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Business News
for 01/21/2010

(last updated 7:30am EST 01/21/2010)

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• Source: Obama wants greater banking limi... Source: Obama wants greater banking limits
01/20/2010
Stepping up pressure on Wall Street, President Obama plans to call for giving the government new powers to limit the size and complexity of large financial institutions and to limit their ability to engage in high-risk trades. (11 h ago)

• Lenders threaten to auction Olympics sit... Lenders threaten to auction Olympics site
01/20/2010
The Whistler ski resort, home to next month's Olympic downhill, could be auctioned off in the middle of the games after creditors moved to auction off the assets of Intrawest LLC. (11 h ago)

• In cap flap, Miller Lite told to change ... In cap flap, Miller Lite told to change beer ads
01/20/2010
It's a flap over a cap. An ad industry watchdog wants MillerCoors to modify its claims about flagship Miller Lite because it hasn't made changes as the ads imply. (15 h ago)

• PetSmart fires man who brought dog to wo... PetSmart fires man who brought dog to work
01/20/2010
PetSmart fired employee Eric Favetta for "theft of services" after he parked Gizmo, his 3-year-old Belgian Malinois, in the store's doggie daycare facility during an overnight shift. (16 h ago)

• Buffett predicts unease will dampen reco... Buffett predicts unease will dampen recovery
01/20/2010
Billionaire investor Warren Buffett says he's still not sure when the economy will recover, but he expects the rebound to be slow because American consumers remain uneasy. (16 h ago)

• YouTube getting into movie rental busine... YouTube getting into movie rental business
01/20/2010
YouTube is making its debut as a rental outlet Friday to help promote some of the movies that will be shown at the upcoming Sundance Film Festival. (17 h ago)

• Starbucks’ first-quarter profit beats fo... Starbucks’ first-quarter profit beats forecast
01/20/2010
Starbucks Corp. says people spent more money in its stores during its fiscal first quarter, and its profit more than tripled. (18 h ago)

• Entrepreneurs turn housing bust into boo... Entrepreneurs turn housing bust into boom
01/20/2010
While the industry floundered, these businesses positioned themselves for growth. (18 h ago)

• Iran to cut zeros off currency to fight ... Iran to cut zeros off currency to fight inflation
01/20/2010
President Mahmoud Ahmadinejad says his government is planning to cut zeros from its currency in an apparent effort to fight Iran's double-digit inflation. (18 h ago)

• Stocks trim losses, but still end day wa... Stocks trim losses, but still end day way down
01/20/2010
Stocks fell by the most since late October on concerns that tighter lending rules in China could endanger an economic recovery. (18 h ago)

• Newsweek: Is taxing big banks unconstitu... Newsweek: Is taxing big banks unconstitutional?
01/20/2010
Let's see if this makes sense. The Fed deciding unilaterally to assume hundreds of billions of dollars of financial companies' liabilities: That's totally constitutional. Congress passing a law suggesting that a portion of the industry pay a fee for running huge balance sheets: That's unconstitutional. (19 h ago)

• Gen Re settles AIG fraud claims for $92.... Gen Re settles AIG fraud claims for $92.2M
01/20/2010
The insurer General Re Corp. has agreed to pay $92.2 million to settle charges by federal authorities' and shareholder claims over its alleged role in accounting misconduct schemes. (19 h ago)

• Uno’s Chicago Grill chain files for bank... Uno’s Chicago Grill chain files for bankruptcy
01/20/2010
Burdened by debt from a 2005 private equity takeover, the Uno pizzeria chain's parent company filed for Chapter 11 protection Wednesday. (19 h ago)

• New York Times to charge for articles on... New York Times to charge for articles online
01/20/2010
The New York Times says it will charge readers for full access to its Web site starting in 2011. (19 h ago)

• Belgian breweries tapped out over protes... Belgian breweries tapped out over protests
01/20/2010
The world's largest brewer, Anheuser-Busch InBev SA, shut down production in its home country Wednesday, in an escalation of a standoff over job cuts with its Belgian workers. (19 h ago)

• FHA raises fees, tightens loan standards FHA raises fees, tightens loan standards
01/20/2010
The Federal Housing Administration is raising fees and tightening lending standards to shore up its strapped finances and avoid a taxpayer bailout. (20 h ago)

• Rise in permits could herald building ra... Rise in permits could herald building ramp-up
01/20/2010
Applications for future construction projects unexpectedly climbed last month, foreshadowing what could be a better spring for home building after a rough winter, government data showed on Wednesday. (21 h ago)

• House OKs 2009 tax break for Haiti gifts House OKs 2009 tax break for Haiti gifts
01/20/2010
The House has passed a bill allowing taxpayers to write off donations to Haiti earthquake relief efforts when they file their 2009 taxes this spring. (21 h ago)

• Buffett sour on Kraft's candy deal Buffett sour on Kraft's candy deal
01/20/2010
Warren Buffett said Kraft Foods Inc.'s proposed $19.6 billion acquisition of Cadbury Plc is a "bad deal" and questioned how Chief Executive Irene Rosenfeld chose to pay for it. (1 d ago)

• India outsourcers booming with U.S. cont... India outsourcers booming with U.S. contracts
01/20/2010
India's top three outsourcing companies are ramping up hiring and increasing pay as global corporations, mainly from the U.S., send more work offshore to cut costs. (1 d ago)

• Lloyds job losses set to reach 16,000 Lloyds job losses set to reach 16,000
01/21/2010
Unions react with fury to announcement that another 685 posts will be axed at the bank, which rescued HBOS at height of financial crisis Job losses at Lloyds Banking Group are on course to top 16,000 after the bank, which is 43%-owned by taxpayers, put another 685 jobs at risk today. The cuts are the first announced in 2010 and will be in the wholesale and retail banking divisions. They prompted a furious reaction from union leaders, who claim Lloyds axed 15,500 posts last year. The bank has refused to say exactly how many jobs it expects to cut as a result of the rescue takeover of HBOS at the height of the banking crisis in September 2008 . Lloyds Banking Group was formed after that takeover in January 2009 and since then management, led by chief executive Eric Daniels, has announced a series of job losses which unions have warned have created huge uncertainty in the organisation. Rob MacGregor, Unite national officer, said: "Unite is warning Lloyds not to repeat their approach in 2009 where staff faced death by a thousand cuts as weekly announcements of job losses were made. The strategy last year has had a devastating effect on staff and created job insecurity for most colleagues." Lloyds said that by March 2011, a total of 685 jobs in wholesale and retail would be affected but that the reduction would be mitigated by redeployment and the release of contractors, temporary staff and offshore personnel. "Taking these mitigating actions into account, there will be a net reduction of 585 permanent group jobs across the UK," Lloyds said. • In wholesale, 475 jobs will be affected within asset finance as result of a move to close all Black Horse customer lending centres and process all the work in Cardiff. The bank insisted the net job reduction would be 455, as some new jobs are also being created in the division. • In retail, 210 jobs will be hit but the bank said that there would be a net reduction of 130 jobs. This is part of a strategy to bring together teams that have been spread throughout the country, moving these teams to single locations. • In insurance, the group will bring back some outsourced work to centres in Bristol and Edinburgh over the next three years, in a move that will create jobs. "Unite is deeply disappointed that the Lloyds Banking Group has taken the decision to close all of the Black Horse centres with the loss of 400 jobs. At a time when many families are struggling to control their finances and businesses need access to credit, Unite is opposed to the shutting down of these valued local centres," MacGregor said. The bank said: "The group's policy is to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group. Whenever it can, it also brings work back into the group within the UK. Where it is necessary for colleagues to leave the company, it will look to achieve this by offering voluntary severance and by making less use of contractors and agency colleagues. Compulsory redundancies will be a last resort." Lloyds Banking Group Job losses Banking Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Starbucks legend Howard Schultz delivers... Starbucks legend Howard Schultz delivers recovery by thinking smaller
01/21/2010
Howard Schultz, who turned the coffee chain into a global giant, has restored its fortunes by halting aggressive expansion and redesigning stores for local communities It is a dull, cold Wednesday morning in a theatre in west London and Howard Schultz, chief executive of Starbucks, is sitting in a circle, telling his story to a dozen young people, each of whom had overcome problems including drugs, abusive parents or even prison and they are captivated. Schultz, who joined Starbucks when it had just three coffee stores in Seattle, went on to buy the business and built the near ubiquitous chain, spins a good yarn. A rangy former quarterback with a big, toothy grin, he was raised in the low-income housing projects in Brooklyn – "a tough place" – with his father, a proud but poorly-educated man, floating from job to job; one of the worst was delivering and picking up used nappies. He has told the stories many times before, but does so again with an intensity that makes it seem as though he is remembering them afresh. Schultz, now 55, got to university on a football scholarship and after he had an injury literally sold his own blood to make money and complete his studies. He delivers a homespun message of hard work and self-reliance, of dreaming big and being able to look in the mirror each night and be proud of yourself which verges on the hokey, but the rapt attention of his audience makes it hard to be cynical. In pure financial terms, his success has been extraordinary, reaching the ranks of billionaires when Starbucks shares were at their peak; he still owns 5%. He had once sat where they do, he tells them: "I swear, I was fearful, I was insecure, I was somewhat angry, you know 'Why don't I have the same privileges as everybody else?' But in life, you can blame a lot of people and you can wallow in self- pity or you can pick yourself up and say listen, I have to be responsible for myself." After an hour, the kids, who have all worked with the Princes Trust, which Starbucks has backed since 2008, are asking for autographs and posing for photos with him. Schultz is in London to present the company's first-quarter figures, the first time it has hosted its financial results outside the United States, and perhaps an effort to repair some of the damage caused when he remarked on American television last year that the UK economy was in a spiral, drawing a foulmouthed response from Lord Mandelson. Schultz says he was, at the time, simply being honest. The figures, showing a 4% gain in same-store sales and profits of $353m (£218m), up 200%, underlined what has been a triumphant return for Schultz, who became chief executive again at the start of 2008, after stepping back from day-to-day running of the business to become chairman eight years earlier. He retook the reins after witnessing a dramatic decline in same-store sales of 10% in the US and feeling that the company had lost its way amid growing competition: "I just got to the point with our board that I just," he corrects himself, " we felt that a change needed to be made, I wasn't planning on coming back as the CEO, but I am happy I did." For two decades, Starbucks had enjoyed uninterrupted success, creating 16,000 stores worldwide, and Schultz, he laughingly admits, was a hero on Wall Street. So what went wrong? The company he says, did not react quickly enough when the economy began to turn. Starbucks he says turned out to be a lead indicator of the crash in consumer confidence. But it had its own problems too, mainly its rapacious expansion: "The big issue I think was that growth is not a strategy, it is a tactic and if growth becomes a strategy I don't think it is an enduring one. I think growth covers up mistakes." Those mistakes including a "commoditisation" of Starbucks, a loss of the "romance" of coffee-making (he was famously inspired to build a chain after his first trip to Italy in 1983) and a caution, bred by its sheer scale. When he retook control, he checked the company's breakneck expansion, took out almost $600m in costs, closed nearly 1,000 stores, mainly in the US, and shut up shop for a day to retrain its legions of workers. Distractions, such as the music production business and clutter, such as teddy bears, have gone and healthier food options introduced. He resisted calls to sell property or cut healthcare for US employees – a basic tenet of the company from day one. For the first time, Starbucks also started advertising. A key part of the strategy can be seen in London's Conduit Street, in the West End, where a new kind of Starbucks has opened. With blond wood, distressed cabinets and second-hand mid-century modern furniture, it is a marked difference, even though the corporate hand behind the shabby chic is still evident. The idea is to individually design each store to fit in with its local area so that no two Starbucks will look exactly alike, a remarkable rethink for a company that has been so closely linked with the idea of the corporate giant leaving its homogenous mark on every high street. Actor Rupert Everett, petitioning against a new Starbucks close to his home, described it as a "cancer" spreading through Britain. Schultz says that after helping to define the market for coffee shops over the past 20 years, the business has reached a point where it needed to think again. The new store "is a reflection of realising that the relationship we want to have with our customers should harken back to this sense of community, this unique store environment". The plan is to refit 100 stores in Britain by the end of the year. The latest results showed the sixth straight month of same-store gains in Britain in December, where the company has 661 branches. During the quarter like-for-like sales in Britain were 3.9% ahead of last year. The company started the year with 712 stores, though that figure is now down to 661, in part because 36 inside the Borders book stores disappeared overnight. But UK management reckons that the chain will end the year back above 700. Schultz says the company is "very pleased" with the UK business, even though it has yet to reach profitability. The performance may have been helped by the push to use fair trade coffee (all the espresso based drinks including lattes and cappuccinos in the UK are now fair trade), which has done something to burnish the company's image in Britain, though many still view it askance, particularly for saturating high streets and putting smaller cafes out of business. "I don't think we are getting as much [criticism] as we got in the past as people get under the tent and see the conscience of the company," he says. "But I think that, by and large, most companies are not trusted. That is not a Starbucks issue." There has been criticism that Starbucks is too in thrall to the "cult of Schultz". Does his comeback suggest no one else could run the company? He says not. "The next CEO of Starbucks should come from within, and it is my intent to ensure that happens because it is very difficult to teach the imprint, the values and the culture and the complexity of what we do to an outsider. But I am not the only one who is capable of running Starbucks. I do think – as self-serving as it sounds – that I was the right person, given the very, very strong headwind we had from the economy and our own issues, to come back and rewrite the future of the company." He cites another successful comeback in American business: "I think there is probably no better person to aspire to emulate than Steve Jobs and what he has done at Apple in terms of his leadership, his innovation, not settling for mediocrity." Another friend of Schultz, Michael Dell, has also returned to the company he founded, though with less success: "You know it takes courage to come back, it is much harder the second time around. Much harder. I could've just walked away but I never could have forgiven myself to allow Starbucks to drift into mediocrity or not be relevant. I just couldn't be a bystander." Starbucks Retail industry Coffee David Teather guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Nokia to give away satnav software Nokia to give away satnav software
01/21/2010
The world's biggest phone maker takes fight to Apple and Google with free apps Nokia is taking the dramatic step of making its satellite navigation software free to all current and future owners of its smartphones as the world's largest mobile phone manufacturer intensifies its fight against Apple's iPhone and handsets using Google's Android platform. The Finnish company, which makes roughly four out of every 10 phones sold worldwide, spent €6.5bn (£5.6bn) on map firm Navteq in 2007, but from today will let anyone with a GPS-enabled Nokia device – such as its N95 or N97 handsets – download its navigation service and maps for free from its Ovi mobile application store. To date, Nokia has sold more than 80m compatible handsets worldwide. Full satnav direction services – for both road users and pedestrians – will be available across 70 countries from today, with extensive maps available in more than 100 others. The move is likely to infuriate satnav companies such as Garmin and TomTom, which charge up to £100 for in-car satellite navigation systems and will see their market effectively undercut by Nokia. It will also threaten companies that currently charge for downloadable satnav mobile phone applications – such as US-based ALK Technologies, whose CoPilot UK product currently costs £26.99 for iPhone users. Nokia executive vice president Anssi Vanjoki denied that the decision to give its satnav service away for free is a defensive move against companies such as Google, which are increasingly encroaching on the company's turf. "It is a very offensive move if you will," he said. "We are not talking one product for one country, we are talking map coverage in 183 countries, launching simultaneously globally in 76 countries with 46 languages and with millions of devices already out there, plus with all of our new products being equipped with this. So it does not sound too much like defence to me." But giving away sophisticated turn-by-turn car and pedestrian satnav direction services to entice customers to choose one of its smartphones over devices such as the iPhone and Google's Nexus One is symptomatic of Nokia's desperation to get back into the high-end mobile phone market. The company has seen its share of the lucrative smartphone market come under sustained attack. It was slow to create a viable touchscreen rival to the iPhone while bitter rival Rim has successfully moved its BlackBerry line of mobile devices from the boardroom to the classroom, enticing a new generation of younger users. There have also been successful touchscreen launches by Samsung, which has already overtaken Nokia in the UK market. After more than two years of development, Google's Android platform is starting to become a major force in the mobile market. Google recently unveiled its first own-branded Android device, the Nexus One, to rave reviews. The internet company already has an extensive maps business and offers turn-by-turn directions in the US. Outside North America it relies upon mapping data from Tele Atlas, owned by TomTom, and is not able to give full satnav services. But it is rumoured to be building up its own maps database outside the US with a view to launching turn-by-turn direction services at some point. Vanjoki also denied that the dramatic volte-face suggests that the company know things Navteq is worthless. "Quite the contrary," he said. "Right now, what is happening is we are unleashing all this power based on the Navteq acquisition which will help Nokia in three different ways: first of all this becomes a tremendous average sales price defender for our products because it will be completely unique – there is nothing similar available from anyone else; secondly this will be a demonstration of the capabilities and precision of the Navteq maps, so their business will be improved; and thirdly, there are all these developers that are developing applications based on the quality of the maps and then we can distribute those through Ovi store which is another business opportunity for us." Nokia is also making its maps available to any third party developer that wishes to build applications on top of them. These applications will be sold through the Ovi store and already Nokia is offering its customers free Lonely Planet and Michelin Guide information on its maps. "It becomes a giant environment for mash-ups," Vanjoki said. "Where people can deliver new applications and immediately they will have a huge customer base available to them". Nokia's maps service also allows people to share their location with friends on Facebook, adding pictures and status updates. Its maps also include information about local attractions and events within walking distance of a user's location through a deal with San Francisco-based local information aggregator Wcities, which has data for over 350 cities worldwide. Nokia will still allow other satnav companies to use Navteq's data for their services. Navteq's maps, for instance, are used by Garmin. Nokia GPS Nokia Mobile phones iPhone Google Software Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• DMGT acquires 50% stake in Globrix DMGT acquires 50% stake in Globrix
01/21/2010
Daily Mail & General Trust's stake in property search engine Globrix comes after News International sold back its shares Daily Mail & General Trust has acquired a 50% stake in Globrix , the property finder search engine, months after News International sold its half share in the operation back to the founders . Associated Northcliffe Digital, the digital media arm of DMGT, has acquired the stake in Globrix for an undisclosed sum. AND intends to move Globrix into its Digital Property Group which includes Findaproperty, Primelocation and Findahome. AND said it intends to extend the Globrix platform into other classified markets as well as looking to extend it to "international media partners". AND has also committed to "investing heavily in the brand". "I am delighted by our investment in Globrix, which is completely in line with AND's growth and investment strategy," said Richard Titus, chief executive of AND. "I see this as a two-for-one acquisition since it enables us to both strengthen TDPG and address an entirely new multinational software opportunity at the same time." News International helped to found Globrix after making a multimillion pound investment in the company ahead of its launch in 2008. • 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". Daily Mail & General Trust Daily Mail & General Trust Media business Digital media Mark Sweney guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Tullow gushes higher after Ghana oil fin... Tullow gushes higher after Ghana oil find, but FTSE 100 slips back
01/21/2010
Tullow Oil has discovered what it calls a major new oil and gas field off the shore of Ghana, adding to a number of recent finds in the country. The company said that drilling at the Tweneboa-2 exploratory well had struck oil, sending its shares 10p higher to £13.35. Tullow is currently trying to see off Italy's ENI and buy control of the richest oil blocks in Uganda, currently jointly owned by Tullow and Heritage oil. Back with Ghana, analyst Jessica Saadat at Cazenove commented: Although further appraisal is needed, today's news is positive for Tullow as it highlights, yet again, the prospectivity of their acreage in Ghana which has yielded one major discovery (Jubilee) and now potentially a second (Tweneboa). At 1325p, Tullow is trading at a high premium to our core net asset value of 545p - we caveat we do not yet include any value for Tweneboa in our core NAV. We remain with our outperform recommendation ahead of more wells in the West African Transform Margin in 2010. As a footnote, Kosmos Energy is mired in a tricky sales process - whilst today's news is a positive for its value, it may only further complicate the outcome. This is an issue for Kosmos - backed by private equity, it has limited financial capacity to keep funding its share of cash calls on the Jubilee development. All this is relevant to Tullow since a sale of Kosmos will ultimately provide the market with the first print on the market value of its position offshore Ghana. Phil Corbett at Tullow's broker Royal Bank of Scotland added: There is little doubt that this is a significantly positive result for Tullow. It enhances an already excellent exploration track record in Africa over the past couple of years, although given relatively little is known about the Tweneboa structure, we believe its right to be realistic at this point and refrain from making large NAV upgrades. The Tweneboa discovery could be one of Tullow's main assets going forward, although further appraisal work and any development process is likely to be more measured. The shares continue to trade significantly ahead of our current 1015p risked NAV including exploration upside, although we think this is justified given the company's track record, its opportunity set (particularly in the Equatorial Atlantic) which in all likelihood will continue to attract the attention of larger peers, and last but not least, its liquidity and size advantage over its UK peers. Next Wednesday's trading statement (27 January) will be important for sentiment given it should give an update on the drilling programme for the first half of 2010, while we should also get a decision (probably today or tomorrow) from the Ugandan government on whether it will OK Tullow's decision to pre-empt the Heritage disposal. Overall the FTSE 100 has now lost its earlier gains, dipping 5 points to 5415.8. The miners are on the back foot again despite earlier talk of a buying programme. Joshua Raymond, market strategist at City Index, said: The early gains made by European indices were largely used by investors as an opportunity to get out of positions at a higher level as doubts continue to weigh on Chinese growth. The Bank of America and Morgan Stanley earnings yesterday have put a bit of a warning sign for bank earnings. And with Goldman Sachs announcing their earnings before the US market opens, and Google and Amex announcing after the closing bell, many are blowing caution to the wind and not taking up too many positions. We have seen investors continue to move money out of the riskier mining equities and into the typical defensive sectors and the US dollar as China growth fears continue to weigh on sentiment. Pharmaceuticals are higher again too, triggered in part by the potential stagnation of Obama's healthcare plan but also due largely to investors becoming concerned that the markets could be set to endure some short term consolidation. The earnings from Goldman Sachs could well dictate how the afternoon's session progresses and if they do announce forecast beating earnings, investors could be encouraged to bargain hunt and we could finish strongly. But this is a big 'if' considering how mixed bank earnings have been to date. So Anglo American is down 92.5p at 2558.5p while Rio Tinto is 86.5p lower at 3379.5p. Among the pharmaceuticals, AstraZeneca has added 64.5p to £31.18 after Morgan Stanley moved from equal weight to overweight with a £36 price target. GlaxoSmithKline has climbed 21.5p to £13.05. Tullow Oil Anglo American Rio Tinto GlaxoSmithKline AstraZeneca Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Lower unemployment figures: don't break ... Lower unemployment figures: don't break open the white cider yet | Michael White
01/21/2010
All sorts of nastiness is still out there: inflation has risen sharply, wages are flat, and sooner or later quantitative easing will have to end "Yes, the unemployment figures are good news, but do we believe them?" a security man asked me when we chatted at the BBC last night. It turned out that he was working there on a part-time contract. Better than not working at all since he lost his last job, the man explained. He's not the only one. Ministers are pretty chipper about yesterday's unexpected drop in unemployment – 7,000 – which brought the total to 2.45 million, 450,000 lower than the National Audit Office's assumption for the 2009 budget, as Larry Elliott points out in today's Guardian . For one thing it saves them £2bn a year on unemployment pay; for another it persuades them that measures they took to protect jobs, help youngsters find them and to keep demand up – thereby protecting jobs — have all helped. Britain's famously more flexible labour laws make it easier to fire staff, but also to take them on again. But should we be cracking open the sparkling white cider to make a Buckfast spritzer quite yet? Further inside today's Guardian Ashley Seager confirms the BBC security man's point , that the growth in part-time working, all part of that "flexible" culture, helps mask a rise in long-term unemployment. Some 80% more have now been out of work for between six months and a year. There has been a 45% rise in those jobless for over a year. Remember, not working makes it harder to get back into the labour force; never having worked makes it even harder. They're the ones to watch. In north-east England the jobless rate is back to 9.8%. And, yes, more kids are going to college too. Excellent, provided they learn useful things. It all costs money and the number of "economically active" people has risen to 8 million. So part-time working is a plus. But are we wrong to think the worst may be over, now that the economy seems to be limping back into positive (Christmas-driven?) growth after its deepest drop since who knows when. The Great Crash? No, Larry Elliott says it's the post-war slump in 1921. We don't want to go there. But all sorts of nastiness is out there burrowing through the woodwork. Inflation, as measured by the CPI, rose from 1.9% to 2.9% last month, a sharp spike. Wages are pretty flat. Don't take too much notice of claims that the public sector is racing ahead. Ben Goldacre's brilliant Bad Science column drove a fairly hefty nail into that kind of comparison two weekends ago. Some people say that a dose of inflation is just what we need to ease the debt burden – personal, corporate, governmental – but that depends where you're sitting in the food chain. Borrowers: good if you can borrow. Savers: bad. Inflationary habits have not taken hold again in Britain – and there's still a lurking fear of Japan-style deflation – but it's nasty when they do. Annual inflation peaked at around 27% in September 1975. Not nice. It took 20 years to shake out. The fact that the recession has proved relatively painless for most of us (so did the Great Depression if you were in work) may also have something to do with interest rates being at 0.5% instead of 5% or so. Along with the Bank of England's decision to pump money into the banking system – via quantitative easing (QE) – it's helped float the economy off the rocks. Good, but sooner or later the medicine will have to be withdrawn, which will be tricky. All of which takes place against the background of a looming election in which the Conservatives are pledging deep and early spending cuts – read the Thatcherite Michael "Mickey" Forsyth in today's Guardian – and Labour is pledging not quite so deep and not quite so early cuts. History is on Labour's side here because premature retrenchment has usually proved a bad idea, plunging fragile recoveries down into recession again. That remains the charge against the Thatcher-Howe budget shocker of 1981: it made a bad situation avoidably worse. Though the economy bounced back, it bled freely. The Times today reports a top HSBC banker, one Mike Geoghegan , protesting that the tax on bankers' bonuses is political (of course it is, you idiot), and that austerity, not higher taxes, is the answer. Mike is about to be relocated to Hong Kong, which weakens his case a little. Thanks, Mike, thanks Mickey. Personally, I don't think David Cameron and George Osborne will be able – or even willing – to fulfil their more hair-raising pledges, especially since they are also committed to some expensive new policies, the details of which remain vague. So Dave 'n' George might be wise to ease up on the rhetoric. We don't want these smart but callow youths disappointing air-brained market expectations. Say it will be difficult, chaps. People will be more likely to believe you. But Labour too speaks with an uncertain voice. Alistair Darling and Peter Mandelson seem to be saying the government must have a credible plan for reducing the additional borrowing and consequent government debt which the recession has – rightly – generated. Gordon Brown and Ed Balls, the Treasury team in the boom-that-busted years, persistently leave the impression that, if they keep their nerve, they can spend their way out of trouble via resumed growth. It would be nice. If only ... So their claims, their predictions, their policy pledges, have an increasingly unworldly ring about them, the unreality reinforced by what the opinion polls are saying will happen on 6 May. When Darling told the FT and Times this week that he is determined to halve the deficit in four years he was adapting what Tony Blair used to call his "masochism strategy". He wants forensic cuts – in contrast to those slash-and-burn Tories. It sounds more grown-up. Economic policy Unemployment and employment statistics Michael White guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Skipton raises mortgage costs Skipton raises mortgage costs
01/21/2010
Skipton building society blames high cost of mortgage and increased competition in the savings market for decison to drop mortgage promise Skipton building society has written to thousands of borrowers telling them it is dropping its promise to keep its main mortgage rate within 3% of the Bank of England base rate. The society said it would be increasing its standard variable rate (SVR) from 3.5% to 4.95% from 1 March, which brokers estimate will add £180 a month to the cost of a £150,000 interest-only mortgage. The move will immediately affect 29,000 borrowers. Others who are still on fixed rates will move on to the higher SVR when their deal comes to an end. It is allowed under an "exceptional circumstances" clause contained in the society's mortgage offer letters, which also include the base rate promise. Skipton said the high cost of mortgage funding and the fact the base rate had remained at a 315-year low since last March had forced it to invoke the clause in order to offer long-term good value and security to its 100,000 borrowers and 750,000 savers. It added that its new rate remained below the average SVR of the top 10 building societies – currently 5.12% – and it would consider reintroducing the guarantee at a later date. Skipton's group chief executive, David Cutter, said: "We have maintained the strength of the uniquely diversified Skipton Group throughout some of the worst trading conditions the UK has ever seen, and will continue to do so by responding pragmatically – and at the appropriate time – to ongoing developments in the economy and the financial services marketplace that impact upon our business. "While we understand this change will be unwelcome for those borrowers who will end up paying more as a result, we hope that they will understand it is a necessary step that is in the best interests of our membership as a whole, and indeed the society itself, in the long run." Cutter added that the society had struggled to compete for savers against the government-backed National Savings & Investments. He isn't the first building society boss to make that charge. Last year, Nationwide's chief executive, Graham Beale, said he had made a complaint about the savings rates being offered by state-backed organisations . Loss-making lending Ray Boulger, senior technical manager at mortgage experts John Charcol , said Skipton was suffering because it had done very little lending over the past year. "Lenders who are writing a lot of mortgages can adjust their current pricing and get bigger margins on their new business," he said. "Skipton, though, will be stuck with all the business they wrote pre-credit crunch, much of which is on very skinny margins and some of which will now be loss-making, particularly some of the long-term trackers." Boulger said borrowers on the SVR with mortgages of up to 80% loan-to-value should shop around for a new deal. "One option would be to stay with Skipton and take another deal, but with the exception of its seven-year fixed-rate deal its mortgages are expensive. "If you want a two-year fixed-rate it is charging 4.99%, which is ridiculously expensive," he said. He added that the society's offer of a 90-day window for unhappy borrowers to move without paying a fee could prove useful to people currently locked in to an expensive fixed rate, who would be able to switch to a cheaper loan. Terms tweaked Skipton is not the first lender to change its terms to make its SVR less favourable to consumers. Last year Nationwide, which had a 2% cap on its base mortgage rate, introduced a second SVR for new borrowers so it would not have to offer them the same deal. Four lenders retain a mortgage price cap, all of them now part of the Lloyds Banking Group. Boulger said its position as a government-backed bank meant it was unlikely that the SVR promise would be changed on existing mortgages offered by C&G, Lloyds, Halifax and Intelligent Finance. In recent months, remortgaging has plummeted as borrowers have remained on SVRs at the end of short-term fixed-rate and tracker deals. In some cases, falling house prices have made it impossible for people to switch, but in others borrowers have opted to stay put as a result of low SVRs. This move, combined with fears that rising inflation could push up interest rates later this year, could lead to an increase in remortgage activity. Elsewhere in the mortgage market interest rates have been falling in recent weeks, and lenders seem to be more willing to offer loans . Figures published this morning by the Council of Mortgage Lenders showed mortgage lending rose by 14% in December to £13.7bn. For the first time since October 2007 the annual comparison also showed a rise, with lending up 3% on the previous December. Mortgage rates Mortgages Property Banks and building societies 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)

• Public finances: what the economists say Public finances: what the economists say
01/21/2010
David Kern, chief economist at the British Chambers of Commerce (BCC) The December deficit, although lower than expected , does not justify any complacency. The UK's deficit is still massive by historical standards and debt has risen to a record high. Nevertheless, there is a realistic possibility, on the basis of recent trends, that the outcome for this year will be slightly lower than the Chancellor's Pre-Budget Report forecast of £175bn. "Action still needs to be taken to ensure that our AAA rating is not threatened. In the forthcoming Budget, the government must spell out its medium-term fiscal plans with greater detail. A freeze in the overall public sector wage bill, and efforts to contain ballooning public sector pensions, would enhance credibility and persuade the markets that the government is serious about cutting the UK's unsustainable deficit, and about enabling business to drive recovery. Colin Ellis, European economist at Daiwa Capital Markets The busy UK data calendar continued today, with the release of public finance and provisional broad money data for December. The public finance figures stole the limelight, with public sector net borrowing (PSNB) in December coming in at a significantly smaller-than-expected £15.7bn in December. While that is still the third largest PSNB during the current fiscal year, December tends to be a poor month for the public finances, so the smaller-than-expected borrowing figure will have been welcomed in Whitehall. "And, coupled with changes to past data, including a £1.6bn downward revision to November's PSNB to £18.7bn, Chancellor Darling now looks well on track to meet his borrowing forecast of £178bn for FY09/10. Much will depend on this month's figures - January is typically a bumper month for tax receipts - but, for now at least, Darling is proving his doubters wrong. "But, as welcome as today's figures are, they obviously do not change the big picture, which is one of a massive fiscal deficit. Howard Archer, chief UK at IHS Global Insight The less dire-than-expected public finance data for December does not alter the fact that major fiscal surgery is needed for an extended period involving further (and clearer) spending cuts as well as tax hikes. Mr. Darling still faces a very difficult March budget as last December's Pre-Budget Report left many questions unanswered over how exactly the government will return the public finances to health over the medium term. "While it is likely that many spending cuts and tax rises will not be announced before the looming general election, if the next government fails to address the issues at an early stage, it is likely that the credit agencies and the markets will lose patience with dire consequences for the UK economy. Andrew Goodwin, Senior Economic Advisor to the Ernst & Young Item Club Though borrowing continues to set new records, the situation could be a lot worse and the overshoots compared with last year have become much smaller in recent months. Indeed with the tax on bank bonuses likely to raise more than expected and the increase in the VAT rate boosting revenues from January, the deficit for the financial year as a whole might well undershoot the Chancellor's forecasts. The most important issue, however, is what will happen to the deficit as the economy recovers. The Chancellor's current forecasts are far too optimistic, both in terms of the speed of recovery and the extent to which tax revenues will recover. And as he continues to provide little detail about the nature of future spending cuts, significant overshoots are likely to continue unless there is considerable tightening after the election. Government Borrowing Economics Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Begbies Traynor hit by Government suppor... Begbies Traynor hit by Government support for struggling companies
01/21/2010
Government support for struggling businesses is good news for the companies involved but it's taken the shine off restructuring specialist Begbies Traynor . Begbies says not as many companies as expected are going bust at the moment because of more lenient attitudes from HMRC and financial creditors. But the company believes this just masks the underlying financial pain in the system and is merely a temporary situation. It said: The number of UK companies experiencing critical or significant problems in the fourth quarter of 2009 has shown a 6% increase over the third quarter but had decreased in absolute terms year on year by 14%. The fall in adverse actions against companies compared to the previous year is, to some extent, symptomatic of more lenient creditor attitudes. In addition the extensive use of fiscal instruments such as quantitative easing and low interest rates is also, we believe, having an effect. Begbies reported a 32% rise in half year profits to £4.3m but it warned full year figures would be slightly below market expectations. It said its tax business - which lost £1.1m in the first half - would continue to struggle, and the lower levels of insolvencies meant the restructuring division would not be able to make up the shortfall. Or in the company's words: We believe the temporary support intitiatives are currently masking the level of financial distress in the UK economy and we expect a further rise in corporate insolvencies in the second half of the calender year 2010. [But] the level of potential growth in insolvency for the year is now not expected to offset fully the weaker than anticipated performance of the tax practice. The news has caused a certain amount of financial distress to Begbies' investors. Its shares have dropped 13p to 93p - a 12.25% decline. Ben Archer at Charles Stanley moved his recommendation from add to hold and his target price from 115p to 95p. He said: A slightly disappointing first half performance. Strong growth in Insolvency has been diluted by weakness in Tax, while the impact of the likes of the HMRC's Business Payment Support Services [including 'time to pay' arrangements which have allowed companies to defer tax payments] means that second half insolvency growth is now likely to be limited (versus the first half). We expect to reduce our full year pretax profit forecast by around 10%. We can see few catalysts for the shares in the short term although note that acquisitions offer potential and the group's longer term strategy remains to increase its non-insolvency offerings to around 50% of the total. Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Starbucks triples profits to $240m Starbucks triples profits to $240m
01/21/2010
UK sales rise 3.9% at world's largest coffee chain as recovery picks up pace across group Starbucks signalled a revival in its fortunes today as it reported its second quarter of UK sales growth and a more than tripling of group profits. The world's largest coffee chain saw UK sales rise 3.9% in the final three months of 2009, helped by a 6% surge in December. Its recovery picked up pace across the group, with earnings leaping to $241.5m (£149m) in the quarter – more than three times the $64.3m seen a year earlier at the height of the global recession. Starbucks said more caffeine lovers were visiting its cafes and spending more money than they did during the group's first quarter. The Seattle-based company is opening cafes across the US, after a tough couple of years that saw it shut swathes of outlets and lay off workers to cut costs. It also pledged a focus on customer service in its non-US operations after admitting this got lost amid a rapid expansion programme. Starbucks now has a record number of customers visiting its UK cafes – more than 2 million a week. The group said it saw Starbucks coffee becoming "an extension of people's lives" in the UK, as it hoped the coffee-shop culture would become a tradition to rival the English pub. Its first-quarter sales surge marked its sixth straight month of like-for-like UK growth. But it has been a tough recession for Starbucks, with consumers reining in disposable spending and stiff competition from Whitbread-owned rival Costa. Starbucks has closed a number of cafes in the UK, as part of a recent programme to shut about 900 worldwide. The collapse of Borders bookshop chain – where Starbucks had a chain of concessions – also left it with 36 fewer outlets. It now has 661 cafes in the UK, compared with 712 the previous quarter. But Starbucks intends to rebuild its UK presence over 2010 as part of plans to add another 200 sites outside the US and about 100 new locations in the US. Darcy Willson-Rymer, UK managing director, said: "I'm pleased that the big investment we are making in the UK business is finding favour with customers, but we do expect 2010 to remain challenging and we're taking nothing for granted." Starbucks Food & drink industry Food & drink United States guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Government borrowing hits new record for... Government borrowing hits new record for December
01/21/2010
With an election only months away, the data is certain to renew the debate at Westminster over the pace at which the UK should cut the budget deficit Britain borrowed £15.7bn to balance the books last month, the highest December figure on record, as two-and-a-half years of financial crisis and recession took a toll of the public finances. Despite some signs that the pace of decline may be easing, the government's net borrowing stood at £120bn in the first nine months of the financial year , almost double the total for the same period in 2008-09. The Office for National Statistics said the gap between government spending and tax receipts received by HM Revenue and Customs was the highest since recent records began in 1993. With an election only months away, today's data is certain to renew the debate at Westminster over the pace at which the UK should cut the budget deficit as the economy recovers from the sharpest one- year fall in output since the 1920s. The ONS said that high borrowing over the past two years had pushed Britain's debt to 61.7% of gross domestic product last month, the highest since records began in 1974. Analysts – who had been expecting even higher borrowing last month – said one bright spot in the figures was that tax revenues were just 0.4% lower last month than a year earlier. That was the smallest year-on-year drop in receipts since September 2008, when the collapse of Lehman Brothers triggered the most serious phase of the two-and-a-half-year crisis. The flattening out in tax receipts will reinforce conviction in the City that ONS data to be released next week will show that the economy returned to modest growth in the fourth quarter of 2008. Alistair Darling said in his pre-budget report last month that he expected to have to borrow almost £180bn to balance the books this year. Government Borrowing Economics Economic policy Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Enterprise Inns benefits from selling po... Enterprise Inns benefits from selling poorer pubs
01/21/2010
Despite the recession and the recent cold spell, many people were still pitching up for a drink at their local, according to Enterprise Inns . Britain's second biggest pub company said it had seen particularly strong Christmas trade and while the extreme weather kept customers away from some pubs "it brought extra custom to others and highlighted once again the key role that the pub plays at the heart of many communities." So average net income per pub declined by 4% in the 16 weeks to January 16, but this is an improvement on the 8% drop seen in the last financial year. The company admitted rental income would continue to come under pressure in the coming months but said trading in better quality pubs was continuing to stabilise. Enterprise has disposed of many of its underperforming pubs, selling 103 sites for £32 million during the 16 weeks. Another 129 pubs are close to being sold. With the company saying it had adequate banking facilities ahead of an expected refinancing before the end of this financial year, Enterprise's shares have jumped 10.5p to 105.4p, making it the biggest riser in the mid-cap index. James Dawson at Charles Stanley said: Given the generally encouraging signs regarding the trends amongst the short term contract pubs and performance trends, we are upgrading our recommendation to hold from reduce, whilst retaining our price target of 100p. Meawhile Punch Taverns benefited from the Enterprise update, adding 5p to 79.45p. Nigel Parson at Evolution Securities tipped the company, saying: Enterprise's interim management statement showed that its estate reshaping strategy is working and that's good news for all the tenanted operators. Our key pick is Punch Taverns as it can recycle disposal proceeds into retiring expensive debt at a discount whereas Enterprise skewered by its refinancing – until this is successfully concluded, it has to retire cheap debt at par. Punch remains our key recovery tenanted pick. Enterprise Inns Punch Taverns Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Sky ordered to sell down stake in ITV Sky ordered to sell down stake in ITV
01/21/2010
Satellite broadcaster BSkyB must sell down its stake in ITV from 17.9% to less than 7.5%, court of appeal rules Timeline: Sky's ITV stake The court of appeal today ordered BSkyB to sell down its 17.9% stake in ITV. Today the three court of appeal judges, Lord Justice Rix, Lord Justice Lloyd and Mr Justice McKay gave their judgment: "Sky's appeal on competition issues is dismissed, so the direction that it must reduce its shareholding to less than 7.5% will stand," they said. In the fourth ruling since Sky acquired the shareholding in November 2006 , the court of appeal has told the satellite broadcaster it must sell the stake down to less than 7.5%, leaving the broadcaster facing a potential loss of £500m. The court of appeal also denied BSkyB permission to appeal to the supreme court on a potential alternative remedy. Sky now has 28 days to apply directly to the supreme court. The company, which was not considered likely to win the appeal, is understood to have already held talks with a number of potential buyers. The potential suitors include RTL, owner of Channel Five, and Italy's Mediaset. Interest has also previously been reported from US billionaire Haim Saban, the man behind the Mighty Morphin Power Rangers franchise, and the Blackstone private equity group. BSkyB acquired 696m shares in ITV in November 2006 for £940m, to block a potential takeover of ITV by Virgin Media , at 135p a share. James Murdoch, now News Corp's Europe and Asia operations, was chief executive of BSkyB at the time. Since then ITV's share price plunged to a low of less than 20p, but has since rallied to close at 57.85p last night. This values BSkyB's stake at about £402m at last night's closing share price, a loss of £537m on the company's original outlay. However, BSkyB has already factored in the loss in value of the past 18 months. In July 2008 the company wrote down the value of the stake by £616m in a non-cash accounting impairment charge. Last year BSkyB made a £191m writedown . "BSkyB notes the decision by the court of appeal in relation to BSkyB's shareholding in ITV," the company said in a statement. "We will review the judgment and order carefully and consider next steps in due course." Sky has fought to hang on to the stake ever since the Competition Commission ruled in December 2007 that the acquisition "may be expected to operate against the public interest". A spokesman for the Competition Commission said: "We always believed we came to the right conclusion in this case, and are glad that this has now been confirmed by the court of appeal." • 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". BSkyB ITV Television industry Media business James Murdoch News Corporation Chris Tryhorn Mark Sweney guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• China economy grows by more than 10% China economy grows by more than 10%
01/21/2010
Experts believe China is likely to leapfrog Japan this year to become the world's second largest economy The Chinese economy returned to double digit growth in the fourth quarter, with a jump of 10.7% year-on-year, but inflation is creeping up again amid fears of overheating. Speculation in the stock market and property , fuelled by last year's cheap loans and stimulus package, is of particular concern. Although the fourth quarter GDP figure was slightly below analysts' expectations, it was the fastest for two years and a marked increase on the previous quarter's 9.1%. It took 2009's growth to 8.7%, outstripping the official growth target of 8%, the level some believe essential to create enough jobs to match growth in the labour force. Some analysts had doubted whether it was possible to reach that, given that growth in the first quarter was just 6.1%. Others argued that Beijing would ensure that it was met. China's total gross domestic output was 33.5 trillion yuan (£3tn) in 2009. Analysts believe it is likely to leapfrog Japan this year to become the world's second largest economy , although it is still far behind in terms of consumption. "China has become the first, on the whole, to achieve recovery and stabilization in its economy," Ma Jiantang, commissioner of the National Bureau of Statistics, told a press conference in Beijing. But he said China would avoid major adjustments to economic policy given the "uncertainties" it still faces and a weak global outlook. JP Morgan and RBS economists raised their forecasts for this year to 10%, from 9.7% and 9.5% respectively, on the back of the figures. Banks have already been ordered to hike their reserve ratios. Economists now expect an interest rate hike too, after consumer prices – which reportedly fell for much of the year – rose sharply. In November they were up 0.6% year-on-year, while December saw a 1.9% increase. Rate rise on the cards? Citigroup economist Ken Peng told Associated Press it was the sharpest one-month rise in inflation since February 2008, when China was suffering record consumer price hikes. "The month-on-month growth momentum is very strong," said Xing Ziqiang, an economist at CICC in Beijing. "I think the chances for us to see an interest rate rise in the first quarter are increasing." But Andy Rothman, a strategist at CLSA, told Reuters: "92% of the consumer price index increase was from food, and much of the food increase was due to a big year-on-year jump in vegetable prices ... due in part to the base effect and short-term weather issues. "We don't expect Beijing to panic about CPI." Analysts predict that inflation could hit 3 to 4% in coming months. "The challenge for China's government will be to manage the withdrawal of the stimulus without scaring the markets or pulling the rug out from under the recovery," warned Tom Orlik, an economist in Beijing for Stone & McCarthy Research Associates, in a report. Beijing reported earlier this month that exports grew 17.7% in December compared with a year earlier - the first rise in 14 months. Standard Chartered said in a research note that the spike was due to the collapse of exports at the end of 2008, but the figures will increase pressure on China to allow its currency to appreciate again. "Yuan appreciation is likely to resume in March or April, though the rise will be gradual, say about 3-5% a year," said Xing at CICC. Consumer spending is also growing at double-digit annual rates, aided by government subsidies to farmers to buy domestic appliances and tax-breaks on fuel efficient cars. China overtook the United States as the biggest car market last year . But consumption figures include government as well as household purchases. Analysts warn China still has a long way to go in rebalancing its economy – and that it will struggle to do so on its current pattern of development. Over the last two decades, household income growth has lagged far behind the growth in GDP. Ma said average income for urban residents rose to 18,858 yuan (£1,698) last year, while in the countryside - where more than two-thirds of China's population live - it was 5,153 yuan. Global economy China Tania Branigan guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Morrisons beats rivals with Xmas surge Morrisons beats rivals with Xmas surge
01/21/2010
Morrisons' performance is the strongest of the big four grocery retailers, although all did well in December Supermarkets group Wm Morrison today reported cracking Christmas sales, outstripping its larger rivals with a jump of 6.5%. The group, Britain's fourth-largest supermarkets chain, said total sales for the six weeks to 3 January were up by 11.2%, excluding fuel. The 6.5% increase in underlying sales, which strip out contributions from new stores, was ahead of analysts' expectations. Chairman Sir Ian Gibson said the group served a record number of customers over the festive season and had continued to outperform the market. The group remains cautious on the outlook for consumer spending and says the market will remain challenging. "In this environment we believe Morrisons value credentials will serve us and our customers well." Morrisons is still searching for a chief executive to replace Marc Bolland, who was poached by Marks & Spencer to run its food business. Bolland is on gardening leave at Morrisons and the group said today it is still in talks with him on a departure date. Morrisons' performance is the strongest of the big four grocery retailers, although all did well in December as shoppers splashed out on festive fare . Tesco, Britain's biggest retailer, enjoyed its best Christmas in three years , luring shoppers into its stores with the offer of extra Clubcard points and money off vouchers. Underlying sales in its UK chain grew by 4.9%. Sainsbury's, Britain's third-largest food stores chain, also beat City forecasts, reporting a 4.2% rise in like-for-like sales . One of the biggest winners over Christmas was the John Lewis-owned Waitrose chain, Britain's fastest-growing food retailer , which notched up its biggest sales and market share gains since 2005. Morrisons Supermarkets Retail industry Fiona Walsh guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Goldman looks likely to pay out $20bn in... Goldman looks likely to pay out $20bn in salary and bonuses
01/20/2010
• Remuneration for Wall Street bankers set to exceed $65bn • Morgan Stanley sets aside $14.4bn pot for staff • Bank of America makes $2.2bn loss US investment bank Goldman Sachs is expected to reveal a pay and bonus pot of $20bn (£12.3bn) for 2009 tomorrow, reigniting the row over City pay and taking the total amount being paid out by Wall Street financiers to more than $65bn. Goldman has made sure to report after its rivals in an attempt to deflect public attention from its profits and bonuses, which are forecast to top more than $600,000 per person on average. The Wall Street firm's 32,000 staff are also being forced to wait until next week to discover the size of their individual payouts – in contrast to rivals at JP Morgan and Morgan Stanley, who began learning the size and structure of their bonuses today. Employees at Morgan Stanley, which revealed today it had set aside $14.4bn for pay and bonuses in 2009 despite showing a net loss, were told they would be paid in a variety of ways, including "three-year performance stock units for senior executives, equity subject to market risk that vests over three years, and deferred awards subject to clawback". Morgan Stanley's new chief executive, James Gorman, will receive his bonus in deferred compensation rather than cash while members of the operating committee will receive about 75% of their year-end pay via deferred methods. Figures reported so far by Wall Street's biggest players – JP Morgan, Morgan Stanley, Citigroup, Bank of America – show they are ready to hand out salaries and bonuses of more than $45bn for 2009. That rises to $65bn on the assumption that Goldman's compensation costs are $20bn. If payments to all staff working in bank branches and other businesses are included, the total tops $100bn. The chancellor's 50% tax on bonuses of more than £25,000 has had an influence on many of the banks. Morgan Stanley said the cost of the tax would be "shared significantly" among its staff and not be borne entirely by its 7,000 employees in the City. Morgan Stanley used 62% of its revenues to pay employees in 2009, the highest ratio in more than a decade, and the $14.4bn set aside for pay was a 31% rise in on last year because of the recruitment of extra staff. The ratio drops to 50% if certain charges incurred by the bank are excluded. Morgan Stanley reported a net loss for the year, although this becomes a profit of $1.15bn for 2009 on a continued-operations basis, compared to an $807m loss for 2008, as its traders, clients and investors capitalised on a revival in equity and debt markets. Bank of America, which fell into the red with an annual loss of $2.2bn despite a recovery in the fortunes of its Wall Street brokerage Merrill Lynch , incurred a total bonus and salary bill of $31bn. It does not split this figure up into subtotals for each of its divisions, but its investment banking arm has enjoyed a dramatic improvement following the near-meltdown in the financial system last year. Bank of America's global markets division, which includes Merrill Lynch, which it acquired just over a year ago, swung from a $4.9bn loss to a $7.2bn surplus, aided by a rapid, aggressive recovery in shares and debt markets. But other of its businesses fared less well. In a sign of ongoing recession-related stress among its customers, Bank of America revealed a $5.6bn loss at its global credit cards division as bankruptcies soared and cardholders struggled to find the money for repayments. Bank of America's newly appointed chief executive Brian Moynihan, who took over from widely criticised Ken Lewis at the beginning of the month, said there were positive indications on the horizon: "As we look at 2010, we are encouraged by signs the economy is improving, as we have seen in the stabilisation of our credit costs, particularly in the consumer businesses." But he added: "That said, economic conditions remain fragile and we expect high unemployment levels to continue, creating an ongoing drag on consumer spending and growth." Goldman Sachs Morgan Stanley Bank of America Citigroup JP Morgan Executive pay and bonuses Banking Financial crisis United States Jill Treanor Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Cadbury takeover raises doubts over Kraf... Cadbury takeover raises doubts over Kraft's business ethics
01/20/2010
• Fairtrade Dairy Milk chocolate bars were launched in July 2009 • Campaigners see Kraft as being hostile to fair trade movement Kraft's proposed takeover of Cadbury has raised widespread fears that the US food group will abandon a landmark deal by the British confectioner to buy only Fairtrade cocoa beans for its Dairy Milk brand. The Fairtrade Foundation has begun urgent talks with Cadbury's executives to see if the company's agreement to buy all its cocoa beans for Dairy Milk direct from the foundation's farmer-led co-operatives will continue after the takeover. Jack McConnell, the former first minister of Scotland, tabled a motion in the Scottish parliament urging Kraft to honour the deal while at Westminster, the Labour MP Mark Lazarowicz put down a similar motion in the Commons. Kraft is widely seen amongst development campaigners as being hostile to the Fairtrade Foundation in particular after it criticised the movement for only dealing with "an extremely small number" of companies, claiming it was too small scale for its needs. Todd Stitzer, Cadbury's chief executive, appeared to bitterly criticise Kraft's business ethics at a fair trade retail conference last September when takeover hostilities were in their infancy. Without naming Kraft directly, he attacked the "unbridled" capitalism of large, heavily indebted firms, and urged shareholders to keep Cadbury's independent. He said "principled capitalism [was] woven into the very fabric" of his company. Without it "you risk destroying what makes Cadbury a great company," he said. Lazarowicz, a long-standing fair trade campaigner and MP for Edinburgh North and Leith, said: "It was a major breakthrough when Cadbury agreed to work with Fairtrade, and it would be a tragedy if that breakthrough was now to be set at nought." McConnell, who has close links with the development movement in Africa and was proposed in 2008 as high commissioner to Malawi, is to contact campaigners in the US to pressurise Kraft to honour the Cadbury deal and extend it to the US. "There have been concerns expressed for many years that Kraft has never shown any enthusiasm for fair trade and therefore this must be under threat as a result of the takeover," he said. "I've seen with my own eyes the very positive impact that fair trade has on individuals and communities across Africa." Cadbury's decision to rebrand all its Dairy Milk bars with the Fairtrade logo last year was seen at the time as the movement's biggest coup: it was the first mass market chocolate in the world to use Fairtrade cocoa, and brought the product into 30,000 UK stores. The foundation has since brokered major deals of supply Starbucks with coffee and cocoa beans for Nestlé's Kit-Kat bars, and believed Cadbury was ready to expand its range of Fairtrade-branded sweets. Cadbury's planned to expand the sale of Fairtrade Dairy Milk to Canada, Australia and New Zealand. Kraft insists it supports the principle of sustainability after signing up with the Rainforest Alliance, which promotes conservation and fair business dealings with small growers, to supply some coffee beans for its Kenco and other brands. But Oxfam has accused Kraft of undermining attempts to treat small farmers fairly, defending the fairtrade scheme as "the only system that guarantees farmers a price that allows them a good return [whilst] at the same time working towards a sustainable future." A Fairtrade spokeswoman confirmed that the London-based foundation had made contact with Cadbury soon after Kraft's offer was accepted, to ensure that their contract would be honoured. "We've had a very productive relationship and this landmark switch has come about as a result of it; of course we would like it to continue, and at some point see further switches," she said. Cadbury's deal tripled the amount of fairly traded, higher value cocoa sold by Ghana to 15,000 tonnes. The foundation said after Kraft's offer was accepted by Cadbury's board that it believed the success of the deal "presents a unique and compelling case for continuing to pursue the Cadbury commitment to their Cocoa Partnership and to Fairtrade, and taking it further in coming months and years." Kraft Cadbury Fair trade Ethical business Severin Carrell guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• Moorlands set for biomass and biofuels Moorlands set for biomass and biofuels
01/20/2010
Countryside protection groups warn of damage to wildlife One tenth of Britain, including moorlands and hillsides, could be used to grow crops for biomass and biofuels. Countryside protection groups warned that this would turn large swaths of the countryside into monocultural landscapes and pose a threat to wildlife. The Energy Technologies Institute (ETI), a £1bn public-private investment body, said it was launching a project to map all the "under-utilised" land in Britain to find out how much could be turned over to growing bioenergy crops. Research funded by the Natural Environment Research Council estimates that in England alone almost five million hectares could be used. David Clarke, chief executive of the ETI, said that the body had made the conservative estimate that 2.4m hectares could be used in Britain to grow bioenergy crops, used as substitutes for fossil fuels such as petrol and coal to reduce carbon emissions. The 12- to 18-month project will find out what this land, which also includes semi-industrial sites and is unsuitable for growing food crops, is specifically used for, who owns it and the suitability of the soil for growing the bioenergy crops that include willow trees. Pilot projects could follow. Energy companies are planning to build at least four new biomass plants in Britain, mostly using wood pellets. The carbon released from burning the biomass can be re-absorbed by planting more crops, neutralising the emissions. The government has started to pay subsidies to growers of such bioenergy crops. But Abi Bunker, agriculture policy officer at the RSPB, said planting hundreds of thousands of acres would damage biodiversity and also degrade water quality, particularly in upland areas. "We're fully supportive of the UK's commitment to boosting renewable energy, including bioenergy from sustainable UK sources, but we're concerned biodiversity is getting forgotten," she said. "Local environmental considerations should be integrated if you want a truly sustainable solution." Ian Woodhurst, of the Campaign to Protect Rural England, added: "Large bioenergy crop monocultures will damage landscape character and cause problems for wildlife, for example by obstructing the movement of some species around the countryside. In the 70s hundreds of conifer forests were planted and now we are spending a lot of money getting rid of them. We don't want to go back to that." Clarke admitted the plans could prove controversial. "The question we are trying to answer is whether you could use that number, from a cost and land point of view. We have to recognise that issues around land-use and biodiversity are critical." The ETI also said that it was launching a project this year to study the feasibility of filling rock formations on the east coast with water to store waste heat that would otherwise be vented into the atmosphere by power stations or industrial installations such as refineries. This hot water would then be pumped through pipes to heat homes and businesses during the winter. Energy Biomass Biofuels Agriculture Wildlife Conservation Rural affairs Biodiversity Tim Webb guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• Jobs data: Part-time working surges Jobs data: Part-time working surges
01/20/2010
• Claimant count drops 15,200 to 1.61 million • Government claims success in 'helping people through the recession' • Bank of England voted 9-0 to hold rates and QE A rapid growth in part-time jobs may prevent the jobless total rising above the 3 million mark after unemployment unexpectedly fell for the first time in 18 months in November. The Office for National Statistics said the broadest measure of unemployment fell by 7,000 to 2.458 million, the first quarterly decline since May 2008, leaving the jobless rate at 7.8%. The narrower measure of people claiming unemployment benefits dropped by more than expected in December, falling by 15,200 to 1.61 million, the biggest drop since early 2007. But the fall masked an increase in the number of people in the labour force who are neither working nor looking for work, with the inactivity total rising above 8 million for the first time since records began in 1971. The rise was largely driven by an increase of 81,000 in the number of students not looking for work. Full-time employment fell by 113,000 to 21.2 million, while part-time employment did not rise fast enough to compensate, increasing by 99,000 to 7.7 million. As has been the pattern for months, the figures are being driven by women finding part-time jobs while men, predominantly, are losing full-time ones. There was better news for the under-24s, who saw a fall in joblessness of 16,000 to 927,000, but that still left a fifth of young people out of work. Other figures showed the number of people out of work for more than a year jumped 29,000 on the quarter to 631,000, the highest level since late 1997, as companies continue to shed jobs in the teeth of the UK's worst recession since 1921. Today the power company E.ON announced the closure of a call centre in Essex with the loss of 600 jobs, while last week Bosch said it was closing its car parts factory near Cardiff, losing 900 workers. Unemployment continues to hit regions of Britain differently. The jobless rate rose again in the north-east, to 9.8%, closely followed by the West Midlands on 9.6%. By contrast, the east and south-east had the lowest rates of any region, at 6.3% and 6.2% respectively. The ONS also reported that wage growth slowed to the lowest on record at just 1.1% year-on-year, excluding volatile bonus payments in the three months to November. For November alone, private sector pay showed no growth at all from a year earlier. Colin Ellis, economist at Daiwa Capital Markets, was concerned that wage growth had slackened and that it could affect consumer spending this year. "The rise in unemployment during this recession has undoubtedly been smaller than expected, which should support consumer spending. But the flipside of a smaller-than-expected adjustment in labour market quantities has been greater adjustment in terms of prices, with earnings growth weakening markedly." John Wright, chairman of the Federation of Small Businesses, warned that many of the jobs created in the run-up to Christmas might not last long. "Many small firms, especially in the retail sector, will have taken on seasonal staff to help them through the busy Christmas period. However, small businesses need help to make these seasonal jobs into permanent jobs and the government must lend a helping hand if small firms are to really tackle the challenge of rising unemployment," Wright said. Separately, minutes of the latest meeting of the Bank of England's monetary policy committee showed all nine members voted in January to keep interest rates at a record low of 0.5% and to maintain its £200bn quantitative easing scheme. The MPC said signals were mixed but the economy appeared to be growing again, albeit weakly. It said large policy stimuli and a weaker sterling exchange rate were still the main supports for growth but noted powerful headwinds remained, as Bank governor Mervyn King had said in a speech on Tuesday Unemployment and employment statistics Recession Green shoots Economics Ashley Seager guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• BA cabin crew rule out Easter strike BA cabin crew rule out Easter strike
01/20/2010
• 'Families can plan their travel in confidence,' says Unite official • Union still seeks to ballot for strike after updating member lists British Airways cabin crew have ruled out striking over Easter if, as expected, a ballot on industrial action endorses a walkout that could ground the entire airline . The Unite trade union, which represents about 12,000 air stewards, said it never intended to launch a strike during the spring holiday, from 2 April to 5 April. Len McCluskey, the Unite assistant general secretary, said: "I want to make it clear that, if industrial action receives the required mandate from the members and strike action is made necessary by continuing management intransigence, we will not call such action over the Easter holiday period. We are making this announcement now so families can plan their travel arrangements in confidence." Unite officials spent the Christmas period combing membership lists after a ballot endorsing a 12-day walkout over Christmas was halted owing to apparent polling irregularities. Although the case focused on the fact that the poll included staff who subsequently took voluntary redundancy, Mrs Justice Cox also referred to the length and timing of the planned strike over Christmas. This led to discussions within Unite and its cabin crew branch, BASSA , about the strategic pitfalls of striking over half-term or Easter in the next bout of industrial action. The 1992 Trade Union Act is once again expected to play a key role in the ballot, which closes on 22 February. The act stipulates that a company must receive a list detailing the number of staff being balloted, where they are based and the number of people working in that category. The timing and duration of the strike would be a factor if the high court were again asked for an injunction against a walkout. A judge has to balance the inconvenience to the union against the inconvenience to BA of a lengthy strike while the issues are being aired in court. BA added tension to negotiations this week by offering all staff the opportunity to retrain as cabin crew . Unite slammed the attempt to recruit "scab labour", while BA claims it can train staff as air stewards before 1 March. BA said: "According to Unite's ballot timetable, it is threatening the travel plans of families and business people from 1 March. Assurances about an unspecified Easter holiday period will be of little comfort to them." British Airways Airline industry Transport Travel & leisure Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Nokia Responds to Google Challenge on Na... Nokia Responds to Google Challenge on Navigation Software
01/21/2010
Nokia’s decision to give away GPS navigation software deals a blow to other makers of specialized devices, but may not be enough to counter its own slide in the smartphone market. (3 h ago)

• G.M. to Close Belgian Plant G.M. to Close Belgian Plant
01/21/2010
General Motors announced its first plant closure in Europe since embarking on a massive restructuring in the wake of the economic crisis. (4 h ago)

• E.U. Gives Final Clearance to Oracle-Sun... E.U. Gives Final Clearance to Oracle-Sun Deal
01/21/2010
The software company Oracle won unconditional European Union regulatory approval for its $7 billion acquisition of computer maker Sun Microsystems. (4 h ago)

• If Your Password Is 123456, Just Make It... If Your Password Is 123456, Just Make It HackMe
01/21/2010
People favor simple passwords, despite Internet security scares like the recent attacks on Google’s e-mail service. (6 h ago)

• Aid Urged for Groups Fighting Internet C... Aid Urged for Groups Fighting Internet Censors
01/20/2010
Five United States senators want the government to move ahead with plans to provide $45 million to help people in other countries evade Web restrictions. (8 h ago)

• China Paints Google Issue as Not Politic... China Paints Google Issue as Not Political
01/20/2010
The Chinese government is approaching a dispute over censorship as a business conflict, not a political matter that could affect U.S. relations. (8 h ago)

• Obama to Propose Limits on Risks Taken b... Obama to Propose Limits on Risks Taken by Banks
01/20/2010
The president will throw his weight behind a stronger approach to financial regulation, limiting the size of the largest banks and their risk-taking activities. (8 h ago)

• China on Path to Become Second-Largest E... China on Path to Become Second-Largest Economy
01/20/2010
If China keeps up an 8.7 percent growth rate, it will likely replace Japan as the world’s second-largest economy this year. (8 h ago)

• F.B.I. Charges Arms Sellers With Foreign... F.B.I. Charges Arms Sellers With Foreign Bribes
01/20/2010
The case against 22 top-level arms industry executives is the biggest prosecution of individuals for foreign corporate bribery ever pursued by the Justice Department. (8 h ago)

• Banks See a Leveling Off in Bad Consumer... Banks See a Leveling Off in Bad Consumer Loans
01/20/2010
The number of loans turning sour remains extraordinarily high, and any new hit to the fragile recovery could reverse the trend. (8 h ago)

• The Times to Charge for Frequent Access ... The Times to Charge for Frequent Access to Its Web Site
01/20/2010
Starting in early 2011, nonsubscribers who visit NYTimes.com will get a certain number of articles free every month before being asked to pay a flat fee for access. (9 h ago)

• Expanding Use of Wind Power Feasible, bu... Expanding Use of Wind Power Feasible, but May Be Costly
01/20/2010
According to a study, heavy reliance on wind energy is “technically feasible,” but will require significant expansion of the power grid. (9 h ago)

• French Nuclear Firms Told to Stop Bicker... French Nuclear Firms Told to Stop Bickering
01/20/2010
French Prime Minister François Fillon is attempting to calm tensions in the country’s increasingly dysfunctional-looking nuclear power industry. (9 h ago)

• Banks’ Derivatives Activity Falls Under ... Banks’ Derivatives Activity Falls Under I.R.S. Scrutiny
01/20/2010
The Internal Revenue Service is examining whether equity swaps help banks avoid taxes by masking who really owns the shares underlying the instruments. (9 h ago)

• Republicans Oppose Obama Deficit Panel Republicans Oppose Obama Deficit Panel
01/20/2010
G.O.P. leaders, emboldened after capturing a Massachusetts Senate seat, were quick to reject a proposal for a presidential commission. (9 h ago)

• Morgan Stanley’s Quarter Is Weak, Unlike... Morgan Stanley’s Quarter Is Weak, Unlike Its Pay Pool
01/20/2010
The bank added $3.8 billion to its compensation pool — for salaries and bonuses — in the fourth quarter, for a total of $14.43 billion for the year. (9 h ago)

• New Technology Commissioner Wins Approva... New Technology Commissioner Wins Approval in Europe
01/20/2010
After a bruising battle, Neelie Kroes won over skeptics who had found her evasive in hearings. (9 h ago)

• JPMorgan Alone Remains in Talks for R.B.... JPMorgan Alone Remains in Talks for R.B.S. Unit
01/20/2010
JPMorgan Chase is the last bidder still in talks with Royal Bank of Scotland to buy its commodity-trading joint venture, in a deal that could be worth $4 billion. (10 h ago)

• Asian Stocks Drop on Fears China Will Mo... Asian Stocks Drop on Fears China Will Move to Cool Its Economy
01/20/2010
Most Asian share markets fell Thursday after China reported strong fourth-quarter growth, reinforcing fears that Beijing would take more measures to keep the economy from overheating. (11 h ago)

• World Bank Sees Slowdown in Global Growt... World Bank Sees Slowdown in Global Growth as Stimulus Wanes
01/20/2010
Growth this year, projected at 2.7 percent, could slow as government stimulus efforts wane, the bank said. (12 h ago)

• Hong Kong stocks close 1.99% lower Hong Kong stocks close 1.99% lower
01/21/2010
Hong Kong stocks fell 1.99 percent or 423.50 points to close at 20,862.67 on Thursday. Turnover rose to 83.13 billion HK dollars (10.71 billion U.S. dollars) from Wednesday's 74.62 billion HK dollars (9.62 billion U. S. dollars). &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• J-10 fighter enters international market... J-10 fighter enters international market at $40 million
01/21/2010
&$ &$File photo: J-10 fighter&$ &$ Recently, the U.S. think tank, International Assessment and Strategy Center, published an article about the Chinese J-10 fighter. The article claimed that the J-10 fighter is about to enter the international market after 2010, while its price tag of 40 million U.S. dollars is half of its U.S. counterpart, the F-16 fighter. According to the article, the J-10 fighter is going to ... (1 h ago)

• Chinese shares close slightly up Thursda... Chinese shares close slightly up Thursday
01/21/2010
Chinese shares edged up on Thursday, with the benchmark Shanghai Composite Index gained 0.22 percent to close at 3,158.86 points. The Shenzhen Component Index edged up 0.01 percent to close at 12,917.15 points. Combined turnover totaled 225.6 billion yuan (33 billion U.S. dollars), down from 326.6 billion yuan on the previous trading day. Gainers outnumbered losers by 557 to 316 in Shanghai and 524 to 296 in Shenzhen. &$ &$By People's Daily Online&$ &$ ... (1 h ago)

• China's actually utilized foreign capita... China's actually utilized foreign capital sees consecutive increase
01/21/2010
The 2009 Sino-Foreign Investment Promotion Annual Conference hosted by the Investment Promotion Agency under the Ministry of Commerce will be held in Beijing from January 19 to 21. The participating representatives jointly discussed the new trends and methods of investment promotion during the post-crisis age so as to establish a multi-layer network as well as to enlarge the trans-regional and trans-national channels to promote investment. According to statistics from the Ministry of Comme ... (1 h ago)

• SASAC urges central SOEs to prevent over... SASAC urges central SOEs to prevent overinvestment
01/21/2010
Latest statistics show that China's central state-owned enterprises (SOEs) made cumulative business revenues of 12.61 trillion yuan in 2009, an increase of 6 percent year-on-year and cumulative profits of 797.72 billion yuan, an increase of 14.6 percent year-on-year. SASAC Chairman Li Rongrong stressed that central SOEs should strictly refrain from making excessive investments beyond their strength or offering loan guarantees to other institutions, strictly control loan scales and assets to debt ... (1 h ago)

• China's renewable energy industry develo... China's renewable energy industry develops rapidly
01/21/2010
China's renewable energy industry is still developing rapidly and China made important progress in photovoltaic (PV) power generation, and the installed capacity of China's wind power generators reached 22 million kW last year, said officials from the National Energy Administration at the China Forum on New Energy. The public bidding of a franchised 10MW solar energy and PV project in Dunhuang, Gansu province gave push to the construction of PV power plants all over the country. So far, 4 10M ... (1 h ago)

• Port of Shanghai ranks 1st in the world ... Port of Shanghai ranks 1st in the world for 5 consecutive years
01/21/2010
According to a news conference held by the Shanghai municipal government, in 2009 Port of Shanghai's cargo throughput stood at 590 million tons and ranked first in the world for the fifth consecutive year. Its container throughput reached 25 million standard containers, ranking second in the world for the third straight year. Since the State Council formally published opinions on promoting the establishment of Shanghai's international financial center and an international shipment center, al ... (1 h ago)

• Economy soars, sets stage for more tight... Economy soars, sets stage for more tightening
01/21/2010
China easily beat its 2009 growth target after a blistering fourth quarter performance that set the stage for further monetary tightening measures to come out in the upcoming days. The sizzling growth of the world's major developing economy also put it on course to overtake Japan to become the world's second-largest economy, the Reuters said in a report on Thursday. Gross domestic product surged 10.7 percent between October and December, compared with a year earlier, a tad below market fo ... (1 h ago)

• World Bank sees fragile global economy r... World Bank sees fragile global economy recovery
01/21/2010
The World Bank Wednesday predicted a 2.7-percent global economic growth this year and warned a possible slow recovery as well as remaining crisis-triggered hardships. According to the Global Economic Prospects 2010, a report released by the World Bank, the global economy is expected to grow 3.2 percent in 2011, compared with the 2.2 percent contraction in 2009. NEW ENGINE FOR WORLD ECONOMY The World Bank said "relatively robust" developing countries served as the key engine that led the ... (1 h ago)

• U.S. banks show vague signs of life U.S. banks show vague signs of life
01/21/2010
Financial firms had the whole market's attention on them on Wednesday as a bunch of most heavy-weight banks presented their results for the last three months in 2009. While most investors would agree that overall condition of the financial industry did improve year-on-year, banks continue to be troubled by loan losses as unemployment rate remains at historical high and consumers hold tight to their wallets. Bank of America, the largest U.S. lender, said on Wednesday that its net loss in th ... (1 h ago)

• IMF upgrades Italy's GDP forecast IMF upgrades Italy's GDP forecast
01/21/2010
The International Monetary Fund (IMF) on Wednesday revised upward its growth forecast for Italy's gross domestic product (GDP), expecting it to rise by 1 percent this year and 1.3 percent in 2011, respectively, according to the Ansa news agency. In October 2009, the Washington-based institute predicted Italy would have a 0.2 percent GDP growth in 2010 and 0.7 percent in 2011. The IMF's upgraded forecast is in line with the positively revised predictions made by Italian Economy Minister Gi ... (1 h ago)

• Bloomberg says financial challenges faci... Bloomberg says financial challenges facing New York City still grave
01/21/2010
New York Mayor Michael Bloomberg said Wednesday that the financial challenges facing the city are still grave. "The financial challenges facing the five boroughs (of the city) are grave, especially given the budget cuts announced by Governor David Paterson yesterday," said Bloomberg in his ninth State of the City address,. "That's their job. And we've got to help them do it, and hold them to it." On Tuesday, Paterson released a 134-billion-dollar state spending plan that included at least ... (1 h ago)

• Global economy to grow 2.7 percent in 20... Global economy to grow 2.7 percent in 2010, but recovery may slow down: World Bank
01/21/2010
Global economy is expected to grow 2.7 percent this year and 3.2 percent in 2011 after shrinking 2.2 percent in 2009, but the recovery may slow down, according to the Global Economic Prospects 2010, a report released by the World Bank on Wednesday. The World Bank said that the global economic recovery "that is now underway will slow later this year as the impact of fiscal stimulus wanes." Financial markets remain troubled and private sector demand lags amid high unemployment. "Overall, the ... (1 h ago)

• China 2009 Q4 GDP rise 10.7% China 2009 Q4 GDP rise 10.7%
01/21/2010
China's economy rose 10.7 percent year on year in the fourth quarter last year, and 8.7 percent year on year for the whole year, the National Bureau of Statistics (NBS) said Thursday. This compared with a quarterly growth of 6.2 percent in the first quarter, 7.9 percent in the second quarter, and 9.1 percent in the third quarter. Policies adopted by the Chinese government to fight the global financial crisis had produced significant results and the Chinese economic growth was on a consolid ... (1 h ago)

• China's PPI up 1.7% in December 2009 China's PPI up 1.7% in December 2009
01/21/2010
The producer price index (PPI), a major measure of inflation at the wholesale level, rose 1.7 percent in December from a year earlier, the National Bureau of Statistics (NBS) announced Thursday. It was the first monthly rise since December 2008. The full year figure was down 5.4 percent, it said. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• YouTube Takes a Small Step Into the Film... YouTube Takes a Small Step Into the Film Rental Market
01/20/2010
The video site’s venture will focus, at least initially, on providing an outlet for independent movie makers. (8 h ago)

• Apple Courts Publishers, While Kindle Ad... Apple Courts Publishers, While Kindle Adds Apps
01/20/2010
A tablet computer from Apple could threaten Amazon’s Kindle, but the Kindle, which now accounts for 70 percent of electronic reader sales, is getting more versatile. (9 h ago)

• Advertising: For Super Bowl XLIV Adverti... Advertising: For Super Bowl XLIV Advertisers, Synergy Is the Name of the Game
01/20/2010
The ad during the big game now must be supplemented with repeats on YouTube and promotions with sites like Twitter and Facebook. (9 h ago)

• Q.&A. on NYTimes.com Q.&A. on NYTimes.com
01/20/2010
While many details are incomplete, subscribers will continue to have free access to the Web site under the newspaper’s subscription plan. (9 h ago)

• Front Row: Fashion Takes a Lie-Down Front Row: Fashion Takes a Lie-Down
01/20/2010
A recent ad for Versace.As the new spring fashion advertisements begin circulating in earnest this month, you may be tempted to ask when it became O.K. for models to lie down on the job. (9 h ago)

• China Curtails Run of ‘Avatar’ as It Fil... China Curtails Run of ‘Avatar’ as It Fills Theaters
01/19/2010
Theaters will soon stop showing “Avatar” in standard format, though viewers can still watch it in 3-D. (1 d ago)

• Le Monde Appoints First Woman as Top Edi... Le Monde Appoints First Woman as Top Editor
01/19/2010
Le Monde, widely considered France’s newspaper of record, appointed Sylvie Kauffmann as executive editor on Monday, a first in its 65-year history. (1 d ago)

• Judge Upholds an Indictment in Letterman... Judge Upholds an Indictment in Letterman Extortion Case
01/19/2010
The judge rejected the argument that a television producer merely intended to write a book or a screenplay about David Letterman. (1 d ago)

• TV Sports: NBC Haunted by Its Knockout B... TV Sports: NBC Haunted by Its Knockout Bid for the Games
01/19/2010
When Olympic rights were auctioned in 2003, the global economy was a safer place, and optimism won out. (1 d ago)

• Advertising: Lawyers Use Humor to Plead ... Advertising: Lawyers Use Humor to Plead Case
01/19/2010
A new breed of advertisements for lawyers uses humor to attract attention and to make fun of law firms that pursue frivolous cases. (1 d ago)

• Business Briefing | Companies: Group Rea... Business Briefing | Companies: Group Readies Bid for Three Canadian Newspapers
01/19/2010
A group of bidders said on Monday that it was preparing to make an offer for three daily newspapers owned by the Canwest Global Communications Corporation. (1 d ago)

• Q & A With Stuart Elliott Q & A With Stuart Elliott
01/19/2010
Q & A With Stuart Elliott. (1 d ago)

• Webdenda: People and Accounts of Note Webdenda: People and Accounts of Note
01/19/2010
Webdenda. (2 d ago)

• The Media Equation: It’s Not Jay or Cona... The Media Equation: It’s Not Jay or Conan. It’s Us.
01/19/2010
Don’t blame the late-night hosts for falling ratings. The Internet and cable television have made much of network television disappear into a thicket. (2 d ago)

• The Ad Campaign: For Last Shot, the Bigg... The Ad Campaign: For Last Shot, the Biggest of Guns
01/18/2010
TITLE “Every Vote Matters”. (2 d ago)

• Xbox Takes On Cable, Streaming TV Shows ... Xbox Takes On Cable, Streaming TV Shows and Movies
01/18/2010
If talks with Disney work out, the game console could stream ESPN content, making it that much easier to watch TV without cable. (2 d ago)

• Advertising: Agency Combines Clients’ St... Advertising: Agency Combines Clients’ Stocks for a Mini-Mutual Fund
01/18/2010
A mini-mutual fund will track the performance of shares of companies that are publicly traded and clients of Kirshenbaum Bond. (2 d ago)

• With New Films, CBS Charts Tough Middle ... With New Films, CBS Charts Tough Middle Course
01/18/2010
CBS Films, the venerable television company’s upstart movie studio, is arriving with an old formula intact: four to six films a year, anchored by stars and costing up to $50 million apiece. (2 d ago)

• The worries behind market's tumble The worries behind market's tumble
01/21/2010
Was that hissing noise on Wall Street yesterday the sound of the latest stock-market bubble starting to deflate? After being down more than 200 points at times yesterday, the Dow Jones industrial average managed to rebound to finish at only a 122-point decline. That barely ate into the 19-percent gain... (4 h ago)

• Clock watch Clock watch
01/21/2010
Jay-Z and Ralph Lauren have both found time to drop by the ClockTower Building at 1 Main St. and check out Brooklyn’s ultimate trophy apartment. That’s where developer David Walentas, the man behind the DUMBO neighborhood, has enlisted Prudential Douglas Elliman broker Raphael De Niro’s help to... (4 h ago)

• Times' online pinch Times' online pinch
01/21/2010
The New York Times will make you pay. The Times announced yesterday that it will end its free-for-all online service and start charging to read complete articles. Print subscribers will have full access to the Web site, but others will have to pay a monthly fee to read more than... (6 h ago)

• Warren Buffett's thoughts on bailout, ho... Warren Buffett's thoughts on bailout, housing, tax
01/21/2010
The first thing we do, let's blow up some houses. That was a cheeky suggestion by billionaire investor Warren Buffett on how to deal with the glut of housing in the US during a wide-ranging interview that covered everything from the White House's proposed Wall Street tax to... (6 h ago)

• Live Nation puts assets on line to help ... Live Nation puts assets on line to help merger
01/21/2010
In an effort to get its merger with Ticketmaster approved, concert promoter Live Nation has signaled to rival Anschultz Entertainment Group that it's willing to sell its venues on favorable terms in exchange for withdrawing opposition to the deal, The Post has learned. The Department of Justice is still... (6 h ago)

• Say Dubai, Mr. Jackson Say Dubai, Mr. Jackson
01/21/2010
David Jackson's credit cards have finally gotten the scissors. The flamboyant investor -- who became a poster-child for private-equity excess as his extravagant buyouts of luxury properties including Barneys New York went sour -- has been ousted from Istithmar World, the Dubai-based firm that he has saddled with crippling... (6 h ago)

• Lehman's blow to Whistler Lehman's blow to Whistler
01/21/2010
The operator of Winter Olympics venue and ski resort Whistler Blackcomb could face foreclosure as soon as next month after a group of creditors led by the estate of Lehman Brothers imposed a Feb. 19 deadline to reach a restructuring deal or else. The threat comes as hedge fund Fortress... (6 h ago)

• BofA posts $194M loss BofA posts $194M loss
01/21/2010
A rocky economy is still taking its toll on some of the nation's biggest banks. Bank of America, one of three major financial firms to report results yesterday, posted a quarterly loss of $194 million -- or a $5.2 billion loss after costs related to paying back government... (6 h ago)

• UK bank for Blackstone UK bank for Blackstone
01/21/2010
Private-equity giant Blackstone was preparing to mount a major assault on Britain's retail banking sector, Sky News reported yesterday. Blackstone plans to launch a lender called The Home and Savings Bank, and has raised more than 250 million pounds ($406.67 million) from investors to finance the company's... (6 h ago)

• Obama Street theater Obama Street theater
01/21/2010
President Obama's Street tax apparently isn't enough. Siding with Main Street against financial fat cats, the president is planning to announce new proposals on limiting the size and complexity of proprietary trading systems as a way to reduce risk-taking. He is expected to propose the new rules as... (6 h ago)

• Apple is searchin' Apple is searchin'
01/21/2010
Apple has stepped up its rivalry with Google, in a skirmish that cuts to the core of how both companies do business. The tech titans used to be tight. But now Apple is reportedly talking to Microsoft about making Bing the default search engine on the iPhone instead of Google... (6 h ago)

• Macklowes are back Macklowes are back
01/21/2010
The Macklowes are closer to gaining control of the old Drake Hotel site on Park Avenue between 56th and 57th streets, The Post has learned. Sources yesterday said Macklowe Properties and private-equity firm CIM Group completed a plan to buy out 10 debtholders who held slices of a $510 million... (6 h ago)

• YouTube goes rental YouTube goes rental
01/21/2010
YouTube will begin testing a limited video rental service this week, the company announced on its official blog yesterday. The Google-owned company has signed a deal with the Sundance Film Festival to make five films from the 2009 and 2010 Sundance festivals available for rental on its site in a... (6 h ago)

• Business briefs Business briefs
01/21/2010
Starbucks Starbucks raised its annual earnings fore cast and posted first- quarter profit that ex ceeded analysts' esti mates. Net income climbed to $241.5 mil lion, or 32 cents a share, from $64.3 million, or 9 cents, a year earlier.Lego lands Lego is opening a Rockefeller Center... (6 h ago)

• Condé: We are family Condé: We are family
01/21/2010
Lucky Publisher Gina Sanders will succeed Richard "Mad Dog" Beckman as head of Fairchild Publications, publisher of Women's Wear Daily. Beckman, a 24-year veteran of Condé Nast, left the Nastie trade division to head e5 Global Media, which recently bought the Hollywood Reporter, Billboard and other business titles from... (6 h ago)

• Square feet Square feet
01/20/2010
There aren’t many people who can say that they learned how to ride a bicycle in the middle of Times Square. With an estimated 500,000 people coming in and out of the area every day, it’s hard to imagine getting even 10 empty feet in front of... (10 h ago)

• Just sold! Just sold!
01/20/2010
Manhattan CHELSEA $830,000 130 W. 20th St. One-bedroom, one-bath condo, 707 square feet, with open kitchen with dishwasher, oversized windows and central AC; building features doorman, lounge and courtyard. Common charges $945, taxes $109. Asking price $895,000, on market 20 weeks. Broker: Annette Jankowski, Citi Habitats GRAMERCY $682... (10 h ago)

• Open fire! Open fire!
01/20/2010
If you just woke up from a three-year coma, you’d be forgiven for thinking that absolutely nothing had changed in Williamsburg last week — at least as far as real estate goes. A new condo building, Warehouse 11, had an open house. At least 30 potential buyers and brokers stood... (10 h ago)

• Berkshire shareholders approve stock spl... Berkshire shareholders approve stock split
01/20/2010
Berkshire Hathaway shareholders approved splitting the company's Class B shares 50-for-1 on Wednesday as part of the company's $26.3 billion acquisition of Burlington Northern Santa Fe. Berkshire Hathaway - Burlington Northern Santa Fe Corporation - Corporation - Stock split - Warren Buffett (18 h ago)

• Sponsored By: Sponsored By:
01/20/2010
(19 h ago)

• Report: Bing may replace Google on iPhon... Report: Bing may replace Google on iPhone
01/20/2010
Apple is talking with Microsoft about making it the default search engine provider for the iPhone, replacing Google, BusinessWeek reported on Wednesday. iPhone - Microsoft - Apple - Google - Bing (20 h ago)

• BofA reports $5.2 billion quarterly loss BofA reports $5.2 billion quarterly loss
01/20/2010
Bank of America Corp. says it lost $5.2 billion during the final three months of 2009 as consumers struggled to make their mortgage and credit card payments. Bank of America - Credit card - Mortgage - Business - Financial Services (22 h ago)

• Morgan Stanley posts $617 million 4Q pro... Morgan Stanley posts $617 million 4Q profit
01/20/2010
Morgan Stanley says it earned $617 million during the last three months of 2009 as its investment banking operations profited from its Smith Barney joint venture. Morgan Stanley - Morgan Stanley Smith Barney - Business - Investment Banks - Financial services (23 h ago)

• Wells Fargo makes profit, gives optimist... Wells Fargo makes profit, gives optimistic view
01/20/2010
Wells Fargo is seeing early signs of improvement in its lending portfolios as it reports an unexpected fourth-quarter profit. Wells Fargo - Business - England - Business Services - United States (1 d ago)

• Bernanke asks GAO to review Fed’s AIG ba... Bernanke asks GAO to review Fed’s AIG bailout
01/19/2010
Federal Reserve Chairman Ben Bernanke is asking Congress' investigative arm to conduct a "full review" of the Fed's publicly derided bailout of insurance giant AIG. Ben Bernanke - Federal Reserve System - Chair of the Federal Reserve - Economics - Congress (1 d ago)

• More men get economic boost from marriag... More men get economic boost from marriage
01/19/2010
Historically, marriage was the surest route to financial security for women. Now it's men who are getting the biggest economic boost from tying the knot, according to a analysis of census data. Marriage - Census - Relationships - Security - United States (1 d ago)

• IBM’s profit increases, revenue growth r... IBM’s profit increases, revenue growth resumes
01/19/2010
IBM Corp. said it managed a 9 percent increase in profit in the last quarter as the technology company's revenue grew for the first time in a year and a half. IBM - Technology - Corporation - Revenue - Hardware (1 d ago)

• Weight Watchers sues Jenny Craig Weight Watchers sues Jenny Craig
01/19/2010
Weight Watchers International is suing rival weight-loss company Jenny Craig over ads it says are misleading and deceptive. Jenny Craig - Weight loss - Health - Weight Watchers - Shopping (1 d ago)

• Recession makes some entrepreneurs Recession makes some entrepreneurs
01/19/2010
The bleak job market is prompting some people to go into business for themselves, whether they want to or not. Call them accidental entrepreneurs. By Allison Linn. Business - Labour economics - Small business - United States - Start Up (2 d ago)

• Obama to Call for More Banking Limits Obama to Call for More Banking Limits
01/20/2010
President Wants Government to Have New Powers to Limit Size and Complexity of Financial Institutions (8 h ago)

• Buffett Won't Sell Stake in Kraft Buffett Won't Sell Stake in Kraft
01/20/2010
Oracle of Omaha Continues to Disapprove of Kraft's Acquisition of Cadbury, Doesn't Plan to Sell Kraft Stock (20 h ago)

• NYT to Charge for Full Online Access NYT to Charge for Full Online Access
01/20/2010
Effort to Draw More Revenue Online Will Allow a Limited Number of Free Articles Starting in 2011 (23 h ago)

• BofA Loses $5.2B as it Repays Bailout BofA Loses $5.2B as it Repays Bailout
01/20/2010
4Q Loss Also Impacted by Consumers' Struggle to Make Mortgage and Credit Card Payments (1 d ago)

• Report: AIG to Sell Unit to MetLife Report: AIG to Sell Unit to MetLife
01/20/2010
Bailed-Out Insurance Company in Talks Over Sale of One of Its Largest Insurance Assets Alico (1 d ago)

• Video: Kraft Eats Up Cadbury Video: Kraft Eats Up Cadbury
01/19/2010
After months of speculation, Kraft Foods has announced that a multi-billion pound buyout of British candy-maker, Cadbury. CBS News' Charlie D'Agata reports on consumer response to the merger in the U.K. (1 d ago)

• Video: Marriage Economics Changing Video: Marriage Economics Changing
01/19/2010
For most of history, marriage was a one-sided-affair when it came to making money. But marriages today show that many wives are more likely to bring in more income. John Blackstone reports. (1 d ago)

• Chrysler Recalls 24,177 Vehicles Chrysler Recalls 24,177 Vehicles
01/19/2010
Company Uncovered Defect That it Says Could Result in Brake Failure (1 d ago)

• IBM Q4 Earnings Up 9% IBM Q4 Earnings Up 9%
01/19/2010
Big Blue's Revenue Grew For the First Time In a Year and a Half (1 d ago)

• New Strategies to Aid in Job Searches New Strategies to Aid in Job Searches
01/19/2010
Author Lisa Johnson Mandell Gives Advice to Job Seekers on Resumes, Appearance and Attitude (1 d ago)

• Fed Chair Calls for Probe of AIG Bailout Fed Chair Calls for Probe of AIG Bailout
01/19/2010
$182 Billion Rescue Has Come Under Sharp Criticism; Bernanke Calls on Government Accountability Office to Investigate (1 d ago)

• Phone Companies Speed Haiti Text Donatio... Phone Companies Speed Haiti Text Donations
01/19/2010
Major U.S. Carriers Vow to Get Donations to Haiti within a Week (1 d ago)

• Citigroup: We Lost $7.58B at end of 2009 Citigroup: We Lost $7.58B at end of 2009
01/19/2010
Says $6.2 Billion in Losses Tied to Repaying Government Bailout Money (2 d ago)

• Japan Airlines Files for Bankruptcy Japan Airlines Files for Bankruptcy
01/19/2010
$25.6 Billion Debt Forces Airline to Restructure, Slash 16,000 Jobs (2 d ago)

• Cadbury Accepts Kraft's $19.5B Deal Cadbury Accepts Kraft's $19.5B Deal
01/19/2010
Months-Long Takeover Bid for British Candy Maker Nears End (2 d ago)

• Asia the prize, not JAL, in Delta-Americ... Asia the prize, not JAL, in Delta-American fight
01/20/2010
Japan Airlines isn't the real prize in the fight between Delta Air Lines and American Airlines over who gets to partner with the troubled carrier. Japan Airlines - American Airlines - Delta Air Lines - JAL - Airline (1 d ago)

• Productivity gap between U.S., Europe wi... Productivity gap between U.S., Europe widens
01/20/2010
The gap in productivity growth between the United States and Europe widened sharply as U.S. businesses were more aggressive in laying off workers. Business - Gap year - United States - Education - United States and Europe (1 d ago)

• Google scraps cell phone launch in China Google scraps cell phone launch in China
01/19/2010
Google has delayed the debut of two mobile phones designed to connect with its Internet services in China, widening the void that might be opened if the company and Beijing can't resolve their rift over online censorship and security. Internet censorship - Google - Mobile phone - People's Republic of China - Censorship (1 d ago)

• Cadbury OKs Kraft’s $19.5 billion buyout... Cadbury OKs Kraft’s $19.5 billion buyout bid
01/19/2010
British candy company Cadbury agreed to a fattened $19.5 billion takeover offer from U.S. food group Kraft in a deal that would create the world's biggest chocolate maker. Kraft Foods - Cadbury plc - Takeover - Confectionery - Business (1 d ago)

• Japan Airlines files for bankruptcy Japan Airlines files for bankruptcy
01/19/2010
Japan Airlines Corp filed for bankruptcy protection owing more than $25 billion and vowed to slash 15,700 jobs and unprofitable routes as part of a plan to survive. Bankruptcy - Japan Airlines - Law - Japan - Business (2 d ago)

• Answers About Roth I.R.A. Conversions: P... Answers About Roth I.R.A. Conversions: Part 4
01/20/2010
Ed Slott, an I.R.A. expert, answers reader questions about Roth I.R.A. conversions. (16 h ago)

• Wednesday Reading Wednesday Reading
01/20/2010
A roundup of consumer-related articles from The Times. (21 h ago)

• When You Can Deduct the Cost of Your M.B... When You Can Deduct the Cost of Your M.B.A.
01/20/2010
What a tax court ruling means for deductions of M.B.A. tuition. (21 h ago)

• Answers About Roth I.R.A. Conversions: P... Answers About Roth I.R.A. Conversions: Part 3
01/20/2010
Ed Slott, an I.R.A. expert, answers reader questions about Roth I.R.A. conversions. (1 d ago)

• Obama Pressing for Protections Against L... Obama Pressing for Protections Against Lenders
01/20/2010
Despite the president’s influence, Democrats may drop a consumer protection agency from the financial bill. (1 d ago)

• F.H.A. to Raise Standards for Mortgage I... F.H.A. to Raise Standards for Mortgage Insurance
01/19/2010
The Federal Housing Administration, which is supporting the housing market, is expected to announce on Wednesday standards addressing the agency’s finances and unprepared borrowers. (1 d ago)

• A Deluge of Donations via Text Messages A Deluge of Donations via Text Messages
01/19/2010
As of late Sunday, the American Red Cross had collected pledges of $103 million, about $22 million of which came through a text-messaging program. (1 d ago)

• Obama's bank tax flunks on every count Obama's bank tax flunks on every count
01/20/2010
President Obama wants to tax banks to ensure that TARP doesn't cost taxpayers money. Commentator David Frum explains why that's a bad idea. (21 h ago)

• Clearing the air on carbon credits Clearing the air on carbon credits
01/20/2010
Mark Schapiro of the Center for Investigative Reporting talks with Kai Ryssdal about an article he wrote for Harper's Magazine, which discusses how we can measure a credit of carbon. (21 h ago)

• Climbing out of a life of poverty Climbing out of a life of poverty
01/20/2010
Some 40 million Americans live in poverty, and the odds are 50-50 that if you're born into poverty, you'll die poor. Stephen Smith profiles two friends who are trying to break the cycle. (21 h ago)

• Military under fire for biblical gunsigh... Military under fire for biblical gunsights
01/20/2010
The military is scrambling to decide what to do about some of the gunsights it's been buying for the Army and Marines. References to biblical passages are inscribed on them. Mitchell Hartman reports. (21 h ago)

• FHA reforms aim to help in the long run FHA reforms aim to help in the long run
01/20/2010
The Federal Housing Association says it will toughen up on the requirements for the residential loans it insures. Nancy Marshall Genzer reports. (21 h ago)

• What's going on with the markets? What's going on with the markets?
01/20/2010
The markets have been down all day, and at one point the Dow Jones was down 189 points, making it one of the worst trading days of the year so far. What's happening? Alisa Roth reports. (21 h ago)

• What Senate change means for reform What Senate change means for reform
01/20/2010
With Republican Scott Brown winning the Massachusetts senatorial seat, the Democrats' filibuster-proof Senate majority is gone. Tom Mann of the Brookings Institution talks with Kai Ryssdal about what happens to President Obama's agenda now. (21 h ago)

• Warning signs from China Warning signs from China
01/21/2010
Another set of red flags from China, warning signs that the Chinese economy is overheating with it returning to double digit growth in the fourth quarter, with a jump of 10.7% year-on-year. The big worry is that a lot of this includes speculation in the stock market and property. The best solution to stimulate consumer spending. Now, while the consumer spending stats in China are up, a lot of that includes government consumption. We just don't know how much consumer demand there is out ... (7 h ago)

• "Risky rich" debt crisis "Risky rich" debt crisis
01/21/2010
We have seen the fallout from the debt crisis in Dubai and Greece. But are these events a harbinger of what could happen in the United States and Japan?Dr Doom, economist Nouriel Roubini warns there is a big risk that this will happen, particularly if the Democrats lose in the mid-term elections this November and after Massachusetts, that's looking likely. If that happens, there will be no tax rises and spending cuts will be put on hold. The only other solution is the last ... (7 h ago)

• Corruption fuels Taliban support Corruption fuels Taliban support
01/20/2010
President Barack Obama says the US withdrawal from Afghanistan could begin as early as July 2011, provided the Afghanistan security forces are ready, but you can bet the rest of the country won't be.The place is totally corrupt and a United Nations report says the corruption is creating support for the Taliban.According to the report, one Afghan out of two has had pay a kickback to a government official. Afghans paid out $2.5 billion in bribes, the equivalent of 23% of that country's GDP ... (1 d ago)

• Why Google is failing in China Why Google is failing in China
01/20/2010
Much has been made about Google threatening to leave China, saying it will not tolerate censorship anymore and disclosing a sophisticated cyberattack on the e-mail accounts of advocates of human rights over there. It's a Mexican stand off with the Chinese government saying of foreign internet firms are welcome to do business there "according to the law". The US government has entered the dispute, saying it wants China to fully investigate the hacker attacks.It's created a difficult situation and Google has effectively painted itself ... (1 d ago)

• Sorry is the hardest word for bankers Sorry is the hardest word for bankers
01/19/2010
Wall Street just doesn't get it. Earlier this month, Obama flagged levying a new tax on financial institutions' transactions, something that would have to be applauded given the crippling size of the US federal deficit. Without that, you can bet it will grow to $10 trillion over the next decade. And it's perfectly given the way the over-leveraged US banks came close to destroying the global economyBut sorry is the hardest word to say on Wall Street. The Financial Times reports that some investment ... (2 d ago)

• Climate change makes bankers rich Climate change makes bankers rich
01/19/2010
We are getting some mixed signals here on climate change and it's perverse. On one hand, the OECD has come out saying that global warming is the one that is threatening the global recovery.The OECD says: "Business as usual is not an option if the economic recovery is to be sustained. If we carry on increasing greenhouse gas emissions, the resulting climate change will lead to massive upheavals: floods and droughts, more violent storms, more intense heat waves, escalating conflicts over food and water ... (2 d ago)

• A strong foundation for M&A in 2010 A strong foundation for M&A in 2010
01/20/2010
M&A activity was more resilient in 2009 than commonly believed, and conditions are improving for 2010. Read more on the McKinsey Quarterly > Topics: Asia-Pacific Corporate Finance Organization (21 h ago)

• A lighter touch for postmerger integrati... A lighter touch for postmerger integration
01/20/2010
Some Asian companies take a different, hands-off approach to M&A outside their borders. Read more on the McKinsey Quarterly > Topics: Asia-Pacific Corporate Finance Organization (21 h ago)

• M&A teams: When small is beautiful M&A teams: When small is beautiful
01/20/2010
Large M&A departments aren’t essential for making successful deals. Small, project- based teams can be preferable. Read more on the McKinsey Quarterly > Topics: Asia-Pacific Corporate Finance Organization (21 h ago)

• What worked in cost cutting--and what's ... What worked in cost cutting--and what's next: McKinsey Global Survey results
01/19/2010
Companies were able to cut costs effectively through the crisis, executives say, but they're less confident of their ability to contain or continue to cut them. Some companies are positioning themselves for longer-term success by planning the next round more strategically. Read more on the McKinsey Quarterly > Topics: Operations Surveys (1 d ago)

• Supporting top management with next-gene... Supporting top management with next-generation executive information systems
01/18/2010
Chief information officers have a chance to expand their influence as the mediators between business requirements and IT capabilities. Read more on the McKinsey Quarterly > Topics: Business Technology (2 d ago)

Business

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John gogs :: 12/28/2009

Who knows where to download XRumer 5.0 Palladium?...
CocoChanels :: 07/03/2009

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out of control
staystrong :: 02/23/2009

The poor thing! Once so high and mighty and far ab...
leaf :: 02/22/2009

It always amazed me how eagerly people flocked to ...
David :: 12/23/2008

• ConsumerMan: Just leave me alone! ConsumerMan: Just leave me alone!
01/20/2010
Your personal information is now just another commodity, like corn or wheat, that’s collected and sold. In the world of marketing, knowledge is power. Wheat - Agriculture - Commodity - Cereal - Field Crops (19 h ago)

• Taco Bell founder dies at age 86 Taco Bell founder dies at age 86
01/18/2010
Glen W. Bell Jr., an entrepreneur best known as the founder of the Taco Bell chain, has died. He was 86. Bell died Sunday at his home in Rancho Santa Fe. Taco Bell - Business - Fast food - Hospitality - Restaurant Chains (2 d ago)

• Starbucks raises prices of complex order... Starbucks raises prices of complex orders
01/18/2010
Starbucks' customers with complex orders may have to shell out a little more for the baristas' trouble. Starbuck - McDonald - Access Providers - New York City - Wi-Fi (2 d ago)

• Passing the buck: Blaming others is cont... Passing the buck: Blaming others is contagious
01/19/2010
Blaming mistakes on others is socially contagious, according to a new study. Just watching someone pawn their failures off on another can make you do the same to protect your self-image. Oceania - Australia - Cancer - Psychology - Tasmania (1 d ago)

• Your Career: Don’t follow Conan’s exampl... Your Career: Don’t follow Conan’s example
01/18/2010
For most regular working stiffs, a public appeal such as Conan O’Brien’s unusual resignation/ultimatum letter is seen as a universal career no-no. Conan O'Brien - Television - Arts - Programs - Talk Shows (3 d ago)

• Cayman Islands Hit By 5.8 Quake Cayman Islands Hit By 5.8 Quake
01/20/2010
The Cayman Islands were hit by a 5.8 magnitude earthquake Tuesday at 9:23 am ET, the earthquake took place 30 miles southeast of Grand Cayman Island. The major offshore hedge fund center in the Caribbean maintains 12 bilateral tax information arrangements with Denmark, Faroe Islands, Finland, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Sweden, United Kingdom and the United States. "No injuries have been reported and there have been no reports of damage to buildings. Business and schools have remained open and residents ... (1 d ago)

• Interview With The Cyprus Trade Commissi... Interview With The Cyprus Trade Commissioner
01/19/2010
There has been a recent focus on financial services and the hedge fund space in Cyprus, the UN went so far as to declare Cyprus the forerunner for the new Luxembourg UCITS model. The government, working closely with a US based consultancy is planning a program geared specifically to hedge funds and financial services sectors in the US market. The program is slated to begin February 2010. In an exclusive interview with the Cyprus Trade Commissioner, Aristos Constantine of the Ministry of Commerce, Industry ... (2 d ago)

• Hedge Fund LSE Head Hunting Conference Hedge Fund LSE Head Hunting Conference
01/19/2010
The Alternative Investments Conference organised by the London School of Economics Private Equity Society and Financial Markets Group has attracted unprecedented interest among students and financial institutions worldwide, with over six top-level students competing for each place available. The conference is to be held on 25 & 26 January in London. The Conference has attracted a stellar collection of keynote speakers, such as David Rubenstein, Co-Founder and Managing Director of The Carlyle Group, James Chanos, Founder and Managing Partner of Kynikos Associates, Emmanuel Roman, ... (2 d ago)

• Obama cracking down on contractor tax ch... Obama cracking down on contractor tax cheats
01/20/2010
President Barack Obama on Wednesday ordered a new crackdown on federal contractors who don't pay their taxes. Barack Obama - President of the United States - United States - Politics - Candidates and Campaigns (22 h ago)

• Case Study: Looking to Expand, but Feari... Case Study: Looking to Expand, but Fearing It, Too
01/20/2010
Can Thinking Caps Tutoring of Manhattan, which employs 30 tutors and serves 300 students annually, expand while maintaining the quality of its services? (9 h ago)

• The N.F.L. Is Squeezing Discounters Over... The N.F.L. Is Squeezing Discounters Over Apparel
01/20/2010
The league’s game day line of gear will be available only to companies that do a certain amount of business. (20 h ago)

• Seen that? - Why Bankers and Investors a... Seen that? - Why Bankers and Investors ask for a Business Plan
01/19/2010
Why Bankers and Investors ask for a Business Plan Biz Plan Hacks It saves them time because they can read your plan and get a quick overview of the business, how you plan to run it, and how much money you ... (1 d ago)

• Is France losing its much famed French I... Is France losing its much famed French Identity?
01/19/2010
Is France losing its much famed French identity? This is what President Nicolas Sarkozy feels after having launched a nation wide debate on what constitutes French national identity leading to xenophobia among the countrymen. Some term this as a pure electoral strategy as regional elections are to be held in March and Mr. President wants to enhance his electoral base and gives his candidates a better chance in the elections. Not many people will be aware of the fact that France is home to ... (1 d ago)

• Aavishkaar: India’s First Social Venture... Aavishkaar: India’s First Social Venture Capital Fund
01/20/2010
Meet Vineet Rai, CEO of Aavishkaar, which can be termed as India's first social venture capital fund. With a corpus of just over Rs 1.65 billion, it is just a tiny drop in the Indian economy but that doesn't fetters Vineet. The social venture capital fund drawing cheers also challenges the skepticism over the prevalent idea that profit and social justice can never be combined. Rai started working when Indian economy got into the liberalization mode and while being posted at a remote village ... (10 h ago)

• Does an Artic Blast Mean No More Global ... Does an Artic Blast Mean No More Global Warming?
01/18/2010
Why are you interested in alternative energy? Liberals are usually interested in alternative energy because they see renewable alternative as a way to reduce the use of carbon-emitting fossil fuels and combat climate change. Conservatives generally see alternative energy as part of a policy leading to energy independence; wind energy, biodiesel, and solar power could potentially free us from or reliance on foreign oil. The motives for each group's interest in alternative energy tend to color that group's approach. Liberals think that climate change ... (2 d ago)

• Simple starting accounting Simple starting accounting
01/18/2010
© Dan Lockton Speaking of simple, one area that gets complicated quickly for many entrepreneurs is accounting. Although it's an entirely anecdotal observation, it seems to me that frequently the most successful entrepreneurs I work with are those who have the best heads for numbers. They know what their financial situation looks like and where their targets are to meet their corporate goals. Those who are less financially astute have to work harder to keep up, and they often end up complicating things more than ... (3 d ago)

• Have You Set Up A Budget for 2010 Yet? Have You Set Up A Budget for 2010 Yet?
01/20/2010
© edinburghcityofprintMost people are well aware that it is a good idea to have a budget. Perhaps you realize it, too, but as you know, unless you have those budgeting tools in operation, the value of one will not benefit you. It's time to do something about it. We all know that budgeting your money is probably a good idea if you are to have any kind of control over it, and end up staying debt free, or being able to save money. So, ... (20 h ago)

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