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Business News
for 01/22/2010

(last updated 7:30am EST 01/22/2010)

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• Video: Corporate Campaign Ads Video: Corporate Campaign Ads
01/21/2010
A divided Supreme Court ruled the ban on corporate spending for campaign ads violated the right to free speech. The ruling demolished the foundation of campaign finance laws. Jan Crawford reports. (11 h ago)

• Video: Big New Laws For Big Banks Video: Big New Laws For Big Banks
01/21/2010
Vowing that the American people will never be "held hostage" by a bank too big to fail, President Obama announced sweeping new regulations for Wall Street. Anthony Mason reports. (11 h ago)

• Video: Is Salt Deadly? Video: Is Salt Deadly?
01/21/2010
A new study says that there would be 92,000 fewer deaths a year if American cut out just three grams of salt each day. Dr. Jon LaPook explains why. (11 h ago)

• Obama Calls for Tougher Bank Regulation Obama Calls for Tougher Bank Regulation
01/21/2010
President Wants to "Rein in Excess and Abuse" and Limit Big Banks' Ability to Engage in High-risk Trades; Stocks Plummet (14 h ago)

• Gas Pedal Glitch Prompts Toyota Recall Gas Pedal Glitch Prompts Toyota Recall
01/21/2010
Toyota Recalls 2.3 Million U.S. Vehicles to Fix Sticking Accelerator Pedals (15 h ago)

• Wall Street Slides on Obama Banks Plan Wall Street Slides on Obama Banks Plan
01/21/2010
Dow Jones Plummets 213 Points as President Pushes for Tighter Banking Rules (16 h ago)

• Video: Obama "Ready To Fight" Banks Video: Obama "Ready To Fight" Banks
01/21/2010
President Obama took a bold stand against financial institutions by announcing new measures to curb their risky activities. (19 h ago)

• Indicators Suggest Spring Economic Growt... Indicators Suggest Spring Economic Growth
01/21/2010
Research Group Reports Forecast of Future Economic Activity Jumped 1.1 Percent in December (21 h ago)

• Goldman Sachs Earns $4.79B in 4th Quarte... Goldman Sachs Earns $4.79B in 4th Quarter
01/21/2010
Aggressive Trading, Reduction in Employee Compensation Fuels Nation's Most Stable Bank (22 h ago)

• New Jobless Claims Up Unexpectedly to 48... New Jobless Claims Up Unexpectedly to 482K
01/21/2010
Job Market Recovery Slow, Uneven; Total Unemployment Rolls also Increase Sharply (23 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 (1 d 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 (1 d 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 (2 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 (2 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. (2 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. (2 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 (2 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 (2 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 (2 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 (2 d ago)

• Falling jobless stats won't save Labour ... Falling jobless stats won't save Labour | Martin Kettle
01/22/2010
Ministers may feel they are due some credit for the drop in unemployment figures – but most voters remain unimpressed Labour strategists were genuinely excited by this week's unemployment figures. The UK jobless figures fell by 7,000 to 2.45 million in the three months to November, the first quarterly fall since the graph started trending upwards in the spring of 2008. Ministers understandably felt they were due some credit for the turnaround. "Twelve months ago, we thought unemployment might rise to well over 3m, perhaps even get close to 4m," a senior minister told me this week. "The rate today is nearly half what it was during the Thatcher years," he added, with evident pride. Ordinarily, one would say that better economic news of this sort would bring electoral dividends for Labour . That's obviously what ministers hope. But the neat syllogism that says good economic figures beget good electoral figures doesn't stand up to close examination. A poll for the PoliticsHome website illustrates the point. Despite the fall in unemployment, most voters remain unimpressed and cautious about future prospects. Only a third think the economy has turned the corner out of recession yet. Most think there is a long way still to go. And only a minority – 36% – give Labour any credit for its handling. Ministers would respond to these findings by asking for patience. These things take time, they would probably say. We accept that there needs to be a succession of good economic figures before voters regain their confidence. When and if they do, though, ministers naturally hope that there will be an electoral dividend for Labour. If next week's final quarter 2009 growth figure is in positive territory, for instance, then ministers will not break open the champagne to mark the official end of the recession, but they will think that things are gradually turning in Labour's direction. History, however, is full of examples which contradict this optimism. One obvious recent example is the 1997 general election , which took place on a much more pronounced economic up curve than anything Labour can hope for in 2010. When John Major went to the polls in the spring of 1997, the recession of the early 1990s was a thing of the past. GDP per head had grown each year since 1992. Interest rates were falling. Inflation was down. Unemployment was well down from its 1993 peak. And a fat lot of good it all did the Conservative party at the election. In fact, 1997 illustrates a phenomenon which should worry Labour quite a lot. You could call it, going back a bit and making a disproportionate comparison, the French Revolution syndrome. The greatest event in the history of the world, as Charles James Fox called it, did not take place at a time of immiseration but at a time of recovery. Economically, France was in far worse condition in 1786 and 1787 than it was in 1789. But the revolution took place when people were better off, not when they were under the cosh. Good times, in other words, encourage people to take a chance on change. Labour's assumption that economic recovery, even the marginal improvements that are the best it can hope for between now and the election, will automatically bring a reward at the polls is not solidly based. It could happen, of course. But it is at least as likely that the voters, noticing that things seem gradually to be clearing up, will say that the Tories, even with their promised cuts, may be worth a flutter now. "I have learned from my many years in parliament that people will never vote for you out of gratitude," the minister quoted earlier said to me this week. A sensible fellow, I think. Labour Unemployment and employment statistics General election 2010 Economic policy Recession Martin Kettle guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Bank share slide continues with Barclays... Bank share slide continues with Barclays down 7%
01/22/2010
The fall in financial shares is accelerating as traders try to weigh up the effects of President Obama's banking proposals on the UK financial sector. Jonathan Jackson, head of equities at Killik & Co provides a nice summary of some of the issues, suggesting we are in for another volatile time. He said: With little clarity over the precise details of the proposed changes or the timeframe over which they might be implemented, it is difficult provide clear investment advice on the impact for financial stocks. However, we would make a number of points. The measures require congressional approval, and so we are likely to see months of lobbying by all concerned, providing uncertainty for investors. Against this background, financial stocks are likely to remain volatile as investors worry about increased regulation and the impact on long-term returns. This comes on top of existing concerns that banks may need to raise more capital to comply with changing regulations. The proposals are likely to be targeted primarily at US banks, although they may impact international banks with a presence in the US. In this regard, Barclays is potentially the most-exposed UK bank given its activities in investment banking. The prospect of the changes taking on an international dimension remains unclear. In the UK, the government has said it will look very closely at the US proposals but will not automatically follow suit. However, with a change of administration likely after the general election, the prospect of a separation of retail banking from riskier activities is more likely. Elsewhere, investment banks are big users of inter-dealer brokers. As a result, on the face of it, the proposals would be negative for Tullett Prebon and Icap . There could also be an impact on overall trading volumes and liquidity to the detriment of exchanges such as the London Stock Exchange . Finally, we would expect a reduced level of competition in the hedge fund industry which would benefit existing operators such as Man . So, some share price movements: Icap is down 32.8p at 392.9p, Tullett Prebon is 20.5p lower at 309.4p, while Barclays has lost 20.15p to 262.85p and Royal Bank of Scotland has fallen 2.08p at 33.24p. Even Lloyds Banking Group , up earlier, has now dropped 1.5p to 51.8p. Meanwhile Man is off 1.3p at 272.3p and the LSE is 40p lower at 654.5p. As a consequence the FTSE 100 is currently off 65.02 points at 5270.08. Barclays Lloyds Banking Group Royal Bank of Scotland Man Tullett Prebon ICAP London Stock Exchange Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Gordon Brown 'very comfortable' with Bar... Gordon Brown 'very comfortable' with Barack Obama's banking reforms
01/22/2010
• We are going to study the proposals, says No 10 spokesman • George Osborne says Tories would not take US-style moves unilaterally Barack Obama's banking reforms are something Gordon Brown feels "very comfortable" with, his spokesman said today. "We haven't seen the full details," the spokesman said, according to Reuters. "We are going to study the proposals. "It's directionally something the prime minister feels very comfortable with." According to Reuters, Brown's spokesman said the prime minister believed the world had to mitigate against too much risk-taking in the financial sector and that different countries had to deal with their own circumstances in different ways. US officials will fly to London next week to discuss with ministers how sweeping changes to the banking system outlined by Obama yesterday to fight Wall Street's excesses might be implemented in the City. Top Wall Street banks are to face tough limits on their size and will be ordered to dismantle lucrative chunks of their business after the US president responded to a series of political setbacks by turning his fire on a "binge of irresponsibility" by financiers. Just a day after his administration suffered a disastrous defeat in a key Senate byelection, Obama shocked the financial industry by announcing that he intended to prohibit some of the banks' most lucrative, yet speculative, activities. Britain's City minister, Lord Myners, will talk to US officials on Monday as part of a meeting with G7 countries to discuss ways to impose a financial levy on a banking system that has already bounced back to profit barely a year after a multibillion-pound taxpayer bailout. A spokesman for the British Treasury said: "We will consider the proposals very carefully. Countries around the world are rightly taking measures to increase stability and reduce risk in the financial system." The meeting with Myners and G7 officials had already been arranged, but is now expected to focus on the US moves, although there is no certainty that the UK will be able to follow immediately. The shadow chancellor, George Osborne, indicated this morning that the Tories would only take similar action to Obama as part of a concerted international move, not unilaterally. "I am committed to getting international agreement on these things," he told BBC Radio 4's Today programme. "I don't think these things should be done in just one country; they need to be done across all countries, because these banks operate internationally and we need to get that agreement internationally." But he added that Obama's move would create "an awful lot of space for the rest of the world". "The argument that is always deployed against me when I've made these proposals in recent months, often by the banking community themselves and indeed by Gordon Brown, who is wholly opposed to this, has been: 'Ah well, you'll never get America to agree.' "By saying what he's said, President Obama's creating a lot of space for the rest of the world to come up with what I think will be a sensible system of international rules and agreement that creates a stronger, competitive City of London, but also a safely regulated one." In a sign that the White House is responding to public disaffection by getting tougher on those blamed for economic hardship, Obama intends to ban banks from operating hedge funds or private equity funds and will stop so-called "proprietary" trading, whereby they use their own corporate funds to gamble on the financial markets. "Never again will American taxpayers be held hostage by a bank that is too big to fail," said Obama, who framed his plans in aggressive terms and accused banks of deploying an "army of lobbyists" to block reforms. "If these folks want a fight, it's a fight I'm ready to have." A year into his presidency, Obama is facing falling poll ratings and has seen the centrepiece of his policy agenda – reforms to the US healthcare system – thrown into jeopardy by the loss of a once-safe Senate seat in Massachusetts that cost Democrats the 60-40 majority they needed to override Republican opposition in the upper house. White House aides blame discontent among American voters on ongoing economic weakness, as the public grapples with rising unemployment, falling property prices and austerity on the high street. Against this backdrop, Wall Street banks have become deeply unpopular for reaping record profits and handing out huge bonuses – Goldman Sachs today revealed it had made $13bn (£8bn) in profits and that its staff would enjoy average pay packets of $498,000. Flanked by his economic advisers, Obama said his resolve was strengthened by the spectre of "soaring profits and obscene bonuses" at banks that are still holding back on lending to struggling small businesses. "The American people will not be served by a financial system that comprises just a few massive firms," he said. "That's not good for consumers, it's not good for the economy." Present regulations limit any institution from holding more than 10% of America's high street bank deposits, which are insured by the government. Administration officials indicated that this cap was to be broadened to put an overall limit on bank assets, although there was no immediate detail on what size would be considered too big. The changes, which are considered to be the most stringent restrictions on banks since the Glass-Steagall act of 1933 that followed the Depression and split commercial institutions from investment banks, sent shares in financial companies plunging and pushed the Dow Jones Industrial Average down 213 points. Republican critics accused the president of using Wall Street as a scapegoat to win back votes. Scott Garrett, a congressman from New Jersey, said: "This renewed focus on financial services reform by the Obama administration is clearly a transparent attempt at faux-populism." On Wall Street, banks protested that simply attacking size was simplistic. David Viniar, chief financial officer of Goldman Sachs, said scale could both help and hinder risk management: "Trying to regulate anything by pure size is a very dangerous thing to do." The Financial Services Roundtable, which represents US banks, argued that the plans would "restrict lending, increase risk, decrease stability in the system, and limit our ability to help create jobs". The US proposals, which will require backing from Congress, are likely to spark calls for a renewed clampdown on City risk-taking in Britain. The Liberal Democrats' Treasury spokesman, Vincent Cable, has been among those urging a return to "narrow banking" with high-street institutions restricted over any speculative investment activities. The chancellor, Alistair Darling, has shown a willingness to face down bankers by introducing Britain's one-off 50% tax on City bonuses. Economic policy Labour Conservatives Gordon Brown United States George Osborne Barack Obama Banks and building societies Banking US economy Andrew Clark Jill Treanor Paul Owen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Financial shares suffer fallout from Oba... Financial shares suffer fallout from Obama's bank plans
01/22/2010
Limiting the scope of Wall Street's big banks would reduce trading liquidity across equity markets worldwide Shares in British banks suffered this morning as President Barack Obama's attack on Wall Street sent shockwaves across the Atlantic. After a big sell-off in Asia overnight and a fall in commodity prices and the dollar, the FTSE 100 index was down more than 25 points by late morning. Analysts said the scope of the plans was highly likely to capture UK operations of US banks and drive concerns that international policymakers could follow suit. Barclays, which has a large Wall Street operation after buying part of the defunct Lehman Brothers investment bank, was the worst hit with its shares down nearly 6%. Also suffering were Royal Bank of Scotland, which was down 5.5% following a loss of 7% yesterday, alomng with Lloyds Banking Group, which fell 2%. The inter-dealer broker Icap, run by Tory party treasurer Michael Spencer, was the biggest faller, down 6%, while its rival Tullett Prebon run by Terry Smith was one of the biggest fallers on the wider FTSE 250. Analysts from Shore Capital said: "Expect increased political risk and uncertainty to weigh on the sector in the coming weeks." Markets across and Europe and Asia took their lead from the Dow Jones Industrial Average, which closed down more than 200 points – a drop of over 2% and its worst performance since October last year – in New York last night. Across Asia, stock markets dropped after news of Obama's plans to prevent banks that hold deposits from investing off their own books or running hedge funds or making private equity investments. The initial reaction of traders across the globe was shock as the proposals were kept under wraps until just hours before Obama's announcement. While it is still uncertain whether the plans will make it into law, limiting the scope of Wall Street's big banks would reduce trading liquidity across equity markets worldwide as their speculative money is withdrawn and they are forced to rein in their riskier lending to other investors. The plans, outlined by Obama yesterday , have been compared with the regulations introduced in America during the Great Depression. They will dramatically curb bank profits and shares in financial companies were marked significantly lower overnight. On Wall Street, JP Morgan Chase fell 6.6%, Morgan Stanley dropped by more than 4% while Goldman Sachs also saw 4% wiped off its value. In Japan the Nikkei average dropped almost 3%, hitting a three-week closing low, while South Korea's KOSPI was down almost 2%. In Hong Kong, one of Asia's major banking centres, the Hang Seng Index sank 1.7%. Overall, the MSCI Asia Pacific Index – which looks at stocks across a dozen Asian countries – was down 2.1%, excluding Japan. On the currency markets, the yen leapt against the dollar and the euro with traders reporting a dramatically reduced appetite for risk among investors. The dollar dropped to its lowest for five weeks. Compounded by fears that the Chinese authorities will take steps to stop the country's economy overheating , which will depress demand for raw materials, commodity prices were depressed by the Obama plan, which in turn hit currencies that are commodity-linked such as the Australian dollar. Copper prices tumbled, while oil prices were slightly lower. Investors, taking flight from risk, settled on government bonds as a safe place for their cash amid the uncertainty created by Obama. Benchmark 10-year US Treasuries rose as did Japan's 10-year notes overnight. Banking US economy Market turmoil ICAP Tullett Prebon Barclays London Stock Exchange Schroders Royal Bank of Scotland Lloyds Banking Group 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)

• Invensys gains after upbeat trading news Invensys gains after upbeat trading news
01/22/2010
Invensys , the technology group, is top of the falling FTSE 100 at the moment after a positive trading statement. The company, which supplies software and equipment to power stations, oil refineries and railways, said third quarter profits were higher than last year despite the current tricky economic climate and it expected an improved performance for the full year. In its operations management business, the company said it was still seeing a delay in customer orders, but it expected this to improve in the fourth quarter. Rail profits were in line with last year, while the controls division saw demand stablise in the US and Europe. Its shares climbed 4.1p to 307.5p on the news, while the FTSE was down 28.09 at 5307.01. Harry Philips at Evolution Securities said: The third quarter update is essentially a holding statement with nothing much changing from the interims. IOM [the operations management business] will remain the focus – 10% margin delivery for the half now a given and focus will over onto the order intake. There are signs of improvement on the short cycle products which adds to our confidence. Rail is rock solid and we sense Controls could still surprise on the upside for the year. This is a classic no change to numbers but the perceived issues are reducing which in turn will place greater focus on the multidimensional recovery play the stock offers. 400p is increasingly realistic and achievable. But Jeremy Batstone-Carr at Charles Stanley was less enthusiastic: The group, which supplies software and equipment to monitor, control and automate processes in power stations, oil refineries and railways as well as consultancy and expertise in domestic appliances, has been undergoing a five year period of perpetual revolution aimed at reducing its cost base and the level of cyclicality across is business segments. Share price upside is possible assuming that optimistic expectations for a broad economic revival prove well founded. We believe, however, that the multiple provides little room for upside and that prospects for the wider economy, in both Europe and North America are much less positive. We recommend investors take advantage of recent share price strength to reduce holdings. Invensys Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Views on the news: Cadbury's deal, while... Views on the news: Cadbury's deal, while Obama takes it to the bank
01/22/2010
Nibbling away at people this week: Cadbury's deal with Kraft, Obama's desire to tackle big banks, plus a tiff about tax, too Forget Cool Britannia: any last vestiges of national pride appeared to be dead and buried this week as bloggers lined-up to condemn the UK. And what was the final nail? Chocolate. "Welcome to the United Kingdom where everything, and I mean everything, is for sale," wrote sinisterfootwear , condemning the decision by the Cadbury's board to recommend a £12bn deal from US group Kraft . "Only Britain sells itself short like this," said damandblast . "The shareholders have no regard for heritage, British jobs, respect or integrity!" "Why do I get the feeling that a debt-laden company taking on more debt to acquire another is going to end badly for everyone not able to trouser millions as a result of the sale?" asked dippy . "Kraft bought Terry's in York with very, very similar promises," warned MrsBadger . "Sixteen months later, the factory has been relocated to Poland, all staff are redundant and we're getting more unsaleable apartment blocks on the former site. Brilliant! Good luck Bourneville and Cadbury's staff from York …you're going to need it." "I wonder what George Cadbury, the religious (Quaker) founder, would have made of this mercenary deal, made in the narrow interests of the shareholders alone ?" asked tomnorton . "'Money talks,' they say – yes, and money impoverishes, too." "Greed, chocolately greed, how appropriate, eh?" wrote IraKowalski . The general mood of disappointment in the UK was not helped by the news that President Obama was taking on Wall Street by announcing plans for stringent rules on the banking sector . "Over to you, Brown, Darling, Osborne, Cameraman et al," said Self . But, warned Koolio : "The devil's in the detail and the banks are adept at evading regulation." Snowflake had an interesting thought: "There is nowhere for the bankers to hide now. They keep threatening to go abroad – where will they go? Dubai has collapsed, the Americans are tightening up. Perhaps they can go to Shanghai – though they execute them in China if you bring down economies and businesses don't they?" News that US officials will visit the UK to discuss how Obama's reforms might be implemented in the City did not go down well either. "Following America again," said Xiol . "When can we take the lead on something?" However, US bank Goldman Sachs, did get nil points after saying it was displaying "restraint" by cutting bonus payments to top-earning staff. The bank's average pay packet of $498,000 (£306,760) left most bloggers distinctly unamused. "Phew, only $500,000 each?" said snoopy65 . "Thank god. What a relief. Just the half a million then. The banks came good after all … If I had downloaded that new 'sarcasm' icon, I might add it here." "If you feel sorry for these guys and want to help increase their bonuses next year, just work harder so you can pay more tax," suggested cg1234 . Not an option for Billy Bragg clearly. The singer said he is to withhold his tax in protest at RBS bonuses, but the stand did not get universal support on the message boards. "Starving schools, hospitals, pensioners, benefit claimants etc of funds to make a protest is a particularly infantile form of toy throwing," said stevehill . "No, you're not an anarchist. But you're not being very smart." 'Empty, gesture politics," declared Vlamgat . While Pat1968 had a friendly warning: "Protest about wars, racism, animal welfare, whatever, and the state doesn't give a damn but the moment people start non-payment of tax then the government will come down of them like a tons of bricks. "No doubt every tax return that Mr. Bragg's submitted for the last 25 years is being combed through at the Inland Revenue as I type!" By the time it was announced that inflation is at a 10-year high, bad news fatigue had clearly set in. "There's no need to review what has happened and how – we've already seen this movie," wrote RBislington . "After 2000, the Bank of England and the Fed pursued a policy of super-low rates to create an economy based on house prices and banker's bonuses. We already know how that plays out – IT DOES NOT WORK. How much more evidence do you need? The United Kingdom needs a fundamental economic realignment away from the financial services industry. Open-ended, poorly targeted subsidies to that industry that create huge distortions in the wider economy are never going to get you there." But what about the Office for National Statistics' revelation, on Wednesday, of a surprise fall in unemployment ? "Lies," declared Halo572 . "All they have done is get people off benefit in any way they can, irrespective of if they have a job to go to or not. "And they have made it so unpleasant and difficult for anyone made redundant to register and get any help that they aren't bothering. "Labour will not allow unemployment to rise before the election, whatever it takes." "Funny how Gordon/Alistair need three quarters of "bad" data to convince them of recession, but one quarter with a bit of good news and they declare it is all over!" noted liamnsw . The spectre of another British Airways strike loomed again this week and there was little sympathy in evidence for either side, but WINGSPAR had some harsh words for the would-be strikers. "To all BA cabin crew who vote for strike action ask yourself where have Pan Am, TWA, Sabena, Swissair and Globespan gone. JAL is about to go bankrupt, as will BA unless cost savings can be made. It is time for BA cabin crew to be honest with themselves and realise they are very well paid for a job that is mainly handing out pre-prepared food and collecting people's rubbish." "Strikes in March. Bankruptcy by May," predicted ardennespate . It doesn't sound good for GB plc, does it? Keep them coming. Cadbury Kraft Mergers and acquisitions Barack Obama Obama administration United States US economy Banking Goldman Sachs Royal Bank of Scotland Billy Bragg Executive pay and bonuses Teena Lyons guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Transport group Stobart on track to meet... Transport group Stobart on track to meet profit targets
01/22/2010
Stobart , the transport group best known for its green and white lorries thundering up and down the motorway, is on track to meet its profit targets helped by a boost from its rail business. Stobart now has divisions encompassing road, rail, sea and air, and seems confident about the prospects for all of them. In a trading update today, the company said its road transport business would see improved margins for the twelve months to the end of February, despite the challenging weather conditions earlier this month and "reasonably static revenues". Port profits are expected to grow significantly, while its rail operations would be significantly ahead of the previous year. As for its air division, Southend airport this week received the go-ahead for a runway extension from the local council, and is awaiting a final decision from the government. John Denham, the secretary of state for communities and local government, can either approve the project or call a public enquiry. Stobart called for a quick decision so it could complete construction of the airport in time for the London Olympics in 2012. The company's shares have edged down 1p to 136p, perhaps because of the "static revenues" comment relating to the road business. In a hold note, analyst Mike Stoddart at Daniel Stewart said: The impression we get from the interim management statement is that the mix of the 2010 result will be different from our forecast – with a higher proportion of profits from the rail civil engineering business and a smaller proportion from the road transport and warehousing operations. Revenues from road transport are described as "reasonably static" compared with the prior year although cost savings are expected to lead to a "good improvement in profit before tax margin". We had been looking for a sales increase of 9.3% in the second half, driven by the new business wins such as the Tesco Teesport and Nestle Bardon contracts. We may have to amend this projection. Sale and leasebacks or outright sales of assets are again flagged in the announcement and could be completed by the year end (February 28th). While the changed mix of profits hinted at in the statement, if correct, would be disappointing we do not expect it to dilute valuations significantly and, for now, we maintain our hold stance. John Lawson at joint broker Investec was more positive, issuing a buy note and saying: Stobart is confident of meeting its full year expectations, in spite of the tough economic backdrop. This is due in part to a tight grip on costs and efficiency improvements, but also due we believe to an attractive business model that is helping to win new customers. The group is also working hard to realise value and profit from certain assets that in turn should lead to a significant reduction in debt by the year-end. Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Obama's banking reforms: should the UK f... Obama's banking reforms: should the UK follow America's lead?
01/22/2010
US president has set the agenda for world financial reform by tackling US banks' trading activities. Should the City be targeted too? (4 h ago)

• President Obama's banking speech in full President Obama's banking speech in full
01/22/2010
Good morning, everybody. I just had a very productive meeting with two members of my Economic Recovery Advisory Board, Paul Volcker , who's the former chair of the Federal Reserve Board, and Bill Donaldson, previously the head of the SEC. And I deeply appreciate the counsel of these two leaders and the board that they've offered as we have dealt with a broad array of very difficult economic challenges . Now, over the past two years, more than seven million Americans have lost their jobs in the deepest recession our country has known in generations. Rarely does a day go by that I don't hear from folks who are hurting. And every day, we are working to put our economy back on track and put America back to work. But even as we dig our way out of this deep hole, it's important that we not lose sight of what led us into this mess in the first place. This economic crisis began as a financial crisis, when banks and financial institutions took huge, reckless risks in pursuit of quick profits and massive bonuses. When the dust settled, and this binge of irresponsibility was over, several of the world's oldest and largest financial institutions had collapsed or were on the verge of doing so. Markets plummeted, credit dried up and jobs were vanishing by the hundreds of thousands each month. We were on the precipice of a second Great Depression. To avoid this calamity, the American people, who were already struggling in their own right, were forced to rescue financial firms facing crisis largely of their own creation. And that rescue, undertaken by the previous administration, was deeply offensive, but it was a necessary thing to do. And it succeeded in stabilizing the financial system and helping to avert that depression. Since that time, over the past year, my administration has recovered most of what the federal government provided to banks. And last week I proposed a fee to be paid by the largest financial firms in order to recover every last dime. But that's not all we have to do. We have to enact common-sense reforms that will protect American taxpayers and the American economy from future crises as well. For, while the financial system is far stronger today than it was one year ago, it's still operating under the same rules that led to its near-collapse. These are rules that allowed firms to act contrary to the interests of customers, to conceal their exposure to debt through complex financial dealings, to benefit from taxpayer-insured deposits, while making speculative investments; and to take on risks so vast that they pose threats to the entire system. That's why we are seeking reform to protect consumers. We intend to close loopholes that allowed big financial firms to trade risky financial products like credit default swaps and other derivatives without oversight, to identify system-wide risks that could cause a meltdown, to strengthen capital and liquidity requirements to make the system more stable, and to ensure that the failure of any large firm does not take the entire economy down with it. Never again will the American taxpayer be held hostage by a bank that is too big to fail. Now, limits on the risks major financial firms can take are central to the reforms that I have proposed. They are central to the legislation that has passed the House, under the leadership of chairman Barney Frank, and that we're working to pass in the Senate, under the leadership of chairman Chris Dodd. As part of these efforts, today I'm proposing two additional reforms that I believe will strengthen the financial system while preventing future crises. First, we should no longer allow banks to stray too far from their central mission of serving their customers. In recent years, too many financial firms have put taxpayer money at risk by operating hedge funds and private equity funds and making riskier investments to reap a quick reward. And these firms have taken these risks while benefiting from special financial privileges that are reserved only for banks. Our government provides deposit insurance and other safeguards and guarantees to firms that operate things. We do so because a stable and reliable banking system promotes sustained growth, and because we learned how dangerous the failure of that system can be during the Great Depression. But these privileges were not created to bestow banks operating hedge funds or private equity funds with an unfair advantage. When banks benefit from the safety net that taxpayers provide, which includes lower cost capital, it is not appropriate for them to turn around and use that cheap money to trade for profit. And that is especially true when this kind of trading often puts banks in direct conflict with their customers' interests. The fact is, these kinds of trading operations can create enormous and costly risks, endangering the entire bank if things go wrong. We simply cannot accept a system in which hedge funds or private equity firms inside banks can place huge, risky bets that are subsidized by taxpayers and that could pose a conflict of interest. And we cannot accept a system in which shareholders make money on these operations if the bank wins, but taxpayers foot the bill if the bank loses. It's for these reasons that I'm proposing a simple and common-sense reform, which we're calling the Volcker Rule , after this tall guy behind me. Banks will no longer be allowed to own, invest or sponsor hedge funds, private equity funds or proprietary trading operations for their own profit unrelated to serving their customers. If financial firms want to trade for profit, that's something they're free to do. Indeed, doing so responsibly is a good thing for the markets and the economy. But these firms should not be allowed to run these hedge funds and private equities funds while running a bank backed by the American people. In addition, as part of our efforts to protect against future crises, I'm also proposing that we prevent the further consolidation of our financial system. There has long been a deposit cap in place to guard against too much risk being concentrated in a single bank. The same principle should apply to wider forms of funding employed by large financial institutions in today's economy. The American people will not be served by a financial system that comprises just a few massive firms. That's not good for consumers, it's not good for the economy. And through this policy, that is an outcome we will avoid. And my message to members of Congress of both parties is that we have to get this done. And my message to leaders of the financial industry is to work with us and not against us on needed reforms. I welcome constructive input from folks in the financial sector. But what we've seen so far, in recent weeks, is an army of industry lobbyists from Wall Street descending on Capitol Hill to try and block basic and common-sense rules of the road that would protect our economy and the American people. So if these folks want a fight, it's a fight I'm ready to have. And my resolve is only strengthened when I see a return to old practices at some of the very firms fighting reform, and when I see soaring profits and obscene bonuses at some of the very firms claiming that they can't lend more to small businesses, they can't keep credit card rates low, they can't pay a fee to refund taxpayers for the bailout without passing on the cost to shareholders or customers – and that's the claims they're making. It's exactly this kind of irresponsibility that makes clear reform is necessary. Now, we've come through a terrible crisis. The American people have paid a very high price. We simply cannot return to business as usual. That's why we're going to ensure that Wall Street pays back the American people for the bailout. That's why we're going to rein in the excess and abuse that nearly brought down our financial system. That's why we're going to pass these reforms into law. Thank you very much, everybody. Banking Barack Obama Obama administration Financial crisis US economy United States US politics Hedge funds Private equity Economic policy guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Christmas sales figures worse than expec... Christmas sales figures worse than expected, ONS reveals
01/22/2010
It was the weakest December for retail sales for more than a decade, with sales volumes up just 2.1% on the same month in 2008 Britain's retailers saw the weakest Christmas for more than two years, according to official figures, with shoppers staying away amid concern about their jobs and financial security. Retailers also hiked their prices in December at the fastest rate since the early spring. Increased prices came after six months of declines in which retailers tried desperately to get consumers spending again in the depths of the recession. Sales growth of just 0.3% in December, according to the Office for National Statistics, was far less than the 1.1% rise which analysts had been expecting expected and the weakest for the month of December since 2007. Year on year, it was the weakest December for more than a decade, with sales volumes up just 2.1%. That is the lowest annual growth for a December since 1998. But the rise in prices forced through by retailers meant that in terms of value, retail sales rose 3.6% in December year-on-year - the second highest for the month since 2001. The figures come as a shock as most of the recent clutch of trading updates from retailers have been good . Instead they have been warning that trading will be tough in 2010 as consumers suffer frozen pay and increased taxes - including the ending of the VAT reduction. Just yesterday, supermarket chain Morrisons announced it trumped its bigger rivals over Christmas , recording better sales growth than Tesco, Sainsbury's and Asda. The ONS said sales volumes at department stores fell 1% on the month, but non-store sales, which include mail order, rose by 2.8%. The department stores figure is a surprise as earlier this month House of Fraser revealed record seasonal trading while John Lewis had a record Christmas . Debenhams, however, reported flat like-for-like sales for the 18 weeks to 2 January. Retail industry Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Icap falls on US worries despite broker ... Icap falls on US worries despite broker backing
01/22/2010
Icap , the inter-dealer broker, is leading the FTSE 100 fallers on fears about the effects of President Obama's plans to curb proprietary trading. The company's shares are down 26.1p at 399.6p, a worse performance than the banks which could also be hit by the US proposals. But Panmure Gordon maintained its buy rating on the business despite the Obama worries. Analyst Vivek Raja said: In his increasing efforts to bring the US banks to task for excessive risk taking which sparked the financial crisis, Obama's latest victim is proprietary trading. Unhelpfully, this is yet another source of regulatory uncertainty, the development of which we will keep under close scrutiny. Should the US pass legislation to curb bank prop trading activities, we see a risk to Icap's trading volumes. However, we expect that exacting such legislation will prove both a problematic and lengthy process. We also believe that Icap's recent efforts to diversify should mitigate the risk to earnings. For now we see limited risks and therefore maintain our buy stance. But Panmure admitted it was unclear how much of Icap's business would actually be hit: According to Icap, around 20% of its trading volumes relate to bank proprietary trading, a figure that we suspect probably understates the actual significance of prop to Icap's flows. This is a hard number to pin down since a) banks do not separately report prop trading in their P&L statements, and b) Icap merely facilitates banks' dealing flows without needing to determine their clients' agenda. In our opinion, the greatest risks to Icap's trading volumes are in commodities, equity derivatives and structured credits which all together account for less than a quarter of total revenues. We are less concerned about Icap's high volume, flow products like rates, treasuries, spot FX, which account for the majority of trading volumes. We continue to believe that uncertainty over market reform, regulation and capital adequacy of the banks have weighed too heavily on the share price. Smaller rival Tullett Prebon has also fallen, down 17.3p at 312.6p. Meanwhile Barclays is the hardest hit of the UK banks, down 11.55p at 271.45p, followed by Royal Bank of Scotland , off 0.86p at 34.46p. But Lloyds Banking Group is up 0.75p at 54.05p, on the basis it will be less effected than some of the other big financial institutions. ICAP Tullett Prebon Barclays Royal Bank of Scotland Lloyds Banking Group 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)

• Google sees advertising recovery Google sees advertising recovery
01/21/2010
Google has suggested that the advertising market is beginning to return to normal, after announcing profits of nearly $2bn for the last three months of what it called a "rollercoaster year". Announcing its latest quarterly financial results, the company said that it had received a substantial boost in the period from October to December 2009 - pushing profit for the quarter to $1.97bn. That figure came on the back of a 17% year on year growth in revenues, up to $6.67bn from $5.7bn during the same period in 2008. Led chief executive Eric Schmidt to make an optimistic assessment of the current state of affairs. "Given that the global economy is still in the early days of recovery, this was an extraordinary end to the year," he said. "Our performance in 2009 underscored the strength of our management team, the resilience of our business model and the pace of innovation within our product and engineering teams, which continued unabated throughout the downturn." While profit was higher than Wall Street analysts had expected, however, there was disappointment that revenue growth was not higher - an example, perhaps, of Google suffering from the weight of expectation. "All of those things they report at a basic level were fine," Martin Pyykkonen, senior analyst at Janco Partners, told Reuters. "The reason the stock is down is that it wasn't a blowout. I think the stock will recover. I don't think it will fall through the floor." In Britain, one of Google's most important markets outside the US, revenues came to $772m - the same proportion of the company's income as it was this time a year ago . At that point, the internet giant was pushing through the deepest trough of the recession - cutting jobs and axing new projects. In a conference call with reporters and analysts, Google executives said that they were now investing heavily in the future, with substantial efforts in search, the social web, mobile phones and the company's suite of business offerings. Asked about the company's conflict with the Chinese government - which some have worried could end up with the company frozen out of the world's biggest new market - Schmidt remained relatively quiet. "In a reasonably short time we'll be making some changes there," he said, indicating that the company would press ahead with its threat to uncensor the Chinese version of its search engine in protest at attempts by local hackers to break into its systems. Shares in Google dropped 5% in after hours trading. Google Advertising Internet Eric Schmidt Bobbie Johnson guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• BSkyB ponders quick sale of ITV stake BSkyB ponders quick sale of ITV stake
01/21/2010
Broadcaster considers offloading 17.9% holding in ITV after court of appeal tells it to halve its stake BSkyB was tonight considering a possible quick sale of its controversial 17.9% stake in ITV after the court of appeal ruled that it must be more than halved and denied it permission for a further appeal in the long-running saga. Sky can still approach the supreme court directly within the next 28 days, but the judgment, the fourth ruling since Sky spent £940m on the shares in November 2006, left little room for manoeuvre. The company, in which Rupert Murdoch's News Corp is the largest shareholder, has already been contacted by several potential buyers of the stake. Sky has battled to hold on to the shares since the Competition Commission ruled in 2007 that the acquisition "may be expected to operate against the public interest". During the most recent round of legal wrangling, the broadcaster is understood to have been approached by media groups interested in buying the stake, including Channel Five owner RTL and Mediaset, the Italian media group controlled by Silvio Berlusconi. It has also generated interest from financial buyers such as Haim Saban, the US billionaire and media entrepreneur, and private equity group Blackstone. The latter was a potential partner of BSkyB in its original swoop on ITV, having worked with Goldman Sachs and Apax Partners on an abortive bid earlier in 2006 that would have seen the broadcaster run by former BBC director general Greg Dyke. Quickly offloading the stake would allow Sky to benefit from a recent rise in ITV's shares and prevent possibly months of uncertainty over the timing of a sale from pulling the price lower again. Any sale, however, will be embarrassing for Sky's chief executive, Jeremy Darroch, because the company stands to make a huge loss on its investment. He was finance director when then chief executive James Murdoch, now head of his father's empire in Europe and Asia, launched his audacious attack on the broadcaster. Although Sky has always maintained the stake was an investment, it was widely seen as a way of stopping bitter rival Virgin Media, then called NTL, from fulfilling its ambition of merging with ITV. Sky bought the shares at 135p each. Since then turbulence in the advertising market exacerbated by the economic downturn has seen them plunge. A year ago, the shares were changing hands for less than 20p. More recently, however, the appointment of former Asda boss Archie Norman as chairman of ITV has helped the stock recover and yesterday it was trading at 58.15p, valuing Sky's stake at £405m. That still represents a loss of £535m. The costs of legal action, meanwhile, are mounting with Sky's team including no fewer than three QCs, including Michael Beloff, one of the most eminent silks at the bar. ITV BSkyB Regulators News Corporation Greg Dyke Jeremy Darroch Archie Norman Richard Wray Mark Sweney Chris Tryhorn guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• British Airways to begin fast-track trai... British Airways to begin fast-track training for strike-breaking cabin crew
01/21/2010
Baggage handlers and check-in staff with no flying experience told they could be working as air stewards within 21 days British Airways has told employees with no flying experience they can become cabin crew within 21 days as it plans to build a strike-breaking workforce. BA flights could be crewed by baggage handlers and check-in agents following three weeks' training ahead of industrial action that could take place as soon as 1 March. In a message to around 25,000 non-cabin crew staff, the airline said temporary recruits will operate a scaled-down service during industrial action, implying that the emphasis with be on passenger safety rather than customer service. "You will be responsible for delivering a simplified service onboard, undertake duties similar to existing cabin crew and be responsible for the safety of our customers," the company said. The first training sessions will begin on Monday at BA's Cranebank facility outside Heathrow airport, where newcomers will learn safety basics such as opening exit doors and dealing with onboard fires. The sessions will last 20 days, plus one day of pre-course study. Len McCluskey, assistant general secretary of the Unite trade union, which is in dispute with BA over cabin crew staffing cuts, said the airline would struggle to fast-track highly trained crew. "Well-managed airlines embrace their cabin crew as a key element in their marketing and commercial success. Trying to grind skilled and professional employees and their organisation into the dirt is a short hop to catastrophe for BA," he said. BA appears determined to recruit heavily despite the possibility that it could put pressure on other parts of a workforce that has been slimmed down by numerous cost-cutting programmes over the years. BA's 3,000 pilots are also being targeted and could become fully-fledged air stewards within four days, according to the airline. Former BA cabin crew, who switched to another department up to five years ago, will need eight days' worth of training. The message states that applicants will be seconded to work as cabin crew on a full-time basis, which could include short-haul and long-haul flights. "Once trained, you will be supporting our customers full-time for the duration of any potential strike." The message adds: "We want to keep as many planes in the sky as possible." A BA spokesman said the shadow workforce programme would meet strict safety standards and had been endorsed by the Civil Aviation Authority, which oversees airline safety in the UK. Full training of BA cabin crew can take six weeks. "The safety of all customers and staff is our priority," said the spokesman. Unite has slammed the approach as a bid to employ "scab labour". It is opening a strike ballot on staffing reductions on Monday, after a 12-day Christmas walkout was ruled unlawful by the high court. A yes vote is widely expected despite the humiliation of the court judgment, which threw out an 80% majority vote on the basis of polling irregularities. Although the union has ruled out striking over Easter, members of its cabin crew branch, Bassa, remain determined to strike for at least 10 days. A poll on the Bassa website saw 70% of members back a strike lasting longer than 10 days. British Airways Trade unions Heathrow Travel & leisure Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Brown's election hopes boosted by thinkt... Brown's election hopes boosted by thinktank's public finances forecast
01/21/2010
Institute of Fiscal Studies predicts cut in public sector borrowing and lower deficit Britain's leading tax-and-spending think- tank has predicted that Gordon Brown would fight the general election with the public finances on an improving trend after the latest figures for borrowing showed a surprise pick-up in tax receipts. Although data released today showed the government was a record £15.7bn in the red last month, the independent Institute for Fiscal Studies said there was a good chance that the deficit for the full year would come in below Alistair Darling's £178bn forecast in the pre-budget report. The Conservatives kept up their attack on the public finances, but a smaller than expected rise in unemployment, higher spending in the shops and a jump in corporate profits meant borrowing in December came in below City forecasts. "In December, receipts fell less and spending rose less than last month's pre-budget report forecast for the remainder of this financial year," said Gillian Tetlow, a senior research economist at the IFS. "Income tax and national insurance contributions receipts fell less sharply than the forecast, while VAT revenues were actually up in cash terms. "Meanwhile central government spending on public services has been growing slightly less quickly than the PBR forecast for the remainder of the financial year. Taken on their own, these figures would suggest that the government will not have to borrow as much as the £178bn forecast in the PBR." Data from the Office for National Statistics (ONS) showed that borrowing in the first nine months of the 2009-10 financial year stood at £120bn, almost double the £63bn in the same period of 2008-09. Income tax receipts have been hit by higher unemployment and corporation tax squeezed by six quarters of recession, while the credit crunch has taken its toll of stamp duty on house purchases. The deepest and longest recession in the postwar era has sent Britain's stock of debt from 36% of gross domestic product when the financial crisis broke in the summer of 2007 to 61.7% of GDP last month. Shadow chief secretary to the Treasury Philip Hammond said: "This is a double dose of appalling economic news. We have the worst December borrowing figures on record and International Monetary Fund figures showing that, since the financial crisis began, Britain's public finances have deteriorated faster than those of any other G7 country." The ONS said that net borrowing last month was almost £2bn up on the £13.8bn in December 2008, when the economy was in freefall following the collapse of Lehman Brothers, but well down on the £19bn shortfall that had been pencilled in by City economists. Central government revenues were 0.4% lower in December than in the same month a year earlier, the smallest year-on-year drop since September 2008. Corporation tax receipts were up by 32%, the second month of positive year-on-year growth. Michael Saunders, economist at Citi, said government revenues in the nine months to December were down 8.1% on the previous year, against Darling's prediction in last month's PBR of a 7.2% drop. "Nevertheless, the PBR forecast probably is within reach for the full fiscal year given the recent VAT hike and the improving underlying revenue trend of the last two months." John Hawksworth, head of macroeconomics at PricewaterhouseCoopers, said: "Today's figures confirm that the economy is starting to recover and that tax revenues have begun to stabilise as a result." However, he added that even if the Treasury hit its borrowing forecast for 2009-10, borrowing would still be at a postwar high: "There is still a large structural deficit to be tackled, and this is likely to require further tax increases and real spending cuts once the recovery is secure, over and above what has already been announced." Meanwhile, manufacturing production rose for the first time in two years in the three months to January as the weak pound helped to boost exports. Ian McCafferty, the CBI's chief economic adviser, said: "After nearly two full years of falling output, manufacturers are seeing a return to modest growth, thanks in part to improved overseas demand and much slower stock reductions. It is encouraging that the weaker pound is now providing firms with some respite as global demand improves. "Exports are rising for the first time in two years, as UK-made goods are looking more attractive in overseas markets. Manufacturers are also feeling upbeat about export prospects for the year ahead." Government Borrowing Tax and spending Gordon Brown Alistair Darling Office for National Statistics Economic growth (GDP) Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Morrisons beats rivals with 6.5% Xmas sa... Morrisons beats rivals with 6.5% Xmas sales rise
01/21/2010
Bradford-based supermarket outperforms Sainsbury's, Tesco and Asda over festive period Bradford-based supermarket chain Morrisons trumped its bigger rivals over Christmas, recording better sales growth than Tesco, Sainsbury's and Asda. Britain's fourth-largest grocer, which has 420 stores, said like-for-like sales, which exclude gains from new stores, were up 6.5% on 2008 levels in the six weeks to 3 January. Chairman Sir Ian Gibson said Morrisons had won the festive food battle as a result of the its "distinctive offer, eyecatching promotions and relentless focus on our core strengths of fresh food and great value". The advance compares with 4.2% at Sainsbury's and a performance described only as "solid" by Asda. Tesco reported a 4.9% improvement – its highest growth for three years – but it got a boost from sending out £100m of clubcard vouchers early. Excluding the vouchers, Tesco's underlying sales were ahead 4.1%. Morrisons' Christmas results beat City expectations and were an improvement on the 4.3% growth reported in the autumn, despite almost zero food price inflation. "Commodity prices have continued to decline, leading to an elimination of retail price inflation for the consumer," said Gibson. It comes on top of 9.2% growth over Christmas 2008, making a two-year improvement of more than 15%. However, the retailer did not indicate that its sales growth will push annual profits higher when it announces full-year results in March. It is expected to make £750m. Analysts said the growth was due to the large number of promotions it ran before Christmas, including half-price champagne and £4 meal deals. Finance director Richard Pennycook conceded the market was "very competitive", but said Morrisons was luring shoppers from "every sector of the market", from discount supermarkets to premium grocers. Morrisons aims to differentiate itself from its rivals by the amount of food it prepares in its branches as it tries to persuade middle-class customers it is not downmarket. This year it baked stollen and sold 2.5m mince pies made by its bakers. However, like other high street chains, the group said this year was expected to be tough. Morrisons' shares lost 3p and were trading at 295.8p by late afternoon. Sam Hart, a retail analyst at Charles Stanley, rates the shares a buy and said he expected Morrisons to thrive despite the economic outlook: "The group's value credentials mean the group is well placed for such an environment." He pointed out that Morrisons has a stronger balance sheet than any of its main rivals and owns the highest proportion of freehold property, at 87%. In a note to investors, Credit Suisse, which expects the shares to outperform, said: "The best has been saved until last – 6.5% is the best reported 2009 year-end like-for-like by any food retailer in any developed market under our coverage." Morrisons said it was in "constructive" discussions with its chief executive, Marc Bolland, over his leaving date. Bolland resigned in November to take the top job at Marks & Spencer, and is keen to leave Morrisons as soon as possible. He is no longer involved in managing the grocer, but is on one year's notice and needs to reach agreement on when to start at M&S. Morrisons is searching for a replacement. Among those tipped are Richard Brasher from Tesco, Mark Price from Waitrose and, from its own ranks, the highly regarded Richard Pennycook. The grocer also announced today that it had appointed former McKinsey partner Johanna Waterous as a non-executive director. She is also a non-executive director of the Kew Foundation. Morrisons Supermarkets Retail industry Tesco J Sainsbury Asda Julia Finch guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h 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 (1 d 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 (1 d 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 (1 d 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 (1 d ago)

• Shanghai World Expo is "engine" driving ... Shanghai World Expo is "engine" driving local economic transition
01/22/2010
January 21 is exactly 100 days before the opening of the Shanghai 2010 World Expo May 1, 2010. To date, the construction of the Shanghai Expo Park stands at 90 percent completion and over 18 million admission tickets have been sold. More than 100 million tourists worldwide are expected to visit the Expo, the highest in the history of the event. It is estimated that there will be 70 million tourists during the Shanghai World Expo. Shenyin & Wanguo Securities believes that this will increase th ... (1 h ago)

• China's foreign oil dependence ratio exc... China's foreign oil dependence ratio exceeds 50% for 1st time
01/22/2010
Directors of China's 4 major energy research centers all agreed January 19 that the ratio of China's dependence on foreign oil has exceeded the warning line of 50 percent in 2009, marking that oil imports has replaced domestic oil output to meet the majority of China's oil consumption. China's 4 major energy research centers are the Research Center for International Energy and Security under the Chinese Academy of Sciences (CAS), the Energy Research Center under China University of Petroleum, ... (1 h ago)

• Cote d'lvoire expects 4% economic growth... Cote d'lvoire expects 4% economic growth for 2010
01/22/2010
The economy of Cote d'lvoire will grow by 4 percent in 2010 because of the relative stability and peace that the country has experienced despite the international economic crisis, the Ivorian News Agency (AIP) reported on Thursday. Citing a World Bank report on the global economic prospects in 2010, AIP said Cote d'lvoire had a continuous growth of 3.2 percent in 2009 and should get to 4.1 percent in 2011. Andrew Burns, an economist of the World Bank's department of research and the co-aut ... (1 h ago)

• Chinese shares slide on overnight U.S. m... Chinese shares slide on overnight U.S. market losses
01/22/2010
Chinese shares slid on Friday, dragged down by the overnight losses in the U.S. market sparked by President Barack Obama's proposal of tough new restrictions on banks. The benchmark Shanghai Composite Index edged down 0.96 percent, or 30.28 points, to close at 3,128.59 points. The Shenzhen Component Index slid 2.49 percent, or 321.22 points, to close at 12,595.94 points. Combined turnover totaled 258.9 billion yuan (37.9 billion U.S. dollars), up from 225.6 billion yuan on the previous ... (1 h ago)

• Japan's overall industrial activity edge... Japan's overall industrial activity edges up
01/22/2010
Japan's overall domestic industrial activity edged up 0.1 percent in November from October's revised growth of 1.1 percent, according to a Ministry of Economy, Trade and Industry (METI) report on Friday. All industrial activity in Japan, excluding those relating to agriculture, forestry and fisheries, stood at 94.2 points, against the 2005 base weight of 100, in November, fractionally up from October's rate of 94.1, the ministry revealed. Although construction activity rose 1.4 percent to ... (1 h ago)

• 2009 CDMA terminal sales volume exceeded... 2009 CDMA terminal sales volume exceeded 30 mln
01/22/2010
According to China Telecom, China's CDMA terminal sales volume exceeded 30 million in 2009. Reporters learned that the sales volume rose sharply to a record high last year. In December 2009, the market share of CDMA terminals reached 23 percent in the domestic market, also a record high. So far, the number of CDMA terminal enterprises has hiked from 50 to more than 200. Besides some leading companies such as Samsung, LG, Tuscani, Huawei, ZTE, Nokia, Motorola and Hisense, China's GSM phone ent ... (1 h ago)

• Rich gem mine discovered in Liaoning Rich gem mine discovered in Liaoning
01/22/2010
According to Chinese Business Morning View, a gem mine buried for over 400 million years has been discovered by Liaoning province's geological department. It is estimated that this mine contains about 210,000 carats (42 kilograms) of various gems including diamond. Yu Wenli, a member of the Liaoning People's Political Consultative Conference and the director general for the Bureau of Geology and Mineral Resources Exploration Liaoning province, recently disclosed that the bureau discovered a ... (1 h ago)

• 3G network construction drives 589 bln y... 3G network construction drives 589 bln yuan domestic investment in 2009
01/22/2010
The Ministry of Industry and Information Technology (MIIT) said January 20 that the business revenues of China's telecom industry did not rapidly rise along with the popularity of the 3G business in 2009, and is expected to rise by only 4 percent. Meanwhile, the construction of 3G networks has indirectly boosted domestic investment by 589 billion yuan and directly increased consumption by 36.4 billion yuan. China's 3 telecom enterprises completed investments totaling 160.9 billion yuan in 3G ... (1 h ago)

• Beijing's GDP per capita exceeds $10,000... Beijing's GDP per capita exceeds $10,000 for first time
01/22/2010
According to preliminary calculations, Beijing's GDP was 1.19 trillion yuan in 2009, and the GDP per capita was 68,788 yuan as the city had 17.55 million permanent residents at the end of 2009. If calculated by the average exchange rate, the GDP per capita was 10,070 U.S. dollars, exceeding 10,000 U.S. dollars for the first time. 　 Yu Xiuqin, deputy director and spokesperson of the Beijing Bureau of Statistics, said that the breakthrough is a milestone for Beijing. According to the World Ban ... (1 h ago)

• U.S. carrier Southwest Airlines posts fo... U.S. carrier Southwest Airlines posts fourth-quarter profit
01/22/2010
U.S. Southwest Airlines, the world's largest airline by annual number of passengers, said Thursday it earned 116 million U.S. dollars in the fourth quarter, which was enough to lift the company to a full-year profit of 99 million dollars after it lost money in the first nine months this year. Passenger Traffic on the nation's largest discount carrier rose each month of the fourth quarter, with paying passengers flying 5.3 percent more miles than in the same period of 2008. The profit in 20 ... (1 h ago)

• EADS to share cost overruns of A400M mil... EADS to share cost overruns of A400M military plane
01/22/2010
The European Aeronautic Defense and Space Company (EADS), maker of the A400M military transport plane, is ready to share a small portion of the massive cost overruns, financial daily La Tribune said on Thursday. Negotiations about the overbudget project are underway in Berlin between seven consumer nations -- Germany, France, Spain, Britain, Belgium, Luxembourg and Turkey, and manufacturer Airbus and its parent group EADS. According to La Tribune, the EADS indicated that it would shoulder ... (1 h ago)

• U.S. Continental Airlines reports 4th qu... U.S. Continental Airlines reports 4th quarter profit
01/22/2010
U.S. carrier Continental Airlines on Thursday reported a surprising fourth-quarter profit of 85 million U.S. dollars, or 60 cents per share, compared with a loss of 269 million U.S. dollars in the prior-year period. The profit was due to higher traffic and lower fuel spending. Wall Street analysts had expected the Houston-based company to post a loss of 7 cents a share in the October-December quarter. Revenue declined 8 percent to 3.18 billion dollars, but operating expenses dropped 9 perc ... (1 h ago)

• Toyota recalling over 2 mln vehicles wit... Toyota recalling over 2 mln vehicles with pedal problems
01/22/2010
About 2.3 million Toyota vehicles are being recalled in the U.S. market due to pedal problems, Toyota Motor Sales U.S.A. announced on Thursday "In recent months, Toyota has investigated isolated reports of sticking accelerator pedal mechanisms in certain vehicles without the presence of floor mats," said Irv Miller of Toyota. "Our investigation indicates that there is a possibility that certain accelerator pedal mechanisms may, in rare instances, mechanically stick in a partially depressed ... (1 h ago)

• Dollar gives up gains on Obama bank plan... Dollar gives up gains on Obama bank plan
01/22/2010
The U.S. dollar gave up most gains on Thursday after U.S. President Barack Obama announced a plan to limit the size and scope of large banks. The announcement indicates the U.S. government's effort to curb giant financial institutions' risk-taking activities in a public mood of fury at massive Wall Street bonuses and tight credit markets. The proposal would restrict banks' ability on two fronts. Firstly, it aims at ensuring that no bank or financial institution that contains a bank will ow ... (1 h ago)

• Obama bank plan shifts power from Geithn... Obama bank plan shifts power from Geithner
01/22/2010
Barak Obama's plan to impose sharper checks on the financial industry was the president's most visible break from the philosophy endorsed by Treasury Secretary Timothy Geithner. (3 h ago)

• Asian markets fall after Obama bank plan Asian markets fall after Obama bank plan
01/22/2010
Asian stock markets tumbled Friday after President Barack Obama proposed a sweeping overhaul of Wall Street banks to avert future financial crises. (6 h ago)

• Google’s rising ad sales power big 4th q... Google’s rising ad sales power big 4th quarter
01/21/2010
Google revved up its Internet advertising sales to quintuple its fourth-quarter profit. It also delivered double-digit revenue growth for the first time in a year. (13 h ago)

• Stocks tumble as Obama pushes bank limit... Stocks tumble as Obama pushes bank limits
01/21/2010
President Barack Obama's plan to change the way big banks make their money plunged the stock market back into the fear and uncertainty that marked the financial crisis. (15 h ago)

• Toyota recalls 2.3 million vehicles Toyota recalls 2.3 million vehicles
01/21/2010
Toyota issued a recall for 2.3 million late model cars, SUVs and pickup trucks Thursday, acting after "isolated reports" of sticking accelerator pedals. (15 h ago)

• Senate OKs tax break for Haiti gifts Senate OKs tax break for Haiti gifts
01/21/2010
Taxpayers will be able to write off charitable donations to Haiti quake relief efforts when they file their 2009 taxes, under a bill that received final congressional approval. (16 h ago)

• 7 most overlooked tax deductions 7 most overlooked tax deductions
01/21/2010
There are many deductions many Americans overlook. Here are seven of the common fees and expenses you can deduct to reduce your tax bill. (18 h ago)

• New jobless claims rise unexpectedly New jobless claims rise unexpectedly
01/21/2010
A surprising jump in first-time claims for unemployment aid sent a painful reminder Thursday that jobs remain scarce six months into the economic recovery. (18 h ago)

• Obama seeks tighter limits on banks' rea... Obama seeks tighter limits on banks' reach
01/21/2010
President Barack Obama stepped up his campaign against Wall Street on Thursday with a far-reaching proposal for tougher regulation of the biggest banks. (19 h ago)

• Macy’s to open first Bloomingdale’s outl... Macy’s to open first Bloomingdale’s outlets
01/21/2010
Macy's Inc. said Thursday it will open its first Bloomingdale's bargain-priced outlet stores this summer and fall in a bid to attract value-conscious shoppers. (19 h ago)

• Goldman Sachs 2009 pay up, profit soars Goldman Sachs 2009 pay up, profit soars
01/21/2010
Goldman Sachs Group Inc. dished out 47 percent more in pay and bonuses to its employees in 2009 versus the previous year. (21 h ago)

• China declares crisis past, inflation a ... China declares crisis past, inflation a concern
01/21/2010
China declared it is over the global crisis and signaled a shift in focus to controlling inflation, sparking concern it could hamper growth and the country's contribution to a worldwide rebound. (22 h ago)

• Economic activity may rise in spring: re... Economic activity may rise in spring: report
01/21/2010
A private research group says its forecast of future economic activity jumped 1.1 percent in December, suggesting that economic growth could pick up this spring. (23 h ago)

• When your car becomes a museum piece When your car becomes a museum piece
01/21/2010
Pontiac? Goodbye. Saturn? So long. Saab? Off to the old junkyard in the sky. (1 d ago)

• That big garage in the sky That big garage in the sky
01/21/2010
Interactive: A look at seven storied auto brands that are — or soon to be — dead. (1 d ago)

• U.S. economy seems to be stuck in neutra... U.S. economy seems to be stuck in neutral
01/21/2010
The recession’s steepest plunge may have ended last summer, but the U.S. economy remains stuck in neutral, according to the latest Adversity Index from Moody's Economy.com and msnbc.com. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d ago)

• With Populist Stance, Obama Takes On Ban... With Populist Stance, Obama Takes On Banks
01/22/2010
A call for new limits on bank size and risk-taking reflects a shift in the administration’s focus and in the political climate. (3 h ago)

• Bank Stocks Down in Europe on Concerns O... Bank Stocks Down in Europe on Concerns Over Bank Plan
01/22/2010
Financial stocks in Europe sagged Friday, following sharp losses in Asia, but broader stock indices held firm as investors looked at gradually improving growth rates. (3 h ago)

• Justices, 5-4, Reject Corporate Spending... Justices, 5-4, Reject Corporate Spending Limit
01/22/2010
Overruling two precedents, a divided Supreme Court ruled that the government may not ban political spending by corporations in candidate elections. (5 h ago)

• Senators Want to Bar E.P.A. Greenhouse G... Senators Want to Bar E.P.A. Greenhouse Gas Limits
01/22/2010
A Republican senator introduced a resolution to prevent the agency from taking any action to regulate carbon dioxide and other climate-altering gases. (6 h ago)

• Obama’s Move to Limit ‘Reckless Risks’ H... Obama’s Move to Limit ‘Reckless Risks’ Has Skeptics
01/22/2010
The president on Thursday proposed legislation to limit the scope and size of large financial institutions. (6 h ago)

• Google’s Sales Rose 17% in the Quarter, ... Google’s Sales Rose 17% in the Quarter, Fastest Pace in a Year
01/21/2010
The results topped Wall Street’s expectations. Revenue for quarter was $6.67 billion, up from $5.7 billion a year earlier. (7 h ago)

• Treasury Weighs Fixes to a Program to Fe... Treasury Weighs Fixes to a Program to Fend Off Foreclosures
01/21/2010
The effort to revamp the Making Home Affordable program comes amid growing pressure to do less for banks and more for households. (7 h ago)

• Toyota Issues a 2nd Recall Toyota Issues a 2nd Recall
01/21/2010
The latest recall involves 2.3 million vehicles because of accelerators that can get stuck and cause cars to speed up unintentionally. (7 h ago)

• G.M. Starts Revamp in Europe by Closing ... G.M. Starts Revamp in Europe by Closing an Opel Plant
01/21/2010
The Antwerp factory employs about 2,600 workers and produced nearly 89,000 Astra compact cars in 2009. (7 h ago)

• Stocks and Bonds: Obama’s Bank Proposal ... Stocks and Bonds: Obama’s Bank Proposal Helps Erase the Month’s Gains
01/21/2010
The president’s plan to limit banks intensified a downward trend spurred by bleaker-than-expected data on jobs and manufacturing. (7 h ago)

• Intel Settlement Gives A.M.D. a Profit i... Intel Settlement Gives A.M.D. a Profit in Quarter
01/21/2010
A.M.D. would have lost money were it not for a $1.25 billion payment it received to squash a long-running antitrust battle. (8 h ago)

• Dubai Memo: Entrenched Monarchy Thwarts ... Dubai Memo: Entrenched Monarchy Thwarts Aspirations for Modernity
01/21/2010
The financial crisis and recent criminal cases demonstrate that the United Arab Emirates remain an absolute monarchy, where the law is capricious. (8 h ago)

• Oracle’s Acquisition of Sun Wins Approva... Oracle’s Acquisition of Sun Wins Approval of Europeans
01/21/2010
The approval of China and Russia is still needed for Oracle to complete its takeover of Sun Microsystems. (8 h ago)

• Nokia Fires Back at Google With Free GPS... Nokia Fires Back at Google With Free GPS on 10 Phones
01/21/2010
Nokia’s addition of navigation software on its smartphones is an effort to match Google, which offers free GPS on phones using its Android system. (8 h ago)

• Out of Bankruptcy, Genetics Company Drop... Out of Bankruptcy, Genetics Company Drops Drug Efforts
01/21/2010
The Icelandic gene-hunting company said it would continue its research and its gene-based diagnostics as a private company and would abandon efforts to develop drugs. (8 h ago)

• Clinton Urges Global Response to Interne... Clinton Urges Global Response to Internet Attacks
01/21/2010
The secretary of state said on Thursday that there should be consequences for nations that engage in cyberattacks. (8 h ago)

• Strong Year for Goldman, as It Trims Bon... Strong Year for Goldman, as It Trims Bonus Pool
01/21/2010
Goldman Sachs reported strong earnings on Thursday, but the bank reduced the share of revenue going to bonuses. (8 h ago)

• Music Industry Counts the Cost of Piracy Music Industry Counts the Cost of Piracy
01/21/2010
Sales of digital music rose 12 percent worldwide last year, but that growth was insufficient to compensate for plunging revenue from compact discs. (9 h ago)

• Swedish Bank Fee Sets Example for Americ... Swedish Bank Fee Sets Example for America
01/21/2010
Sweden has enacted a direct tax on banks to pay for their own bailouts, similar to President Obama’s proposal aimed at recovering bailout money. (9 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. (1 d ago)

• Fingers Still Pointing, NBC and O’Brien ... Fingers Still Pointing, NBC and O’Brien Reach a Deal
01/22/2010
Conan O’Brien is expected to receive about $32 million and be able to return to television by September, though NBC is claiming to own some of the show’s comedy bits. (2 h ago)

• The TV Watch: Where’s Johnny? Good Manne... The TV Watch: Where’s Johnny? Good Manners Take Hiatus
01/22/2010
Viewers of the Leno-O’Brien fracas witnessed an explosion of incivility burning through the late-night bonhomie. (3 h ago)

• Steven Lovelady, Editor With a Deft Touc... Steven Lovelady, Editor With a Deft Touch, Dies at 66
01/21/2010
Mr. Lovelady was a respected editor with a deft touch who played a significant role in award-winning journalism at The Philadelphia Inquirer and magazines owned by Time Inc. (7 h ago)

• Food Network and HGTV Back Aboard Cablev... Food Network and HGTV Back Aboard Cablevision
01/21/2010
The cable company and Scripps Networks settled a dispute over fees, returning two popular channels to three million subscribers. (7 h ago)

• Naming Leaders, a Nonprofit News Outlet ... Naming Leaders, a Nonprofit News Outlet Takes Shape in San Francisco
01/21/2010
The Bay Area News Project named Jonathan Weber, a co-founder of The Industry Standard, as its editor in chief, and Lisa Frazier, from McKinsey, as its chief executive. (8 h ago)

• Advertising: Campaigns Walk the Invisibl... Advertising: Campaigns Walk the Invisible Tightrope
01/21/2010
Some marketers are being upbeat and sometimes combative, while tempering optimism by staying away from Pollyannaish claims. (8 h ago)

• Air America, the Talk Radio Network, Wil... Air America, the Talk Radio Network, Will Go Off the Air
01/21/2010
With too few advertisers, the progressive network plans to seek bankruptcy protection after years of financial struggles. (8 h ago)

• The Times to Charge for Frequent Access ... The Times to Charge for Frequent Access to Its Web Site
01/21/2010
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. (22 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. (1 d 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. (1 d 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. (1 d 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. (1 d ago)

• Front Row: Fashion Takes a Lie-Down Front Row: Fashion Takes a Lie-Down
01/20/2010
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. (1 d 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. (2 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. (2 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. (2 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. (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. (3 d ago)

• Supreme Court rolls back campaign cash l... Supreme Court rolls back campaign cash limits
01/21/2010
The Supreme Court ruled Thursday that corporations may spend as freely as they like to support or oppose candidates for president and Congress, easing decades-old limits on business efforts to influence federal campaigns. Supreme Court of the United States - Supreme Court - United States Congress - United States - Politics (20 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. Sundance Film Festival - Movies - Arts - YouTube - Film Festivals (1 d 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 (1 d 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. Starbucks - Business - Retail Trade - Retailers - Coffee (1 d ago)

• Sponsored By: Sponsored By:
01/20/2010
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• 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. American International Group - Fraud - General Re - Business - Insurance (1 d 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 (1 d 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 (1 d 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 (1 d 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)

• 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 (2 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 (3 d ago)

• Teamsters urge 'no' vote on Newsday labo... Teamsters urge 'no' vote on Newsday labor pact
01/22/2010
TEAMSTER boss James Hoffa Jr. inserted himself yesterday into Newsday's labor contract vote, throwing the process into chaos. Hoffa dispatched an e-mail urging the 1,100 workers covered by the contract to reject a tentative deal that called for 10 percent pay cuts for reporters, pressmen and most of... (2 h ago)

• Rage and record earnings at Goldman Rage and record earnings at Goldman
01/22/2010
Police barricades, bomb-sniffing dogs -- they're hardly what you'd expect at the headquarters of a leading bank. But they were part of the scene outside of 85 Broad St. yesterday, as Goldman Sachs released blockbuster fourth-quarter earnings. The gold-plated firm led by Lloyd Blankfein has been the target... (5 h ago)

• Zaslav's big Di$covery Zaslav's big Di$covery
01/22/2010
Discovery Communications CEO David Zaslav made more in one day last week than most of his bosses make in a year. Zaslav, who oversaw the cable network growth at NBC Universal that CEO Jeff Zucker is now taking credit for, recently took home $34 million, according to a regulatory filing... (5 h ago)

• Traders floored Traders floored
01/22/2010
For the second week in a row, the White House gut-punched the financial services industry with a fresh set of proposals that, if enacted, could effectively end much of what has come to define Wall Street. A week after President Obama introduced a plan to tax banks based on assets... (5 h ago)

• Buyers needled Buyers needled
01/22/2010
Nordstrom is taking fresh steps to centralize a management structure that has long given unusual sway to regional executives, sources told The Post. The Seattle-based department-store chain told employees this week that it will call back to headquarters its regional merchandise buyers, who currently are distributed throughout the country at... (5 h ago)

• Google goes for the gold Google goes for the gold
01/22/2010
Google reported strong fourth-quarter results, giving the search giant something to talk about other than its showdown with China over censorship. Google's profit jumped more than fourfold while revenue rose 17 percent. Still, the results didn't blow away Wall Street, where expectations were running even higher. Google's... (5 h ago)

• NY Fed behind blanks in AIG's SEC filing... NY Fed behind blanks in AIG's SEC filings
01/22/2010
American International Group submitted four rounds of regulatory filings in six months, with more than 1,000 redactions, as the Federal Reserve Bank of New York pressed the insurer to withhold data about bailout payments to banks. The insurer made an initial filing on Dec. 2, 2008, about Maiden Lane... (5 h ago)

• Bloomie's plugs into outlets Bloomie's plugs into outlets
01/22/2010
Bloomingdale's is becoming a bargain retailer. Looking to lure recession-addled shoppers, the upscale department-store chain said yesterday that it is finally dipping a toe into the red-hot outlet sector, beginning with plans to open four off-price locations this summer and fall. "We have been studying the opportunities for entering... (5 h ago)

• Feds lose $1.5B on Citigroup stake Feds lose $1.5B on Citigroup stake
01/22/2010
President Obama fired a $1.5 billion shot into his own foot. His overhaul plan for Wall Street triggered global routs yesterday for panicked investors holding banking stocks -- including Uncle Sam, the largest shareholder of Citigroup. The government's 27 percent stake in the ailing bank, which it got... (5 h ago)

• 'Octopussy' & 6 others indicted 'Octopussy' & 6 others indicted
01/22/2010
A former Galleon Group trader -- nicknamed "Octopussy" -- got himself into a legal knot yesterday when a federal grand jury in New York indicted him and six others on charges they ran an insider-trading ring. Zvi Goffer, who got his nickname because of his reputation for having access to... (5 h ago)

• Crawford satellite TV biz sold Crawford satellite TV biz sold
01/22/2010
Bruce Wasserstein loved magazines, but his investment firm has an affinity for the airwaves. In its first investment since the founder's death, Wasserstein & Co. yesterday acquired the satellite transmission services of Crawford Communications. The deal combines Crawford's East Coast satellite business with the operations of Broadcast Facilities, a... (5 h ago)

• Cablevision, Scripps settle Cablevision, Scripps settle
01/22/2010
Cablevision customers in the New York Tri-State area can watch the Food Network and HGTV again beginning today. The cable company and Scripps Networks Interactive said yesterday they reached an agreement allowing for the return of the popular channels to Cablevision's customers in the area. Neither side gave terms... (5 h ago)

• Business briefs Business briefs
01/22/2010
Jobless The number of US workers newly applying for unemployment bene fits unexpectedly rose last week and regional manufacturing slipped in January. The Labor De partment said initial claims for state unem ployment benefits rose 36,000 to 482,000 last week as a backlog of ap plications from the... (5 h ago)

• Sponsored By: Sponsored By:
01/21/2010
(22 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. Iran - Mahmoud Ahmadinejad - Middle East - Inflation - Education (1 d 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. AnheuserBusch - Belgium - InBev - Brewery - Beer (1 d 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. Kraft Foods - Warren Buffett - Irene Rosenfeld - Cadbury plc - Business (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. Outsourcing - Business - United States - Corporation - India (1 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 (2 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 (2 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 (2 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 (2 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 (3 d ago)

• Answers About Roth I.R.A. Conversions: P... Answers About Roth I.R.A. Conversions: Part 5
01/21/2010
Ed Slott, an I.R.A. expert, answers reader questions about Roth I.R.A. conversions. (15 h ago)

• Annual Poll of Freshmen Shows Effect of ... Annual Poll of Freshmen Shows Effect of Recession
01/21/2010
The recession hit this year’s college freshmen hard, affecting how they chose a school as well as their ability to pay for it, according to an annual nationwide survey. (20 h ago)

• Salary Talks Aren't Verboten, Even in Th... Salary Talks Aren't Verboten, Even in This Economy
01/21/2010
Even in this economic environment, it may be wise to ask for a raise or bonus. (21 h ago)

• Thursday Reading Thursday Reading
01/21/2010
The possible scaling back of the proposed health care overhaul, one way to cut your heating bills and other consumer-focused items from Thursday's Times. (23 h ago)

• Answers About Roth I.R.A. Conversions: P... Answers About Roth I.R.A. Conversions: Part 4
01/21/2010
Ed Slott, an I.R.A. expert, answers reader questions about Roth I.R.A. conversions. (1 d 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. (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. (2 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. (2 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. (2 d ago)

• The Supremes suck up to big business The Supremes suck up to big business
01/21/2010
Just when the Democrats thought it couldn't get any worse. The spirit of George W lives on!! Soon US taxpayers will hear more from big banks and pharmaceutical companies about their preferred candidates for office with the extraordinary decision of the US Supreme Court allowing corporations and unions to run commercials for and against candidates. The ruling will have an impact on the 2010 elections.Until this week, corporations and unions were prohibited from getting directly involved in elections. The question is whether we're going ... (12 h ago)

• God in their sights God in their sights
01/21/2010
Does Afghanistan amount to a US crusade or holy war? That would be the implication behind the involvement of US defence contractor Trijicon in that part of the world.We have already had reports that the Michigan company had inscribed references to New Testament Bible passages about Jesus Christ on high powered rifle sights. References include citations from the books of Revelation, Matthew and John dealing with Jesus as "the light of the world."The company has claimed it is not breaking the law, despite US ... (13 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 ... (1 d 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 ... (1 d 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 ... (2 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 ... (2 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 ... (3 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 ... (3 d ago)

• Union weighs health benefits, costs Union weighs health benefits, costs
01/21/2010
When it comes to health care, do people value what they don't pay for? Gregory Warner reports on a union that had to face just that issue. (20 h ago)

• When change is hard, blame inertia When change is hard, blame inertia
01/21/2010
If you're having a difficult time keeping up with your well-intentioned New Year's resolutions, don't worry. Commentator K.C. Cole says you have science on your side. (20 h ago)

• Concerns over soda lead to shrinking Concerns over soda lead to shrinking
01/21/2010
Coca Cola has been testing a smaller, 7.5-ounce can in New York and Washington D.C. amid worries about the unhealthy effects of soda. Sally Herships reports. (20 h ago)

• What's driving Goldman's earnings? What's driving Goldman's earnings?
01/21/2010
New York bureau chief Amy Scott talks with Kai Ryssdal about how Goldman Sachs made around $5 billion in profits last quarter, and what's going on with its executive compensation. (20 h ago)

• Obama seeks to limit banks' size, risk Obama seeks to limit banks' size, risk
01/21/2010
President Obama is proposing new regulations that would restrict the size of banks and proprietary trading. Alisa Roth reports. (20 h ago)

• How ruling affects campaign spending How ruling affects campaign spending
01/21/2010
Slate's legal correspondent Dahlia Lithwick talks with Kai Ryssdal about how the Supreme Court's decision will change political campaigns, and how it will affect corporate America. (20 h ago)

• Ruling changes campaign finance law Ruling changes campaign finance law
01/21/2010
In a 5-4 decision, the U.S. Supreme Court has decided to abolish limits on corporate spending in national political races. Brett Neely reports. (20 h ago)

• ConsumerMan: Just leave me alone! ConsumerMan: Just leave me alone!
01/21/2010
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 (13 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. Beer - Miller Lite - MillerCoors - Drink - Recreation (1 d 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. Chapter 11 Title 11 United States Code - Parent company - Law - United States - Services (1 d ago)

Business

Technology

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Entertainment

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

• 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 ... (2 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)

• PetSmart fires man who brought dog to wo... PetSmart fires man who brought dog to work
01/21/2010
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. Dog - PetSmart - Belgian Shepherd Dog - Belgian Malinois - Pets (21 h 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 (1 d ago)

• Finding the Money to Get Started Finding the Money to Get Started
01/21/2010
© Jon_Marshall If you want water from the well, you have to prime the pump. It's the same with money. But often the question becomes: Where do you get that first little bit? Inc.com had a piece recently on raising startup capital. It's a tedious and demanding task - but an essentail one if you want to start out with the resources you need.Gone are the days of pitching investors with hot new technology ideas. Today, entrepreneurs are much more likely to dive into ... (10 h ago)

• Seen that? - funding for WAN optimizer Seen that? - funding for WAN optimizer
01/21/2010
funding for WAN optimizer TJ's Weblog Often new companies bring solutions for problems which yet have to be found. Riverbed -- a company that develops software that improves the performance of distributed systems is very much different. Riverbed just received $10 ... (12 h 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 (2 d ago)

• Tips for Making the Sale Tips for Making the Sale
01/21/2010
© timparkinson Matt Bell pointed out recently that startup companies today talk and blog about lots of nice stuff - like company culture, raising investment capital, and finding a good business location. But they don't talk much about the heart of any new business - which is, well, sales.A company with strong sales can build a great culture, hire anyone and take the time to figure out its strategy. Without sales, nothing else matters.And he's right, of course. Plenty of business starve to death despite ... (10 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 ... (2 d 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? (1 d 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. (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 ... (2 d ago)

• Self-Employed? Tax Time Is Coming Self-Employed? Tax Time Is Coming
01/21/2010
© alancleaver_2000 It's almost that time of year. I never was a Beatles fan, but you've probably heard the lyrics...Let me tell you how it will be; There's one for you, nineteen for me. Should five per cent appear too small, Be thankful I don't take it all.I have it by Stevie Ray Vaughn. And he makes it sound even more cynical and depressing. Taxes don't have to be that bad. But if you've moved recently from a staff position to being self-employed, you need to change ... (10 h 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, ... (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 ... (1 d ago)

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