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Business News
for 01/28/2010

(last updated 7:30am EST 01/28/2010)

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• China produces 180 million computers in ... China produces 180 million computers in 2009
01/28/2010
According to the latest statistics from the Ministry of Industry and Information Technology released January 27, China produced up to 182 million computers with microprocessors in 2009, up 27.5 percent. Production of notebook computers also grew 38.8 percent. Compared with 2008, there is a remarkable increase in the production of computers with microprocessors. In 2008, 147 million were produced, up 14 percent year-on-year, and the production of notebook computers saw a growth of 27.1 percent ... (1 h ago)

• 3G users in China number 13.25 mln 3G users in China number 13.25 mln
01/28/2010
Zhang Feng, director of the Department of Communications Development under the Ministry of Industry and Information Technology said January 27, that by the end of 2009, the number of 3G users had reached 13.25 million nationwide, and the number of users of TD-SCDMA, which China owns the intellectual property rights for, had reached 5.1 million. Zhang said that in 2009, the 3 largest telecom operators directly injected 161 billion yuan to complete the 3G network, and 325,000 3G base stations w ... (1 h ago)

• Li Ka-shing invests in the lithium batte... Li Ka-shing invests in the lithium battery sector
01/28/2010
Jia Sheng Holdings Limited issued a notification January 26, claiming that it will pay 2.75 billion Hong Kong dollars to acquire the rights and interests of Union Grace Holdings Limited. This indicates that Jia Sheng Holdings has begun developing electric vehicles and lithium batteries. In addition, Jia Sheng Holdings will sell 400 million shares to Li Ka-shing at a discounted price of 18.9 percent. On January 26, the stock price of Jia Sheng Holdings reached its highest point of 1.57 Hong Ko ... (1 h ago)

• China aims at 11% industrial growth China aims at 11% industrial growth
01/28/2010
China aims to realize an 11-percent growth of above-scale industrial added value and to reduce energy consumption per 10,000 yuan by 7 percent, said the Ministry of Industrial and Information Technology (MIIT) at a press conference yesterday. China’s industrial economy development still faces prominent difficulties this year, said Zhu Hongren, chief engineer and spokesman of the MIIT. "In 2009, China's above-scale industrial added value surged by 11 percent compared with 2008 with the ... (1 h ago)

• Baidu and Rakuten to build online shoppi... Baidu and Rakuten to build online shopping mall
01/28/2010
Baidu.com Incorporated and Japan's e-commerce website operator Rakuten Incorporated jointly announced January 27 that they will establish a joint venture to build a super-giant integrated B2C online shopping mall for Chinese consumers. The joint venture, in which Rakuten will hold a 51 percent stake and Baidu a 49 percent stake, will have an investment totaling around 4.3 billion yen over the next 3 years. Various cooperation agreements have already been signed by the 2 sides and all the prep ... (1 h ago)

• Chinese shares close higher Thursday Chinese shares close higher Thursday
01/28/2010
Shares in the Chinese mainland closed higher Thursday, with the benchmark Shanghai Composite Index up 7.54 points or 0.25 percent to close at 2,994.14. The Shenzhen Component Index increased by 73.70 points or 0.61 percent to close at 12,120.48. &$ &$Source: Global Times&$ &$ ... (1 h ago)

• S Korean financial market see decline in... S Korean financial market see decline in volatility in 2009
01/28/2010
South Korean financial market grew less volatile in 2009 compared to a year ago as the economy walked on a recovery path, Seoul's bourse operator said Thursday. According to the Korea Exchange (KRX), the nation's main index KOSPI posted an average day-to-day volatility of 1.55 percent in 2009, down 0.90 percentage point from a year earlier. The junior bourse KOSDAQ also saw a decrease in day-to-day volatility, which decreased 1.00 percentage point year-on-year to 1.52 percent, the KRX said ... (1 h ago)

• Nikkei closes 1.58% higher Nikkei closes 1.58% higher
01/28/2010
Tokyo stocks closed higher Thursday with the Nikkei index up 1.58 percent. The benchmark Nikkei 225 Average jumped 162.21 points to 10,414. 29. The broader Topix index was up 6.65 points, or 0.73 percent, to 914.32. Trading volume on the main section expanded to 2,362.92 million shares from 1,903.58 million Wednesday. On the First Section, advancing shares beat declining ones 1, 094 to 451. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• China's iron ore import dependency hits ... China's iron ore import dependency hits 69%
01/28/2010
Zhu Hongren, spokesperson for the Ministry of Industry and Information Technology (MIIT) disclosed during a press conference held January 27 that China imported a total of 630 million tons of iron ore in 2009, up 41.6 percent year-on-year, and the iron ore import dependency ratio has increased from 44 percent in 2002 to 69 percent. Unfavorable messages to China have been widely spread since relevant negotiations were launched in October 2009. Several international investment banks have predic ... (1 h ago)

• 50 electric buses run on Beijing roads 50 electric buses run on Beijing roads
01/28/2010
Beijing will transform part of the existing petrol filling stations and increase the number of electric vehicle charging stations, making "integrated refuel and charge service stations" to provide both services. At present, the first batch of a total of 50 pure electric buses are already running, while the pilot charging stations established for this purpose have also begun operation. In addition, Beijing Municipal Science & Technology Commission has begun to study how to charge electric vehi ... (1 h ago)

• CBRC urges reasonable control for credit... CBRC urges reasonable control for credit expansion
01/28/2010
Chairman of the China Banking Regulatory Commission (CBRC) Liu Mingkang said January 26 that financial banking institutions must reasonably control new loans in accordance with the effective needs of the real economy and prudent principles. Liu stressed that each financial banking institution should comprehensively evaluate and effectively prevent the risks related to the financing platforms of local governments, strengthen the tracking and review of extended loans, promote the development of ... (1 h ago)

• Obama unveils $30 bln dollar credit fund... Obama unveils $30 bln dollar credit fund to help small business
01/28/2010
U.S. President Barack Obama Wednesday unveiled a 30 billion dollar credit fund to help small business. "Tonight, I'm proposing that we take 30 billion dollars of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat," Obama said in his State of Union address. "I am also proposing a new small business tax credit–one that will go to over one million small businesses who hire new workers or raise wages," said th ... (1 h ago)

• Philippine economy grows 0.9% in 2009 Philippine economy grows 0.9% in 2009
01/28/2010
The Philippine economy has expanded 0.9 percent in 2009, hitting the lower end of the official target of 0.8-1.8 percent year-on-year growth, the government announced on Thursday. The farming, fishery and forestry sector grew 0.1 percent in 2009 from a year ago, the industry sector shrank 2.0 percent while the service sector registered a moderate growth of 3.2 percent, the National Statistical Coordination Board (NSCB) said. The economy grew 1.4 percent year-on-year in the last quarter of ... (1 h ago)

• Germany raises 2010 economic forecast wh... Germany raises 2010 economic forecast while inflation wanes
01/28/2010
Germany's economy will rise 1.4 percent in 2010, a little faster than previous estimates, as exports tend to rebound, but private consumption is still to be fragile, the economy ministry said Wednesday. In the newly released outlook of 2010, the German government predicted that the overall economy would jump 1.4 percent this year, compared with 1.2 percent growth estimated in October. "We've made a cautiously optimistic forecast," Economy Minister Rainer Bruederle said at a press conferen ... (1 h ago)

• METI report shows Japan retail declines ... METI report shows Japan retail declines for 16th month
01/28/2010
A report released by the Ministry of Economy, Trade and Industry (METI) on Thursday showed that Japan's retail sector suffered a 16th consecutive month of declining sales in December. Commercial sales fell by 11.1 percent year on year and stood at 45,694 billion yen (510 billion U.S. dollars). Meanwhile, wholesales sales dropped by 14.7 percent and retail sales by 1 percent. Large scale retail stores saw their business fall by an adjusted 4.6 percent. Factors such as the huge cuts to bonus ... (1 h ago)

• Big Cheese Chart: The final slice Big Cheese Chart: The final slice
01/28/2010
Adam Crozier – the new ITV chief executive – completes the quartet of the four most powerful men in UK broadcasting So, Monkey's Big Cheese Chart will have to settle for two out of four . Adam Crozier's appointment as chief executive of ITV means that the channel 3 broadcaster did a better job of hiding its process from us than Channel 4. Which is pretty impressive considering the nightmare that was the negotiating process with Tony Ball . So, here we have it, the four most powerful men in British terrestrial commercial broadcasting: Archie Norman , Adam Crozier, Terry Burns and David Abraham . Congratulations to you all. Now let's see how you do in the jobs. And at least Stephen Carter didn't get one of them. ITV ITV Media business Monkey guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Why the coup at Mitchells & Butlers is t... Why the coup at Mitchells & Butlers is the wrong kind of activism
01/28/2010
In any other circumstances, today's brutal coup at Britain's biggest pub company would be hailed as a victory for shareholder activism. The rebels behind the defenestration of Mitchells & Butlers chairman Simon Laffin can certainly argue they are in tune with the spirit of the times. Barely a day goes by without City minister Lord Myners lecturing institutional shareholders to exert their ownership rights more vocally and hold company executives to account. Just this week, British fund manager Hermes has been teaching the Germans a thing or two about the merits of activist investing by turning the spotlight on chipmaker Infineon. Sadly the rebels, led by Bahamas billionaire Joe Lewis, have spurned the opportunity to claim the moral high ground in this tawdry saga. As my colleague Simon Bowers sets out in his curtainraiser today , the whole affair has been characterised by murky backroom-briefings and a failure to really identify how the rebels would prefer to see things done. Instead, Lewis has mounted a very old fashioned corporate raid that falls between the cracks in our flawed regulatory system. Taking control of a company should ordinarily involve paying a control premium to other shareholders, but by somehow convincing the Takeover Panel that they are not working in concert, Lewis and his friends in Ireland have managed to take control with complete disregard for the views of other shareholders. One person's activist investor is another's unprincipled raider and, to be fair, Lewis never wanted to be regarded as either. But the tragedy is that for the sake of preserving his secrecy (and perhaps mystique), a businessmen who might have been heralded as the champion of a new wave of investor engagement has ended up taking us back to the 1970s. Mitchells & Butlers Paul Myners Dan Roberts guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Tesco bans shopping for bananas in pyjam... Tesco bans shopping for bananas in pyjamas ... or bare feet
01/28/2010
Supermarket in Cardiff, Wales, warns customers that nightwear is not permitted but shoes are a must Customers at a Welsh branch of Tesco have been banned from shopping in their pyjamas or bare feet. Notices have been put up in the St Mellons store in Cardiff saying: "Footwear must be worn at all times and no nightwear is permitted". A spokesman said Tesco did not have a strict dress code but it did not want people shopping in their nightwear in case it offended other customers. He said he was not aware of any other Tesco stores having to put up similar signs. "We're not a nightclub with a strict dress code, and jeans and trainers are of course more than welcome. "We do, however, request that customers do not shop in their PJs or nightgowns. This is to avoid causing offence or embarrassment to others." Tesco is not the first store to ban customers from shopping in their nightwear. In 2008 a Dublin cafe erected a "no pyjamas" sign, and in 2006 the Gulf emirate of Ras al-Khaimah introduced a new dress code to stop people wearing their sleep suits to work. More than 10,600 people have joined a Facebook group called "STOP GIRLS AND WOMEN WEARING PYJAMAS ON THE STREETS OF LIVERPOOL!!!!!", and last year an Irish production company made a documentary called The Pyjama Girls , about a group of teenagers living in central Dublin who spend most of their time in pyjamas. Tesco Consumer affairs Wales Helen Pidd guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Daily Mail & General Trust attacked over... Daily Mail & General Trust attacked over share structure and editor's pay
01/28/2010
Corporate governance watchdogs flag up dual share structure, and pay deals of Paul Dacre and Euromoney's Padraic Fallon Daily Mail & General Trust has been criticised by corporate governance watchdogs over bonuses, Daily Mail editor Paul Dacre's pay deal and its shareholder structure. The shareholder consultants Pirc and Manifest have both flagged up what they regard as a number of problems with the company's annual report ahead of its annual general meeting on 10 February. Pirc is recommending that shareholders vote against the company's remuneration report because of concerns about bonuses and other rewards. It is also urging them to oppose the report and accounts as a protest against DMGT's dual share structure, which allows the chairman, Lord Rothermere, to control the company. Pirc drew attention to the £3.23m bonus paid to Padraic Fallon, the chairman of Euromoney Institutional Investor, which was the equivalent of 15.44 times his £209,000 salary as he benefited from a profit-sharing scheme. "Combined remuneration is considered to be potentially excessive," it said. The shareholder consultancy also said Dacre's two-year rolling contract was contrary to best practice. Sarah Wilson, the chief executive of Manifest, contrasted Dacre's £1.13m salary with the Daily Mail's anger about "fat cat" pay. "I suppose it demonstrates a proper separation between editorial and proprietors, but I think in the current environment, people in glass houses shouldn't throw stones," she said. Wilson said only four of DMGT's 15 directors were independent – Francisco Balsemão, David Verey, Nicholas Berry and Charles Dunstone. She added that the dual shareholder structure was a major problem for Manifest. "Shareholders actually have very little disciplining opportunities over this company. That's one of the things that is particularly disappointing," Wilson said. "It really bucks the trend, it's almost unique in the UK. The company has provided no justification for that, it's out of track with the rest of the market. The governance structure really is from another century." A DMGT spokesman said: "We believe the DMGT arrangements are entirely appropriate and in the best interests of company, investors and broader stakeholders. "Mr Dacre is clearly an exceptional individual in his field. It's in the company's best interests for him to be on a long-term contract." • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". Daily Mail & General Trust Paul Dacre Daily Mail National newspapers Newspapers Newspapers & magazines Media business Daily Mail & General Trust Chris Tryhorn guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• ITV appoints Adam Crozier as chief execu... ITV appoints Adam Crozier as chief executive
01/28/2010
Adam Crozier, head of Royal Mail and former boss of the FA, to take up role as ITV chief executive later this year ITV has appointed Adam Crozier, the head of Royal Mail and former boss of the FA, as its new chief executive. Crozier, also a former chief executive of ad agency Saatchi & Saatchi, will take up the role later in the year. "ITV is a strong brand with talented people, facing an imperative for change as the media landscape evolves," said the ITV chairman, Archie Norman, who has been focusing on the hunt for a chief executive since taking up the job at the start of the month. "Adam is a very strong leader with a great track record in delivering transformational change. He has worked successfully in talent-driven organisations, with government and regulators, and has a thorough understanding of the media, advertising and branding industries." Today's appointment brings to an end ITV's 10-month search for a new chief executive. Crozier, who acrimoniously left the Football Association in 2002 and joined Royal Mail the following year, said that he was looking forward to putting ITV at the "forefront of change". "I am very excited to be joining ITV, a company with a great heritage and one of the best brands in the UK," he added. "The entire media sector is going through enormous change and that presents both great opportunities and significant challenges for everyone in the industry. The objective for ITV is to rise to those challenges and put itself at the forefront of change." Research by the TaxPayers' Alliance, which publishes an annual public sector rich list, found that Crozier was paid £1,142,000 at the Royal Mail. His pay package at ITV has not yet been revealed. After two years in the mid-1980s at the Pedigree Petfoods division of confectionery giant Mars, Crozier moved over to work in advertising, where he rose to chief executive of Saatchi & Saatchi. In 2000 he left the agency to take the job of chief executive at the FA. "His task is to bring together the skills and talent within ITV to drive the business on its strategic journey," said Norman. "Adam was the unanimous choice of the non-executive directors of ITV after a very full and thorough search process." • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". ITV Television industry ITV Mark Sweney guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Toyota to axe 750 British jobs Toyota to axe 750 British jobs
01/28/2010
Staff told of plan to reduce number of workers at Burnaston plant near Derby as Toyota fights to preserve reputation for safety with massive vehicle recall Toyota aims to axe up to 750 jobs at its main UK factory, workers have been told. The news comes as the carmaker scrambles to recall millions of vehicles around the world. Employees at the company's Burnaston plant near Derby have been told it will not have enough work for about 750 workers from August. At the same time the world's biggest carmaker is fighting to save its reputation as the home of some of the world's safest vehicles. It is recalling cars to fix sticking accelerator pedals, a move that has sent its shares tumbling in Tokyo and added to woes sparked by the global economic downturn. In a statement today, Toyota Manufacturing UK said it wanted to improve production efficiency and that it had already told workers last year that it would streamline operations at Burnaston , which currently employs more than 3,500 people, from August. "During a meeting with our employee representatives on Monday we confirmed that we will have a headcount surplus of around 750 members from August onwards. The key point of Monday's discussion was how to manage this situation in order to ensure we have a sustainable business for the long term," it said. Local newspaper the Derby Telegraph quoted one worker as saying morale was "lower than low" at the plant. For Toyota's global business, any hopes of an emergence from the deep recession that hit car production have now been dashed by the growing safety headaches. The Japanese company has been forced to suspend sales of some of its models and recall cars in the US, action that may now be followed with similar action in Europe. Japanese media reports put the total number of vehicles that could be recalled for accelerator problems at 8m – almost the same number as it sold globally last year. According to guidance for customers on the carmaker's website , "in rare instances, there is a possibility that certain accelerator pedal mechanisms may mechanically stick in a partially depressed position or return slowly to the idle position". But it says it is confident that all models that contain the potentially sticking pedals have been identified. In a further dent to its business, Toyota last night offered to modify more than 1 million cars where there was a danger of floor mats trapping the accelorator pedal , a problem that had already prompted recalls last autumn. Toyota Automotive industry Job losses Global recession United States 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)

• Suicide rate on the rise, figures show Suicide rate on the rise, figures show
01/28/2010
The start of the recession coincided with an increase in the number of people killing themselves, the official statistics reveal The number of suicides in the UK has risen sharply, reversing the downward trend of the past decade, according to figures released by the Office for National Statistics (ONS) today. The jump from 5,377 in 2007 to 5,706 in 2008 coincides with the beginning of the recession. Three times as many men as women killed themselves. Since a hitting a peak in 1998, the movement in suicide rates has been downwards. The latest figures show suicide rates for men are highest in northern England and lowest in the East Midlands. A separate study by the ONS shows the number of divorces fell but alcohol-related deaths climbed significiantly over the same period, a trend that will reinforce growing political alarm about the damage being caused by excessive drinking. In 2008, there were 9,031 alcohol-related deaths in the UK; deaths in the previous year amounted to 8,724. The number of drink-related fatalities has more than doubled since the early 1990s. Twice as many men as women die from alcohol. Almost all the deaths were of people aged over 35, but 11 deaths related to alcohol consumption were recorded in 2008 in the 15-34 age group. An ONS survey released today reveals those in "managerial and professional" households drink more than those in "routine and manual" households. The study, Smoking and Drinking Among Adults, shows a clear class division in consumption. Professionals admitted taking 13.8 units of alcohol a week compared with 10.6 units in manual households. Middle-class imbibers also drank more frequently. Overall, however, adults drank less per week in 2008 than they did din 2006: a fall to 12.2 units from 13.5 units. The consumption pattern for smoking was the opposite of that for alcohol: smoking was twice as common among manual workers as managers. In 2008, smoking remained at its lowest recorded level – 21% of adults. Divorces fell by 5% in England and Wales in 2008, dropping to 121,779. It is the fifth consecutive year that the number has fallen and the figure is the lowest since 1975. In 2008, 20% of those getting divorced had a previous marriage that had ended in divorce. Social trends Social exclusion Alcohol Recession Depression in adults Divorce Smoking Owen Bowcott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Struggling JJB Sports loses chairman but... Struggling JJB Sports loses chairman but gains Matthew Pinsent
01/28/2010
Rescuer of JJB Sports Sir David Jones makes way for Keith Jones in March, while Matthew Pinsent brings his sports trends expertise to the boardroom Ailing retailer JJB Sports is losing Sir David Jones, the chairman brought in to rescue the company, but at the same time is gaining Olympic gold medallist Sir Matthew Pinsent as a board member. Jones, who was diagnosed with Parkinson's Disease in 1982, is standing down at the end of this week on health grounds after a year as executive chairman. The retail veteran, whose credits include Next and Morrisons, has agreed to stay on as a non-executive director and to hand over to new chief executive Keith Jones when he starts in March. JJB is still suffering falling sales and today reported a 28% like-for-like drop in the year to 24 January, leaving its shares down 4.7% at 20.5p. But the company credited Jones with improving its fortunes with disposals and a restructuring of the board. "He has been responsible for leading the rescue of JJB over the past year, steering it through the sale of its fitness clubs, an innovative CVA and a very successful capital raising in the autumn," the company said in a statement. Independent director John Clare, a former DSG International chief executive, will become the acting chairman under the latest board shake-up that also sees the appointment of two new non-executive members. Rower and now TV sports journalist Pinsent is in line for at least £40,000 for attending regular JJB board meetings where his fellow directors will seek his expertise on the latest sporting trends. The chain is also appointing David Adams, chairman of photography retailer Jessop Group and of fashion business Moss Bros. JJB was the last big high street name to update the market on a Christmas trading season that was generally perceived as positive within the industry despite official data suggesting otherwise . Outlining its trading over the past year, JJB said things improved in the second half with like-for-like sales down 21% in January, compared with a 37% drop in August. Its post-Christmas sale ran a week longer than normal as the heavy snow and frost disrupted trade and while its margins had improved since the first half they were still much worse than a year earlier. JJB Sports Retail industry Morrisons Next Recession 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)

• Davos: World must learn trade talk lesso... Davos: World must learn trade talk lessons, says WTO's Pascal Lamy
01/28/2010
World Trade Organisation chief says long-running global trade talks show what is needed to prevent negotiations on climate change and financial regulation dragging out for many years World leaders need to learn lessons from the long-running global trade talks if they are to prevent negotiations on climate change and financial regulation dragging out for many years, the man responsible for policing trade said today. Pascal Lamy, the director general of the World Trade Organisation, said the lack of a successful deal to reduce protectionism after more than eight years showed how difficult it was to reach a global agreement. "There are lessons to be drawn for how to get there from the experience of the WTO, which remains ahead of the curve," Lamy said at the World Economic Forum in Davos. He added that an international agreement required four elements – political will, a target, a procedure to negotiate a deal, and an enforcement system. Lamy insisted that the WTO had all four elements in place and it was now a question of "catalysing the political will" to complete the round during 2010. It would be clear by March whether the G20 group of developed and developing nations were committed to settling their remaining disagreements over agriculture, services and financial help for poor countries within the next 12 months. "The fact that we haven't finished the round shows how difficult it is". All global negotiations, Lamy said, were handicapped by the need for agreements to be ratified by nation states. "We don't have a global voter". The WTO chief, who will hold informal talks with trade ministers from about 30 countries on the fringes of the World Economic Forum, said that neither the climate change talks nor the G20 discussions on a new global financial structure were as far advanced. Lamy said that trade rounds normally took a long time to conclude and that the Doha round, which was launched in November 2001, was more complex and involved more countries than any previous set of talks. But he expressed confidence that the WTO's 150-plus members would eventually "crack the remaining nuts". Lamy added: "No round has died yet." Davos Global economy Economic policy Economics Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Mitchells & Butlers: Rebels versus the b... Mitchells & Butlers: Rebels versus the board
01/28/2010
As Mitchells & Butlers gears up for a bruising power struggle with hostile shareholders , here is a list of the main characters in the drama: The rebels: • Joe Lewis - the billionaire investor who owns 22.8% of the firm through his Piedmont investment vehicle. The majority owner of Tottenham Hotspur is a global investor who made his fortune through currency trading. Piedmont has denied it is working to take over the company, either alone or with other shareholders. • John Magnier and JP McManus - Irish horseracing tycoons who between them account for 17.6% of the shares through their Elpida Group. The group has reportedly sent a letter to shareholders saying it has "no confidence" in chairman Simon Laffin and supports Piedmont's proposals. The Takeover Panel recently dismissed claims by M&B that shareholders were acting together. The board: • Simon Laffin - the current chairman who was appointed to the position in defiance of Piedmont, which had earlier called for him to step down as a senior independent director. Rebel shareholders are expected to vote against his reappointment. • Drummond Hall - former chairman. Piedmont tabled a resolution to remove him from the board but M&B said it wants him to remain as an independent director until a replacement is appointed. • Tony Bates - current independent director but would go under Piedmont plans. • Sir Tim Lankester - current independent director who would be the only non-executive director to stay on under the Piedmont proposals. Newcomers proposed by Piedmont: • John Lovering - currently chairman of Debenhams, but due to step down in March. Piedmont wants him to take over as chairman, according to M&B. The firm supports his appointment as a nominated director. • Simon Burke - also supported by M&B. Burke has senior experience with retailers including Hamleys and Majestic Wine. • Michael Balfour - founder of Fitness First. Not supported by M&B. • Jeremy Blood - Scottish & Newcastle brewing veteran. Not supported by M&B. • Ron Robson - put forward as one of two permitted shareholder representative non-executive directors. M&B cleared out the previous two representatives at the end of last year in the row over xLaffin's appointment. Two other non-executive directors were also removed. According to M&B, Robson is currently chief financial officer of Tamar Capital Partners, "a property investment and management group owned by family interests of Joe Lewis". Mitchells & Butlers Food & drink industry guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Robert Wiseman Dairies give bonuses to s... Robert Wiseman Dairies give bonuses to staff who beat the snow
01/28/2010
Though the snow bonus will cost Robert Wiseman £400,000, the company gained record sales in the wintry week of 9 January Dairies firm Robert Wiseman said today it was paying £100 bonuses to its 3,500 staff for battling through the snow to keep the nation's milk flowing. The bonus, which is costing Wiseman £400,000, comes after record sales in the week to 9 January when the weather disruption was at its height . Wiseman said sales were more than 10% above a normal week as shoppers bought in supplies. It received "exceptional feedback" from its supermarket customers. The staff bonus was "in recognition of the efforts made by our employees in getting milk collected, processed and delivered at this difficult time," the firm said. Retail industry Weather guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Stock markets rebound as Obama softens s... Stock markets rebound as Obama softens stance on banks
01/28/2010
'I am not interested in punishing banks,' said president Obama Global stock markets have pushed higher on widespread relief among investors that Barack Obama's banks clampdown may not be as stringent as they first feared, while the US central bank's cautious optimism also helped boost sentiment. The FTSE 100 has opened more than 1% higher, a rise of 52 points to 5270, tracking gains in other markets overnight. The Dow Jones Industrial Average closed up more than 40 points at 10236.2 after the US Federal Reserve renewed its promise to keep rates close to zero and said " economic activity has continued to strengthen ". Asian markets were then boosted overnight by the US president's state of the union speech , in which he focused on creating jobs and appeared to take a slightly softer line on banks. Referring to plans unveiled last week for the most sweeping changes to banking sector rules for decades, Obama did insist "serious financial reform" was key to unlocking economic growth. But he added: "Look, I am not interested in punishing banks. I'm interested in protecting our economy. A strong, healthy financial market makes it possible for businesses to access credit and create new jobs. It channels the savings of families into investments that raise incomes. But that can only happen if we guard against the same recklessness that nearly brought down our entire economy." Analysts said the tone marked a slight easing from last week's broadside against the banks. Those earlier comments had sparked a wave of share selling around the world. Obama's latest remarks on the need for banking reform come as City bankers prepare to meet Alistair Darling in Davos on Friday, where they will echo warnings from other global business executives that tough new curbs on the financial sector would hold back economic recovery. US economy Banking Obama administration United States 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)

• Honda Swindon ad wins top award Honda Swindon ad wins top award
01/27/2010
Anna-winning 'Bacon' press advertisement features a rasher of bacon and a poem praising workers and wildlife A press campaign by Honda celebrating the return to work of staff as its Swindon factory re-opened has won the award for the best national press ad of 2009. The ad, called "Bacon", features a rasher of bacon and a poem in praise of workers and worklife continuing at the embattled production plant. Honda's ad, one of a number featuring everyday images associated with factory life such as an iron and a cup of tea, won the prestigious winner of winners grand prix at the Awards for National Newspaper Advertising last night. To save the factory Honda was forced to close it for four months last year because of the recession-induced slump in car sales. The temporary closure saw 1,300 workers take voluntary redundancy and the remaining 3,400 take a 3% pay cut for 10 months. Remaining staff were pleased to return to work at the plant, prompting Honda's ad agency Wieden & Kennedy to develop a campaign celebrating the reopening. Darren Bailes, the creative director at agency VCCP, who nominated the ad for the award, described it as "news in the form of advertising". The recession produced another winner last night with Nationwide taking home the award for best use of "topicality" for a press ad playing on the relative safety of the building society for customers compared with the state of high street banks. "Solid. Stable. Dependable. Exciting, aren't we?" ran copy on the ad by agency Leagas Delaney. The best art direction award went to an ad for ITV positioning the FA Cup as a competition where all teams have a chance to win the tournament. The ad, by Bartle Bogle Hegarty, features a milkman skipping around the tackle of a uniformed player. "Where all men are equal," runs the strapline. "The ad highlights the romance of the FA Cup where even a team made up of milkmen and postmen can cause an upset," said Tim Delaney, judge and group chairman of Leagas Delaney. A recruitment ad for the Children's Workforce Development Council called "Plasticine" bagged the best copywriting award. The ad was created by Publicis. In the category of best online advertising on a national newspaper website the NHS's Smoke Free campaign was named winner. The ad was created by Agency Republic. The award for best creative media partnership went to Lurpak for its "Saturday is Breakfast Day" campaign. The campaign was developed by Wieden & Kennedy and media agency Carat. From lunchtime today the full awards round up will be available at www.theannas.co.uk . • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". Advertising Honda Newspapers Newspapers & magazines Mark Sweney guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)

• Bank of England policymakers split over ... Bank of England policymakers split over prospects for British economy
01/27/2010
Giving speeches on the same night, MPC member Andrew Sentance hails "tailwind" of world recovery, while senior insider Andrew Haldane warns of "debt overhang" in downbeat address The growing divergence of views at the Bank of England about when the fragile UK economy can safely be taken off life support was laid bare tonight in sharply contrasting speeches from two of its top policymakers. As the Bank's monetary policy committee prepares to hold a critical meeting next week to decide whether to pull the plug on quantitative easing, its £200bn policy of pumping money into the economy, hawkish committee member Andrew Sentance gave an upbeat address in London, hailing the recovery in the world economy as a "tailwind", and playing down the risk of a relapse in the housing market. But a few hours later in Liverpool, Andrew Haldane, the Bank's executive director for financial stability and a confidant of governor Mervyn King, warned the UK's "debt overhang" will take a long time to work off. Haldane said while there had been a strong recovery in financial markets, "there are good reasons for believing this story has some way to run". He warned: "While the flow of news over the past year has been positive, some of the stock problems which were the root cause of the crisis remain intact. The lasting legacy of this crisis is too much debt held by too many sectors against too little capital." Like Chancellor Alistair Darling, the Bank's decision-makers have been taken by surprise by the weakness of the UK's recovery from recession: official figures released on Tuesday showed that the economy grew just 0.1% in the fourth quarter of 2009, while the CBI said today that retail sales in January were at their weakest for five months . While "inflation hawks" on the MPC, including Sentance and chief economist Spencer Dale, have sent strong signals that they are itching to start withdrawing quantitative easing for fear that the economy will start to inflate too fast, others, including King, have been taking a more cautious view in public about the economy's ability to stand on its own feet. Sentance told the British Property Federation that the benign forces that held down inflation during the boom years are no longer in place, and that with the cost of imports rising the Bank may need to bear down on prices at home to keep inflation on target. "Through the recession, the MPC has been right to relax monetary policy aggressively," he said. "But as the recovery develops, the economic situation will change and the MPC must be ready to adapt its policies." But Haldane said the drastic policies of quantitative easing, rock-bottom interest rates and multibillion-pound bank bailouts had merely acted as "painkillers," disguising the fact that the total debts built up by families, firms and the government more than doubled, from 200% of GDP to 450%, between 1990 and 2008. Soros fears double dip The speculator and philanthropist George Soros warned that growing political resistance to fresh state borrowing risks pushing the global economy into a double-dip recession next year. Soros said in Davos that the recovery from the worst recession since the second world war was "incomplete", but that fear about sovereign country debt was a barrier to spending designed to boost growth. "There is a general concern with sovereign debt," Soros said. "It is coming under suspicion and it has a political momentum because there is increasing political resistance to allowing national debt to rise. "Some countries such as Greece do have deficits of 12.5% of GDP, which is intolerable and has to be reduced. Other countries such as the US and the main European nations have plenty of room to increase their deficits." Governments around the world have allowed their budget deficits to balloon since the financial crisis broke in 2007, but Soros said more spending was needed. "I think that since the adjustment process to the recession is incomplete, there is a need for additional stimulus. The political resistance to it increases the chances of a double dip in the economy in 2011 and after that." The dispute between Gordon Brown and David Cameron over when and how to reduce Britain's budget deficit – forecast by the Treasury to hit £178bn this year – is likely to dominate the political debate in the run-up to the election. Larry Elliott Bank of England Interest rates Economic policy Economics US economic growth and recession Global economy Heather Stewart guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (18 h ago)

• Mitchells & Butlers: a defeat foretold Mitchells & Butlers: a defeat foretold
01/27/2010
• Joe Lewis and his allies object to being cast as conspirators • ABI has urged members to resist proposals to oust chairman Mitchells & Butlers chairman Simon Laffin will today be expelled from Britain's largest pub operator in a coup led by the group's largest shareholder, Bahamas-based billionaire currency trader Joe Lewis. But before his public defenestration at International Convention Centre in Birmingham — a city where the M&B name can be traced back 112 years — Laffin, who has spent two months leading the board, is expected to go through what he knows to be the futile task of setting out his case one last time. The event will doubtless come with all the unpredictable magic that accompanies annual gatherings of hundreds of small investors, many of them former employees who recall the heyday of what was once the Bass brewing empire. But any vocal outpouring of support for Laffin from the floor will be scant consolation for the condemned man. Present in the role of executioner will be Lewis' lieutenant Richard McGuire, who carries in his back pocket ballot papers for 23% of shares in M&B, Britain's largest pub operator and the firm behind bar, nightclub and pub restaurant chains such as O'Neill's, Harvester, Nicholson's, Toby Carvery, Scream, Flares, All Bar One and Browns. Ousted from the board — along with three others — in a purge orchestrated by Laffin, there is no love lost between McGuire and the pub group's chairman. Weeks earlier, according to M&B's version of events, McGuire had threatened to vote Laffin off the board if he did not step down voluntarily from his then role as senior independent director. McGuire allegedly claimed to have told Laffin the threat would be supported by other powerful shareholders. Determined This, combined with other apparently obstructive behaviour, amounted to misconduct, the M&B board found. Laffin responded by purging the board of McGuire, a second Lewis representative, Doug McMahon, and two other directors whose independence had been questioned. McGuire is determined not to be cast as a figure lurking in the shadows and is understood to be prepared to take the microphone and answer any questions directed at him — though he is likely to get a hostile reception. The Lewis camp strongly objects to attempts to cast them as conspirators. Nor are they even "rebel" or "activist" shareholders. Their interests are those of all ordinary shareholders, holding the board to account and pressing them to maximise value. Also addressing the meeting will be Ed Banks, a representative for Elpida, the investment vehicle of Lewis's friends JP McManus and John Magnier, Irish multimillionaires best known as racehorse owners. Until Wednesday Elpida, which holds 17.5% of M&B shares, had maintained a public silence throughout the dispute despite allegations that it been plotting with Lewis to disrupt board decisions. In a letter to the M&B board, made public today, McManus and Magnier reveal not only their anger and opposition to Laffin but their belief that his dramatic boardroom purge two months ago was unlawful. "The original appointment to the board of Mr Laffin was unusual ... We have an opinion from leading counsel that, as a result, Mr Laffin cannot be the chairman of the AGM as under the articles he will cease to hold office once the AGM starts." It is now eight weeks since the simmering dispute spilled out into the public arena in spectacular fashion. Since then the two sides have released increasingly hostile statements through the stock exchange and in media interviews. The war of words has escalated to a hysterical pitch rarely seen in the investment world, where no plaudits are ever won for fighting a lost cause, however principled. What is most curious in the hours before the fateful meeting is convened is quite how few of the salvoes fired from either camp in this acrimonious dispute have hit home. Unhappy The central complaint from Laffin alleging a breach of Takeover Panel rules restricting collaboration between shareholders owning more than 30% of a company has been thrown out. Meanwhile, much of the confused litany of minor gripes from Lewis – largely drip-fed through behind-the-scenes media briefings – appear thinly supported by the facts. Initially the Lewis camp suggested they had no problem with the operational management of M&B, then they claimed to be unhappy with underlying profit performance. Elsewhere, forward energy purchasing – in fact a routine industry practice to lock in predictable fuel costs – was portrayed as a foolish oil price speculation. The Lewis camp have whispered of a "chauffeur culture" ingrained at M&B, limply suggesting chief executive tours of the group's 2,000-plus pub estate, leaving his driver waiting outside various watering holes, was a sign of boardroom excess. There have also been criticisms of M&B's property valuation methodology – valid up to a point, but not out of kilter with the market. Whatever the validity of criticisms from Lewis, McManus and Magnier, there can be no doubt their combined presence will win crucial votes at the meeting, overhauling the M&B board. Laffin and other existing directors will be voted out. In will come four new Lewis-nominated independent directors, led by former Debenhams chairman John Lovering. The three tycoons' voting muscle is expected to be backed by lesser, but still significant shareholders, many of them linked to each other. Supporters are likely to include currency traders Derrick Smith and Michael Tabor, who together with McManus and Magnier own the Sandy Lane luxury hotel in Barbados. Other big names from the race horse-owning world on the share register include Dermot Desmond and Trevor Hemmings. Meanwhile institutional investors Standard Life and Aviva have come out publicly in support of Laffin. The Association of British Insurers have urged members to resist Lewis's proposals and BlackRock is believed to be sympathetic to Laffin's predicament. But even adding in an army of small shareholder, it will not be enough to see Laffin survive. Some will say the M&B chairman should have done his arithmetic before going to war with the combined forces of Lewis, McManus and Magnier. Others will laud him as a glorious corporate governance martyr, falling while fighting for the interests of the small shareholder. Embattled empire The acrimonious battle between the Mitchells & Butlers board and octogenarian billionaire Joe Lewis, the pub group's largest shareholder, is the third major dispute over the soul of the business in the last seven years. Previous assaults on the company included serial entrepreneur Hugh Osmond's hostile takeover tilt at the business, then called Six Continents, in 2003, and property investor Robert Tchenguiz's repeated efforts to acquire or transform the group between 2005 and 2008. While Osmond and Tchenguiz, both of whom were unsuccessful, were happy to make clear that their interest in the business lay in its huge freehold property ownership, Lewis has been much more circumspect. He is impatient with the board and points out its past failures. He has also shown himself keen to exert his influence on the appointment of a chairman to set the group's strategy — but any bold vision he may have for M&B remains private. Behind the scenes Lewis has been disparaging of past plans, driven by Tchenguiz, to split M&B into two businesses: one a bar operator, the other a highly debt-financed property landlord. However, he declines to give a view on alternative moves to capitalise on M&B's vast property estate, for example converting it into a real estate investment trust (Reit). Lewis's allies in the latest hostilities against the board — JP McManus and John Magnier (left), with 17.5% of shares — appear to have been enthusiastic supporters of the Tchenguiz plan and a later Reit proposal, though both were derailed in 2007 by the credit crunch. Mitchells & Butlers Food & drink industry Corporate governance Simon Bowers guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (18 h ago)

• Morrisons makes Dalton Philips chief Morrisons makes Dalton Philips chief
01/27/2010
New man at the top of Morrisons is relative unknown in UK Morrisons has appointed the chief operating officer of Canada's largest retailer, Loblaw, as the new chief executive of Britain's fourth-largest supermarket chain. Dalton Philips, who is the son of a County Wicklow egg farmer, will succeed Marc Bolland in March. He has previously worked at Wal-Mart, the owner of Asda. The choice surprised analysts as Philips had not been previously linked to the job and is relatively unknown in the British retail world. However Allan Leighton, the former Asda boss who is president and deputy chairman of Loblaw, is likely to have had a hand in the appointment. Leighton shared the boardroom with Morrisons' current chairman Sir Ian Gibson during his tenure at Asda and is good friends with founder Sir Ken Morrison. Investors will be keen to learn if Morrisons' highly regarded finance director, Richard Pennycook, who was on the short list for the job, will remain committed. However, insiders said Pennycook's response had been "pragmatic". Clive Black, a Shore Capital analyst, said Philips was a "new face" adding: "The decision to go outside these shores may reflect the exceptionally good skills of Mr Philips and/or a lack of enthusiasm of others to apply for the job." The Morrisons job is Philips's first major chief executive role. The 41-year-old, who has a degree from University College Dublin and an MBA from Harvard, has been chief operating officer of Loblaw since January 2007. The group is part of the Weston family's global business empire and, with 1,000 stores and sales of £18bn, is one of Canada's largest retailers. Leighton said Philips's appointment was "good for him and good for them". "Dalton is very smart, reliable and operationally very strong," he said. "He was born in Ireland, but has spent most of his life working outside the UK and that shows he is able to work with all kinds of people." Before joining Loblaw Philips ran another Weston business, upmarket Irish chain Brown Thomas. He has worked in 10 countries in a career that includes a seven-year stint at Wal-Mart, latterly as chief operating officer in Germany. Gibson said he was "delighted" with Philips' appointment adding: "He has a tremendous retail pedigree and a wealth of experience from senior retail positions around the world." Morrisons Marc Bolland Supermarkets Ireland Canada Asda Wal-Mart Zoe Wood guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Pets at Home now a billion-pound chain Pets at Home now a billion-pound chain
01/27/2010
Demand for such things as dog parkas has transformed the 250-strong Pets at Home chain into a business with real bite Soaring demand for doggie bling, from black diamante-trimmed bandanas to pink faux-leather collars studded with "jewels", has helped transform a Chester pet shop into a near billion-pound retail empire. The 250-strong Pets at Home chain, which had been headed for a stock market float, was sold today in a deal worth £955m. Details of the deal are being kept private, but the senior executives behind the out-of-town petshops will soon be able to buy some real diamonds: four top bosses at the Cheshire-based business, together with founder Anthony Preston, are likely to bank £220m from the deal. Preston, a former petfood wholesaler, founded Pets at Home in 1991. Eight years later it took over its larger rival Petsmart, setting out a mission to become "the B&Q of pet care", and has been opening new stores at a rate of 20 a year ever since. It now employs 4,200 staff and is led by 38-year-old chief executive Matt Davies, a former banker. Earlier this month the chain reported bumper Christmas trade, with like-for-like sales up nearly 7% on 2008. Sales of outerwear for dogs – ranging from red woolly jumpers to hooded dog parkas – were up 70%. In the cold snap, bird food was also flying off the shelves: the stores have sold more than 1,000 tonnes of it in recent weeks. Over the last 10 months, and in the teeth of the worst recession for more than 50 years, like-for-like sales were up nearly 10%. Today's deal will see control of the business pass from private equity group Bridgepoint to rival private equity investor KKR, whose other retail interests include Alliance Boots and Toys R Us. The £955m price includes taking on some £230m of debt. Last year Pets at Home made top-line profits of £70m from a turnover of £404m and is expected to turn in more than £80m this year. Bridgepoint – whose other investments range from the Pret a Manger sandwich chain and Fat Face fashion stores to Leeds Bradford airport – has made a big profit from selling everything from high-visibility dog walking jackets to extruded rabbit nuggets. Many of the outlets have veterinary surgeries on the premises and Davies is keen to open more in-store poodle parlours, to offer dog grooming services. The pet care market in the UK is currently worth £2bn a year and still dominated by 3,000 independent retailers, but Davies – whose own black labrador Archie accompanies him to the office – has ambitions to open 400 Pets at Home stores in the UK. The stores also sell small pets – from furry Russian hamsters for £7.50 to £100 bearded dragon lizards, which can grow to half a metre within a year. Bigger spenders might be tempted by a large house rabbit, which Pets at Home knocks out for £129 each and bills as "more laid back" than their smaller relations. Bridgepoint bought 70% of Pets at Home in a £230m deal in 2005 and is understood to have made an eight-fold return on its initial investment. The remaining 30% of the retailer was split between four senior Pets at Home executives and Preston, who retained a 10% interest. The KKR deal therefore values Preston's stake at more than £70m, while Davies's is likely to be worth more than £35m. He is to stay on as chief executive with his senior management team and they have stakes in the new KKR-backed group. Pets at Home had recently appointed financial advisers to organise a listing on the London Stock Exchange, but the move attracted a number of private equity bidders. The sale is one of only a handful of high-profile private equity deals since the credit crunch spelled the end of highly leveraged buyouts two years ago. In recent months, however, there have been signs of fresh confidence in the credit market. Davies said: "We are thrilled to embark on this new chapter in our history with the strong support of KKR. KKR's investment represents a resounding endorsement of our success to date." Pets at Home Retail industry Private equity Julia Finch 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 (3 d ago)

• European Governments Lay Plans for How t... European Governments Lay Plans for How to Bail Out Greece
01/28/2010
European countries are discussing privately how they can come to the aid of the Greek economy, as doubts intensify over the country's ability to restore its public finances. (3 h ago)

• Rapid Growth Has Its Perils, Toyota Lear... Rapid Growth Has Its Perils, Toyota Learns
01/28/2010
In its successful drive to become No. 1 in worldwide sales, the automaker may have left its reputation vulnerable. (3 h ago)

• The Female Factor: Getting Women Into Bo... The Female Factor: Getting Women Into Boardrooms, by Law
01/28/2010
Norway set a legal quota for the percentage of company board members that must be women, and other European nations are following suit. (4 h ago)

• iPad? That's So 2002, Says Fujitsu iPad? That's So 2002, Says Fujitsu
01/28/2010
Fujitsu, which applied for an iPad trademark in 2003, is claiming first dibs, setting up a fight with Apple over the catchy name of its new tablet device. (4 h ago)

• After a Bad Year, an Airline Picks Up Sp... After a Bad Year, an Airline Picks Up Speed
01/28/2010
Since the beginning of the fourth quarter last year, the Asian bellwether Cathay Pacific has seen premium passenger travel and cargo demand start to recover. (4 h ago)

• Drawing Fire, Geithner Backs Rescue of A... Drawing Fire, Geithner Backs Rescue of A.I.G.
01/28/2010
In questioning, Treasury Secretary Timothy F. Geithner said the A.I.G. bailout helped prevent a depression. (7 h ago)

• iPad Blurs Line Between Devices iPad Blurs Line Between Devices
01/28/2010
Apple is positioning its new tablet computer as something between a laptop and a smartphone. (7 h ago)

• Sales of New Homes Fell 7.6% in December Sales of New Homes Fell 7.6% in December
01/28/2010
The results were the weakest since March and indicated that demand remains sluggish despite tax incentives to spur sales. (7 h ago)

• Stocks and Bonds: Stocks Waver as Invest... Stocks and Bonds: Stocks Waver as Investors Remain Uneasy
01/28/2010
Stocks ended slightly higher as the Federal Reserve noted signs of economic resurgence but investors remained skittish over the prospect of new financial regulations. (7 h ago)

• Guilty Plea by Trader in Fraud Case Guilty Plea by Trader in Fraud Case
01/28/2010
Mark Kurland agreed to forfeit $900,000 he made from an insider-trading scheme, but his lawyer said Mr. Kurland would not cooperate with investigators. (7 h ago)

• Newly Public Rusal Slides, Following Mar... Newly Public Rusal Slides, Following Markets’ Slump
01/28/2010
Shares in the Russian aluminum giant fell on their first day of trading in Hong Kong, but just being listed was seen as a win. (7 h ago)

• As Devices Pull More Data, Patience May ... As Devices Pull More Data, Patience May Be Required
01/27/2010
Even as carriers struggle to meet the demands on their networks, they are encouraging the use of more sophisticated devices that hog bandwidth. (8 h ago)

• Plane Tests on Track, Boeing Says Plane Tests on Track, Boeing Says
01/27/2010
The aircraft maker, which has faced program delays and declining orders in 2009, posted fourth-quarter profit of $1.27 billion. (8 h ago)

• Swiss Back Away From Deal to Give Names ... Swiss Back Away From Deal to Give Names of Rich UBS Clients to U.S.
01/27/2010
The Swiss government said it would try to salvage a settlement under which UBS was obliged to hand over data on clients suspected of tax evasion in return for escaping legal action itself. (8 h ago)

• Vale Buys Bunge Fertilizer Unit for $3.8... Vale Buys Bunge Fertilizer Unit for $3.8 Billion
01/27/2010
The agribusiness company said that selling its phosphate business would allow it to expand its sugar operations. (8 h ago)

• Carmakers Pounce on Toyota Owners Carmakers Pounce on Toyota Owners
01/27/2010
The pedal flaw in some Toyota vehicles has created an opening for competing car companies like General Motors, which began offering deals specifically to Toyota owners. (8 h ago)

• S.E.C. Adds Climate Risk to Disclosure L... S.E.C. Adds Climate Risk to Disclosure List
01/27/2010
For the first time, the Securities and Exchange Commission ruled that companies should warn investors of global-warming risks. (8 h ago)

• Australian Firm Rejects Bid for Sugar Di... Australian Firm Rejects Bid for Sugar Division
01/27/2010
The Australian conglomerate CSR turned away a $1.4 billion offer from Bright Food Group of China for CSR’s sugar business, and said it would spin off the division. (9 h ago)

• Samsung Life I.P.O. Could Settle Long Di... Samsung Life I.P.O. Could Settle Long Dispute 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. (10 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. (12 h ago)

• Toyota Recall Expands to Europe Toyota Recall Expands to Europe
01/28/2010
Gas Pedal Problems Prompt Automaker to Check Parts Used in European Models (6 h ago)

• Video: 'Prepared to Freeze Government Sp... Video: 'Prepared to Freeze Government Spending'
01/27/2010
During his first State of the Union address, President Obama said that he is prepared to freeze government spending, beginning in 2011. (12 h ago)

• Toyota Recalls 1 Million More Vehicles Toyota Recalls 1 Million More Vehicles
01/27/2010
Carmaker Also Suspends of Vehicle Sales over Floor Mat, Pedal Problems (12 h ago)

• Madoff Brother a Subject of Criminal Pro... Madoff Brother a Subject of Criminal Probe
01/27/2010
Lawyer: Bernard Madoff's Brother Peter Part of Wide-Ranging Investigation into Ponzi Scheme (12 h ago)

• Video: How Can Obama Create Jobs? Video: How Can Obama Create Jobs?
01/27/2010
Cali Carlin speaks with CBSMoneyWatch.com editor Jill Schlesinger about President Obama's first State of the Union address and his goals to promote job creation. (13 h ago)

• Video: Obama: We All Hated Bailout Video: Obama: We All Hated Bailout
01/27/2010
While speaking to Congress during his first State of the Union address, President Obama described universal-condemnation of the highly-controversial stimulus bailout of endangered banks. (13 h ago)

• Toyota's Sales Halt Deals Blow to Image Toyota's Sales Halt Deals Blow to Image
01/27/2010
Automaker's Reputation and Earnings Take a Hit amid Suspension of Vehicle Sales to Fix Faulty Gas Pedals Linked to 8 Deaths (14 h ago)

• Geithner Slammed for Defending AIG Bailo... Geithner Slammed for Defending AIG Bailout
01/27/2010
Lawmakers Pummel Treasury Secretary for His Role But He Says Consequences of Not Acting "Would Have Been Catastrophic" (14 h ago)

• Video: High Hopes for Apple's iPad Video: High Hopes for Apple's iPad
01/27/2010
Apple CEO Steve Jobs has unveiled a new cutting-edge device, the iPad, which has a 10-inch-monitor, provides internet access, and will compete in the growing e-book market. John Blackstone reports. (15 h ago)

• Video: Congress Grills Geithner Video: Congress Grills Geithner
01/27/2010
U.S. Treasury Secretary Timothy Geithner answered to angry members of Congress on Capitol Hill, in order to address the outrage over a multi-billion dollar bonus payout at AIG. Sharyl Attkisson reports. (15 h ago)

• Video: Rising Tea Party Movement Video: Rising Tea Party Movement
01/27/2010
President Obama hoped to claim victory on health care reform by now, but this won't happen due to voter opposition, some of which stirred up by the Tea Party activists. Jeff Greenfield reports on this brewing opposition. (15 h ago)

• Video: Soles for Souls Video: Soles for Souls
01/27/2010
An Alabama school student has been frantically collecting shoes by the box-load to donate to the victims of the Haiti earthquake. Michelle Miller reports in this installment of "American Spirit." (15 h ago)

• Rep. Stupak to Investigate Toyota Recall Rep. Stupak to Investigate Toyota Recall
01/27/2010
House Democrat Concerned About Automaker's Massive Recall, Hinting that Congress May Hold Hearings on Issue (16 h ago)

• Video: Jobs Debuts the iPad Video: Jobs Debuts the iPad
01/27/2010
Apple CEO Steve Jobs debuts the much-anticipated Apple tablet. Jobs shows the in's and out's of the new "iPad", starting at $499. (18 h ago)

• Fed Vows Low Rates for "Extended Period" Fed Vows Low Rates for "Extended Period"
01/27/2010
Federal Reserve Holds Interest Rates at Record Low; Economy Continues to "Strengthen," Policymakers Say (19 h ago)

• Swiss May Renegotiate UBS Deal with U.S. Swiss May Renegotiate UBS Deal with U.S.
01/27/2010
Justice Minister Says Government Will Respect Court Ruling that Parts of Tax Evasion Deal Are Illegal (19 h ago)

• Sarkozy: Time to Rein in Free Market Sarkozy: Time to Rein in Free Market
01/27/2010
French President Tells Business, Political Elites at Davos Forum to Prepare for Tighter Regulation (20 h ago)

• Fla. Man Pleads Guilty in $1.2B Ponzi Sc... Fla. Man Pleads Guilty in $1.2B Ponzi Scam
01/27/2010
Scott Rothstein, Disbarred Attorney who Courted Politicians and Star Athletes, Faces Up To 100 Years in Prison (23 h ago)

• New Home Sales Drop 7.6% in December New Home Sales Drop 7.6% in December
01/27/2010
Surprise Decline Caps Industry's Weakest Year; Only 374,000 Homes Sold in 2009 (23 h ago)

• 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 (1 d ago)

• Bankruptcy Judge Approves Bonus Payments... Bankruptcy Judge Approves Bonus Payments for Tribune Executives
01/28/2010
A union and the bankruptcy trustee questioned a $45.6 million incentive program for top executives and managers after thousands of layoffs. (5 h ago)

• iPad Blurs Line Between Devices iPad Blurs Line Between Devices
01/28/2010
Apple is positioning its new tablet computer as something between a laptop and a smartphone. (7 h ago)

• Profits Reach $25.8 Million at McClatchy Profits Reach $25.8 Million at McClatchy
01/28/2010
The news media company reversed a loss and announced plans to extend a deadline for repaying debt. (7 h ago)

• Journal’s New York Edition Faces a Delay... Journal’s New York Edition Faces a Delay
01/28/2010
Technical snags threaten to delay Rupert Murdoch’s plan to create a metropolitan edition of The Wall Street Journal. (7 h ago)

• Advertising: Will You Be My Frugal Valen... Advertising: Will You Be My Frugal Valentine?
01/28/2010
After a 17 percent fall in Valentine’s Day spending last year, marketing campaigns are emphasizing low prices this year. (7 h ago)

• A Reminder of Precedents in Subsidizing ... A Reminder of Precedents in Subsidizing Newspapers
01/28/2010
Two scholars point out that newspapers have had help since Washington’s day, with paid ads from local governments and discounts on bulk mail. (7 h ago)

• Books on iPad Offer Publishers a Pricing... Books on iPad Offer Publishers a Pricing Edge
01/27/2010
Newspapers had a mixed reaction to the tablet, but most of the largest book publishers have signed on to provide e-book content. (8 h ago)

• News Analysis: After 10 Years, Age-Bias ... News Analysis: After 10 Years, Age-Bias Suit Ends in Changed Hollywood
01/27/2010
A group of television writers can finally claim victory in a class-action age discrimination lawsuit, but there are indications that Hollywood’s bias against older writers is now less pervasive. (10 h ago)

• The Media Equation: Conjuring Up the Lat... The Media Equation: Conjuring Up the Latest Buzz, Without a Word
01/27/2010
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)

• 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. (1 d 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. (1 d 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. (1 d ago)

• Q & A with Stuart Elliott Q & A with Stuart Elliott
01/26/2010
A discussion of wedding rings in advertisements. (1 d 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. (1 d ago)

• Justice Dept. Clears Ticketmaster Deal Justice Dept. Clears Ticketmaster Deal
01/25/2010
As part of the deal, Ticketmaster must sell one of its ticketing divisions and license its software to a competitor. (2 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.” (2 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. (2 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. (2 d ago)

• What Congress missed at AIG-Geithner hea... What Congress missed at AIG-Geithner hearing
01/28/2010
Stammering Hank Paulson and Tim "Dead Man Talking" Geithner couldn't wait to get out of the witness chair yesterday when they appeared before the House Oversight Committee. The former and current Treasury secretaries were grilled separately, in one of the few bipartisan events since President Obama took office. Not... (3 h ago)

• Katie Lee lists delicious digs Katie Lee lists delicious digs
01/28/2010
Fashionable foodie Katie Lee, Billy Joel’s stunning ex-wife, is putting her Perry Street townhouse on the market for $12.9 million. The Nate Berkus-decorated home has four bedrooms, four bathrooms, four fireplaces, an elevator, a landscaped garden and a landscaped terrace off the master suite. The 4,000-square-foot home... (3 h ago)

• Open up Open up
01/28/2010
Are you putting off looking for a newer, bigger place until the economy improves, your bank account is bigger or your debt is smaller? The good news is that the place you’re in probably isn’t as cramped as you think. There are lots of ways to expand without... (3 h ago)

• Fed stays near zero on rates Fed stays near zero on rates
01/28/2010
The Federal Reserve restated its intention to cease buying $1.25 trillion of mortgage-backed securities in March and maintained its pledge to keep interest rates near zero for an "extended period," opening a rift among policy makers for the first time in a year. Kansas City Fed President Thomas Hoenig... (6 h ago)

• Geithner AIG grilling has bipartisan fer... Geithner AIG grilling has bipartisan fervor
01/28/2010
What was set to be a testy Capitol Hill hearing for US Treasury Secretary Tim Geithner over the bailout of insurance giant American International Group turned out to be a steel-cage slugfest. Geithner faced some of the most excoriating criticism of his career yesterday, with politicians from both parties slamming... (6 h ago)

• Business briefs Business briefs
01/28/2010
Home sales Sales of new homes in the US unexpectedly dropped in December, by 7.6 percent to an annual pace of 342,000, the Com merce Department said. For all of 2009, sales de clined 23 percentIcahn wins Billionaire investor Carl Icahn won court approval to buy the bankrupt... (6 h ago)

• Feds probing Peter Madoff Feds probing Peter Madoff
01/28/2010
Peter Madoff, brother of imprisoned con artist Bernard Madoff, is the subject of a US criminal investigation, his lawyer said in a civil lawsuit over losses by the charitable foundation of US Senator Frank Lautenberg. Bernard Madoff is serving 150 years in prison for running the largest Ponzi scheme in... (6 h ago)

• Prez's power lunch Prez's power lunch
01/28/2010
He may be taking a fighting stance against Wall Street in speeches, but President Obama is now making nice to big businesses in private. Obama tried to smooth ruffled corporate feathers at an intimate White House lunch with the heads of six major companies Tuesday, sources told The Post. The... (6 h ago)

• Rohatyn makes return Rohatyn makes return
01/28/2010
Just four months after the death of its chief, Bruce Wasserstein, investment bank Lazard is already rolling out plans to make a big move into infrastructure investment. Felix Rohatyn, who helped save New York City during the financial crisis of the 1970s, is going back to the bank at the... (6 h ago)

• Federal Home Loan sues banks for $2B Federal Home Loan sues banks for $2B
01/28/2010
Morgan Stanley, UBS and Barclays were among banks sued by Federal Home Loan Bank of Seattle, which seeks to recoup more than $2 billion it paid for certificates backed by faulty mortgages. The banks made misleading statements about the asset-backed securities and the credit quality of the mortgage loans that... (6 h ago)

• He won't sing He won't sing
01/28/2010
A high-ranking hedge fund executive ensnared in the government's widespread insider trading case refused to spill the beans on his pals, even as he pleaded guilty yesterday. Mark Kurland, a 61-year-old former senior managing director at New Castle, a spun-off Bear Stearns hedge fund, admitted to a judge that... (6 h ago)

• Liz's juicy gossip Liz's juicy gossip
01/28/2010
The Los Angeles duo that co-founded Juicy Couture is taking a vacation -- for good. Gela Nash-Taylor and Pamela Skaist-Levy, who made a fortune turning women's sweatsuits into a fashion statement, have left the upscale sportswear brand, The Post has learned. Retail circles have been buzzing that the fun-loving... (6 h ago)

• BlackRock net soars to $256M BlackRock net soars to $256M
01/28/2010
BlackRock's fourth-quarter net income skyrocketed almost five-fold as the purchase of Barclays Global Investors lifted fee revenue and investors poured money into stock and bond funds. Earnings for the world's biggest money manager soared to $256 million, or $1.62 a share, from $52 million, or 39 cents... (6 h ago)

• AT&T to get more juice from Apple AT&T to get more juice from Apple
01/28/2010
Steve Jobs giveth and Steve Jobs taketh away. A partnership with Apple can add plenty to a company's bottom line and brand, while being shunned can take a bite out of revenues. Among the companies who will feel the ripple effect from the long-awaited iPad, which was unveiled yesterday... (6 h ago)

• Times Sq. Danish bite Times Sq. Danish bite
01/28/2010
The Danish bank holding the loan for 1466 Broadway is mulling offers between $125 million and $180 million for the nearly vacant Times Square building owned by cash-strapped Istithmar, the Dubai investment company. Real Estate Alert says the office building's previous owners, Sitt Asset Management and Steve Sutton, a... (6 h ago)

• Jersey soars Jersey soars
01/27/2010
Most people take some time making up their minds about buying a home. Nirav Thakker took more than half a decade. Beginning in 2004, Thakker watched from his Manhattan rental as the eight-phase, 233-unit Henley-on-Hudson development rose across the river in Weehawken, NJ. This fall, after six long years of... (9 h ago)

• Just sold! Just sold!
01/27/2010
Manhattan TRIBECA $3,725,000 345 Greenwich St. Three-bedroom, three-bath penthouse duplex condo, 2,781 square feet, with beamed ceilings, exposed brick, wood-burning fireplace, Viking and Sub-Zero appliances, wine cooler, walk-in pantry, central AC and terrace; building features roof deck and storage. Common charges $1,710, taxes $977. Asking price... (9 h ago)

• Ice storm Ice storm
01/27/2010
Dec. 31. Snow is falling gently. It’s nearly midday, and I’m wearing a bathrobe over my pajamas while I set the table for our New Year’s Eve dinner party. My mind is caught up in the particulars of the upcoming meal and on the reflections of another... (9 h ago)

• Ford earns first annual profit in four y... Ford earns first annual profit in four years
01/28/2010
Ford Motor Co. says it made $2.7 billion in 2009, its first annual profit in four years. (3 h ago)

• Toyota recalls more vehicles in U.S., Eu... Toyota recalls more vehicles in U.S., Europe
01/28/2010
Toyota Motor Corp. said Thursday that it will recall an additional 1.09 million vehicles in the United States, and extended its recall to Europe. (3 h ago)

• Halting sales over recall could hurt Toy... Halting sales over recall could hurt Toyota twice
01/27/2010
Toyota's suspension of U.S. sales on an unprecedented scale deals a blow to the automaker's reputation for quality and came amid intense pressure from the Obama administration. (13 h ago)

• Followers good, dollars better for socia... Followers good, dollars better for social media
01/27/2010
The leaders of Facebook and other social media sites have long seen some grim writing on their wall. (13 h ago)

• Madoff brother subject of criminal inves... Madoff brother subject of criminal investigation
01/27/2010
A lawyer for the brother of Ponzi king Bernard Madoff said in court papers made public Wednesday that his client has been told he is a "subject" of criminal investigators probing the multibillion-dollar fraud. (14 h ago)

• What’s next if your vehicle is in Toyota... What’s next if your vehicle is in Toyota’s recall
01/27/2010
Toyota Motor Corp. has stopped selling and building eight models, saying there's a possibility that their accelerator pedals may get stuck. (15 h ago)

• Stocks end day slightly higher after Fed... Stocks end day slightly higher after Fed news
01/27/2010
The stock market was modestly higher Wednesday after the Federal Reserve issued a more upbeat assessment of the economy. (16 h ago)

• Fed vows low rates for ‘extended period’... Fed vows low rates for ‘extended period’
01/27/2010
The Federal Reserve has decided to hold interest rates at a record low and pledged to keep them there for an "extended period" to nurture the economic recovery and lower high unemployment. (18 h ago)

• Geithner defends Fed actions on AIG bail... Geithner defends Fed actions on AIG bailout
01/27/2010
Treasury Secretary Timothy Geithner drew sharp criticism from members of Congress on Wednesday for his role in the $180-billion-plus taxpayer bailout of insurance giant AIG. (19 h ago)

• Boeing gives cautious outlook for 2010 Boeing gives cautious outlook for 2010
01/27/2010
Boeing is giving a cautious outlook for 2010 after dealing with program delays and declining orders in 2009. (20 h ago)

• Ex-attorney pleads guilty in $1.2B scam Ex-attorney pleads guilty in $1.2B scam
01/27/2010
A disbarred South Florida attorney has pleaded guilty to federal charges that he ran a $1.2 billion Ponzi scheme using phony legal settlements. (20 h ago)

• Once opulent kids’ birthdays being scale... Once opulent kids’ birthdays being scaled back
01/27/2010
The clown threw in a bubble machine for the monkey-themed party marking Nicholas Castillo's first birthday. She usually charges extra, but what's a clown to do in a recession? (21 h ago)

• Sales of new homes sink 7.6 percent Sales of new homes sink 7.6 percent
01/27/2010
New home sales unexpectedly fell 7.6 percent last month, capping the industry's weakest year on record. (1 d ago)

• Swiss move to save UBS tax deal Swiss move to save UBS tax deal
01/27/2010
Swiss justice minister says deal with U.S. on alleged UBS tax cheats may have to be renegotiated. (1 d ago)

• Caterpillar offers upbeat outlook for 20... Caterpillar offers upbeat outlook for 2010
01/27/2010
Caterpillar, the world's biggest mining and construction equipment company, says fourth-quarter profit was dragged down by the sluggish economy, though it expects 2010 sales and revenues to grow as much as 25 percent. (1 d ago)

• Whitacre has work cut out for him at GM Whitacre has work cut out for him at GM
01/27/2010
In the short time since Ed Whitacre has led GM as its interim head he has left a clear stamp on the long-troubled automaker. Now that he's permanent CEO, the question is: What's next? (1 d 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. (1 d ago)

• To get NBC, Comcast still has persuading... To get NBC, Comcast still has persuading to do
01/27/2010
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 - United States (17 h ago)

• AT&T settles class action over terminati... AT&T settles class action over termination fees
01/27/2010
AT&T Inc. is paying $18 million to settle claims that it imposed unfairly high fees on wireless customers who wanted to end their contracts. Class action - AT&T - Law - Legal Information - Litigation (22 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. Asteroid - Earth - Super Bowl - Budweiser - Bud Light (1 d 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. Super Bowl - CBS - Abortion - Focus on Family - Tim Tebow (1 d 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. Verizon Communications - Verizon - Business - Apple - VZ (1 d ago)

• Sponsored By: Sponsored By:
01/25/2010
(2 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 (2 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 (2 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 (3 d ago)

• Donating Credit Card Points to Help Hait... Donating Credit Card Points to Help Haiti
01/27/2010
Here's a look at how to donate your credit card rewards to Haiti. (15 h ago)

• Should You Walk Away From Your Mortgage? Should You Walk Away From Your Mortgage?
01/27/2010
Here's a tool to help you figure out if it makes financial sense for you to strategically default on your mortgage. (15 h ago)

• Should You Shop Around for Title Insuran... Should You Shop Around for Title Insurance?
01/27/2010
Even though some states require title insurance companies to charge the same rates, it still pays to shop around. (22 h ago)

• Wednesday Reading Wednesday Reading
01/27/2010
An executive push to raise taxes, why you might want to consider shipping your luggage instead of checking it and other consumer-focused items from Wednesday's Times. (1 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. (1 d 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. (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. (2 d ago)

• Unionizing jobs that can't be contracted Unionizing jobs that can't be contracted
01/27/2010
Unions like the Teamsters and the United Auto Workers have been shrinking for decades. But last year, union membership actually grew thanks to a push to organize jobs that can't go anywhere. Alisa Roth reports. (22 h ago)

• Prepare for the age of the Splinternet Prepare for the age of the Splinternet
01/27/2010
New products like Apple's iPad are changing the Internet in fundamental ways. Author Josh Bernoff talks with Kai Ryssdal about how the golden age of the Internet is over, and how the Web is shattering into pieces. (22 h ago)

• A new political party: Mad as hell A new political party: Mad as hell
01/27/2010
Democrats and Republicans will be listening closely to President Obama's State of the Union address for things they can support or slam in the days to come. Commentator Robert Reich says there's one more group Obama will be addressing, too. (22 h ago)

• Davos opens up about the new normal Davos opens up about the new normal
01/27/2010
The Carlyle Group co-founder David Rubenstein talks with Kai Ryssdal about what people are really talking about at the Davos summit -- in the discussion groups and the hallways. (22 h ago)

• SEC sets new climate disclosure rules SEC sets new climate disclosure rules
01/27/2010
The Securities and Exchange Commission has voted to force companies to disclose more information on the bottom line risks they might face from climate change. Sarah Gardner reports. (22 h ago)

• The impact of Toyota's sales halt The impact of Toyota's sales halt
01/27/2010
Toyota is temporarily slamming the breaks on making and selling some of its most popular vehicles. John Dimsdale reports on the consequences this might have on the automaker. (22 h ago)

• Geithner, Paulson defend AIG actions Geithner, Paulson defend AIG actions
01/27/2010
Treasury Secretary Timothy Geithner and his predecessor Henry Paulson were grilled by Congress about what happened with the AIG back in September 2008. Jeremy Hobson reports. (22 h ago)

• How to spot the next bubble How to spot the next bubble
01/27/2010
In his book Animal Spirits , economist Robert Schiller identifies five "animal forces" that drive investment decisions: confidence; fairness; corruption and anti-social behaviour; money illusion; and stories we tell each about the market, implausible tales taken as gospel - for example, the claim that property prices always rise because there is only so much land available. Economists like to depict markets as efficient and investors as rational; these animal forces are anything but. The word "confidence", for example, comes from the Latin word "fido", ... (8 h ago)

• Airline travel hits record low Airline travel hits record low
01/27/2010
Last year, I did a blog entry looking at how the world's airlines had been so badly hit by the global financial crisis and expected to lose $9 billion over the next 12 months. With the financial crisis, people simply stopped flying and found other ways to connect.Now we have the International Air Transport Association reporting that demand for air travel has hit an all time low. Carriers in Asia Pacific, Europe and North America experienced declines in passenger demand of 5.6%, 5.0% and ... (9 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 ... (1 d 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 ... (1 d 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 ... (2 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 ... (2 d ago)

• Clinton to press China FM on Internet is... Clinton to press China FM on Internet issue
01/27/2010
U.S. Secretary of State Hillary Clinton will press China's foreign minister on the issue of Internet freedom, a growing irritant in ties between the two powers, a senior U.S. official said on Wednesday. United States Secretary of State - Hillary Rodham Clinton - United States - Foreign minister - Google (22 h ago)

• Swiss move to save UBS tax deal Swiss move to save UBS tax deal
01/27/2010
Swiss justice minister says deal with U.S. on alleged UBS tax cheats may have to be renegotiated. UBS AG - United States - Business - Internal Revenue Service - Tax (1 d 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. International Monetary Fund - Economic growth - Developing country - Economic - International (1 d ago)

• Despite threats, Google tries to stay in... Despite threats, Google tries to stay in China
01/25/2010
Even if its stand against censorship leads it to close its search engine in China, Google Inc. still hopes to maintain other key operations in the world's most populous Internet market. Google - People's Republic of China - Web search engine - Search - Search Engines (2 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 (3 d ago)

• ConsumerMan: Insurance and credit scores ConsumerMan: Insurance and credit scores
01/27/2010
Why do insurance companies consider your credit history when they set your rates? The industry says it makes sense, but consumer groups say it is unfair and discriminatory. Insurance - Credit score - Business - Financial Services - Credit Report (17 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. Auction - EBay - Shopping - Artwork - art (1 d 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. Wal-Mart - Target Corporation - Business - Salmon - Allegedly Unethical Firms (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. Retail - Business - Retail Trade - Business and Economy - Retailers (2 d ago)

• President Obama's State of the Union Spe... President Obama's State of the Union Speech Promises Help for Entrepreneurs
01/28/2010
© Llima President Obama gives great speeches. I don't know anyone who disagrees with me on that. The question becomes, what happens tomorrow? Can Congress be whipped into shape and made to actually do something other than bicker. President Obama made it clear that small business should be the job engine in America, and he says he hopes to help them do that. He paid special attention to entrepreneurs and innovation early in his speech. Here's the actual text:Now, the true engine of job ... (1 h ago)

• Paper, and Business Flyers, Still Import... Paper, and Business Flyers, Still Important in Day-to-Day Reality
01/27/2010
© Penningtron I don't have an iPad yet. The new Apple gadget looks like something I'd have fun with, but the truth is that I probably wouldn't carry it to the grocery store with me. I go there now with a little slip of paper in my pocket (milk, eggs, whole wheat noodles, pork chops...) Tech mobility only extends so far for me, I guess. That's part of being a middle aged digital immigrant. I already have a Palm I could use to carry my ... (19 h ago)

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

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

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

Where is this money coming from except from the mo...
carl allen :: 04/11/2009

out of control
staystrong :: 02/23/2009

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

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

• 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 (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 ... (1 d ago)

• Free Antivirus Software is a Pretty Good... Free Antivirus Software is a Pretty Good Deal
01/25/2010
Are you paying for antivirus software when you could have it for free? VentureBeat is reporting that AVG (which offers its basic antivirus package for free) now has 110 million users. I have it on my own PC. It was put there by the tech guy who got rid of my trojan - a virus I got despite having a paid antivirus program that got updated daily. AVG has begun competing with McAfee and Symantic. Free is a price that's been working ... (2 d ago)

• Apple Vs. Amazon: Will the iPad Kill the... Apple Vs. Amazon: Will the iPad Kill the Kindle?
01/27/2010
Lalee Sadighi seems to think that the new Apple iPad will cut deeply into the market share of Amazon's Kindle. He's probably right... The iPad is Apple's new tablet computer. It was announced today and a bunch of lucky people got to actually touch one and fiddle with it some. Mashable has a guide to it available. VentureBeat also has a nice write-up. The iPad has a 9.7 inch screen while the Kindle has a six inch screen. The iPad works in color. ... (15 h 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. ... (2 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 ... (1 d ago)

• An Unlikely Haven for Rock ’n’ Roll Entr... An Unlikely Haven for Rock ’n’ Roll Entrepreneurs
01/28/2010
A small town in Pennsylvania Dutch country is home to small businesses that support musicians’ tours, as well as makers of mousetraps, candy and pretzels. (7 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 ... (3 d ago)

• How Do You Know Your Social Media Campai... How Do You Know Your Social Media Campaign is Working?
01/27/2010
Social Media has lots of business uses and implications. But if you decide to use social media as a marketing tool, how do you know if it's working? Search Engine Land has some answers to that question for you.I love social media because it can positively affect almost all aspects of your business both directly and indirectly. Directly, it generates increased brand awareness, traffic, leads, sales, subscribers, and more followers on social media sites. Indirectly, it effects search rankings as a successful campaign ... (15 h 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 ... (2 d ago)

• British Sky Broadcasting Wins Major Liti... British Sky Broadcasting Wins Major Litigation Against EDS
01/27/2010
© Thomas RocheIn a decision that will likely shake up the service provider community, and may embolden aggrieved customers, particularly those in the UK, British Sky Broadcasting (BSkyB) won a 200 million pound verdict against EDS (now a unit of HP) in a litigation that found that EDS was deceitful in pursuing the contract. What is particularly interesting is that the agreement had a 30 million pound limitation of liability. Deceit, however, was apparently an exception to the contract (most U.S.-based contracts contain "willful ... (10 h 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 (3 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? ... (2 d ago)

• Regulators Turn Up Hedge Fund Heat Regulators Turn Up Hedge Fund Heat
01/27/2010
FINRA and the SEC have recently issued statements and taken bold steps to put the industry on watch, hedge fund compliance consulting firm, FrontLine Compliance, LLC., reports. FINRA is now being more active with exams, document requests, and specialized investigations - and it is not accepting staffing problems as an excuse from firms unable to respond in a timely fashion. FINRA's Enforcement chief Susan Merrill stated in a recent speech that, "Scaling back a compliance department doesn't justify not fully cooperating with document ... (21 h ago)

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