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for 01/25/2010

(last updated 7:30am EST 01/25/2010)

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• City minister campaigns to protect taxpa... City minister campaigns to protect taxpayer from bank failures
01/25/2010
Lord Myners has indicated that the government is not inclined to adopt Obama's banking reforms and stick with Alistair Darling's idea for living wills City minister Lord Myners today stepped up the government's campaign to ensure taxpayers will never again need to bail out banks by urging delegates to a Downing Street seminar to hammer out ways to transfer the risk of bank failures away from the public sector. At the start of the meeting with academics, country officials from the G7, international and UK policymakers, Myners said: "There is clearly a strong rationale to charge for the externality caused by the financial sector and financial institutions should shoulder the responsibilities for losses they may face". "Numerous innovative ideas including contingent capital and systemic risk levies have recently emerged to increase the resilience of the financial system globally and to ensure that the costs of any future failures primarily fall to banks and bank investors rather than taxpayers," Myners said. His meeting is convened as international politicians and business leaders prepare to travel to the annual World Economic Forum in Davos where bankers are expected to lobby against further regulatory change . US officials attending Downing Street are expected to shed further light on the historic plan unveiled last week by Barack Obama to stop banks engaging in riskier activities . Myners has indicated that the government is not inclined to adopt the president's plans and instead stick with chancellor's Alistair Darling's idea for living wills, which are intended to make it easier to break up banks before they collapse. Government officials, though, are hopeful that the sudden change of mood in the US administration to crack down on Wall Street might make it easier to reach international agreement on a transaction tax, similar to a Tobin tax, on financial markets . Myners is critical of the investment banking industry and has called for an independent review of how the City has permeated every aspect of life after the election . "We need to re-examine an economic model that seems to work much better for investment banks than for businesses and workers," he writes in today's Guardian . The top 100 executives at Goldman Sachs are today trying to demonstrate restraint by limiting their bonuses to £1m, rather than the usual multimillion pound rewards they might have expected after a record year. Myners does not expect today's seminar to reach conclusions. "Discussions of these sorts will provide the link to achieving an overall strategy that draws together ideas from various academics and international policy makers. Our discussions could also feed into international negotiations such as Basel. I want us to discuss how useful these ideas could be to strengthen the financial system across the world, how they could potentially be implemented and the extent to which they can be effective," he said. Banking Executive pay and bonuses Paul Myners guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Aegis sets up Chinese joint venture Aegis sets up Chinese joint venture
01/25/2010
UK media buying group buys stake in TV advertising services company Charm Communications UK media buying group Aegis is setting up a joint venture in China, expanding its presence in a key market. Aegis is taking a 17.7% shareholding in Charm Communications, which it described as one of China's leading TV airtime buying and advertising agencies, with $143m (£88.6m) in gross assets. Established in 1995, Charm provides television advertising services to China Central Television (CCTV), the state-owned broadcaster that controls nine of China's top 10 television channels. Aegis's media buying network Vizeum and Charm are also establishing a joint venture that will operate as Vizeum China. Aegis said that Vizeum's China operation would form the initial 40% of the joint venture's revenues, while Charm will transfer local clients to form the remaining 60%. The shareholder structure will move towards 100% ownership by Aegis by 2024. "This deal significantly extends our Chinese operations and will further transform our prospects in this exciting and dynamic market," said the Aegis Media chief executive, Jerry Buhlmann. "China is already the second largest-advertising spending market in the world and continues to experience strong growth." He Dang, founder and chief executive of Charm, who will be chairman of the joint venture, added: "The combination of Charm's leading market position in television advertising in China and Aegis Media's world-class digital and new media capabilities mean we will be able to provide our clients with best-in-class integrated marketing solutions across key advertising platforms. "As well as enhancing our offering in China, this new joint venture will give our Chinese clients access to the Aegis global network, bringing them the tools and expertise to extend their brands in markets around the world." • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". Aegis Advertising Marketing & PR Media business Chris Tryhorn guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Gordon Brown rejects David Cameron's cal... Gordon Brown rejects David Cameron's call for immediate cuts
01/25/2010
Prime minister rejects Tory leader's call for early action to cut deficit, saying 'we must do nothing this year which would put recovery, growth and jobs at risk' Gordon Brown today warned that Tory calls for immediate spending cuts would be "the biggest mistake" as he insisted the government "must do nothing" that puts economic recovery at risk. The prime minister hit back after the Tory leader, David Cameron, accused the government of putting "naked political calculation" ahead of Britain's economic interest by failing to promise immediate public spending cuts. The two party leaders set out their stalls on the economy in back-to-back press conferences this morning. Cameron accused the government of "moral cowardice" for failing to take "early action" to tackle the £178bn budget deficit, warning that the UK was borrowing £6,000 a second. The prime minister used his address to the media to say he was "confident" the UK was emerging from recession, ahead of official figures tomorrow that are expected to confirm a return to growth. But he said there was international agreement that reducing spending too fast would put the "fragile" recovery at risk. Brown said: "I am confident that the UK economy is emerging from recession. But there are dangerous global forces ... which mean that the world and the UK economy remain fragile. "Policymakers around the UK ...must remain vigilant. That is why we are all agreed around the world that we must reduce our deficits steadily, according to a plan, but that we must do nothing this year which would put recovery, growth and jobs at risk." He went on: "Just as we were right to intervene to stop collapsing banks destroying the financial economy ... so it is right now we do what is necessary to lock in the economy for 2010. "The biggest mistake the world could make would be to turn at a time of stress to protectionism, the biggest mistake we in Britain and individual countries could make would be to withdraw now from the supportive actions we need for growth and jobs. " He later added: "Any party that is suggesting that we take huge cuts in our spending today is ... putting the recovery at risk." Brown outlined plans to step up action against youth unemployment, a policy which he said was "in part" financed by the revenue on the bank bonus tax. This includes the Young Person's Guarantee, which will ensure every young person out of work for more than six months gets a job, training, or work experience. The prime minister said he wanted Britain to develop a highly skilled workforce "that is the envy of the world" in new industries and new technologies in the global economy over the next five years. "The coming election will be about those big challenges facing the country. The central choice will be who offers the best prospects for future jobs and family prosperity. The biggest employment push for young people the country has ever seen reflects our determination to avoid job less growth and achieve job rich growth. Our plans will expand the middle classes not squeeze them." Earlier in the morning, the government's approach to tackling the deficit was hammered by Cameron. The Tory leader insisted that the government was "not dealing" with the issue. If there is going to be a budget in March, the government needs to show that it is serious, said Cameron. "It is time they realised it is time to do the right thing," he told journalists. "Our recession, the great recession, is the longest and deepest since the war, and coming out of recession does not mean that our debt crisis is over. In fact far from it – Labour's debt crisis is now the biggest threat to our recovery so we will only get this recovery right if we start right now on a proper debt reduction plan." Britain was borrowing more than Greece, whose debt had already sparked the sort of economic crisis that could see soaring interest rates and unemployment if repeated here, he said. The government's promise to halve the deficit in four years has frankly "failed to convince", he said. "A key part of any plan is at least some early action to show you are serious in your intent. That means some reduction in public spending plans in this coming financial year. The government's approach, to coin a phrase, is to do nothing. "If we are going to have to wait for May for an election and if there is going to be a budget in March, they need to show how they are going to start now. "They are about to tell us that the economy is growing so they have no further excuse to delay action except naked political calculation." Pressed on whether Tory plans to cut spending by billions of pounds might jeopardise the economy's recovery, Cameron countered that it would be "riskier not to act". "We are going to have to borrow staggering amounts of money from the rest of the world .... [and unless we show we're serious] they are going to demand higher interest rates from us to pay it back. Cameron said it was like having credit card debt. "The longer you leave it, the worse it gets." David Cameron Tax and spending Recession Economic policy Green shoots Gordon Brown Andrew Sparrow Hélène Mulholland guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Garden centres see bird seed sales fly i... Garden centres see bird seed sales fly in cold snap
01/25/2010
• Winter weather boosts demand for bird feed at Garden Centre Group • Sales of real Christmas trees also up at Lloyds-owned chain Demand for bird seed from householders eager to help wildlife during the winter snow storms and strong sales of real Christmas trees helped the Garden Centre Group post a jump in Christmas profits. As the harsh December weather sparked warnings that many small birds faced starvation, the chain of 121 garden centres said "wild bird sales" rose 8% in the five weeks to December 27. It credited a new range of RSPB bird food and the lack of food available because of the cold snap. The chain, which was once Wyevale Garden Centres, also posted a 7% rise in sales of Christmas trees and said that it managed to meet demand despite an overall shortage. Overall, gross profits rose 17% to £14m after what was a termed a "terrific" Christmas for the company, which is now owned by a consortium of investors led by Lloyds Banking Group. The group's centres – which include Blooms, Woodlands and Wyevale outlets – pulled in more punters to their restaurants after it introduced more "home-cooked fare". Restaurant sales rose 10% as the chain sold more than 150,000 home-made mince pies. Total Christmas sales were £26m, a similar level to a year earlier, but margins improved significantly as Garden Centre Group highlighted tighter stock control. Retail industry Weather Birds Lloyds Banking Group Gardens Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Welcome to the new global health blog Welcome to the new global health blog
01/25/2010
Last week I went to see Andrew Witty , boss of GlaxoSmithKline, second biggest drug company in the world. As I walked past the guards on the gate and had my photo taken by a concealed camera for a pass at reception, I couldn't help remembering the last time I entered the building, to interview Witty's predecessor, Jean-Pierre Garnier. Same glass fortress. But what a difference seven years has made. Back in 2003, Garnier sat in his office at the top of the GSK tower at a desk the size of a boardroom, with a vast sky behind his back. I asked him what he was going to do to help women like Grace Mathanga, HIV positive and living in Malawi, get the drugs his company made to keep herself alive. I'm going to paraphrase here, but the gist of the answer ( in our supplement Saving Grace ) was that if donor governments stumped up enough money to buy his drugs for Africa, he'd give them a good price. Witty took over in May 2008. New man, new ideas and changing times. He quit the office in the sky and moved to the ground floor where he rubs shoulders with the workers in the coffee shop. And he says multinationals like GSK have a duty to society to help the poorest people on the planet get the drugs they need. He has cut his prices , waived his rights to patents on any potential drugs that might work against neglected diseases and is now releasing details of 13,500 compounds in GSK's library that might be active against malaria – free to any scientist who wants to explore them. Times are indeed changing. Global health has risen high up the aid and development agendas. The rich, the powerful and the famous are taking an interest. The Bill and Melinda Gates Foundation and the Clinton Foundation are major players. The G8 made commitments. Pharmaceutical companies have been forced to amend their rhetoric. Former president George Bush got rare praise for his Aids initiative , backed by substantial sums of money, which has done seriously good work in Africa – even while his administration blocked funds to reproductive health organisations for giving advice on abortion and refused to allow people with HIV to enter the USA (both of these things have been overturned by Obama). And swine flu – even if it proved to be the pandemic that wasn't – has reminded us all how health is truly global. There's a lot going on and it's political as well as philanthropic. It's admirable and at the same time self-aggrandising. Some of it is effective, some of it is not. There are many vested interests involved and a real fear that progress may slacken as economies contract and donors ration their giving. In that climate, I felt we should launch this blog because I think what is happening is exciting and important. I have a privileged ringside seat, as health editor of the Guardian. I want to chronicle what is going on, link it all together and make sure small but significant developments, as well as the big ones, don't get missed. Some of it will be straight out of the notebook stuff, without the careful revision that newspaper pieces usually involve - so apologies for the rough edges and I'll correct anything that's wrong. Some of it will be critical and opinionated and I am quite certain plenty of people will join in and take issue with me (and each other) in what I hope will be constructive debate. This is the general idea. The real thing begins this week in Benin, west Africa, where I am going to see what the Global Fund for Aids, TB and Malaria – to which western governments donate – is doing to try to stop pregnant women transmitting HIV to their babies. Carla Bruni-Sarkozy will be there to support them. Melinda Gates is joining us. Watch this space. GlaxoSmithKline Health Pharmaceuticals industry HIV infection Aids and HIV Sarah Boseley guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• BA cabin crew begin strike vote BA cabin crew begin strike vote
01/25/2010
The ballot closes on 22 February and the earliest possible strike date is 1 March British Airways cabin crew begin voting today in a strike ballot that could ground the airline in the run-up to Easter. The Unite trade union is polling around 12,000 crew members over staffing cuts, after a vote for a 12-day walkout over Christmas was thrown out by the high court . Officials at BASSA, the Unite cabin crew branch, admitted in an email to members that some might be considering a no vote following the legal decision and the negative publicity surrounding the previous poll. "We are crew, the same as you, and we pick up the vibe that some of you may be considering voting NO this time around." The email added: "If you do vote No, nobody will blame you, but one day you just might blame yourself. Do not be under the illusion that we will all live to fight another day, we won't. Your days as a strong, unionised workforce will be numbered." The ballot closes on 22 February and the earliest possible strike date is 1 March, although Unite has already ruled out an Easter walkout. The general secretary of the TUC, Brendan Barber, is holding separate discussions with BA and Unite officials in a bid to kick-start peace talks that have faltered over the past week. A source close to the discussions said BA's insistence on putting new cabin crew recruits in a new fleet, away length from their colleagues, was a stumbling block. BA, in turn, argues that an airline losing at least £1.6m a day cannot afford to sustain an expensive cabin crew cost base. "The fundamental difference between both sides is that BA wants to bring in a new crew on a new fleet," said the source. British Airways Airline industry Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Davos bankers to lobby against reforms Davos bankers to lobby against reforms
01/25/2010
World Economic Forum starts on Wednesday just days after US president announced wide-ranging clampdown on the banking industry Banking chiefs will head to Davos this week where they are expected to use the Swiss ski resort's annual economics jamboree to quietly lobby against Barack Obama's proposed clampdown on risk-taking and mergers. The top management of several of the world's biggest investment banks will attend the World Economic Forum's meeting, which kicks off on Wednesday and coincides with the banking sector's bonus season. It comes just days after the US president unveiled plans for the most stringent rules on financial institutions for decades as he seeks to prevent a repeat of the financial crisis that prompted costly government bailouts of banks. In the UK, City minister Lord Myners has called for an independent review of the investment banking industry and the "greed is good" culture that he says has permeated many areas of society. Bank chiefs braving the public spotlight at the glitzy Davos resort – who will include Citigroup's Vikram Pandit and Bank of America's Brian Moynihan – will put their own case to regulators while also networking with clients and colleagues. Their focus will largely be on Obama's proposals for stopping banks from taking risky bets with their own capital to make money on the financial markets – a practice known as " proprietary trading ". According to a report in this morning's Financial Times , some senior bankers will argue that banks' proprietary activity was not a key source of the credit crisis – and so should not be stamped out. Fresh from winning the battle for Cadbury, Kraft chairman Irene Rosenfeld will also be in Davos rubbing shoulders with regulators and ministers, including business secretary Lord Mandelson. Mandelson last week washed his hands of responsibility for Cadbury's £11.9bn takeover by the American conglomerate, insisting it was a decision for shareholders . Davos Banking Paul Myners Citigroup Bank of America Cadbury Kraft Peter Mandelson Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Savings accounts are nicer than Isas Savings accounts are nicer than Isas
01/25/2010
Profiteering may partly explain the slump in Isa rates, says Jill Insley. But the outlook is rosier Cash Isa interest rates are so low compared with those of standard taxed savings accounts that it is barely worth the bother of saving in them, according to a product comparison site. And with the announcement that inflation as measured by the consumer price index (CPI) has risen to 2.9%, virtually all cash Isa savers - and plenty of standard savers too - are in danger of having the value of their money eroded. Traditionally, cash Isas have not only benefited from tax-free earnings but also higher interest rates than equivalent non-Isa savings accounts. Two years ago, for example, ING Direct was paying the best rate of 6.55% on its easy-access Isa, while Northern Rock was paying the best standard savings rate of 6.49%. But for the second year running, the situation is reversed. Standard Life is offering the top paying easy-access Isa, paying 2.65%, which is 0.25% below the rate of inflation, according to figures from Moneyfacts.co.uk. In comparison, the top paying easy access standard account - from the Coventry building society - is paying 3.3%, 0.65% higher than the Standard Life Isa rate. Likewise, Birmingham Midshires was last year paying the top Isa rate of 4% while ING Direct paid the top standard rate of 4.89%. Andrew Hagger of Moneynet.co.uk says: "When you compare the net return from best buy Isa products against best buy taxable savings accounts, you really have to question if it's worth the effort for basic rate taxpayers." He has calculated that the annual interest benefit of putting £3,600 in a variable rate Isa over a standard savings account is a paltry £8.72, or 73p a month (£12.34 a year on £5,100). Hagger says one year fixed rate Isas offer a marginally better deal, but the average one is still only paying just £14.76 more a year than a non-Isa product on £3,600, and £20.91 more on £5,100. Some of the easy access Isa rates don't ev en beat the 0.5% base rate. The Nationwide is paying a parlous 0.25% on deposits of £1 to £9,999 in its branch-based Instant Access Isa, the only easy-access cash Isa account it offers. Savers who have been Nationwide members for three years or more can apply for the Members' Isa Bond, which pays from 0.5% to 0.75%, but only allows you to make one withdrawal a year, subject to 60 days' notice or loss of interest. Hagger, who describes the cash Isa returns available as "pitiful", says he has so far been unable to get an answer from the providers as to why cash Isa rates have slumped to below those of standard savings accounts, but he surmises that "it seems like a bit of profiteering". However, if you feel hard done by now, he points out that banks and building societies were taking an even bigger cut of savers' potential earnings two years ago when Isa rates were higher. "The base rate then was 5.5%, but the typical variable rate Isa was paying 5.28%," he says. "Now they are paying an average of 0.8% above base." For those still interested in putting their money in a cash Isa, the rise in inflation announced last week is expected to lead to a gradual increase in interest rates, and Hagger says that cash Isa rates generally improve in the peak sales season from the second week of March (for the current tax year's Isa allowance) to the middle to third week of April (for the next tax year's). For those who don't need access to their money for a while, he suggests the one-, two- and three-year fixed rate Isas from Aldermore, paying 3.05%, 3.6% and 4% respectively. Otherwise people with mortgages and unsecured loans may do better using their savings - all bar a safety net - to pay off debt. Savings Savings rates Banks and building societies Jill Insley guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Got a dormant account? Use it or lose it Got a dormant account? Use it or lose it
01/25/2010
If your money has been lying dormant for 15 years, it could be given to charity, writes Esther Shaw If you have a niggling suspicion that you've got cash languishing in a long-lost account, now is the time to hunt it down. Savers who have money in dormant accounts – those untouched for at least 15 years – are being urged to make the most of the various tracing services before the government takes control of their cash. In December's pre-budget report, the chancellor announced details of the new central reclaim fund which will hold unclaimed assets from dormant accounts. The fund will be operated by the Co-operative Financial Services (CFS) under the Financial Services Authority. The aim is to return dormant assets to their owners if they come forward, and reinvest the remaining money in a range of charitable causes. Implementation is scheduled for this summer. "The reclaim fund will ensure there will be money available to enable customers to reclaim their account monies at any time," says Neville Richardson of CFS. "It will also ensure that any money not needed to fund reclaim applications will be passed to the Big Lottery Fund for distribution to good causes." Banks and building societies estimate there is around £400m in dormant accounts which will be eligible for transfer to the fund. The process of setting up the fund has been long and complex, and during its development, many banks and building societies, as well as the state-backed National Savings & Investments (NS&I), have been making their own efforts to reunite customers with their cash. Last month, insurer Aviva announced that it has passed its target, set in 2007, to return £40m in unclaimed funds, and in its most recent announcement, told around 5,500 customers they would each receive an average payment of £1,000. Meanwhile, the latest figures from Lloyds Banking Group show the amount reunited across its banks, including Halifax, Lloyds TSB, Birmingham Midshires and the Bank of Scotland, was £32.8m. Accounts become dormant for a variety of reasons: in some cases, people die and their accounts are not traced when an estate is being administered, or small balances or childhood accounts can simply be forgotten. But while many financial institutions are making great efforts to reunite customers with their funds, you don't have to wait for your bank or building society to get in touch with you. "Any attempt by providers to match savers with their forgotten funds should be applauded," says Kevin Mountford from price comparison service moneysupermarket.com . "But savers shouldn't wait to be contacted, as there are a number of ways in which you can check for lost accounts yourself." In January 2008, a unified "one-stop shop" tracing initiative was launched to reunite customers with their dormant accounts at mylostaccount.org.uk . The free online service which celebrates its second anniversary at the end of the month, unites the tracing schemes of the British Bankers' Association (BBA), the Building Societies Association (BSA) and NS&I, and since its launch, the site has received more than 750,000 visits. "Overall, the amount currently lying unclaimed in dormant building society accounts stands at £115m," a BSA spokeswoman says. "Since the beginning of 2008, societies have reunited savers with £43m, and this includes the individual efforts of societies writing to their members, as well as traces conducted via mylostaccount.org.uk. If you think you might have a lost savings account, this site is the best place to start." NS&I also urges savers to make use of the online service. "At the end of December last year, NS&I held £452m in its unclaimed accounts," an NS&I spokeswoman says. "Since we launched our tracing service in 2001, we have conducted around 173,000 successful searches and reunited £235m - including the searches received through mylostaccount." To launch a search, you need to include as much detail as you can in the online form; you should hear back within three months. Before any account is reactivated, the institution concerned will need you to prove your identity and your legal entitlement to the money. For more information go to mylostaccount.org.uk, bba.org.uk , bsa.org.uk , nsandi.com and direct.gov.uk/dormantaccount . You can also search a database of life policies, pension funds and other investments in the Unclaimed Assets Register , but you will have to pay a £25 fee per search. 'I never had the paperwork but NS&I found me £500' Ian Fisher, 43, from west London was reunited with £500 of lost premium bonds after using the National Savings & Investments (NS&I) tracing service. The premium bonds had been bought for him by his parents and grandparents when he was a child. At that time he was living in Birkenhead, Merseyside. "I was never actually given the paperwork for the bonds," says Fisher, a picture editor. "I knew I owned some, but it was not until I was moving house around three years ago that I decided to check on all my savings and investments - and realised I didn't have any details of the bonds." He then contacted NS&I to see if it could help. Fisher didn't have any of the numbers or other details, but he was able to provide the previous addresses where the bonds were first registered, he says. "NS&I came back to me within a fortnight with a list of the bonds I owned," he says. "While none of them had come up trumps, there was around £500 worth of bonds in my name." Current accounts Savings Banks and building societies Consumer affairs Esther Shaw guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Hornby enjoys strong Christmas trade Hornby enjoys strong Christmas trade
01/25/2010
• Orders stay high in January as toy shops replenish shelves • Toy Story 3 to give Scalextric owner a summer sales boost Toy maker Hornby has reported strong demand for its trains, planes and automobiles over Christmas and is looking forward to a fresh sales boost this summer from a Toy Story 3 tie-up. The company – home to its eponymous model railways as well as Airfix, Scalextric, Corgi and Humbrol paints – has reported a significant improvement in shipments to UK toy-sellers in the run-up to the key Christmas season as retailers became more confident over high street spending. Hornby's mainland European business enjoyed such strong demand on the back of new products that it now expects to finish the financial year with sales and profits "significantly ahead" of a year earlier. Retailers' depleted stocks after a buoyant Christmas gift market meant orders had remained strong in January and Hornby is now gearing up for the annual round of global toy and hobby trade fairs. After Hornby suffered last year from rising material costs, a weak pound, supply chain headaches and recession-hit retailers trimming orders, chairman Neil Johnson said the company had entered 2010 in a strong position. "Sales were encouraging in the important pre-Christmas period and indeed in the early weeks of 2010. This should ensure a positive final quarter to the financial year as retailers replenish their stocks," he said in a trading update . "We are excited about the future prospects for the company and I look forward to updating investors on future progress." The company also sought to reassure investors that it was resolving the supply chain issues, that last summer contributed to its decision to scrap its dividend . In June, Hornby reported it had not been able to get enough stock because of problems at Sanda Kan, its largest supplier in China, but today stressed that its principal supplier was "now benefitting from significant capacity and volume increases". "At the same time, as reported previously, we have diversified our supply base to reduce our overall exposure to an individual major supplier. We therefore look forward with renewed confidence in respect of our ability to service the growing demand for our products, particularly in continental Europe," it added. Hornby, which has benefited in the past from worldwide licences to produce toys featuring racing drivers Jenson Button and Lewis Hamilton , was encouraged by recent tie-ups and new ones this year. Recent bestsellers included Scalextric products associated with the motoring show Top Gear, Disney/Pixar's Cars franchise and the Formula 1 Grand Prix teams. For 2010, the toy maker has secured licences with Disney/Pixar for Hornby and Micro Scalextric brands inspired by the forthcoming summer release of Toy Story 3. It has already launched the first products in a London 2012 Olympic Games range and today reports "positive" market feedback. Hornby Toys Retail industry China Formula One Jenson Button Lewis Hamilton Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Recession's toll on workers much worse t... Recession's toll on workers much worse than official figures show, CIPD says
01/25/2010
CIPD survey shows that two thirds of people made redundant were paid an average of 28% less when they managed to find another job The impact of the recession on workers has been "much deeper" than official unemployment figures showed , with more than 1.3 million people losing their job since the start of the downturn, according to a report today. A study by the Chartered Institute of Personnel and Development (CIPD) showed that two thirds of people made redundant were paid an average of 28% less when they managed to find another job. There were 6.2m fresh claims for jobseeker's allowance between April 2008 and November 2009 - 7.5 times the rise in the unemployment claimant count during the recession, highlighting the degree to which many people were struggling to find permanent jobs, said the report. The research revealed that 1.31 million people were made redundant during the recession - double the fall in employment and equivalent to 4.4% of people in work before the downturn. Dr John Philpott, the CIPD's chief economic adviser, said: "Although the scale of job loss in the recession is much less than originally feared and much less than might have been expected given the scale of the contraction in the economy, it is evident that the direct experience of redundancy, repeat spells of unemployment and pay penalties has nonetheless been widespread. "Given that redundancy also affects the families, friends and former colleagues of those made redundant the full experience of the jobs recession has been wider still. "This is likely to have a much greater impact on perceptions of job security and consumer confidence during the recovery than the simple 'unemployment situation is better than feared' story of the moment would suggest." Employment minister Jim Knight commented: "Every job loss is a tragedy. We have invested £5bn to find people jobs in this recession - which the Tories opposed. What the figures in the report highlight is that thousands of people have found work very quickly through jobcentres, with 70% of people leaving unemployment benefit within six months. "As a result there are 450,000 fewer people currently unemployed than predicted in the last budget. Last week's unemployment figures show that in December the highest number of people in 15 years - over 350,000 - left unemployment benefit in a single month. "We will continue to invest in jobs, skills and training to support everyone looking for work." Unemployment and employment statistics Job losses guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Cadbury bid ruled out by Ferrero Cadbury bid ruled out by Ferrero
01/25/2010
• Italian group says it will not challenge Kraft • Fears grow over more foreign takeovers Italian confectioner Ferrero has ruled out challenging Kraft with a late takeover bid for Cadbury. The company – whose products include Ferrero Rocher, Nutella, Tic Tacs and Kinder Surprise – told the City this morning that it would not attempt to challenge Kraft's £11.9bn bid for Cadbury . With Hershey having withdrawn from the fray last Friday, Ferrero's move means that only a shareholder vote stands between Kraft and the 186-year-old British chocolatier. Under Britain's takeover rules , today was the last day for Ferrero say whether or not it would make a bid for Cadbury. Back in November it began talking to Hershey about the possibility of a joint offer, but Kraft's 850p-a-share bid has thwarted both companies' ambitions. Cadbury shareholders now have until 2 February to decide whether or not to accept Kraft's offer. Major institutional investors have already said they are backing the deal, which also has the support of Cadbury's board. The Unite union, though, has written to shareholders urging them to oppose it. There is also considerable anger and disquiet in Bournville over the deal . Thousands of local people have signed a petition calling for the company to remain British, and tomorrow several Birmingham MPs will hold an adjournment debate on the issue in parliament. Fears are also growing that more British companies could come under attack in the coming months, with Legal & General and J Sainsbury seen as likely targets . Cadbury chairman Roger Carr has now added his voice to those calling for tighter rules on foreign takeovers. Carr, who also chairs Centrica, claimed that the energy company could share Cadbury's fate unless the government introduces more protection for strategic businesses. Kraft, though, has rejected the idea that its takeover of Cadbury is bad news for the UK. Michael Osanloo, Kraft's executive vice-president of strategy, said over the weekend that the firm hopes to create more manufacturing jobs in this country. Cadbury Kraft Legal and General J Sainsbury Centrica Trade unions Graeme Wearden guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Lords: privatise BBC Worldwide Lords: privatise BBC Worldwide
01/24/2010
House of Lords report on British film and TV demands partial privatisation of BBC commercial arm and children's TV tax break The BBC should be forced to part-privatise BBC Worldwide, turning its commercial arm into a global distributor of British content, according to a House of Lords report into the future of the British film and television industry published today. According to the Lords communications committee report, the government should try to reverse the dramatic drop-off in spending on children's television programming by extending tax breaks given to the British film industry to cover the production of children's shows. The 102-page report from the committee, chaired by Lord Fowler, follows news last month that the government had included BBC Worldwide in a list of assets it is considering selling and urged the corporation to look at the possibility of a whole or partial sale. The BBC has stressed that Worldwide, its commercial arm, is not up for sale but executives at the corporation are believed to have held tentative discussions with leading City banks Goldman Sachs and Credit Suisse about floating part of the business on the stock market. Back in September, the BBC director general, Mark Thompson, admitted in a MediaGuardian interview that the part-privatisation of the business, worth £1bn in annual revenues, was an option being looked at in his wide-ranging review of the organisation's activities . Thompson is expected to publish the results of that strategic review towards the end of next month. In its report, the Lords committee supports the government's call for the corporation to sell a part of BBC Worldwide. "We believe that such a company, with a continuing link to the BBC, would be capable of becoming a major global brand for distributing UK content, producing additional profits, employment and opportunities for British production companies," the report stated. But the committee admits in its report that "to date, the BBC Trust's attitude has been either dismissive or lukewarm to the idea of a public private partnership". Last year departing Channel 4 chief executive Andy Duncan used his appearance before the committee to criticise the BBC for failing to strike a deal with its commercially funded public service broadcasting rival over BBC Worldwide. Channel 4 had hoped to secure its financially uncertain future through a deal with BBC Worldwide, creating a joint venture encompassing assets including UKTV's channels and the broadcaster's own digital services such as E4. But after months of wrangling, Channel 4 was forced to shelve the idea. "At a time where there is substantial public concern about British companies being taken over from abroad there is the opportunity to establish a British-owned global brand," said Fowler. "BBC Worldwide has been immensely successful in developing the commercial income of the BBC. All the evidence suggests that there is further scope to expand but to do this will require private capital. It cannot be achieved by using the licence fee. A company with private investment but retaining a BBC shareholding could achieve both bigger profits and also major proceeds from the sale." The Lords committee also recommends that the existing tax breaks for films should be improved for low-budget productions and extended to cover children's programming. The committee estimates that spending on children's programming has fallen by 48% since 2003. To stem the rising tide of film piracy, meanwhile, the committee recommends new legislation to make it a criminal offence to use a camcorder in a cinema and also voices its support for the government's plans to crack down on illegal online file-sharing. "One of the greatest concerns put to us was the issue of piracy – part of which is dealt with in the Digital Economy Bill now before the Lords," Fowler said. "The glaring omission is camcorder crime when new films are recorded at the cinema by camcorder, and then sold as DVDs. There is no legitimate issue of freedom here. It is theft which ultimately does great damage to the industry and those working in it. We believe that we should follow the example of most other countries in Europe and make it a criminal offence." The government should also introduce financial incentives to try to protect the UK's computer games industry, according to the report. In his pre-Budget report, chancellor Alastair Darling rejected a proposal in Lord Carter's Digital Britain report last summer that a "cultural tax break" should be introduced for the games industry . The industry, however, is fighting hard to retain talent in the face of tax incentives offered by countries such as Canada and France . • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". BBC Worldwide BBC Television industry Mark Thompson Film industry House of Lords Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)

• Tube Lines loses £327m legal claim Tube Lines loses £327m legal claim
01/24/2010
• LU wins ruling against Tube Lines over cost overruns on Jubilee and Northern line upgrades • Verdict comes as PPP contractor struggles to close £1.35bn funding gap London Underground has scored another victory in a funding battle with Tube Lines , the company charged with improving three of its busiest lines, after seeing off a £327m compensation claim. Tube Lines alleged that overruns on upgrading the Jubilee and Northern lines were LU's fault, but an independent ruling has laid the blame at the company's feet. Tube Lines, which has admitted solvency concerns but insists it is viable, must now cover the £327m cost and LU's legal fees. Richard Parry, acting managing director of LU, said the verdict was a "total vindication" of the tube operator's stance in the funding row.: "We are very pleased to have seen off this attempt to take lots of money from the public purse and drag our reputation through the mud." The ruling dismissed Tube Lines' claims as "labyrinthine, artificial and unconvincing". The Jubilee line upgrade to deliver faster and more frequent trains is due to finish in October, 10 months after its original delivery date. The verdict by an independent adjudicator comes as Tube Lines, the last remaining contractor in the public-private partnership to upgrade the network , battles to close a £1.35bn funding gap for the next seven and a half years. Tube Lines says the work, funded by the taxpayer and government-backed debt, should cost £5.75bn but has been told in a draft ruling by PPP arbiter Chris Bolt to do it for £4.4bn. Bolt will deliver his final verdict within months. It is understood that Tube Lines executives, while disappointed by last week's ruling, do not view it as serious threat to the company's survival prospects. Dean Finch, Tube Lines chief executive, admitted recently that board members had considered whether the business was solvent in the wake of the £4.4bn ruling. The Jubilee line overruns are already expected to cost Tube Lines about £50m – the equivalent of one year's profits. Tube Lines is co-owned by US firm Bechtel and Amey, a UK-based public service provider. LU has sounded out Tube Lines about a takeover but so far the shareholders are supporting the business. A Tube Lines spokeswoman said the company would review last week's adjudication before deciding whether to appeal. The latest ruling is a blow for Tube Lines' earnings prospects because Bolt expects the company to use financial claims frequently over the next seven and a half years to claw back costs. The adjudicator's verdict signals that such a strategy could be an expensive failure Tube Lines Transport policy London politics Transport Public services policy Public finance Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• HP deal strengthens Omnifone's position HP deal strengthens Omnifone's position
01/24/2010
• HP to bundle Omnifone music service with new computers • MusicStation deal covers 10 European countries including UK The latest salvo in the digital music war will be fired today when British group Omnifone announces it has clinched a crucial deal with Hewlett-Packard, the largest PC manufacturer in the world, to have its MusicStation unlimited track download service pre-loaded onto computers and laptops. The deal, which covers 10 European countries including the UK, comes as online music service Spotify continues to gain ground in Europe , and Apple is understood to be planning to announce its own streaming music service for iTunes on Wednesday. Late last year, the Californian technology company snapped up small music start-up Lala . It has expertise in online storage and streaming and that deal was widely seen as preceding a move by Apple into the streaming music market. Many current online music services only allow people to listen to tracks when connected to the internet. MusicStation, which is already available as a mobile phone service from operators including Vodafone in the UK, allows users to download an unlimited number of tracks – from a library of 6.5m - and play them offline. For £8.99 a month (€9.99 outside the UK), subscribers to MusicStation for the PC also get their 10 favourite tracks each month without any copyright protection, meaning they can load them onto any digital music device. The digital music market has become a battleground not just for the music companies and retailers, but also for hardware manufacturers and even internet service providers. HP is just the latest in a long line of brands to jump on the bandwagon. While iTunes and the iPod gave Apple a significant head start, its grip is being loosened by a plethora of new services. Satellite broadcaster Sky recently launched its Sky Songs streaming and download service and Virgin Media is trying to get a similar service up and running, reportedly under the title MusicFish. Mobile phone manufacturer Nokia launched its Comes With Music service more than a year ago , bundling unlimited track downloads in with some of its smartphones. The service, however, has failed to attract significant takeup, not least because its advertising left many people baffled. Omnifone, meanwhile, powers rival mobile phone maker Sony Ericsson's own music service PlayNow . Omnifone launched MusicStation in 2007 and teaming up with HP, which globally ships almost 50m computers a year, will give it access to a huge potential market. Anyone buying one of 16 HP computers and laptops across Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, Switzerland and the UK will get MusicStation bundled with their new hardware and will be offered a free trial and the chance to subscribe to the full service. For HP, the deal gives the company the chance to boast to consumers about the media credentials of its hardware, at a time when bitter rival Dell has poured millions into advertising its own consumer-friendly range of brightly coloured multimedia laptops. "Omnifone is proud to partner with HP, the world's largest PC manufacturer, to deliver MusicStation to consumers on millions of PCs in 10 countries across Europe," said Rob Lewis, Omnifone chief executive. "The HP rollout sees MusicStation Desktop preinstalled on multiple HP PCs, available in seven languages with each territory featuring an individually tailored music catalogue." "We look forward to extending our partnership onto even more PCs and territories, to ensure consumers have the ability to gain legitimate access to the world's music on every HP PC they purchase." Hewlett-Packard Music industry Spotify Sony Apple Nokia Nokia Mobile phones Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Growth at odds with climate targets Growth at odds with climate targets
01/24/2010
As the UK is expected to emerge from recession, the New Economics Foundation says endless growth is pushing the planet's biosphere 'beyond its safe limits' Economic growth is not compatible with climate change targets for rich countries, according to a new report out today. The New Economics Foundation (NEF) warns that global economic expansion is not possible if the world is to restrict the temperature rise to 2C – the EU's agreed political objective. The NEF found that this would require unprecedented – and probably impossible – reductions in the carbon intensity of a growing economy. None of the models or variations it looked at could square the circle of global economic growth with climate safety. Andrew Simms, policy director at the NEF, said: "Endless growth is pushing the planet's biosphere beyond its safe limits. The price is seen in compromised world food security, climatic upheaval, economic instability and threats to social welfare. We urgently need to change our economy to live within its environmental budget. There is no global, environmental central bank to bail us out if we become ecologically bankrupt." As economists and politicians expect the UK to emerge from recession tomorrow after a year and a half, Roger Bootle, Deloitte's economic adviser, warns today that fiscal policy will be a greater drag on growth than elsewhere. He expects Britain's economy to grow by just 1% in 2010, compared to growth of 1.5% in the eurozone, 3% in the US and Japan and 3.5% globally. "The constraints on the strength of the global recovery over the next couple of years look set to bite particularly hard in the UK," he says. However, he added that after a difficult period over the next couple of years, he sees no reason why the UK cannot return to being a "relative outperformer". Meanwhile, Ernst & Young said that despite profit warnings from British companies tailing off during 2009, UK plc still faces a "bumpy ride". Andrew Wollaston, restructuring partner at Ernst & Young, said: "Given the depth of the slump, recovery has certainly come quicker than we might have anticipated. This rapid economic recuperation, along with previously depressed earnings forecasts, is helping companies beat expectations and keep profit warnings low. Good news for UK plc, but this is not the end of the story. Rapid recovery costs and 2010 is when we start paying. Brace yourselves for a bumpy recovery." Global economy Climate change Economics Carbon emissions Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Joe Lewis offers peace terms in M&B row Joe Lewis offers peace terms in M&B row
01/24/2010
• Joe Lewis will accept an extra non-executive director • Expansion of the group's food-led brands to be stepped up Joe Lewis, the billionaire financier, has issued what he sees as a compromise to take the heat out of a bitter boardroom power struggle for pub group Mitchells & Butlers (M&B). Lewis says he will agree with what he terms M&B's suggestion to add an additional independent non-executive director to the board as soon as possible. The move, Lewis hopes, will be seen as a compromise gesture and allay serious concerns from the Association of British Insurers, which issued a red-top warning on governance issues at M&B last week. Lewis's investment vehicle, Piedmont, owns nearly 23% of M&B while long-standing business associates of Lewis speak for another 22%. But Lewis remains insistent that M&B's current chairman, Simon Laffin, and non-exec Tony Bates must leave the company. Laffin is likely to be ousted at a shareholders showdown in Birmingham on Thursday. Lewis also wants to establish the exact costs paid by the company for mounting a defence against Piedmont's intervention. In the past three months, an increasingly rancorous war of words has broken out between M&B and Lewis after Lewis rejected the board's alternative candidates for chairman, Archie Norman and Simon Burke. The objection prompted M&B to ask the Takeover Panel to determine whether Lewis and his associates were acting in concert to seize control of the company without mounting a formal bid. Piedmont's fresh proposals include a commitment to drop any litigation against the M&B board. A Piedmont spokesman said: "This proposal takes on board a lot of what the company has asked for and what others, such as the ABI, have recommended. We very much hope that the company will study it carefully and recommend it to all shareholders." "The board has only just received this late proposal from Piedmont," said an M&B spokesman. "We are seeking clarification as to what is really being suggested and, in particular, what actual concessions are really being made." Lewis wants to replace Laffin, formerly a senior executive at Mars, with outgoing Debenhams boss, John Lovering. It is understood that M&B believes that if – as is likely – Laffin and Bates are forced to leave the firm, a new board would still be dominated by Piedmont's nominees. Lewis bought his near 23% holding in M&B from colourful businessman Robert Tchenguiz, who needed to sell his stake to meet margin calls on his debts brought on by the financial crisis. Lewis himself has not been immune from the financial crisis and is said to have lost hundreds of millions of pounds on investments in collapsed investment bank Bear Stearns. Despite the intervention of Lewis, M&B has shaken off the effects of a disastrous property strategy two years ago and believes it is on track for growth. The firm's chief executive, Adam Fowle, has outlined plans to step up expansion of six food-led brands – Vintage Inns, Harvester, Crown Carveries, Sizzling Pub Company, Toby Carvery and Premium Country Dining. Fowle believes each of the brands had the capacity to grow by 50% to 100% through internal conversions, single-site acquisitions and industry consolidation. The biggest are Vintage, with 227 outlets, and Sizzling Pub with 197 outlets. Mitchells & Butlers Corporate governance Food & drink industry Nick Mathiason guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Businesses matched through speed dating Businesses matched through speed dating
01/24/2010
ClearlySo works to bring entrepreneurs together with its ideal investors It has already proved effective in the realm of personal relationships, so it is no surprise that the business world has also seen the appeal of speed dating, bringing entrepreneurs together with potential investment partners. It was a popular way of creating deals during the dotcom boom – with events such as First Tuesday – but now it is being used to create links between investors and a new generation of entrepreneurs. London will next month play host to a "social sector" speed dating event organised by online investment marketplace ClearlySo. It hopes to attract innovative and progressive companies that create social and environmental benefits through their commercial activities. ClearlySo, run by former City analyst Rod Schwartz, tested its speed dating idea last year with 30 businesses vying for money. This year ClearlySo hopes to be able to serve at least three times as many businesses with its first event on 23 February near London's King's Cross station. Two of the companies that presented themselves to investors last year received funding at the event. The first – Epona Clothing – received £100,000 from an investor who was so impressed with the company that he has become the firm's chairman. Epona makes a range of casual clothing – from hoodies and T-shirts to polo tops – using cotton sources from India that are Fairtrade certified. The company also carries out regular social audits of its factories to ensure child labour is not being used, wages are fair and that the workers have freedom of association and the right to collective bargaining. Epona's clothing is used for everything from tour T-shirts and university strips to corporate wear. The company wholesales tops that can be used as blank canvases for any message and it has sold to numerous charities. Founded by Tom Andrews, who used to work for WorldCom, a telecoms business, Epona made revenues of about £1m last year and is expected to grow dramatically in 2010. It counts Ella Heeks, former boss of Abel & Cole, among its advisers. Abel & Cole, a vegetable box delivery company, is the supplier of choice to the organically-inclined middle classes. The second investment received through ClearlySo was £5,000 for the Ecological Land Co-operative , a member-based community organistion that hopes to support rural regeneration through the creation of smallholdings of land. It hopes to create sustainable and ecologically sound businesses on these small holdings, such as farming, forestry and other rural enterprises that are viable over the long-term. Schwartz has high hopes for the first event of this year, proclaiming "we are a dotcom company looking to do for social investment what JustGiving has done for donations". Entrepreneurs Investments Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• Former M&S boss in line to take up reins... Former M&S boss in line to take up reins at Ladbrokes
01/24/2010
• Front runners include Andy Harrison easyJet's departing chief • Ladbrokes operating profits to September 30 fell 15% Carl Leaver, former head of Marks & Spencer's international division, is on the shortlist to succeed Chris Bell, who is quitting as chief executive of betting shops group, Ladbrokes. The disclosure will surprise many City investors who had pencilled Leaver in as a possible replacement for Alan Parker, at Whitbread, who is expected to announce that he plans to retire in the summer. Headhunter JCA has drawn up a shortlist of possible candidates to take over from Bell who is leaving Ladbrokes in June. City sources say that Leaver's name is on the list because "Ladbrokes needs a retailing specialist, not just someone steeped in the gambling industry." Leaver spent seven years at Whitbread before jumping ship to become chief executive of De Vere Group, the hotel chain. He has also worked at Nomura, Mars and Forte. He is thought to have left M&S 18 months ago after it became clear that he was not among the internal candidates who were competing to succeed Stuart Rose as chief executive. In the end, the M&S job went to external candidate Marc Bolland of Morrisons. Others on the JCA shortlist include Andy Harrison, easyJet's departing boss, Andy McIver, head of Sportingbet, Nick Rust, managing director of Coral and internal candidate John O'Reilly, who heads Ladbrokes' online gaming division. A decision is said to be several months away and Bell's successor will need to be vetted by Ladbrokes' new chairman Peter Erskine, former head of 02, the mobile phone group. He is said to favour an appointment from outside the company. The new chief executive will arrive at a difficult time for Ladbrokes and other bookmakers, with observers predicting that the next government could raise gambling taxes. Bell, who has been at Ladbrokes for 20 years, has taken the firm through significant changes in the sector, such as the 2007 Gambling Act, which liberalised the industry, and the rise in online gambling. He told Erskine a year ago that he planned to move on in 2010. But his departure has been hastened by disgruntled investors who were caught off guard by Ladbrokes' heavily discounted £275m rights issue in October. Shareholders were irritated because a few months earlier, Bell had intimated that he wouldn't need to tap the City for funds to reduce the group's near £1bn of net debt. The cash call came on the back of a dividend cut and a poor share price performance. Bell has admitted he was aware that some investors were unhappy. In a profit warning issued with the rights issue, Ladbrokes added that a run of unfavourable football results had left it nursing a 58% decline in operating profit and 15% drop in revenue for the three months to September 30. Ladbrokes said the net proceeds of the rights call would be used to reduce its debt level to £687m. The group said it would not pay a final dividend in 2009, but would resume payments after this year's interim results. Ladbrokes Marks & Spencer Whitbread Easyjet Marc Bolland Corporate governance Rights issues Richard Wachman guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• PartyGaming talks up Bwin merger odds PartyGaming talks up Bwin merger odds
01/22/2010
• Online poker group in discussion with sports betting rival Bwin • PartyGaming merger would deliver commanding position The online poker group PartyGaming is understood to be in talks with its Austrian sports betting rival Bwin about a merger that could be worth more than £2bn and give it some much-needed clout in internet sports betting. The two companies are believed to have been in discussions since last summer and there was intense speculation about a deal before Christmas . But after a press report on Bwin's interest, PartyGaming was forced to admit to negotiations. The company also said it was talking to other potential partners, pushing its shares up more than 6% to 285.5p on hopes of a bid battle. "The board of PartyGaming confirms that it is continuing to hold discussions with a number of companies in the gaming sector regarding potential consolidation opportunities," the firm said in a statement to the London Stock Exchange. "As all such discussions remain at a preliminary stage, there can be no certainty as to whether or not such discussions will result in any form of transaction." The Austrian financial magazine Format quoted Hannes Androsch, Bwin's chairman and largest shareholder, as saying: "Talks are going on but we don't know yet whether they will succeed." PartyGaming, owner of the PartyPoker website, is keen to be involved in the consolidation of online gambling. Last July the company, which gets almost 80 million players a day, announced the takeover of Cashcade, owner of Foxy Bingo, for just under £100m. In November it snapped up the assets of WPT Enterprises, organiser of the World Poker Tour. Merging with Bwin would give PartyGaming a commanding position in sports betting. The Austrian company is not the only potential partner with which it is talking, although PartyGaming refused to name other potential partners. London-listed 888 Holdings and Sportingbet, and Sweden's Unibet, are all understood to be looking at consolidation opportunities. The acquisition of WPT, meanwhile, signalled PartyGaming's desire to return to the US, a market that has caused some real headaches for the firm in the past. Having shot into the FTSE 100 when it floated in 2005 at a value of £5bn, which netted its four founders almost £1bn, the company became embroiled in a fierce fight with the US authorities when they cracked down on online gambling. PartyGaming had to close its US operation and then last April it agreed a $105m (£71.3m) settlement with prosecutors there to reflect the proceeds of the internet gambling services it provided from 1997 to 2006, when PartyGaming offered internet gaming to US players, including real-money poker and casino gaming. The company admitted that even before the 2006 crackdown – which forced it to abandon the US market – some of its third-party activities had broken US law. Analysts noted a number of strategic and cost-saving benefits from a merger with another company. Numis Securities' analyst Wyn Ellis said consolidation was seen as largely inevitable in the young online gaming industry and there were savings to be had from combining technology and other operations. "Everybody has been talking to everybody," he said. He noted that a combination of PartyGaming and Bwin would give them the top slots in online casinos and bingo, the best sporting bets book and enhanced liquidity in poker. "The strategic logic is very strong … It fits together neatly," he added. Ellis said merger talk also reflected gaming companies' move into business-to-business projects where they provide products and services to third parties such as media companies wanting to launch gaming offshoots. That focus would only increase as more countries start to regulate and issue licences, which are likely to go to the big incumbents in those markets. Established firms can then use that position to raise business from newcomers. Talk of a Bwin tie-up for PartyGaming follows Thursday's announcement of a deal between Aim-listed gaming software firm Playtech and the Nasdaq-listed lottery operator Scientific Games in the US. PartyGaming Gambling Mergers and acquisitions US economy Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (2 d ago)

• China Denies It Attacked Google China Denies It Attacked Google
01/25/2010
China denied involvement in Internet attacks after the U.S. urged Beijing to investigate a computer attack against Google. (4 h ago)

• Liberty Global Sells Stake in Japanese C... Liberty Global Sells Stake in Japanese Company
01/25/2010
Liberty Global said Monday that it would sell its stake in Jupiter Telecommunications of Japan to KDDI Corp., a Japanese wireless operator, for $4 billion. (5 h ago)

• Asian Markets Extend Losses Asian Markets Extend Losses
01/25/2010
Asian stocks markets extended their slide Monday after Wall Street suffered its biggest rout since the depths of last year’s financial crisis. (6 h ago)

• Swedish Music Fans Start to Steer Clear ... Swedish Music Fans Start to Steer Clear of Pirates
01/25/2010
Industry executives credit a combination of incentives for music fans to switch, including tougher action on illegal file-sharing and the spread of legal services. (7 h ago)

• Special Report: Men's Wear: Heritage: Sh... Special Report: Men's Wear: Heritage: Shake It, Break It or Fake It?
01/25/2010
Lanvin is a rare historic house where the clothes seem to live in the moment, yet embrace a traditional masculine culture. (7 h ago)

• ESPN Positions Itself to Take On Europe ESPN Positions Itself to Take On Europe
01/25/2010
ESPN America has few paid ads but is growing as the U.S. network's vehicle for exporting American sports to Europe a year after a major rebranding. (7 h ago)

• U.S. Union Plans to Serve Up a Protest a... U.S. Union Plans to Serve Up a Protest at Sodexo's Annual Meeting
01/25/2010
Sodexo, the services company, is accused of exploiting weak U.S. labor laws to pay its American workers "poverty-inducing wages." (7 h ago)

• Nimble Agencies Sneak News Out of North ... Nimble Agencies Sneak News Out of North Korea
01/25/2010
More news outlets have emerged in recent years specializing in collecting information from the North. (7 h ago)

• Bankers Face a Harsh Spotlight in Davos Bankers Face a Harsh Spotlight in Davos
01/25/2010
With a global recovery under way, the financial elite will not be in hiding as they were during last year's World Economic Forum. But they will still be on the defensive. (7 h ago)

• Sites to Refuel Electric Cars Gain a Big... Sites to Refuel Electric Cars Gain a Big Dose of Funds
01/24/2010
The infusion of cash is a vote of confidence for Better Place, the closely watched start-up that hopes to create vast networks of charge spots for electric vehicles. (10 h ago)

• Web Filters Cause Name Change for a Maga... Web Filters Cause Name Change for a Magazine
01/24/2010
Canada’s National History Society, the nonprofit group that publishes The Beaver, decided that the Internet required the magazine to undergo a name change. (10 h ago)

• At Sundance, New Routes to Finding an Au... At Sundance, New Routes to Finding an Audience
01/24/2010
Some filmmakers are using Sundance not just as a sales platform but also as a road to immediate digital delivery. (10 h ago)

• Drilling Down: In Clicks on Ads, the Sou... Drilling Down: In Clicks on Ads, the Sound of Fraud
01/24/2010
Anchor Intelligence, a firm that helps online ad networks determine whether fraud rings are clicking their ads, reports fake clicks in Vietnam. (10 h ago)

• Korean Air Returns to Profit as Travel P... Korean Air Returns to Profit as Travel Picks Up in Asia
01/24/2010
Passenger and air freight numbers rallied in the Asia-Pacific region in December, and Korean Air returned to profit during the last quarter of 2009. (14 h ago)

• Stocks and Bonds: 3-Day Slide Sends Mark... Stocks and Bonds: 3-Day Slide Sends Markets Down About 5 Percent
01/22/2010
The main focus remained President Obama’s plan for tighter restrictions on the banks, but worries about Bernanke’s confirmation also played a role. (2 d ago)

• Defending Their Dealerships Defending Their Dealerships
01/22/2010
Hundreds of General Motors and Chrysler dealers are fighting to get back their businesses through an arbitration process that will begin next week. (2 d ago)

• No Progress in Talks for Financing of Eu... No Progress in Talks for Financing of European Military Plane
01/22/2010
The seven countries who ordered the Airbus A400M transport plane failed again to agree on how to pay for cost overruns. (2 d ago)

• Asian Hotel Brands Make the Journey to E... Asian Hotel Brands Make the Journey to Europe
01/22/2010
With more Asian tourists traveling to Europe, Asian brands, which have a solid reputation in their own backyard, are hoping to capitalize on their name recognition. (2 d ago)

• Russian Oligarch’s Long Road to a Hong K... Russian Oligarch’s Long Road to a Hong Kong I.P.O.
01/22/2010
Oleg V. Deripaska pursued unusual sources of finance for his giant aluminum company, Rusal, which has nearly $15 billion in debt. (2 d ago)

• Supplier Accused of Bribes for U.N. Cont... Supplier Accused of Bribes for U.N. Contracts
01/22/2010
Federal prosecutors have accused Richard T. Bistrong of paying business bribes to get contracts to supply protective gear to United Nations peacekeeping forces. (2 d ago)

• Nanning to ban presales of residential h... Nanning to ban presales of residential houses
01/25/2010
Nanning to ban presale of unfinished houses Guangxi Zhuang Autonomous Region's housing and urban-rural development department announced that in order to regulate the real estate market, Guangxi will choose its capital city Nanning as a pilot city to ban the sale of uncompleted residential houses. Song Jidong, the Party secretary of the regional housing and urban-rural development department, said the ban on the presale system of commercial residential houses can be seen as an orientation, ... (1 h ago)

• Beijing to put affordable housing on sal... Beijing to put affordable housing on sale
01/25/2010
A large number of affordable houses would enter into the market this year in Beijing, which may curb the home price hike to some extent, said Chen Gang, deputy mayor of Beijing yesterday. As to Beijing, increasing supply of land could not solve the skyrocketing housing price in the city. And, the land in Beijing is extremely scarce, Chen said. Beijing could not supply the houses beyond its urban planning, and would not build the houses in the non-construction area, Chen said. "If the gov ... (1 h ago)

• Melamine-tainted products go off shelves Melamine-tainted products go off shelves
01/25/2010
Three companies have been found selling milk products tainted with melamine, the industrial chemical responsible for the deaths of six children and injuring 300,000 in 2008. Three batches of milk products have been ordered off shelves by the health department in Guizhou province because they contain melamine, local media reported. These products are: A batch of products produced by the Shandong Zibo Lusaier Dairy Company Ltd on April 25, 2009; a batch of popsicles produced by the Liaonin ... (1 h ago)

• China to build 100 digital cities in 201... China to build 100 digital cities in 2010
01/25/2010
Reporters learned from a national conference for directors of surveying and mapping bureaus January 24 that the State Bureau of Surveying and Mapping (SBSM) will continue to promote 100 merit-based digital cities nationwide, which will rapidly push the construction and completion of the digital China geo-spatial framework. Reporters learned that digital city construction has made significant progress since its launch in 2006 and currently, 78 cities have been involved in the construction and ... (1 h ago)

• Zhejiang-based private firms dominate fo... Zhejiang-based private firms dominate foreign trade for 7 years
01/25/2010
Private enterprises in Zhejiang have been playing dominant roles in foreign trade. According to Hangzhou Customs statistics, the total value of the imports and exports of Zhejiang-based private enterprises exceeded 50 percent of Zhejiang's total in 2009, enabling private enterprises to play dominant roles in foreign trade for 7 consecutive years. Zhejiang-based foreign trade enterprises have been developing rapidly since China's entry into the World Trade Organization (WTO). In 2003, the tota ... (1 h ago)

• Chinese shares slide to one-month low Mo... Chinese shares slide to one-month low Monday
01/25/2010
Chinese shares slid Monday, dragging down the benchmark index to a one-month low. The benchmark Shanghai Composite Index fell 1.09 percent, or 34.18 points, to close at 3,094.41 points. The Shenzhen Component Index lost 1.00 percent, or 125.75 points, to close at 12,470.19 points. Combined turnover totaled 155.26 billion yuan (22.74 billion U.S. dollars), shrinking from 258.9 billion yuan on the previous trading day. Losers outnumbered gainers by 689 to 178 in Shanghai and 648 to 184 ... (1 h ago)

• China 'biggest victim' of cyber attacks China 'biggest victim' of cyber attacks
01/25/2010
A senior official in charge of Internet security has claimed that the country has become the world's biggest victim of cyber attacks. In an interview with Xinhua over the weekend, Zhou Yonglin, deputy chief of the operations department of China National Computer Network Emergency Response Technical Team (CNCERT), also dismissed Google's allegation that hackers traced to China had attacked its servers. Google has not yet given CNCERT any report on the company's complaints about the attacks, ... (1 h ago)

• Sino-Kazak pipeline transports 20 mln to... Sino-Kazak pipeline transports 20 mln tons of oil to China
01/25/2010
The Sino-Kazak Pipeline has piped more than 20 million tonnes of crude oil from Kazakhstan to China since it became operational in 2006, according to the regional government of Xinjiang. Last year, the pipeline carried 7.73 million tonnes of crude oil into China, up 26 percent year-on-year, the inspection and quarantine bureau in the northwestern Xinjiang Uygur Autonomous Region said in a press release Monday. The volume makes up about 4 percent of the country's crude imports, which is est ... (1 h ago)

• Dwindling numbers of tourists visit Japa... Dwindling numbers of tourists visit Japan in 2009
01/25/2010
The number of foreign tourists visiting Japan in 2009 tumbled 18.7 percent year-on-year to 6.79 million visitors, according to a report issued by Japan's National Tourism Organization (JNTO) on Monday. The 2009 figures mark the first drop in foreign tourists visiting Japan for six years and is the first time since 1986, when the yen's value shot up against the dollar causing tourists to veto Japan as a travel destination, that the percentage decline has reached double-digits. The global ec ... (1 h ago)

• Australian mineral explorer teams up wit... Australian mineral explorer teams up with Chinese company
01/25/2010
Australian mineral explorer Venus Resources Ltd. announced on Monday it had entered into share subscription and joint venture deals with a Chinese entity. Venus recently expanded its exploration focus to identify world- class iron ore, precious metals, uranium and base metal exploration targets within prospective, mineral-rich orogenic belts of Western Australia. Venus will raise 4 million Australian dollars (3.6 million U.S. dollars) through a placement of 2 million shares at 2 Australian ... (1 h ago)

• Top 10 most expensive real estate market... Top 10 most expensive real estate markets in the world
01/25/2010
&$ &$ First: Monte Carlo, Monaco (4420 U.S. dollars per square foot). Monte Carlo residents can enjoy the blue coast, sandy beaches, enchanting nightlife, as well as the benefits of tax havens, but they also have to pay the price. This resort ranks first on the world's most expensive real estate market list for two consecutive years with an average price of up to 4420 U.S. dollars per square foot. &$ <a ... (1 h ago)

• China's steel production accounted for n... China's steel production accounted for nearly half of the world total
01/25/2010
Statistic revealed by World Steel Association on January 22, local time in Brussels, indicated that in 2009, crude steel production in China amounted to 567.8 million tons, representing a year-on-year increase of 13.5 percent, which was the highest record of steel production for a single country in one year. China's share in world steel production grew continually. In 2009, China's steel production accounted for 46.6 percent of the world total, 8.9 percentage points higher than 2008. Stati ... (1 h ago)

• Micro-blogging sites in China doing quit... Micro-blogging sites in China doing quite well
01/25/2010
Tencent's technology channel launched the "2010 Global Micro-blog ranking" on January 25, 2009, with Twitter sitting at top, followed by China's Digu, Sina micro-blog, Baidu iblog and a number of other sites. According to the survery, China's micro-blogs are doing relatively well. Tencent technology channel has selected 10 micro-blog sites worldwide for the evaluation. These sites are representative: They either enjoy a certain reputation at home and abroad, or have been operating for a ... (1 h ago)

• Beijing's GDP hits 1.18659 trillion yuan... Beijing's GDP hits 1.18659 trillion yuan in 2009
01/25/2010
Beijing has achieved a remarkable success in coping with the global financial crisis and its GDP reached 1.18659 trillion yuan in 2009, an increase of 10.1 percent over the previous year, Guo Jinlong, Mayor of Beijing, said to the opening session of the Third Session of the Thirteen People's Congress of Beijing Municipality on Monday. Guo added that the per-capita GDP of the city had surpassed 10,000 U.S. dollars. Also, the capital city's fiscal revenue last year reached 202.68 billion y ... (1 h ago)

• Indonesia's president admits endorsing c... Indonesia's president admits endorsing controversial bank bailout
01/25/2010
Indonesian President Susilo Bambang Yudhoyono said he had endorsed a decision to bail out the ailing Bank Century in November 2008, which became controversial with irregularities found in the bailout plans, local media reported here on Monday. In a special interview with the Jakarta Post on Sunday evening, the president said the bailout was aimed at saving the national economy from a crisis threat. "In relation to Bank Century, my stance is clear. I insist that what the state, in this case ... (1 h ago)

• Chinese equities edge down at midday wit... Chinese equities edge down at midday with renamed steelmaker's tumble
01/25/2010
Chinese shares edged down at the closing of the morning trade secession Monday. The benchmark Shanghai Composite Index declined 0.66 percent, or 20.8 points, to close at 3,107.79 points. The Shenzhen Component Index declined 0.57 percent, or 71.66 points, to close at 12,524.28 points. The Hushen 300 Index reflecting the performance of the country's Shanghai and Shenzhen stock exchanges ended 0.67 percent lower midday at 3,343.72 points. Enditem Hebei Iron & Steel Co., Ltd, the new name ... (1 h ago)

• Customers wary of investing overseas Customers wary of investing overseas
01/25/2010
Funds for overseas investment run by qualified domestic institutional investors (QDII) in China are still having a hard time attracting customers who seem happier to focus on the more appealing domestic market. E Fund Management Co Ltd, the country's fifth largest mutual fund company by asset, has raised 600 million yuan ($87.8 million) for its Asia-focused QDII fund but it was much less than the $1 billion quota it received last October. "The amount we raised is within the expectations. T ... (1 h ago)

• Mortgage markets set to lose federal aid Mortgage markets set to lose federal aid
01/25/2010
Federal support for mortgage rates, designed to revive home buying, is set to end in two months, whether the market is ready or not. (3 h ago)

• Economists see slow recovery taking hold Economists see slow recovery taking hold
01/24/2010
Businesses expect to boost hiring and capital spending in the first half of the year as the U.S. recovery from the recession slowly continues, according to a new survey. (10 h ago)

• Wal-Mart cutting 11,200 jobs at Sam’s Cl... Wal-Mart cutting 11,200 jobs at Sam’s Club
01/24/2010
Wal-Mart Stores Inc. said Sunday it is cutting more than 10,000 jobs at Sam's Club, representing about 9 percent of the warehouse club operator's staff. (15 h ago)

• Wall Street agreeing with Main Street’s ... Wall Street agreeing with Main Street’s anger
01/24/2010
It was the fat cats' fault before. But now it's becoming Obama's. (16 h ago)

• Super Bowl brings welcome relief to Miam... Super Bowl brings welcome relief to Miami
01/24/2010
South Florida is ready for the Super Bowl party to begin. (19 h ago)

• Former Commerce secretary Mosbacher dead Former Commerce secretary Mosbacher dead
01/24/2010
Robert Mosbacher Sr., who served as U.S. commerce secretary under his close friend, President George H.W. Bush, has died at M.D. Anderson Cancer Center. He was 82. (19 h ago)

• As China sales rise, GM considers new pl... As China sales rise, GM considers new plant
01/24/2010
General Motors expects it will need to build a new manufacturing facility in the near future in China to accommodate strong growth in the world's largest auto market. (19 h ago)

• Google co-founders to sell $5.5B in stoc... Google co-founders to sell $5.5B in stock
01/24/2010
Google co-founders Larry Page and Sergey Brin are relinquishing some of their control over the search leader with the sale of 10 million shares worth $5.5 billion at current prices. (20 h ago)

• Warren Buffett says Gen Re settlement is... Warren Buffett says Gen Re settlement is fitting
01/24/2010
Warren Buffett says he has no problem with the $92.2 million settlement one of his company's insurance subsidiaries is paying over its alleged role in accounting misconduct. (20 h ago)

• To get NBC, Comcast still has persuading... To get NBC, Comcast still has persuading to do
01/24/2010
Before Comcast Corp. can transform the entertainment business by taking control of NBC Universal, it must convince Washington that the plan won't hurt rivals and consumers. (20 h ago)

• Bubble Wrap celebrating its 50th birthda... Bubble Wrap celebrating its 50th birthday
01/24/2010
People have walked to the altar dressed in it, protected their garden plants with it, even put it on display at highbrow art museums. (20 h ago)

• Price of gas down 1.42 cents in last two... Price of gas down 1.42 cents in last two weeks
01/24/2010
The average price of regular gasoline in the United States fell 1.42 cents over a two-week period to $2.72. (21 h ago)

• ‘Avatar’ tops box office for 6th straigh... ‘Avatar’ tops box office for 6th straight week
01/24/2010
The sci-fi spectacle lifted its domestic total to $552.8 million and raised its worldwide total to $1.840 billion, just $2 million shy of first place behind the 1997 shipwreck blockbuster “Titanic,” at $1.843 billion. (21 h ago)

• Car dealers try to get businesses back Car dealers try to get businesses back
01/24/2010
Michael Wolf is taking a big gamble that he can convince an arbitrator to give him back his Chrysler-Jeep dealership. (22 h ago)

• Obama facing huge economic challenges ah... Obama facing huge economic challenges ahead
01/24/2010
After one full year in office, the road ahead for President Barack Obama probably means painfully slow job creation accompanied by more government debt and higher taxes. (22 h ago)

• CNBC: Bernanke has votes for confirmatio... CNBC: Bernanke has votes for confirmation
01/23/2010
Fed Chairman Ben Bernanke likely has enough votes to overcome a filibuster and gain approval for a second term, according to several leading senators and an analysis by CNBC. (1 d ago)

• Combative Obama pushes job creation bill Combative Obama pushes job creation bill
01/22/2010
A combative President Obama exhorted Congress Friday to pass a new job-creation bill with tax breaks for small business hiring and people making their homes more energy efficient. (2 d ago)

• Ruling could give companies even more cl... Ruling could give companies even more clout
01/22/2010
The Supreme Court's decision to remove campaign finance restrictions on corporations means a tsunami of company cash is likely to flood through the political system. (2 d ago)

• Accounts, People & Miscellany Accounts, People & Miscellany
01/25/2010
Accounts. (7 h ago)

• Books of The Times: Exclusive!!! Gossip ... Books of The Times: Exclusive!!! Gossip Has a History!
01/25/2010
Henry E. Scott’s history of Confidential magazine is a cautionary tale about the wisdom of flagrant tell-all tactics. (7 h ago)

• Liberal Radio, Even Without Air America Liberal Radio, Even Without Air America
01/24/2010
Small pockets of progressive talk are flourishing on the radio dial despite the collapse of Air America. (10 h ago)

• Advertising: Rivalries as Keen as on the... Advertising: Rivalries as Keen as on the Field
01/24/2010
During the Super Bowl, CareerBuilder and Monster.com will fight for dominance of the job search market, with each taking a distinct approach. (10 h ago)

• Court Ruling Invites a Boom in Political... Court Ruling Invites a Boom in Political Ads
01/24/2010
More political advertising money is expected to pour into the system, and much of that goes to local stations in battleground states. (10 h ago)

• O’Brien Undone by His Media-Hopping Fans... O’Brien Undone by His Media-Hopping Fans
01/24/2010
Regularly assembling the coveted young adult viewers in the late-night hours has become a daunting, if not impossible, task. (10 h ago)

• Next News From Haiti: Pulling Out Next News From Haiti: Pulling Out
01/24/2010
Coverage of the devastation has dominated the public’s attention, but financial concerns are leading TV networks to cut back their efforts. (10 h ago)

• The Media Equation: Conjuring Up the Lat... The Media Equation: Conjuring Up the Latest Buzz, Without a Word
01/24/2010
Apple has said not a word about what it will introduce this week, and yet reporting about an expected tablet has gone on for months. (10 h ago)

• Scene Stealer: In Search of Fatter Walle... Scene Stealer: In Search of Fatter Wallets at Sundance
01/24/2010
After a market collapse in 2009, can entries in the Sundance Film Festival still turn art into cash? (1 d ago)

• For Richer or for ... Not Quite as Rich For Richer or for ... Not Quite as Rich
01/23/2010
Every era needs an emblematic tycoon, and for the age of the Great Recession, you couldn’t do better than Peter M. Brant, a media billionaire facing a very public divorce. (1 d ago)

• Slap Shot: Remembering Two Storytellers ... Slap Shot: Remembering Two Storytellers From the N.H.L.
01/23/2010
The hockey world lost two of its most respected communicators last week: John Halligan, a hockey historian, and Paul Quarrington, an award-winning Canadian novelist. (1 d ago)

• In 1975, 2 Women Crossed a Barrier In 1975, 2 Women Crossed a Barrier
01/23/2010
Thirty-five years ago, Robin Herman of The New York Times became the first female reporter to gain access to a team locker room after a game. (1 d ago)

• With Kindle, the Best Sellers Don’t Need... With Kindle, the Best Sellers Don’t Need to Sell
01/23/2010
Here’s a riddle: How do you make your book a best seller on the Kindle? Answer: Give copies away. (1 d ago)

• Leno to Speak at the White House Corresp... Leno to Speak at the White House Correspondents’ Dinner
01/22/2010
Jay Leno was announced Friday as the choice to be the keynote speaker for the White House Correspondents’ dinner in May. (2 d ago)

• Chief of Hollywood Trade Group to Step D... Chief of Hollywood Trade Group to Step Down
01/22/2010
Dan Glickman is to become president of the relief organization, Refugees International. (2 d ago)

• Video: Not So Sweet Deal Video: Not So Sweet Deal
01/24/2010
The British are digesting news that its candy company, Cadbury is about to be consumed by U.S. company, Kraft. Elizabeth Palmer reports on Cadbury's recent loss of identity. (16 h ago)

• Video: China vs. Google Video: China vs. Google
01/24/2010
In cyberspace, there has been a heavyweight battle putting China against Google as well as American businesses. As John Blackstone reports, Google wasn't the only company targeted. (16 h ago)

• Video: Auto Dealers Fight Back Video: Auto Dealers Fight Back
01/24/2010
U.S. auto dealers are fighting back against Chrysler and GM and fighting for their employee's jobs. As Manuel Gallegus reports, thousands of dealers have limited time to request binding arbitration. (16 h ago)

• Sam's Club to Lose About 11,200 Staffers Sam's Club to Lose About 11,200 Staffers
01/24/2010
Wal-Mart Makes Cuts in Underperforming Warehouse Division, While Outsourcing Marketing Positions (17 h ago)

• Video: U.S. Economic Jitters Video: U.S. Economic Jitters
01/23/2010
While U.S. stock markets nosedive over economic and political uncertainty, President Obama has pledged to impose new banking regulations. Kimberly Dozier has more on these economic jitters. (1 d ago)

• FDIC Shuts 5 Banks in 5 States FDIC Shuts 5 Banks in 5 States
01/23/2010
Regulators Close Banks in Fla., Mo., N.M., Ore., Wash. (1 d ago)

• U.K. Bank to Defer Bonuses up to 100% U.K. Bank to Defer Bonuses up to 100%
01/23/2010
Barclays, Which Received No Taxpayer Funds From British Gov't, Will Honor Agreement to Defer Payouts to Execs, Staff (1 d ago)

• Video: Obama: I Will Not Stop Fighting Video: Obama: I Will Not Stop Fighting
01/22/2010
Facing mounting opposition, President Obama has emerged with a bolder and more defiant tone while addressing the issue of high unemployment during a trip to Ohio. Chip Reid reports. (2 d ago)

• Newspaper Group Files for Bankruptcy Newspaper Group Files for Bankruptcy
01/22/2010
Affiliated Media, Owner of Denver Post, San Jose Mercury News and 52 Other Newspapers, Files for Chapter 11 (2 d ago)

• Wall St. Ends Bad Week With Steeper Slid... Wall St. Ends Bad Week With Steeper Slide
01/22/2010
Dow Loses 217 Points Friday, 430 Points for Week; Obama's Proposed Financial Regulations Still Spook Market (2 d ago)

• Bernanke Faces More Senate Opposition Bernanke Faces More Senate Opposition
01/22/2010
White House Expects Federal Reserve Chairman to Get Enough Support for Second Term, In Spite of Growing Opposition (2 d ago)

• GE Sees Hope in 2010 Despite 4Q Losses GE Sees Hope in 2010 Despite 4Q Losses
01/22/2010
Net Income Fell 19 Percent to Close 2009, but Drop Was Smaller Than Previous Quarters (2 d ago)

• McDonald's Sales Rise in Economic Downtu... McDonald's Sales Rise in Economic Downturn
01/22/2010
Fast Food Giant Earns $1.22 Billion in Last Quarter of 2009 (2 d ago)

• Economic View: Underwater, but Will They... Economic View: Underwater, but Will They Leave the Pool?
01/24/2010
Even if they owe more on their mortgages than their homes are worth, many people feel obligated to repay their loans. But what if those borrowers walked away? (1 d ago)

• The Haggler: Watch Where You Click (and ... The Haggler: Watch Where You Click (and Have a Great Day)
01/23/2010
Before buying anything online, the Haggler says, search for possible complaints about the seller. (1 d ago)

• Fundamentally: Three Faces of Market Dan... Fundamentally: Three Faces of Market Danger
01/23/2010
No one knows how treacherous the markets will be in 2010, but earnings, valuation and policy are expected to be the three top risk categories. (1 d ago)

• Wealth Matters: At Bonus Time, Less Appe... Wealth Matters: At Bonus Time, Less Appetite for Toys
01/22/2010
Recipients of bonuses, whether in cash or stock, are focused on their current needs, safe investments and managing for uncertainty. (2 d ago)

• Patient Money: Dealing With the Financia... Patient Money: Dealing With the Financial Burden of Autism
01/22/2010
Medical costs for an autistic child can run as much as $72,000 a year and insurance does not cover many treatments. (2 d ago)

• Your Money: Free Checking Could Go the W... Your Money: Free Checking Could Go the Way of Free Toasters
01/22/2010
Overdraft fees had helped to subsidize free checking, but as those fees begin to fall, free checking may disappear. (2 d ago)

• Mortgages: A New Take on Refinancing Mortgages: A New Take on Refinancing
01/22/2010
A Web site, which made its debut this month, aims to simplify the process for those looking to refinance their mortgages, by connecting a borrower with just one lender. (2 d ago)

• Would You Pay for a Checking Account? Would You Pay for a Checking Account?
01/22/2010
Comments on this week's Your Money column, about whether banks will start charging for checking accounts and whether we should all be paying. (2 d ago)

• A Guide to the New Good Faith Estimate A Guide to the New Good Faith Estimate
01/22/2010
Shopping for a mortgage is less confusing, thanks to a newly designed Good Faith Estimate. (2 d ago)

• Friday Reading Friday Reading
01/22/2010
The planned revamp of the Making Home Affordable program, free GPS navigation software for your smartphone and other consumer-focused items from Friday's Times. (2 d ago)

• Donations to Haiti May Be Deductible on ... Donations to Haiti May Be Deductible on 2009 Returns
01/22/2010
If you've made a charitable contribution to help Haiti, you may be able to claim a deduction on your 2009 tax return. (2 d ago)

• Annual Poll of Freshmen Shows Effect of ... Annual Poll of Freshmen Shows Effect of Recession
01/22/2010
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. (2 d ago)

• Super Bowl brings welcome relief to Miam... Super Bowl brings welcome relief to Miami
01/24/2010
South Florida is ready for the Super Bowl party to begin. Super Bowl - Football - Sports - Peyton Manning - United States (19 h ago)

• NBC faces long road back after O'Brien d... NBC faces long road back after O'Brien drama
01/22/2010
NBC may have put a public relations nightmare behind it with the departure of "Tonight Show" host Conan O'Brien, but the network faces a costly road to revive its sagging fortunes. Conan O'Brien - Tonight Show - NBC - Jay Leno - Public relations (2 d ago)

• Exec admits affair with billboard woman Exec admits affair with billboard woman
01/22/2010
A co-president of software maker Oracle acknowledges he had an affair with a woman he was shown snuggling with on billboards in New York, Atlanta and San Francisco. San Francisco - Atlanta - Oracle - New York City - New York (2 d ago)

• GE profit falls; CEO strikes optimistic ... GE profit falls; CEO strikes optimistic tone
01/22/2010
General Electric Co.'s fourth-quarter net income fell 19 percent, hurt by lower profits on products like jet engines and continuing troubles in commercial real estate lending. General Electric - Business - Jet engine - Commercial property - Real estate (3 d ago)

• Red Tape: The how, and why, of switching... Red Tape: The how, and why, of switching banks
01/22/2010
Business - Supplies - Tape and Strapping - Tape drive - Entertainment (3 d ago)

• End of an error: Tishman giving up StuyT... End of an error: Tishman giving up StuyTown
01/25/2010
Tishman Speyer's days as the landlord of the massive Stuyvesant Town-Peter Cooper Village apartment complex are coming to an end. A group led by the real-estate developer has reportedly thrown in the towel on trying save its role as property manager, just weeks after the Tishman group missed a... (6 h ago)

• MDC lighting up Madison Ave. MDC lighting up Madison Ave.
01/25/2010
Despite a slump that has left ad giants battered and bruised, MDC Partners thinks now is the time to bust a move. With the big conglomerates retrenching, Miles Nadal, CEO of the smaller, scrappier MDC, is planning to make acquisitions and poach top talent -- and pay its first dividend... (6 h ago)

• Apple turn over Apple turn over
01/25/2010
AT&T may have a bitter tablet to swallow. Apple is expected to name Verizon Wireless as one of its carriers with its anticipated unveiling of a new tablet device on Wednesday, sources told The Post. That means Apple head Steve Jobs will probably introduce a Verizon iPhone, ending AT... (6 h ago)

• Calling Grammy Calling Grammy
01/25/2010
With the Grammys coming up next Sunday, Media City is taking a look at what the music magazines are offering. No word, yet, on whether Kanye West will charge the stage. It's hard to reconcile admiration for John Mayer's virtuoso guitar playing with the fact that he's... (6 h ago)

• Business briefs Business briefs
01/25/2010
Wal-Mart cuts Sam's Club, the ware house club division of Wal-Mart Stores, is cut ting roughly 11,200 jobs -- or about 10 percent of its work force -- as it outsources in-store product demonstra tions and eliminates new business member ship representative jobs.Backing Ben The top Republican... (6 h ago)

• Chill factor Chill factor
01/25/2010
Top music downloads 1. Down, Jay Sean 2. I’m Goin’ In, Drake 3. I Can Transform Ya, Chris Brown 4. Money to Blow, Birdman 5. Paparazzi, Lady Gaga 6. Bad Romance, Lady Gaga 7. Sweet Dreams, Beyoncé 8. Empire State of Mind, Jay-Z 9. The Leak, Lil Wayne 10... (6 h ago)

• Go to Greg Go to Greg
01/24/2010
Q I was laid off six months ago. At the time I was earning $150,000 per year. I have not been able to find a job paying at that level since then. My dilemma is that I’d be willing to take a pay cut, but I can’t... (8 h ago)

• The ex factor The ex factor
01/24/2010
If there's a company where you want to work, everyone knows networking with people who work there is a good move. But there's an even better one, says "guerrilla” job-search expert David Perry: Network with people who used to work there. While current employees often won’t speak... (8 h ago)

• Outside the box Outside the box
01/24/2010
To the jaded hacks at @work, it often seems there are as many job-search experts as actual people looking for jobs. While some of their counsel is terrific, it’s rare to find an expert whose advice is novel and tangible. So much career counseling tends to be one or... (8 h ago)

• A spiritual lift A spiritual lift
01/24/2010
Elan Nieves, a recent Fordham Law graduate who passed the New Jersey bar last month, has been going on job interviews lately. She’s also sung “This Little Light of Mine” with strangers in a room on West 116th Street. The two facts are not unconnected. Nieves was participating in... (9 h ago)

• A push to clarify ink cartridge labels A push to clarify ink cartridge labels
01/22/2010
The National Conference for Weights and Measures will soon kick off, and attendees will consider how to make the cost of ink more transparent to consumers. Ashley Milne-Tyte reports. (2 d ago)

• What prices really mean What prices really mean
01/22/2010
Pricing mechanisms for virtually everything in our economy are tilted in favor of sellers. William Poundstone, author of "Priceless," talks with Kai Ryssdal about why we pay what we pay for items. (2 d ago)

• Taco Bell: A gateway to acceptance Taco Bell: A gateway to acceptance
01/22/2010
Many foodies may not think too highly of Taco Bell. But commentator Gustavo Arellano says with the recent death of the fast-food chain's creator, it's time to praise the fruits of his creation. (2 d ago)

• Weekly Wrap: Obama's bank plans Weekly Wrap: Obama's bank plans
01/22/2010
Clusterstock's John Carney and Reuters blogger Felix Salmon talk with Kai Ryssdal about whether President Obama's plans to limit the size and risks of Wall Street banks will work. (2 d ago)

• GSK to fund film on emotional eating GSK to fund film on emotional eating
01/22/2010
Pharmaceutical company GlaxoSmithKline plans to fund a documentary about the hazards of mindless eating. Gregory Warner reports. (2 d ago)

• Ruling opens up political ad frontier Ruling opens up political ad frontier
01/22/2010
In the wake of the Supreme Court's decision on campaign financing, the companies who will turn corporate and union money into political ads look to win big. Mitchell Hartman reports. (2 d ago)

• What another recall means for Toyota What another recall means for Toyota
01/22/2010
Toyota has issued another recall to fix faulty accelerator pedals. What are Toyota drivers supposed to do? Alisa Roth reports. (2 d ago)

• Insurers look to find new markets Insurers look to find new markets
01/22/2010
With the health care overhaul bill stuck in Congress, insurance companies are grappling with nearly 30 million potential new customers disappearing. Now it's back to square one in a tough econmy. Nancy Marshall Genzer reports. (2 d ago)

• Security status for AIG Security status for AIG
01/24/2010
More evidence that the bailout of AIG, and those generous payments to its trading partners, were part of a massive conspiracy that kept US taxpayers in the dark. And another sign that the banks are running the US government. AIG funneled over $90 billion of taxpayer bailout funds to various U.S. and European banks, and the biggest beneficiary was politically connected Goldman Sachs which took $12.9 billion of taxpayer money.So former Treasury secretary Henry Paulson and his successor Timothy Geithner will testify before a ... (8 h ago)

• The Swedish model for US banks The Swedish model for US banks
01/24/2010
And so with the banks, as reported by The Guardian, spending millions lobbying to stop the Obama administration from bringing them into line. They spent $26 million lobbying last year and you can bet they will spend a heap more this time around. The banks are also planning a lawsuit to stop Obama reining them in. US banks have no shame, they don't care how much they're hated. But if they're smart, they might try and negotiate some compromises because the political landscape has ... (9 h ago)

• Age quake and the new normal Age quake and the new normal
01/23/2010
Let's just stop thinking for a moment about recession, job losses and government deficits created by trillion dollar rescue packages.Instead, we are looking at a future of low productivity, rising public spending, more big government and skills shortages.These are the problems of an ageing population captured in this United Nations report, World Population Ageing. "The impact of the financial crisis pales compared to demographic problems," the World Bank's Robert Holzmann has told the European Commission.According to the UN report, the proportion of older people ... (1 d ago)

• Seven time bombs for the economy Seven time bombs for the economy
01/23/2010
A World Bank report says the global economy is recovering. Trouble is it won't feel like a recovery.According to the report, global GDP, which fell by 2.2% in 2009, is expected to grow 2.7% this year and 3.3% in 2011. Growth will be more spectacular in developing countries. But the report warns it could take years before countries recoup the losses incurred in the worse financial meltdown since the Great Depression. We could be looking at 10 years of sub-optimal growth with more government ... (1 d ago)

• Goldman Sachs calls in the sniffer dogs Goldman Sachs calls in the sniffer dogs
01/22/2010
Relations between the banks, the US Government and the public are now in new and dangerous territory with the New York Post reporting that Goldman Sachs used police barricades and called in bomb-sniffing dogs when it announced its record $4.95 billion earnings result. So while the rest of America is struggling, Goldman Sachs continues to rake it in. And in a nice bit of public relations manipulation, Goldman Sachs departed from the industry's practice of ear-marking half its revenues for compensation and actually subtracted ... (2 d ago)

• Pressure on the Washington-Beijing axis Pressure on the Washington-Beijing axis
01/22/2010
Are we looking at the emergence of a trade war between the US and China? One that will tip the world into a double dip recession?Links between the United States and China are now coming under more pressure with Secretary of State Hillary Clinton lambasting China lambasting China over Internet censorship following Google's clash with China."The internet has already been a source of tremendous progress in China, and it is fabulous. There are so many people in China now online. But countries that restrict ... (2 d ago)

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This is abundant, look forward to looking into ea...
John gogs :: 12/28/2009

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

Hi, my friends!! I want to get program XRumer 5.0 ...
MagicOPromotion :: 05/03/2009

Where is this money coming from except from the mo...
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out of control
staystrong :: 02/23/2009

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

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

• In world of wine, accidents can be good In world of wine, accidents can be good
01/22/2010
Accidents happen, the people at the Accidental Wine Company like to say. Good thing for them that they do, too, or the Accidental Wine Company would be out of business. Shopping - Wine - Food - Recreation - Accidental Wine Company (2 d ago)

• Obama cracking down on contractor tax ch... Obama cracking down on contractor tax cheats
01/22/2010
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 (2 d ago)

• PetSmart fires man who brought dog to wo... PetSmart fires man who brought dog to work
01/22/2010
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 (2 d ago)

• New technology makes business cards pass... New technology makes business cards passé
01/22/2010
Paper business cards are becoming passe as new digital networking tools emerge. Business card - Business - Shopping - print - Supplies (2 d ago)

• Burger King: Want a beer with those frie... Burger King: Want a beer with those fries?
01/22/2010
Burger King is opening a restaurant in Miami Beach that will serve beer along with burgers and fries, the chain's first U.S. location with alcohol. burgerking - United States - Miami Beach Florida - Beer - Recreation (2 d ago)

• In world of wine, accidents can be good In world of wine, accidents can be good
01/22/2010
Accidents happen, the people at the Accidental Wine Company like to say. Good thing for them that they do, too, or the Accidental Wine Company would be out of business. Wine - Shopping - Food - Recreation - Drink (2 d ago)

• Hershey: No plan now for Cadbury bid Hershey: No plan now for Cadbury bid
01/22/2010
The Hershey Co. on Friday conceded the race to acquire British candy maker Cadbury, opting for a slower road to international expansion but also possibly a tougher battle for shelf space. Kraft Foods - Cadbury plc - Chocolate - Business - KFT (2 d 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. Barack Obama - Wall Street - Stock market - United States - Business (3 d ago)

• Seen that? - Looking for Products to Sel... Seen that? - Looking for Products to Sell Online?
01/22/2010
Looking for Products to Sell Online? Home Based Business One of the easiest home based businesses to venture into is buying and selling products online, but what products should you buy and sell? This is a crucial question you have to ... (2 d ago)

• Obama bank plan, China's moves to cool e... Obama bank plan, China's moves to cool economy boost fear factor on Wall Street
01/23/2010
U.S. stocks fell for a second straight week, sending the market to its biggest drop since October, as banks plunged on a White House proposal to limit financial risk-taking and China moved to cool economic growth. (1 d ago)

• China's Economy is Heating Back Up China's Economy is Heating Back Up
01/23/2010
© Emile Bremmer Chna made economic news this past week by announcing that its gross domestic product grew 10.7% in the fourth quarter of 2009, and that as far as China was concerned the recession was now over. The Chinese are more worried about inflation than recession and they plan to take steps to bring their growth under control. Growth had been projected at around 9% for the quarter. So the growth rate of almost 11% was a bit of a surprise. Many analysis ... (1 d ago)

• Look Over Your Family Budget and Fine-tu... Look Over Your Family Budget and Fine-tune It
01/22/2010
© KrissZPhotography The purpose of setting up a family budget is to be able to control where the money goes. This works two ways: to stop the money loss, and to put the money where you want it. While some people are successful at limiting uncontrolled money loss, it still may not end up where it ought to go - into saving money. This means that saving money needs to be considered a priority in the family budget - not as an unnecessary or ... (2 d ago)

• Seen that? - Offshore outsourcing sees c... Seen that? - Offshore outsourcing sees continued rise
01/24/2010
Offshore outsourcing sees continued rise The Outsourcing Weblog According to a research by sourcing advisory company TPI, offshore outsourcing will see more growth as more than 80% of large companies plan to increase their offshore outsourcing activities. The research which ... (13 h ago)

• Workers finding fulfillment in encore ca... Workers finding fulfillment in encore careers
01/24/2010
In search of fulfillment, many workers are now turning to so-called “encore” careers. Order fulfillment - Business - Distribution - Kiva Systems - Transportation and Logistics (16 h ago)

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