Business-news- at Simplenewz your social news reader

simpleNewz

your social news reader

Find and read news in one place.
Share and comment the news you love.
Travel back in "news time".

Business News
for 01/30/2010

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

Custom Search

• Stocks and Bonds: Shares Fall for the Da... Stocks and Bonds: Shares Fall for the Day, the Month and the Year
01/29/2010
A steep sell-off of technology shares erased earlier gains fueled by a report showing that the economy had expanded at an annual rate of 5.7 percent in the fourth quarter. (8 h ago)

• Beef Bowl Economics Beef Bowl Economics
01/29/2010
As Japan’s economic recovery falters, beef bowls have come to symbolize one of its most pressing woes: deflation. (8 h ago)

• Ruling Could Halt Nuclear Project Ruling Could Halt Nuclear Project
01/29/2010
CPS Energy is suing NRG over the terms of their deal to build additional reactors in Texas. (9 h ago)

• Deep in Debt, Spain Cuts Spending by $70... Deep in Debt, Spain Cuts Spending by $70 Billion
01/29/2010
The Spanish government said it would cut expenditures by $70 billion to lower its double-digit deficit to 3 percent by 2013. (9 h ago)

• Economy Grew at Vigorous Pace in Last Qu... Economy Grew at Vigorous Pace in Last Quarter
01/29/2010
The economy grew at an annualized rate of 5.7% in the quarter, faster than expected, but economists still worried about the sluggish job market. (9 h ago)

• Honda Recalling Cars to Fix Switch Honda Recalling Cars to Fix Switch
01/29/2010
The recall comes after a child died last year when a car caught fire because of the defect, which could allow water to enter the power window switch. (9 h ago)

• Refinery Losses Cut Chevron Profit 37% Refinery Losses Cut Chevron Profit 37%
01/29/2010
Refinery losses offset gains from higher oil prices and production to reduce fourth-quarter earnings. (9 h ago)

• Court Finds Vivendi Liable for Misleadin... Court Finds Vivendi Liable for Misleading Investors
01/29/2010
Lawyers for investors said that the potential payout in the case could total $9.3 billion. (9 h ago)

• Barclays Seeks Dismissal of Lehman Estat... Barclays Seeks Dismissal of Lehman Estate Suit
01/29/2010
Barclays denies that the sale of certain Lehman assets was secretly structured to provide a huge payday without providing proper notice to the court. (9 h ago)

• Tesla Motors Plans Public Offering to Ra... Tesla Motors Plans Public Offering to Raise $100 Million
01/29/2010
The filing from Tesla Motors represents a landmark in the resurgence of electric car technology that most car makers until recently had dismissed as impractical. (9 h ago)

• China’s Zeal for ‘Avatar’ Crowds Out ‘Co... China’s Zeal for ‘Avatar’ Crowds Out ‘Confucius’
01/29/2010
An attempt by the Chinese government to give added space to a domestically made biopic has not held back the stampede of the blue people. (9 h ago)

• With Recall Expanding, Toyota Gives an A... With Recall Expanding, Toyota Gives an Apology
01/29/2010
Toyota said there would be “rapid deployment” of a remedy but did not say specifically when or how it would fix the gas pedal problems. (9 h ago)

• Gates Foundation to Double Spending on V... Gates Foundation to Double Spending on Vaccines
01/29/2010
Bill Gates calculated that the increased money could save the lives of as many as eight million children by 2020. (10 h ago)

• Samsung Forecasts Strong Year Samsung Forecasts Strong Year
01/29/2010
Samsung Electronics expects rapidly recovering demand for its premium computer memory chips and flat screen TVs to drive growth this year as it reported better than expected quarterly profits Friday. (10 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. (10 h ago)

• Netflix Prepares for Another Internation... Netflix Prepares for Another International Venture
01/29/2010
After pulling the plug on a DVD service in Britain, Netflix will offer its video streaming service to one overseas market this year. (21 h ago)

• Senate, Weakly, Backs New Term for Berna... Senate, Weakly, Backs New Term for Bernanke
01/29/2010
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. (21 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. (1 d 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. (1 d ago)

• Properties: Colombia's Capital Finds New... Properties: Colombia's Capital Finds New Sense of Optimism
01/28/2010
Once a byword for kidnappings, bombs and chaos, Bogota has become one of South America's most attractive cities for foreigners to live - and to invest - in. (1 d ago)

• Electric Car Maker Tesla Files for IPO Electric Car Maker Tesla Files for IPO
01/30/2010
Company Seeks More Than $100 Million from Widely Anticipated Public Stock Sale (3 h ago)

• Economists Wary of Recent Quarterly Gain... Economists Wary of Recent Quarterly Gains
01/29/2010
Gov't Reports Economy Ended 2009 on Strong Note, Gaining 5.7 Percent; Experts Say Bone-Cut Inventories Explain Why (14 h ago)

• Toyota Sending New Pedals to Factories Toyota Sending New Pedals to Factories
01/29/2010
Some Dealerships Criticize the Move, Saying the New Parts Should Have Been Sent to Them Instead (14 h ago)

• Video: The Toll on Toyota Video: The Toll on Toyota
01/29/2010
Officials from Toyota are still remaining relatively silent following one of the largest recalls in automotive history. As Dean Reynolds reports, millions of customers are now demanding answers. (15 h ago)

• Video: Market Surges Fourth Quarter Video: Market Surges Fourth Quarter
01/29/2010
There may be some signs of optimism for the economy, reports Anthony Mason reports. There was a large increase in the annual growth rate during the fourth quarter of last year, the fastest surge since 2003. (15 h ago)

• Gay Dating Ad Sacked before Super Bowl Gay Dating Ad Sacked before Super Bowl
01/29/2010
CBS Rejects Ad from Gay Dating Site Featuring 2 Men Kissing, Cites "Network's Broadcast Standards for Super Bowl Sunday" (16 h ago)

• American Express CEO Gets 60% Pay Raise American Express CEO Gets 60% Pay Raise
01/29/2010
Kenneth Chenault's Base Salary Rises to $2 Million this Year from $1.25 Million (16 h ago)

• Honda Recalls 646,000 Hatchbacks Worldwi... Honda Recalls 646,000 Hatchbacks Worldwide
01/29/2010
140,000 of Recalled Cars in U.S.; Recall Affects 2007-08 Models of Fit Hatchback (17 h ago)

• Toyota Recall Costing the Automaker Dear... Toyota Recall Costing the Automaker Dearly
01/29/2010
Analyst says Japanese Firm Losing $155M a Week Over Faulty Gas Pedals; Toyota Tells Dealers Fix is in Place (21 h ago)

• Toyota to Announce Fix for Gas Pedals Toyota to Announce Fix for Gas Pedals
01/29/2010
Automaker Will Tell Millions of Customers How it Will Repair Sticky Pedals Next Week; Repairs to Be Done Within a Month (21 h ago)

• Economic Growth Outpaces Expectations Economic Growth Outpaces Expectations
01/29/2010
Second Straight Quarter of Growth; Strongest Performance Since 2003 (22 h ago)

• How to Boost Your Finances How to Boost Your Finances
01/29/2010
Financial Experts Ray Martin and Farnoosh Torabi Give Advice for Cutting Expenses, Getting Quick Cash (22 h ago)

• Obama Takes Trip to Tout Jobs Plan Obama Takes Trip to Tout Jobs Plan
01/29/2010
President will Visit Small Business in Baltimore, then Meet with House Republicans (22 h ago)

• Toyota's Europe Recall Involves 1.8M Car... Toyota's Europe Recall Involves 1.8M Cars
01/29/2010
But Automaker Says It's Figured out Solution to Faulty Accelerators (1 d ago)

• Kindle vs. iPad: It's Not Zero Sum Kindle vs. iPad: It's Not Zero Sum
01/29/2010
Amazon and Apple Go Head-to-Head on e-Readers, But Convergence Rather Than Competition May Be in the Cards (1 d ago)

• Wages, Benefits Rose a Weak 1.5% in 2009 Wages, Benefits Rose a Weak 1.5% in 2009
01/29/2010
0.5% Increase in 4Q Slightly Higher Than Economists Expected; Overall Annual Gain Was Weakest Showing on Record (1 d ago)

• Video: Cut Corners, Save Money Video: Cut Corners, Save Money
01/29/2010
Financial analysts Ray Martin and Farnoosh Torabi discussed quick ways to cut corners and get a quick tax refund. (1 d ago)

• Economy May Be Humming, But Can it Last? Economy May Be Humming, But Can it Last?
01/28/2010
Despite Predicted 4.5% Growth at End of 2009, Analysts Worry Forward Momentum May Fade with Gov't Stimulus (1 d ago)

• Video: High Speed Rail Stimulus Video: High Speed Rail Stimulus
01/28/2010
The Obama administration announced their biggest stimulus project yet: a high speed rail line that will cost billions of dollars and hopefully create thousands of jobs. Chip Reid reports. (1 d ago)

• Video: Toyota Recalls Millions of Cars Video: Toyota Recalls Millions of Cars
01/28/2010
Toyota has expanded an earlier recall in the U.S. to include more than a million vehicles. Owners are wondering what they do now, reports Jeff Glor. (1 d ago)

• Cameron is unwise to talk Britain down |... Cameron is unwise to talk Britain down | Larry Elliott
01/30/2010
Davos: The more that David Cameron likens the UK to Greece, the more likely that he will have to pick up the pieces if elected Britain as the next Greece . Homeowners looking down the barrel of a big increase in mortgage costs unless immediate action is taken to slash the budget deficit. David Cameron was keen to point out in Davos the difference between Tory machismo and Labour wimpishness when it came to dealing with the public finances. Except that Cameron is not quite as tough as he sounds. The most interesting comment made by the Conservative leader was that the important thing about getting to grips with the deficit was that it was the timing of action that was important, not the size of the cuts. "It doesn't have to be particularly extensive." This, despite Conservative claims to the contrary, is a climbdown. It prepares the ground for an incoming Cameron-led government to argue that the economy is too weak to be saddled with a swingeing cut in public spending. The need to prepare a fallback position has become apparent after this week's growth figures showed the UK only just about scraped out of recession in the final three months of 2009. The prospect of the first part of 2010 being significantly stronger is remote: indeed, the increase in VAT back to 17.5% could leave the economy very weak indeed. Other parties have detected the change in Cameron's tone. Peter Mandelson says the Tories are going "wobbly" on deficit reduction. Vince Cable says that in their desperation to sound macho the Conservatives didn't take economic reality into account. Cameron's argument in favour of immediate action is that any hit to demand from spending cuts will be more than offset by the boost to confidence from government action. Consumers and businesses have been tightening their belts but will be unwilling to spend or invest more until ministers do likewise. This is a curious economic notion. It is precisely because private spending is so low that there is a case for higher government spending. If the state withdraws its stimulus before the private sector is back on its feet, the consequence will be a double dip recession. That, incidentally, is not just the view of the government but also of the International Monetary Fund and the vast majority of City economists. Gerard Lyons, the chief economist at Standard Chartered, said it was good news that Cameron was taking a more cautious approach to cutting the deficit. But by banging on about how vital it is for the deficit to be cut – whatever the state of the economy – Cameron threatens to spook the markets and make his vision of Britain as the new Greece a self-fulfilling prophecy. And if that happened, it would blight not only what are perhaps the dog days of a Labour government but the honeymoon of a new Conservative one. David Cameron Davos Conservatives Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Wine: What not to drink Wine: What not to drink
01/29/2010
Sometimes it's as helpful to know what not to buy as what to put in your basket From a pool of the decent, the dull and the expectorate immediately, I pick nice wines for you each week, but it's time to mention a few that would have me reaching for water however hard a day I'd had. So here, by supermarket, is what not to drink. From Sainsbury's : SO Organic Chardonnay 2008 Vin de Pays d'Oc (£4.99; 13% abv) tastes as if it's been made by numbers using a duff calculator. A couple of horrendous sauvignon blancs – Sainsbury's Chilean Sauvignon Blanc 2009 (£3.22; 13% abv) and Sainsbury's Sauvignon Blanc 2008 Vin de Pays d'Oc (£4.39; 12.5% abv): yes, they're cheap, but that's no excuse for undrinkability. Chartreuse de Bonpas Réserve 2008 (£8.99; 13% abv) is a red blend that's very disappointing for the price. Sainsbury's Argentinian Pinot Noir 2009 (£4.99; 14% abv) is turgid, while Taste The Difference McLaren Vale Shiraz Grenache 2008 (£7.99; 14.5% abv) tastes like an extraterrestrial attempt to recreate Earth wine. I could go on, but it hardly seems fair to dwell so long in one place. So I'll move on to Tesco . Bad claret reminds me of a cardboard box that's spent the past year in the porch with dirty shoes sat on it – if you want to know what I mean, try Tesco Vintage Claret 2007 (£5.99; 12% abv). Storks Tower Tempranillo Shiraz Rosé 2008 (£6.12; 12.5% abv) is flabby and apathetic. Then there are wines that fail to live up to their price tag. Tesco Finest Hermitage 2005 (£22.47; 13% abv) is OK, but a £22 wine should not be OK. Ditto La Chaudouillonne Sancerre 2007 (£14.29; 12.5% abv). And The Reach Sauvignon Blanc 2008 (£8.47; 12.5% abv), which is like drinking dementors . Nothing tried at Waitrose is quite as horrifying, though that said, only patriotism would make me part with £10.99 for Bookers Vineyard Pinot Noir 2006 (12% abv). And the very modern Bodegas Chivite Gran Feudo 2005 (£11.95; 13.5% abv) is what I imagine it's like having dinner with Rupert Penry-Jones – a friend who interviewed him said he was lovely, apart from the conversation. There are a few splutterers at Marks & Spencer , too. Old Man Creek Chardonnay 2008 (£4.99; 13% abv) for one. My notes say M&S's new Chilean Red 2009 (£3.99; 12.5% abv) "smells awful" and that the Argentine Balbi Syrah-Viognier 2009 (£6.99; 13.5% abv) "ticks boxes, but is unsatisfying and a bit plasticky". Asda, meanwhile, has some real teeth-gritters. I have space for two: a hideous South African, Nederburg Winemasters Reserve Sauvignon Blanc 2009 (£6.48; 13.5% abv), and M de Murviedro Rosé 2008 (£5.48; 13% abv) which is like boiled sweets and alcohol. victoriaxmoore@gmail.com Wine Food & drink Supermarkets Victoria Moore guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• The Measure: Brooklyn bands, kitchen acc... The Measure: Brooklyn bands, kitchen accessories, William Eggleston, Smythson, Acne
01/29/2010
Three cheers for Brooklyn bands, posh kitchen accessories and William Eggleston. Boo hiss to clutches, practical boots and Ikea Going up Clogs The new offbeat fashion shoe? From the pretty weird but fabulous tasselled ones at Louis Vuitton to classic tan at Clarks Brooklyn The good bands just keep on coming... Latest iPod additions are Yeasayer 's psychedelic jangly pop and the cool electro of Tanlines Posh kitchen accessories John Lewis 's Chanel-alike oven gloves and Celine-style Labour And Wait aprons. See, fashion is practical! William Eggleston Legendary photographer's 21st Century exhibition shows off his eye for making the mundane interesting. Juergen T 's a fan Going down Men in fob watches They make a fellow look untrustworthy. And, no, we don't care whether Chuck Bass or Robert Downey Jr wears one Ikea Now that supercool label Acne is moving into interiors, we can get our Swedish furniture fix elsewhere Practical boots Really beginning to bring down our style chakras. We're longing for some open-toe action "Taxi!" Even American Vogue rs are reportedly hitting the subway. At least trainers are back Women's shoes Photography Yves Saint Laurent Ikea Fashion guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Fordlandia by Greg Grandin| Book review Fordlandia by Greg Grandin| Book review
01/29/2010
Kevin Rushby enjoys the cautionary tale of one man's plans for a workers' paradise Let's go back to a time before the phrase "corporate vision" meant getting a meaningless logo on a football shirt; so far back that multinational corporations had not yet despoiled large swaths of the globe in pursuit of selfish greed. Back to when the word "banker" did not bring on waves of nausea . . . no, hang on, you've gone too far, come forwards a bit. Right. It is the early 1900s and Henry Ford has worked out that it takes 7,882 operations to build a car, a third of them sufficiently simple to be done by "a one-legged man". Soon after that, the world's first production line is churning out more than 500 Model Ts per day, each one an exact copy of the last, "in any colour you like as long as it's black". Ford is about to heave us into an era of alienated labour, dead-end robotic boredom and, perhaps more significantly in our current climate, arrogant, unfettered business power. Not that he knows it; he thinks we are headed somewhere very different indeed. One of the surprises in Greg Grandin's compelling new book is just how wrong-headed the world's greatest industrialist was. In Ford's mind he was striding towards a new dawn in which industry and agriculture would be integrated. His workers would bash metal, but also nurture vegetables in small-town communities, not big cities. Their high wages would buy them cars – the same ones that they made – and the time to dig their gardens. They were going to be free and happy, just like Americans used to be, indulging in wholesome square dances and Ford-endorsed nutritious foods. As Grandin points out, the pioneer car-maker was a man with a utopian vision of the future that was firmly rooted in a nostalgic past, and it was a vision that he was absolutely certain would materialise – he expected results, even when manufacturing paradise. The unusual twist in the progress of Ford's utopianism lay in the upsurge in demand for rubber after the first world war. With fatal uninformed enthusiasm his advisers pointed him towards Brazil, the origin of the rubber tree, Hevea brasiliensis , and obviously the best place to grow it, or so they thought. In fact rubber's success in South East Asia was largely due to the absence of natural pests, something it had in abundance back in its native lands. By 1927 a plot of 5,625 square miles on the Tapajos, a tributary of the Amazon, had been purchased and Ford men were arriving to build the dream. For some it appeared a simple economic enterprise to produce a commodity, but not Henry Ford. This was an opportunity to create a perfect community, far away from the complexities of North American society. Grandin's retelling of subsequent events is done with great skill, marshalling first-hand accounts and Ford motor company records into a gripping tale, one filled with some astonishing details. Ford's obsessions, for example, included a hatred of cows, a passion that led him to embrace soya as the food of the future. He served dinners entirely made with the beans, from croquettes, cheese and coffee all the way, inevitably, to the crackers. He even attempted to build a car from soya, a project quietly shelved when the resulting bean-machine stank of formaldehyde. If that seems comical, then the tone soon darkens. We know that in the battle of jungle versus bullish American can-do determination, there will be casualties. One element significantly lacking in Ford's first steps into the jungle was science. No agronomists or botanists were consulted – such was the hubris and power of the Ford Motor Company that none were deemed necessary. Nor was local knowledge much in evidence: houses built to suit hard-working American families were shipped out, along with their iron roofs. The workers, lured from local forests and villages by the promise of high wages, baked faster than waffles – soya-based, naturally. At the heart of everything was Ford's quasi-religious obsession with creating an industrial arcadia. It was an obsession that grew as he aged, building small settlements out in the woods of Michigan's Upper Peninsula where he would personally instruct the children in antiquated dances such as the varsovienne and quadrille. Their fathers were supposed to be "farmer-mechanics", equally at ease in the modern lumber mill and the flower garden. At Greenfields he built a perfect model museum town of American life, a place to settle his vast collection of historical objects, everything from Edison's last exhalation trapped in a glass flask, to Ford's own childhood home. The village, Grandin points out perceptively, reveals "a deep weariness . . . a distrust of the flash of consumerism that had overtaken the American economy", a consumerism that Ford was largely responsible for engendering, of course. In Brazil, a country he never visited, he wanted perfection too. His decision to make the staff eat the food he considered appropriate in a plantation canteen led to a serious riot in 1930 which devastated the settlement. No matter – the Americans went back with renewed zeal, planting vast areas with rubber trees, laying roads, constructing neat little rows of houses, and arranging for entertainment to draw the local men away from the fleshy delights of neighbouring bordellos. All the entertainment, of course, was Ford-approved: a golf course was built because "golfers never look backwards"; a competition for "Best Home Garden" inaugurated; the dance hall was encouraged to stage traditional American dances – there was certainly none of that dirty "sex dancing" that was sweeping through the United States, a phenomenon Ford blamed, bizarrely, on the Jews. He had a dance manual prepared: "There would be no bodily contact," Grandin writes, "except for the thumb and forefinger, which were to touch the woman's waist as if 'holding a pencil'." Amid all this carefully choreographed social engineering, the business of rubber was almost forgotten at times; Fordlandia had become a mission, and an expensive one. The reason for the economic failure was simple: caterpillars. Once the plantation trees reached maturity and their canopies touched, the result was cataclysmic. Pests that were normally held back by the natural distribution of rubber trees – isolated individuals miles apart – could now indulge themselves in an orgy of destruction. The workers tried to hold the caterpillars at bay: in one outbreak they hand-collected 250,000. It did little good. The plantation was doomed. By 1945 the Ford Motor Company itself was in no better shape. Ford was senile, his son Edsel dead and the whole shebang in the hands of a thug called Harry Bennett. When Ford's grandson, Henry Ford II, arrived, recalled from the navy, he did not find a modern industrial powerhouse but a medieval labyrinth of corruption and coercion. Cleaning out these augean stables, Henry II wisely abandoned Fordlandia. Overnight its American residents packed their bags and departed, leaving the locals to fend for themselves. The Brazilian government kept it alive for a while, but it finally subsided. Greater forces were at work in Amazonia. In a moving and bleak finale Grandin describes how the forces of logging, soya farming and cattle ranching slowly strangled any hope from the area. Ford's original dream had been to free the common man from tyranny and toil by decent wages, but nowadays Ford factories are outsourced to Mexico where wages are rock bottom. "Poverty," Grandin writes, "is not just a consequence but a necessary component of this new system of permanent austerity." This is a fine book, both a merciless exposé of misplaced idealism and a detailed study of the economic forces behind it. At Fordlandia the few ageing residents still hope that somehow the spirit of Henry Ford will come back and revive their town. It seems that the only thing worse than a multinational with a vision is what we have now: multinationals with nothing but money. Kevin Rushby's Paradise: A History of the Idea That Rules the World is published by Robinson. Society History Ford Amazon Kevin Rushby guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Freefall by Joseph Stiglitz | Book revie... Freefall by Joseph Stiglitz | Book review
01/29/2010
Larry Elliott doubts that the lessons of the past year's global economic recession have been learned No one can say they weren't warned. A decade ago, newly sacked from his job as chief economist at the World Bank, Joseph Stiglitz laid bare how the free-market ideologues at the US Treasury and the International Monetary Fund had botched the Asian financial crisis of the late 1990s. It was a full-on attack from a Washington insider and it hurt, especially when Stiglitz said many of those responsible for forcing countries such as Thailand and Indonesia into deeper, longer recessions were "third-rate graduates from first-rate universities". He concluded his essay in the New Republic by warning the IMF and the US Treasury that unless they began a dialogue with their critics "things will continue to go very, very wrong". Now they have. The Asian crisis of 1997-98 was merely the warm-up act for the events of the past two and a half years. Problems that first surfaced on the periphery of the global economy gradually worked their way to its core – the United States. The warnings of Stiglitz and a handful of other dissident voices were ignored, as a naïve belief in the self-correcting nature of markets allowed the conditions to develop for the biggest financial and economic shock since the great depression in the 1930s. In the circumstances, it is hardly surprising that Freefall reeks of "I told you so". Stiglitz has waited a long time for his views to be vindicated and was not going to spurn the opportunity to settle some scores. Some of the targets are obvious enough – corporate welfare for Wall Street, George Bush's tax breaks for the rich, the failed nostrums from the Chicago school of free-market economists. But he also finds time for some personal revenge. Larry Summers, formerly Bill Clinton's treasury secretary and now chief economic adviser to Barack Obama, is a particular hate figure. Stiglitz says Summers was too accommodating to the demands of Wall Street in the 90s and is making the same mistake now. It was Summers, incensed by the constant criticism of the Washington consensus, who orchestrated Stiglitz's departure from the World Bank. There is more, though, to Freefall than sheer gloating – however justified. Stiglitz's argument is simple; the period of unchallenged American economic hegemony lasted a mere 19 years, from the demolition of the Berlin wall in the autumn of 1989 to the collapse of Lehman Brothers in September 2008. Swift action by governments – forced to abandon a hands-off approach to economic management by the scale of the crisis – has prevented a great recession from turning into a second great depression. Lessons need to be learned from this near-death experience; if they are not, if the warnings go unheeded as they did a decade ago, the future will be punctuated by systemic crises. The chances of that happening are quite high. Already, there is a whiff of business as usual as a receding sense of danger blunts the appetite for radical reform. Obama soft-pedalled on reform of Wall Street until goaded into action this month by the loss of the Senate seat in Massachusetts; in Britain the imminent election will be dominated not by which party has the right policies to cut the City down to size but which can be trusted to cut the budget deficit. Revisionist versions of the crisis, suggesting the problem was too much government rather than too little, are doing the rounds. In that respect, Freefall is the wrong title for this book. It was clearly commissioned and conceived about a year ago, when the charts showed industrial production and trade collapsing at the same pace as they had in the early 30s. But conditions have improved since the panic of late 2008 and early 2009; by pursuing policies that were diametrically opposite to those foisted on struggling Asian countries by the IMF and the US Treasury in the late 90s, growth has returned far more quickly than expected. China is booming, while Europe, Japan and the United States all started growing again by the third quarter of 2009. Having dished it out, Stiglitz can expect to cop it from his opponents if, as looks entirely possible, 2010 is a year of recovery. But his underlying analysis is correct. The global economy was – and remains – seriously unbalanced between debtor and creditor nations. Corporate welfare has reached fresh heights with the billions of dollars ladled out to commercial banks, investment banks and America's biggest insurance company, AIG. America, as the book rightly notes, has lived off one bubble after another for years. Stiglitz wants this to be a moment of "reckoning and reflection" – a reassessment of the sort of economy in which financiers enriched themselves by selling over-priced and risky products to some of the most vulnerable citizens in America. Materialism has outweighed moral commitment, the needs of the environment have been ignored, and there has been a catastrophic break down in trust. He concludes the book by asking: "Will we seize the opportunity to restore our sense of balance between the market and the state, between individualism and the community, between man and nature, between means and ends?" Faced with a similar set of circumstances in the 30s, the New Deal generation of Roosevelt proved ready to meet the challenge. Stiglitz clearly doubts whether Obama is made of the same stern stuff. Larry Elliott is co-author, with Dan Atkinson, of The Gods That Failed: How the Financial Elite Have Gambled Away Our Futures (Vintage). Business and finance Global economy Larry Elliott Joseph Stiglitz guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• The end: Disney shuts down Miramax The end: Disney shuts down Miramax
01/29/2010
From humble origins in the US rustbelt, the Weinsteins brought foreign and arthouse films to a huge American audience It was the story of two brothers who promoted concerts in the rustbelt town of Buffalo and dreamed of making it big in the movies. Bob and Harvey Weinstein went on to reshape Hollywood with their company Miramax, collecting armfuls of Oscars and launching the careers of some of the most influential names in American cinema, including the directors Quentin Tarantino, Steven Soderbergh and Kevin Smith, bringing independent cinema to a wider audience. They sold Miramax to Walt Disney but remained at the helm for more than a decade before chaffing at the corporate bit, falling victim to their own hubris with a slate of big budgets films and quitting in 2005. Then, this week, the final credits started to roll. Disney began to close Miramax offices as part of a plan to shrink the release slate to just three films a year and consolidate it with the Disney studios in Burbank, although the company denied that it was closing the business entirely. Smith, who shot to fame with Clerks, about two deadbeat shop assistants, said in his blog that he was "crushed" to see Miramax "pass into history". Without Miramax, he would still be a New Jersey clerk himself, he wrote. "What Harvey and Bob built from scratch resembled an old studio star-factory; but this time, the stars were the film-makers. It was a gang (of New York), and like any good gang, it was dripping with street cred. Just being a part of that gang sent a message: I run with rebels."The Weinsteins got into the film business by acquiring cheap foreign films, then recutting and distributing them in the United States; one of the first was The Secret Policeman's Ball in 1981. Their big breakthrough was acquiring Soderbergh's Sex, Lies and Videotape, which they bought for $1m and went on to take $25m. It scored other hits with The Crying Game and Pedro Almodóvar's Tie Me Up! Tie Me Down! and Peter Greenaway's The Cook, the Thief, His Wife & Her Lover. Patrons of independents "You can't underestimate the influence they had in the 1980s and especially the 1990s," says Ali Jaafar, international editor of the trade magazine Variety. "They took independent cinema to the mainstream in America. They were winning best picture Oscars, taking $100m box offices. You could argue that they were patrons of the independent scene and of foreign film-makers finding a home in the US. Harvey Weinstein has his flaws, but no one can deny he loves movies." Their success, and the profit margins on the low-budget productions, lured the studios, which were also keen to tap into the new mood in cinema. In 1993, Disney offered the pair $80m for the business but left them in charge. Miramax had become a producer as well as a distributor and for the first few years of the relationship with Disney, it performed well with hits including Tarantino's Pulp Fiction, The English Patient, Shakespeare in Love and Good Will Hunting. While the brothers were with Disney, they earned 220 Oscar nominations and won 53. But as they enjoyed more success, so the ambitions and budgets grew. Its biggest hit was Chicago, which made $300m worldwide. "They changed everything, and sometimes I wonder if it was for the better," says Mike Goodridge, editor of Screen International. "They were brilliant at marketing and championing films; smaller, marginal films like The Crying Game, foreign language films … But then they began thinking, 'we can make big budget films now' and defied their own model and that would lead to their demise. "Big stars would work for very little money in an independent, and they were making enormous returns on low-budget films. So all the others jumped in and suddenly it was a studio business – and no star worth their salt will take a pay cut for a studio – so the budgets are bigger and the business model went to pot. There were too many of these kinds of films; they cost too much, and audiences weren't interested. Look at the Oscars last year with the likes of Milk and The Reader. No one went to see them. But you can't stay in that small space once you have had enormous success. You can't suppress someone like Harvey." Commercial flop The relationship with Miramax's corporate bosses deteriorated and Harvey Weinstein and Disney's then chief executive Michael Eisner famously clashed over financial and creative issues. Goodridge identifies Cold Mountain as a key moment as relations soured. Weinstein had shared the costs of other big budget films with rival studios but financed Cold Mountain entirely. It was both a critical and a commercial flop. Another flashpoint came when Disney refused to distribute Fahrenheit 9/11, Michael Moore's critical reflection on George Bush's US.They split with Disney in 2005, and the brothers set up their own business, The Weinstein Company, which will be aiming for further Oscar glory this year with Tarantino's latest offering, Inglourious Basterds, but is also finding life difficult financially. Miramax continued under the aegis of the well-regarded Daniel Battsek, who continued to put out award-winning films including No Country for Old Men and There Will be Blood. But it became clear that Miramax had a diminished future with Disney. Battsek said he would quit in October when Disney said it would shift marketing, distribution and other back-office functions to its Burbank headquarters. On Thursday, it was reported in the US that Miramax was being ditched for good, which Disney claims is not the case. It still has six unreleased films, including The Tempest, with Helen Mirren as Prospero. "I am feeling very nostalgic," said Harvey Weinstein on hearing rumours of its closure. "I know the movies made on my and my brother Bob's watch will live on." He said the brothers would "love the opportunity" to buy back the name – an amalgam of their parents' names, Max and Miriam. "There isn't much in the world that would make our 83-year old mother happier." Film industry Harvey Weinstein Walt Disney Company Oscars Quentin Tarantino Steven Soderbergh Pedro Almodóvar David Teather guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Honda recalls 650,000 Jazz cars Honda recalls 650,000 Jazz cars
01/29/2010
Honda's action over potential electrical faults comes as Toyota faces US investigation over faulty accelerator pedals Road safety authorities in Britain were under attack for alleged complacency today after Honda joined Toyota in recalling potentially dangerous cars. The Institute of Advanced Motorists (IAM) criticised government officials after Honda asked owners of 650,000 of its Jazz models worldwide – including more than 170,000 in Britain – to take their cars back to dealers over potential electrical faults. The sense of crisis surrounding the car industry intensified when lawmakers in the US announced an investigation into Toyota's faulty accelerator pedals, amid speculation that 19 deaths may have been caused by equipment failures over the past decade. Toyota has recalled 3.5m vehicles in the US. Honda's move follows safety scares and the death of a toddler in South Africa in a car fire. However, a spokeswoman for Honda UK stressed it had taken the recall decision without being asked to by the Vehicle and Operator Services Agency (Vosa), which handles such issues for the Department of Transport in this country. Tim Shallcross, head of technical advice at the IAM, said: "[Vosa] should be identifying where there are problems and calling on manufacturers to sort them out. Instead, the action is coming from Honda itself. There have been other occasions …where we only seemed to see action after a long delay or pressure from consumer [television] programmes." Vosa was unable to comment but said it was fully aware of the situation in the US and had arranged a meeting with Toyota. "In the UK, motoring manufacturers comply with the code of practice on vehicle safety defects. And Honda is no exception in complying with that code, by informing Vosa of the intention to recall 172,000 Honda Jazz vehicles," it said. "Likewise Toyota are meeting with Vosa officials on Monday, when they will have the precise details of the number of vehicles likely to be affected in the UK. Toyota have kept Vosa informed throughout this matter." In Washington, the House of Representatives oversight and government reform committee has scheduled a hearing next week entitled Toyota Gas Pedals: Is the Public at Risk? amid growing concern. Toyota is considering whether to recall 1.8m cars in Europe in addition to those recalled in the US. Shares in Toyota fell 2% today, bringing the combined loss of value to 17% over the past week since the problems began to unfold. Honda also saw its shares fall on the New York stock exchange. In an email sent to staff, Toyota said it had now worked out how to fix the problem with the sticking accelerator pedals. But in Tokyo there were fears that the problems at Toyota and Honda were damaging not just their image of efficiency and reliability but that of Japan itself. Honda Toyota Automotive industry Road transport Terry Macalister guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Former iSoft executives in court Former iSoft executives in court
01/29/2010
Patrick Cryne, co-founder of NHS software firm iSoft, appeared in court with three other former executives today to hear allegations that they conspired to deceive auditors and investors by booking millions of revenue in the firm's accounts relating to a contract that had not been signed with Irish health authorities. All four – none of whom now works for iSoft – deny the allegations and are expected to plead not guilty when a charge of conspiracy to make misleading statements is formally put to them by the Financial Services Authority. They appeared briefly at Westminster magistrates court to be told the seriousness of the allegations meant the case would be referred to Southwark crown court. The deception allegedly took place from 2003 onwards – a period during which the company merged with fellow software firm Torex. iSoft's auditors at the time were RSM Robson Rhodes. Also during the period Cryne, best known for his half-ownership of Barnsley football club, and fellow defendant Steve Graham, another iSoft co-founder, sold millions of shares in the then FTSE250 firm. Irregularities at the company were discovered in 2006 by Deloitte, who had taken over from RSM Robson Rhodes in July 2005. As well as Cryne and Graham, the other accused are former chief executive Tim Whiston and former finance director John Whelan. The FSA alleges the auditors were falsely led to believe that iSoft had signed the Irish contract in October 2003 and that the company was consequently entitled to tell investors it had booked millions of pounds of revenues. Without this alleged deception iSoft would have been forced to issue a profits warning. The Irish contract was in fact not signed until 2005. If found guilty, the four accused could face a substantial prison term as well as sizeable confiscation orders. iSoft Financial Services Authority (FSA) NHS Simon Bowers guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• Airline alleges price-fixing for World C... Airline alleges price-fixing for World Cup
01/29/2010
• Implicated airlines include British Airways-owned Comair • Domestic flights are vital link between World Cup venues Airlines are under investigation over alleged price-fixing to exploit travellers during this year's football World Cup. South Africa's competition watchdog announced that it was investigating domestic operators for "allegedly colluding" over ticket costs and pricing strategies for the tournament in June and July. The implicated companies are the part-British Airways-owned Comair as well as state-owned South African Airways, 1time, SA Airlink, Mango and SA Express. The competition commission was approached with evidence by South African Airways. The company requested "leniency from prosecution" in exchange for email correspondence that allegedly proves "airlines might adjust their airfares ahead of the World Cup". Internal flights will be crucial to thousands of fans in South Africa because of the huge distances involved and the relative lack of public transport. Johannesburg, for example, is some 880 miles from Cape Town, equivalent to travelling from London to Warsaw – a drive of around 17 hours. Organisers have said that extra flights will be put on with airports open all night and an estimated 2,000 planes crossing the country every day. But numerous South Africans have complained of unreasonable price rises, helping prompt the Competition Commission's investigation. Deputy competition commissioner Thembinkosi Bonakele said that a company, which he declined to name, had submitted a proposal to fix prices. "There is an issue about whether other airlines actually followed that proposal or they didn't," Bonakele told Johannesburg's 702 Talk Radio. "The proposal was very clear about the strategy that needed to be followed around the World Cup period." The commission said it would refer the case to the competition tribunal for a hearing and request a penalty if the airlines were found guilty. Passengers could then be allowed to seek compensation. South African Airways, which was found guilty of price fixing four years ago, said: "SAA undertook to fully co-operate with the commission in exchange for leniency from prosecution under the Competition Act. SAA can further confirm that discussions with the commission relating to the application are under way and that the airline has the full intention of complying with the legislation." Other companies denied any involvement in price-fixing. SA Airlink said it received but did not respond to an email "by a Comair employee raising the issue of co-ordinating pricing strategies ahead of the World Cup". Comair chief executive Gidon Novick declined to comment on SA Airlink's allegation without seeing its basis. "There has been no discussion of pricing, we set our own pricing, pricing is set in the context of the market," Novick said. "Airlines watch what other airlines are doing, but we certainly don't collude." South Africa hotels have also been accused of increasing prices to five times the usual rate for holidaymakers in June. Kevin Miles, international co-ordinator of England's Football Supporters' Federation, warned last month: "England's regular travellers are having to take a long and sober look at the costs involved of following the team. It would be a mistake for South Africa to regard the World Cup as a four-week opportunity to rip off fans." South Africa hopes the World Cup, the world's most watched sporting event, will attract as many as 450,000 visitors. But Jérôme Valcke, Fifa's general secretary, admitted this week that the true figure will be lower because of a lack of flights from Europe. Airline industry Air transport World Cup 2010 Regulators South Africa South Africa Africa Fifa David Smith guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Cameron hints at only modest spending cu... Cameron hints at only modest spending cuts at first
01/29/2010
• Conservative leader: action swift but not extensive • Sources deny Cameron rowing back on pledge to tackle deficit David Cameron gave a clear sign today that Conservative spending cuts designed to prevent Britain facing a Greek-style debt crisis would begin with only modest savings in public spending this summer. Speaking in Davos, the Conservative leader said that his party would want to take early action if it won spring's election but that it did not need to be particularly "extensive". His remarks came as the International Monetary Fund pledged to support Greece, which is in the midst of an economic crisis, if it was asked to do so. John Lipsky, the IMF's deputy managing director, said:" We stand ready to the support the Greek authorities in any way we can." George Papandreou, the Greek prime minister, met Dominique Strauss-Kahn in Davos but made no immediate plea for support from the Washington-based institution. Lipsky said that the IMF would only act if asked to do so by Athens and in full collaboration with the government and the European Union. "We are here to help if we are wanted". Fears that Greece could default on its debts or be forced out of the eurozone continued to dominate the annual meeting of the World Economic Forum. Brussels will pass judgment next week on the credibility of Papandreou's plan to shave four percentage points off Greece's 13% budget deficit this year and to bring borrowing below the 3% limit set by the eurozone's stability and growth pact by 2012. European Union monetary affairs commissioner Joaquín Almunia dismissed the possibility of an EU bailout for Greece. "Solidarity is possible, will exist. A bailout is not possible and will not exist," he told Reuters. Spain announced it was cutting spending by €50bn (£43bn) by 2013 in order to bring borrowing below 3% of GDP. Greece's problems have focused attention on Europe's other high-deficit countries – Spain, Portugal and Ireland. Cameron, speaking at a British business lunch, said the mood towards deficit reduction was changing, with the arguments moving in favour of the Conservative approach. He warned that home owners would face soaring mortgage costs if markets lost confidence and pushed up interest rates by as much as they had risen in Greece. "The people of Greece are already suffering the cost of a loss of confidence in their economy, with an extra3% on the interest rates they pay to borrow." If Britain follows them, the interest bill on a £150,000 mortgage could go up by more than £200 a month. "This is not some wild dystopian vision. The warnings are already being sounded. Last week the head of sovereign risk at Fitch characterised the risk of a downgrade of Britain's credit rating as 'a bit less than 50%, but not very much less'." Cameron said the governor of the Bank of England, Mervyn King, and the Organisation for Economic Cooperation and Development backed Conservative plans for early action to cut Britain's deficit, which is on course to be almost £180bn – 12% of GDP – this year. "This emerging consensus isn't built on conjecture – it's based on experience. Historically, fiscal consolidation – particularly when markets are losing confidence – leads to higher, not lower economic growth." Conservative sources denied that Cameron was rowing back on his pledge to tackle Britain's budget deficit in response to this week's weaker than expected growth figures , but Labour said it was an indication that the Opposition leader was being forced to temper his approach. The chancellor, Alistair Darling, warned today: "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." The business secretary, Lord 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 Government Borrowing David Cameron Financial crisis Recession Budget Economic growth (GDP) Economics Greece Conservatives Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• US economy races ahead US economy races ahead
01/29/2010
Financial markets reacted swiftly to the stronger-than-expected growth, with the dollar gaining ground and bond yields rising amid fears of rising inflation in the US economy The US economy grew at a faster-than-expected 5.7% annualised rate in the fourth quarter, the strongest figure in more than six years, as businesses reduced inventories less aggressively than before. Growth in the October to December period was much faster than the third quarter's 2.2% rate and was boosted by a sharp slowdown in the pace that businesses ran down stock levels, a factor that could mask the strength of the economic recovery from the longest and deepest downturn since the Great Depression . But even stripping out inventories, the economy expanded at an annual rate of 2.2%, accelerating from the 1.5% increase in the third quarter, reflecting relatively strong performance from other segments of the economy. Financial markets reacted swiftly to the surprise news, with bond markets around the world selling off and pushing up yields as markets feared that a roaring US economy could eventually generate inflation. The dollar rose against most major currencies , with the pound falling below $1.61. Business inventories fell only $33.5bn (£20.74bn) in the fourth quarter after dropping $139.2bn in the July-September period. The change in inventories alone added 3.39 percentage points to GDP in the last quarter. This was the biggest percentage contribution since the fourth quarter of 1987, official data showed. For the whole of 2009, the economy contracted 2.4%, the biggest decline since 1946 but one which is half the contraction of the British economy over the same period. In the last three months of 2009, consumer spending increased at a 2% annual rate, below the 2.8% in the prior quarter when consumption got a boost from the government's "cash for clunkers" program. Consumer spending, which normally accounts for about 70% of US economic activity, has been held back by the worst labour market in a quarter of a century with unemployment at 10%. Business investment in the fourth quarter grew for the first time since the second quarter of 2008 as the drag from the troubled commercial real estate sector was offset by robust spending on equipment and software. Investment rose at a 2.9% rate after falling 5.9% over the previous three-month period. The growth of spending on new home construction braked sharply in the fourth quarter to an annual rate of 5.7% from an 18.9% pace in the third quarter. Home building has received a lift from a popular tax credit for first-time buyers, but recent data have hinted at some weakness starting to creep in. Export growth outpaced imports, leaving a trade gap that contributed half a percentage point to GDP growth in the last quarter. US economy US economic growth and recession United States Ashley Seager guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Three arrested in FSA insider-dealing in... Three arrested in FSA insider-dealing inquiry
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 (1 d ago)

• Darling tells bankers: Stop self-pity Darling tells bankers: Stop self-pity
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 (1 d 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 (1 d 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 (1 d 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 (1 d 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 (1 d ago)

• UK companies axe thousands more jobs UK companies axe thousands more jobs
01/28/2010
AstraZeneca, Shop Direct and Toyota all cut more jobs as experts warn that unemployment could rise for many more years Thousands of jobs losses were announced by UK companies today, underscoring fears that British households will continue to suffer the repercussions of the recession for years to come. Global pharmaceutical company AstraZeneca unveiled plans to cut another 8,000 jobs on top of the 15,000 already announced, but would not say how many will go in the UK. At the same time, the home retail group Shop Direct outlined plans to cut 1,500 jobs in Sunderland, Burnley and Newtown in mid-Wales and carmaker Toyota aims to axe up to 750 jobs at its main UK factory . AstraZeneca made the announcement as it missed analysts' forecasts for fourth-quarter profits. It predicted a blow to revenues as it loses market exclusivity on key drugs. Since it started an overhaul in 2007, the Anglo-Swedish drugmaker has cut 12,600 jobs from a 15,000 target. "Today's announcement represents an increase of 8,000 on previously announced plans, and the programme timetable has been extended to 2014," it said in a statement. "Keeping our employees informed remains our priority and we will consult fully with them on any proposed changes, acting in accordance with relevant consultation requirements and local labour laws. Therefore we cannot confirm the location of these proposed changes at this time. The changes will be made across global functions and will include roles in sales & marketing, business infrastructure, R&D and supply chain." At Shop Direct (formerly Littlewoods and part of the billionaire Barclay brothers' business empire) the bulk of jobs under threat are in Sunderland, according to the GMB union. "GMB members employed by the company are devastated by this news from Shop Direct," said Mick Hopper, a GMB Northern Region officer. "GMB have been in negotiations with the employer over a long period to arrive at work practices and terms and conditions of employment to ensure the success of this employer. "This announcement is a body blow in an area of very high unemployment. GMB will do everything we can to lessen the impact of this disastrous announcement during the 90 day consultation period. "We will be seeking help from elected representatives and other government agencies to see what can be done to save jobs." Shop Direct, which employs 9,000 people, said that it was being forced to close call centres in Sunderland, Burnley and Newtown because of changing shopper habits. "With more customers shopping online than ever before and peaking at 85% during the recent Christmas period, Shop Direct Group is now faced with excess capacity and more space in its contact centres than it needs to handle the declining call volumes," it said in a statement . Toyota said today that workers at its Burnaston plant near Derby were told earlier this week it would not have enough work for about 750 employees from August. The news of thousands of job losses follows a stark warning from a group of labour market experts earlier this month that unemployment may continue to rise for years after the recession ends. The coalition, which includes the TUC trade union group, has warned of a repeat of the 1990s, when it took six years from the end of the recession for long-term unemployment to return to pre-recession levels. It also echoes cautious outlooks from retailers, restaurants and other leisure-sector companies over the limited potential for consumer sentiment to pick up. Nightclubs chain Luminar recently said youth unemployment, in particular, was denting business, while Punch Taverns said drinking in pubs was being hit by job losses. Job losses AstraZeneca Toyota Recession Consumer spending Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (2 d ago)

• China to experience slowdown in auto sal... China to experience slowdown in auto sales growth
01/30/2010
China's vehicle sales may see a growth slowdown in 2010 because of a large base, according to the Ministry of Commerce. Auto sales in 2010 are forecast to rise more than 10 percent from 2009 to more than 15 million units, Saturday's China Daily cited the ministry as saying. "We are still confident of sales for 2010, as the government's policy to stimulate consumption at all levels will continue. But the robust growth momentum of last year cannot be sustained," said Chang Xiaochun, director ... (1 h ago)

• GDP accounting to be consistent GDP accounting to be consistent
01/30/2010
Local officials often inflate figures, causing unreliable data China could wave goodbye to its GDP data discord as the national statistics bureau chief claims that he will unify provincial and central GDP calculation methods and improve grassroots statistical quality this year. Ma Jiantang, head of the National Bureau of Statistics (NBS), has criticized some local officials who inflate the GDP figures they report to the NBS. The problem has affected the nation's statistical credibility a ... (1 h ago)

• Slowdown in auto sales expected in China Slowdown in auto sales expected in China
01/30/2010
But growth in world's largest market will still be impressive, ministry says China's vehicle sales may experience a significant slowdown this year because of a large base but growth in the sector is still expected to be impressive, the Ministry of Commerce said on Friday. Auto sales this year are forecast to surge a little more than 10 percent from last year's figures to more than 15 million units, the ministry said. The country's auto sales last year grew by 46.2 percent year-on-yea ... (1 h ago)

• Airbus lifts average jet price by 5.8% Airbus lifts average jet price by 5.8%
01/30/2010
The European plane maker Airbus announced on Friday its plan to lift its catalogue price of current jets by 5.8 percent in average, the first price hike in two years. The European aircraft manufacturer raised the proposed A350-380 's price by 7.8 percent to 225 million U.S. dollars and lifted the list price of A380 superjumbo to 346.3 million U.S. dollars from 327 million dollars. The list prices for A350-900 and A350-1000 were also hiked by 5. 8 percent. The price hikes were caused by ... (1 h ago)

• Mattel's earnings up despite economic do... Mattel's earnings up despite economic downturn
01/30/2010
The world's biggest toymaker Mattel announced on Friday that its fourth-quarter earnings were up despite the economic downturn. The fourth-quarter net income was 328.4 million dollars, or 89 cents per share, compared to 176.4 million dollars, or 49 cents per share in the previous fourth quarter, Mattel said in a statement. Worldwide net sales for the quarter were up one percent from the previous year -- 1.96 billion dollars compared to 1.94 billion dollars, the statement said. For the f ... (1 h ago)

• Ford posts profit of $2.7 bln in 2009 Ford posts profit of $2.7 bln in 2009
01/30/2010
The U.S. automaker Ford Friday reported an annual net income of 2.7 billion U.S. dollars for 2009. According to an company official, its focus on its North American business and core brands helped the company generate its first full-year profit since 2005. Ford Chief Executive Alan Mulally has predicted the company would earn money again this year, achieving sustainable profitability well ahead of schedule. Mulally described 2009 as a pivotal year for Ford, the only U. S. automaker to g ... (1 h ago)

• Oil falls as dollar strengthens on stron... Oil falls as dollar strengthens on strong U.S. GDP data
01/30/2010
Oil prices fell on Friday as the dollar strengthened against major currencies on unexpectedly strong U.S. GDP data. Light, sweet crude for March delivery fell 75 cents to settle at 72.89 U.S. dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for March delivery fell 67 cents to 71. 46 dollars a barrel on the ICE Futures Exchange. Real GDP jumped by an annual rate of 5.7 percent in the fourth quarter of 2009, the U.S. Commerce Department reported. The stronger-t ... (1 h ago)

• China's auto sales to keep double-digit ... China's auto sales to keep double-digit growth this year: official
01/30/2010
China's auto sales would not rise as steeply as that in 2009, but would continue to see double-digit growth boosted by government stimulus measures, an official with the Ministry of Commerce said on Friday. Chang Xiaocun, who headed the market construction department of the ministry said at a news conference that research had shown that after a nation's per capital GDP surpasses 3,000 U.S. dollars, it would see brisk auto sales as more families could afford to buy cars. China met that crit ... (1 h ago)

• China's ZET says 2009 profit jumps up to... China's ZET says 2009 profit jumps up to 56 pct on 3G business gains
01/30/2010
ZET Corporation, China's largest telecom equipment producer by market value, said its profit is estimated to surge up to 56 percent in 2009 benefited by large-scale construction of 3G networks. Profit is expected to total between 2.37 billion yuan (338 million U.S. dollars) and 2.59 billion yuan, the company said in a preliminary statement posted on the Web site of the Shenzhen Stock Exchange on Friday before its release of the anuual report. Earnings per share will rise up to 56 percent ... (1 h ago)

• China faces arduous task of macro econom... China faces arduous task of macro economic control amid rising inflation fears: central bank
01/29/2010
China is facing more "arduous" task of maintaining sound and relatively fast economic growth in 2010 as macro-control would be more complicated amid rising inflation fears, the central bank said on Friday. "China faces daunting task of keeping stable prices, improving credit structure, preventing systematic financial risks and maintaining international balance of payment," the People's Bank of China (PBOC) said in a quarterly economic review posted on its Web site. The economic recovery w ... (11 h ago)

• Hong Kong's December monetary supply M3 ... Hong Kong's December monetary supply M3 still up 10.5% YoY
01/29/2010
Hong Kong's unadjusted HK dollar M3, the broadest measure of monetary supply, shrank by 0.8 percent in December, but still expanded by 10.5 percent year on year, the Hong Kong Monetary Authority said Friday. Seasonally adjusted HK dollar M1, the narrower measure, declined by 0.2 percent in December but increased by 36.5 percent year on year, it said. Total deposits with authorized institutions were down 2.0 percent, with HK dollar deposits down 1.0 percent and foreign currency deposits dow ... (11 h ago)

• China-ASEAN FTA beneficial to all: Thai ... China-ASEAN FTA beneficial to all: Thai diplomat
01/29/2010
China-Association of Southeast Asian Nations (ASEAN) Free Trade Area (FTA) is beneficial to all from a theoretical point of view as it enlarges market for both, said a Thai diplomat in an interview with Xinhuanet Thursday. Kanyarat Bhanthumnavin, First Secretary of the Thai Embassy in China, said after the operation of the FTA, the ASEAN countries can easily reach the "vast Chinese market" while "China also has access to a vast market of 550 million people." The FTA can "improve the quali ... (12 h ago)

• Hong Kong stocks close down 1.15% Hong Kong stocks close down 1.15%
01/29/2010
Hong Kong stocks lost 234.38 points, or 1.15 percent, to close at 20,121.99 on Friday, as Wall Street saw a decline overnight. The benchmark Hang Seng Index opened 1.62 percent lower at 20, 026.52 on Friday. It traded between 19,916.34 and 20,327.69 during the day's session. Turnover totaled 69.5 billion HK dollars (8.91 billion U.S. dollars), compared with Thursday's 65.98 billion HK dollars (8.46 billion U.S. dollars). The Hang Seng China Enterprises Index shed 137.83 points, or 1. 18 pe ... (12 h ago)

• Tokyo stocks fall on techs, exporters Tokyo stocks fall on techs, exporters
01/29/2010
Japan's Nikkei Stock Average fell 2. 08 percent on Friday as a stronger yen versus the U.S. dollar and euro hurt investor sentiment and worse-than-expected earnings for high-tech firms weighed on the market. Japan's key benchmark Nikkei lost 216.25 points from Thursday to 10,198.04, its lowest close since Dec. 21. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 13.20 points, or 1.44 percent, to 901.12, the exchange's lowest close for five-weeks. U.S. ... (12 h ago)

• China's wine industry sees opportunity a... China's wine industry sees opportunity amid global downturn
01/29/2010
China's wine industry is having a golden opportunity to boost export as consumers worldwide are seeking wine that tastes fine but costs less, Chinese wine expert said Friday. "The year 2010 can be a golden opportunity for China's wine export as less expensive wine products are becoming more favored by the international consumers as a result of the global economic downturn," said Wang Yancai, president of China Alcoholic Drinks Industry Association (CADIA). Winery is a sunrise industry in C ... (12 h 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 ... (14 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 ... (14 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 ... (15 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 ... (15 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 ... (15 h ago)

• For Toyota drivers, confusion and anger For Toyota drivers, confusion and anger
01/29/2010
Toyota executives have been virtually silent amid a recall of millions of their cars because gas pedals can become stuck. For their customers, oh, what a feeling — fear, confusion and anger. (15 h ago)

• NFL to stores: Stop selling ‘Who Dat’ T-... NFL to stores: Stop selling ‘Who Dat’ T-shirts
01/29/2010
Some T-shirt makers are asking that question after the NFL demanded they stop selling shirts with the traditional cheer of New Orleans Saints fans. (15 h ago)

• Toyota sends new parts to plants, not de... Toyota sends new parts to plants, not dealers
01/29/2010
Toyota is sending new gas pedal systems to car factories rather than dealerships who want the parts to take care of millions of customers whose pedals may stick. (16 h ago)

• Stocks end lower despite upbeat GDP data Stocks end lower despite upbeat GDP data
01/29/2010
Stocks ended a disappointing January with a loss as investors questioned whether the economy will be able to sustain its big fourth-quarter growth rate. (17 h ago)

• Jury rules for shareholders in Vivendi l... Jury rules for shareholders in Vivendi lawsuit
01/29/2010
A New York jury decided in favor of U.S. and European shareholders who say the Vivendi media group lied to the public about its shaky finances. (17 h ago)

• GDP data may overstate economy's health GDP data may overstate economy's health
01/29/2010
The U.S. economy turned in a surprisingly good performance in the fourth quarter, surging by 5.7 percent, according to government data. Or did it? By John W. Schoen. (18 h ago)

• Honda recalls 646,000 cars amid Toyota w... Honda recalls 646,000 cars amid Toyota woes
01/29/2010
Honda Motor Co. is recalling 646,000 Fit hatchbacks, including 140,000 in the United States, because of a faulty window switch, after a child died when fire broke out in a car last year. (19 h ago)

• Bankers hold meeting over fighting refor... Bankers hold meeting over fighting reforms
01/29/2010
The world's top bankers are at odds about how to fight back against a global push for tougher financial regulation, with commercial and investment banks struggling to reach a deal. (19 h ago)

• Arianna Huffington finds her niche Arianna Huffington finds her niche
01/29/2010
Arianna Huffington, 59, has a knack for setting her sights high and getting what she wants. Her latest success is the Huffington Post, launched in 2005. (20 h ago)

• Recession spurred big changes to tax rul... Recession spurred big changes to tax rules
01/29/2010
The deep recession that hung over the nation in 2009 has led to new tax credits and deductions — attempts by Congress to boost consumer spending and get the economy moving. (20 h ago)

• Obama: GDP reaffirms progress on economy Obama: GDP reaffirms progress on economy
01/29/2010
President Barack Obama said Friday that the economy's 5.7 percent growth rate in the fourth quarter confirmed progress compared to the economic slump a year ago. (23 h ago)

• Wages, benefits rise weak 1.5 percent in... Wages, benefits rise weak 1.5 percent in 2009
01/29/2010
Wages and benefits paid to workers posted a modest gain in the fourth quarter, ending a year in which workers saw their compensation rise by the smallest amount on records. (1 d ago)

• Domino’s learns Twitter, Facebook lesson... Domino’s learns Twitter, Facebook lessons
01/29/2010
Domino's Pizza recently launched the “Pizza Turnaround,” a campaign in which it sought feedback from customers on how to improve its pizza recipe. (1 d ago)

• Some see hints of bottom in housing Some see hints of bottom in housing
01/29/2010
Although evidence is mixed and tentative, some analysts see evidence that hard-hit housing markets in California, Arizona and elsewhere are showing signs of healing. (1 d 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. (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. (2 d ago)

• The Importance of Being Ernie The Importance of Being Ernie
01/29/2010
Ernie Anastos at WNYW, one of four stations he has worked at in three decades in New York. “He knows the area,” a Columbia professor said. “There have been anchors who haven’t.”The Fox 5 anchor has won a lot of fans during his three decades on the air, and he doesn’t want to be remembered for a certain off-the-cuff remark about a chicken. (10 h ago)

• For Apple, iPad Said More Than Intended For Apple, iPad Said More Than Intended
01/29/2010
Other high-tech companies already sell products using the name. It has also provoked awkward associations. (23 h 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. (1 d ago)

• Bankruptcy Judge Approves Bonus Payments... Bankruptcy Judge Approves Bonus Payments for Tribune Executives
01/28/2010
A union and the bankruptcy trustee questioned a $45.6 million incentive program for top executives and managers after thousands of layoffs. (1 d 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. (1 d 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. (2 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. (2 d 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. (2 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. (2 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. (2 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. (2 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. (2 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. (3 d ago)

• Jobless Turn to Family for Help Jobless Turn to Family for Help
01/29/2010
When unemployment leads to borrowing from family and friends, the experience can be stressful. (8 h ago)

• Your Money: The Unloved Annuity Gets a H... Your Money: The Unloved Annuity Gets a Hug From Obama
01/29/2010
With many employers pulling back from traditional pensions, the Obama administration said Americans should consider annuities. (8 h ago)

• Shortcuts: An Attempt to Revive the Lost... Shortcuts: An Attempt to Revive the Lost Art of Apology
01/29/2010
Apologies were never easy, but now, complicated by concerns about liability and self-esteem, they seem harder than ever to make. (9 h ago)

• Patient Money: Migraines Force Sufferers... Patient Money: Migraines Force Sufferers to Do Their Homework
01/29/2010
People with the painful and complicated condition sometimes have to go beyond their primary care doctor and over-the-counter treatments to get relief. (9 h ago)

• Off the Charts: Believe It or Not, Exist... Off the Charts: Believe It or Not, Existing-Home Sales Were Up in ’09
01/29/2010
The median sales price was $173,200, compared with $196,600 in 2008. Adjusted for inflation, that price was the lowest since 1997. (9 h ago)

• Shout Out Loud About Your Annuity Shout Out Loud About Your Annuity
01/29/2010
Comments from annuity holders about this week's "Your Money" column. (19 h ago)

• Tax Tips for the Unemployed and Financia... Tax Tips for the Unemployed and Financially Distressed
01/29/2010
If you've lost your job, or suffered a big drop in income, you may have a dramatically different tax situation than in previous years. This post provides tips for people who are affected by the recession. (20 h ago)

• The Financial Side to Paternity Leave The Financial Side to Paternity Leave
01/29/2010
The hardest part about taking paternity leave may be saving the money to afford it in the first place. (21 h ago)

• Friday Reading Friday Reading
01/29/2010
An effort to make applying for a loan modification less cumbersome, why finding a Toyota rental car is getting harder and other consumer-focused items from Thursday's Times. (1 d 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. (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. (3 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 (1 d 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 (2 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 (2 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 (2 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 (2 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 (2 d ago)

• Macklowe moves out of residential RE Macklowe moves out of residential RE
01/30/2010
Harry Macklowe's war chest just got $200 million fatter with the sale of all three of his residential towers to Sam Zell's Equity Residential real estate investment trust. The deal involved the Rivertower at 420 E. 54th St., the Longacre House at 305 W. 50th St. and 777... (5 h ago)

• Russia's risky roulette Russia's risky roulette
01/30/2010
Russia tried to talk China into waging financial war on the US in 2008, as the country was mired in a mortgage crisis. According to a forthcoming book by former Treasury Secretary Hank Paulson, Russian leaders wanted the Chinese government to dump billions of dollars worth of bonds tied to... (6 h ago)

• It's not his mess It's not his mess
01/30/2010
Mogul washout Jean-Marie Messier yesterday wriggled free from penalties for sinking Vivendi's short-lived global empire, but the company he ran was left on the hook to pay investors as much as $4 billion for his blunders. A federal jury in Manhattan found the Paris-based company liable for 57 counts... (6 h ago)

• Barclays fires back at Lehman Barclays fires back at Lehman
01/30/2010
More than three months after it was accused by the estate of Lehman Brothers of striking a sweetheart deal that generated billions in profit, UK bank Barclays fired back, claiming Lehman's math was flawed and requesting that the case be tossed. In a 300-plus-page response filed in bankruptcy court... (6 h ago)

• Google's Schmidt wants China to make nic... Google's Schmidt wants China to make nice
01/30/2010
For years, Google's informal motto was "Don't be evil" -- but when it comes to Chinese censorship, the search giant is keen to take that credo even further. Chief Executive Eric Schmidt is applying pressure to China to improve free access to the Internet, he said yesterday at... (6 h ago)

• Ski venue's cold cash Ski venue's cold cash
01/30/2010
In a bid to fend off foreclosure, hedge fund Fortress is offering cash to lenders of Intrawest, the resort company that owns venues for the 2010 Winter Olympics, sources told The Post. If creditors agree, it would give Wesley Edens' firm more than two years to turn Intrawest around. At... (6 h ago)

• Business briefs Business briefs
01/30/2010
MGM debt Metro-Goldwyn- Mayer lenders extended a respite on interest pay ments covering $3.7 bil lion in debt until March 31 to give the movie stu dio time to restructure or find a buyer. Raj charge The SEC added a new charge against Raj Raja ratnam and Anil Kumar... (6 h ago)

• GDP pops 5.7% on inventory hikes GDP pops 5.7% on inventory hikes
01/30/2010
The economy in the US expanded in the fourth quarter at the fastest pace in six years as factories cranked up assembly lines and companies increased investment in equipment and software. The 5.7 percent increase in gross domestic product, which exceeded the median forecast of economists surveyed by Bloomberg... (6 h ago)

• No longer pally with Pali No longer pally with Pali
01/30/2010
Samuel Molinaro, the former Bear Stearns Cos. chief financial officer, pulled out of talks to lead New York brokerage Pali Capital after a proposed merger with Braver Stern Securities Corp., a person familiar with the matter said. Molinaro, 52, walked away because of pending lawsuits against Pali and because several... (6 h ago)

• NFL tries to hike Pro Bowl interest NFL tries to hike Pro Bowl interest
01/29/2010
For the first time in its history, the NFL's Pro Bowl game is being played before the Super Bowl instead of after. Sarah Gardner reports the change in game plan has produced a hiccup or two. (18 h ago)

• Small Talk Small Talk
01/29/2010
Brendan Newnam, Rico Gagliano and select members of the Marketplace staff look at the less-than-major news of the week. (18 h ago)

• In Davos, he's the piano man In Davos, he's the piano man
01/29/2010
When the folks at Davos knock off for the day, when workshops on the future of capitalism are done, there's no shortage of things to do. The nightlife goes on into the wee small hours. Christopher Werth reports from some of the piano bars in town. (18 h ago)

• PepsiCo CEO: Redefine profit and loss PepsiCo CEO: Redefine profit and loss
01/29/2010
PepsiCo CEO Indra Nooyi, in Davos, Switzerland for the World Economic Forum, talks with Kai Ryssdal about how corporations should start focusing on stakeholders, not just shareholders. (18 h ago)

• Rocket may not find space in budget Rocket may not find space in budget
01/29/2010
President Obama is expected to kill a plan to put Americans back on the moon. Thousands of high-tech jobs hang in the balance, as does the business model for U.S. space policy. Jenny Brundin reports. (18 h ago)

• Weekly Wrap Weekly Wrap
01/29/2010
Kai Ryssdal reads the tea leaves of the week with Heidi Moore of The Big Money and Reuters blogger Felix Salmon. (18 h ago)

• Would small-biz tax credit work? Would small-biz tax credit work?
01/29/2010
President Obama is calling for a tax credit that would pay small businesses $5,000 for every net new employee hired this year. Jeremy Hobson reports on whether the plan might work to increase employment. (18 h ago)

• Merchants finally restock, boosting GDP Merchants finally restock, boosting GDP
01/29/2010
The U.S. economy grew at a rate of 5.7% at the end of last year -- the best in six years. That's good, but you can put much of that gain on the shelf. Marketplace's John Dimsdale explains. (18 h ago)

• Income inequality kills Income inequality kills
01/29/2010
The gap between rich and poor in the United States is widening with the recession and ultimately, that will create irreparable damage to society, according to researchers. What's clear now is that the US has split into three groups - households in danger of losing their homes and whose kids are surviving on food stamps; people who are just managing but who are worried about losing their jobs and a small number of bankers and stock brokers who are taking home even more than ... (12 h ago)

• Monopoly makeover Monopoly makeover
01/29/2010
What is it with corporations? Hasbro, the owners of Monopoly, have decided to give the 75 year old game a makeover which could make it even worse.As reported by pocket-lint, the board becomes circular and the cash is replaced with credit cards which you run through a central console.This might well destroy everything. With fake credit cards, you can't steal your opponent's money when they leave the room to go to the toilet, answer the phone or make coffee. It takes the fun out ... (13 h 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 ... (1 d 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 ... (1 d 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", ... (2 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 ... (2 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 ... (3 d 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. Haiti - World Economic Forum - Bill Clinton - Caribbean - Business (2 d ago)

• Clinton to press China FM on Internet is... Clinton to press China FM on Internet issue
01/27/2010
U.S. Secretary of State Hillary Clinton will press China's foreign minister on the issue of Internet freedom, a growing irritant in ties between the two powers, a senior U.S. official said on Wednesday. United States Secretary of State - Hillary Rodham Clinton - United States - Foreign minister - Google (2 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 (3 d 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. Wal-Mart - United States - Business - Market - Allegedly Unethical Firms (1 d ago)

• Obama Outlines Plan to Increase Employme... Obama Outlines Plan to Increase Employment
01/29/2010
The plan would give companies a tax credit of up to $5,000 for each new hire and reimburse them for Social Security taxes if they expand their payrolls. (9 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. (1 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

• Budgeting Makes the Dollar Go Further Budgeting Makes the Dollar Go Further
01/29/2010
© superstrikertwoIt is important these days to be able to use money wisely and cut down on costs where possible. Not only will this enable people to save money, but it will also enable them to reduce their bills and eliminate debt. Budgeting is the key to proper money management that will enable your dollar to have greater buying power. When a budget is used correctly, it enables you to have a good record of where your money goes. Even more than that, though, ... (23 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 ... (2 d ago)

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

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

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

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

• Once opulent kids’ birthdays being scale... Once opulent kids’ birthdays being scaled back
01/27/2010
The clown threw in a bubble machine for the monkey-themed party marking Nicholas Castillo's first birthday. She usually charges extra, but what's a clown to do in a recession? Clown - Performing Arts - Arts - Performers - Circus (2 d ago)

• Tech stocks battered as earnings disappo... Tech stocks battered as earnings disappoint
01/30/2010
U.S. stocks declined for a third straight week, giving the Standard & Poor's 500-stock index its worst month since February, as technology companies missed earnings estimates and surging Greek bond yields triggered a flight from riskier assets. (1 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 ... (1 d ago)

• The Future of Coal The Future of Coal
01/29/2010
© Robert Thomson NPR took a look this week at the dilemma many developed countries face over coal. It was a timely look because on February 1st many of the world's more developed countries will publish targets for limiting green house gas emissions.Coal is the biggest single source of greenhouse gases. China and India are now huge consumers of coal, and their appetite is growing. "As long as economic development is a priority," says Morse, "I think climate takes a back seat, and in that ... (17 h 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 ... (1 d ago)

<	January 2010					>
S	M	T	W	T	F	S
					1	2
3	4	5	6	7	8	9
10	11	12	13	14	15	16
17	18	19	20	21	22	23
24	25	26	27	28	29	30
31