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for 01/29/2010

(last updated 7:30am EST 01/29/2010)

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• Davos: Cameron calls for immediate repai... Davos: Cameron calls for immediate repair of 'debt and deficit'
01/29/2010
Comparing the UK with Greece, David Cameron stresses 'the greatest threat is from not taking action on the deficit' David Cameron today warned that "debt and deficit" threatened a fresh phase to the financial crisis of the past two and a half years as he stressed the need for an immediate repair job on Britain's public finances. Speaking in Davos, the Conservative leader said: "It is wrong that there is a choice between deficit reduction and job creation. For some countries there isn't a choice. "If we don't have early steps, we have seen in the case of Greece where this can lead and the pain it can cause. The debt and deficit crisis could replace the leverage crisis we have seen." Cameron said that the UK budget deficit would hit 13% of GDP this year. "The greatest threat is not from taking action on that deficit but putting off taking the action that needs to be taken." The opposition leader's comments put him in direct conflict with the chancellor Alistair Darling, who warned earlier today that over-hasty deficit reduction risked derailing economic recovery. Cameron said Britain needed a new growth model. "We need more saving, investment and exports rather than finance, housing and government spending," he said. "We must make sure we learn the right lessons from the crisis. We can't go back to the corporatist model of picking winners." Peter Sands, chief executive of Standard Chartered, said it was important not to demonise the banks even though they had not helped themselves by their behaviour. "We have been tone deaf, insensitive, we have shot ourselves in the foot," he said. There was a need for a new political relationship, Sands added, which came down to "the values and social purpose" of banks. "Banks have not done well. Banks have not played their part properly," he said. Davos David Cameron Financial crisis Recession Budget Economic growth (GDP) Economics Greece Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Three arrested in FSA investigation Three arrested in FSA investigation
01/29/2010
This is the fourth set of arrests carried out by the FSA and the City of London Police into insider dealing since 2008 Three men were arrested in London yesterday in connection with an investigation by the Financial Services Authority into suspected insider dealing. Four addresses in London were searched as part of the investigation, the City watchdog said in a statement today. The three 38-year-old men were interviewed under caution and then released on police bail. The operation was jointly carried out by the FSA and the City of London Police Economic Crime Directorate. The FSA said it was unable to give any further details. This is the fourth set of arrests carried out by the FSA and the City of London Police into insider dealing since 2008. The arrests were not linked, the regulator said. The FSA has so far secured four sentences of imprisonment (one suspended) in relation to insider dealing: Christopher McQuoid, a solicitor, and his father-in-law, James Melbourne, last May; and Matthew and his father Neel Uberoi in November. Neel Uberoi made about £110,000 profit based on inside information provided by his son. Confiscation and costs of £150,000 in total were ordered in the case of McQuoid and Melbourne, and will be determined in the Uberoi case on 1 March. The City watchdog is currently prosecuting three other insider dealing criminal cases. The follow the FSA's pledge in 2008 to get tougher on insider dealing. At the time it said it wanted to bring "genuine fear" back to the markets and make traders and other participants realise they would be sent to prison if caught insider dealing. Financial Services Authority (FSA) Regulators Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Views on the news: Crawling out of reces... Views on the news: Crawling out of recession, Davos and Adam Crozier
01/29/2010
As the recession just about finishes, readers raise issues on unemployment, ITV's latest appointment and Davos discussions, as opposed to glasses of bubbly Put down that champagne flute, because it isn't over yet, came the almost unanimous view of bloggers this week. "Well, break out the Tesco value cider," was the best VincentBlackShadow could offer on hearing Tuesday's news that Britain's economy had finally came out of the deepest recession since the 1930s, albeit with a weaker-than-expected 0.1% growth in the fourth quarter of 2009. Meanwhile dartriver didn't think bubby was warranted either: "I was made redundant last year, my work was helping disabled people to get back to work. Six months of job hunting I'm back in work doing similar, (on a temporary contract) delivering a DWP contract trying to help people get into jobs that don't exist. "Statistic from the Jobcentre this morning – the number of people looking for each warehousing job – 241! "This recession has a long way to run, most of us will just about keep our heads above water, some of us will go under and a few will continue to sup champagne and piss all over the rest." RBislington was one of many to question the scale of the 'recovery': "0.1%? The VAT effect will surely push the UK back into recession for Q1 – just in time for the election. All that money spent – for 0.1%?" "It could even be as low as .051 as the figure is rounded up or down to the nearest .1," suggested Breaking3 . "In my opinion none of the underlying problems of this crisis have been addressed and in fact some have been exacerbated by the actions of government and the banks," wrote harmonyfuture . "We've had a wake-up call and yet we have remained asleep, we allowed the banks to plunder our taxes and we allowed our politicians to plunder our taxes and still we have done nothing. Speaking as a realist, few of our politicians are worth the vote, the economy is in a parlous state still and we, the electorate should be demanding change." "What we need, and we most certainly will not get, is an honest conversation between political classes and people," said Peason1 . "The government is currently short of revenue to the tune of £500,000,000 a day and, scared of the gilts markets, it is printing it. This steroid injection is enough to keep the patient alive but hardly dancing down the street. "Private business is in no position to pick up the slack. Individuals are cutting back. The only engine in operation is the government printing press… "I challenge any one of you to come up with a way out of this that doesn't involve the painful restructure of our current model." Warnings from George Soros who said at Davos that the global economy is at risk of a double dip recession prompted kasa to speculate: "Double-dip recessions, debt bubbles, balance of payments disparities, overvalued Chinese currency... it is all irrelevant alongside the real issues that face the world through the coming decade. The economic science of growth is finished whether or not the Davos fiesta decide to recognise it or not. The challenge is how to live radically more simply on our finite resources with public acceptance and without huge civil unrest. Because if not very soon there will be huge civil unrest." Peterhigg was clearly having trouble keeping up: "Does anybody understand how these gurus work out what's going to dip or double dip or even cheese dip? I just think capitalism is screwed because it has no idea how to solve the debt/spend contradiction. It wants us to pay off debt and also spend. " While newredlion was spurred into a positively evangelical response: "Out of recession at last! If you turn to page 6, we'll sing hymn number 17, 'All things green and shooty'." Things cheered up a bit following the appointment of Royal Mail's Adam Crozier as chief executive of ITV. While it didn't exactly get 'em rolling in the aisles, the news apparently left most bloggers so incredulous that levity appeared to be the only response and, perhaps predictably, most comments had a decidedly postal theme. "You will now need to collect some programmes from your neighbours," warned mrh2 . "Most days you will get no programmes at all." "Is a rebranding due?" asked mrswhippy . "ITV1 – first class "ITV2 – second class "ITV3 – chucked it in the garage and spent the morning watching telly "ITV4 – taken that birthday money from yer nan, thanks." "Sorry you were out when we delivered some quality programming..." quipped BryanC , adding the question: "This was the result of a HUNT?" A clutch of banking stories did, as always, put everyone back in a serious mood although Billy Bragg appeared to be getting more support in his campaign to force a cap on RBS bonuses by withholding his tax. "I reckon you're actually doing everyone a favour you crusty activist you," wrote SamWidges . "I'm only one of those gimps who've so far only managed to mumble quietly about the greedy goons, but they're not going to change unless they're forced to and government/prospective government don't look like they're planning any action either." Barclays' president Bob Diamond did not get as warm a reception for his stance that limiting the size of banks would hit jobs, growth and global trade. His views were dismissed as 'irrelevant' by bongold , who added: "We know what motivates his thinking." "Bob – stop it," added intenselyRelaxed . "You're embarrassing yourself." While butteredballs had a single word suggestion to the news that the world's top bankers were gathering at the Swiss ski resort of Davos and would be lobbying against Barack Obama's proposed banking reforms: "Avalanche?" Who would buy all the champagne if that happened? Keep them coming. Recession Green shoots Davos Adam Crozier Royal Mail George Soros Unemployment and employment statistics Teena Lyons guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• People deserve a left alternative to Lab... People deserve a left alternative to Labour | George Galloway
01/29/2010
With rising inequality and a struggling economy, Britain's only hope is a new progressive politics – not Thatcherite dogma The timing of a conference this weekend outlining policies and action to bring about a more progressive London could scarcely be better. This week the official figures confirm what those of us in east London can see with our own eyes: that class inequality has increased to Victorian levels even as tens of billions of pounds of public money has gone into banks which remain in private hands. The result is gold-dripping Croesus characters in Canary Wharf and the City eyeing every council estate and bit of spare land in the East End as a possible development or pied-a-terre, with the current inhabitants an encumbrance to be uprooted and dumped further east. This class gulf is combined with racial inequalities, poor health and other forms of deprivation into a toxic cocktail. It is set to get worse – and much, much worse if the Old Etonians of the Tory party are to get the chance, as they did in the early 1980s, to unleash their Thatcherite dogmas. And no one should forget – as one representative after another of Blair's war camarilla is hauled before the Iraq inquiry – that Cameron and the Tories backed each and every one of those bloody adventures. Yet despite the deadening consensus in parliament, on many issues there is a progressive majority – particularly in London. At one point there appeared to be flickers of realisation in the Brown circle that this is so. They flirted with the idea of fighting an election contrasting Tory cuts to necessary public investment. But a peashooter across the bows from the Blairites in the New Year put paid to that. Now we are to face an election with the three parties pushing various permutations of cuts that threaten to plunge the economy into a second slump even as it flatlines from the first. My party, Respect , will be standing in carefully targeted seats in opposition to that. And we will be working with those who also seek to promote a progressive answer to class inequality, war and racism. If we can win in the three seats where we are best placed – Poplar & Limehouse and Bethnal Green & Bow in east London, and Hall Green in Birmingham – we believe we can make a major contribution to shifting the terms of political debate. We know, of course, that that will not be enough. That's why we are engaging across the board with those who want to defend traditional Labour values. The argument is overwhelming. We are told that the state needs to be cut back. But it is only thanks to the largest ever state peacetime state intervention in the economy that the world has avoided a greater slump than the 1930s, at least for now. We are told by one general after another that we will have to be in Afghanistan for five, 10, or even 15 years. Yet scepticism about the war has grown and is set, along with Iraq, to provide a backdrop to this year's general election as it did in 2005. The shrill cries of racism, bigotry and Islamophobia are amplified by the media and all too many politicians, giving credence to the hate-mongers of the BNP. Yet more and more people are living and mixing alongside one another in council wards, schools and workplaces across Britain. The London elections in 2008 saw a progressive coalition emerge. But it was defeated, not because it was too radical, but because it was dragged down by the failure of New Labour in office. As I said to those on the left who appeared indifferent, or even hostile, as to whether Ken Livingstone would remain mayor of London, quoting Joni Mitchell, "You don't know what you've got 'till it's gone." How many people must now bitterly realise that now that Boris Johnson is busy paving, if not paradise, then certainly over one poor community after another in the capital. The same should not be allowed to happen now nationally. Those who want a fairer and more just society need to band together and stand on principle. We can do that it movements for peace, social justice and against racism. But we should do it where we can at the ballot box too. • George Galloway is speaking at the Progressive London conference on 30 January at Congress House, Great Russell Street WC1H, 10am-5:30pm. To register in advance go to www.progressivelondon.org.uk Labour Conservatives Financial crisis Economic policy Equality Race issues Boris Johnson General election 2010 George Galloway guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Whistler Blackcomb up for auction Whistler Blackcomb up for auction
01/29/2010
Winter Olympic Games host resort faces uncertain future as owner struggles to repay $1.7bn loan British tour operators insist it's business as usual despite news that Canadian ski resort – and host to next month's Winter Olympics - Whistler Blackcomb could be up for auction on 19 February. Fortress Investment Group purchased the resort's operator Intrawest LLC in 2006 for $2.8bn. Almost half of that was financed through borrowing from a group of lenders – including investment firms Lehman Brothers and Davidson Kempner. The lending group posted notices of the auction proceedings in the Wall Street Journal and New York Times last week after Fortress failed to make a final payment on the loan. With 8,000 acres of skiable terrain, the dual mountains of Whistler Blackcomb in British Columbia play host to the largest ski area in North America. It's a popular destination with British skiers - 20% of visitors come from Europe - due to its consistent snowfall and lively apres ski. This season Whistler has enjoyed record snowfall - 9.88 metres so far. Marion Telsnig from Crystal Ski said: "As far as we are concerned, it's business as usual. The resort have said that nothing will change and we completely agree with that." Intrawest also owns nine other North American resorts, including Winter Park and Steamboat in Colorado and Mont Tremblant in Quebec. The company sold Copper Mountain in December 2009 and its French resorts Arc 1950 and Flaine Montsoleil in October. Intrawest spokesperson Ian Galbraith denied the current financial wrangling will disrupt the Winter Olympic Games which kick off on 12 February. He said: "Serious discussions with Intrawest's lenders are ongoing regarding refinancing. The company continues to operate 'business as usual' at all of it's properties and we are looking forward to the success of the Olympic and Paralympic Winter Games." Speculation is already developing over a potential purchaser of Whistler with Vail Resorts, its closest competitor in terms of ski area, being mentioned by industry insiders . Kelly Ladyga from Vail refused to comment. The best ski resort in the world? Matt Barr , author of Snowboarding the World Less a resort and more a byword for a particular brand of North American ski opulence, Whistler strives to be the the world's biggest and best ski resort. Does it succeed? In part, yes. Along with a handful of other ski resort superpowers, Whistler conjures up images of abundant light powder, flawless snowboarding parks, a hugely accessible backcountry area and a kick-ass town. The opening of the Peak-to-Peak gondola and the resort's status as joint host of the forthcoming Winter Olympic Games certainly seem to underline that. On the down side, the town's slightly homogenised feel belies its roots as an IntraWest resort; there can be a slightly soulless feel to the place and locals have begun to grumble about rising prices. Winter Olympics 2010 Skiing Canada Susan Greenwood guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Connaught drops 7% as chief executive de... Connaught drops 7% as chief executive departs
01/29/2010
Connaught , the support services group, has lost around £35m of its value after news its chief executive is stepping down. The company said Mark Davies had told the board he intended to leave at the end of the financial year "to seek new challenges elsewhere." But Connaught has decided he should step down from the board immediately, and executive chairman Mark Tincknell will now become chief executive. The company is painting this as a chance to improve corporate governance, with independent director Tim Ross now becoming non executive chairman until a permanent replacement for that post is found. Connaught also said trading was in line with its expectations. But this has not prevented its shares from dropping 26p to 333.9p, making the company the biggest faller in the mid cap FTSE 250 index. Analyst Paul Checketts at Oriel Securities cut his rating on the business from buy to hold following the management reshuffle. He said: [Davies' resignation] really is a hammer blow as in his time with the City he has shown himself to be talented and visionary. As a consequence, we see this as enough of a negative to downgrade our recommendation. No real reason is given for Davies wanting to exit. The official line is "to seek new challenges elsewhere". Trading is said to continue to be in line with expectations. On valuation grounds this is as cheap as Connaught shares get. That prevents us from going negative. But until there is more certainty we'd tread carefully. Panmure Gordon kept its buy rating, but said: Clearly this is not a positive surprise for the shares. It will raise questions about the attractiveness of the growth opportunities within the group from some areas. That said we believe that the divisional management is strong and the positioning in Social Housing, Compliance and Environmental provides healthy opportunities. We stay positive but recognise that the share price may have an uncertain period as this news is digested. Meanwhile KBC Peel Hunt also played down concerns about the changes, with analyst Andrew Nussey saying: Whilst some investors may be disappointed at this news, given what Mark Davies has achieved at Connaught, we recognise that with the excellent operational controls and infrastructure in place it may be time for a more 'market facing chief executive ' to drive and sustain returns. Connaught shares trade on 10.6 times 2011 estimated earnings per share against a backdrop of consistent delivery as well as rapid and visible growth. We look for 2010 earnings per share growth of 18% and 21% growth in 2011 and see scope for this to be augmented through further outperformance and cash financed acquisitions. We reiterate our buy and 475p target and would view any share price weakness as an excellent buying opportunity. Mark Tincknell - Connaught's incoming chief executive - clearly agrees. He has just bought 100,000 shares at 327.5p each and is currently sitting on a small profit. Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Yes, we have no pyjamas | Charles Nevin Yes, we have no pyjamas | Charles Nevin
01/29/2010
News that a Tesco store has imposed a dress code threatens to bring to an end the refreshing sight of a shopper in stripy jimjams The British, according to that study published this week , have become more tolerant, but, plainly, there are limits. The Tesco store in St Mellons, Cardiff, for example, has imposed a dress code banning customers from shopping barefoot or in pyjamas and nightgowns following complaints from other patrons. This seems a pity. Supermarkets can be rather dull, I find. How refreshing to come across someone in nice stripy jimjams mulling over the bewildering choice of cereals or someone else in a lot of chiffon and ribbon weighing up an avocado or feeling some plums. I'm not quite so convinced by the bare feet, though: so many of them are unattractive, and I'm dangerous enough already with a trolley without having to dread a slight bump of the wheels and a scream near the biscuits. I suppose, too, given the discernment shown by most Cardiffians – this is, after all, the city which gave us Dame Shirley Bassey – that the complaints from other shoppers do not centre upon flannel, silk and the odd cravat, but on somewhat less flattering, more synthetic, and, how shall we put this, clingy materials. I myself, being the son and grandson of Lancashire grocers, always make an effort for my visits to the aisles, although I no longer wear a tie on Fridays. The principle, as in all matters of manners, is to put others at ease. Mind you, some people can be very sensitive: you will recall Michael Foot's problems with his short coat and the Remembrance ceremony, and Bertie Wooster's with Jeeves over several items of fetching, if lively, design, including, if I remember correctly, a pair of socks and some spats in Old Etonian colours. That also reminds me, for some reason, of David Cameron and another finding in the report, the swing to the Conservatives. Could the Cardiff revolt against excessive informality in the supermarket be a reflection of this, portending a return to past conventions, like buttons? Could it signal the end of "leisure wear", items requiring elastic suspension, and the delightfully subversive practice of obviously unsporting people wearing sports kit they're too old and round for? If so, allow me to pass on a few crucial pointers. A friend of mine once came across an aristocratic acquaintance in pouring rain and sodden tweeds on his return to London from the country. Why, he asked, no umbrella? "What?", came the aghast reply, "With country clothes?!". Also, do be aware that you should never wear a Panama hat in town until after Goodwood. I wonder, as well, how Jack Cohen, the founder of Tesco and a man with highly attuned populist instincts, might have reacted to the Cardiff ruling. Positively, probably, as there's nowhere on a pair of pyjamas to place the tiepins he used to hand out, inscribed "YCDBSOYA". He used to say it was Yiddish: in fact, they are the initials of "You can't do business sitting on your arse". Pip, pip! Wales Tesco Charles Nevin guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Upbeat or downbeat? Cameron's mixed mess... Upbeat or downbeat? Cameron's mixed messages on UK economy | Nicholas Watt
01/29/2010
Tory leader to deliver gushing speech about prospects to World Economic Forum hours after warning of 'Greek-style' meltdown There is a rather quaint tradition that opposition leaders refrain from trashing Britain when they step outside the realm. But David Cameron will rewrite the rules when he delivers a gushing speech about Britain's economic prospects in Davos today – shortly after having issued a grim warning from the Alps. The mixed messages appear to have been tailored to different audiences monitoring the man seen at the World Economic Forum as Britain's next prime minister. Cameron will deliver his upbeat message, declaring that he hopes to fly the flag for British business, in a speech to the economic great and good in Davos later today. But to voters back home, via an interview on Channel 4 News last night , he said Britain would be heading towards a "Greek-style" meltdown unless the Tories were given a chance to start cutting its £178bn fiscal deficit this year. It is instructive to compare Cameron's contrasting remarks. This is what he is due to tell his audience in Davos: I believe we have great cause to be hopeful for Britain's economic future. We have always been an open, trading nation ... Were we to win the election in a few months, I would be proud to take on the role of flag waver for British business. British business is in my blood. To be fair to the Tory leader, he will also issue a (mild) warning about the importance of tackling Britain's record deficit, saying: In the modern, globalised world, no one owes us a living. We need to show that we are a sound business prospect now and for the future. It will take a huge amount of political will and business skill. But if we avoid the paths of least resistance to show discipline in reducing the deficit to bring wholesale reform to banking regulation and to build a new model of economic growth led by enterprise and export, then we can restore our reputation we can get our economy back on its feet. These were the words released by the Tories last night, but it will be interesting to see whether Cameron's speech contains any of the gloomy language he uses to his audience back home. In the past week, as the British economy finally recorded (minimal) growth, he said we had just experienced the "Great Recession". In his Channel 4 interview, he used dramatic words as he indicated that he would stand by his commitment to start cutting the deficit this year, even if Britain dipped back into recession. Asked on Channel 4 News whether he would cut the deficit even if there was a severe contraction in the economy, Cameron said: We are saying that you must make a start in 2010 ... The biggest threat to the British economy is not dealing with the deficit, it's failing to deal with the deficit. That is what could give us Greek-style interest rates and higher mortgage rates, tipping us back into recession and causing a real problem for the British economy. Such stark language would probably not impress the grand figures he has been meeting in Davos. Yesterday, he met the WTO chief, Pascal Lamy, and the Chinese vice premier, Li Keqiang, who is tipped to be the next prime minister. Cameron is loving his status as prime minister to be. The Davos trip is so important for the Tories that he is accompanied by his shadow chancellor and close ally George Osborne, his "deputy in all but name" William Hague, and his highly influential communications director Andy Coulson. But Cameron caused some irritation yesterday by summoning senior editors to a briefing, only to say his comments could not be reported. This is what Alan Rusbridger, the editor of the Guardian, wrote about that. David Cameron Economic policy George Osborne William Hague Conservatives Davos General election 2010 Nicholas Watt guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Darling tells bankers: 'Don't feel sorry... Darling tells bankers: 'Don't feel sorry for yourselves'
01/29/2010
Chancellor holds clear-the-air talks with eight UK and foreign-owned banks at World Economic Forum in Davos Alistair Darling told the City's top bankers today to stop feeling sorry for themselves and instead work with the government to create a stronger financial system. The chancellor held clear-the-air talks with eight UK and foreign-owned banks at the meeting of the World Economic Forum in Davos at which he urged faster international action to strengthen banking regulation. "My message to the banks is that it is in their interests to get off the front pages," Darling said at a press briefing ahead of the meeting. "The banks should do what they are supposed to do, provide credit to the economy. They must know that changes are necessary. They can all see that the regulatory regime needs to be more robust and more intrusive. "Don't feel sorry for yourselves. Work with the government to see how you can improve the situation." Today's meeting involved executives from Standard Chartered, HSBC, Barclays, Goldman Sachs, UBS, Morgan Stanley, JP Morgan and Citigroup . The chancellor said he was frustrated that changes to bank regulations proposed by the G20 group of developed and developing nations were taking so long to be agreed by the Basle committee of central bank governors and international regulators. "The Basle process can be quite tortuous," Darling said. "We don't have years to sort it out." He added that he was disturbed by reports that proposed reforms to the global financial system – originally expected this autumn – now looked as if they would be delayed until 2011. "I would like to see the Basle regulations published this autumn," Darling said. "I have heard it may slip into next year. That would be very, very bad." The chancellor said that countries around the world had acted in concert during 2009 to haul their economies back from the brink. But having prevented recession from turning into depression, there was now a risk that reform would be seen as less urgent. Asked whether there was a risk of a double-dip recession , Darling said: "Provided we stick to the course we have set we will see growth sustained." Britain barely emerged from six quarters of recession in the final three months of 2009, posting quarter-on-quarter growth of 0.1%. Darling said: "I said growth would resume around the turn of the year but that people should be pretty cautious about it. We have come through a pretty major downturn. You can't pick yourself up, and dust yourself down as if nothing has happened." Both the chancellor and the business secretary, Lord Mandelson, attacked David Cameron for his plan to make emergency spending cuts in the event of a Conservative victory in this spring's election. The chancellor said: "The risk is that if you start taking money out of the economy this summer you will set back the progress we have made and derail the economy. I think that would be very damaging." Mandelson said he detected some softening of the Tory line on deficit reduction. "There is less conviction and swagger than there was before. They have gone a little bit wobbly. They appreciate the risks a bit. It has pushed them into some confusion." Davos Banking Financial crisis Alistair Darling Economics Economic policy Standard Chartered HSBC Barclays Goldman Sachs UBS Morgan Stanley JP Morgan Citigroup Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Debenhams appoints new chairman Debenhams appoints new chairman
01/29/2010
A slew of board appointments dominated the corporate news this morning, while in the markets all eyes were on the US GDP figures due out later today. The US economy, the world's largest, is expected to have gathered steam in the fourth quarter with 4.6% annual growth. The figures are out at 1.30 GMT. In the UK, consumer confidence rose in January for the first time in three months as Britons became more optimistic for the economy's prospects, according to GfK. The FTSE 100 was about 41 points higher at 5186.72 in early trading, up 0.8%. Department store group Debenhams has picked tobacco industry veteran Nigel Northridge to succeed John Lovering as chairman following his departure on 1 April. Northridge, 53, is currently chairman of Irish gambling firm Paddy Power after spending 32 years with cigarette maker Gallaher, where he became CEO in 2000. He also holds several non-executive directorships at Aggreko, Thomas Cook and Inchcape. Lovering will take the reins at All Bar One owner Mitchells & Butler after disgruntled shareholders led by billionaire Joe Lewis dumped chairman Simon Laffin yesterday. Easyjet appointed Chris Kennedy as finance director this morning after a nine-month search. He joins from EMI Music where he has worked in a number of international roles, including finance chief. Kennedy replaces Jeff Carrr, who resigned last May, and is expected to take up his new job sometime this summer while Mark Adams, interim financial officer, stays on in the meantime to ensure a smooth transition. BP named energy veteran Paul Anderson, the former chief executive of BHP Billiton, Duke Energy and PanEnergy Corporation, as non-executive director with effect from next Monday. He also serves on the boards of BAE Systems and Spectra Energy, where he was chairman until last year. Brewer and pubs group Marston's enjoyed brisk trading over Christmas and New Year, driven by strong food sales, but sales dropped in January when the snow kept punters away. "Marston's continues to deliver. The group is financially secure and its new-build programme is on track. It intends to build 60 large, food-led pubs over the next three years," said Mark Brumby at Astaire Securities. Debenhams Easyjet BP Marstons Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• US economy set to post strong growth US economy set to post strong growth
01/29/2010
President Barack Obama vowed in his State of the Union address on Wednesday to make job creation his top priority The US economy is forecast to have gathered steam in the final three months of last year, helped by a gradual revival of the housing market. Wall Street analysts expect growth to have picked up to 4.6% in the fourth quarter on an annualised basis, up from 2.2% in the third. This would mark the best quarterly performance since 2006. Some even predict growth of 6%, a figure not seen since 2003. The US GDP data is out at 1.30pm UK time. A weaker number could send stocks around the world into a tailspin. Reassuring markets, the US Senate backed Federal Reserve chairman Ben Bernanke for a second four-year term yesterday. A slew of bullish company results overnight will also boost investor sentiment today. Microsoft beat forecasts with a 60% jump in quarterly profits and said it expected companies' spending on technology to bounce back this year. Amazon's fourth-quarter profits skyrocketed 71%, and consumer goods companies Procter & Gamble and Colgate-Palmolive also posted better-than-expected results last night thanks to an upturn in consumer spending. The US housing market is slowly recovering, industrial production is rising and job losses have eased, although companies remain reluctant to hire. US jobless claims fell less than expected last week , government figures showed yesterday. Many analysts worry that the recovery could peter out again in coming months. Economists say the unemployment rate, still at 10%, is an obstacle to a lasting recovery. "Even though the US economy is growing, the key figure is the unemployment rate," said Clarence Chu of Hudson Capital Energy in Singapore. "Until I see that the US is consistently creating jobs for a few months in a row, I'm not convinced that demand will increase." President Barack Obama vowed in his State of the Union address on Wednesday to make job creation his top priority. Oil was steady near $74 a barrel today, heading for a third weekly drop in a row. The latest UK growth data published earlier this week showed the economy only just scraped out of recession in the fourth quarter. The meagre growth rate comes after a long road to recovery for the UK, which was the last major economy to emerge from the downturn . US economy US economic growth and recession US housing and sub-prime crisis United States Julia Kollewe guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• House prices continue to rise in January House prices continue to rise in January
01/28/2010
House price inflation looks set to reach double digits next month House prices rose by 1.2% in January and the year-on-year rate of price inflation looks set to return to double figures next month, the UK's largest building society said today. Despite the government's decision to move the stamp duty threshold back down to £125,000 at the end of 2009, the Nationwide's figures show the market started the year strongly, with the average cost of a home in the UK rising by more than £1,300 to £163,481. Prices have now increased by 8.6%, or £13,000, since January 2009, when the housing market was in the doldrums, and the society said that unless they fall next month, the annual rate of house price inflation would return to double figures for the first time since May 2007. The three-month rate of change, usually a smoother indicator of the near term trend than a single month's figures, dipped slightly from 2.3% in December to 2.1% in January, but Nationwide said this was mainly a result of small increases at the end of last year. Last February now looks to be the month in which house prices reached their nadir on Nationwide's index, dropping to an average of £147,746, but even if they do turn out to have seen double-digit growth by next month, they will still be well below the peak of £186,044 reached in October 2007. Nationwide's chief economist, Martin Gahbauer, said recent economic data, including this week's news that the UK had come out of recession , was a "mixed bag" for the housing market, which had already recovered at a faster pace than the rest of the economy. Last year earnings growth fell to its lowest level on record as employers opted to reduce pay and cut hours as an alternative to making redundancies, and Gahbauer said this could have a knock-on effect on prices. "The aggressive cuts in pay inflation have both upside and downside implications for house prices. With pay inflation near zero or even negative, every additional increase in house prices worsens housing affordability, particularly since interest rates are very unlikely to fall any further," he said. "All else being equal, this limits the upside potential for the current recovery in house prices. On the other hand, pay restraint has allowed more people to stay in work and continue to service their mortgages at the current low rates of interest." He added that the surprise leap in inflation in December meant higher interest rates "may be required sooner than is widely assumed". A rise in rates could lead to problems for borrowers on variable rate mortgages who have been struggling to meet repayments which could result in more distressed purchase, and could also reduce the interest from new buyers entering the market, both of which would push prices down. Completed sales Separate figures also published today by the Land Registry showed that prices rose by 2.5% in England and Wales over the course of last year. The Land Registry's data, which is based on completed sales rather than those that have reached the mortgage approval stage, showed an increase of just 0.1% in December. This was the eighth month running that prices rose and brought the average price of a home England and Wales to £161,783. Beneath the headline figures, the Land Registry statistics show a mixed picture for housing markets around the regions. While in London prices increased by 6.1% during 2009, to an average of £324,352, in Wales values dropped by 2.5%. The latest available figures for the number of homes changing hands, covering the three months between last July and October, showed an increase in activity in the housing market. The Land Registry said there were an average of 58,000 sales a month over that period, compared to 46,655 in the same three months of 2008. Commenting on the Nationwide data, Howard Archer, chief economist at IHS Global Insight, said the revival in house prices since last February had been driven by the slump in the months running up to that, which had made homes more affordable, and the sharp reduction in mortgage rates. "It is also very evident that house prices have been supported appreciably by a lack of new properties coming on to the market," he said. "The Nationwide data indicate that house prices started 2010 with some impetus and they look likely to rise further in the near term at least." He added: "Even so, the suspicion remains that the rises seen since early 2009 cannot be sustained given a still far from favourable economic environment and still relatively tight credit conditions. "We believe that a modest relapse in house prices is likely at some point in 2010 and they may well be essentially flat over the year as a whole." House prices Property Housing market Hilary Osborne guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)

• The cheque's in the post: £2m bonus for ... The cheque's in the post: £2m bonus for departing Crozier
01/28/2010
Royal Mail chief exits with big payoff to lead Norman's renaissance of troubled broadcaster ITV's new chief executive, Adam Crozier, could walk away from his old job at the head of Royal Mail with £2m in bonuses. The broadcaster appointed Crozier, who has no television experience and is the second highest-paid public sector worker, to the top role after a long and occasionally tortuous 10-month search. Crozier will be rewarded from a three-year bonus scheme based on efficiency targets at the postal operator, which has recently been hit by a series of national strikes over mounting workloads. Archie Norman, ITV's chairman, said Crozier, who is the former head of the Football Association, had the "steely resolve we need at ITV", which was looking for a "great leader". However, he conceded: "There are those I know who think we should be looking for a star broadcaster … my assessment of ITV is that we have great TV broadcasting talent here." Norman, the former Tory MP and chief executive of supermarket Asda who took over as ITV chairman earlier this month, added: "What the business needs is someone to lead it on a programme of transformational change. That means a change in culture and organisation as well as business direction." Crozier, 46, was responsible for "transformational change" in both his previous jobs, which led him into conflict with the unions at Royal Mail and made him enemies at the FA. There are signs of a creative renaissance at ITV, which has started to assemble a competitive schedule around its Saturday night talent shows, including the hugely successful X Factor and Dancing on Ice. More than 17 million people watched the final of Britain's Got Talent on ITV1 last June, the biggest non-sport television audience for five years. Director of television, Peter Fincham, who was regarded as a candidate for the chief executive's job, commissioned a host of new dramas last year, including Robbie Coltrane vehicle Murderland. Five-part drama Collision was one of several successes last year, and ITV1 was named channel of the year last night, the day after Crozier's 46th birthday. "I am very excited to be joining ITV, a company with a great heritage and one of the best brands in the UK," Crozier said. "The entire media sector is going through enormous change and that presents both great opportunities and significant challenges for everyone in the industry. But the Royal Mail boss, who also ran the advertising agency Saatchi & Saatchi, faces big challenges. Despite ratings success last year, terrestrial TV channels are struggling to sustain audience share as more households sign up to multi-channel TV. A plethora of other media, including social networking sites, available on a huge array of devices like per sonal organisers and games consoles are competing for consumer's attention. Crozier is likely to search for ways to reduce ITV's dependence on an old-fashioned free-to-air advertising model by identifying new ways to make money. That could involve selling a greater number of ITV shows overseas or launching new digital channels to complement ITV2, ITV3 and ITV4. The company could even charge for some or all of those channels, or create new ones that consumers might be willing to pay for. Norman and Crozier will also lead delicate negotiations with the government about further reducing ITV's public service obligations. The broadcaster has already said it would pull out of regional news, but it is unclear what will replace its programming. Norman described ITV as "Britain's most highly regulated company". ITV's fate is, however, not necessarily in its own hands. BSkyB holds a 17.9% stake and has been ordered by the competition authorities to sell the majority of it. Sky recently lost a legal battle to keep the stake. It could be acquired by a rival broadcaster intent on buying ITV and used as the springboard for a bid. Norman, who hired Royal Mail chairman Allan Leighton – Crozier's boss – when he ran Asda, said today there would be no further cost cuts at ITV, which has shed over 1,000 jobs in the last 12 months in response to the advertising recession. Norman said: "In the last year we have achieved probably more in terms of cost reduction than ITV has achieved any time in the last five years. That has given us a financial platform, and headroom, to deliver change. So our top priority is not cost reduction." In an email to staff, Norman said Crozier's appointment brought to an end "a long period of uncertainty for ITV". Several candidates have turned down the job since Michael Grade said he would step down last March. ITV came close to appointing Tony Ball, a former chief executive of BSkyB, in September before balking at his pay demands, which included a package worth more than £40m over five years, including pay, pension and bonus. Norman said Crozier's pay is yet to be finalised. "It is not in the Tony Ball league, very far from it," he said. It is understood he will move to ITV after the end of March to ensure that he receives his Royal Mail payout. The scheme only pays out fully for executives who remain at the company for the entire period. Royal Mail said yesterday that Crozier would leave in "several months" but it is understood that his departure will almost certainly take place after the March 31st cut-off date. Royal Mail's last available accounts show that he has already built up £706,000 of bonuses under the three-year incentive scheme, with about £500,000 of this being accrued in the second year. Royal Mail increased profits in the first half of the current financial year compared with the same period last year and if the performance is also strong in the final six months of the year, he could scoop another £500,000 to add to his bonus pot. A spokesman for Royal Mail declined to comment on how much Crozier may receive but a source close to the company admitted it was theoretically possible that the company's remuneration committee could restrict Crozier's payout because he has announced his intention to leave. Crozier will also net close to another £1m for the current financial year in basic salary and other payments, and scoop a £1m pension pot after his seven years at the company.Norman said that the board, which had been divided during the ill-fated negotiations with Ball, was "unanimous and emphatic" in selecting Crozier. "He was my first choice" he added. "He would have been my first choice if I'd been approached a year ago". ITV Adam Crozier ITV Archie Norman Television industry Mark Sweney James Robinson Tim Webb guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (16 h ago)

• UK banks' credit rating downgraded UK banks' credit rating downgraded
01/28/2010
Standard & Poor's blames move on Britain's weak economic environment and banks' dependence on state support Britain's banking industry was downgraded by the international credit rating agency, Standard & Poor's, as a result of the country's "weak economic environment" and the banks' "high" dependence on state support. In its second major intervention in Britain in the past year, the agency announced that it was demoting Britain's banking industry by one tier to its Group 3 out of 10. Banks in Canada, France and Germany are in the first and second groups. The agency, which placed Britain on "negative watch" last May, said it had acted in light of Britain's "weak economic environment, the reputational damage we believe has been experienced by the banking industry, and what we see as the high dependence on state-support programs of a significant proportion of the industry". The government has a majority stake in two banks – RBS and Northern Rock. Nigel Greenwood, S&P's credit analyst, said: "In our opinion, the weak UK economy will continue to hinder the credit profile of the UK banking industry. This reflects the sharp decline in economic output and our expectation that the unwinding of the high level of debt – of the government, households, and certain industrial segments – will weigh heavily on relative economic growth prospects and banks' financial performance. "In our opinion, the near collapse of a number of financial institutions damaged the reputation of the UK banking system. This led to wide-ranging state support, including significant government stakes in two of the four major banking groups. We note that there is a wide dispersion in credit quality among UK banks and that some banks did not require direct government support." The intervention by S&P comes less than a year after it announced that Britain could lose its AAA credit rating. In May last year the agency said there was a "one in three" chance that Britain's rating on its sovereign debt might be cut. A lower credit rating pushes up the cost of borrowing. Mark Hoban, the shadow Treasury minister, said: "This is disappointing but demonstrates the need for reforms to the banking sector so that we don't repeat the mistakes of the last decade. The plans set our in our white paper, From Crisis to Confidence: A Plan for Sound Banking, should help restore the reputation of the UK banking sector." Banking Financial crisis Nicholas Watt guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Toyota's recall crisis widens Toyota's recall crisis widens
01/28/2010
• Japanese firm says recall that has affected millions of vehicles in US will be extended to Europe and China • 750 jobs face axe at Burnaston factory in UK Toyota, the world's biggest car maker, was fighting for its reputation today after recalling millions of its vehicles in the US and then saying it would widen the net to include Europe – potentially Britain – and China. The Japanese-based manufacturer has suspended its American sales operation and production of eight models – including the Camry, the country's best-selling car – while it tries to fix faulty accelerator pedals. Toyota would not say how many cars in Britain or Europe might need to be recalled and said it was not time yet to halt production at its British factories. But in a separate move, it warned there could be up to 750 redundancies in the UK later in the year. "Toyota is making every effort to address this [safety] situation for our customers as quickly as possible," its UK subsidiary said. The AA motorists' organisation said it had heard of no specific problems from its members about cars in Britain but would continue to monitor the situation. The car manufacturer has announced it wants to inspect a further 1.1m cars in the US on top of 2.3m it recalled last week, and in addition to the 4.2m that had to be checked in late 2009 over a different problem, in that case floor mats which jammed accelerators. The car manufacturer said today it had told the Chinese authorities that it would need to recall about 75,500 Rav4 sports utility vehicles made in that country between March 2009 and January this year. The escalating problem is threatening to badly tarnish a long-established reputation for high quality and reliability that helped Toyota overtake General Motors to win the global number one slot. Shares in Toyota have lost 15% of their value since the drama first began and Fitch Ratings put the company's A+ credit rating on "watch negative", meaning it could soon be downgraded. The carmaker was hoping to see a rapid financial recovery this year after the worldwide economic slowdown seriously dented sales of Toyotas and other marques. Workers at the Burnaston plant in Derbyshire were warned last year that Toyota UK was suffering from over-capacity and yesterday the company said hundreds of the 3,500 jobs would have to go. "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. Critics now blame the Japanese motor manufacturer for compromising on quality control in an over-anxious bid to overtake American rivals as the biggest volume carmaker. At its peak in 2007, the company sold 9.4m vehicles, but Japanese media reports put the total that could be recalled for accelerator problems at 8m – almost the same number as it sold globally last year. Toyota, which has been forced into a loss by the recent industry downturn, is trying to put a positive gloss on the latest debacle, by saying it was acting in the most responsible way. "We didn't want to spare even a moment after we found a problem so our customers don't have to worry," it said. 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". The US National Highway Traffic Safety Administration said it was a "serious safety issue" but it was pleased that Toyota was taking immediate action to address it. Ironically, the problem that threatens its newfound dominance in the US is being traced back to a local supplier there: pedals provided by CTS Corporation of Elkhart, Indiana. A rival car manufacturer said he could not remember similar a problem hitting the industry. "Everyone has recalls at some stage but I cannot remember one as large as this. Logistically it must be an absolute nightmare," he said. Others said the financial damage would depend on how long the US factories were closed – but could be costing the firm $550m (£341m) per month. Jim Ziegler, an industry consultant in Atlanta, said the Japanese firm was in increasingly difficult situation. He said: "Toyota's got the resources to bounce back from this, but this is the biggest crisis that they have ever faced and Ford and Hyundai are coming on strong." Toyota Automotive industry Job losses United States China Terry Macalister guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• Disney shuts doors on Miramax Disney shuts doors on Miramax
01/28/2010
The Walt Disney Company, which bought Miramax from the Weinstein brothers in 2005, has closed down the studio after 30 years in business It was the independent, art-house studio that became a major industry player in the 1990s, courtesy of such Oscar-winning hits as Pulp Fiction and The English Patient. But there was no Hollywood-style happy ending for Miramax studios, which shut up shop today with the loss of 80 jobs. Founded by producers Bob and Harvey Weinstein back in 1979, Miramax flourished as an independent distribution and production outfit, before becoming part of the Disney empire in 1993. The company scored with low-budget hits such as Clerks and sex, lies and videotape, helped launch the career of Quentin Tarantino, and scooped Oscars with the likes of The English Patient and Shakespeare in Love. The Weinstein brothers – who named the company after their parents Max and Miriam – quit to form the Weinstein Company in 2005. During its heyday, Miramax was regarded as arguably the industry's most respected and influential production company. But in recent years its output has been downscaled by Disney, and its demise was predicted long before today's closure of its offices in LA. The six Miramax pictures that are currently awaiting distribution – including John Madden's The Debt and Last Night, starring Keira Knightley – now face an uncertain future. "I'm feeling very nostalgic right now," Harvey Weinstein said today. "I know the movies made on my and my brother Bob's watch will live on … Miramax has some brilliant people working within the organisation and I know they will go on to do great things in the industry." Harvey Weinstein Walt Disney Company Film industry Oscars Keira Knightley Andrew Pulver Xan Brooks guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (22 h ago)

• Superdry owner to hire ex-Vodafone marke... Superdry owner to hire ex-Vodafone marketing chief
01/28/2010
Fashion firm SuperGroup expected to appoint Peter Bamford as non-executive chairman as it prepares for flotation in the spring Fast-growing fashion firm SuperGroup, the company behind the trendy Superdry label, is expected to appoint former Vodafone marketing supremo Peter Bamford as non-executive chairman ahead of a planned spring flotation. Bamford, a director of Vodafone for eight years until 2006, was the mobile phone group's chief marketing officer and the man behind its high-profile sponsorships of Manchester United, Ferrari's Formula One racers and the England cricket team. At SuperGroup, he will be the face of the company in the City. Cheltenham-based Superdry has reached something like cult status among teenagers and twentysomethings, and is widely compared to rival Abercrombie & Fitch. It has won celebrity fans including David Beckham and High School Musical star Zac Efron – even though the company does not pay famous faces to endorse its clothes. The group, which employs 1,000 staff, opened 17 new stores last year, taking the total to 39. It also has 54 concessions in House of Fraser, which the department store has pinpointed as one of its best-selling labels. Bamford is a director of Rentokil and has retail experience. Before Vodafone he worked for Tesco and Kingfisher and has also been a director WH Smith. He was ousted from Vodafone in the middle of a boardroom power struggle between the firm's then chairman and chief executive. The Superdry brand, launched only six years ago, is the brainchild of Julian Dunkerton, whose chain of Cult boutiques is also part of SuperGroup, and James Holder, who founded the Bench label. Dunkerton, who started his business in 1985 with a market stall and a £40-a-week grant under Margaret Thatcher's enterprise allowance scheme, owns 52% of the business, while Holder and sales director Theo Karpathios speak for 20%. SuperGroup could be valued at up to £400m and a successful float would turn all three into multimillionaires. Broker Seymour Pierce is advising on the flotation plan. Earlier this month SuperGroup unveiled bumper sales figures. In the five weeks to 5 January like-for-like sales were up 29% on a year earlier, while total sales over the last year, including trade through the new outlets, almost doubled to £119m. Last year the business scored a victory against Primark , reaching an out-of-court settlement after it claimed the budget chain had copied its trademark leather jacket, called the "Brad". The £175 jacket had soared in popularity after David Beckham was regularly pictured wearing one. Superdry has now sold more than 100,000. Retail industry House of Fraser Primark Men's fashion Fashion David Beckham Zac Efron Julia Finch guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (22 h ago)

• M&B shareholders oust chairman M&B shareholders oust chairman
01/28/2010
Simon Laffin thrown off board after losing bitter and public battle with some of its largest investors, led by billionaire currency trader Joe Lewis Simon Laffin, chairman of pub group Mitchells & Butlers, was thrown off its board in a landslide vote after losing a bitter and very public battle with some of its largest shareholders, led by billionaire currency trader Joe Lewis. The poll took place after a tense one-and-a-half-hour shareholder meeting at the International Convention Centre in Birmingham. It marked an end to Laffin's eight weeks at the top of the company. Results showed 66% of votes went against him. He has been replaced by outgoing Debenhams chairman John Lovering, Lewis's preferred candidate, whose appointment was approved by the meeting. Laffin had shocked the investment world at the start of December by purging the board of Lewis's two appointed representatives and two others. He also published a list of alleged threats he and the board were said to have received in private from major shareholders. Hours before today'smeeting, proceedings were thrown into chaos as one of Lewis's alleged co-plotters Elpida (the investment vehicle of Irish investment tycoons JP McManus and John Magnier, which holds a 17.5% stake) launched a legal challenge, insisting Laffin had no mandate to chair the meeting. Chief executive Adam Fowle stepped in to preside, though it did not stop Laffin defending his conduct from the podium. His remarks were applauded by the estimated 500 small investors present. Laffin explained to investors, many of them former M&B staff, that he had tried to ensure the board was constituted so it could act in the interests of all shareholders "without fear or favour". He argued that resolutions before the meeting could result in seven out of eight non-executives being put forward by "one group of shareholders", which was unacceptable. Laffin had turned to the Takeover Panel to curb what he saw as an improper shareholder cabal, but his complaint was thrown out this month – in effect making his removal an arithmetic inevitability. Of the 407m M&B shares in issue, those held by Lewis, Elpida and six other shareholders account for 52%, enough to comfortably carry any resolution today — despite an extraordinarily high turnout, which saw almost 80% of shares voted. The resolution to reappoint Laffin was blocked by votes of 214m shares – 66% of votes cast but only 52% of shares in issue. The two executives on the board – Fowle and finance director Jeremy Townsend – are not thought to be under pressure in the short term, though Lovering has indicated he will conduct a full review of M&B. In a statement issued after the results were published Laffin said: "We believe this shows that an overwhelming majority of other voting individual and institutional shareholders [beyond Lewis, Elpida and the other six] were in favour [of Laffin's appointment]." The Association of British Insurers, whose institutional investor members backed the M&B board, said they would reluctantly accept the vote, but were considering an appeal to watchdogs over the unedifying saga. Peter Montagnon of the ABI said: "Our members accept the result, but they remain extremely uncomfortable with the process which has enabled a minority shareholder to determine the composition of the board without paying a premium for control. There are important issues of principle here which we will analyse carefully and may take up with the relevant authorities." A frosty reception was given to Ed Banks, of Evercore boutique finance house who spoke as a representative for Elpida. He said: "Elpida does not want to control this company. We just want to see it run better. All of us will benefit equally from that." He delivered a catalogue of complaints Elpida had over the past performance of M&B, but his lengthy remarks appeared to have little support from the floor. Outside the meeting he later repeatedly denied that anyone from Elpida had at any stage given authority to others to make threats to M&B board members, as Laffin had alleged. He noted that complaints to that effect had been thrown out by the Takeover Panel. Small shareholder Mike Fisher asked Fowle if he would invite anyone at the meeting from Piedmont, Lewis' investment vehicle, to "outline their proposed strategy" for M&B after weeks of "petty" arguments in the press. There was a pause as Fowle looked towards Piedmont's representative, Richard McGuire, who had been expelled from the M&B board in December but was present at the meeting, carrying with him votes counting for 23% of shares. McGuire indicated he did not want to address his fellow shareholder publicly, so Fowle said he was forced to move on to other questions. Before he could do so, Fisher said: "They [Piedmont] are not prepared to tell shareholders what their plan for the company is – that says an awful lot about them." Also speaking at the meeting was institutional shareholder Standard Life's head of corporate governance Guy Jubb, who reiterated his support for Laffin, telling the packed auditorium he was "dismayed at the actions of Piedmont". He said he was "far from convinced that a total overhaul of the board is in the interest of all shareholders". The only independent director to survive the meeting was Sir Tim Lankester, who did not face a shareholder vote. He may feel compelled to consider his position. Meanwhile, the decision to expel McGuire for misconduct last month is expected to be swiftly overturned, freeing the way for him to return to the boardroom and fill Lewis' entitlement to a second representative. After the meeting, McGuire told reporters he was disappointed the company had spent £2m of shareholder funds fighting a fruitless battle against its major shareholders. "They tried to paint a picture of the Sandy Lane, Bahamas jet set ". Lewis is based in the Bahamas while JP McManus and John Magnier are co-owners of the luxury Sandy Lane hotel in Barbados. Also on the share register are fellow Sandy Lane owners Derrick Smith and Michael Tabor. Many of these investors have a track record of collaborative investments and some are well known in the race horse-owning world. Other significant shareholders from the racing world include Dermot Desmond and Trevor Hemmings. Mitchells & Butlers Corporate governance Food & drink industry Pubs Investing Simon Bowers guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• Economy May Be Humming, But Can it Last? Economy May Be Humming, But Can it Last?
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• Ford Reports $2.7B Profit, 1st in 4 Year... Ford Reports $2.7B Profit, 1st in 4 Years
01/28/2010
Automaker Attributes Climb Back Into Black to Cost-Cutting, Popular Vehicles, and Refusing Bailout Money (1 d 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. (1 d ago)

• Petrochemical industry's gross output up... Petrochemical industry's gross output up 9.7% against adverse trend
01/29/2010
Thanks to the polices to boost domestic demand in 2009, China's petrochemical industry has achieved growth against adverse trends, generating a gross output value of 3.93 trillion yuan, an increase of 9.7 percent year-on-year, said the China Petrol and Chemical Industry Association (CPCIA) January 28 during a meeting on the industry's situation in 2009. The output value of the oil extraction sub-industry fell 26.6 percent year-on-year to 749 billion yuan; the oil refining sub-industry fell 4 ... (1 h ago)

• China builds world's largest mobile mult... China builds world's largest mobile multimedia broadcasting network
01/29/2010
China's state-owned mobile TV service provider, China Broadcasting Corporation (CBC), announced January 28 that the encryption operation of mobile TV service has been officially made available in 280 cities in China's 31 provinces, autonomous regions and municipalities. This marks the establishment of the world's largest mobile multimedia broadcasting network. China Mobile Multimedia Broadcasting (CMMB) is a new and independently-innovated broadcasting technique that the government has fully ... (1 h ago)

• China's gold output ranks 1st in world f... China's gold output ranks 1st in world for 3rd year
01/29/2010
According to the latest statistics from the China Gold Association, China's gold output reached 313.98 tons in 2009, up 11.34 percent year-on-year. This was the first time that China's gold output had exceeded 300 tons, setting a new record. So far, China's gold output has been first in the world for 3 consecutive years. In 2009, the industrial output value of China's gold industry reached 137.53 billion yuan, up 18.56 percent year-on-year. China's top 5 provinces by gold output are Shandong, ... (1 h ago)

• Taiwan's commercial media market slides ... Taiwan's commercial media market slides for 5th year
01/29/2010
According to Taiwan's economic daily on January 29, the latest survey released by ACNielsen, a prominent media survey institution, showed that Taiwan’s commercial media market declined by 7 percent in 2009 year-on-year, and the overall market had dropped for the fifth consecutive year. The commercial income of Taiwan's media including TV, newspaper, magazine, radio etc. amounted to 39.42 billion U.S. dollars in 2009, down by 7 percent year-on-year. In a view of advertisers, the Farglory Gr ... (1 h ago)

• China is planning unified calculation of... China is planning unified calculation of local GDP
01/29/2010
Ma Jiantang, minister of the National Bureau of Statistics (NBS) disclosed at a national statistics work conference held January 28 that the NSB will adopt a month-on-month calculation of China's major economic indicators starting from the first quarter of this year, in a bid to accurately reflect China's economic development. In addition, it will work out a plan for a unified calculation of local GDP. The NSB will publish month-on-month figures of major economic indicators in March to put an ... (1 h ago)

• China's stocks close slightly lower China's stocks close slightly lower
01/29/2010
Chinese equities closed slightly lower Friday, dragged down by blue chip stocks. The benchmark Shanghai Composite Index dropped 0.16 percent, or 4.85 points, to close at 2,989.29 points. The Shenzhen Component Index gained 0.14 percent, or 16.72 points, to close at 12,137.2 points. Combined turnover totaled 167.39 billion yuan ( 24.54 billion U.S. dollars), up from 147.96 billion yuan on the previous trading day. Losers outnumbered gainers by 494 to 351 in Shanghai and 552 to 282 in ... (1 h ago)

• China's gold production rises 11.34% in ... China's gold production rises 11.34% in 2009
01/29/2010
China's gold output grew 11.34 percent year-on-year to 313.98 tons in 2009, according to the data from China Gold Association (CGA). The data also showed that the total industrial output value of the gold industry realized 137.53 billion yuan (20.15 billion U.S. dollars), up 18.56 percent year-on-year. The provinces of Shandong, Henan, Jiangxi, Fujian and Yunnan accounted for 59.48 percent of the total. China overtook South Africa to become the world's largest gold producer in 2007 and ... (1 h ago)

• SAT: Currently at research stage for pro... SAT: Currently at research stage for property and environmental taxes
01/29/2010
Yang Suizhou, deputy director of the State Administration of Taxation's (SAT) Property Tax Division stated January 28 during an online chat with Chinese taxpayers that the administration is still at the research stage on the issue of property and environmental taxes. When asked about measures the administration will take to curb housing price increases, Yang said the administration is a government organ which carries out the state tax policies and it has implemented real estate-related tax po ... (1 h ago)

• Ministry: China to raise government's su... Ministry: China to raise government's subsidy for trade-in vehicles
01/29/2010
China will greatly increase government's subsidy for trade-in vehicles, with subsidies for some types of vehicle are to increase by 200 percent. Chang Xiaochun, director of the Department of Market System Development at the Ministry Of Commerce told reporters January 29, 2010. "This year, trade-in subsidies for medium-sized trucks, large passenger buses, and cars with an engine size above 1.5 liters will be increased by 200 percent, rising from the previous 6,000 yuan to 18,000 yuan for each ... (1 h ago)

• Scale of China's export credit insurance... Scale of China's export credit insurance and guarantee up over 80%
01/29/2010
China Exports & Credit Insurance Corporation (Sinosure) completed 11.66 billion U.S. dollars worth of insurance and guarantee business in 2009 amid a severe international trade situation, an increase of 85.8 percent year-on-year. Of them, short-term export credit insurance policies amounted to 90.27 billion U.S. dollars, representing 2.2 times that in 2008, and not only meeting but exceeding the target of 84 billion U.S. dollars set in national policies ahead of schedule. In 2009, the prop ... (1 h ago)

• Indonesia to set up committee next month... Indonesia to set up committee next month to cope with economic crisis: President
01/29/2010
Indonesian President Susilo Bambang Yudhoyono said on Friday that the government would establish a National Economic Committee to respond to possible economic crisis in the future. Indonesian Coordinating Minister for Economy Hatta Radjasa said that members of the committee would comprise prominent economic experts and those from the Indonesian Chambers of Commerce and Industry. "Hopefully, we will set up a National Economic Committee in the near future. Should there be new crisis we can r ... (1 h ago)

• China's Panzhihua New Steel and Vanadium... China's Panzhihua New Steel and Vanadium forecasts huge losses in 2009
01/29/2010
Panzhihua New Steel and Vanadium Co., the world's third largest producer of vanadium steel used in high-speed railroads, Friday said it expected losses of some 1.4 billion yuan (205 million U.S. dollars) in 2009. In a statement to the Shenzhen Stock Exchange, the company said it suffered losses of more than 454 million yuan in 2008. Earnings per share fell to minus 0.24 yuan in 2009, from minus 0.14 yuan in 2008. By reporting losses for two consecutive years, the company, which was listed ... (1 h ago)

• Shanghai Zhenhua Heavy Industry forecast... Shanghai Zhenhua Heavy Industry forecasts profit plunge
01/29/2010
Shanghai Zhenhua Heavy Industry Co., China's biggest port equipment maker, said its net profit in 2009 slumped 60 percent to 70 percent due to weak demand brought about by the global economic downturn. A decrease in the financial assets income last year also contributed to the losses, said the company in a brief statement filed to the Shanghai Stock Exchange Friday. The company said the result had not been audited, and it would announce specific figures in the annual business report. T ... (1 h ago)

• Huaneng Power International says it retu... Huaneng Power International says it returns to profits
01/29/2010
Huaneng Power International Co., China's biggest listed electricity producer, said Friday that preliminary accounting for 2009 showed it stepped out of red in the past year. The company's shares rose 0.41 percent from a previous close to open at 7.32 yuan Friday morning. In a brief statement to the Shanghai Stock Exchange, the company attributed the profit-making to cost reduction stemmed from a lower fuel price, plus a rising sales revenue. Revenue in its major business in 2009 went up ... (1 h ago)

• China's Hainan Airlines expects to retur... China's Hainan Airlines expects to return to black in 2009
01/29/2010
Hainan Airlines Co., Ltd, one of China's major airlines, Friday forecast its 2009 profits would return to the black. In a statement filed to the Shanghai Stock Exchange, Hainan Airlines gave no exact figure of its net profits in 2009. Hainan Airlines suffered losses of 1.4 billion yuan (about 206 million U.S. dollars) in 2008, with earnings per share at minus 0.4 yuan. The company, based in south China's Hainan Island, said profit turnaround in 2009 was attributable to recovery of China ... (1 h ago)

• China's Pacific Securities forecasts soa... China's Pacific Securities forecasts soaring profit gains for 2009
01/29/2010
Pacific Securities, a national comprehensive securities company of China, on Friday forecast its net profit in 2009 would grow 162 percent from a year ago. In a statement to the Shanghai Stock Exchange, Pacific Securities said its net profit for last year would tally around 405.35 million yuan (59.44 million U.S. dollars), and earnings per share would be about 0.27 yuan. The rise in the corporation's profit was attributed to the economic rebound thanks to the country's stimulus package, pl ... (1 h ago)

• China Shipping Container Lines forecasts... China Shipping Container Lines forecasts deficit for 2009
01/29/2010
China Shipping Container Lines Co., Ltd, the country's leading container shipping company, on Friday forecast its net profit in 2009 would post deficit from the previous year, without providing detailed data. The company attributed the deficit mainly to decreasing international container shipping business afflicted by the global economic downturn, the company said in a preliminary report posted on the website of the Shanghai Stock Exchange before its annual report release. The company's 20 ... (1 h ago)

• China Datang posts 120% profit rise in 2... China Datang posts 120% profit rise in 2009
01/29/2010
China Datang Corporation, one of the biggest power-generating groups in China, on Friday forecast its net profits in 2009 would jump at least 120 percent from the previous year. The sharp increase is boosted by promotion of on-grid prices for electricity and the decreasing fuel cost last year, the company said in a preliminary report posted on the website of the Shanghai Stock Exchange before its annual report release. The company's 2008 net profit was 637.95 million yuan (93.54 million U ... (1 h ago)

• Davos leaders call for exit strategies, ... Davos leaders call for exit strategies, but urge caution
01/29/2010
World leaders on Thursday called for caution in designing economic exit strategies as the global economic recovery is still "tentative." In a special address at the ongoing World Economic Forum annual meeting, South Korean President Lee Myung-bak said the global economy has just gone through a period of crisis and is now showing tentative signs of recovery. Lee, whose country will host the next Group of 20 (G20) summit in November, called on G20 members to consider implementing an "exit st ... (1 h ago)

• India Raises Banks' Reserve Requirements India Raises Banks' Reserve Requirements
01/29/2010
The move by the central bank is intended to tamp down inflation without stalling economic recovery. (3 h ago)

• Fresh Data Supports Modest Economic Reco... Fresh Data Supports Modest Economic Recovery in Europe
01/29/2010
Inflation edged higher in much of Europe during the first month of the year, and unemployment continued its slow climb as well, according to a new report. (3 h ago)

• Honda Recalls Cars, Citing Defect Honda Recalls Cars, Citing Defect
01/29/2010
The carmaker said it would recall a total 646,000 units of the Fit/Jazz and City models globally, including 140,000 in the United States, to fix a defective master switch. (4 h ago)

• Durable-Goods Orders Rose Modestly in De... Durable-Goods Orders Rose Modestly in December
01/29/2010
For 2009, however, durable goods orders dropped 20.2 percent, the largest decline in records that go back to 1992. (7 h ago)

• For Apple, iPad Said More Than Intended For Apple, iPad Said More Than Intended
01/28/2010
Other high-tech companies already sell products using the name. It has also provoked awkward associations. (8 h ago)

• Ford Profit Comes as Toyota Hits a Bump Ford Profit Comes as Toyota Hits a Bump
01/28/2010
Alan R. Mulally steered Ford to profitability after liberally borrowing from Toyota’s playbook. (8 h ago)

• Senate, Weakly, Backs New Term for Berna... Senate, Weakly, Backs New Term for Bernanke
01/28/2010
The Senate vote, 70-30, was a victory for President Obama, but signaled how much the Fed has become the object of outrage over high unemployment and bailouts. (8 h ago)

• AT&T’s Earnings Rise 26%, Driven by Wire... AT&T’s Earnings Rise 26%, Driven by Wireless
01/28/2010
The company added a near-record 2.7 million wireless customers in quarter, defying expectations of an iPhone slowdown. (9 h ago)

• Nokia Profit Rises on Smartphone Sales a... Nokia Profit Rises on Smartphone Sales and Cost-Cutting
01/28/2010
The company increased its share of the lucrative smartphone market and promised to deliver phones with enhanced touch-screens this year. (9 h ago)

• In Sweden, Banks Differ on Paying Bonuse... In Sweden, Banks Differ on Paying Bonuses
01/28/2010
Nordea, the biggest Nordic lender, paid $390 million in bonuses, saying it was necessary to retain top employees. (9 h ago)

• U.S. House Committee Plans Hearing on To... U.S. House Committee Plans Hearing on Toyota Recall
01/28/2010
The committee wants Toyota and the highway safety agency to discuss when they first learned about potential safety defects and what they have done to resolve them. (9 h ago)

• Europe Weighs Possibility of Debt Defaul... Europe Weighs Possibility of Debt Default in Greece
01/28/2010
After a decade of debt-fueled profligacy, Greece is confronting what amounts to a run on the bank, and European leaders are quietly weighing what to do. (9 h ago)

• Firm Brings Gene Tests to Masses Firm Brings Gene Tests to Masses
01/28/2010
A Silicon Valley start-up says it can help eradicate more than 100 diseases by allowing couples to avoid having children with the carrier genes. (10 h ago)

• Netflix Prepares for Another Internation... Netflix Prepares for Another International Venture
01/28/2010
After pulling the plug on a DVD service in Britain, Netflix will offer its video streaming service to one overseas market this year. (10 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. (10 h ago)

• Hyundai Profit Increases Nearly Fourfold Hyundai Profit Increases Nearly Fourfold
01/28/2010
Popular low-cost models and savvy marketing helped the company grab market share in the United States and in China, where its Elantra is the best-selling foreign car. (10 h ago)

• As Devices Pull More Data, Patience May ... As Devices Pull More Data, Patience May Be Required
01/28/2010
Even as carriers struggle to meet the demands on their networks, they are encouraging the use of more sophisticated devices that hog bandwidth. (1 d 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. (1 d 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. (1 d 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. (1 d ago)

• Random House, McGraw-Hill miss Apple lau... Random House, McGraw-Hill miss Apple launch
01/29/2010
TWO publishers were conspic uously absent from the launch of Apple's new tablet yesterday -- but for very different reasons. CEO Steve Jobs' presentation included a slide touting Penguin, Hachette, Simon & Schuster, Harper Collins (owned by News Corp., which also owns The Post) and Macmillan. Random House, the Bertelsmann-owned... (3 h ago)

• Curtain comes down on Miramax Curtain comes down on Miramax
01/29/2010
It's the saddest of endings for Miramax. The pioneering art-house studio behind "Pulp Fiction," "Shakespeare in Love" and "The Piano" officially shut its doors yesterday, after three decades as a force for independent film. Walt Disney Co. closed Miramax's offices in New York and Los Angeles and laid... (4 h ago)

• AIG exec's big loan from Blankfein AIG exec's big loan from Blankfein
01/29/2010
Call them the friends of Lloyd Blankfein. Months before the government negotiated a cushy deal in which the hobbled American International Group paid several banks top dollar for esoteric securities that had collapsed in value, a top AIG official got himself a sweet deal on a mortgage from Blankfein's... (4 h ago)

• Trump says he'll jump at StuyTown takeov... Trump says he'll jump at StuyTown takeover
01/29/2010
If Donald Trump has his way, orphaned Manhattan apartment complex Stuyvesant Town-Peter Cooper Village could one day be called TrumpTown. The Post has learned that the real estate mogul and TV personality has thrown his hat into the ring to either buy or manage the massive apartment complex, whose fate... (4 h ago)

• Senate votes: It's Ben again Senate votes: It's Ben again
01/29/2010
That was close. With just three days to go before his current term ended, the Senate voted to confirm Ben Bernanke as chairman of the Federal Reserve, given the brainy former Princeton economics professor a second chance to make a first impression. Though Bernanke was confirmed by a vote of... (4 h ago)

• Broadcom co-founder escapes drug charges Broadcom co-founder escapes drug charges
01/29/2010
Talk about a case going up in smoke. Federal prosecutors yesterday got the second part of a one-two punch when a federal judge tossed out felony drug charges against Broadcom co-founder Henry Nicholas III and blocked the feds from seizing Nicholas' private Gulfstream jet and posh homes in Las Vegas... (4 h ago)

• Deutsche dumps Jon Vaccaro Deutsche dumps Jon Vaccaro
01/29/2010
Real estate investment big Jon Vaccaro has been nudged from his post at Deutsche Bank because of deals that went south in the credit crisis, sources said. Among the financing hits: Harry Macklowe's $7 billion portfolio of office buildings and the Cosmopolitan Resort & Casino in Las Vegas. Vaccaro, Deutsche... (5 h ago)

• AT&T pays a price AT&T pays a price
01/29/2010
US consumers' obsession with using smartphones like iPhones, to find restaurants, surf the Web and navigate city streets helped propel a 26 percent rise in AT&T's fourth-quarter profit -- but at a cost for the operator. The strain that wireless devices like smartphones and e-readers have placed on... (7 h ago)

• Zell eyeing Rivertower Zell eyeing Rivertower
01/29/2010
Harry Macklowe is trying to finalize a deal to sell his Sutton Place luxury residential rental, Rivertower, to Sam Zell's Equity Residential. Sources tell The Post that Zell has kicked the tires on all three Macklowe Organization rental buildings that also include the recently developed Longacre House on W... (7 h ago)

• Business briefs Business briefs
01/29/2010
Economy The Commerce De partment said durable goods orders rose 0.3 percent last month. The Labor Department re ported initial claims for state unemployment benefits dropped 8,000 to 470,000 last week, less than economists had expected.Ford gains Ford Motor Co. posted 2009 net income of $2... (7 h ago)

• Stanford's daughter loses $1.3M condo Stanford's daughter loses $1.3M condo
01/29/2010
The daughter of jailed Texas businessman R. Allen Stanford has dropped her fight to stay in a $1.3 million Houston condominium, her attorney said yesterday. Randi Stanford's decision came hours before she was to appear in federal district court to show why she should not be held in... (7 h ago)

• Microsoft net soars Microsoft net soars
01/29/2010
Microsoft Corp., the world's largest software maker, reported second-quarter profit that topped analysts' estimates after Windows 7 spurred the first sales increase in a year. Second-quarter net income rose 60 percent to $6.66 billion, or 74 cents a share, beating the 59-cent average estimate of analysts. Revenue climbed... (7 h ago)

• Banker gives son's teacher bad apple Banker gives son's teacher bad apple
01/29/2010
Score one for deep-pocketed bankers with time to kill. After one of Wall Street's highest-paid bankers sparred with a teacher at his son's liberal Texas school, a principal has resigned. The former Lehman Brothers investment banking boss Hugh "Skip" McGee penned a strongly worded, five-page letter complaining that... (7 h ago)

• Upper Deck settles counterfeiting case Upper Deck settles counterfeiting case
01/29/2010
Baseball-card company Upper Deck, which made its name with products that were more difficult to fake, has settled a counterfeiting lawsuit of its own. Upper Deck is scheduled to make the first of two multi-million-dollar payments today to Konami Digital Entertainment, the Japanese owner of the wildly popular Yu-Gi-Oh! cards... (7 h ago)

• Burkle makes bid for Barneys' stake Burkle makes bid for Barneys' stake
01/29/2010
Ron Burkle has offered to take a majority stake in Barneys as the luxury icon's Middle Eastern owners scramble under a crushing debt load. The Los Angeles billionaire, who scooped up nearly half of Barneys' debt last fall, has offered to inject another $50 million through a loan that... (7 h ago)

• No easy answer to why Toyota accelerator... No easy answer to why Toyota accelerators stick
01/28/2010
For a century, the basic idea behind pressing the accelerator on a car has been pretty straightforward. What's going wrong with some Toyotas isn't simple. (15 h ago)

• Tech shares, outlook help drag stocks lo... Tech shares, outlook help drag stocks lower
01/28/2010
The stock market resumed its slide Thursday as disappointing forecasts from technology companies brought new concerns about the economy. (16 h ago)

• Berkshire: No stock offering as it joins... Berkshire: No stock offering as it joins S&P 500
01/28/2010
Berkshire Hathaway Inc. won't issue additional stock when it joins the S&P 500 and S&P 100 stock indexes. (16 h ago)

• Wal-Mart reorganizing into regional oper... Wal-Mart reorganizing into regional operations
01/28/2010
Wal-Mart said Thursday it is realigning its U.S. operations in an effort to give more autonomy to executives in regional markets and reinvigorate U.S. growth. (16 h ago)

• Microsoft fiscal 2Q earnings up 60 perce... Microsoft fiscal 2Q earnings up 60 percent
01/28/2010
Microsoft says its earnings in the most recent quarter jumped 60 percent, helped by a rebound in personal computer sales. (16 h ago)

• Toyota extends recall to China, Europe Toyota extends recall to China, Europe
01/28/2010
Toyota's massive recalls over problem gas pedals in the U.S. are being extended to China and Europe, the latest blow to the world's top automaker as it struggles to salvage its safety reputation. (16 h ago)

• Senate confirms Bernanke for second term Senate confirms Bernanke for second term
01/28/2010
The Senate has confirmed Ben Bernanke for a second term as chairman of the Federal Reserve. (17 h ago)

• Newsweek: What Bernanke should do in his... Newsweek: What Bernanke should do in his second term
01/28/2010
Now that the Senate has confirmed him for a second term as chairman of the Federal Reserve, Ben Bernanke has, or ought to have, a very simple agenda: improve confidence. That isn't his job alone, of course. But what Bernanke does and says matters a great deal, and he faces an exacting challenge. (18 h ago)

• Mortgage rates nearly flat this week Mortgage rates nearly flat this week
01/28/2010
Rates on 30-year mortgages have remained almost flat this week as the Federal Reserve said it would keep rates near record lows to help the economy recover. (19 h ago)

• Ford earns first annual profit in four y... Ford earns first annual profit in four years
01/28/2010
Ford, the only U.S. automaker to avoid bankruptcy court, clawed its way to a $2.7 billion profit in 2009. It was the automaker's first annual profit in four years. (20 h ago)

• Deficit fears could crush Obama's jobs p... Deficit fears could crush Obama's jobs plan
01/28/2010
President Barack Obama laid out his jobs plan in his State of the Union, but finding money for fresh programs could be tough amid rising concern over deficits. (21 h ago)

• LeBron James signs deal with McDonald’s... LeBron James signs deal with McDonald’s
01/28/2010
LeBron James is now shooting with a Golden Arch. (22 h ago)

• Jobs, manufacturing data point to weak g... Jobs, manufacturing data point to weak growth
01/28/2010
Evidence that the economic rebound remains sluggish emerged from reports Thursday on new claims for unemployment aid and orders to U.S. factories. (23 h ago)

• Clinton at Davos: Haiti needs cash, truc... Clinton at Davos: Haiti needs cash, trucks
01/28/2010
Former President Bill Clinton called Thursday for more help for earthquake-ravaged Haiti, telling the World Economic Forum that the country is determined to escape its troubled past. (1 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. (1 d ago)

• Advertising: Using Humor in a Campaign S... Advertising: Using Humor in a Campaign Supporting Disabled People
01/28/2010
A national effort to encourage businesses to employ workers with disabilities is taking a lighthearted tack rather than a sober or earnest tone. (9 h 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. (12 h ago)

• With Its Tablet, Apple Blurs Line Betwee... With Its Tablet, Apple Blurs Line Between Devices
01/28/2010
Apple is positioning its new tablet computer as something between a laptop and a smartphone. (21 h ago)

• Books on iPad Offer Publishers a Pricing... Books on iPad Offer Publishers a Pricing Edge
01/28/2010
Newspapers had a mixed reaction to the tablet, but most of the largest book publishers have signed on to provide e-book content. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 d ago)

• LeBron James signs deal with McDonald’s... LeBron James signs deal with McDonald’s
01/28/2010
LeBron James is now shooting with a Golden Arch. LeBron James - McDonald - Cleveland Cavaliers - Business - NBA (22 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. Facebook - Social media - Twitter - Social network - Online Communities (1 d 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. Bernard Madoff - Fraud - Charles Ponzi - Lawyer - Law (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 (1 d 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. American International Group - Federal Reserve System - Federal Reserve Bank of New York - Federal Reserve - Government (1 d 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. Boeing - Aviation - Aircraft - Business - Windows (1 d 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. Ponzi scheme - Plea - Fraud - Disbarment - Florida (1 d 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 (1 d 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 (2 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 (2 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 (2 d ago)

• Bankers get the cold shoulder in Davos Bankers get the cold shoulder in Davos
01/28/2010
The atmosphere inside the World Economic Forum is warm and congenial. But bankers are feeling the chill wind of disapproval. Stephen Beard reports. (21 h ago)

• An air of openness in Davos An air of openness in Davos
01/28/2010
Young Global Leader Dan Shapiro talks with Kai Ryssdal about the mood in Davos, the worst part about being there, and why leaders shouldn't forget to listen to their constituents. (21 h ago)

• Davos showcases Young Global Leaders Davos showcases Young Global Leaders
01/28/2010
Every year, hundreds of Young Global Leaders go to Davos. These are people under 40 who've risen to the top of their chosen fields. Sean Cole profiles one YGL. (21 h ago)

• Corporations are for profit, not politic... Corporations are for profit, not politics
01/28/2010
The Supreme Court ruled against restrictions on corporate financing of political campaigns. But commentator Justin Fox says the court's rationale for the ruling misses the mark. (21 h ago)

• Man. U bonds fall, Europe investors fret Man. U bonds fall, Europe investors fret
01/28/2010
Senior editor Paddy Hirsch talks with Kai Ryssdal about two of the subjects closest to his heart: English football team Manchester United and the bond market. (21 h ago)

• Haitian Creole courses may aid recovery Haitian Creole courses may aid recovery
01/28/2010
The needs of Haiti and its people as it tries to rebuild are almost unimaginable. Some colleges are already thinking of long-term help, though. John Dimsdale reports. (21 h ago)

• Uninsured will keep health costs up Uninsured will keep health costs up
01/28/2010
In his State of the Union speech, President Obama asserted that he's still committed to health insurance reform because he says without it, things will only get worse. Gregory Warner reports. (21 h ago)

• Toyota recall highlights supplier issues Toyota recall highlights supplier issues
01/28/2010
Toyota has expanded its recall to include another million-plus vehicles. The culprit is an accelerator pedal made by a supplier. Alisa Roth reports. (21 h ago)

• Treasury Streamlines Its Mortgage Progra... Treasury Streamlines Its Mortgage Program
01/28/2010
The Treasury Department said it was simplifying the paperwork for the Making Home Affordable program to increase the number of successful modifications. (9 h ago)

• Why Ambulances Aren't Always Free Why Ambulances Aren't Always Free
01/28/2010
In recent years, communities have imposed "accident response" fees on those who cause auto accidents, either directly or indirectly, by billing their insurance companies. (16 h ago)

• The Frugal Environmentalists The Frugal Environmentalists
01/28/2010
Consumers appear to be going green in inexpensive ways, according to a new report. (22 h ago)

• Thursday Reading Thursday Reading
01/28/2010
What President Obama said that impacts consumers, car discounts aimed at Toyota owners and other consumer-focused items from Thursday's Times. (22 h 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. (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. (2 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. (2 d ago)

• Did Apple rip off the iPad name and desi... Did Apple rip off the iPad name and design?
01/29/2010
Just one day after launching the iPad, critics are claiming Apple stole the design and name.Wired blogger Brian Chen says the iBooks e-reader app on the IPad device was ripped off from an existing iPhone app, Classics. "The pages emulate the look of a printed book page. The 3D page-flipping effect looks almost exactly the same. The only major difference is iBooks has a tool to change font point and type. That and, of course, access to e-books in the iBooks store, which will ... (4 h ago)

• One in five Americans report hunger One in five Americans report hunger
01/29/2010
Towards the end of last year, I did a blog entry looking at how one in four American children was on food stamps. Extraordinary to think that this is happening in the richest country in the world.Now we have alarming reports that one in five Americans now say they didn't have money to buy food at one point last year. It's affected every part of the United States.The New York Times reports: "The unusually large survey, which covered more than a half-million people, offers ... (5 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", ... (1 d 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 ... (1 d 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 ... (2 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 ... (2 d 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 (2 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 (2 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 (3 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 (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. UBS AG - United States - Business - Internal Revenue Service - Tax (2 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 (2 d ago)

Business

Technology

Sports

Entertainment

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

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

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

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

out of control
staystrong :: 02/23/2009

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

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

• 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? Clown - Performing Arts - Arts - Performers - Circus (1 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 ... (1 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. ... (1 d ago)

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

• Indian Premier League goes green Indian Premier League goes green
01/28/2010
© B. SandmanThis game attracts billions of dollars and is watched by millions of viewers across the world. One of the biggest cricket extravaganzas in the world, Indian Premier League or IPL has decided to go green and for this purpose has entered into a tie up with United Nation Environment Program to make it happen. As a result IPL has become the first sports body in India to go carbon neutral by 2011. During every match of the season 2010, IPL will be calculating ... (10 h ago)

• Will 12 million illegal immigrants in US... Will 12 million illegal immigrants in US get much needed relief in 2010?
01/28/2010
© Tomás FanoSince the time Barack Obama has taken over the reigns from President Bush everyday has been a challenge for him. Having to deal with problems of terrorism, war, recession at the start of the career as a president of world's most powerful country has certainly made his life difficult and 2010 is not going to be any different for him. The area of immigration and impending reforms will have to be dealt by Mr. President this year. The problem of immigration spans several ... (10 h 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 ... (1 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 ... (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 ... (12 h 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. (16 h 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 ... (1 d ago)

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