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Business News
for 01/26/2010

(last updated 7:30am EST 01/26/2010)

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• Global Growth Concerns Hit World Markets Global Growth Concerns Hit World Markets
01/26/2010
Stocks in Europe and Asia fell after figures showed Britain emerged from recession far slower than anticipated and investors worried about lending curbs in China. (3 h ago)

• With Apple Tablet, Print Media Hope for ... With Apple Tablet, Print Media Hope for a Payday
01/26/2010
Apple is expected to market its tablet computer not just as a way to read news and books, but also as a way for companies to charge for content. (3 h ago)

• Japan’s High Debt Prompts Credit Rating ... Japan’s High Debt Prompts Credit Rating Warning
01/26/2010
The Standard & Poor’s credit rating agency downgraded its outlook of the Japanese economy, a move that reflects the challenges facing the country’s heavily indebted economy. (3 h ago)

• Britain Breaks Out of Recession, but Jus... Britain Breaks Out of Recession, but Just Barely
01/26/2010
Britain’s economy grew 0.1 percent in the last three months of 2009, expanding for the first time after six straight quarters of contraction. (4 h ago)

• South Korea’s Economic Growth Slowed in ... South Korea’s Economic Growth Slowed in Quarter
01/26/2010
The slowdown, due to weakness in manufacturing, construction and exports, is a sign that the country’s recovery from the global meltdown a year ago is losing vigor. (4 h ago)

• Oil Company Near Settling Over Contract ... Oil Company Near Settling Over Contract in Kurdistan
01/26/2010
DNO announced that it would probably have to pay from $12 million to $144 million to the former American diplomat Peter W. Galbraith and a Yemeni businessman. (7 h ago)

• Judge Allows S.E.C. to Add Galleon Case ... Judge Allows S.E.C. to Add Galleon Case Charges
01/26/2010
A federal judge ruled Monday evening that the Securities and Exchange Commission could amend its charges against Raj Rajaratnam and others involved in the broadening insider trading case surrounding the Galleon Group. (7 h ago)

• China Issues Sharp Rebuke to U.S. Calls ... China Issues Sharp Rebuke to U.S. Calls for an Investigation on Google Attacks
01/25/2010
China said any U.S. suggestions that China condoned or directed hackers’ attacks against Google were “groundless.” (8 h ago)

• Existing-Home Sales Drop More Than Forec... Existing-Home Sales Drop More Than Forecast
01/25/2010
The 16.7 percent decline raised questions about whether the market can function without government assistance. (8 h ago)

• Bankers Return to Davos With a Bit Less ... Bankers Return to Davos With a Bit Less Swagger
01/25/2010
As they gather for the World Economic Forum, bankers face increased calls for tighter regulation. (8 h ago)

• China to Move Against Local Lobbyists China to Move Against Local Lobbyists
01/25/2010
China’s government is reported to have ordered the closure of thousands of “regional liaison offices” that local governments and companies operate to curry favor with high officials. (8 h ago)

• British Airways Is Training Employees as... British Airways Is Training Employees as Fill-Ins if Attendants Strike
01/25/2010
As cabin crews vote on whether to begin a strike, the airline has started training employee volunteers to take their place if the union decides to walk out. (9 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 Corporation, a Japanese wireless operator, for $4 billion. (9 h ago)

• To Attract Shoppers, G.M. to Pay Debt to... To Attract Shoppers, G.M. to Pay Debt to U.S.
01/25/2010
The now permanent chief of the car firm thinks the best way to lure consumers back is to pay back the loans from taxpayers. (9 h ago)

• An Investigator Presses to Uncover Bailo... An Investigator Presses to Uncover Bailout Abuse
01/25/2010
A special inspector general shows a willingness to stand up to powerful institutions of Washington and Wall Street. (9 h ago)

• Argentine Banking Dispute Goes to Congre... Argentine Banking Dispute Goes to Congress
01/25/2010
Lawmakers will take up the fight over tapping the central bank’s reserves to pay the country’s debts. (9 h ago)

• Bernanke Is Gaining Supporters Bernanke Is Gaining Supporters
01/25/2010
Even if Democratic leaders get the votes necessary to surmount a threatened filibuster, the Fed’s reputation appears to have been tarnished. (9 h ago)

• Wind Power Grows 39% for the Year Wind Power Grows 39% for the Year
01/25/2010
The growth was spurred by a federal stimulus package, but the advance could slow this year as the effects of the 2009 recession kick in. (9 h ago)

• E.U. Opens Antitrust Investigation Into ... E.U. Opens Antitrust Investigation Into Mining Deal
01/25/2010
The European Commission said it will examine a joint venture proposed by BHP Billiton and Rio Tinto that steelmakers argue would stifle competition and raise prices for iron ore. (11 h ago)

• With Profit Down 82% for Quarter, Ericss... With Profit Down 82% for Quarter, Ericsson Plans More Job Cuts
01/25/2010
Profit in the fourth quarter dropped 82 percent as Ericsson struggles to adjust to competition from low-cost Chinese rivals. (12 h ago)

• Ministry: 3G users exceeding 10 million ... Ministry: 3G users exceeding 10 million in China
01/26/2010
The year of 2009 saw the take-off of 3G telecommunications in China. Statistics from Ministry of Industry and Information Technology (MIIT) show that 3 basic telecommunication enterprises in China joined together in 2009 to make an investment of 160.9 billion yuan into 3G network construction. The scale of construction is more than half of the accumulated construction for the past decade, setting a record in the history of global telecommunications. Recently, the 3 operators revealed the ... (1 h ago)

• Peugeot premieres newest generation car ... Peugeot premieres newest generation car in China
01/26/2010
China-France joint venture Dongfeng Peugeot premiered its newest generation car, the Dongfeng Peugeot 408, in Beijing on January 25, which was the first time that Peugeot has held a world premiere for its newest generation car in an overseas market since the French Peugeot brand was created 120 years ago. Industry insiders say this not only indicates the increasingly important position of the Chinese market in the world, but also marks that French Peugeot or even PSA Peugeot Citroen have offi ... (1 h ago)

• Spanish Ambassador: EU-China trade ties ... Spanish Ambassador: EU-China trade ties need nurturing
01/26/2010
Promoting the rationalization of trade and economic bilateral ties between EU and China would be one of the goals for Spain when the country holds the rotating EU presidency, said Carlos Blasco Villa, Spanish ambassador to China, at the press conference jointly held by Spanish Embassy and the EU Embassy in Beijing on Tuesday. In recent years, the EU and China had a strong momentum in bilateral trade ties. Till now, EU had become the biggest trade partner with China, but both parties also had ... (1 h ago)

• China shares close lower Tuesday China shares close lower Tuesday
01/26/2010
Shares in the Chinese mainland closed lower Tuesday, with the benchmark Shanghai Composite Index down 75.02 points or 2.42 percent to close at 3,019.39. The Shenzhen Component Index lower by 307.63 points or 2.47 percent to close at 12,162.56. &$ &$Source: Global Times&$ &$ ... (1 h ago)

• Tibet introduces funds of 71.8 bln yuan ... Tibet introduces funds of 71.8 bln yuan in 5 years
01/26/2010
Tibet brought in funds of 71.8 billion yuan RMB (10.5 billion U.S. dollars) from other parts of China during the 11th Five-Year Plan period (2006-2010), according to the Tibet Autonomous Regional Development and Reform Commission (TARDRC). Of the total, 19.1 billion yuan RMB (2.8 billion dollars) has arrived, said Jin Shixun, director of the commission. With the deepening of the reform and opening up drive, Tibet has held various kinds of activities to attract investors in many field ... (1 h ago)

• Karaoke royalties hit 170 million yuan i... Karaoke royalties hit 170 million yuan in 3 years
01/26/2010
According to the second member conference of the China Audio-Video Copyright Association held January 25, karaoke royalties, resulting from the protection of an important part of intellectual property rights (IPR) since 2007, have harvested a total of 170 million yuan of royalties during the 3 years. Wang Huapeng, the association's vice president and director general, said that since the payment of karaoke royalties came into effect in 2007, the consciousness of protecting copyrights has inc ... (1 h ago)

• Boeing vice-president to work in China f... Boeing vice-president to work in China fighting for market share
01/26/2010
Boeing has appointed its Commercial Airplanes Vice President as Vice President of Sales for China in order to expand co-operation in China, competing for the Chinese market orders. 21st Century Business Herald learned it from the Boeing Company on January 25, 2010. The new vice president was the former vice president of sales at Boeing Commercial Airplanes. He will be based in Beijing and mainly working on China market sales. In the Boeing group, to have the Group's vice president appointe ... (1 h ago)

• First 'five-star' supermarket opens in S... First 'five-star' supermarket opens in Shanghai
01/26/2010
Lotus Supermarkets opened what it calls a "five-star" supermarket in Shanghai's Super Brand Mall on January 25, 2010. After transformation, the supermarket's environment and facilities, goods, services and management have a significant facelift than before. It is learned that there are 3,000 kinds of products in the supermarket, and the proportion of imported goods totals up to 40% or more, where the public can enjoy the selection of ethnic cuisines and specialties. All goods bear labels in C ... (1 h ago)

• Property tycoon Ren Zhiqiang ranks 1st a... Property tycoon Ren Zhiqiang ranks 1st among home developers
01/26/2010
How much do top property developers earn annually? The China Real Estate Manager Alliance released the Top 100 annual pay list for listed property companies' top officers on January 23 that was formulated on the basis of statistical data in the listed company's annual reports. KAM Hing Lam, deputy managing director of the Hong Kong-based Cheung Kong (Holdings) Limited ranks first with an annual pay of 18.35 million Hong Kong dollars. Huayuan chairman Ren Zhiqiang ranks second with an ann ... (1 h ago)

• Who will be the next Bill Gates? Who will be the next Bill Gates?
01/26/2010
Who will be the next technology tycoon after Bill Gates? Some young Chinese entrepreneurs are promising candidates. Prominent U.S. financial magazine Forbes selected 8 candidates for "the next Bill Gates" on January 25, 2009. All of these eight candidates are under 40 years old, and of which four are Chinese, including Shanda Interactive Entertainment Limited founder Chen Tianqiao, NetEase founder William Ding, Tencent founders Ma Huateng and Zhang Zhidong. &$ <img src='/mediafile/20 ... (1 h ago)

• Geely to finalize Volvo deal in February Geely to finalize Volvo deal in February
01/26/2010
China's Geely Group Limited and Ford Motor Company may enter into a definitive acquisition agreement in February, and the whole deal over Volvo Car Corporation will be finished in May, the Shanghai Security News reported on Tuesday. Yuan Xiaolin, a Geely staff who is in charge of the Volvo acquisition, said that the two companies are discussing over relevant legal documents. The Shanghai Security News quoted an unnamed source that Geely and Ford may ink the final agreement on February 8. It i ... (1 h ago)

• 'No presale' shocks Nanning's realty mar... 'No presale' shocks Nanning's realty market
01/26/2010
Guangxi Zhuang Autonomous Region's housing and urban-rural development department announced on Jan 23 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. On January 24, the day after the announcement, only 38 apartments were sold, 80 percent lower compared with the average daily sales of over 200. Song Jidong, the Party secretary of the regional housing and urban-rural development ... (1 h ago)

• China shares open higher Tuesday China shares open higher Tuesday
01/26/2010
Shares in the Chinese mainland opened higher Tuesday, with the benchmark Shanghai Composite Index up 0.01 percent to open at 3,094.85. The Shenzhen Component Index increased 0.21 percent to open at 12,496.11. &$ &$Source: Global Times&$ &$ ... (1 h ago)

• Mainland, Taiwan experts start talks on ... Mainland, Taiwan experts start talks on long-awaited economic pact
01/26/2010
Experts from the Chinese mainland and Taiwan held their first talks here Tuesday to pave the way for a long-awaited economic deal that is expected to boost cross-Strait economic ties. The experts' meeting would prepare for the formal discussion on the proposed Economic Cooperation Framework Agreement (ECFA) at the next round of talks between the mainland's Association for Relations Across the Taiwan Straits (ARATS) and Taiwan's Straits Exchange Foundation (SEF) in the first half of this year. ... (1 h ago)

• Japan's corporate service prices fall fo... Japan's corporate service prices fall for 15th straight month
01/26/2010
Japan's corporate service price index (CSPI) fell for a 15th straight month in December, according to preliminary figures released by the Bank of Japan (BOJ) on Tuesday. The prices businesses pay for services such as transportation and advertisements declined 1.5 percent from a year earlier as the slower economic recovery prompted companies to cut costs. December's decline slowed from a revised 2.2 percent fall in November and a record drop of 3.5 percent marked in August, which was the la ... (1 h ago)

• Nikkei rebounds slightly on overnight Wa... Nikkei rebounds slightly on overnight Wall Street gains
01/26/2010
Nikkei opened slightly higher Tuesday on overnight gains in U.S. market. In the first 15 minutes of trading, the benchmark Nikkei-225 index gained 25.68 points, or 0.24 percent, from Monday to 10,538. 37. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 1.76 points, or 0.19 percent, to 936. 35. The Second Section also advanced. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• Dollar trades at mid-90 yen range in Tok... Dollar trades at mid-90 yen range in Tokyo
01/26/2010
The U.S. dollar edges up slightly to the mid-90 yen level early Tuesday in Tokyo. At 9 a.m., the dollar was quoted at 90.40-42 yen compared with Monday's 5 p.m. quotes of 90.23-33 yen in New York and 90.21-24 yen in Tokyo. The euro fetches 1.4147-4148 dollars and 127.90-94 yen against 1.4145-4155 dollars and 127.66-76 yen in New York and 1.4149-4152 dollars and 127.66-70 yen in Tokyo late Monday. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• Bank of England backs Obama's reforms Bank of England backs Obama's reforms
01/26/2010
Mervyn King, Bank of England governor, stressed that he did not think any proposal on banking reform is 'a silver bullet' The rift between the government and the Bank of England was reopened today when officials from the central bank gave enthusiastic backing to the sweeping changes to the banking system outlined by Barack Obama last week. At a Treasury select committee, officials called for a wide ranging debate about the future structure of the banking system and admitted that in 20 years times there needed to be smaller bankers with specialist activities rather than large banks that were "too big to fail". The Bank's endorsement of the Obama changes is in contrast with the government which has refused to adopt the reforms outlined by the US administration , regarded as the biggest changes to banking since the Great Depresssion. City minister Myners has said the Obama plan was tailor-made for the "idiosyncratic problems" in the United States but the Conservatives have also seized upon the Obama proposal to prohibit banks from running hedge funds, investing in private equity and betting on the markets if they take customer deposits, by claiming they would adopt such measures if elected later this year. Mervyn King, Bank of England governor, stressed, though,that he did not think "any proposal is a silver bullet". Paul Tucker, deputy governor of the Bank and responsible for financial stability, told the committee that he agreed "with the spirit of the President's proposals" to prevent banks from using customer deposits to engage in risky activities. Tucker said that banning banks from proprietary trading , as the US is proposing, "might" reduce the risk of taxpayer bailouts in the future at the hearing being held by the committee on whether banks are "too big to fail". But he also made it clear that there were problems with defining proprietary trading. Andy Haldane, executive director for financial stability, ducked the question, saying that he wasn't sure he wanted to "pin my colours on that being the only path to redemption". King said the US president's plan to prohibit banks from engaging in risky activities demonstrated that there was still political appetite for change. He said one of his concerns was that the will for overhauling regulation would disappear. Asked about Obama's plan, the Bank of England governor said: "I don't think anybody is either ahead or behind the curve but what the proposals announced last week did I think was to make very clear that radical reform is on the table and that is the most important thing. These are very difficult questions ... there are no simple answers. If there were, I rather think that previous generations would have found them so we should recognise that they are complex." The introduction of a Tobin tax on transactions was the bottom of the list of the changes needed, King said, but reckoned that there was more support for a levy of the kind proposed by the US to raise $90bn (£55bn) over 10 years . "It goes to the heart of the 'too big to fail problem'. The idea worth exploring in the future is the idea of countries having a levy on the balance sheet... to reduce the incentives to use short-term debt," said King. King argued that he was in favour of a three-legged stool, which requires: • banks to hold more capital • the creation of a resolution regime in the event they fail • and to alter the structure of banks, such as the proposals outlined by Obama. King said there was a need for international cooperation. "I think it is better if we can to work in conjunction with other countries and I think that there's no doubt the United States will be very keen to work with the United Kingdom and other countries in discussing radical reform in this area, but the reason why we are in a particular difficulty is that the size of the banking system has now become so large relative to GDP ... and that is something which the market itself will recognise as being not something that's likely to be sustainable." King said: "One way or another it doesn't make to sense to pretend we can run with a system that if it requires a bail out .. that this is a system we can credibly, easily support". But the governor said he could not conclude whether the banking system needed to shrink, given that it is five times the size of GDP. "It's not up to us to judge whether it should be bigger or smaller. We do need a safer and more robust system that may or may not turn out to be smaller." Tucker said there needed to be a view that "these banks are going to be laid to rest in an orderly way rather than rescued". Bank of England Banking Obama administration Mervyn King Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• UK recession: winners and losers UK recession: winners and losers
01/26/2010
As Britain finally exits recession, we assess which sectors and companies have thrived, and look back at those that did not make it Banks Investment banks are judged to be one of the key causes of the recession and a downturn lasting six quarters has seen a dramatic shake-up both in the UK and on Wall Street. While Lehman Brothers, Merrill Lynch and Bear Stearns may have disappeared, rumours of the sector's demise turned out to be dramatically exaggerated. Fewer banks and more government business has meant bumper profits for survivors such as Goldman Sachs and Barclays. The banks' plans to pay large bonuses has become such a political hot potato that Barack Obama has said he is "up for the fight" with Wall Street . On the high street, big names such as Alliance & Leicester, Bradford and Bingley and Dunfermline building society had to be taken over while Royal Bank of Scotland and Lloyds Banking Group are now under state control; in the US scores of small regional banks are still collapsing every month. Enormous debts from deals and loans that have turned sour are still sitting on banks' balance sheets and will be a lasting reminder of the recession for years to come. Retail Recession has sorted the wheat from the chaff in the retail sector with thousands of shops closing and major household names from Woolworths to Dolcis and Borders disappearing. Analysts at Verdict estimate that retailers with sales of £7.4bn have gone bust over the past two years, with one in seven shops empty at the close of 2009. Sectors such as furniture and homewares bore the brunt of the downturn, with The Pier, Ilva, MFI and Land of Leather among the chains that perished as consumers deferred big ticket purchases. By comparison, the supermarkets and value chains such as Primark gathered momentum as consumers traded down in straitened times. Transport Transport companies have been among the biggest losers from the recession with airlines such as British Airways, which made the majority of its profits from business class seats, haemorrhaging cash. Budget airlines easyJet and Ryanair have picked up passengers. Rail firms have also struggled with a fall in passenger numbers, particularly on commuter routes where demand is down due to higher unemployment. National Express paid £1.4bn to run the east coast line in 2007 but handed back the loss-making route last year . Manufacturing What is left of UK manufacturing suffered several major blows as banks stopped lending. Carmakers such as Jaguar LandRover and Honda laid off workers and short-time working was introduced as the dearth of loans available to consumers saw sales slump by more than 30% at the height of the credit crunch. Suppliers to the industry were also caught in the credit squeeze which sent the likes of Visteon to the wall . Deflating commodity prices also hit steelmaker Corus which is laying off up to 4,500 UK workers , hitting already deprived areas such as the north-east. Property As the recession took hold, the boom in commercial and residential property prices came to an abrupt halt with house prices down 20% year-on-year by January of last year. However, the market took an unexpected turn as the year progressed with prices pushed up as buyers fought over a small number of properties. Estate agents were selling just 1.5 houses a week. It could be worse: government support has held back the number of UK repossessions but in some US states more than 1 in 10 homes is in the process of foreclosure. There are also signs of life in the commercial property market with average values up 9% since July, but commercial property investors remain nervous as banks are sitting on vast property losses – in the first year of the recession valuations plunged 40%. Energy The oil price has stayed higher than in previous downturns and cushioned the oil companies. From the record $147 a barrel seen in July 2007, oil sank to $40 but has since recovered to $80. Nonetheless, Shell has delayed some of its more costly projects, such as its tar sands operation in Canada. The lower oil price and higher exploration costs have also seen BP and Shell lay off 10,000 workers worldwide. Wholesale energy prices have almost halved since the beginning of the recession, but the Big Six suppliers – RWE, E.ON, Centrica, Scottish & Southern, Scottish Power and EDF – have only cut electricity and gas bills by about a tenth in that time, arguing they need to bank higher profits to invest £200bn in infrastructure projects. The credit crunch also made it harder for wind farm developers to finance new projects, but higher government subsidies announced last year have helped ease the logjam. Fun The economic gloom put mass escapism on the menu with the buzz around James Cameron's Avatar as well as blockbuster films such as Harry Potter and the Half-Blood Prince and Star Trek putting UK box offices on track for record takings of £1bn in 2009. By December Marks & Spencer boss Sir Stuart Rose said Britons were "fed up of being fed up". Champagne sales soared as shoppers cast off the drudgery of discounters like Aldi and traded up to close the year with a bang. Recession Economic growth (GDP) Lehman Brothers Merrill Lynch Bear Stearns Alliance & Leicester Bradford & Bingley Dunfermline building society Royal Bank of Scotland Lloyds Banking Group Woolworths Borders MFI Land of Leather Supermarkets Primark British Airways Easyjet Ryanair National Express Jaguar Land Rover Honda Corus House prices Commercial property Oil Royal Dutch Shell Zoe Wood guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Reaction: what the experts say Reaction: what the experts say
01/26/2010
The UK has finally exited recession , but figures showed that growth was just 0.1% last quarter and experts don't see a strong recovery this year Vince Cable, Liberal Democrat Treasury spokesman "The markets will be surprised that growth has been markedly slower than expected. Far from the quick recovery the chancellor has been praying for, the economy is only just staggering back into growth. "The British economy has had the economic equivalent of a heart attack and is still very weak. With both the construction and banking sectors in trouble, we are not out of the woods yet. "The economy remains dependent on artificial money creation and a government running a massive deficit, but with growth of just 0.1%, Tory proposals to immediately slash government spending would be disastrous. "Our economy is too reliant on consumer spending and debt and a failing financial services industry. "A lasting and sustainable recovery can only be achieved if we correct these fundamental imbalances." George Osborne, shadow chancellor "After this great recession, any signs of growth are welcome. But these very weak growth figures show that Gordon Brown's government left us badly prepared for the recession and badly prepared for the recovery. We urgently need a new model of economic growth that includes a credible deficit reduction plan that keeps mortgage rates low, creates jobs and doesn't choke off recovery." Jonathan Loynes, chief European economist at Capital Economics "The fourth-quarter GDP figures are a major blow to hopes that the UK economy had emerged decisively from recession in Q4. We thought that the risks to the median forecast of a 0.4% gain in GDP were on the downside, but the 0.1% increase is a big blow. "The disappointment came mainly in the services sector, which grew by just 0.1% rather than the 0.5% or 0.6% rise suggested by the business surveys. No doubt some commentators will claim that the figures are under-estimating the true strength of the recovery and will be revised up in time. That it is certainly possible. But it won't change the big picture of an economy still operating way below both its pre-recession and trend levels of output. With household incomes under pressure, credit in short supply and a major fiscal squeeze looming, the path to a full recovery is going to be a long and bumpy one. We still expect average GDP growth of a below-consensus 1% or so in 2010. Further monetary policy support may be back on the agenda." Hetal Mehta, senior economic adviser to the Ernst & Young ITEM Club "While the UK is now finally out of recession, the preliminary GDP estimate seems to be at odds with much more upbeat survey data. There do not appear to be obvious VAT effects in the retail figures, and the services sector in general is exhibiting particularly slow progress. "There is a strong possibility that the Q4 figures will be revised up. Despite the significant policy stimulus, particularly on the monetary side, we still anticipate GDP growth of 1% this year." Lee Hopley, EEF chief economist "Whilst today's data confirm that manufacturing is now out of recession they also continue to raise questions over the health of the wider economy. The trajectory for the recovery, particularly in the next six months, is an uncertain one and the best prospects remain an export-driven turnaround." Nick Beecroft, senior foreign exchange consultant at Saxo Bank "The UK economy apparently finally left recession in the last quarter of 2009, but only by a hair's breadth. The ONS preliminary estimate had been expected to show quarter-on-quarter growth of 0.4% but, instead, the release came out at 0.1%. Given the invariable tendency for these preliminary figures to be revised, it is perfectly possible that, in fact, it will transpire that the economy was still mired in recession. "In a sense this is a pretty dry, academic point anyway – anaemic growth of this sort will do nothing to reduce unemployment or contribute to higher tax revenues. "One is vividly reminded of a miscued rugby try conversion kick scraping over the bar." Stephen Gifford, chief economist at Grant Thornton "Today's announcement that the UK is officially out of recession has been a long time coming considering the rest of Europe and the US returned to growth some six months ago. Whilst everyone will be breathing a collective sigh of relief across the country, economic growth of 0.1% is lower than expected and hardly a resounding vote of confidence. "The last six quarters of economic contraction has left an economic scar on the UK and the journey to trend growth will be slow and patchy. But there are some reasons to be optimistic, with unemployment beginning to decline, consumer confidence rising and markedly lower reports of home repossessions. "People are now much more optimistic about the future path of the UK economy, but we should still be cautious and expect a lot of unpredictable activity along the way before any sense of stability returns. "The real worry will be the impact on confidence from the pending tax increases and spending cuts. It is certain that unprecedented cuts and rises will be needed if the record deficit is to be reduced. But this future burden will hit all households and businesses hard." Howard Archer, chief UK economist at IHS Global Insight "The good news is that the UK finally exited recession in the fourth quarter of 2009. The worrying news is that growth was marginal; and, while the UK may be officially out of recession, it is far from out of the economic woods! Economic and financial conditions are still very challenging and the UK faces a tough job to build a decent recovery. We suspect GDP growth will be limited to 1% in 2010. "This is another desperately disappointing GDP release. While the UK officially exited recession in the fourth quarter of 2009, it could only crawl out. GDP growth of 0.1% quarter-on-quarter was well below expectations, with service sector output and industrial production only edging up by 0.1%. Construction output only stagnated after expanding in the previous two quarters." Colin Ellis, European economist at Daiwa Capital Markets Europe "Never has an end to a recession been so underwhelming. After six consecutive declines in GDP, today's preliminary estimate of growth for the fourth quarter of 2009 confirmed that the economy finally posted positive growth – but only just. On an underlying basis, the economy only stagnated at best. "Today's data therefore present a big problem for the [bank of England's] monetary policy committee, which has been expecting strong GDP growth to keep inflation on target in the medium term. The biggest impact of the MPC's past cuts in interest rates has probably already been felt, but with the economy still clearly in intensive care, there is a strong case for more support from policy to boost growth and job creation. The problem is that the impact of the BoE's gilt purchases has been entirely underwhelming – but, despite this, the MPC now seems nervous about extending its purchases, given that it will have spent fully £200bn, or almost double the entire government health budget for the 09/10 financial year, by February. Ideally, the BoE should now set out its Plan B for kickstarting the economy, and get ready to put it into action quickly if growth continues to disappoint. If it does not, the MPC will be wide open to the charge that not only did it miss the recession in the first place – it only started cutting interest rates six months after the economy started to shrink – but also that it does not know what to do to get growth started again. It is time for the MPC to silence the critics and prove that it is fit for purpose." David Kern, chief economist at the British Chambers of Commerce (BCC) "These figures are disappointing and well below most analysts' expectations. But, for the second quarter in a row, the GDP figures confirm the more realistic assessment signalled in our quarterly economic survey, which clearly indicated that any recovery will face serious obstacles. "The main aim now must be to ensure that the modest recovery consolidates and slowly gathers momentum. It is critical for both the government and the MPC to pursue policies that make it possible for business to invest and export. Regulatory burdens must be removed wherever possible, and access to finance improved. A double-dip recession must be avoided at all costs." Richard McGuire, senior fixed income strategist at RBC Capital Markets "While today's reading does draw a line under the UK's longest post-war recession it is a very faint one which, in turn, raises a question mark over the strength of the recovery as we head through 2010. This somewhat gloomy view is supported not only by the unexpectedly muted nature of the expansion but also the arguably temporary factors (such as the government's car scrappage scheme) that appear to have underpinned output in the quarter. While we continue to expect the Bank to opt not to raise the current £200bn quantitative easing limit on 4 February, these data have served to reduce our confidence in this call. At the very least, there would appear some increased scope for dissent within the MPC in favour of continuing along the unconventional policy path in the wake of today's numbers. "What we can be more certain of, meanwhile, is that the UK's disappointing recovery path sees the prospect of a normalisation of conventional policy as a decidedly distant one. We continue to see the Bank beginning to normalise policy in the fourth quarter of this year at the earliest." John Hawksworth, head of macroeconomics at PricewaterhouseCoopers "Given the normal margin of error for such preliminary GDP estimates, the difference between 0.1% and zero growth is statistically insignificant. Today's surprising weak GDP estimates therefore leave open the technical question of whether the UK economy has yet emerged from recession. "Nonetheless, there have been more positive signals recently both from labour market data and a range of business surveys, including the latest purchasing managers' indices for both manufacturing and services and the CBI/PwC financial services survey. Taking these other data sources into account, we believe that subsequent GDP revisions are more likely than not to reveal stronger growth in the fourth quarter than the ONS currently estimates. "We therefore still expect GDP growth of around 1% to 1.5% in 2010 once data revisions are completed, but our projections suggest that the level of GDP may not recover to pre-recession levels until the second quarter of 2012. It will be a long hard climb out of recession and there are many risks to be negotiated along the way. These risks include a possible relapse in property prices later this year and the drag on medium-term economic growth from an expected significant tightening of both monetary and fiscal policy from 2011 onwards. We are not out of the woods yet by any means." Recession Economic growth (GDP) Economics Unemployment and employment statistics Services sector Manufacturing sector Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Cab maker Manganese Bronze warns on prof... Cab maker Manganese Bronze warns on profits
01/26/2010
Higher than expected warranty costs and falling black cab sales have combined to hit profits at Manganese Bronze . The cab maker has warned that full year profits will be below expectations because of the recession and caution among drivers. On top of that the company is still dealing with the fallout from a spate of fires in the TX4 cab. Today it said: [The company] has identified a higher than expected warranty spend, mainly related to the now resolved TX4 radiator rectificationss, which will be included in the preliminary results. The news has sent the company's shares down 23p at 85p. Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Ten of the best … tips to help you sell ... Ten of the best … tips to help you sell your home in a flat market
01/26/2010
With some commentators predicting the housing market will flatline in 2010, Sandra Haurant offers advice on maximising your chance of a sale The outlook for house prices may not be quite as gloomy as it was this time last year , but despite several months of increased activity some commentators are predicting the market will flatline in 2010 . It is good news for would-be buyers who are trying to save a deposit for a home, but not so great if you are planning to sell your home. So what can you do to maximise your chance of a sale? 1. Choose your estate agent well You don't have to sell your home through an estate agent, but if you do, choose carefully. This is always important, but even more so in a slow market where your home is not going to sell itself. Ask friends and neighbours for recommendations, look for agents selling properties similar to your ownand ask three or four to come and give you a valuation. Choose someone who is enthusiastic about selling your house, and someone who sees, and will sell, the positives. Find out where your house will be marketed. Websites such as Rightmove and Primelocation should be a given, as should local newspaper property pages. Remember, if you opt for an agent that is part of a chain, your house should also show up on the database in other branches. You will be dealing with the agent on a regular basis, so try to find one with whom you get along. Bear in mind that the valuer may not be the person with whom you have regular contact, so check who this would be and meet or speak to them before you decide. 2. Haggle over fees Don't accept the agent's first quote without seeing if you can get a better deal elsewhere. The latest Land Registry figures showed prices were down year-on-year, so there is a chance you will be making a loss on your property. With this in mind you should attempt to make savings elsewhere to offset it. Ask if your preferred agent can match the percentage charged by the cheapest agent, or meet in the middle. A fraction of a per cent on a house sale could be worth a substantial amount of money. 3. Get the price right It is tempting to go with the highest valuation you receive, but be realistic. "In a flat market, price is more critical than ever," says Spencer Cushing, manager at John D Wood & Co in South Kensington. Check the prices on similar properties to get an idea of what price to expect. While the national house price indices can give you an idea of market trends, some areas have seen things picking up more than others. "Know how much the properties you are in competition with are selling for, and undercut them. Psychologically, for buyers, yours will appear better value," Cushing advises. "If your price is too high the property will hang around. If you price low you will attract more interest and increase the chance of getting competitive bidding, and may even sell for over the guide price." 4. Get organised Put together a file containing all documents to do with the house. Include any guarantees for repairs, certificates for gas and electrical work, council tax bills and any other documentation you have. Your solicitor will ask for the lot. You will also need to provide proof of identity and of address to your solicitor, so dig out your passport and recent utility bills with names of all owners. Do this in advance and you will be ready to leap into action when an offer comes in. Taking time to collect together the relevant paperwork may make your seller nervous, and at a time when some still feel cautious about the market it is not a good idea to give them anything to worry about. 5. Clear the clutter Prepare for a viewing seriously. Keep rooms tidy, stay on top of the vacuuming and clear dishes from the draining board. The idea is to demonstrate that this is an attractive, functional home. Leaving your stuff lying around may create the impression that there is not enough storage. Again, it is always important to do this, but even more so if there are lots of similar properties on the market. 6. Improve your home … Don't gut and redecorate the entire property, but do fix what is obviously damaged. "If there has been a leak and there is some staining, I would say pay the money and repair that. If there are some hairline cracks, fill them in. A first-time buyer may think there is a serious problem, even though this is not the case," Cushing says. If you have been letting your home it could be in need of some serious cosmetic repair. You don't need to obsess over depersonalising a home, but if rooms are painted bright colours you should consider a quick coat of neutral paint. Tim Wardley, regional managing director at estate agency Connells , says: "Purchasers are trying to picture themselves living in your home so minimise personal possessions such as photos." But concentrate on first impressions. Paint the front door, tidy the garden and make the entrance area as welcoming as possible. If you live in a flat, do your best to improve the communal areas. If they look shabby it will appear that the building is not well maintained. 7. … But don't overspend Buyers often like to make their mark, so don't waste your money on trying to second guess what they like. "Everyone is a budding developer, everyone wants to feel they can add value," Cushing says. If the kitchen is tired, don't spend money on replacing it – there is little chance you will make your money back. Don't replace carpets, but do get them cleaned. 8. Don't hover over viewers A good estate agent will show potential buyers around a property as part of the service, so let them. "Take the dog and kids out for a walk when people come round," Wardley says. Or if you need to be at home, be welcoming but discreet. Keep pets and children out of the way, anything to make viewers feel they are not imposing. "The hardest property to sell is the one where the owners loiter in the background," Cushing says. "People feel uncomfortable when the owner is around. They don't want to talk about the property out loud, and more often than not want to leave too quickly." 9. Keep tabs on your agent A good estate agent will give you feedback after each viewing and be frank about anything you should change. Ask yours to be brutal. Find out what made buyers choose another property over yours and, where possible, make changes. "Agents should be overselling the positives of the property," Wardley says. If you don't feel confident your agent is doing everything possible to market your home, it may be time to give notice to close your agreement and try another. 10. Step back, and try again "If a property is still on the market after a long time, the problem is probably down to the price," Cushing says. Give yourself a break, take the house off the market. Do bear in mind that this might mean commissioning a new home information pack ( Hip ). If your house has been on the market for more than a year and you voluntarily take it off you will have to buy a new Hip, unless you go back on within one year of the date you first tried to sell. If you took your house off the market to complete a sale and it falls through, the Hip is still valid if you go back on the market within 28 days. When you feel ready to take the plunge again get a new batch of agents round to give you a valuation and advice on changes you should make. Go back on the market with new photos, new marketing text, a new agent and, crucially, a new price. Property House prices Housing market Sandra Haurant guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Analysis: Ashley Seager Analysis: Ashley Seager
01/26/2010
The economic growth numbers again highlight the divergence between official data and forward-looking survey data So we are out of recession . Phew! But only just. A growth figure of 0.1% is about as pathetic as it gets. Sure, it might be revised up in the next couple of months to 0.2% or even 0.3% but that is still a long way from the long-run average quarterly growth in Britain of 0.6%. Yet again the City has proved over-optimistic. The average forecast was for expansion of 0.4%, after a third quarter contraction of 0.2% and five quarters of slump before that. That took a total of about 6% off national output and leaves us about 10% shy of where gross domestic product would have been were it not for the worst slump since the Great Depression of the 1930s. Only one analyst - 4cast - correctly predicted the number. The ever-bullish Goldman Sachs, by contrast, had pencilled in 0.7%. Whoops! The breakdown of the figures, which is very thin at this preliminary estimate stage, showed that industrial output expanded by only 0.1% on the quarter. That was not a huge surprise but what wrong-footed analysts was an expectation that the dominant services sector would show a robust performance. In the end, though, it only managed 0.1% growth as well. The numbers again highlight the divergence between official data and forward-looking survey data such as the monthly purchasing managers' indices. Economists generally tend to prefer the PMIs to the data coming out of the Office for National Statistics. But there are serious question marks as to how accurate a picture survey-based sentiment indicators are giving us. Still, as the last major economy to have still been in recession , today's number is a relief. That is not to say that the first quarter could not bring a nasty surprise and show contraction again, as has often happened at the tail-end of previous recessions. Indeed, we always need two consecutive quarters of contraction to say we are in recession. It might be safer to wait for a positive first quarter figure to declare this one definitely over. The question is, though, where do we go from here? The answer is, hopefully, upwards. But in truth the recovery could be a slow, protracted affair . The consumer is still weighed down by debt, and unemployment, though seemingly topping out, is still very high. Household finances are also going to get squeezed by a fiscal tightening that will begin some time after the general election. Remember, too, that the banking system remains extremely fragile and banks largely unwilling to lend. The conditions don't look to be in place for the sort of V-shaped rebound that the economy has seen in the past after recessions. One thing, though, is for sure. Interest rates are likely to remain lower for longer than most people think. They could remain below 2% for five years or more. The Bank of England will be in no hurry to raise them after a GDP figure like today's. We should also not rule out an extension to the Bank's £200bn of quantitative easing, or electronic money creation. The City had started to talk about QE stopping next month. More likely, it could be extended. We are not out of this mess yet. Recession Economics Green shoots Services sector Ashley Seager guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• UK scrapes out of recession but growth f... UK scrapes out of recession but growth figure disappoints City
01/26/2010
• Interactive: The road to recovery • Vote: how long will recovery take ? • Recession quiz: test your knowledge • Reaction: what the experts say Britain's economy finally clawed its way out of its deepest recession since the 1930s in the fourth quarter of 2008, but it o nly managed to expand by a much weaker-than-expected 0.1% . The keenly awaited figure compared with the average City forecast of 0.4% expansion. It brings to an end six consecutive quarters of contraction , which saw the economy shrink by around 6%, or 10% compared with where it would now have been had the slump not occurred. But news of any growth will come as a relief to a Labour government facing an election within months. A Treasury spokesman insisted chancellor Alistair Darling's predictions of a return to growth by the turn of the year had been vindicated by the figures. "What this estimate makes clear is that the government is right to be confident but cautious about the prospects for the economy and that it is right that we keep supporting the economy." Shadow chancellor George Osborne said: "After this great recession, any signs of growth are welcome. But these very weak growth figures show that Gordon Brown's government left us badly prepared for the recession and badly prepared for the recovery. "We urgently need a new model of economic growth that includes a credible deficit reduction plan that keeps mortgage rates low, creates jobs and doesn't choke off recovery." Financial markets were unhappy with the figure. Sterling dropped against the dollar and euro, to €1.14 and $1.61 respectively on disappointment that the growth figure remained so weak. Gilt futures shot up, pushing yields lower as dealers reassessed their view of the underlying strength of the economy. Liberal Democrat Treasury spokesman Vince Cable said: "The markets will be surprised that growth has been markedly slower than expected. Far from the quick recovery the Chancellor has been praying for, the economy is only just staggering back into growth. TUC general secretary Brendan Barber agreed, adding: "These figures show just how fragile the economy is. With the threat of a double-dip recession looming large, it would be madness to cut public spending now. "No sectors of the economy are fully recovered and areas such as construction are still really struggling." Jonathan Loynes, economist at Capital Economics, said the figures were a "major blow" to hopes that the UK economy had emerged decisively from recession in the fourth quarter. Few economists, though, expect the recovery to be very strong, as the economy remains weighed down by a still fragile banking sector and high consumer and government debt levels. David Frost, director general of the British Chambers of Commerce, said: "This is good news, but clearly growth is anaemic, and it certainly means that the economy is far from being out of the woods." Some analysts think the economy has only returned to growth at all because of the extraordinary support from the Bank of England in the form of ultra-low interest rates and £200bn of "quantitative easing", as well as the government allowing the budget deficit to expand hugely. If that support is removed too early, some argue, the economy could struggle to grow strongly. Most analysts are only expecting the economy to grow by around 1% this year, compared with its long-run annual average of 2.5%. The Office for National Statistics revealed that the weak growth extended across the economy with industry and the dominant services sector only growing by 0.1% each in the October to December period compared to the previous three months. "Today's fourth quarter GDP numbers have confirmed that the UK has finally exited recession – but barely," said James Knightley, economist at ING financial markets. "The recent retail sales numbers have disappointed, as has consumer confidence, while consumer fundamentals remain very poor. Indeed, household indebtedness remains at very high levels and household incomes are under downward pressure from a weak labour market and higher taxes." Separate figures released by the British Bankers Association showed another net repayment of consumer credit in December, especially of overdrafts and personal loans. "This was clearly the consequence of many consumers' desire to reduce their debt, low demand for credit and a lack of availability of unsecured credit from banks. It is yet another example of consumers looking to improve their financial situations in the still challenging and worrying economic environment," said Howard Archer, chief economist at IHS Global Insight. Recession Economic growth (GDP) Economics Credit crunch Alistair Darling Interest rates Ashley Seager guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Michael Jackson doll range to be launche... Michael Jackson doll range to be launched
01/26/2010
Aim-listed Character Group to release figurines for Christmas market A new range of Michael Jackson dolls aimed at fans and collectors is set to hit the UK market in time for Christmas as toy makers become the latest industry to cash in on the King of Pop's posthumous appeal. The Character Group, listed on London's junior market Aim, today announced a collection of official Michael Jackson figurines in some of the singer's best-known poses. "As would befit the 'King of Pop', they will be made to the highest specification and fully articulated with each figure being numbered and displayed in commemorative packaging," the company said. The collection will be made by Playmates Toys and distributed in the UK by Character Group's subsidiary, Character Options. Sales of Jackson's music soared after his sudden death last June and audiences later flocked to a feature film of his final rehearsals as well as to tribute shows. Just four months after his death, his afterlife earnings had already reached $90m (£56m), according to Forbes' annual list of Top-Earning Dead Celebrities . Character Group's chairman Richard King is expecting a wide audience for the new dolls. "We are confident that the dolls will be highly sought after by fans and collectors alike, and we look forward to launching the full range in time for Christmas sales this year. These sales will be mainly reflected in our 2011 financial year," he said. Retail industry Michael Jackson Toys 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)

• Councils: Trinity Mirror prints our pape... Councils: Trinity Mirror prints our papers
01/26/2010
London authorities hit back at Trinity Mirror boss Sly Bailey after attack on their newspapers London councils have questioned Trinity Mirror boss Sly Bailey's attacks on their controversial newspapers – pointing out that the company prints seven of them. Their intervention comes as London mayor Boris Johnson added to the criticism of local council papers, branding them a "ludicrous waste of money". Of the nine council-run papers published on a weekly or fortnightly basis in London, six are printed by Trinity Mirror at its Watford print plant under a contract led by Tower Hamlets council. These are Tower Hamlets' East End Life and another weekly title, Greenwich Time, along with the fortnightly titles Hackney Today, Waltham Forest News, Lambeth Life and Barking and Dagenham's paper The News. Trinity Mirror also prints the monthly local council title, Redbridge Life, as part of the four-year deal, which was signed last year after an online auction believed to involve all the major regional press groups. Last week Bailey attacked councils for producing "mini Pravdas" and yesterday branded an Audit Commission investigation that found little wrong with them as "a complete waste of time" . But councils suggested she was not acknowledging the financial benefits to Trinity Mirror of printing the papers. "While local newspapers might not get the traditional advertising they once did from councils, the newspaper industry is benefiting in other ways, such as through print contracts with local authorities," said a spokeswoman for Hackney council. "In Hackney we have an excellent working relationship with Trinity Mirror who print our council paper and who put a huge amount of effort into pitching for the contract. "It seems odd, to say the least, that Sly Bailey so vocally opposes those publications which she is happy to print, and happy to bill us every month for." Chris Payne, the head of commercial operations at Tower Hamlets council, added: "I'm sure that Sly would be pleased to know one of the areas that's contributing to bottom-line profits is the printing of local authority newspapers." Another council newspaper, Hammersmith & Fulham council's H&F News, is printed by Archant, the owner of the East London Advertiser. Havering council's fortnightly publication, Living, is printed locally in the borough by Newsfax International, while MediaGuardian.co.uk was unable to confirm by time of publication who prints London's other fortnightly publication, the Newham Magazine. Trinity Mirror said there was no contradiction between its role printing council-run titles and its criticism of their contents. "We are highly supportive of both the social and statutory need for councils to communicate with their taxpayers and as a major contract printer of newspapers in the UK we can offer highly competitive and cost effective solutions for our clients," said a company spokesman. "Our objection is not about councils communicating with their taxpayers but the style, content and frequency of these 'newspapers'. "During the past few years some councils have changed the format of these publications to a 'tabloid' newspaper style to include news, features, property pages, what's-on guides and sport, and to pay for the professional journalists required they are taking on third-party advertising. "Importantly it is not clear these newspapers would be recognised by a reader as a council publication. These propaganda newspapers go far beyond their remit and are a threat to local democracy and the survival of a free and independent press." Meanwhile Johnson spoke out as he met executives from regional news group Newsquest, reassuring them that he opposed council-run newspapers. He told them: "Council-produced newspapers are a ludicrous waste of money and a very real threat to the democratic process, which is why I instantly scrapped Ken Livingstone's self-serving propaganda sheet, the Londoner, saving £2.9m of council taxpayers' money a year to be spent on, amongst other things, 10,000 trees. "We simply cannot afford to find that we've suddenly arrived in a future where independent local newspapers cease to exist and the local council paper is all there is to go on. "Some of London's independent local papers have been holding the executive to account for over a hundred years and too many of these valuable publications are already closing. Without them we face dark days of partial news management." • 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". Council-run newspapers Sly Bailey Trinity Mirror Regional & local newspapers Newspapers Newspapers & magazines Trinity Mirror Chris Tryhorn guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• The road to recession ... and recovery The road to recession ... and recovery
01/26/2010
The story of the UK's longest, deepest postwar recession Paddy Allen (6 h ago)

• Recession in cartoons Recession in cartoons
01/26/2010
The lighter side of the economic downturn ... seen through the eyes of Kipper Williams (7 h ago)

• Marks & Spencer champagne ads run on pre... Marks & Spencer champagne ads run on pre-teen gaming website
01/25/2010
Mother contacts Alcohol Concern after seeing ads on GirlGames1 while her daughter, aged five, was playing on the site Marks & Spencer has been criticised for allowing alcohol adverts to appear on a pre-teen gaming website popular with girls as young as five. The M&S champagne ads appeared on GirlGames1.com. A mother spotted a four ads running in banner and display slots while her five-year-old daughter was using the site and reported the incident to Alcohol Concern. The mother had used the M&S website to look for champagne during the festive season and as a result her computer became a target for relevant alcohol advertising. This meant that when her daughter visited GirlGames1.com, alcohol advertising appeared. M&S said that it had removed the ads – but no explanation has been given for why a gaming website targeting pre-teens accepts alcohol ads. "I was appalled to find alcohol adverts on a kids' website – you would expect your children could surf safely on sites designed for them," said the mother, who did not wish to be named. "We take our advertising responsibilities very seriously and would never deliberately advertise alcohol to children," said a spokeswoman for M&S, which refers to the practice of delivering ads to users after a visit to its website as "retargeting". "As soon as we were made aware of this mistake we immediately removed all alcoholic products from our retargeted advertising including this particular website. We are also taking measures to ensure that no retargeted adverts appear on children's websites in the future." Don Shenker, the chief executive of Alcohol Concern, used the incident to call on other companies to be more vigilant over where their advertising runs and said the Advertising Standards Authority should do more to protect children. However, Hugo Drayton, the former chief of controversial targeted advertising company Phorm , said mistakes of this kind were very rare. "It would certainly not be a deliberate ploy on behalf of M&S to target youngsters," said Drayton, who now heads online ad company InSkin Media . "I think it sounds like bad luck if someone has seen something that is deemed inappropriate. Companies have to be very careful of how information is used [to target ads]." A report last September by the ASA found that despite a doubling in the amount of alcohol ads running online, advertisers were not breaking marketing restrictions designed to protect under-18s . • 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". Advertising Marks & Spencer Alcohol Mark Sweney guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)

• New York property gamble costs Church of... New York property gamble costs Church of England
01/25/2010
Church backed $5.4bn Stuyvesant investor that became mired in litigation to extract higher rents The Church of England has lost £40m from a disastrous investment in a buyout of two vast Manhattan housing complexes, Stuyvesant Town and Peter Cooper Village, that collapsed into default after struggling under huge debts incurred at the peak of the US property bubble. Home to 25,000 people, the two redbrick housing estates comprise 56 buildings along New York's East River. Completed shortly after the second world war, they are known as one of the few remaining bastions of affordable living among the multimillion-dollar tower blocks of lower Manhattan. They were bought for $5.4bn (£2.86bn then) in 2006 by a consortium led by a New York investment firm, Tishman Speyer, and the fund management group BlackRock, in the biggest US residential property deal on record. But after struggling for months to keep up repayments on loans attached to the buyout, Tishman today handed over the entire estates to its creditors, making the deal a landmark victim of the plunge in property values. Financial backers of the deal will see their investments largely wiped out. Among the big losers are Singapore's sovereign wealth fund and California's huge state pension fund, Calpers. The church commissioners, who manage the Church of England's assets, revealed that they are writing off "around £40m" put up for a 4% stake in Stuyvesant Town in June 2007. "The commissioners are looking carefully at the lessons to be learnt from the loss, as well as from the impact of the financial crisis generally," said a spokesman for the church's financial arm, which is chaired by a former editor of the Independent, Andreas Whittam Smith. The hit amounts to less than 1% of the church's asset portfolio. But it was a large layout for a single investment and it comes on the back of other setbacks in the recession, which caused a sharp drop in the value of the church's investment portfolio from £5.7bn in 2007 to £4.4bn in 2008. Residents of the 11,000 flats in Stuyvesant Town were staunchly opposed to the Tishman buyout, which was highly leveraged by debt and predicated, in part, on cutting the number of tenants paying below-market rates under "rent controlled" deals. Popular among soldiers returning from the war when the flats were completed in 1947, the blocks, which together are the size of a small town, are surrounded by pedestrian pathways and leafy parkland. Over the past three years, Tishman has become deeply embroiled in litigation to get veteran residents to pay more rent and has even used private detectives in an attempt to catch tenants suspected of breaching leases that require them to use the flats as their primary residences. Tishman and its partners failed to make a $16m loan repayment this month. In a statement, Tishman said it had spent the last few weeks "negotiating in good faith to restructure the debt and ownership" of the properties but concluded that surrendering ownership was the only alternative to bankruptcy. "We make this decision as we feel a battle over the property or a contested bankruptcy proceeding is not in the long-term interests of the property, its residents, our partnership or the City," said Tishman. Experts say the valuation of the estates has slumped to barely $2bn. Ben Thypin, of Real Capital Analytics in New York, said the 2006 buyout was at the "height of the foolishness" at the peak of the American property boom: "They paid way too high a price. It was purchased at the peak of the market with too ambitious assumptions." The church commissioners, whose investments are intended to support the Church of England's running costs and pay the pensions of clergy, defended their involvement, saying Stuyvesant Town was an opportunity to diversify the church's portfolio through a partnership with a "respected world-class manager and with strong international partners". The commissioners' spokesman said the church carried out detailed due diligence with professional advisers but admitted: "The investment was made in June 2007, which with hindsight was at the top of the property market and immediately before the credit crunch. The investment was affected by the sharp fall in residential property values, and a legal ruling that many apartment rents would continue to be regulated regardless of value or the income of residents." Housing market Credit crunch New York United States Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• Unite claims BA has trained too few 'sca... Unite claims BA has trained too few 'scabs'
01/25/2010
Union says British Airways' strike-breaking workforce would replace only 2% of airline's cabin crew British Airways could be reduced to operating only a few flights during a cabin crew walkout after claims that its strike-breaking workforce has just 216 volunteers. The Unite trade union said that a programme to retrain employees as air stewards during industrial action would replace less than 2% of the airline's cabin crew. The recruitment initiative, which Unite has condemned as a "scab labour" drive, began yesterday as about 12,000 cabin crew started voting on a walkout over staff cuts. 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 Unite official leading the dispute said BA would be unable to run an acceptable service with a skeleton crew. "Does BA seriously think this handful of inexperienced individuals will be able to operate a service?" asked Len McCluskey, Unite assistant general secretary. However, the recruitment campaign has won support from other sections of the 38,000-strong workforce, with Unite alleging that at least 120 pilots have signed up for the courses. BA operates about 650 flights a day but union sources said the network would be cut to a handful of routes under a skeleton crew. Balpa, the pilots' union, has vowed to remain neutral during the vote, while the GMB union, which represents 7,000 BA employees, has condemned the attempt to recruit auxiliary crew. BA has told staff with no flying experience they can qualify as cabin crew within three weeks, with pilots able to meet safety standards within five days. The airline has admitted that the emphasis will be on safety rather than customer service, and temporary crew will give passengers a "simple" in-flight experience. So far, BA is offering nine training courses teaching 24 people at a time. The airline declined to comment yesterday when asked if it planned more courses before 1 March. Unite has relaunched a ballot over cuts in cabin crew staffing levels 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 last weekend that some might be considering a no vote after 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 said. "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 airline has stepped up the pressure by warning staff that they will be permanently stripped of travel perks including discounted tickets if they strike. BA has also hinted that it would downgrade the quality of crew hotels if they voted yes. The general secretary of the Trades Union Congress, Brendan Barber, is holding separate discussions with BA and Unite officials 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 from their colleagues, was a stumbling block. BA, in turn, argues that an airline losing at least £1.6m a day can ill 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 Trade unions Travel & leisure Transport Airline industry Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• Cadbury investors lose out on Kraft take... Cadbury investors lose out on Kraft takeover deal
01/25/2010
• Rival suitor Ferrero has ruled out counterbid • 40% of Cadbury shares are held by US investors Cadbury shareholders who opt to take extra cash rather than an allotment of Kraft shares will receive only 799p a share, rather than the 840p agreed by Cadbury's board last week. The recommended cash and shares deal – which rose to 850p including a 10p dividend but has now slumped to 827p plus dividend as a result of a decline in Kraft's share price – offered a mix and match facility that allowed investors to take more cash and fewer shares. The facility was likely to appeal particularly to UK investors who may not want to hold US shares. However, Kraft is urging Cadbury investors to consider taking the US shares and then immediately selling them on to achieve a better price – even though share price movements mean it cannot guarantee they will receive more than the 799p cash offer. Cadbury shareholders "who prefer cash to new Kraft Foods shares may be able to realise greater value by accepting the basic terms of the final offer and then selling their new Kraft Foods shares in the market than they would realise by electing for additional cash under the mix and match facility," the US company said. A free dealing service has been set up. The reduced cash price is a result of the drop in the Kraft share price and the dollar exchange rate on 1 December, when Kraft published its first offer document. Kraft pointed out that due to "certain legal and technical reasons" it is not possible to amend the offer. A spokesman said that any shareholders who accepted the initial terms could not now be disadvantaged. Cadbury chairman Roger Carr accepted the Kraft offer last week after a three-month battle against the hostile bid. The £11.5bn deal has proved controversial, with trade unions and the prime minister expressing concerns about possible UK job losses, UK investors expressing some concern that the price was too low and legendary investor Warren Buffet , who owns 9% of Kraft, describing the proposed takeover as a "bad deal". Birmingham radio station WM is tomorrow today organising a meeting of local residents and MPs to discuss the implications of the takeover in Bournville, the home of Cadbury, where industrial decline has left a long shadow. Former CBI boss Lord Jones is expected to attend. Details of the lower possible payout from the mix and match scheme emerged as Italian chocolate group Ferrero, the private company behind Tic-tacs and Nutella spread, formally announced that it would not be making a counterbid for the UK chocolate group, leaving the way clear for Kraft. The US food group needs only 50% support to complete the Cadbury takeover, which should be easily achievable as more than 40% of Cadbury shares are American-owned and a further 20% of the stock is held by hedge funds keen to take their profits. Ferrero, together with the US Hershey group, had at one point been touted as a potential white knight for Cadbury. Would-be bidders had until today to make their interest known . Hershey officially bowed out last Friday. Kraft now has until 2 February to persuade Cadbury shareholders to back its cash and shares offer, which will create the world's biggest confectionery group. Cadbury Kraft Mergers and acquisitions Warren Buffett Job losses Julia Finch guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• Chinese dig deep to join the gold rush Chinese dig deep to join the gold rush
01/25/2010
• Sellers enjoy a golden period as demand soars • China named as the world's biggest gold consumer The assistant pushed the red velvet sacks across the counter discreetly. The customer quickly slipped them into her bag. With a brief, nervous look around, she walked briskly from the shop, already clutching her car keys. Few people feel comfortable lugging around a kilo of pure gold bars. But that doesn't stop Chinese shoppers from thronging to Caibai, the number one place for buying the precious metal. The Beijing store's 5,000 daily customers are at the forefront of a new gold rush. Since 2007, when South Africa fell behind, China has been the world's biggest gold producer. Now the World Gold Council and industry analysts believe it may have overtaken India – for centuries the dominant buyer – to become the biggest consumer too. The China Gold Association estimated demand would exceed 450 tonnes last year, up from 395.6 tonnes in 2008 (the actual figures are not yet available). The country's rising consumption both drives, and is fuelled by, the increase in global gold prices. Last January, an ounce of gold cost about $750 (£550). But on 3 December, it hit a record high of just over $1,226. Since then it has slid to $1,095, but is still far above its level in the past few years. Much of the gain is recent. In the third quarter of 2009, gold demand on the mainland soared 12% year-on-year to a record high of 120.2 tonnes. Internationally, demand for jewellery was down 30%, but in China it rose 8% to 93.5 tonnes while retail investment rose a staggering 30% to a record 26.8 tonnes. Albert Cheng, Far East managing director for the World Gold Council, points out this is partly because China's continued economic growth is enabling consumers to indulge in a favourite luxury. "The Chinese have a deep affinity to gold which dates back thousand of years," he says. "No marriage will be ideal if the bride does not receive gold jewellery." China is hardly the only culture to prize gold. But the council, which is funded by mining companies, has spotted something distinctive about its consumers. In India, Turkey and the Middle East, buyers have been deterred by the soaring cost of the metal. In China, however, it noted in a recent report, "the rising gold price is seen as a positive factor – consumers like to buy into a rising price". That is why, even on a weekday morning, the shop floor at Caibai is rammed. On busy days, 10,000 people pass through its doors. This store is to gold what Marks & Spencer is to underwear in Britain: not the most glamorous source, nor the cheapest, but the tried and trusted favourite. In 2008, the company sold gold worth 3.5bn yuan (£316m). In the first 11 months of 2009, it sold 4.1bn yuan, and the lead up to the Chinese new year – which falls next month – is always a busy period. Customers are picking over delicately wrought earrings and gazing covetously at huge, embellished collars. Increasing prosperity is enabling middle-class consumers to treat themselves; Liu Hongxia, leaving the store with a newly acquired bangle, recalls splashing her first pay packet on a ring for herself and earrings for her mother. No wonder she feels nostalgic – that was more than a decade ago. "Now the price is three times higher," she said ruefully. Nearby shelves are stacked with solid gold statuettes: busts of Chairman Mao, frolicking labradors, soaring eagles and majestic galleons. Laughing Buddhas sit beside writhing dragons. Every item is labelled by weight, and charged according to the metal's price on the day of sale. But a glass case close to the entrance – and closer to security guards – offers a clue to the hottest draw. Inside sits a 50kg, 24-carat bar: so big, it looks as though it should be made of chocolate and covered in foil. Upstairs, shoppers are buying smaller versions. To them, gold is not just a lavish gift or a reward for hard work, but a hedge against uncertainty and a potential money maker. "This is the first time I've invested in it," said Ji Junqing, a 38-year-old accountant, hugging her treasure-filled handbag as she spoke. "I used the stock market before, but I think this is more stable. I've been reading about it in all the newspapers and magazines, so I'm putting in about 20% of my assets. "Whether it's a short- or long-term move depends on how it fares, but I believe the price will keep going up. When you buy gold you see real gold – when you buy something else it's simulated." Shares are too risky, agree other buyers, stung by last year's freefall of Chinese stocks. Housing is too expensive. They fear inflation could whittle away the value of cash holdings. Gold looks attractive to the government too. Last year, Beijing revealed it had been buying gold since 2003, increasing its holdings from 600 to 1,054 tonnes. So far it has bought domestically, but its foreign exchange reserves – the world's largest, at $2.27tn – are largely invested in US government bonds. Given concerns about the US economy, many expect China to buy gold internationally to diversify its assets, as other central banks have done recently, driving up the price. Production is on the increase as well: the China Gold Association predicted it would hit a record 310 tonnes in 2009, up from 282 tonnes the previous year. Newspapers report that coal bosses, driven out of business by a nationalisation campaign, are caught in bidding wars for gold mines instead. "People are running around with bags of cash to buy the right to exploit gold as soon as possible," Liu Jun, a former coal boss from Zhejiang, told the Xinmin Evening Post. Some of these mines have yet to produce gold. But many buyers do not seem to mind: they are simply flipping the mines, reselling them as soon as the price goes up. "It makes money quicker than real mining," said another former coal boss. Like Caibai's shoppers, they see gold not just as an investment haven but as an irresistibly accumulating asset. Yet while some experts predict a long-term rise in the international price, others fear prices could fall sharply. In 1999, at its lowest, gold was worth just $252.8 an ounce. No one expects it to plummet to that level, or to drop tomorrow. But it may not always look so glittering to today's eager Chinese buyers. Gold Commodities China Tania Branigan guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• GM names chairman as chief executive GM names chairman as chief executive
01/25/2010
In a bid to restore stability, car manufacturer gives job to chairman Ed Whitacre General Motors has abandoned a search for a new chief executive, opting instead to give the job on a long-term basis to its chairman, Ed Whitacre, in an effort to restore "stability" to the cash-strapped Detroit car manufacturer. Whitacre, a 68-year-old former telecoms boss with no background in the automotive industry, announced he was keeping the role during a press conference at GM's headquarters today. In a positive sign for its financial recovery, GM also said it would repay its $8.1bn in loans from the US and Canadian governments by June. GM's leadership had been surrounded by uncertainty since early December, when former chief executive Fritz Henderson was ousted by directors impatient at the speed of recovery at the company, which owns brands including Chevrolet, Cadillac, Buick, Vauxhall, Opel and Saab. Whitacre said he was accepting the job largely as a "public service" rather than for personal gain. GM would not reveal his salary, which will have to be vetted by the US Treasury's pay czar, Kenneth Feinberg, who oversees remuneration at firms bailed out by the government. "The board looked at the potential candidates and decided this place needs stability, that we don't need any more uncertainty," said Whitacre. "They asked me to do it and I said yes." Whitacre, who lives in Texas and has been commuting to Detroit on a weekly basis, was not specific on the likely length of his tenure: "As far as I'm concerned it's for an adequate amount of time to get done what we need to get done. I can't tell you if that's three years, two years or what." The prospect of repayment of government funds will be a boost to confidence in GM, which received more than $50bn to help it through bankruptcy last year. An employer of 204,000 people, the Obama administration took the view that the company's survival , along with that of rival Chrysler, was vital to the US economy. The US government now owns a 61% stake in GM, which could be sold through a flotation of the company as early as this year. Whitacre made his name as chief executive of the telecoms company AT&T, from which he retired in 2007. When he was chosen by the US government to chair GM's board in June year, he was blunt about his lack of expertise in the motor industry, admitting: "I don't know anything about cars." Immediate issues to be resolved at GM include the future of the Swedish brand Saab, which is being wound down but is the subject of several rescue bids including an offer from a Dutch sports car maker, Spyker Cars, and a proposal from a consortium including the Formula One boss Bernie Ecclestone. GM is also taking a fresh look at a decision last year to eliminate 2,000 US retail dealerships from its network. Unhappy dealers who were cut loose have filed arbitration claims, and Whitacre has said he expects "hundreds" to be reinstated. Automotive industry Manufacturing sector General Motors Chrysler United States US economy Chapter 11 - corporate bankruptcies Global recession Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• Blair bags lucrative hedge fund deal Blair bags lucrative hedge fund deal
01/25/2010
Former prime minister set to anger Labour as it fights City excesses by signing up with Lansdowne, which made £100m from Northern Rock crash Tony Blair will add to the fortune he has made since leaving office after agreeing to become a paid speaker for Lansdowne Partners, a London-based hedge fund managed by a major Conservative party donor. Blair will give a small number of private speeches to staff of the Mayfair-based hedge fund this year, potentially earning him hundreds of thousands of pounds. The former prime minister's spokesman declined to comment on his fees, although he is reported to earn a six-figure sum for a 90-minute speech, making about £10m since leaving office from deals including books, advisory roles and event appearances. The move is likely to spark anger in the Labour party as it tries to toughen regulation and impose heavier taxes on the financial services sector. Lansdowne became known for making money by betting on the fall of the Barclays and Northern Rock shares at the peak of the credit crunch. The fund made an estimated £100m from the demise of the now-nationalised Northern Rock. It is also controversial because one of the firm's founders, the former Goldman Sachs banker Paul Ruddock, has donated hundreds of thousands of pounds to David Cameron's Conservative party. Blair, who also works as an adviser to the US investment bank JP Morgan and Zurich Insurance, arranges his talks and appearances through the Washington Speakers Bureau, a Washington-based agency for public figures such as Sarah Palin, George Bush and the actor Joan Collins. Hedge funds such as Lansdowne often employ former politicians to gain better knowledge about the political and investment climate in certain countries or sectors. The London-based Centaurus used to employ Kenneth Clarke, the shadow business secretary and former chancellor, and the former Spanish prime minister José María Aznar until they were removed from the board following the fund's losses linked to the credit crunch. Having enlarged his fortune by selling 20% of his firm to Morgan Stanley, Ruddock is now also chairman of the board of trustees of the Victoria & Albert museum. Hedge funds Tony Blair Labour Financial crisis Conservatives Elena Moya guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (22 h ago)

• M&B rejects last-minute concessions reb... M&B rejects last-minute concessions rebels
01/25/2010
• M&B turns down peace offer from investors led by Joe Lewis • Chairman Simon Laffin set to be ousted at this week's AGM Mitchells & Butlers, the pub group locked in a bitter row with its largest shareholder, has dismissed minor 11th-hour concessions offered by currency trader, Joe Lewis, ahead of a critical shareholder vote on Thursday. Chairman Simon Laffin expects to be ejected from the company, casting himself as a corporate governance martyr. His likely departure comes after he led a dramatic boardroom purge last month, expelling four directors including two Lewis representatives amid allegations of misconduct. A complaint against Lewis filed with the Takeover Panel has since been thrown out. In a statement today, M&B said: "The board reaffirms that its overriding aim in this matter is to ensure that the interests of all shareholders are treated fairly and equitably and that no individual shareholder, or bloc of shareholders, has excessive influence over the board composition or decisions." A series of resolutions will be voted on at the annual shareholder meeting on Thursday which is expected to overhaul the M&B board, triggering the departure of Laffin, his predecessor as chairman, Drumond Hall, and non-executive, Tony Bates. In will come – in all likelihood – four independent directors, led by former Debenhams chairman, John Lovering, who have been nominated by Lewis. Lovering is Lewis's preferred candidate to succeed Laffin. Three existing M&B directors will not be the subject of a shareholder vote, chief executive Adam Fowle, finance director Jeremy Townsend and long-standing non-executive Sir Tim Lancaster, a former deputy secretary to the Treasury. Lewis is understood to be claiming he has the support of all shareholders beyond those who are members of the Association of British Insurers. The ABI, estimated to be just over 20% of the share register, has expressed concern at the prospect of a board dominated by directors either representing Piedmont, Lewis's investment vehicle, or proposed independent directors whose appointment had been proposed by Lewis. It last week flagged up the M&B vote as a "red top" issue for ABI members. Over the weekend Piedmont indicated it would support the appointment an additional independent non-executive after Thursday's shareholder meeting. M&B responded with a statement saying: "Piedmont's position seems not to have changed in any substantive respect from that previously stated." Mitchells & Butlers Food & drink industry Corporate governance Simon Bowers guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• 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 (1 d ago)

• Obama seeks to freeze some spending Obama seeks to freeze some spending
01/25/2010
Facing voter anger over mounting budget deficits, President Barack Obama will ask Congress to freeze spending for some domestic programs for three years beginning in 2011. (14 h ago)

• Obama joins lobbying effort for Bernanke Obama joins lobbying effort for Bernanke
01/25/2010
Bolstered by a White House lobbying effort that included the president, Federal Reserve Chairman Ben Bernanke's chances at a second four-year term improved Monday. (15 h ago)

• Fictional criminal put next to Obama bil... Fictional criminal put next to Obama billboard
01/25/2010
How long does it take to dismantle a billboard? (16 h ago)

• Ford to add 1,200 jobs at Chicago plant Ford to add 1,200 jobs at Chicago plant
01/25/2010
Ford Motor Co. will add 1,200 jobs at its Chicago assembly plant later this year to build the new Explorer sport utility vehicle, a person briefed on the matter said Monday. (17 h ago)

• Stocks advance as Bernanke worries ease Stocks advance as Bernanke worries ease
01/25/2010
Major stock indexes rose Monday as momentum shifted in favor of the reappointment of Federal Reserve Chairman Ben Bernanke. (17 h ago)

• Apple posts its most profitable quarter ... Apple posts its most profitable quarter ever
01/25/2010
Apple Inc. says it rocketed to its most profitable quarter ever over the holidays. (17 h ago)

• U.S. sets concessions in ticket dealer m... U.S. sets concessions in ticket dealer merger
01/25/2010
The U.S. Justice Department cleared the way Monday for concert promoter Live Nation and ticket-seller Ticketmaster to combine after imposing major conditions on them. (18 h ago)

• Despite threats, Google tries to stay in... Despite threats, Google tries to stay in China
01/25/2010
Even if its stand against censorship leads it to close its search engine in China, Google Inc. still hopes to maintain other key operations in the world's most populous Internet market. (18 h ago)

• Getting a cold one no problem at Pa. ice... Getting a cold one no problem at Pa. ice bar
01/25/2010
Damenti's Restaurant in Butler Township has set up a temporary free-standing bar with a pirate theme in its backyard that is almost completely made of 50 tons of ice. (19 h ago)

• Whitacre named GM's permanent CEO Whitacre named GM's permanent CEO
01/25/2010
Ed Whitacre Jr. is dropping the interim from his CEO title at GM and he reaffirmed the automaker would repay in full its loans from the U.S. and Canadian governments by June. (21 h ago)

• Home sales tumble surprise 16.7 percent Home sales tumble surprise 16.7 percent
01/25/2010
Sales of previously occupied homes took their largest drop in more than 40 years last month yet managed to end 2009 with the first annual gain in four years. (22 h ago)

• Interactive: 10 worst Super Bowl ads Interactive: 10 worst Super Bowl ads
01/25/2010
The pressure for advertisers to be among the best in the Super Bowl has led to some of the biggest fumbles in advertising history. Here are 10 of the worst Super Bowl ads of all time. (1 d ago)

• Workers finding fulfillment in encore ca... Workers finding fulfillment in encore careers
01/25/2010
In search of fulfillment, many workers are now turning to so-called “encore” careers. (1 d ago)

• Huge NYC real estate deal goes sour Huge NYC real estate deal goes sour
01/25/2010
The financially troubled owners of two massive apartment complexes that sold for a record $5.4 billion a few years ago said Monday they're turning them over to their creditors. (1 d ago)

• In Taiwan, sprucing up the dead is big b... In Taiwan, sprucing up the dead is big business
01/25/2010
Turns out that designing computer chips and marketing flat screen televisions are not the only desirable jobs in Taiwan, one of Asia's high-tech hubs. There's also embalming. (1 d 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. (1 d 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. (1 d 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. (1 d ago)

• GM Plans to Make Electric Motors in 2013 GM Plans to Make Electric Motors in 2013
01/26/2010
Automaker Currently Relies on 3rd Party Suppliers for Hybrid, Electric Motors; to Invest $246 Million (5 h ago)

• Obama Backs Bernanke for Likely 2nd Term Obama Backs Bernanke for Likely 2nd Term
01/26/2010
President Joins Campaign to Win Fed Chief 4 More Years; Senators Indicate Confirmation Likely (7 h ago)

• Shuttered Car Dealers Seek Arbitration Shuttered Car Dealers Seek Arbitration
01/25/2010
Over 1,000 Terminated GM and Chrysler Dealers File for Binding Arbitration to Get Their Businesses and Livelihoods Back (13 h ago)

• Video: Million Dollar Congressional Trip Video: Million Dollar Congressional Trip
01/25/2010
Sharyl Attkisson has more on her report of how more than 100 members of Congress and their spouses went to the Copenhagen climate conference -- on the U.S. taxpayers tab. How much did it all cost? (14 h ago)

• Video: Auto Dealers Fight Closures Video: Auto Dealers Fight Closures
01/25/2010
The deadline has arrived for former GM and Chrysler dealers to file for arbitration to get their businesses back. As Sandra Hughes reports, 900 dealerships are looking to recover their livelihoods. (14 h ago)

• Apple Earnings up 50% Apple Earnings up 50%
01/25/2010
Helped by iPhone and Mac Sales, the Company Notches its Most Profitable Quarter Ever (15 h ago)

• Video: Obama: I Will Not Stop Fighting Video: Obama: I Will Not Stop Fighting
01/25/2010
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. (16 h ago)

• Wall Street Finishes Modestly Higher Wall Street Finishes Modestly Higher
01/25/2010
Stocks Rebound after Three-Day Slide as Prospects for Bernanke's Reappointment Look Better (17 h ago)

• Feds Plan Exit from Housing Market Feds Plan Exit from Housing Market
01/25/2010
Washington Post: Stakes are High as Government Winds Down Support for Mortgage Rates (19 h ago)

• Ed Whitacre Installed as Permanent GM CE... Ed Whitacre Installed as Permanent GM CEO
01/25/2010
Automaker's Chairman Has Served As Interim Chief Executive Since Ouster of Fritz Henderson (19 h ago)

• Homes Sales Plummet 16.7% in December Homes Sales Plummet 16.7% in December
01/25/2010
Decline Far Exceeds Expectations; Sales Slow as Lawmakers Extend Tax Credit for First-Time Buyers (20 h ago)

• $5.4B NYC Real Estate Deal Sinks Owners $5.4B NYC Real Estate Deal Sinks Owners
01/25/2010
Record Purchase for Stuyvesant Town and Peter Cooper Village Turned Over to Creditors (1 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. (1 d 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. (1 d 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. (1 d 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 (1 d 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. (2 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. (2 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 (2 d ago)

• Justice Dept. Clears Ticketmaster Deal Justice Dept. Clears Ticketmaster Deal
01/25/2010
As part of the deal, Ticketmaster must sell one of its ticketing divisions and license its software to a competitor. (9 h ago)

• Advertising: A Leading Role for Women in... Advertising: A Leading Role for Women in Keeping the Home Fires Burning
01/25/2010
Duraflame is trying to attract women who are “looking for an easy and safe solution to create that cozy, warm house.” (9 h ago)

• CBS Strains to Give Show a Head Start CBS Strains to Give Show a Head Start
01/25/2010
CBS is cutting deals with stations to distribute new shows, like Nancy Grace’s, that it hopes will help fill the void when Oprah Winfrey moves to cable. (9 h ago)

• Campaign Spotlight: New Hotel Brand Want... Campaign Spotlight: New Hotel Brand Wants to Become a Grand Elysian
01/25/2010
Hoping to join the list of successful brands born in hard times is the Elysian, a luxury hotel in the glitzy Gold Coast section of downtown Chicago. (11 h ago)

• Next News From Haiti: Pulling Out Next News From Haiti: Pulling Out
01/25/2010
Coverage of the devastation has dominated the public’s attention, but financial concerns are leading TV networks to cut back their efforts. (19 h ago)

• The Media Equation: Conjuring Up the Lat... The Media Equation: Conjuring Up the Latest Buzz, Without a Word
01/25/2010
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. (19 h ago)

• Q & A with Stuart Elliott Q & A with Stuart Elliott
01/25/2010
A discussion of wedding rings in advertisements. (20 h ago)

• Webdenda: People and Accounts of Note Webdenda: People and Accounts of Note
01/25/2010
American Family Insurance, Madison, Wis., selected the Chicago office of Ogilvy & Mather Worldwide, part of WPP, to handle its creative account. (20 h ago)

• O’Brien Undone by His Media-Hopping Fans... O’Brien Undone by His Media-Hopping Fans
01/25/2010
Regularly assembling the coveted young adult viewers in the late-night hours has become a daunting, if not impossible, task. (20 h ago)

• Accounts, People & Miscellany Accounts, People & Miscellany
01/25/2010
Accounts. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d ago)

• Vultures circling Vultures circling
01/26/2010
Billionaire investor Wilbur Ross yesterday said he's ready to save beleaguered Manhattan apartment complex Stuyvesant Town-Peter Cooper Village the moment someone asks for his help. "To the degree there is a role for capital -- whether to give [StuyTown's bondholders] an exit for cash or put new cash... (4 h ago)

• Auto pilot setting Auto pilot setting
01/26/2010
In just 10 months, General Motors has gone through three CEOs, and the third -- veteran AT&T chief Ed Whitacre -- held his debut news conference yesterday to reveal who'll succeed him soon as No. 4. The 68-year-old Whitacre said he might remain at the helm of the... (4 h ago)

• Times Sq. tower's boost Times Sq. tower's boost
01/26/2010
S teven J. Pozycki's SJP Properties and law firm Proskauer Rose have reached a term-sheet agreement for a prospective Proskauer move to new 11 Times Square, three different sources said yesterday. It will take several months more to draw up an actual lease for 400,000 square feet in... (6 h ago)

• Paul Volcker has president's ear on econ... Paul Volcker has president's ear on economy
01/26/2010
Welcome back, Paul Volcker! Now let's you and me get together. Volcker needs no introduction, but I'll give him one anyway. The tall former head of the Federal Reserve is revered in financial circles for his acumen about all things related to money. He is the granddaddy of... (6 h ago)

• Feds OK Live Nation/Ticketmaster with st... Feds OK Live Nation/Ticketmaster with strings
01/26/2010
Federal regulators gave the OK for Live Nation to merge with Ticketmaster -- with compromises to create more competition in the ticket retail market. Lawmakers and artists were worried that the deal, which unites the nation's largest concert promoter and largest ticketing service, would mean higher ticket prices for... (6 h ago)

• Goldman bonuses grow on Obama stock rout Goldman bonuses grow on Obama stock rout
01/26/2010
By trying to do the right thing on bonuses, Goldman Sachs CEO Lloyd Blankfein might have inadvertently done very right by his employees -- while at the same time creating unintended consequences. And he can thank President Obama. Though Blankfein was trying to stave off another p.r. nightmare by... (6 h ago)

• NY Fed wanted lid on AIG bailout NY Fed wanted lid on AIG bailout
01/26/2010
US securities regulators originally treated the New York Federal Reserve's bid to keep secret many of the details of the American International Group bailout like a request to protect matters of national security, according to e-mails obtained by Reuters. The request to keep the details secret were made by... (6 h ago)

• Business briefs Business briefs
01/25/2010
Jag exit David Smith, CEO of Jaguar Land Rover, will step down from leading the UK carmaker, a spokesman said. Jaguar Land Rover is owned by India's Tata Motors.Stanford Ralph Janvey, the court-appointed re ceiver for the busi nesses of R. Allen Stan ford, will be paid almost... (8 h ago)

• Newsday nixes pact Newsday nixes pact
01/25/2010
Newsday is headed back to the bargaining table after union workers overwhelmingly rejected a tentative contract that would have cut wages and vacation and lengthened the work week. The Long Island newspaper and Graphic Communications Conference Local 406 were said to have restarted talks yesterday. "A lot of the staff... (8 h ago)

• CEO Benmosche signs plane-lease agreemen... CEO Benmosche signs plane-lease agreement
01/25/2010
American International Group and Chief Executive Robert Benmosche have signed an aircraft time-sharing agreement covering the rules for when he may take a company jet on personal detours from business trips, according to a filing by the company. The agreement elaborates on a so-called Luxury Expenditure Policy that AIG put... (8 h ago)

• Two settle in Galleon case Two settle in Galleon case
01/25/2010
The US Securities and Exchange Commission said that it agreed to settle its lawsuit against Galleon defendants Ali Far and Richard Choo-Beng Lee, the founder and former president of California hedge fund Spherix Capital. Far and Lee will pay a combined $2.1 million to settle the SEC's civil... (8 h ago)

• Computers lead Apple earnings Computers lead Apple earnings
01/25/2010
Apple is going into the unveiling of its new touch-screen tablet on a massive winning streak. Even as the economy struggles to get back on its feet, Steve Jobs' company reported record revenue and profit for the last quarter. Apple's fiscal first-quarter profit surged 50 percent to $3.4... (8 h ago)

• Home sales plunge 16% Home sales plunge 16%
01/25/2010
Sales of previously-owned US homes suffered a record drop last month as the boost from a popular tax credit waned, raising doubts the housing market recovery can be sustained without government support. The National Association of Realtors said that existing home sales fell 16.7 percent in December to an... (8 h ago)

• Watchdog investigating Fed’s AIG secrecy... Watchdog investigating Fed’s AIG secrecy
01/25/2010
A bailout watchdog is investigating whether the Federal Reserve withheld documents about the bailout of American International Group Inc. American International Group - Federal Reserve System - Federal Reserve Bank of New York - Federal Reserve - Government (15 h ago)

• Sponsored By: Sponsored By:
01/25/2010
(16 h ago)

• Fictional criminal put next to Obama bil... Fictional criminal put next to Obama billboard
01/25/2010
How long does it take to dismantle a billboard? United States - Barack Obama - Business - Politics - Candidates and Campaigns (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. Super Bowl - Football - Sports - Peyton Manning - United States (1 d 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. George H.W. Bush - United States - United States Secretary of Commerce - History - Presidents (1 d 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. Google - Larry Page - Sergey Brin - Stock - Business (1 d 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. Warren Buffett - Insurance - Business - Berkshire Hathaway - Financial services (1 d 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. NBC Universal - Comcast - Business - Washington - Washington D.C. (1 d 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. Bubble Wrap - Museum - Art museum - Gardens - Business and Economy (1 d ago)

• The Haggler: Watch Where You Click (and ... The Haggler: Watch Where You Click (and Have a Great Day)
01/25/2010
Before buying anything online, the Haggler says, search for possible complaints about the seller. (10 h ago)

• Does 401(k) Advice Help Boost Returns? Does 401(k) Advice Help Boost Returns?
01/25/2010
Investors who receive employer-provided help investing in their 401(k)s have better returns than those who go it alone, according to a recent study. (11 h ago)

• Obama to Offer Aid for Families in State... Obama to Offer Aid for Families in State of the Union Address
01/25/2010
In his speech on Wednesday, the president will focus on struggling families squeezed between sending their children to college and caring for elderly parents. (12 h ago)

• The Details of Obama's Middle-Class Plan The Details of Obama's Middle-Class Plan
01/25/2010
A look consumer-focused policies the president will propose in his State of the Union speech. (19 h ago)

• Monday Reading Monday Reading
01/25/2010
What's in the State of the Union for consumers, how children can help Haiti and other consumer-focused items from Monday's Times. (20 h ago)

• Answers About Roth I.R.A. Conversions: P... Answers About Roth I.R.A. Conversions: Part 6
01/25/2010
Ed Slott, an I.R.A. expert, answers reader questions about Roth I.R.A. conversions. (21 h ago)

• Insurer Steps Up Fight to Control Health... Insurer Steps Up Fight to Control Health Care Cost
01/25/2010
A dispute between a chain of New York hospitals and UnitedHealthcare could affect millions with private health insurance. (1 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? (2 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. (2 d ago)

• French clowns push risky business French clowns push risky business
01/25/2010
Some intriguing ads featuring clowns have been popping up in Paris. But the ads aren't trying to sell anything. John Laurenson explains. (21 h ago)

• Bottom line: U.S. far from recovered Bottom line: U.S. far from recovered
01/25/2010
When is the economy going to get better? There are a lot of different answers. Commentator Justin Wolfers says it's time to cut through the economic verbiage. (21 h ago)

• Sam's Club to outsource demo jobs Sam's Club to outsource demo jobs
01/25/2010
Sam's Club is letting some 10,000 workers go. But they won't be taking the food samples with them. Amy Scott reports. (21 h ago)

• Crises hinder Haiti's development Crises hinder Haiti's development
01/25/2010
The search and rescue operation in Haiti has been called off. Now there's the question of putting the country back together again. Sabri Ben-Achour reports. (21 h ago)

• The first steps to rebuilding Haiti The first steps to rebuilding Haiti
01/25/2010
Robert Fox, executive director of OxFam Canada, talks with Kai Ryssdal about what's going on at the Montreal conference for Haiti, and what needs to happen to rebuild the Caribbean nation from the ground up. (21 h ago)

• Plane makers fight jet export subsidies Plane makers fight jet export subsidies
01/25/2010
A David and Goliath story is taking place in the aircraft industry. Airbus and Boeing have become allies to keep a Canadian newcomer from cutting into their sales of smaller jets. John Dimsdale reports. (21 h ago)

• A shakeout in commercial real estate A shakeout in commercial real estate
01/25/2010
After failing to reach an agreement with its lenders, a development company has walked away from the massive apartment complex Stuyvesant Town. Alisa Roth reports this scenario is playing out all over the country. (21 h ago)

• FDIC may securitize bad assets FDIC may securitize bad assets
01/25/2010
Each time the government seizes a failed bank, taxpayers own more of them. So with five banks recently seized by regulators, what's the FDIC going to do with all those bad assets? Jeremy Hobson reports. (21 h ago)

• What Apple can teach the auto industry What Apple can teach the auto industry
01/25/2010
You have to hand it to Steve Jobs and Apple for timing and the way his company manipulates market sentiment. Apple can teach the car industry a thing or two.First, the company announces a 50% increase in its earnings for the first quarter to $3.38 billion. Pretty impressive, until you remember that Apple had changed its accounting methods that allow it to report revenues earlier without necessarily making more sales. The accounting rule changes came in last year and I blogged about it here.What ... (8 h ago)

• China bubble warnings China bubble warnings
01/25/2010
When Jim Chanos makes forecasts, it's time to listen. Chanos was the hedge fund manager who was the first to see that Enron was a disaster in the making and who made himself a fortune in the process by short-selling the stock.Now Chanos is warning about China's real estate bubble which is a disaster in the making, a reworking of the Dubai calamity. Chanos says: "I do see all of the signs of a credit induced real estate bubble that i think is going ... (9 h 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 ... (1 d 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 ... (1 d 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 ... (2 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 ... (2 d ago)

• A hospital-wide strategy for fixing emer... A hospital-wide strategy for fixing emergency-department overcrowding
01/25/2010
Reducing wait times requires an end-to-end transformation of hospital processes and a shift in staff culture. Read more on the McKinsey Quarterly > Topics: Health Care Operations (20 h ago)

• Engaging consumers to manage health care... Engaging consumers to manage health care demand
01/25/2010
Payors can help improve consumers’ health and reduce costs by providing information, choice, and incentives that encourage healthier lifestyles and value-conscious consumption of health care. Read more on the McKinsey Quarterly > Topics: Financial Services Health Care (21 h ago)

• What does it take to make integrated car... What does it take to make integrated care work?
01/25/2010
Around the world, only a few health care providers deliver integrated care effectively. Their experiences offer useful lessons for organizations that want to pilot integrated-care programs. Read more on the McKinsey Quarterly > Topics: Health Care (21 h ago)

• Decoding Copenhagen: What the climate su... Decoding Copenhagen: What the climate summit means for business
01/25/2010
In this video interview, McKinsey's Jeremy Oppenheim analyzes the conference's impact on businesses and economies. Read more on the McKinsey Quarterly > Topics: Energy, Resources, Materials Video (22 h ago)

• The looming deleveraging challenge The looming deleveraging challenge
01/25/2010
Several major economies are likely to face imminent deleveraging. If history is any guide, it will be a lengthy and painful process. Read more on the McKinsey Quarterly > Topics: Economic Studies Audio Public Sector (23 h ago)

• Venture Capital Coming of Age in China Venture Capital Coming of Age in China
01/25/2010
© kalleboo Entrepreneur Corner shares an optimistic perspective on venture captial in China.During the past several years, China has gradually become one of the most attractive investment markets in the world, largely due to the diversification of industries, the relative cost base and the tremendously increased domestic market...But the article goes on to point out that China's not immune from the financial crisis. The question for VCs is really the same question that most of the world is asking: Can China maintain its growth? ... (11 h 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 ... (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...
carl allen :: 04/11/2009

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

• 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. Wal-Mart - Sams Club - Sam - Business - Warehouse club (1 d ago)

• Seen that? - How To Beat The 1000lbs. Go... Seen that? - How To Beat The 1000lbs. Gorilla
01/25/2010
How To Beat The 1000lbs. Gorilla Bizinformer The Sunday Times - UK published an excellent article yesterday on the importance and opportunity for small businesses to attach themselves to market niches. "You do not need a sledgehammer to crack a nut. ... (13 h ago)

• The strength of stipends The strength of stipends
01/25/2010
It's easy to get distracted and dragged off track with all the minutiae and details that go along with starting up a business, even if you are not someone who is naturally inclined toward micro-management. There are just a lot of complications that come up, a lot of unexpected costs, and a lot of plans that don't pay off quite the way you hope and it's easy to get sucked into the loop of trying to manage all that cost and bother. You can't ... (1 d ago)

• Free Antivirus Software is a Pretty Good... Free Antivirus Software is a Pretty Good Deal
01/25/2010
Are you paying for antivirus software when you could have it for free? VentureBeat is reporting that AVG (which offers its basic antivirus package for free) now has 110 million users. I have it on my own PC. It was put there by the tech guy who got rid of my trojan - a virus I got despite having a paid antivirus program that got updated daily. AVG has begun competing with McAfee and Symantic. Free is a price that's been working ... (12 h 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 ... (1 d ago)

• Now Green Card for Austria too? Now Green Card for Austria too?
01/25/2010
© Fr AntunesMoving to USA is tougher and the same may become a reality in case of Austria too. The Austrian coalition government is tightening its noose around immigrants and has adopted a new action plan for them by including mandatory German tests for foreigners intending to migrate to Austria. Opposition parties have also called for Green Card policy on the lines of United States in order to make it difficult for them to enter the country. As per the government proposal foreigners intending ... (9 h 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. (2 d ago)

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