in the 1980s, but said large operators in the £3.6bn industry "should face a healthy level of competitive constraints". Clayton added: "The OFT believes that it is appropriate for the Competition Commission to investigate how, in its various forms, competition can be harnessed to deliver what passengers want and the best value for money for the taxpayer." The OFT found higher fares prevalent in areas where operators with a strong market position are not challenged. It estimated that bus fares in areas where only one of the large national groups offers services are 9% higher than in regions where two or more big players operate. The watchdog also said there was a lack of competition to run services, with just one bidder pitching for a quarter of tenders. Major operators looking to shut out rivals could also use tactics such as flooding lucrative routes with vehicles – or "overbussing" – to deter potential entrants as travellers tended to get on the first bus which arrived, the OFT added. Travel & leisure Transport Stagecoach National Express Arriva guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Sainsbury's beats City forecasts with re... Sainsbury's beats City forecasts with record Christmas
01/07/2010
Britain's third-largest supermarket group reports 4.2% rise in like-for-like sales as consumers refused to let recession hold them back J Sainsbury has joined the growing ranks of retailers to report good sales in the run-up to Christmas, as consumers refused to let the recession hamper their festivities. Britain's third-largest supermarket group beat City forecasts this morning with a 4.2% rise in like-for-like sales in the last 13 weeks of 2009, stripping out petrol sales and the VAT cut. A record 24 million people passed through Sainsbury's checkouts in the week before Christmas, while online sales grew by 15% during the quarter. The chief executive, Justin King, said Sainsbury's had delivered a "record performance". "While food price inflation eased in the quarter as expected, a winning combination of more customers, enjoying even better products and prices through more stores delivered total sales growth of 6.2%," he said. King added that Nectar customer card data indicated that 14% more customers bought their turkey and trimmings from Sainsbury's than last year. It also more than trebled sales of its own brand Blanc de Noirs champagne. Shares in Sainsbury's jumped nearly 2% when trading began this morning, up 6.2p to 324.2p. Looking ahead to this year, the group struck a more upbeat tone than high street retailers like Next and Marks & Spencer, who both warned this week that 2010 will be tough . "The business continues to perform well in what remains a challenging consumer environment. Our universal customer appeal together with our accelerated growth plans means we are well placed to make continued good progress in 2010," King said. Elsewhere in the retail sector, JD Sports declared that it expects that its pre-tax profits this year will "significantly exceed" current City expectations. It cautioned, though, that the ongoing disruption caused by the wintery weather could still hit earnings. JD reported a 2.7% increase in like-for-like sales for the 48 week period to 2 January 2010. Its shares jumped 6% this morning, to 585.7p. Fashion chain New Look also said it had enjoyed a good Christmas, with a 5.9% increase in like-for-like sales. "We have had another successful Christmas, growing sales and profitability in the face of difficult market conditions. The quality of our staff is central to this achievement and the successful move to London this year of our buying, merchandising, design and marketing departments has further strengthened core functions of our business," said chief executive Carl McPhail. "Looking ahead, while we remain cautious about consumer spending and expect sentiment to remain subdued, we are well placed to continue our growth and build upon our current success," he added. J Sainsbury Supermarkets Retail industry Graeme Wearden guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• New chairman Archie Norman pledges radic... New chairman Archie Norman pledges radical changes at ITV
01/06/2010
Broadcaster will be 'a very different business in three years' time', says Norman in staff email • Read Archie Norman's email to ITV staff New ITV chairman Archie Norman will launch a strategy review this month as he seeks to "accelerate the transformation" of the broadcaster. In an email to staff, Norman, who took up the post on Monday, said ITV had a good end to 2009, but warned that 2010 would be "another difficult year" He told them that he will be launching a strategy review this month along with senior executives "to define the journey ahead". Norman, who was recruited following a long and torturous search for a successor to Michael Grade, the outgoing executive chairman of ITV, has hit the ground running since arriving at the company's offices on the south bank of the Thames. The former Asda chief executive has already held a series of meetings with leading executives and programme makers, grilling them about their plans and making detailed notes of their discussions. In his email, Norman said he wanted ITV to be "a very different business in three years' time". He gave few details about the strategy review, but wrote that: "Our objective is to recreate the business so it can not just survive but prosper in the new media world." He said that the company was "now embarking on a programme to accelerate the transformation of ITV. As part of this we will build on our strengths, the ITV brand, great content, innovation and creativity to become once again a growth business. You will hear more about this in the months to come." Norman went out of his way to praise ITV for its programming success in the final few months of last year. Its performance was boosted by the huge popularity of The X Factor, and the emergence of several critically acclaimed shows, including a new, longer version of sitcom Bendiorm and five-part drama Collision. He emphasised that the broadcaster was facing a tough year, however, saying: "I think it is important that we all recognise that we are not out of the woods yet and 2010 looks like another difficult year." Norman also alluded to the deal in which ITV took full control of breakfast TV franchise GMTV in December last year. "We need to ensure we keep what is special about their operation, and support the team to make it even better", he told ITV staff. Job cuts are expected at GMTV as ITV seeks to push through cost savings by merging back-office staff. Changes to GMTV's programmes may also be made, although ITV has not given any details about its plans. Norman also indicated that he would be overseeing a period of transition. "We know that ITV cannot remain as it is. 'No change' is not an option. We need to be a very different business in three years' time." He also said: "We need to continue to improve our content whilst living within our means on costs. • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". Archie Norman ITV ITV Television industry James Robinson Mark Sweney guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Archie Norman's email to ITV staff Archie Norman's email to ITV staff
01/06/2010
The full text of the new ITV chairman's message outlining his plan for a strategy review Dear colleague, Having arrived at the beginning of the month as chairman I wanted to say "hello" and also outline how we intend to work as a leadership team in the months ahead. I will be based in our open plan office on the 17th floor of the ITV building along with my PA, Barbara Kyriakou. John Cresswell is acting as chief executive as has already been announced, and will continue to provide executive leadership for the business. We have a good team in place and will be pushing ahead with our plans for the business without pause in the months ahead. At board level we have already made changes and enter the new year with a streamlined, high calibre and dedicated board. We ended 2009 on a bit of a high with some great programming successes. I think it is important that we all recognise that we are not out of the woods yet and 2010 looks like another difficult year. GMTV has now fully joined the family and we need to ensure we keep what is special about their operation, and support the team to make it even better. More broadly we need to continue to improve our content whilst living within our means on costs. The last few months have shown that when we produce great entertainment we can outperform all the competition. At the same time we know that ITV cannot remain as it is. "No change" is not an option. We need to be a very different business in three years' time. Our objective is to recreate the business so it can not just survive but prosper in the new media world. Therefore, we are now embarking on a programme to accelerate the transformation of ITV. As part of this I will, together with the executive team, be launching a strategy review this month to define the journey ahead. We will build on our strengths, the ITV brand, great content, innovation and creativity to become once again a growth business. You will hear more about this in the months to come. I am keen to get to know you all better and to hear your thoughts on how we are doing and what we can do better. I will try to meet as many colleagues as possible but if you have an idea you want to share please email me or drop me a line. I look forward to hearing from you! Happy New Year! Archie Archie Norman ITV ITV Television industry guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Cadbury explores 'friendly' merger with ... Cadbury explores 'friendly' merger with Hershey to rival Kraft bid
01/06/2010
British chocolate maker seeks alternative to multinational Kraft's 'derisory' takeover offer Members of Cadbury's board of directors are talking to their counterparts at the American chocolate maker Hershey about the possibility of a "white knight" tie-up to rescue Britain's biggest confectioner from takeover by the food multinational Kraft, according to reports in the US. Cadbury directors have opened up "back-channel" discussions to see if a friendly deal could be agreed. The British firm sees Hershey as a better fit than Kraft, and board members are exploring the possibility of a more even-handed merger that could give Cadbury an element of ongoing control, sources told Reuters and the Wall Street Journal. The development came after Kraft revealed that only 1.5% of Cadbury investors have so far accepted its £10bn takeover bid, which is for a mixture of cash and stock amounting to about 771p per share. Kraft's largest shareholder, Warren Buffett, this week criticised the company's use of stock to fund the deal, and many analysts believe that Cadbury's investors are likely to hold out for at least 800p per share. Famous in America for its bite-sized Hershey's Kisses, the group is only half the size of Cadbury, and, although it disclosed in November that it was considering its options, it has hesitated to make a formal bid. Hershey already has a licence to make many of Cadbury's products in the US, including Dairy Milk bars and Creme Eggs. Cadbury issued a statement brushing aside talk of a friendly deal: "We are not looking for a white knight, and remain focused on demonstrating the value and potential of Cadbury as the world's greatest confectioner." The Middlesex-based company has dismissed Kraft's offer as "derisory". It added that there was nothing further to comment upon "unless and until we have a credible bid that adequately reflects the strength of this business". But Cadbury's statement did not address the possibility of talks between individual directors of the two companies. As well as chief executive Todd Stitzer, Cadbury's board includes heavyweights such as the former Hong Kong governor Lord Patten, the former Downing Street policy adviser Baroness Hogg, and Rio Tinto's finance director, Guy Elliott, who has a background in deal-making as a former investment banker. Unions have expressed alarm at the prospect of a cross-border takeover of Cadbury, which has a British heritage dating back a single shop selling cocoa opened in Birmingham by a young Quaker, John Cadbury, in 1824. Although a deal with Hershey would provide a degree of geographical logic by mixing the US company's strength in north and south America with Cadbury's presence in Europe, Asia and South Africa, the deal could worry workers as Hershey recently shifted a large slice of its production to take advantage of cheaper labour in Mexico. The business secretary, Lord Mandelson, has warned foreign bidders against trying to make a "quick buck" out of Cadbury. In a speech this week, Mandelson urged any companies making acquisitions to set out "transparently and publicly" their plans for factories, research and development sites, and corporate offices. Cadbury Kraft Chocolate Mergers and acquisitions US economy Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (13 h ago)

• Top UK firms drag feet over footprints Top UK firms drag feet over footprints
01/06/2010
• 24 firms account for 87% of emissions by FTSE 100 companies • 77% of FTSE firms will aim to cut pollution by 2.5% a year Greenhouse gas targets set by many of Britain's largest companies are too weak to meet UK commitments on climate change, a new analysis shows. A report from the Carbon Disclosure Project (CDP) says a lack of ambition from companies in the energy, materials and utilities sector threatens government plans to cut emissions by 2020. The CDP report found that 77% of FTSE 100 companies said they have a target to reduce emissions, with an average annual reduction rate of 2.5%. That compares well with the 2.4% annual reductions on overall emissions that Britain needs to make to achieve a legally binding target of 34%-42% reductions by 2020, relative to 1990 levels. However, the average annual emissions reductions planned by the firms in the energy, utilities and materials sectors total 1.2%. There are only 24 of these companies in the FTSE 100, but they account for 87% of all FTSE 100 reported emissions. Joanna Lee, CDP's director of communications and corporate partnerships, said: "Across the board, companies are doing pretty well. But what's most striking is that if you look at the three most heavily polluting sectors, they are lagging significantly behind. If we are going to deliver on climate change targets these companies need to take more aggressive action." The report, published today, says there is a "carbon chasm" between what is planned by the firms and what is required. It says: "The targets set by the most carbon intensive sectors, responsible for the majority of FTSE 100 emissions, are not sufficiently ambitious and will not deliver reductions required by the UK climate change act." It adds: "Clearly, UK regulation is sending strong signals to companies of the necessity to manage carbon, but as many of these companies operate globally, we also need a strong global framework to create the right incentives to set sufficiently strong targets." The report is based on voluntary targets set by firms during 2009, before the climate conference in Copenhagen in December failed to establish a new global treaty . Analysts say the lack of such a treaty could make companies more reluctant to take on more rigorous targets . "These carbon intensive sectors will need to take on more aggresive targets if they are to deliver in line with government commitments," the report says. The CDP analysis showed that almost a third of company targets were based on reductions in carbon intensity, rather than absolute cuts in greenhouse gas pollution. Cuts in carbon intensity allow firms to increase overall emissions, while appearing to have gone green, the report points out. "Companies should set company-wide targets for the reduction of their absolute level of emissions," it says. "Climate change can only be mitigated by a reduction in absolute emissions... therefore companies setting intensity targets should complement these with absolute targets." Carbon footprints Carbon emissions FTSE Corporate governance Pollution Climate change Corporate social responsibility David Adam guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• Pearl bondholders to reject debt plan Pearl bondholders to reject debt plan
01/06/2010
A steering group of Pearl bondholders has urged its members to veto the latest debt restructuring plan Bondholders in the embattled insurance company Pearl are planning to reject the complex restructuring of the debt announced yesterday and have accused the business of suspending co-operation about the long-running matter. In a move that will be regarded as a blow for the newly installed chairman Ron Sandler, a steering group urged bondholders to reject a plan to exchange tier-one debt for 45% of its face value and another proposal that requires noteholders to accept a reduction in the face value of their investment by 75%. The row has erupted since Pearl took over rival insurance company Resolution in 2007 and then missed crucial payments on the debt issued by Resolution. This is still angering the bondholders. "The steering group has been shown no justification whatsoever for the proposed waiver of the coupon payment that was deferred in April 2009. All publicly available evidence indicates that Pearl has the wherewithal to pay such deferred coupon at this time. In fact, the steering group understands Pearl plans to pay dividends to its shareholders," the bondholders said. Set up by pizza entrepreneur Hugh Osmond, Pearl had to seek a capital injection last year and is now listed on the European stock market, Euronext, after the investment by Liberty Acquisition Holdings. The group, which specialises in buying up closed life insurance companies, wants to list on the London market this year and has appointed Sandler, who was parachuted into Northern Rock when it was nationalised in February 2008, as it chairman to restore its credibility with potential investors. A listing would be difficult to achieve in the face of hostility from bondholders. They also have concerns about the restructuring being offered, saying there was "no justification whatsoever" for the proposed 25% discount to the face amount of the notes. The bondholders also have "concerns about the structure of the proposed transaction and the impact on noteholders' rights". "Since its formation, the noteholder group has sought to engage Pearl on means to address these concerns, including through a possible notes amendment or exchange that would restore the previous rights and that would help protect against a repeat of the 2008 transactions. In recent months, Pearl has seemed to be co-operating with the Noteholder Group's Steering Group ... Disappointingly, however, Pearl now appears to have suspended the cooperative process." Insurance industry Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• Liechtenstein deal means rich can still ... Liechtenstein deal means rich can still dodge tax
01/06/2010
Wealthy savers to benefit from HMRC deal with Liechtenstein Wealthy savers who use offshore bank accounts could dodge thousands of pounds in unpaid tax despite missing a tax amnesty deadline if they shift their money to Liechtenstein, according to a firm of accountants . PKF said rich savers who failed to meet Monday's deadline could still declare their offshore accounts to the tax authorities and escape heavy penalties if they switched to the tiny land-locked tax haven after it negotiated an exclusive deal with Revenue & Customs (HMRC). Bankers and other wealthy individuals with accounts in tax havens such as Switzerland, the Cayman Islands and Bermuda could escape paying taxes due on savings dating back decades. In 2008, HMRC set a deadline of 4 January for British savers to declare previously hidden offshore accounts. An investigation by tax officials revealed thousands of secret accounts, many in the offshore subsidiaries of UK high street banks. HMRC said it would limit penalty charges to 10% of the total unpaid tax bill over 20 years if savers came clean. It is understood only 10% of the hoped-for 100,000 taxpayers came forward by the deadline, though accountants PwC said they expected nearer 13,000. HMRC officials said around 1,100 came forward on Monday to benefit from the penalty waiver. Officials said a 100% penalty would apply to all unpaid offshore tax bills from this week. PKF said any offshore account holders who switched their savings to Liechtenstein could continue to enjoy the 10% tax penalty until 2015 and the added benefit of a 10-year tax bill. Tax expert John Cassidy said the special deal negotiated by Liechtenstein put it ahead of other tax havens as the place to declare previously secret accounts especially for those . "For many people with accounts in Switzerland it is a short hop to Liechtenstein. For some people who were concerned about the tax bill from declaring accounts going back 20 years, the 10 year limit is attractive. Also Liechtenstein has retained the 10% penalty ceiling until 2015. Cassidy said: "Where an individual had £1m of funds deposited overseas at the start of the tax year 1990/91 and it earned interest at a steady 5%, the tax and interest and penalty charges owed to HMRC under the Revenue's disclosure agreement would be around £967,000. The equivalent under the Liechtenstein disclosure facility would be just £493,000, a massive difference of £473,000. The savings may be even more marked if the original capital in the account had not been taxed or inheritance tax remain outstanding. Tax avoidance Tax Liechtenstein Savings Cayman Islands Bermuda Phillip Inman guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• £4bn of government bonds snapped up £4bn of government bonds snapped up
01/06/2010
• £4bn gilt auction sees highest level of demand for nine months • Auction comes as MPs call for more detail on public finances Investors snapped up a £4bn auction of government bonds today, defying critics who have warned that so-called gilts could be shunned over concerns about the public finances. The Debt Management Office (DMO), which manages gilt auctions, reported the highest level of demand for gilts in nine months after receiving bids for 2.86 times the amount of gilts on offer. The strong demand followed a furore caused by reports that two of the world's biggest bond investors, Pimco and Blackrock, were negative on UK government bonds . And the auction came on the same day Treasury officials were accused of "using uncertainty to suit themselves" by MPs who urged the chancellor to produce more detailed forecasts of public spending to show how he will tackle the £178bn deficit in the public finances. The market is divided over whether Alistair Darling should be doing more to cut back on spending while senior Labour figures such as Lord Mandelson are thought to believe that the prime minister should be more candid about spending cuts . The auction had been completed by the time that news broke of the call by Labour MPs Geoff Hoon and Patricia Hewitt for a secret ballot on Gordon Brown's leadership but sterling was briefly knocked lowerr while there were also concerns about the implications for gilts. Alan Clarke, UK economist at BNP Paribas, said he did not know how likely a leadership challenge was but said there was "no smoke without fire and all that, but the uncertainty can't be good for sterling or gilts". The auction of five-year gilts was particularly attractive to banks who are being instructed to buy high-quality bonds in order to bolster their liquidity pools in the wake of the banking crisis. Moyeen Islam of Barclays Capital said: "There were some bond-specific factors at play as the market had regarded this issue as relatively cheap." But he noted that the prospect of the end of the Bank of England's £175bn quantitative easing programme, possibly next month, would have implications for the future. "There will be a change in the supply and demand in the market. The one key element of support (quantitative easing) is going to go away and so going forward, each bond and each auction will need to be looked at on its merit." The auction took place just before a cross-party Treasury select committee published its findings on December's pre-budget report . It said the lack of detail in the government's spending plans made it impossible to assess whether the chancellor was serious about restoring the public finances to health. The chancellor decided not to produce a detailed three-year spending breakdown for the years 2011-12, as many observers had expected, and instead merely published broad totals, with little detail about specific departments. But the committee pointed out that the government's much-vaunted fiscal responsibility bill, which gives the Treasury a legal responsibility to cut the deficit, would be impossible for parliament to oversee without more information. MPs conceded the depth of the recession, and uncertainty about the strength of recovery, made forecasting more tricky than usual, but indicated some of the Treasury's projections extended for the next five years. "There is a sense that the Treasury are using uncertainty to suit themselves," they said. "We see no good reason for the Treasury failing to produce illustrative figures for future expenditure." The committee's chairman, John McFall, said that when a new select committee was convened in the next parliament, it should examine the Treasury's controversial tax on City bonuses. A Treasury spokesman insisted that there was no need to set out specific spending targets "given the current uncertainty, to fix every department's budget now for the next five years is not necessary or sensible". Investing Government Borrowing Geoff Hoon Patricia Hewitt Quantitative easing Pre-budget report 2009 Alistair Darling Jill Treanor Heather Stewart guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• BA stages peace talks to avert strikes BA stages peace talks to avert strikes
01/06/2010
Executives will meet Unite in bid to stop walkout next month British Airways executives will hold peace talks with representatives of the Unite trade union tomorrow in a bid to avert crippling strike action by cabin crew. Unite is close to serving BA notice that it will hold a strike ballot over staffing cuts, leaving open the prospect of a walkout as soon as next month. However, the union's joint general secretaries, Tony Woodley and Derek Simpson, said they were "delighted" to be holding talks that will be hosted by the TUC, the British trade union body. The talks will be chaired by the TUC general secretary, Brendan Barber. "We have said all along that this dispute could only be resolved through negotiation, rather than imposition or litigation, so we are delighted to be joining BA management in talks at the TUC," said the Unite leaders. It is understood that shortly before Christmas the BA chief executive, Willie Walsh, sent a letter to Woodley and Simpson seeking talks in the wake of securing a high court injunction that blocked a 12-day walkout by cabin crew. A meeting between Walsh, Woodley and Simpson on Monday appears to have convinced the Unite leadership that BA is willing to negotiate. BA said: "We are pleased that this new round of talks will now proceed under the auspices of the TUC." A statement by Bassa, the cabin crew branch of Unite, said that Walsh had offered concessions to the trade union. Bassa said on its website that the staff reductions had to be reversed but admitted that it would consider the new BA proposals. It said: "We shall remain open to consider the company's proposals. At the time of writing, the company has offered some concessionary ideas, which are under consideration." BA's proposal centres on the role of the cabin service director, the highest-ranking cabin crew member on a flight. Staff cuts had forced CSDs to join general flight duties but it is understood that Walsh has offered to make the post a fully supervisory role again. Under changes imposed in November, BA reduced the number of cabin crew on long-haul flights from between 15 and 16 positions to 14. Cabin crew have claimed that the changes have lowered service standards, but their biggest concern is the fact that BA imposed the changes unilaterally. A high court hearing scheduled for 1 February will determine whether the staff cuts can be repealed. British Airways Willie Walsh Airline industry Trade unions Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• FSA to charge former iSoft bosses FSA to charge former iSoft bosses
01/06/2010
Barnsley football club owner Patrick Cryne and three ex-directors of the NHS software supplier due in court accused of conspiracy to make misleading statements The Financial Services Authority is to charge Patrick Cryne, founder of NHS software supplier iSoft , and three other former directors with the criminal offence of conspiracy to make misleading statements. Cryne, who is best known for his half-ownership of Barnsley football club, has been summonsed to appear before a magistrates court in London later this month along with iSoft co-founder Steve Graham, one-time chief executive Tim Whiston and former finance director John Whelan. Cryne responded today with a statement which said: "Since the FSA commenced its investigation into the affairs of iSoft in July 2006 it has had my full and complete co-operation. I am surprised and disappointed at the position arrived at by the FSA. I am however absolutely satisfied that in due course my position will be completely vindicated." Byrne & Partners, the law firm acting for Graham, declined to comment. Together with Graham and Roger Dickens, who died in 2006, Cryne led a management buyout of iSoft from KPMG in 1998, floating the business on the stock exchange two years later. The business appeared to be a tremendous success — notably winning an important contract to supply software to the government's £12.7bn NHS IT overhaul, the biggest non-military IT project ever attempted. It even boasted the former head of employers' body the CBI, Digby Jones, as a non-executive director. However, the success story came to an abrupt halt in 2006 when the company issued a huge profit warning and restated revenue and profits for previous years. . Cryne left the business a year before irregularities were identified. He took a 50% stake in Barnsley football club in 2004 and Manchester-based iSoft became a shirt sponsor of the club for a period. In 2006, however, iSoft told investors it had discovered accounting irregularities. Graham was suspended as operations director. The software firm was forced to restate its profits for the financial years 2004 and 2005 because of a radical change in its accounting practices. This meant that operating profit for 2005 was reduced from £72m to zero and revenues were revised from £262m to £190m. The new figures sparked a share sell-off, wiping 90% off the value of the company in 2006 before it was sold to Australian rival IBA Health . At its peak iSoft had a stock market value of more than £1bn. Charges against Cryne and others come after an FSA investigation that has lasted just over three years. Two years before it started an investigation by the Guardian produced material that raised serious concerns about a possible mismatch between iSoft's cash position and its reported revenues. But the findings could not be reported because the courts granted iSoft a gagging order over the Guardian. The order was lifted in November 2006 . As well as the FSA, the company has also been looked at by the Accountancy Investigation and Disciplinary Board, the professional watchdog body, for more than three years. It has focused on financial statements from the company from 2003 to 2005 and is unlikely now to publish its findings until FSA proceedings have been concluded. The company remains a major software supplier to the government's troubled £12.7bn programme to overhaul the NHS's largely paper-based information systems throughout England. A final version of its flagship Lorenzo software package, which had been promised years ago, is still in development. IBA, the iSoft parent group, today welcomed the FSA's decision to end its inquiry into the firm. The company stressed that it did not employ any of the former iSoft directors that were investigated by the FSA. Gary Cohen, iSoft executive chairman and chief executive, said: "The FSA result brings to a conclusion one of the remaining legacies of the former iSoft which we acquired in 2007." iSoft Technology sector Financial Services Authority (FSA) NHS Simon Bowers guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Services industry boosts recovery hopes Services industry boosts recovery hopes
01/06/2010
Strongest growth in new orders for more than two years fuels belief that recession in UK ended in final quarter of 2009 Hopes of an economic recovery were boosted today as the crucial services sector – which includes retail, transport, finance and food – showed its strongest growth in new orders for more than two years. A monthly index of the sector, which makes up three-quarters of Britain's economy, showed that confidence rose to 56.8 in December, up from 56.6 in November. A mark above 50 signifies growth rather than contraction. The data from the Chartered Institute of Purchasing and Supply (CIPS) fuels the belief that the economy will have returned to growth in the final quarter of 2009, ending the longest and deepest recession in Britain's postwar history. David Noble, the chief executive of CIPS, said: "Last year saw the UK service sector recover at an extraordinary rate and end 2009 on a high. This was on the back of stronger economic activity, new business wins – especially among larger companies – and growing client confidence. As the biggest contributor to the UK economy, services is undoubtedly heralding the way for wider economic growth in 2010." Howard Archer, chief UK economist at IHS Global Insight, said the data "reinforces belief that the UK finally exited recession in the fourth quarter of 2009". However, he cautioned that it needed to be borne in mind that "in recent months the purchasing managers' survey has been portraying a significantly healthier picture of the services sector than the [official] data". Noble added that despite the positive data, challenges still lay ahead for the dominant sector. "On a more immediate level, fierce competition is preventing firms from offsetting input cost hikes on to customers and increases in work haven't prevented firms from shedding jobs again – despite murmurs of staff being overstretched. Coupled with concerns about potential public spending cuts, the troubles of the economic downturn are still close to hand," he said. Separately, the Office for National Statistics (ONS) said today that corporate profitability in Britain plummeted to an eight-year low in the third quarter of 2009. The total net rate of return for non-financial corporations fell to 11.5% in the third quarter, from 11.7% in the second quarter. This was the sixth drop in a row, although the decline has slowed since the fourth quarter of 2008, when the rate fell by a full percentage point. A breakdown by sector showed service-sector profitability fell to a 16-year low of 12.9% in the third quarter of the year, from 15.8% in the second. However, the net rate of return for manufacturing companies' rose slightly to 6.9% in the third quarter, from 6.8% in the second quarter. Recession Services sector Economic growth (GDP) Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Cadbury v Kraft: how do the confectioner... Cadbury v Kraft: how do the confectionery brands stack up?
01/05/2010
With the US giant, Kraft bidding £10.2bn for British food & drink giant Cadbury, we look at how the top confectionery brands compare in sales Now Nestlé has ruled itself out of the bidding for Cadbury - and given Kraft Foods the firepower to sweeten its own offer. Last year, Cadbury launched its defence against Kraft's takeover offer, dismissing the approach as "derisory". In its official defence document , the chocolate maker raised its targets for the next four years and pledged to hand more cash to shareholders if it keeps its independence. Kraft's move on Cadbury would hand it control of the lucrative Dairymilk brand which had sales of nearly £850m last year, according to data from Euromonitor . Kraft already owns the larger Milka brand which had sales of £1.2bn in 2008. Brand by brand Kraft already has a handful of bigger chocolate brands by sales, than Cadbury - although the British company's global confectionary market share is far higher at 10.3% to Kraft's 4.5%. If Kraft were to buy Cadbury, four out of the five of the enlarged group's chocolate brands would be original Kraft products: Toblerone has sales of £269.8m, Cote d'Or with £240m and Terry's in fifth place with £226.8m. This is the data - let us know what you can do with it. Download the full datasheet • DATA: download the datasheet Can you do something with this data? Flickr Please post your visualisations and mash-ups on our Flickr group or mail us at datastore@guardian.co.uk • Get the A-Z of data • More at the Datastore directory • Follow us on Twitter Summary Cadbury Chocolate recipes Food & drink industry Food & drink Kraft Zoe Wood guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (2 d ago)

• High street winners and losers High street winners and losers
01/04/2010
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• Consumer prices, housing, employment sti... Consumer prices, housing, employment still among Chinese people's top concerns
01/07/2010
&$ &$Will consumer prices maintain at a low level?&$ &$ The public is concerned about the future trends for grain, vegetables and oil prices that are closely related to ordinary people's lives in 2010. In 2009, China's economy underwent its toughest year amid the impact of the global financial crisis. Falling demand caused consumer prices to drop until November when the consumer price index (CPI) returned to being positive after being negative for 10 consecutive months. Although the r ... (1 h ago)

• Consumer prices, housing, employment sti... Consumer prices, housing, employment still among Chinese people's top concerns (2)
01/07/2010
&$ &$Will the income of common people increase?&$ &$ Recently, prices of cooking oil, water and vegetables all rose, and people's cost of living remarkably increased. Earning more money is also a New Year's wish of many common people. The Central Economic Working Conference expressed that in 2010 China will strengthen the adjustment on income distribution, and increase the consumption capacity of residents, especially the low-income group. It is certainly a good piece of news. So, wil ... (1 h ago)

• China tightens rules for second home mor... China tightens rules for second home mortgage
01/07/2010
China will take measures to curb the rapidly increasing housing prices, including introducing a strict mortgage loans policy for second homes, said Jiang Weixin, minister for Housing and Urban-Rural Development. It is understood that "family" is strictly identified as the unit for the second home standard. It is the first time the Ministry has clearly outlined its policy on second homes, making a statement at the National Construction Work Conference held in the middle of December, 2009. "We ... (1 h ago)

• Curbing overcapacity, stimulating consum... Curbing overcapacity, stimulating consumption key for China's economic revival
01/07/2010
Fueled by a massive stimulus package and bank credit, China's economy grew at an enviable pace last year given the world economy was in deep recession. For growth to keep increasing steadily, the government must focus on trimming industrial overcapacity and spurring consumer spending this year. "Investment in industries with overcapacity and redundant infrastructure projects threatens the quality of the bank credit," said Zhou Xiaochuan, China's central bank governor in an interviewwith ... (1 h ago)

• Nikkei falls to snap 3-day rally Nikkei falls to snap 3-day rally
01/07/2010
The key Nikkei stock index fell Thursday, snapping a three-day rally that took the benchmark index to a 15-month closing high the previous day The benchmark 225-issue Nikkei Stock Average ended down 49.79 points, or 0.46 percent, from Wednesday to 10,681.66. The broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 0.72 point, or 0.08 percent, to 931.85. Trade volume on the main section came to 2,335.26 million shares, up from Wednesday's 2,27 ... (1 h ago)

• Chinese shares close lower on Thursday Chinese shares close lower on Thursday
01/07/2010
Chinese equities fell for a second consecutive day on Thursday as the benchmark Shanghai Composite Index went down 1.89 percent, or 61.44 points, to close at 3,192.78 points. The Shenzhen Component Index slid 2.00 percent, or 269.70 points, to close at 13,235.48 points. Combined turnover expanded to 263.2 billion yuan (38.54 billion U.S. dollars) from 260.93 billion yuan on the previous trading day. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• China Unicom's 3G commercial network to ... China Unicom's 3G commercial network to cover 50 more cities
01/07/2010
China Unicom recently declared that the 50 cities in 7 provinces (autonomous regions) under the WCDMA network's second phase construction have become qualified for official commercial use, a 3G commercial network will soon be initiated in these 50 cities, and numbers will be distributed to the public. Currently, China Unicom's WCDMA network covers 335 large and medium cities, as well as the main traffic lines and key tourist attractions. Since China Unicom received the 3G license, the constru ... (1 h ago)

• Sales soar for China's largest property ... Sales soar for China's largest property developer in 2009
01/07/2010
China Vanke Co., Ltd., the country's largest real estate enterprise, said its annual sales jumped 32.5 percent year on year to 63.4 billion yuan (9.3 billion U.S. dollars) in 2009. The floor space Vanke sold last year rose 19.1 percent from a year earlier to 6.63 million square meters, it said in a report to the Shenzhen Stock Exchange Thursday. However, the Shenzhen-based company said sales in December grew only 3 percent to 5.5 billion yuan compared with December 2008, and floo ... (1 h ago)

• First national energy R&D centers establ... First national energy R&D centers established
01/07/2010
The National Energy Administration held a plaque presentation ceremony January 6, signaling the formal establishment of the first 16 national energy research and development centers. Zhang Baoguo, deputy director of the National Development and Reform Commission and the head of the National Energy Administration, said during the ceremony that the 16 research and development centers will work in key energy industries and sectors such as nuclear power, wind power, high-efficiency power generati ... (1 h ago)

• Singapore Stock Exchange to raise requir... Singapore Stock Exchange to raise requirements for mainboard listings
01/07/2010
The Singapore Exchange (SGX) is looking to raise the bar for mainboard listings to put clear water between larger companies on the mainboard and firms on the secondary board, local media reported on Thursday. The local bourse has unveiled a series of proposals, including raising the minimum share issue price for initial public offerings (IPOs) or reverse takeovers from 20 cents to 50 cents, slated for implementation in the fourth quarter of the year, according to local English newspaper ... (1 h ago)

• Indonesia's key minerals output expected... Indonesia's key minerals output expected to plunge in 2011
01/07/2010
Production of three key minerals will plunge in 2011 as technical problems and other delays take their toll, the Jakarta Globe reported on Thursday. Bambang Setiawan, the director general of coal, minerals and geothermal energy at the Ministry of Energy and Mineral Resources, said that copper output is forecasted to tumble by 36.67 percent from this year's target of 1.01 million tons. Meanwhile, gold output is expected to fall by 21.4 percent from11,998 kilograms, and silver prod ... (1 h ago)

• China's eighth highest building to rise ... China's eighth highest building to rise in rural area (2)
01/07/2010
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• China's eighth highest building to rise ... China's eighth highest building to rise in rural area (3)
01/07/2010
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• China's eighth highest building to rise ... China's eighth highest building to rise in rural area (4)
01/07/2010
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• Indonesian central bank to provide incen... Indonesian central bank to provide incentives for banks to boost loans
01/07/2010
Indonesian central bank (BI) is finalizing a draft of incentives to kickstart corporate lending and ensure that the economic recovery gathers pace in the coming years, the Jakarta Globe reported here on Wednesday. The acting BI governor, Darmin Nasution, said that the key incentive will allow banks that lend more to reduce the size of their minimum statutory reserves (GWM), which lenders are obliged to deposit in the central bank. "We are currently finalizing a policy package to ... (1 h ago)

• S Korea to sell Daewoo ex-chairman's sei... S Korea to sell Daewoo ex-chairman's seized assets
01/07/2010
South Korean prosecutors are in the process of taking legal action to auction off confiscated assets of the founder and ex-chairman of the now-defunct Daewoo Group, local media reported Thursday. The Seoul Central Prosecutors' Office has requested the state-run debt clearer Korea Asset Management Co. (KAMCO) to start a bid to sell the confiscated assets of Kim Woo-choong, estimated to exceed 231.8 billion won (204.7 million U.S. dollars), the Yonhap news agency said. The bid will ... (1 h ago)

• GM: Some Dealerships Could Be Restored GM: Some Dealerships Could Be Restored
01/06/2010
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01/06/2010
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• Video: '10 Consumer Electronics Show Video: '10 Consumer Electronics Show
01/06/2010
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• Fla. Ponzi Scheme Suspect to Plead Guilt... Fla. Ponzi Scheme Suspect to Plead Guilty
01/06/2010
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• Video: Testing Infomercial Accuracy Video: Testing Infomercial Accuracy
01/06/2010
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01/05/2010
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• Video: Where America Stands On Jobs Video: Where America Stands On Jobs
01/05/2010
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01/05/2010
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• Mixed Data in Britain Prompts Bank to Ke... Mixed Data in Britain Prompts Bank to Keep Rates Unchanged
01/07/2010
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• Chinese Decision on Rates Seen as ‘Turni... Chinese Decision on Rates Seen as ‘Turning Point’
01/07/2010
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• World Stock Markets Slip After Mixed U.S... World Stock Markets Slip After Mixed U.S. Data
01/07/2010
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• Japan Replaces Ailing Finance Minister Japan Replaces Ailing Finance Minister
01/06/2010
Deputy Prime Minister Naoto Kan, who has little fiscal experience, will succeed Hirohisa Fujii and face spiraling public debt and a fading economic recovery. (7 h ago)

• China Admits New Tainted-Milk Case Is Ol... China Admits New Tainted-Milk Case Is Older
01/06/2010
Chinese regulators said in late December they shut down a dairy factory and arrested three executives for selling contaminated products. On Wednesday, officials admitted that the arrests actually took place last April. (7 h ago)

• Driven to Distraction: Despite Risks, In... Driven to Distraction: Despite Risks, Internet Creeps Onto Car Dashboards
01/06/2010
Even as concerns rise about technology distractions for drivers, automakers are rapidly bringing PC features to the dashboard. (7 h ago)

• Some at Fed See a Need to Do More for Ho... Some at Fed See a Need to Do More for Housing
01/06/2010
Some members of the Federal Reserve suggested the bank may have to expand measures to help mortgage markets. (8 h ago)

• Suit Says 2 Chinese Firms Stole a Web-Bl... Suit Says 2 Chinese Firms Stole a Web-Blocking Code
01/06/2010
The Chinese government sought to block Web sites that featured pornography and violent matter as well as political and religious content. (8 h ago)

• New York to Create Global Insurance Exch... New York to Create Global Insurance Exchange to Cover Complex Risks
01/06/2010
The state’s governor hopes to keep companies from going offshore for complex coverage. (8 h ago)

• Clothing Retailer Says It Will No Longer... Clothing Retailer Says It Will No Longer Destroy Unworn Garments
01/06/2010
After the practice was discovered and brought to light by a CUNY graduate student, H & M said it would donate unsold clothes from its Herald Square store to charities. (8 h ago)

• Client of UBS Gets Probation in Tax Frau... Client of UBS Gets Probation in Tax Fraud
01/06/2010
Federal officials said Juergen Homann, a client of UBS of Switzerland, helped them with a major criminal tax fraud inquiry. (8 h ago)

• China and Australia Sign Coal Deal China and Australia Sign Coal Deal
01/06/2010
The purchase of Felix Resources of Australia by Yanzhou Coal Mining is a bid to improve investment ties after a year in which Australia had blocked a series of Chinese takeovers. (9 h ago)

• U.S. Service Sector Shows Modest Growth U.S. Service Sector Shows Modest Growth
01/06/2010
The expansion reflected a slowly improving economy — but it was too slight to generate much hiring. (9 h ago)

• Google Introduces Nexus One, Its Rival t... Google Introduces Nexus One, Its Rival to the iPhone
01/06/2010
Google stepped up its attack on the wireless industry, unveiling a touchscreen phone that does not lock a consumer into one carrier. (19 h ago)

• Television Begins a Push Into the 3rd Di... Television Begins a Push Into the 3rd Dimension
01/06/2010
Cable programmers are rushing to create new channels for 3-D sets that manufacturers are unveiling. (21 h ago)

• Asian Computer Makers Move Into Riskier ... Asian Computer Makers Move Into Riskier Ventures
01/06/2010
Companies that once built devices to Silicon Valley’s specifications are now investing in start-ups so they can compete with their former customers. (21 h ago)

• A Once-Defiant U.A.W. Local Now Focuses ... A Once-Defiant U.A.W. Local Now Focuses on G.M.’s Success
01/06/2010
U.A.W. Local 1112, long a thorn in General Motors’ side, is now working with the automaker to ensure its success and protect union members’ jobs. (1 d ago)

• U.S. Plans New Charge in Galleon Insider... U.S. Plans New Charge in Galleon Insider Case
01/05/2010
Prosecutors said that they had uncovered additional evidence that Raj Rajaratnam, the billionaire founder of the Galleon Group, reaped $19 million more in illicit profits. (1 d ago)

• Slowing Pace of Home Sales Raises Fears ... Slowing Pace of Home Sales Raises Fears of New Retreat
01/05/2010
The number of houses placed under contract fell sharply in November in the first drop in nearly a year, new figures show. (1 d ago)

• Advertising: Infomercial Products Take O... Advertising: Infomercial Products Take One on the Chin
01/06/2010
Consumer Reports does not recommend the blanket with sleeves and more than a dozen other items offered in TV infomercials, except the PedEgg. (8 h ago)

• U.S. to Review Comcast-NBC Deal U.S. to Review Comcast-NBC Deal
01/06/2010
Many analysts and watchdogs expect regulators to attach significant conditions to the merger to allow for competition. (8 h ago)

• Diet Drug Maker Glaxo to Pay for a Film ... Diet Drug Maker Glaxo to Pay for a Film on Eating
01/06/2010
Glaxo, the maker of the weight-loss product Alli, will try to educate Americans about obesity — and increase Alli sales — by financing a documentary about eating. (8 h ago)

• Coat Maker Transforms Obama Photo Into A... Coat Maker Transforms Obama Photo Into Ad
01/06/2010
A New York garment company known for publicity stunts has gotten the attention of the White House with a billboard in Times Square featuring the president. (8 h ago)

• In a Clash Over Cable, Consumers Lose In a Clash Over Cable, Consumers Lose
01/06/2010
As talks drag on, the Food Network and HGTV have gone dark for many cable customers in New York, New Jersey and Connecticut. (8 h ago)

• William Tuohy, Correspondent Who Won Pul... William Tuohy, Correspondent Who Won Pulitzer for Vietnam Coverage, Dies at 83
01/06/2010
Mr. Tuohy was a foreign correspondent who was awarded a Pulitzer Prize for his coverage of the Vietnam War for The Los Angeles Times. (9 h ago)

• Talk to The Times: Denise F. Warren, Gen... Talk to The Times: Denise F. Warren, General Manager of NYTimes.com
01/06/2010
Denise F. Warren is answering questions from readers. (16 h ago)

• Why Twitter Will Endure Why Twitter Will Endure
01/06/2010
So you’re drowning in a sea of information. Perhaps the answer is more information. (17 h ago)

• Oh, Just Answer the Question, Honey Oh, Just Answer the Question, Honey
01/06/2010
“Our Little Genius,” a quiz show beginning next week on Fox, gives bright children a chance to answer questions for cash, but some critics think it puts too much pressure on its contestants. (19 h ago)

• Sports Business: What’s in a Naming Righ... Sports Business: What’s in a Naming Right? Certainly Not Cash
01/06/2010
The Giants and Jets had expected about $25 million a year for a naming-rights deal for their new stadium, but that market has dried up. (1 d ago)

• Apple Buys Quattro, an Ad Firm Apple Buys Quattro, an Ad Firm
01/06/2010
While Google introduced its first piece of hardware, the Nexus One cellphone, Apple began to take aim at advertising, Google’s bread and butter. (1 d ago)

• Judge Lifts Some Tobacco Ad Limits Judge Lifts Some Tobacco Ad Limits
01/05/2010
Tobacco companies can use graphics and colors in their labels and advertising, but are barred from brand-name product merchandise and sponsorships. (1 d ago)

• Sourcing of Article Awkward for Paper Sourcing of Article Awkward for Paper
01/05/2010
The Washington Post is dealing with criticism after publishing an article from an organization backed by a banker who has a strongly conservative budget outlook. (1 d ago)

• Link by Link: In Allowing Ad Blockers, a... Link by Link: In Allowing Ad Blockers, a Test for Google
01/05/2010
Though reliant on advertising revenue, the Internet giant is reiterating its commitment to transparency and open industry standards. (1 d ago)

• Dow Jones Reorganizes by Combining 2 Med... Dow Jones Reorganizes by Combining 2 Media Groups
01/05/2010
Dow Jones & Company said Monday that it was dismantling the divisions separating its flagship newspaper, The Wall Street Journal, from the unit that oversees its investment tools and other services. (1 d ago)

• Advertising: Pitching a Product, Without... Advertising: Pitching a Product, Without Showing It
01/04/2010
Kellogg began an ad campaign on Monday that pitched the Special K Challenge to women but, in a twist, never showed the cereal in the spot. (2 d ago)

• Media Cache: A Second Stab at Convergenc... Media Cache: A Second Stab at Convergence
01/04/2010
If media companies are to improve on a vision that failed to come to fruition in the past decade, they will have be more atuned to consumer demands. (3 d ago)

• Netflix to delay renting some new DVDs Netflix to delay renting some new DVDs
01/06/2010
Netflix's 11 million subscribers will have to wait nearly an extra month to rent the latest movies by Warner Bros. Warner Bros - Netflix - DVD - Movies - Arts (15 h ago)

• Online schools find ready market in mili... Online schools find ready market in military
01/06/2010
BusinessWeek: For-profit schools are raking in millions by signing up soldiers as students, in the process they may be taking advantage of the military and the U.S. taxpayer. United States - BusinessWeek - For-profit school - Education - Wall Street Journal (16 h ago)

• Justice Dept. to review NBC sale to Comc... Justice Dept. to review NBC sale to Comcast
01/06/2010
The Justice Department said that it will be the agency to scrutinize Comcast's plans to buy a controlling stake in NBC Universal's broadcast networks, cable TV channels and movie studios. NbcUniversal - Comcast - United States Department of Justice - Television - Arts (16 h ago)

• Sponsored By: Sponsored By:
01/06/2010
(19 h ago)

• Morgan Stanley wins lawsuit against Disc... Morgan Stanley wins lawsuit against Discover
01/06/2010
Morgan Stanley won a legal battle with former subsidiary Discover Financial Services over nearly $800 million Morgan Stanley says it was owed by the credit card company. Credit card - Discover Financial - Morgan Stanley - Business - Discover Financial Services (19 h ago)

• Google, Apple in high-tech smackdown Google, Apple in high-tech smackdown
01/06/2010
The once-cuddly relationship between Google Inc. and Apple Inc. is morphing into a prickly power struggle as the ambitions and ideas of the technology trendsetters increasingly collide. Google - Apple - Technology - Searching - Search Engines (23 h ago)

• Newsweek: 3-D TV is cable’s last chance... Newsweek: 3-D TV is cable’s last chance
01/06/2010
ESPN announced this week that it is launching a 3-D sports channel. If other cable networks know what's good for them, they'll follow suit as soon as possible. Television - ESPN - Cable television - List of Sports Television Channels - Sport (1 d ago)

• New charges pending against Rajaratnam New charges pending against Rajaratnam
01/05/2010
Prosecutors will file new charges against hedge fund operator Raj Rajaratnam alleging he made at least $36 million from trades based on insider information, double what was previously believed. Hedge fund - Raj Rajaratnam - Insider trading - Business - Investing (1 d ago)

• Michigan names Domino’s CEO as its new A... Michigan names Domino’s CEO as its new AD
01/05/2010
The University of Michigan is turning to former football player and Domino’s Pizza CEO David Brandon to lead its athletics program. University of Michigan - David Brandon - United States - Michigan - Education (1 d ago)

• Google confirms plans to sell own mobile... Google confirms plans to sell own mobile phone
01/05/2010
It's official: Google will sell its own mobile phone in an effort to protect its online advertising empire as people increasingly surf the Web on handsets instead of personal computers. Google - Personal computer - Mobile phone - Online advertising - Searching (1 d ago)

• ESPN, Discovery to launch 3-D TV network... ESPN, Discovery to launch 3-D TV networks
01/05/2010
ESPN and Discovery Communications Inc both unveiled plans Tuesday to launch 3-D television networks reflecting a growing momentum in the industry to usher 3-D into the home. College basketball - Sport - ESPN - World Cup - Soccer (1 d ago)

• Mesa Air files for bankruptcy protection Mesa Air files for bankruptcy protection
01/05/2010
Regional carrier Mesa Air Group Monday followed through on a threat to file for Chapter 11 bankruptcy protection, saying it hopes to shed planes it no longer needs. Chapter 11 Title 11 United States Code - United States - Law - Mesa Air Group - Services (1 d ago)

• Apple buying cell phone ad company Quatt... Apple buying cell phone ad company Quattro
01/05/2010
Apple is buying the mobile advertising company Quattro Wireless. It's a bet on the future of cell phone ads and steps up competition with rival Silicon Valley powerhouse Google. Google - Mobile phone - Silicon Valley - QuattroWireless - Advertising (1 d ago)

• Kraft's Cadbury deal hits Berkshire hurd... Kraft's Cadbury deal hits Berkshire hurdle
01/05/2010
The battle for British candy maker Cadbury PLC was thrown further into doubt Tuesday when a major Kraft Foods Inc. shareholder voted not to endorse the U.S. company's hostile takeover bid. Kraft Food - Cadbury PLC - Takeover - Business - Pizza (1 d ago)

• Does boycotting big banks make any sense... Does boycotting big banks make any sense?
01/05/2010
Arianna Huffington is mad as hell and not going to take it anymore — or doesn’t think you should. But her crusade against big banks is not the solution. Huffington Post - United States - Business - Financial Services - Directories (1 d ago)

• Dems, Wall Street water down financial r... Dems, Wall Street water down financial reform
01/04/2010
BusinessWeek: After a strong initial push by liberal lawmakers to reform Wall Street, the process has slowed as a fiscally conservative group of Democrats balked at many of the proposals. Wall Street - Democratic - Politics - Parties - Fiscal conservatism (2 d ago)

• GM: Hundreds of dealerships could be res... GM: Hundreds of dealerships could be restored
01/06/2010
Hundreds of the 1,350 General Motors Co. dealers who lost their franchises last year could see them restored, the company's interim CEO said Wednesday. (15 h ago)

• Stocks end flat after mixed economic rep... Stocks end flat after mixed economic reports
01/06/2010
Investors treaded water for a second day as a batch of mixed economic reports and signs of division among Federal Reserve policymakers offered little insight into the economy. (16 h ago)

• Sam's Club to sell its own brand of vodk... Sam's Club to sell its own brand of vodka
01/06/2010
Discount chain Sam's Club is venturing into the world of liquor, launching a new store-brand vodka this month in more than 240 stores. (17 h ago)

• Fed minutes reveal angst over recovery Fed minutes reveal angst over recovery
01/06/2010
Some Federal Reserve policymakers were sufficiently concerned last month about the recovery's staying power that they argued for expanding a $1.25 trillion program aimed at bolstering the housing market. (18 h ago)

• Busy signal awaits IRS help line callers Busy signal awaits IRS help line callers
01/06/2010
Only seven in 10 taxpayers calling the Internal Revenue Service for help this tax season are expected to reach a real person — if the agency reaches its service goal. (18 h ago)

• Winter blast sends oil prices to 14-mont... Winter blast sends oil prices to 14-month high
01/06/2010
Snow, ice and wind wreaked havoc on energy markets Wednesday, where a barrel of oil topped $83 a barrel for the first time since the fall of 2008. (18 h ago)

• Surge in workers claiming job bias Surge in workers claiming job bias
01/06/2010
The number of workers claiming job discrimination based on disability, religion or national origin surged to new highs last year, as federal job bias complaints overall stayed at near-record levels. (20 h ago)

• Dodd’s exit roils financial reform Dodd’s exit roils financial reform
01/06/2010
How Sen. Christopher Dodd handles his final months in office is the big question surrounding U.S. efforts to tighten financial regulation, with some analysts expecting more moderate reform. (20 h ago)

• Job losses slow, service sector grows in... Job losses slow, service sector grows in Dec.
01/06/2010
The rate of job losses at U.S. private employers slowed in December and the services sector showed marginal growth, according to reports on Wednesday. (20 h ago)

• Review: Ford's Fusion Hybrid pulls ahead Review: Ford's Fusion Hybrid pulls ahead
01/06/2010
The Ford Fusion Hybrid is the best hybrid model in the U.S. market, according to our reviewer. It is the best in the U.S. in part because it is the best for the U.S. (21 h ago)

• Hat in hand, U.S. turns to India to crea... Hat in hand, U.S. turns to India to create jobs
01/06/2010
BusinessWeek: States are wooing anyone with hiring plans — even if that means going to the same bunch that have been responsible for hundreds of thousands of jobs going overseas. (1 d ago)

• Top Scams Targeted Recession Victims Top Scams Targeted Recession Victims
01/06/2010
The Council of Better Business Bureaus Inc.'s list of top scams of the 2009 includes some targeting those hardest hit by the recession. (17 h ago)

• New Features, and Fees, for Checking Acc... New Features, and Fees, for Checking Accounts
01/06/2010
As banks look for new revenue sources, they are rolling out checking accounts with new fees attached. One bank ahead of the curve in this respect is Fifth Third Bank. (17 h ago)

• Wednesday Reading Wednesday Reading
01/06/2010
How one community is recovering from the recession, a look at Google's new smartphone and other consumer-focused items from Wednesday's Times. (17 h ago)

• Mortgage Modifications Affect Credit Sco... Mortgage Modifications Affect Credit Scores
01/06/2010
Many borrowers participating in the Federal mortgage modification program were getting black marks on their credit reports until recently. The question is, do they deserve it? (17 h ago)

• Beth Court: Optimism Is Fresh Arrival in... Beth Court: Optimism Is Fresh Arrival in California Cul-de-Sac
01/06/2010
Among the families of Beth Court, a block in Moreno Valley, Calif., hit hard by the foreclosure crisis, optimism is taking hold. (1 d ago)

• The Card Game: How Visa, Using Card Fees... The Card Game: How Visa, Using Card Fees, Dominates a Market
01/05/2010
When you sign for a debit card at a retailer, the store pays your bank more than twice as much as when you enter a PIN — a strategy Visa hatched decades ago. (1 d ago)

• Mortgages: A Trickle From the Equity Tap Mortgages: A Trickle From the Equity Tap
01/05/2010
Even though home prices have stabilized, fewer people have enough equity in their homes to qualify for a line of credit. (2 d ago)

• Top CEOs you may not have heard of Top CEOs you may not have heard of
01/06/2010
Morten Hansen, management professor at U.C. Berkeley, talks with Kai Ryssdal about the surprising list of best-performing CEOs in the latest Harvard Business Review. (20 h ago)

• Reducing trash saves company cash Reducing trash saves company cash
01/06/2010
Lots of companies are trying to boost their green credentials, but they also want to save money. For a furniture company in Ohio, sending less to the landfill is doing both. Dan Bobkoff reports. (20 h ago)

• British reluctant to sue health system British reluctant to sue health system
01/06/2010
Opponents of health care reform have raised concerns about the likelihood of malpractice suits under a new system. But that's not the case in Britain's taxpayer-funded NHS. Stephen Beard reports. (20 h ago)

• Travel restrictions come with high price Travel restrictions come with high price
01/06/2010
Aviation security is undergoing changes because of the foiled Christmas Day terrorist attack in Detroit. Commentator David Frum says that's going to cost us. (20 h ago)

• Examining House, Senate health bills Examining House, Senate health bills
01/06/2010
New York Times columnist David Leonhardt talks with Kai Ryssdal about why President Obama favors the Senate's health care bill over the House's version, and what to expect over the next few months in the health-care overhaul. (20 h ago)

• Malls differ in coping with bad economy Malls differ in coping with bad economy
01/06/2010
Stores like Macy's are anchor tenants that are vital for business at traditional and strip malls. But these two types of malls are reacting to the economy in different ways right now. Jeremy Hobson reports. (20 h ago)

• How Dodd's retirement affects reform How Dodd's retirement affects reform
01/06/2010
Senate Banking Committee Chairman Christopher Dodd will not seek re-election. He was leading the Senate's work on Wall Street reform, so what happens now? John Dimsdale reports. (20 h ago)

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• ConsumerMan: Credit card law coming soon ConsumerMan: Credit card law coming soon
01/06/2010
Banks blame the new credit card law for driving up interest rates and fees. Consumer groups say "unfair and deceptive" practices continue. The law takes effect next month. Credit card - Interest rate - Consumer - Business - Law (16 h ago)

• KFC marks hydrants in ‘fiery’ ad campaig... KFC marks hydrants in ‘fiery’ ad campaign
01/06/2010
Fast-food chain KFC is giving two Indiana cities $7,500 so it can emblazon founder Colonel Sanders' face on their hydrants and fire extinguishers to promote new "fiery" chicken wings. KFC - Indiana - Buffalo wings - Chicken - Business (1 d ago)

• Retailers to report sales uptick for Dec... Retailers to report sales uptick for December
01/06/2010
Holiday shoppers bought a little more jewelry, electronics and boots but passed by the women's clothing racks, according to figures released Wednesday. Clothing - Jewellery - Shopping - Electronics - Ethnic and Regional (1 d ago)

• NYT: How Visa dominates debit card marke... NYT: How Visa dominates debit card market
01/05/2010
When you sign for a debit card at a retailer, the store pays your bank more than twice as much as when you enter a PIN - a strategy Visa hatched decades ago. Debit card - Visa Debit - Personal identification number - Credit card - United States (1 d ago)

• Internet retailer gives exotic leathers ... Internet retailer gives exotic leathers the boot
01/04/2010
Overstock.com Inc. has stopped selling watchbands, shoes and luggage made from the skins of exotic animals. Leather - Shopping - Overstock.com - Clothing - Footwear (2 d ago)

• Japan needs corporate governance reform Japan needs corporate governance reform
01/06/2010
Japan's boardrooms need to be overhauled says the Asian Corporate Governance Association (ACGA).In a paper, commentators recommend bringing in more independent directors and fixing up the rules for what defines an outside director. According to the ACGA, the definition of an outside director in Japan's Companies Act is is "weak and often confusing to foreign investors and others". It also says Japanese companies should start publishing proxy results and that institutional investors should be required to publish their voting guidelines and how they voted. ... (23 h ago)

• Should managers take an oath? Should managers take an oath?
01/06/2010
Early last year, I did a blog entry on a business school to professionalize management by getting managers to take the equivalent of an Hippocratic oath. The thinking is that this would prevent the kind of ethical lapses and conflicts of interest that resulted in the meltdown.Not so, says Theo Vermaelen, INSEAD Professor of Finance. In this piece he says it's misplaced and useless because it would not stop the problem at all.Vermaelen writes: "Signing the oath doesn't cost anything and therefore not a ... (23 h ago)

• The end of Chimerica The end of Chimerica
01/05/2010
Economic historian Niall Ferguson says we are about to see the death of a monster that has created a global imbalance. He calls the monster Chimerica, the double-layered portmanteau combining the names of China and America and summoning up the ghosts of the monster known as the chimera.In this paper, Ferguson and German academic Moritz Schularick argue that the financial crisis of 2007-2009 is likely to mark the beginning of the end of the Chimerican relationship which with a combined 13% of the world's ... (1 d ago)

• Climate change, human rights and class a... Climate change, human rights and class actions
01/05/2010
How much does climate change affect human rights? The answer to that question could shed light on potential future class action claims.A study Climate Change and Human Rights by John H Knox at Wake Forest University School of Law sheds some light on the issue, in particular looking at the plight of the Inuit and Maldivians. According to Knox, human rights law can be brought to bear on climate change issues which affect food supply, housing as well as safety. States that are signatories ... (1 d ago)

• Breaking the glass ceiling Breaking the glass ceiling
01/04/2010
Female hedge fund managers outperform their male counterparts, according to new research published here.According to that study, female hedge fund managers achieved a 9% return compared with a 6% return for the overall group. Similarly in the annus horrilus of 2008, female-managed funds were down only 5.41% compared with -19.03% overall.The researchers found that women had different investment strategies. Mainly they were more consistent and took into account more information, including contradictory material, when making their decisions.Now the problem with the study is the ... (2 d ago)

• Review of The Squeeze by Tom Bower Review of The Squeeze by Tom Bower
01/04/2010
Have just finished reading Tom Bower's fascinating book on the oil industry and the thing that grabs you the most about this book is the connection between oil and politics.Oil is important not only because petroleum products are part of just about everything we buy and do - not just petrol for the car but also in the manufacture of food, clothing, plastics and various products. That means oil both shapes and is shaped by the political world which defines our universe.You see it ... (3 d ago)

• Giant tuna fetches $177,000 at fish auct... Giant tuna fetches $177,000 at fish auction
01/05/2010
A giant bluefin tuna fetches 16.3 million yen ($177,000) in an auction at the world's largest wholesale fish market in Japan. Japan - Thunnus - Fish market - Tuna - Tokyo (1 d ago)

• $24 billion lawsuit filed against Credit... $24 billion lawsuit filed against Credit Suisse
01/04/2010
Property owners at four struggling and bankrupt resorts have filed a $24 billion federal lawsuit against Credit Suisse, saying the bank gave predatory loans to the resorts' investors as part of a scheme to take over the properties. Credit Suisse - Business - Financial services - Bank - Banking Services (2 d ago)

• Novartis to buy eye-care products maker ... Novartis to buy eye-care products maker Alcon
01/04/2010
Drug maker Novartis AG announced Monday that it plans to take over Alcon Inc. by paying $38.5 billion for the 77 percent stake it does not already own. Alcon - Novartis - United States - Health - Ophthalmology (2 d ago)

• A Program Helps Sharpen the Business Acu... A Program Helps Sharpen the Business Acumen of Those on the Rise
01/06/2010
Inner City Entrepreneurs offers intensive instruction in the nuts and bolts of running small businesses to owners of thriving companies. (8 h ago)

• Small-Business Guide: How to Sell Your B... Small-Business Guide: How to Sell Your Business
01/06/2010
Preparing a business for sale has a lot in common with starting it in the first place: The more you prepare, the more successful the outcome is likely to be. (9 h ago)

• Small-Business Guide: Buying the Best In... Small-Business Guide: Buying the Best Insurance for Your Business
01/06/2010
It’s important to pay close attention to the kind of insurance you buy for your small business; otherwise you could face a shock when you file a claim. (19 h ago)

• Toolkit: Some Inspiration to Make 2010 a... Toolkit: Some Inspiration to Make 2010 a Success
01/05/2010
Encouragement never hurts, so why don’t we begin the new year with some wise advice from the successful about how they got that way?. (1 d ago)

• Americans’ job satisfaction falls to rec... Americans’ job satisfaction falls to record low
01/05/2010
Even Americans who are lucky enough to have work in this economy are becoming more unhappy with their jobs. Only 45 percent of Americans are satisfied with their work. Job satisfaction - Employment - Business - Job Search - United States (1 d ago)

• Your Career: How to get a promotion in 2... Your Career: How to get a promotion in 2010
01/04/2010
The last thing many workers were thinking about during 2009’s dismal job market was how to ask for a promotion or a raise. But now it’s time to get what you deserve. Employment - Business - Careers - Job Search - Job hunting (3 d ago)

• Seen that? - Janiking - Top#1 Home based... Seen that? - Janiking - Top#1 Home based Franchise
01/06/2010
Janiking - Top#1 Home based Franchise Home Based Business Based on Entrepreneur.com's top home business franchises, Janiking is No.1 With a total investment of around $11.3K-34.1K, you can have your own JaniKing Franchise for the next 20 years. The best of ... (12 h ago)

• Seen that? - In Focus: Naandi Seen that? - In Focus: Naandi
01/06/2010
In Focus: Naandi Audeamus - How dare we... In March while I was in Hyderabad, India working on documenting a project the foundation I work for is involved with, we made a number of excursions to see social entrepreneurial and social ... (12 h ago)

• Video: Video: Company offers designated ... Video: Video: Company offers designated scooter drivers
01/05/2010
Jan. 5: Zingo's scooter-riding designated drivers zip in to take you home if you drink too much. WTVJ's Jeff Burnside reports. (NBC News Channel) WTVJ - NBC News - Designated driver - Scooter - Motorcycle (1 d ago)

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