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Business News
for 01/27/2010

(last updated 7:30am EST 01/27/2010)

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• Fed Mulls Pulling Back Stimulus Money Fed Mulls Pulling Back Stimulus Money
01/26/2010
As Bernanke Awaits Fate, Fed Likely to Leave Key Bank Lending Rate Near Zero (10 h ago)

• Toyota Suspends Sales of Recalled Vehicl... Toyota Suspends Sales of Recalled Vehicles
01/26/2010
Company Last Week Recalled 2.3 Million U.S. Cars and Trucks Due to Sticking Accelerator Pedals (10 h ago)

• Video: Enron: The Musical Hits UK Stage Video: Enron: The Musical Hits UK Stage
01/26/2010
CBS News RAW: Playwright Lucy Prebble has explored one of the biggest downfalls in recent economic history with the release of 'Enron: The Musical,' which has proved popular in London's West End. (11 h ago)

• Video: Toyota Halts Sales of 8 Models Video: Toyota Halts Sales of 8 Models
01/26/2010
Toyota has suspend sales on eight vehicles involving a sticking accelerator pedal. Nancy Cordes has the story. (14 h ago)

• Video: 'Avatar' Redefines the Cinema Video: 'Avatar' Redefines the Cinema
01/26/2010
The futuristic film, "Avatar" is crushing its competition as James Cameron's film has taken in more than 1.8 billion dollars worldwide, becoming the highest grossing movie of all time. Ben Tracy reports. (14 h ago)

• Video: Obama's Spending Freeze Video: Obama's Spending Freeze
01/26/2010
The U.S. government is on track to spend trillions of dollars, but still carries a hefty balance from last year. As Chip Reid reports, President Obama has a plan to freeze budgets of domestic programs. (15 h ago)

• Yahoo Q4: Worst is Over? Yahoo Q4: Worst is Over?
01/26/2010
Revenue Slide Eases In 4Q, Lifting Earnings Above Analyst Expectations (16 h ago)

• Home Depot to Cut 1,000 Jobs Home Depot to Cut 1,000 Jobs
01/26/2010
Most of the Layoffs Come in Finance and Human Resources; Company Also Closes Ends Unsuccessful Pilot Programs (19 h ago)

• GM to Sell Saab to Dutch Auto Co. GM to Sell Saab to Dutch Auto Co.
01/26/2010
General Motors Reaches Agreement with Luxury Automaker Spyker Cars; Deal Reportedly Worth $74M (20 h ago)

• More Than 1,500 Car Dealers Appeal Closu... More Than 1,500 Car Dealers Appeal Closure
01/26/2010
Arbitration Group Says It Has Received Requests from 1,550 of 2,800 Shuttered GM and Chrysler Dealerships (20 h ago)

• House Panel Scrutinizes AIG Bailout House Panel Scrutinizes AIG Bailout
01/26/2010
Former Treasury Secretary Henry Paulson Set To Testify as Bailout Probe Intensifies (20 h 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 (22 h ago)

• GM Close to Selling Saab to Dutch Auto C... GM Close to Selling Saab to Dutch Auto Co.
01/26/2010
General Motors in "Advanced Talks" with Luxury Automaker Spyker Cars, CEO Ed Whitacre Says (23 h ago)

• IMF: Asia Leading Global Economic Recove... IMF: Asia Leading Global Economic Recovery
01/26/2010
Raises World Economic Growth Estimate for 2010 to 4%, But Says Unemployment Still a Drag; Warns Against Hiking Interest Rates (23 h ago)

• Report: Home Prices rise .2 Percent Report: Home Prices rise .2 Percent
01/26/2010
Increases for Sixth-Straight Month; Phoenix, San Francisco Post Largest Gains (1 d ago)

• Ford to Add 1,200 Jobs at Chicago Plant Ford to Add 1,200 Jobs at Chicago Plant
01/26/2010
New Hirings (Including Previously Laid-Off Workers) Will Build New Generation Explorer SUV at Ill. Facility (1 d ago)

• Retail Sales Expected to Show Modest Gai... Retail Sales Expected to Show Modest Gain
01/26/2010
2.5 Percent Increase Forecast by National Retail Federation, Still Well Below Pace Before Economic Crisis (1 d 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 (1 d 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? (1 d 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. (1 d ago)

• China's National Energy Commission is es... China's National Energy Commission is established
01/27/2010
China has established the National Energy Commission for better coordination in formulating energy strategy and development planning, said an announcement released by the General Office of the State Council January 22. The commission will determine national energy development strategy, address significant issues concerning energy security and energy development and coordinate major programs of domestic energy development and global cooperation. Chinese Premier Wen Jiabao is the director of ... (1 h ago)

• China shares close lower Wednesday China shares close lower Wednesday
01/27/2010
Shares in the Chinese mainland closed lower Wednesday, with the benchmark Shanghai Composite Index down 32.79 points or 1.09 percent to close at 2,986.61. The Shenzhen Component Index lower by 115.78 points or 0.95 percent to close at 12,046.78. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• Shenzhen Development Bank dips despite 7... Shenzhen Development Bank dips despite 700% profit rise forecast
01/27/2010
Shenzhen Development Bank (SDB), one of China's largest city commercial banks, slipped 0.63 percent to close at 21.91 yuan (3.2 U.S. dollars) per share on Wednesday despite forecasting a 700-percent jump in annual net profits last year. In a statement filed to the Shenzhen Stock Exchange, SDB said it expected last year's net profit to be over 5 billion yuan (733.1 million U.S. dollars), and earnings per share to be about 1.6 yuan. The forecast has not yet been audited. The bank's profit in ... (1 h ago)

• Vancouver office vacancies rise but Chin... Vancouver office vacancies rise but Chinatown targeted for growth
01/27/2010
The office vacancy rate in Vancouver rose by 7.8 percent in the second half of 2009, following a marked, year-long slowdown in leasing activity due to the global economic downturn. However, the city has introduced new planning laws it hopes will revitalise its historic Chinatown area and provide needed new space once growth resumes. In a new report released by Avison Young, the real estate brokerage firm attributed the office vacancy increase, up from 5.4 percent at the end of 2008 and 7.4 ... (1 h ago)

• Hong Kong stocks plunge below 20,000 poi... Hong Kong stocks plunge below 20,000 points
01/27/2010
Hong Kong stocks went down 138. 76 points, or 0.69 percent, to 19,970.57 during Wednesday's afternoon session. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• Routon warns investors of delisting risk... Routon warns investors of delisting risk
01/27/2010
China's Routon Electronic Co., Ltd. could be delisted on the Shanghai Stock Exchange for reporting two consecutive years of losses, the company announced Wednesday. The electronic terminals and software producer, based in Wuhan, central China's Hubei Province, estimated that its net profit attributable to shareholders had dropped about 100 percent year on year, said a company statement filed to the Shanghai Stock Exchange. Detailed statistics would be released after an audit, said the comp ... (1 h ago)

• British economy begins to emerge from re... British economy begins to emerge from recession
01/27/2010
The UK economy resumed growth by less than economists forecast in the fourth quarter as service industries and manufacturing expanded just enough to pull Britain out of its longest recession on record. Gross domestic product rose 0.1 percent from the third quarter, the Office for National Statistics said yesterday in London. The median forecast in a Bloomberg News survey of 33 economists was for a 0.4 percent increase and the lowest prediction was for a result of 0.2 percent. Bank of Eng ... (1 h ago)

• Genii pulls out of race for ailing Saab ... Genii pulls out of race for ailing Saab unit
01/27/2010
Investment company Genii Capital has withdrawn from the bidding for General Motors' unit Saab, leaving Spyker Cars as the sole remaining bidder to rescue the ailing Swedish auto brand. Genii Capital's bid had been backed by Formula One mogul Bernie Ecclestone and had said as recently on Sunday that although Spyker Cars was "well-positioned" to buy Saab, Genii was ready to pounce if the Spyker bid collapsed. But Genii said that it was withdrawing from the race, having entered the year-lo ... (1 h ago)

• Whitacre to stay in GM driving seat Whitacre to stay in GM driving seat
01/27/2010
Ed Whitacre says the main reason he's taking over as permanent CEO of General Motors Co is to bring stability to the top of the troubled automaker. Whitacre, whose appointment was announced on Monday, said although he's satisfied with the leadership team he's put in place, there's still work to do in sales and marketing, product development, purchasing and quality. Management experts say that means further changes and possibly more firings. GM's board asked Whitacre to stay on as CEO after ... (1 h ago)

• BHP, Rio face EU probe on iron ore JV BHP, Rio face EU probe on iron ore JV
01/27/2010
BHP Billiton Ltd and Rio Tinto Group face a European Union investigation into whether their Australian iron ore joint venture curbs competition. Regulators will probe whether the deal between the world's second- and third-largest iron ore producers is a restrictive business agreement, the European Commission, the EU antitrust authority in Brussels, said. It didn't give a deadline to complete the investigation. BHP and Rio say the 50-50 venture, combining mines, rail, ports and workforces i ... (1 h ago)

• S&P cuts Japan credit rating outlook S&P cuts Japan credit rating outlook
01/27/2010
Japan's sovereign credit rating outlook was lowered by Standard and Poor's (S&P) because of diminishing "flexibility" to cope with a swelling debt load and concern about the lack of a plan to rein in budget deficits. The policies of Prime Minister Yukio Hatoyama's government "point to a slower pace of fiscal consolidation than we had previously expected", S&P said yesterday. Japan's rating could be lowered from the current AA, the third highest, if economic data "remain weak" and measures to ... (1 h ago)

• BOJ keeps key rate near the zero mark BOJ keeps key rate near the zero mark
01/27/2010
The Bank of Japan held interest rates near zero and said it remains committed to fighting deflation as gains in the yen risk stunting the recovery from the country's worst postwar recession. Governor Masaaki Shirakawa and his colleagues kept the benchmark overnight lending rate at 0.1 percent by a unanimous vote, the central bank said in a statement yesterday in Tokyo. All 17 economists surveyed by Bloomberg News predicted the decision. The bank left policy unchanged even as a three-week ... (1 h ago)

• Avatar to revive film firm's fortunes Avatar to revive film firm's fortunes
01/27/2010
Arisawa Manufacturing Co, the Japanese maker of display film, expects the success of James Cameron's Avatar to spur adoption of 3-D and help end losses at the company next year, its chief executive said. "The Avatar effect is giving the industry a push," said Chief Executive Officer Sanji Arisawa. The company's 3-D business should generate sales of about 2.5 billion yen ($27.7 million) in the year starting April 1 and help Arisawa break even, he said. Avatar, the 3-D adventure directed b ... (1 h ago)

• Davos: FSA chairman calls for controls o... Davos: FSA chairman calls for controls on the supply of credit
01/27/2010
Lord Turner says controlling interest rates is not enough, and calls for setting up a new macro-prudential body in the UK Britain's top financial regulator, Lord Adair Turner, said today there was a need for direct controls on the supply of credit to prevent the build-up of dangerous asset price bubbles. Turner said policymakers needed more than interest rates to tame asset-price booms and urged the setting of a new macro-prudential body in the UK able to take pre-emptive action. Speaking in Davos, the chairman of the Financial Services Authority called for a committee that would combine the insights of central bankers and regulators, with input from outside maverick economists to avoid the risk of "group think". "It would meet twice a year to look in a really really detailed way at what is going on," Turner said. "At the end of the day, the committee would decide whether to pull the necessary macro-prudential levers in a discretionary counter-cyclical fashion." Turner's comments at Davos are in line with proposals he made in the Turner review and consistent with thinking at the Bank of England, which has talked about the need for macro-prudential tools. Turner will flesh out the details in a speech at the Cass business school in March. He said the committee would be able to target both borrowers and lenders. Bank lending would be curtailed through higher capital requirements while lenders would have to put down bigger deposits to secure loans. "We can't do this at a global level. It has to be national," Turner said. "We need new macro-prudential tools that directly focus on the supply of credit to those parts off the economy most likely to see bubbles." Turner said the property bubble of 2004-07 was far more serious than the dotcom bubble of the late 1990s because it involved a massive expansion of credit. High levels of lending for property had led to irrational exuberance, macro-economic instability and a "self-reinforcing process involving both borrowers and lenders." Banks had seen their profits swollen by excessive lending, providing them with an incentive to lend still more. But when the bubble burst, there had been a collapse in confidence and a credit crunch. "We need to do something about it," Turner said. "The tool cannot be the interest rate. It is too imperfect for that. The bubble can't be pricked with classic monetary policy." He added that it was significant that countries like China and India had used controls on credit to prevent the build up of asset price bubbles earlier in the decade. Turner said the ideas he was suggesting were not new but had been forgotten in the past three decades when it was assumed economic management could be left to a combination of market forces and manipulation of interest rates. "We have to get back to the idea of controls on credit growth," he said. Davos Banking Recession Economics US economic growth and recession Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• No double-dip recession, says Sentance No double-dip recession, says Sentance
01/27/2010
Bank of England rate-setter says strength of international economy, rising confidence and improving housing market will sustain UK recovery Strength in the international economy will help the UK avoid a double-dip recession but the pace of recovery remains uncertain, according to a Bank of England policymaker. Andrew Sentance, a member of the rate-setting monetary policy committee (MPC), pointed to signs of improving housing market activity, and stronger business and consumer confidence, as he highlighted a return to economic growth in recent months. His comments follow official data yesterday showing that the UK only just crawled out of recession at the end of 2009. Sentance stressed, however, the support to Britain's recovery provided by the "particularly impressive" turnaround in the international economy. "As long as the international economy continues to grow healthily, I believe we should avoid the feared 'double-dip' recession," he said in a speech to a British Property Federation conference in London today. "But the pace of recovery is still very uncertain. The UK will also need a reasonably healthy contribution from private-sector consumer and investment demand if it is to sustain growth over the recovery," he added, Sentance, one of the four externally appointed members of the MPC, warned that the Bank of England would have to act on interest rates as the economy recovered. He said the last six to nine months had already seen a "more positive trend emerging in both the UK economy as a whole and more specifically in the housing market". The central bank cut rates to a record low of 0.5% during the financial crisis and ensuing global downturn. But now it must seek to weigh up headwinds from that turmoil and the pressures of government action to rein in the public-sector deficit against support from the global economy, a competitive exchange rate and a recovery in confidence. Sentance echoed his recent comments in a Guardian interview on the "bounce-backability" of British business and also highlighted upbeat signals from the labour market, business surveys and high-street spending that "continue to suggest that recovery started earlier and may have been stronger than the provisional GDP [gross domestic product] estimates currently suggest". "As the recovery develops, the economic situation will change and the MPC must be ready to adapt its policies to the changing economic situation over the course of the recovery – just as we have done through the recession," he added. Turning to the recent property market bounce, Sentance said the underlying forces of demand and supply were likely to be more positive for house prices and investment than in the last recovery in the early 1990s. "In the short term, the problems in the banking system are likely to continue to act as a dampener on the growth of housing demand. However, if the pressures in the banking system ease over the next couple of years, there could be scope for a much stronger recovery in the housing market, especially if interest rates remain low and monetary conditions remain as relaxed as they are at present," he said. Recession Economics Bank of England Interest rates Office for National Statistics Unemployment and employment statistics Housing market Economic growth (GDP) Green shoots Consumer spending Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Which party will benefit from fragile ec... Which party will benefit from fragile economic growth? | Michael White
01/27/2010
How will voters hedge their collective bet on an economy still likely to be in the doldrums on polling day? Well, as economic recoveries go 0.1% growth in the fourth quarter of 2009 is hardly worth breaking open the Prosecco we've reportedly been buying to save money. It hasn't stopped complaints from some of those who have been claiming that growth returned a good four months ago. One such, Martin Weale of the National Institute of Economic and Social Research, is quoted in some of the papers today as saying it's statistically insignificant. He's right, though such figures are often later revised in the direction of travel, ie upwards in this case. Weale might usefully have added that his team was suggesting 0.3% growth in the last quarter, not the only body of expertise to mock our cautious chancellor who has been insisting Britain would crawl out of recession only by the end of the year. Yes, I do believe ex-chancellor Brown may have been one of them. There's an obvious paradox here, several actually. This week's Guardian/ICM poll suggested that 50% of voters think Brown's leadership has made the recession worse, 28% a lot worse, compared with 43% who think – correctly – that he's helped ease the crisis. Over at Channel 4 News another poll said 72% of voters say the tentative end of the recession will make no difference to how they vote – as distinct from the 11% who are more likely to vote Labour. That doesn't surprise me. For a host of reasons I think the electorate is minded to change Britain's political leadership after 13 years of Labour. Fair enough, 13 years is long enough for anyone to get tired and start losing their way. But as Peter Riddell was quick to point out in today's Times , a paper which is swinging fast to the right in the best Murdochian ("back the winner") way, the very fragility of the recovery strengthens Brown and Alistair Darling's warning against financial retrenchment before the ship of state is sailing strongly on favourable tides. My own hunch has long been that the Tories won't actually make the savage cuts they say they will, not least because the overwhelming bulk of expert opinion – not to mention history – is against them. George Osborne is sensibly sounding more wary. In an otherwise worrying column in last Friday's FT the saintly Sir Samuel Brittan provided comfort for the Labour view that easing the debt mountain will be easier via resumed growth than via further self-defeating retrenchment before the time is right to "take away the punchbowl" as a US central banker once put it. So mild-mannered Darling's caution, combined with his four-year plan to halve the deficit, much-mocked too, may look more plausible when he presents his March budget. As he told the Guardian's Patrick Wintour last night , "there will be hiccups along the way". Like many things in life what to do isn't the issue, it's when to do it: it's all a matter of timing and judgment. I had a friendly spat with some chums the other day when I said the UK should keep spending its way out of trouble. You can't really do that though because you can't ignore the need to fund your public debt on markets, which are often given to irrational exuberance or depression, as the past decade has reminded us. Remember, the four most lethal words in economics are: "This time it's different." No, it isn't. Hence the Guardian's ominous page one headline today, quoting the aptly named Bill Gross, California-based founder of Pimco, a US fund-manager, to the effect that Britain's public debt – Treasury gilt sales – are " resting on a bed of nitroglycerine ". Why? Because heavily indebted countries tend to devalue their currency – as Britain has done by 20% and struggling eurozone states like Greece cannot. Sam Brittan says expansionary policies should continue until the disbenefits – including inflation – outweigh the gains in jobs and output. People like Gross can be as wrong as everyone else. Would he dare say that about the debauched US dollar? I doubt it. They know where he lives. But sterling is a tempting target for a bit of bullying. Pimco's European honcho, one Andrew Balls, said similar worrying things recently. Hence George Osborne's quip that he and his brother Ed are both busy trying to ruin the UK economy. Another paradox is that Osborne's own political concern to express financial rectitude – as I assume he will – may further damage economic prospects when he becomes chancellor. I'm sure smart voters sense this. All of which makes the coming election such an interesting as well as important one. How will voters hedge their collective bet on an economy still likely to be in the doldrums on polling day? With a side bet on the Lib Dems and a hung parliament intended to curb Dave n' George's autonomy? It would be a rational option, but there is no guarantee that it would prove a smart one in real life. Economic policy Economic growth (GDP) General election 2010 George Osborne Alistair Darling Opinion polls Michael White guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Britvic sales fizz but it warns of possi... Britvic sales fizz but it warns of possible slowdown
01/27/2010
Consumers couldn't get enough of Britvic 's J20 and 7UP drinks before Christmas, but since then things have looked a little flatter, especially given the recent arctic weather conditions. In a statement to its annual meeting, the producer and licensed bottler of soft and carbonated drinks said sales for the 12 weeks to 20 December had fizzed up 11% to £242.7m. Old favourites like Robinsons squash did well, as did newer products such as Fruit Shoot H20 and Gatorade. But the company cautioned over the prospects for the next three months. It said: Given the exceptionally strong performance during the comparative period in 2009, the second quarter would be expected to see a relative slowing of the rate of growth. In addition, adverse weather conditions have been unhelpful in the early weeks of January resulting in a marked slowing of demand and looking ahead, we again remain cautious about the outlook for consumer confidence and spending in the balance of the financial year. But it still believed it could meet expectations for the full year, and its shares have climbed 17.9p to 422.3p, making it the biggest riser in the mid-cap index at the moment. It said: We continue to benefit from the consistent execution of our proven marketing, point-of-purchase and innovation strategies, as well as our ongoing focus on costs. We are therefore confident of meeting the board's expectations for the 53-week financial year ending 3rd October 2010 that will continue to build on our strong track record of revenue, operating profit and margin growth. Analysts were also pretty positive on the business. Jonathan Cook at RBS said: Britvic continues to outperform the soft drinks market and consensus expectations. This is driven by improved operating performance and distribution gains in particular. Britvic remains at a discount to the European beverages sector despite continued momentum, increased medium-term growth guidance and M&A opportunities. We believe that recognition of its solid top-line development and double-digit earnings per share growth should trigger a rerating and so reiterate our buy recommendation. Over at Evolution Securities, Andrew Holland said: A very strong first quarter sales performance, led by carbonates volume up 17%, is likely to lead to consensus forecast upgrades. Britvic is cautious on the second quarter, citing tougher comparisons and poor January weather, but our current sales growth forecast of 3.4% for the full year looks low, especially given that this is a 53 week year. Britvic remains on a big (22%) 2010 calendar PE discount to the sector, which looks too much given sector average earnings per share growth over the next three years. Britvic 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)

• Enron, Noël Coward, London Enron, Noël Coward, London
01/27/2010
Noel Coward, London In recent years, the stock of director Rupert Goold, the closest thing British theatre has to its own PT Barnum, has risen so high that he is regularly mentioned as a future artistic director of the National Theatre. The bubble shows no sign of bursting with his West End transfer of Lucy Prebble's all-singing, all-dancing morality play about the collapse of Enron, the energy company – a piece so confident it's astonishing that it is only her second play. Audiences that put their money into this ticket are guaranteed a return on a show that is exuberantly staged as a cross between a vaudevillian nightmare and roistering Jacobean City comedy. Of course, it was that elusive "sure thing" that investors – ever gullible in their pursuit of a quick buck – thought they were onto when they put their money into Enron, the Texas energy giant which was America's seventh biggest corporation before it collapsed in 2001, costing 20,000 people their jobs and many more their life savings. Under the leadership of company president Jeffrey Skilling (played by Sam West, who is remarkable in what is a remarkable cast), Enron changed from a company selling something real – gas – to one selling hot air and dreams. Like Goold's playful, glossy production, which offers up the Lehmann Brothers bank as a Siamese twin double act, and the company auditors, Arthur Anderson, as a ventriloquist's dummy, Enron was a box of tricks: an illusion created from smoke and mirrors that in effect hid its debts in the basement, portrayed as a shadowy place where raptors prowl, devouring dollar bills. But whereas too much illusion may be bad for the bottom line, it's a very good thing in theatre; and while, in other circumstances, you might argue that the overlay of visual tricks and video amount to show-off distractions, in this show they are put to terrific use to create the dizzying and seductive spectacle of capitalism itself. Accountancy does not, as a rule, lend itself to gripping theatre, but in Anthony Ward's design the figures flash before our eyes in mesmerising digital displays that, together with the choreographed ballets of traders, capture the giddy euphoria of the markets. The audience doesn't have to do the maths because Prebble has done it for us, bringing clarity to a complex story, and cleverly blurring the line between fact and fiction to considerable dramatic effect. Rating: 4/5 Theatre West End Enron Lyn Gardner guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• 2010 is a key year for Davos | Larry Ell... 2010 is a key year for Davos | Larry Elliott
01/27/2010
The days of banking self-rule are over – Davos policymakers must make tough choices on regulation and rewards The mood in Davos is more cheerful this year. That's hardly a surprise since the world economy was having a near-death experience a year ago. Industrial production was collapsing and world trade contracting at rates similar to those in the early 1930s. Instead of a Great Depression we have had what economists and policy makers are calling the Great Recession; it has been tough but swift action has prevented the worst from happening. That sense was reflected in a survey of chief executives released by PricewaterhouseCoopers released last night. It showed that 81% of those running companies around the globe were confident about their prospects for the next year, with 31% very confident. Sentiment was most upbeat in Asia, gloomiest in western Europe. In the circumstances, the themes identified by the World Economic Forum for this year – "rebuild, redesign and rebuild" – seem appropriate. This is a good time to reflect on what went wrong and what needs to be done to prevent another crisis. The problem, though, is that there is a strong temptation for businesses to slip back into the bad old ways of thinking. There are signs that this is happening: the massive bank bonuses, the lobbying against re-regulation of final markets, the familiar cry that the state should get off the back of the private sector. Fortunately, the pressure for change remains strong. Apart from in China, recovery has so far been fragile and patchy – witness Britain's anaemic return to growth after six quarters of decline. It has also been strongly dependent on the stimulus provided by cheap money, tax cuts and higher public spending. The private sector is not yet nearly strong enough to stand on its own feet. What's more, it has become clear to policymakers that the big banks are utterly incapable of putting their own house in order. The days of self-regulation are over, and thank heavens for that. An unreformed financial sector coupled with a weak and unbalanced global economy is the recipe for round two of the crisis. This regulation now stands to be tougher than it was a few months ago. But the public's repugnance at the self-enrichment of the bankers has registered with governments, most obviously in the United States. Again, this is good news: the most successful period for the world economy – the quarter-century from 1948-73 – coincided with the toughest regulations on banks. What does all this mean? It means that this is actually a more important Davos than last year. In 2009, it was obvious what had to be done; central banks and finance ministries had to try anything and everything to drag the global economy back from the brink. This year, there are choices to be made, on macro-economic strategy, on the shape of regulation, on how people are rewarded. The challenge for Davos man this week is to put flesh on the bones of "rethink, redesign, rebuild", a nice slogan but little more than that. I'll keep you posted. Davos Regulators Banking Global recession Financial crisis Economic policy Economics Global economy Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Greene King buoyed by upbeat trading and... Greene King buoyed by upbeat trading and pub purchase
01/27/2010
Food sales over Christmas have driven a strong performance from pubs group Greene King , which has just issued an upbeat trading statement. In the 38 weeks to last Sunday, like for like sales climbed 4.3%, and the company said trading in the more recent weeks remained strong despite the poor weather. It said: We again delivered very strong growth in the two weeks over the Christmas period, despite the tough comparisons with last year. Like-for-like food sales growth remains very strong and combined with growth in food-related drinks' sales, continue to drive our underlying performance in both destination and local pubs. It is expected that total like-for-like sales growth will moderate through the rest of the financial year due to ongoing tough comparatives and the VAT rise. Second half margins are expected to be broadly in line with the corresponding period last year. We are well placed to continue strengthening our competitive position and, whilst the UK consumer outlook is still uncertain, we are confident that we will meet the board's expectations for this financial year. The upbeat has been well received, with the company's shares rising 6.9p to 439.9p. It has also announced the purchase of eight freehold, managed pubs from Punch Taverns , up 0.5p at 83.6p, for £15.9m. The deal has been funded from the proceeds of Greene King's recent £207m rights issue. Altium Securities increased its price target from 475p to 490p on the news, while Mark Brumby at Astaire Securities said: Greene King continues to perform strongly. There is a note of caution re the remainder of the year but the group is confident that it will hit targets. The economic environment is uncertain and the employment outlook in Scotland (where a significant proportion of the workforce is employed by the state) is set to worsen but Greene King, which should earn around 42.5p in the current year, trades at 10 times earnings and offers good value. We are retaining our hold recommendation. Panmure Gordon also has a hold rating on the company, and said: We are encouraged by the increased investment of the rights issue proceeds but with 33% of group profitability still arising from tenanted pubs we remain mindful of regulatory risk from the appeal over the OFT decision, the forthcoming industry report from the Business, Innovation and Skills Committee and the EU block exemption renewal. Hence we retain our hold recommendation and 500p price target. As for Punch, Seymour Pierce repeated its sell recommendation with a 70p price target following the pub sale to Greene King. Analyst Hugh-Guy Lorriman said: This seems a successful disposal from Punch and in line with the previous disposal programme. However with net debt at over £3bn and interest cover at 1.5 times (2009) the balance sheet issues are far from solved. Greene King Punch Taverns Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Steven Morris visits a Wiltshire stone m... Steven Morris visits a Wiltshire stone mine turned into a wine store
01/27/2010
Steven Morris visits a Wiltshire stone mine turned into a wine store Steven Morris (5 h ago)

• Pets at Home bought for nearly £1bn Pets at Home bought for nearly £1bn
01/27/2010
After strong winter sales, Pets at Home rose in value as KKR added the chain to a portfolio that includes Boots and Toys R Us Pets at Home has sold for almost £1bn after a fierce bidding war between private equity houses, in a deal that ends months of speculation over the chain's future. KKR won the auction for Britain's leading pet store with a £955m offer that adds Pets at Home to its portfolio of retailers including Boots and Toys R Us. Pets at Home, owned by another private equity group Bridgepoint, had been in talks with several potential buyers and was also mulling a stock market flotation. Four private equity houses – Apax Partners, Bain, KKR and TPG – got through to a second round of bidding for the company and it had been tipped to fetch about £700m. But its price tag was boosted by keen interest from suitors and a strong Christmas as the big freeze boosted sales of dog coats and rabbit hutch covers . The 240-strong chain of stores selling food, accessories and a range of small pets will stay under the leadership of the Matt Davies, chief executive, who said the company welcomed the "strong support" from KKR. "KKR's investment represents a resounding endorsement of our success to date and a validation of our colleagues' commitment and enthusiasm towards pets and pet owners across the UK," he said in a statement. "KKR has a track record of investing in world-class retailers around the world, and it's exciting for us to join the ranks of KKR retail investments." The private equity firm plans to expand its latest addition. "We are enthusiastic about the significant further potential for Pets at Home to grow, develop and continue to deliver its unmatched breadth of products, store environment, competitive pricing and customer service," said KKR's John Pfeffer. Founded in 1991, Pets at Home has already expanded both in size and services in recent years. It now offers grooming and veterinary services at many stores. The company's near-£1bn buyout echoes other recent private equity moves that suggest new signs of life in a sector that had been throttled by the credit crunch. Last month Apax announced a £975m agreement to buy Marken, a company that specialises in transporting pharmaceutical products, in the biggest private equity deal in more than a year. Private equity firms owning companies as diverse as New Look and Hilton hotels are also expected to drive a rise in the number of companies seeking to float on the stock market in the next few months. Pets at Home Retail industry Mergers and acquisitions Private equity Recession Green shoots Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Davos 2010: Barclays' Bob Diamond attack... Davos 2010: Barclays' Bob Diamond attacks Obama's banking plans
01/27/2010
Speaking on the opening day of the World Economic Forum in Davos, Diamond said the growth in 'large, integrated, universal banks' had been a response to market forces Barclays' president, Bob Diamond, warned today that Barack Obama's plans to limit the size of banks would hit jobs, growth and global trade. Speaking on the opening day of the World Economic Forum in Davos, Diamond said the growth in "large, integrated, universal banks" had been a response to market forces in the post-communist world. "They [the big banks] fulfilled an important function in helping governments and corporates to transfer risk, particularly across borders," Diamond added. "Did banks get big because they wanted to or were they following their clients, their customers and the markets? Was it for an economic purpose?" Finding a way of preventing a re-run of the 2007 financial crisis is a key theme of this year's Davos forum and has been given added impetus by last week's White House announcement that the US would put restrictions on the size and the activities of Wall Street banks. Diamond said there had been the failure of a "couple of banks" caused by poor regulation and ineffective management, particularly around management of risk. "I have seen no evidence that suggests shrinking banks and making them smaller and more narrow is the issue." He said it was up to the G20 group of developed and developing nations to establish "an effective regulatory framework to have better managed, integrated, universal banks". Isolated actions by individual governments were not "beneficial" and international co-operation was vital if banks with global operations were to be regulated effectively. A new era of "narrow" banks would be harmful, Diamond said. "The impact on jobs, global trade and the global economy would be very negative." Davos Banking Bob Diamond Barclays Obama administration Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Tullow takes a tumble as FTSE falters on... Tullow takes a tumble as FTSE falters on global worries
01/27/2010
Tullow Oil is leading the way down as the market takes another lurch into negative territory. Investors continue to fret about falling demand in China following the country's measures to tighten policy and fend off inflation. Later today comes the statement from the US Federal Reserve after its two day policy meeting, with some uncertainty about what will be said about exiting the financial support measures including quantitative easing. Owen Ireland at ODL Securities said: Despite yesterday's poor UK GDP release, the FTSE ended its four day losing streak, but only just. It will be concerning for market bulls that momentum now appears to be to the downside. They will be looking for some inspirational rhetoric from the Federal Reserve tonight to kick-start the bull run once again. Manoj Ladwa, senior trader at ETX Capital, said: Following the paltry 0.1% increase in growth announced yesterday and the need to shift a truck load of UK gilts with no QE to fall back on, prospects for UK plc do not look rosy. Add in rumours that UK Prime Minister is thinking about calling a snap election next month to avoid having a budget and the next round of growth figures published it all adds up to uncertainty. Expect a bit of volatility on the markets over the coming days. So with Wall Street turning negative towards the close of trading and Asian markets also lower, the FTSE 100 is currently down 64.50 at 5212.35. If it closes around this level it will be the lowest since 18 December. Oil group Tullow has fallen 61p to £11.55 after it launched a placing of 80m shares to raise some £1bn. The cash will be needed after Tullow decided to exercise pre-emption rights and bid for the other half of its joint venture in Uganda with Heritage Oil. Heritage had already agreed to sell to Italy's Eni, and it is now up to the Uganda government to decide which bid it favours. Other commodity companies and financial companiess are - once more - among the leading fallers. Xstrata is down 41p at £10.43 while Anglo American has lost 69p to £23.88. Among the banks, Barclays is 10.3p lower at 265.7p and Royal Bank of Scotland has fallen 1.39p to 33.41p, as concerns about banks' capital requirements continued. Meanwhile Man , the hedge fund group, fell 13.4p to 249.7p as the net asset value of its key AHL fund fell 3.57% last week. Credit Suisse has also cut its price target from 320p to 300p on the business. The bank said: We are edging down our forecasts for Man group to incorporate guidance given on the conference call following the recent trading update and the weak AHL returns in the last fortnight. With the shares off 25% in the last three months it looks to us that the new numbers are fully reflected in the share price. It may however require a recovery on AHL/private client flows for the shares to start outperforming again. Tullow Oil Xstrata Anglo American Man Royal Bank of Scotland Barclays Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Steve Bell: Global pain goes on as UK l... Steve Bell: Global pain goes on as UK leaves recession
01/27/2010
Britain has become the sick man of the G7, but there are plenty of other sufferers Steve Bell (6 h ago)

• Unequal Britain: richest 10% are now 100... Unequal Britain: richest 10% are now 100 times better off than the poorest
01/27/2010
• 1980s income gap still not plugged, say analysts • Brown says equality panel report a 'sobering' read • Datablog: get the numbers behind this story A detailed and startling analysis of how unequal Britain has become offers a snapshot of an increasingly divided nation where the richest 10% of the population are more than 100 times as wealthy as the poorest 10% of society. Gordon Brown described the paper, published today, as "sobering", saying: "The report illustrates starkly that despite a levelling-off of inequality in the last decade we still have much further to go." The report, An Anatomy of Economic Inequality in the UK, scrutinises the degree to which the country has become more unequal over the past 30 years. Much of it will make uncomfortable reading for the Labour government, although the paper indicates that considerable responsibility lies with the Tories, who presided over the dramatic divisions of the 1980s and early 1990s. Researchers analyse inequality according to a number of measures; one indicates that by 2007-8 Britain had reached the highest level of income inequality since soon after the second world war. The new findings show that the household wealth of the top 10% of the population stands at £853,000 and more – over 100 times higher than the wealth of the poorest 10%, which is £8,800 or below (a sum including cars and other possessions). When the highest-paid workers, such as bankers and chief executives, are put into the equation, the division in wealth is even more stark, with individuals in the top 1% of the population each possessing total household wealth of £2.6m or more. Commissioned by Harriet Harman, minister for women and equality, the National Equality Panel has been working on the 460-page document for 16 months, led by Prof John Hills, of the London School of Economics. The report is more ambitious in scope than any other state-of-the-nation wealth assessment project ever undertaken. It concludes that the government has failed to plug the gulf that existed between the poorest and richest in society in the 1980s. "Over the most recent decade, earnings inequality has narrowed a little and income inequality has stabilised on some measures, but the large inequality growth of the 1980s has not been reversed," it states. Hills said: "These are very challenging issues for any government because the problems are so deep-seated." "But we hope that by doing this work, policy makers have now got information they never had before, to try and get at the roots of some of those problems." Harman said the issues raised meant the government needs to "sustain and step up" action introduced by government over the past 13 years, such as children's centres and tax credits. "It takes generations to make things more equal," she told Radio 4's Today programme. Social mobility was "essential" for the economy, she said. "The government should take action to ensure everyone has a fair chance." The panel found "systematic differences in equality panel economic outcomes" remained between social groups, and said many would find the "sheer scale of inequalities" in outcomes "shocking". Inequality in earnings and income is high in Britain compared with other industrialised countries, the report states. A central theme of the report is the profound, lifelong negative impact that being born poor, and into a disadvantaged social class, has on a child. These inequalities accumulate over the life cycle, the report concludes. Social class has a big impact on children's school readiness at the age of three, but continues to drag children back through school and beyond. "The evidence we have looked at shows the long arm of people's origins in shaping their life chances, stretching through life stages, literally from cradle to grave. Differences in wealth in particular are associated with opportunities such as the ability to buy houses in the catchment areas of the best schools or to afford private education, with advantages for children that continue through and beyond education. At the other end of life, wealth levels are associated with stark differences in life expectancy after 50," the report states. It echoes other recent research suggesting that social mobility has stagnated, and concludes that "people's occupational and economic destinations in early adulthood depend to an important degree on their origins". Achieving the "equality of opportunity" that all political parties aspire to is very hard when there are such wide differences between the resources that people have to help them fulfil their diverse potentials, the panel notes. Researchers analysed the total wealth accrued by households over a lifetime. The top 10%, led by higher professionals, had amassed wealth of £2.2m, including property and pension assets, by the time they drew close to retirement (aged 55-64), while the bottom 10% of households, led by routine manual workers, had amassed less than £8,000. Harman acknowledged in the report that the "persistent inequality of social class" was a large factor in perpetuating disadvantage, adding that the government would begin to address this with the new legal duty placed on public bodies to address socio-economic inequality, included in the equality bill. The report follows research published by Save the Children which revealed that 13% of the UK's children were now living in severe poverty, and that efforts to reduce child poverty had been stalling even before the recession began in 2008. The Hills report also found that: • Divisions between social groups are no longer as significant as the inequalities between individuals from the same social group; inequality growth of the last 40 years is mostly attributable to gaps within groups rather than between them. • White British pupils with GCSE results around or below the national median are less likely to go on to higher education than those from minority ethnic groups. Pakistani, Black African and Black Caribbean boys have results at the age of 16 well below the median in England. • Compared with a white British Christian man with similar qualifications, age and occupation, Pakistani and Bangladeshi Muslim men and Black African Christian men have an income that is 13-21% lower. Nearly half of Bangladeshi and Pakistani households are in poverty. • Girls have better educational outcomes than boys at school and are more likely to enter higher education and achieve good degrees, but women's median hourly pay is 21% less than men's. The significance of where you live is another theme. The panel says the government is a "very long way" from fulfilling its vision, set out in 2001, that "within 10 to 20 years no one should be seriously disadvantaged by where they live". The paper notes "profound and startling differences" between areas. Median hourly wages in the most deprived 10th of areas are 40% lower than in the least deprived. Social mobility Equality Harriet Harman Gordon Brown Labour Conservatives Economics Amelia Gentleman Hélène Mulholland guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• WH Smith suffers fall in Xmas sales WH Smith suffers fall in Xmas sales
01/27/2010
Fall blamed on music and film competition and quieter airports, as like-for-like sales fell 5% during 11 weeks of festive shopping Book and stationery retailer WH Smith suffered a drop over Christmas as it grappled with tough competition in the music and film market and quieter airports, but it insisted the key season had met expectations. The retailer, one of the last to update on Christmas trading, said it was "confident in the outcome for the full year" after keeping costs in check at both its travel division of station and airport shops and its high street arm. "The group delivered a good performance during the period. We made further progress in our high street business and our travel business continues to perform well, despite soft passenger numbers at airports," said chief executive Kate Swann. "Although we remain cautious about consumer spending, we have planned accordingly and are confident in the outcome for the full year." Like-for-like sales were down 4% for the whole group in the 21 weeks to 23 January. On the high street, like-for-like sales fell 4% in that period, while over the 11 weeks of festive and winter sales shopping, they dropped 5%. WH Smith faces cut-throat competition from online stores and supermarkets for sales of DVDs and CDs and it appears Christmas was no exception. Excluding entertainment, sales were down a mere 1%. At the travel business sales were down 2% in the 21-week period. But WH Smith did not provide any evidence of whether the harsh winter weather that jammed up airports and rail links hurt sales over the 11-week festive period. It only gave results for the longer stretch. Its update follows a generally strong performance reported from the high street and online stores this Christmas as retailers noted tentative signs that consumers were feeling more confident. Official data last week cast doubt on that, however. The Office for National Statistics said Britain's high street experienced the weakest Christmas for more than two years . That news was followed by yesterday's unexpectedly weak growth figures that showed the economy only just crawled out of recession in the final three months of 2009. Most of the Christmas trading update season is now over with just JJB Sports left among the major retailers to report tomorrow. WH Smith Retail industry Recession Green shoots Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• UK economy lies 'on bed of nitroglycerin... UK economy lies 'on bed of nitroglycerine'
01/26/2010
Bill Gross deals blow to government with warning to his investors that Britain's debt makes it a 'must to avoid' The government's hopes of claiming credit for reviving the British economy suffered a severe blow today when the world's biggest buyers of bonds warned that the UK was a "must to avoid" for his investors as its debt was "resting on a bed of nitroglycerine". The intervention by Bill Gross, co-founder of California-based fund managers Pimco, came on the day official figures confirmed that Britain had emerged from the deepest recession since the 1930s – but only by the narrowest of margins. The economy grew by 0.1% in the final three months of last year, much weaker than even the most cautious expectations in Westminster and the City. The unexpectedly sluggish performance prompted Alastair Darling to warn that Britain could yet fall back into recession, telling the Guardian "there will be hiccups along the way". The chancellor insisted, however, that he would not be required to revise his forecast growth of 1-1.5% over 2010."You cannot come through a recession of this magnitude, dust yourself down and walk off as if nothing happened," he said. "Things will be steadily improving, but we have got to negotiate some bumps in the road." But the remarks by Gross, whose pronouncements on bond markets are regarded as highly influential, added to the sense that the economy remained in a dangerously parlous state. "The UK is a must to avoid. Its gilts are resting on a bed of nitroglycerine," he said."High debt with the potential to devalue its currency present high risks for bond investors." His views are particularly painful for the government as the head of Pimco's European team is Andrew Balls, the brother of cabinet minister Ed Balls. Gross described the UK as posing risks for investors because it has "the highest debt levels and a finance-oriented economy – exposed like London to the cold dark winter nights of deleveraging". He warned that the UK was in Pimco's "ring of fire" where a country's public debt could exceed 90% of GDP in a few years' time. Darling's current projections are for the debt to GDP ratio to peak at 77% in 2014. Pimco has been trying to attract new clients by sounding the alarm about the UK for some time, most recently earlier this month when it unsettled markets by saying it was cutting back on its bond investments in the UK and the US. • The headline to this article was amended on Wednesday 27 January 2010. The co-founder of Pimco is Bill, not Bob, Gross. This has been corrected. Economics Green shoots Investing Alistair Darling United States Labour Jill Treanor Patrick Wintour guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (17 h ago)

• Icelandic tycoons at centre of SFO raids Icelandic tycoons at centre of SFO raids
01/26/2010
Serious Fraud Office carries out series of raids on offices of firms linked to Lýdur and Ágúst Gudmundsson Simon Bowers The Serious Fraud Office and counterparts from Iceland carried out a series of co-ordinated raids today on the offices of companies linked to Icelandic tycoons Lýdur and Ágúst Gudmundsson, including the Lincolnshire headquarters of Bakkavor, one of Britain's largest chilled food suppliers. Before the banking sector meltdown brought the small north Atlantic island's economy to its knees in October 2008 the Gudmundsson brothers, both of whom have homes in Belgravia, were among Iceland's most influential and wealthy entrepreneurs. The holding company Exista, in which they hold a near-45% stake, was the largest shareholder in Kaupthing, Iceland's biggest bank, before its collapse. But yesterday's raids are understood to be focused on other alleged activities at Exista. Among the actions under scrutiny is the sale of a major stake in Bakkavor by Exista to the Gudmundsson brothers shortly after the banking meltdown. Raids in the UK were conducted by the SFO and British police at four addresses, including Exista offices in Paddington, at the request of Icelandic prosecutors and do not relate to investigations being pursued by UK authorities. Inquiries were sparked in part by a dossier on Exista that was passed to criminal prosecutors by administrators to Kaupthing. Intelligence exchanges between the SFO and the Office of Iceland's Special Prosecutor Ólafur Hauksson have been building for months, but searches at UK addresses mark a new level of collaboration. Hauksson said he expected more UK raids to follow, relating to other inquiries in Iceland. Meanwhile, Hauksson's team today carried out simultaneous raids at eight addresses in Iceland linked to Exista. In addition to their own lines of investigation, Icelandic prosecutors were carrying out a formal search request from the SFO relating to their inquiry into past activities at British sportswear retailer JJB. A joint venture between Exista and businessman Chris Ronnie jointly acquired a 29% stake in 2007 in a deal financed by Kaupthing. Ronnie was later appointed to the JJB board, quickly becoming chief executive. He was suspended last year after it emerged the stake had been seized by administrators to Kaupthing. The SFO announced in September that it is investigating suspected criminal price-fixing and fraud in the sportwear retail industry. It is focusing its attention on Sports Direct as well as JJB. JJB has negotiated immunity in exchange for whistle-blowing co-operation. Bakkavor, the launchpad for the Gudmundsson brothers, began as a sleepy fish roe processing firm. In a series of Kaupthing-brokered takeovers in the UK it swallowed Katsouris Fresh Foods — a company five times its size in 2001, and four years later bought Geest,making it one of the largest suppliers of ready meals, pizzas, desserts and sliced fruit to Britain's supermarkets. A year later Laurens Patisseries was acquired from serial entrepreneur Andreas Liveras. Serious Fraud Office Iceland Simon Bowers guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• Aer Lingus says Ryanair's stake blocks a... Aer Lingus says Ryanair's stake blocks alliance
01/26/2010
• Aer Lingus says it has access to about £672m • Irish carrier has begun to trim its €400m annual operating costs Aer Lingus has accused arch-rival Ryanair of deterring the likes of British Airways from taking a stake in the business because of Ryanair's "poison-pill" shareholding in Ireland's national airline. The airline's new chief executive, Christoph Mueller, said bosses of European carriers had cited Ryanair's 29% ownership of the business as an obstacle to any deal. Potential investment partners in the loss-making airline include British Airways and US operator United Airlines, with whom it has strategic alliances. "A minority shareholding from an alliance partner is restricted by Ryanair. The shareholding works as a poison pill," he said. Mueller added that he had met Ryanair's outspoken chief executive, Michael O'Leary, at an industry gathering but had yet to have a one-to-one encounter with his largest shareholder. Citing the example of Germany's Lufthansa, which has invested in Brussels Airlines and Austrian Airlines, Mueller said a corporate tie-up with another airline was impossible while Ryanair stays on the share register. Aer Lingus is not a member of the three major global airline alliances – Oneworld, Star Alliance or SkyTeam – but Mueller admitted that, in the long term, joining one of the major groups is inevitable. "The fact that Ryanair is a shareholder is a limiting factor in attracting other airline shareholders in the framework of a global alliance," he added. Aer Lingus is 25% owned by the Irish government with its employees owning a further 14%. Mueller dismissed industry speculation, fuelled by incessant criticism from Ryanair , that Aer Lingus could run out of cash in the near future. He said Aer Lingus has access to about €770m(£672m) and is slowing its cash burn rate of €400m a year. The Aer Lingus chief added that the carrier is pulling back from the low-cost airline business model first introduced by Willie Walsh, now BA chief executive, and will increase average fares. "We will not try to stimulate the market like hell where there is no demand left," Mueller said. Airline industry Ryanair Travel & leisure Mergers and acquisitions 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)

• Kazakhstan to force foreign oil firms to... Kazakhstan to force foreign oil firms to pay more tax
01/26/2010
Country will tear up contracts with Shell and others exploiting large new oil fields Kazakhstan will tear up contracts signed by Shell, BG and other foreign energy companies to invest more than $150bn (£90bn)to exploit giant new oil fields in the country, forcing them to pay more tax. Shell has a 16.8% stake in the consortium developing the Kashagan field at an estimated total cost of $136bn. The country's energy minister warned today that the companies would no longer be exempt from domestic taxation as agreed and would have to redraft their contracts. President Nursultan Nazarbayev recently said that foreign companies would have to pay domestic taxes. TodaySauat Mynbayev, energy minister, confirmed that this would apply to the developers of the Kashagan field, as well as companies including Chevron, which is leading the consortium on the Tengiz field, and BG, which has a stake in the Karachaganak project. The Kashagan field, with estimated recoverable oil reserves of at least 9bn barrels, was discovered in 2000 and is the largest find since the 1960s. It had been planned to come into production in 2004, eventually producing over 1.2 million barrels a day, but production is now scheduled to start in 2012. It is hugely over budget, Shell having originally forecast that it would cost only $29bn to develop. Shell and other foreign energy companies in Kazakhstan had signed production sharing agreements supposedly fixing the tax they pay and profit share they are allowed to take for the lifetime of the project. Analysts said that the companies now faced a "significant" rise in taxes, and would for example be liable for the export duty which two years ago was set at $100 a barrel. Anna Walker,senior analyst for central Asia and South Caucasus at consultancy Control Risks, said the government had increasingly been ratcheting up the pressure on companies in an effort to raise revenues following the economic downturn. "The wider implication is also that the government could change the terms of the contract in the future whenever it wants." The companies and government would have to find a compromise as both sides needed the projects to go ahead. "Generally, the government in Kazakhstan is being more assertive. Companies don't want to miss out on the opportunity. But because the technical challenges are huge, it still needs foreign operators to develop the fields." Shell declined to comment. Oil and gas companies Oil Kazakhstan Tim Webb guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• Saab saved by $400m Spyker buyout Saab saved by $400m Spyker buyout
01/26/2010
Dutch sports car maker agrees to buy ailing Swedish firm from GM for $74m cash and $326m in shares Saab has been saved from closure at the eleventh hour through a rescue by Spyker Cars, which has struck a deal to buy the ailing Swedish carmaker from General Motors for an initial $74m in cash. Under the terms of the sale, GM will retain preference shares in Saab that must be redeemed for $326m by the end of 2016, although the US firm will have voting rights of less than 1%. After almost a month of negotiation, Spyker clinched an agreement with the help of a €400m loan from the European Investment Bank. The EIB's loan has been guaranteed by the Swedish government, which has come under intense public pressure to provide aid to salvage Saab. Spyker is a tiny Dutch sports car manufacturer which turned out just 43 luxury vehicles last year. It will change its name to Saab Spyker Automobiles; its chief executive, Victor Muller, said: "We are very much looking forward to being part of the next chapter in Saab's illustrious history. Saab is an iconic brand that we are honoured to shepherd." The buyout means hope for 3,400 employees and for 1,100 dealerships worldwide selling Saabs, 87 of them in Britain. Saab owners have organised "convoys" to protest at the closure in countries as far apart as Thailand, Israel and Canada, and demonstrated outside GM's headquarters in Detroit three weeks ago. GM appointed liquidators to Saab earlier this month, and has come under attack for rushing to shut the 61-year-old brand despite availability of willing buyers. GM's European president, Nick Reilly, said: "We have worked very hard with many parties, including government and investors, and I'm very pleased that we could come to such a positive conclusion that preserves jobs in Sweden and elsewhere." Known for reliable, sporty designs, Saab grew out of a Swedish aeronautical firm after the second world war. GM took full control in 2000 but struggled to make it a success, losing cash each year since 2001.Saab made a loss last year of SKr3bn (£255m) on sales of 93,000 vehicles. Some in the industry have argued that the brand, although renown for quality, is simply too small to compete in a global market. One of GM's reservations over a sale was reportedly concern about Spyker's biggest shareholder: a Russian bank, Convers, owned by a billionaire, Vladimir Antonov. In an apparent resolution to this issue, Spyker announced that Antonov is exiting by selling his stake to Tenaci Capital, an investment vehicle owned by Spyker's chief executive. Analysts say that Saab has been a victim of poor management. Tim Urquhart, an analyst at IHS Global Insight, said: "It's a really brilliant brand. It's probably one of the biggest brand mismanagement stories in the history of the automotive industry." Saab General Motors Automotive industry Bernie Ecclestone Sweden United States Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Cadbury 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 (2 d ago)

• Toyota suspending sales of eight recalle... Toyota suspending sales of eight recalled cars
01/26/2010
Toyota is suspending U.S. sales of eight recalled vehicle models to fix accelerator pedals that stick. (14 h ago)

• Buffett’s Berkshire to be added to S&P i... Buffett’s Berkshire to be added to S&P indexes
01/26/2010
Standard & Poor's will add Warren Buffett's Berkshire Hathaway Inc. to its S&P 100 and S&P 500 indexes after Berkshire acquires Burlington Northern Santa Fe. (14 h ago)

• Stocks down as consumer confidence rises Stocks down as consumer confidence rises
01/26/2010
The stock market rebounded from an early slide Tuesday as stronger consumer confidence boosted hopes for the economy. (16 h ago)

• Budweiser going for laughs this Super Bo... Budweiser going for laughs this Super Bowl
01/26/2010
An asteroid is about to hit Earth? Drink some Bud Light. Your plane crashes on an island? Drink more Bud Light. Really love Bud Light? Why not build your house with cans of it. (17 h ago)

• Super Bowl ad tied to debate over aborti... Super Bowl ad tied to debate over abortion
01/26/2010
A coalition of women's groups called CBS to scrap its plan to broadcast an ad during the Super Bowl which critics say is likely to convey an anti-abortion message. (17 h ago)

• Support builds for Bernanke as vote near... Support builds for Bernanke as vote nears
01/26/2010
Democratic leaders on Tuesday rounded up support for Ben Bernanke, aiming for a vote as early as Thursday to confirm him for a second term as chairman of the Federal Reserve. (18 h ago)

• Saab gets another lease on life Saab gets another lease on life
01/26/2010
Saab was rescued from the scrap yard of auto history on Friday when GM agreed to sell the struggling unit to Dutch sports-car maker Spyker Cars NV. (18 h ago)

• Slew of GM, Chrysler dealers appeal clos... Slew of GM, Chrysler dealers appeal closure
01/26/2010
More than half of the nearly 2,800 dealers General Motors and Chrysler want to close are appealing those decisions. (19 h ago)

• Verizon to cut 6 percent of its workforc... Verizon to cut 6 percent of its workforce
01/26/2010
Verizon said it is facing a slower-than-expected economic recovery and plans to cut 6 percent of its workforce, adding that it forecasts only a modest rebound in late 2010. (20 h ago)

• Flaws plague foreclosure relief program Flaws plague foreclosure relief program
01/26/2010
Ten months into the government’s third program to stop a record wave of foreclosures, the latest effort is falling far short of its goal. By John W. Schoen (20 h ago)

• IMF sharply raises its global growth for... IMF sharply raises its global growth forecast
01/26/2010
The IMF sharply raised its global economic growth forecast, casting developing countries in a leading role while rich nations struggle with high unemployment and government debt. (22 h ago)

• Questions hang over Obama's jobs tax cre... Questions hang over Obama's jobs tax credit
01/26/2010
President Barack Obama's promised push to create jobs includes a new tax credit for small businesses that add employees -- an idea that clearly appeals to a nation struggling with a nearly 10 percent unemployment rate. (22 h ago)

• Home prices rise unexpectedly in Novembe... Home prices rise unexpectedly in November
01/26/2010
A closely watched index shows that home prices rose nationally for the sixth straight month in November, with 14 of 20 metro areas tracked showing improvements. (22 h ago)

• EBay nixes ‘listing’ fees for occasional... EBay nixes ‘listing’ fees for occasional sellers
01/26/2010
EBay hopes to lure more sellers by essentially doing away with "listing" fees for people who occasionally auction items on its site. Instead it will take a cut of the final selling price. (23 h ago)

• Target pulls farmed salmon from its stor... Target pulls farmed salmon from its stores
01/26/2010
Target Corp., the nation's second-largest discounter after Wal-Mart Stores Inc., said Tuesday that it pulled all farmed salmon from its stores as it looks to be more environmentally conscious. (23 h ago)

• Recession in Britain ends — but just bar... Recession in Britain ends — but just barely
01/26/2010
Britain's worst recession since World War II is officially over — but only just. (23 h ago)

• Consumers’ confidence in economy improve... Consumers’ confidence in economy improves
01/26/2010
Consumer confidence rose past expectations in January, the third straight monthly increase as Americans begin to feel better about the job picture, according to a report released Tuesday. (23 h ago)

• Toyota predicts higher sales this year Toyota predicts higher sales this year
01/26/2010
Toyota said Tuesday it plans to sell 8.27 million vehicles worldwide this year, up 6 percent from 2009, showing the world's No. 1 automaker is optimistic about recovery after being battered by the global slowdown. (1 d ago)

• It’s likely closing time for these chain... It’s likely closing time for these chains in 2010
01/26/2010
Tight-fisted consumers, plunging sales and shuttered stores. That was pretty much the retail story during the bulk of 2008 and 2009. (1 d ago)

• Mortgage ‘relief’ leads to foreclosure n... Mortgage ‘relief’ leads to foreclosure notice
01/26/2010
Red Tape: For nine months, Deb Franklin said, she did exactly what JP Morgan Chase and President Barack Obama told her to do. She made her mortgage payments on time. Then, on the day after Christmas, a "bomb dropped" on her life. (1 d ago)

• Samsung Life I.P.O Could Settle Long Dip... Samsung Life I.P.O Could Settle Long Dipute With Creditors
01/27/2010
South Korean companies, including Samsung Life, could raise as much as $11 billion this year by selling their shares to the public for the first time. (3 h ago)

• Japanese Exports Rise for First Time Sin... Japanese Exports Rise for First Time Since Crisis Began
01/27/2010
Japan’s exports rose 12.1 percent in December from a year earlier, a sign that solid growth in Asia could help Japan avoid another recession. (4 h ago)

• Iceland Leads Environmental Index as U.S... Iceland Leads Environmental Index as U.S. Falls
01/27/2010
Some of the largest economies, including the U.S. and China, scored poorly in a new environmental index. (5 h ago)

• Rusal Shares Dive in Hong Kong Trading D... Rusal Shares Dive in Hong Kong Trading Debut
01/27/2010
Shares in Rusal, the Russian aluminum giant, fell 11 percent in their landmark trading debut in Hong Kong on Wednesday, after it raised $2.2 billion in an initial public offering. (6 h ago)

• Asian Stocks Extend Slide Amid China Con... Asian Stocks Extend Slide Amid China Concerns
01/27/2010
Asian stock markets dropped Wednesday as concerns China’s move to slow lending would hinder the global recovery continued to unsettle investors. (6 h ago)

• Lines and Tempers as Haitians Queue for ... Lines and Tempers as Haitians Queue for Cash
01/27/2010
Haitians waited Tuesday for food. They also lined up at newly reopened money transfer offices.After two weeks without remittances, there seemed to be a spike, welcomed by Haitian officials. (7 h ago)

• Toyota Halts Sales of 8 Models in U.S. f... Toyota Halts Sales of 8 Models in U.S. for Pedal Flaw
01/26/2010
Toyota Motor Company will temporarily stop selling and building eight models for the U.S. market while it tries to resolve a problem with accelerator pedals. (8 h ago)

• Ailing Banks Favor Salaries Over Shareho... Ailing Banks Favor Salaries Over Shareholders
01/26/2010
A few struggling banks in the postbailout world are by some measures the industry’s most generous employers. (8 h ago)

• China Raises Bank Reserve Rules, Startin... China Raises Bank Reserve Rules, Starting Stock Sell-Off
01/26/2010
The country’s moves to tighten liquidity and rein in bank lending, with an eye on accelerating price pressures and asset prices, have worried investors around the world. (8 h ago)

• Growth in British Economy Suggests End t... Growth in British Economy Suggests End to Recession
01/26/2010
Preliminary fourth-quarter figures for 2009 show the British economy grew 0.1 percent after 6 consecutive quarters of contraction. (8 h ago)

• G.M. Enters Agreement to Sell Saab to Sp... G.M. Enters Agreement to Sell Saab to Spyker
01/26/2010
Under the deal, Spyker will give G.M. $74 million in cash and $326 million in preferred shares of the combined Spyker-Saab entity. (9 h ago)

• British Central Banker Favors Splitting ... British Central Banker Favors Splitting Big Banks
01/26/2010
An argument once seen as an academic debate is now gaining traction among policy makers. (9 h ago)

• With Sun, Oracle Aims At Giants With Sun, Oracle Aims At Giants
01/26/2010
The $7.4 billion deal to acquire Sun Microsystems, which gives Oracle a vast hardware business for the first time, pits it against Hewlett-Packard, I.B.M., Dell and Cisco Systems. (9 h ago)

• Two at Fed Had Doubts Over Payout by A.I... Two at Fed Had Doubts Over Payout by A.I.G.
01/26/2010
After rescuing the American International Group with a loan, federal officials rejected forcing trading partners to return $30 billion they had received from A.I.G. (9 h ago)

• Davos 2010: Pollution-Fighting Businesse... Davos 2010: Pollution-Fighting Businesses Set Their Own Course in Treaty Vacuum
01/26/2010
Lacking international leadership, environmental technology firms may focus on local and national markets. (10 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. (10 h ago)

• Davos 2010: Emerging Economies Gain a Vo... Davos 2010: Emerging Economies Gain a Voice at Davos
01/26/2010
Developing nations may well be pushier this year in discussions about subjects such as free trade and financial regulation. (10 h ago)

• Davos 2010: Will Dubai Be a Drag on Gulf... Davos 2010: Will Dubai Be a Drag on Gulf Region?
01/26/2010
A bailout by a neighbor may have contained the damage of a near-default. But the wild card for the area's economic recovery is Iran. (10 h ago)

• Davos 2010: More Bankers This Year at Da... Davos 2010: More Bankers This Year at Davos, but Mood Remains Glum
01/26/2010
Many heading to the resort believe that the global economy survived because of an unprecedented intervention by governments and central banks and that it is still too early to call an end to the crisis. (10 h ago)

• Problem Loans Plague Banks in Austria Problem Loans Plague Banks in Austria
01/26/2010
Austria's banking regulator said Tuesday it expected "massive" write-offs this year by the country's banks as they recognized more bad loans in Central and Eastern Europe. (10 h ago)

• Martha Stewart Will Shift Show to Hallma... Martha Stewart Will Shift Show to Hallmark Channel
01/26/2010
Starting in September, “The Martha Stewart Show” will open a two-and-a-half-hour block of programming with Ms. Stewart’s brand attached. (8 h ago)

• Advertising: A Little ‘i’ to Teach About... Advertising: A Little ‘i’ to Teach About Online Privacy
01/26/2010
Trying to ward off regulators, the ad industry has agreed on a standard icon to tell consumers what is happening. (8 h ago)

• Resignation of the Chief at Borders Adds... Resignation of the Chief at Borders Adds to Unease About Book Sales
01/26/2010
Ron Marshall, who joined Borders in January 2009, was the third person to occupy the chief executive’s seat in three years. (8 h ago)

• Q & A with Stuart Elliott Q & A with Stuart Elliott
01/26/2010
A discussion of wedding rings in advertisements. (10 h ago)

• Webdenda: People and Accounts of Note Webdenda: People and Accounts of Note
01/26/2010
American Family Insurance, Madison, Wis., selected the Chicago office of Ogilvy & Mather Worldwide, part of WPP, to handle its creative account. (10 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. (10 h ago)

• McGraw-Hill Posts Jump in Earnings McGraw-Hill Posts Jump in Earnings
01/26/2010
Cost cutting and higher revenue at its Standard & Poor’s and education businesses helped the company’s quarterly results. (16 h ago)

• Next News From Haiti: Pulling Out Next News From Haiti: Pulling Out
01/26/2010
Coverage of the devastation has dominated the public’s attention, but financial concerns are leading TV networks to cut back their efforts. (23 h 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. (1 d 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.” (1 d 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. (1 d 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. (1 d 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. (1 d 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. (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. (2 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. (2 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. (2 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. (2 d ago)

• Dolan's paper cuts Dolan's paper cuts
01/27/2010
It's starting to get nasty at Newsday. Just days after unionized workers overwhelmingly rejected a new contract proposal that included pay cuts, vacation reductions and a longer workweek, the Cablevision-owned Long Island daily has struck back, telling the union that it will have to "look for savings elsewhere," starting... (4 h ago)

• Meredith looks for shelter Meredith looks for shelter
01/27/2010
The publisher of Better Homes & Gardens is itself searching for a better home. Sources say that Meredith Corp., the publishing giant that owns that title along with 172 others and 12 TV stations, has hired Ed Weiss (no relation) at Cushman & Wakefield to guide it through a search for 350... (4 h ago)

• Galleon defendant turns Galleon defendant turns
01/26/2010
A high-profile defendant in the government's wide-ranging insider trading case is expected to plead guilty and provide damning information about the alleged ringleaders, Raj Rajaratnam and Danielle Chiesi. Prosecutors told a federal judge yesterday that Mark Kurland, co-founder of a former Bear Stearns hedge fund, plans to waive indictment... (9 h ago)

• Business briefs Business briefs
01/26/2010
Looking up -- Home prices and con sumer confidence in the US climbed further from the depths of the reces sion. The S&P/ Case-Shil ler home-price index in creased 0.2 percent in November, the sixth con secutive gain. Home val ues since May have re gained about a... (9 h ago)

• GM selling Saab brand GM selling Saab brand
01/26/2010
General Motors Co. agreed to sell its Saab unit to sports-car maker Spyker Cars NV in a deal that would save the 72-year-old Swedish brand from extinction. The transaction, subject to a $563 million European Investment Bank loan for Saab, will probably be completed in February, GM and Spyker said... (9 h ago)

• Malone in the mix Malone in the mix
01/26/2010
As if Barry Diller and Irving Azoff weren't enough of a handful -- now Live Nation Entertainment CEO Michael Rapino has to wrangle with John Malone, too. One day after the merger between Live Nation and Ticketmaster received regulatory approval, Malone's Liberty Media announced that it wanted to... (9 h ago)

• Toyota halts most US sales Toyota halts most US sales
01/26/2010
Toyota Motor Corp., struggling to stem record US recalls, is suspending production and US sales of eight models that use a pedal component that triggered a recall of 2.3 million vehicles. Dealers have been told to temporarily stop selling the RAV4, Highlander and Sequoia sport-utility vehicles, Corolla, Camry, Avalon... (9 h ago)

• NY pension chief trimming PE exposure NY pension chief trimming PE exposure
01/26/2010
New York state's pension fund is ratcheting down the risk by pulling back on private-equity investments. The state is one the country's biggest leveraged buyout investors, and as of September had $11.2 billion spread among Apollo, Blackstone, Carlyle, KKR, TPG and other private equity firms. That is... (9 h ago)

• Geithner to face a critic Geithner to face a critic
01/26/2010
A Republican congressman will likely call for Treasury Secretary Tim Geithner's resignation at a hearing today about the 2008 bailout of insurance giant American International Group. California Rep. Darrell Issa, the ranking Republican of the House Oversight and Government Reform Committee, has been one of Geithner's harshest critics... (9 h ago)

• Yahoo! profits on improving ad mart Yahoo! profits on improving ad mart
01/26/2010
Her first year was a "very bumpy ride," Yahoo! Chief Executive Carol Bartz admitted as the company reported a profit in its quarterly results yesterday. While Yahoo!'s ad slump eased, the Internet pioneer is still in the early stages of a turnaround. Yahoo!'s core business showed signs of... (9 h ago)

• IRS' company line IRS' company line
01/26/2010
It appears the Internal Revenue Service doesn't have the gray matter to root out gray areas in the US tax code -- and wants to rely on big corporations to blow the whistle on themselves for taking any iffy tax breaks. The new policy, disclosed yesterday by IRS Commissioner... (9 h ago)

• Freddie Mac may aid StuyTown Freddie Mac may aid StuyTown
01/26/2010
Freddie Mac, the US-backed mortgage buyer that is a creditor of Stuyvesant Town-Peter Cooper Village, would consider providing financing to an eventual buyer of the Manhattan apartment complex, according to a person familiar with the matter. The 80-acre property, Manhattan's largest apartment complex, should be sold to a reputable... (9 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 (1 d ago)

• Sponsored By: Sponsored By:
01/25/2010
(1 d 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 (1 d 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. Live Nation - United States Department of Justice - Ticketmaster - Justice Department - United States (1 d 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. Super Bowl - Advertising - Sport - NBC - CBS (2 d ago)

• Super Bowl brings welcome relief to Miam... Super Bowl brings welcome relief to Miami
01/24/2010
South Florida is ready for the Super Bowl party to begin. Super Bowl - Football - Sports - Peyton Manning - United States (2 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. (2 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 (2 d ago)

• Obama to Offer Aid for Families in State... Obama to Offer Aid for Families in State of the Union Address
01/27/2010
In his speech on Wednesday, the president will focus on struggling families squeezed between sending their children to college and caring for elderly parents. (7 h ago)

• Should You Shop Around for Title Insuran... Should You Shop Around for Title Insurance?
01/26/2010
Even though some states require title insurance companies to charge the same rates, it still pays to shop around. (17 h ago)

• Banks to Pitch the Wonders of Overdraft Banks to Pitch the Wonders of Overdraft
01/26/2010
Coming soon: A pitch from your bank to try to persuade you to sign up for overdraft services. (19 h ago)

• More on M.B.A. Tuition Deductions More on M.B.A. Tuition Deductions
01/26/2010
Answers to reader questions about how student loans, returning to school full-time and certain employer reimbursement policies might change the M.B.A. tuition deduction rules. (19 h ago)

• Insurer Steps Up Fight to Control Health... Insurer Steps Up Fight to Control Health Care Cost
01/26/2010
A dispute between a chain of New York hospitals and UnitedHealthcare could affect millions with private health insurance. (20 h ago)

• Tuesday Reading Tuesday Reading
01/26/2010
Some colleges are cutting application fees, how to get discounted theater tickets and other consumer-focused items from Tuesday's Times. (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. (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? (3 d ago)

• High stakes, pressure in Davos High stakes, pressure in Davos
01/26/2010
More than 2,500 people will gather for the World Economic Forum in the Swiss ski town of Davos to discuss how to fix the global economy. Stephen Beard reports on what attendees and observers can expect. (21 h ago)

• Despite scandals, China still growing Despite scandals, China still growing
01/26/2010
Chinese officials are still pulling contaminated dairy products off store shelves. China correspondent Scott Tong talks with Kai Ryssdal about how China doesn't seem to be slowing down, even with corruption problems. (21 h ago)

• Where will Howard Stern go next? Where will Howard Stern go next?
01/26/2010
Four years ago, Howard Stern moved to Sirius Satellite Radio. But with less people buying satellite radios and subscriptions, there's talk that Stern may return to the regular airwaves. Brett Neely reports. (21 h ago)

• A toxic environment for green workers A toxic environment for green workers
01/26/2010
In his State of the Union address, President Obama will likely push for more green jobs. But green jobs aren't necessarily clean ones. Sarah Varney reports. (21 h ago)

• Ford starts building a new workforce Ford starts building a new workforce
01/26/2010
Ford says it will add 1,200 new jobs in the fourth quarter of this year. Alisa Roth reports on auto worker jobs in the future. (21 h ago)

• Fed mulls inflation prevention measures Fed mulls inflation prevention measures
01/26/2010
The Federal Reserve is expected to keep the Federal Funds Rate where it is for many months to come. But even if the Fed raises interest rates, some are saying the old tools will no longer do the trick. Jeremy Hobson reports. (21 h ago)

• What's behind Obama's spend freeze? What's behind Obama's spend freeze?
01/26/2010
President Obama is calling for a spending freeze on some domestic programs in the federal budget. Washington bureau chief John Dimsdale talks with Kai Ryssdal about how much money the move might save. (21 h ago)

• Deficits driving tax haven crackdown Deficits driving tax haven crackdown
01/27/2010
It has been an extraordinary 12 months for tax crackdowns. And now the Paris-based Organization for Economic Cooperation and Development says its has obtained 195 tax information exchange agreements, as opposed to 23 in 2008, to clean up tax havens.And now we have new reports that the G20 is broadening its tax crackdown. It's encouraged the developing countries to sign up on the understanding that they will get a windfall, collecting all those unpaid revenues. At the same time, we have reports that the ... (5 h ago)

• Has Twitter peaked? Has Twitter peaked?
01/26/2010
That's the question raised in this news report. According to Web analytics specialists, the microblogging site seems to have flatlined with 22 million visitors in December, down 770,000 on August.Still, these sorts of reports need to be treated with caution because the people who use Twitter seem to hyper-engaged with it. Check out the tweets coming from some of the users. They just keep coming.Nevertheless, according to tech.blorge , Twitter is full of unused accounts with only 17% of users sending only one message ... (8 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 ... (1 d 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 ... (1 d ago)

• Security status for AIG Security status for AIG
01/24/2010
More evidence that the bailout of AIG, and those generous payments to its trading partners, were part of a massive conspiracy that kept US taxpayers in the dark. And another sign that the banks are running the US government. AIG funneled over $90 billion of taxpayer bailout funds to various U.S. and European banks, and the biggest beneficiary was politically connected Goldman Sachs which took $12.9 billion of taxpayer money.So former Treasury secretary Henry Paulson and his successor Timothy Geithner will testify before a ... (2 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 ... (2 d ago)

• US energy savings: Opportunities and cha... US energy savings: Opportunities and challenges
01/26/2010
There is great potential to reduce energy consumption and minimize its total cost by using existing technologies--and without changing the everyday habits of consumers. Read more on the McKinsey Quarterly > Topics: Climate Change Energy, Resources, Materials (23 h 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 (1 d 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 (1 d 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 (1 d 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 (1 d 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 (1 d ago)

• Wal-Mart cutting 11,200 jobs at Sam’s Cl... Wal-Mart cutting 11,200 jobs at Sam’s Club
01/24/2010
Wal-Mart Stores Inc. said Sunday it is cutting more than 10,000 jobs at Sam's Club, representing about 9 percent of the warehouse club operator's staff. Wal-Mart - Sams Club - Sam - Business - Warehouse club (2 d ago)

Business

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Entertainment

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

• 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. Google - People's Republic of China - Web search engine - Search - Search Engines (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. Asia - Marketing - Taiwan - Integrated circuit - Television (2 d ago)

• Budgeting and Saving Money Budgeting and Saving Money
01/26/2010
© meddygarnetSetting up your budget is the foundation that will enable you to have greater control over your finances. This is why any ability to continue to save some serious money starts there. Being able to manage your personal finances on an ongoing basis will enable you to make a real difference in the way money is handled in your home. One writer at About.com said that "Thinking of a budget as a financial diet is a sure way to set yourself up for ... (21 h 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 ... (1 d ago)

• A Solarized World? A Solarized World?
01/26/2010
© Dominic's pics I'm not a huge fan of TreeHugger. Interesting stuff... but a little too obsessed for me sometimes. But I like this piece from them on the on creating houses that are fossil fuel free. I realized a while ago that change is difficult, not so much because of the price or the pain involved, but because of the vested interests involved.Citing studies from the likes of Shell Oil and the German Economics Ministry, Leggett claims that contrary to what naysayers will ... (10 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 ... (2 d ago)

• My Scam Experience My Scam Experience
01/24/2010
© dawgbyte77 When the economy became particularly troublesome for my work-from-home business, I decided to pick up some part time work. I wanted something simple I could do from home, that wouldn't detract from my "real" job. So where did turn to look for work? Craigslist. I found a job asking for what sounded like a virtual assistant position. It said it would require me to help with a virtual business, respond to inquiries and write response emails. It sounded perfect for what I ... (2 d 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? ... (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. Order fulfillment - Business - Distribution - Kiva Systems - Transportation and Logistics (2 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 ... (1 d 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. Pennsylvania - Restaurant - United States - Business - Recreation (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. ... (1 d ago)

• Seen that? - Offshore outsourcing sees c... Seen that? - Offshore outsourcing sees continued rise
01/24/2010
Offshore outsourcing sees continued rise The Outsourcing Weblog According to a research by sourcing advisory company TPI, offshore outsourcing will see more growth as more than 80% of large companies plan to increase their offshore outsourcing activities. The research which ... (2 d ago)

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