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Business News
for 01/31/2010

(last updated 7:30am EST 01/31/2010)

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• China Leading Global Race to Make Clean ... China Leading Global Race to Make Clean Energy
01/30/2010
A shift to sustainable energy could leave the West reliant on China, much as the world now depends on Mideast oil. (8 h ago)

• Toyota to Issue a Fix for Recalled Cars Toyota to Issue a Fix for Recalled Cars
01/30/2010
The automaker said it had a remedy for the potentially sticky accelerator pedals that prompted a global recall of millions of cars. (8 h ago)

• U.S. Deal With Taiwan Has China Retaliat... U.S. Deal With Taiwan Has China Retaliating
01/30/2010
China announced an unusually broad series of retaliatory measures in response to the latest U.S. arms sales to Taiwan, including sanctions against some American companies. (8 h ago)

• Economy Grew at Vigorous Pace in Last Qu... Economy Grew at Vigorous Pace in Last Quarter
01/30/2010
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. (19 h ago)

• China’s Zeal for ‘Avatar’ Crowds Out ‘Co... China’s Zeal for ‘Avatar’ Crowds Out ‘Confucius’
01/30/2010
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. (22 h ago)

• With Recall Expanding, Toyota Gives an A... With Recall Expanding, Toyota Gives an Apology
01/30/2010
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. (1 d ago)

• 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (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. (2 d ago)

• London risks becoming 'brothel' for bank... London risks becoming 'brothel' for bankruptcy tourists
01/30/2010
Foreign firms are coming to the UK to take advantage of favourable insolvency laws, a restructuring expert has warned Britain is at risk of becoming the "insolvency brothel of Europe" as foreign companies are moving to the UK to go bust in order to take advantage of our insolvency system. Richard Nevins, a restructuring partner at the law firm Cadwalader in London, said the main benefit for bankruptcy tourists is that it allows firms to get rid of certain types of troublesome creditors. Companies such as Greece's Wind Hellas, a telecoms operator, and Germany's car parts maker Schefenacker briefly moved their headquarters to the UK to undergo a British administration procedure. Businesses need only be resident here for a few weeks, have a UK address and pay the lawyers' fees. "It's like Nevada becoming the divorce capital of the US," said Nevins, "and I don't think we've seen the last of it." Some are less keen to see deals moving to London after several restructurings and court decisions punished junior lenders, who receive higher interest for lending money to a company but are last in the line for repayment if it goes bust. In a landmark ruling last year, a UK judge favoured senior lenders in the restructuring of IMO Car Wash, letting them take control of the British car cleaning company and weakening junior lenders, who were claiming £90m. Bondholders of Schefenacker also suffered losses in its restructuring. Wind Hellas, Greece's second-largest phone company, carried out a "pre-packed" administration managed by Ernst & Young and a City law firm, Slaughter and May. In such cases, the failed firm's assets are sold within hours of it going bust as the sale has been pre-arranged. This process has been criticised for leaving junior creditors out of the money, with assets sold at a bargain price to a new party, sometimes related to the owners or directors of the insolvent business. "It's a way of getting rid of the pesky junior lenders," Nevins said. Junior lenders include hedge funds and distressed debt specialists, who buy the debt of a troubled company hoping the price will rise if it recovers or to seize assets in an administration. Sometimes they buy debt to gain control after a debt-for-equity swap. Others only seek to delay a restructuring until they are paid to leave the negotiating table. Bankruptcy and IVAs Law Borrowing & debt Elena Moya guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Arlene v Alesha ageism argument won't wa... Arlene v Alesha ageism argument won't wash with Diane Sawyer
01/30/2010
The BBC, embroiled in an ageism row over Arlene Phillips and female newscasters, should look to the US for true grey power Was it the curse of Arlene (or Alesha)? Did the BBC's top dogs suddenly decide for themselves to recall assorted mature female news presenters from their kitchen sinks and regional TV newsrooms – or were the hounds of political correctness baying too loud? At which point, cross the Atlantic and watch ABC's World News. It used to be introduced by a man, Charlie Gibson. He's retired. It is now introduced by a woman, Diane Sawyer . Diane is 64. Her arrival has pushed up ratings by nearly 9%, so that her show is breathing down the neck of Brian Williams, the current network leader. She's just good. Indeed, after 11 years of breakfast television experience, she's great. And age has nothing – nothing at all – to do with it. Newspapers & magazines BBC Arlene Phillips Peter Preston guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Income protection insurance: don't slip ... Income protection insurance: don't slip up on the small print
01/30/2010
Permanent health insurance (PHI) should cover you if you can't work because of sickness or injury, but policies vary wildly Insurance policies promising to pay an income when customers fall ill or have an accident are failing to meet claims for even for the most basic serious injuries, including two broken arms or even blindness. Research by Alan Lakey, a leading independent expert at Highclere Financial Services in Hertfordshire, found that policies sold in their thousands each year by many of the UK's biggest insurers – including Axa , Bupa , Aviva , Scottish Equitable and even Prudential – vary greatly in their terms. The result is widespread confusion among consumers about what income protection insurance or permanent health insurance actually is, as well as what it delivers. "There is a big gap between what we say it is and what consumers are trying to grasp," says Ron Wheatcroft, co-author of a recent paper on the issue for insurer Swiss Re . "It is also difficult to get the balance right between choice and complexity, which can be a barrier." Permanent health insurance (PHI) pays a regular income if you suffer long-term sickness or injury. Benefits usually start after a waiting period of between four and 52 weeks, typically after work-related pay stops. It is payable until you return to work, die, or the policy term expires. Most financial advisers believe PHI is better than many other variants of "protection" insurance. They point out that almost 3,000 people launch a claim for long-term benefits every day, but current state benefits are just £89.90 a week, even at the highest rate payable after 52 weeks' sickness. When interior design consultant Roy Farrell, 49, was advised to consider PHI in 2001 he wasn't keen on the idea. "But with three young children, it made sense to protect the family if anything went wrong," says Farrell. He was glad he did. One day, while riding his Ducati Monster on to the M4 motorway, Farrell came off. "I broke every bone in my leg – toes, ankle, tibia, fibula, femur – and needed skin grafts as I only had jeans on. I was off work for nine months and it was another three months before I was back to normal," Farrell recalls. Although forced to put his interior design company, Farrell & Co, on hold, Farrell was able to claim PHI payments worth about £900 a month. Together with state sickness benefits and tax credits, he was able to keep the family's finances above water. "Without that money we would have been in a lot of trouble," he admits. Lakey's research found vast differences between policies, however. For example, rather than pay out simply because claimants cannot return to their old job, many insurers require them to be unable to perform certain "daily living" tasks. Lakey says 20 different activities are used, although they are not identical. Scottish Equitable 's definition of "communicating" requires an inability to hear conversational speech in a quiet room, understand simple messages and speak with sufficient clarity to be heard. But rival insurer Bright Grey defines "hearing" and "speech" separately. Somebody unable to hear or speak would therefore achieve Bright Grey's requirement, which is a failure to perform two out of six tasks. With Scottish Equitable it only accomplishes one of the three failures, leaving the policyholder requiring two additional failures. Even a simple definition of walking 200 metres differs wildly. Some insurers add a stick, thereby reducing the chances of a claim, while others pay out if walking involves "significant" discomfort. Replies from insurers to Lakey's survey found a claim caused by two broken arms would fail at Axa and Friends Provident , but would receive a payout from Zurich , Shepherd's Friendly and, possibly, Aviva . Lakey says: "I've asked insurers when they will come up with common definitions. In some cases they tell me that their IT systems are tied up years in advance. In other cases, all I've had is a shrug of the shoulders." Colin Last, a financial adviser at Tamar IFA , based in Wokingham, Berkshire, says: "I would add a cynical view – that sales of income protection policies have been in decline and product providers have no interest in spending a lot of time trying to come up with common definitions." Ed Stuart-Brown, head of protection sales at Friends Provident, agrees that different definitions can be confusing. But he points out: "The danger with standardising things is that it means providers like us can't then offer a better product to consumers." Lakey recommends policies where a payout is triggered by an inability to carry out one's "own occupation". He also advises watching out for exclusions: some companies might reject claims on the grounds that the disability occurred in the course of "immoral or disorderly conduct" or an illegal activity. In theory, this could mean dangerous driving or just being drunk. For those needing cheaper monthly payments, Lakey suggests reviewable premiums rather than long-term fixed ones. Although reviewable policies do go up in price, this is partly offset by the fact that there are fewer years left to cover before retirement. ■ Have you had a claim unexpectedly turned down on a health policy? Do you think the insurer's reasoning was justified? Share your views with us at cash@observer.co.uk or write to us at Cash, The Observer, Kings Place, 90 York Way, London, N1 9GU. Health insurance Insurance Insurance industry Axa Aviva Prudential Friends Provident guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Scottish Widows puts bar up on French pr... Scottish Widows puts bar up on French prisoners
01/30/2010
Insurer won't accept my imprisoned brother's letter giving me the right to deal with his money Scottish Widows had, for some time, been attempting to discover the whereabouts of my brother to send him his demutualisation payment. I informed them that he is currently held in one of France's penal establishments. It contacted him, asking him to fill in a questionnaire. He returned it with a note asking it to forward any future correspondence, and money owed, to me, at my address. They ignored this and promptly dispatched a cheque for £2,000 to France. The prison authorities are holding the cheque and he cannot do anything about it. I told Scottish Widows, but it said the matter could be resolved only by returning the cheque, which is impossible, or by me being granted power of attorney which, again, is not possible. BK, Doncaster The difficulty is, Scottish Widows' customer is your brother and without power of attorney, it cannot speak to anyone else about his money. The insurer says his letter, asking them to deal with you, had no legal backing and it confirmed that it cannot make payments to a third party, whatever the circumstances. But it did agree to write to both you and your brother, to explain the situation and to send a cheque, made out in your brother's name, to your address. This has now arrived. As he has an old, but still active, UK bank account, you can pay it in on his behalf. • Email Margaret Dibben at your.problems@observer.co.uk or write to Margaret Dibben, Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU and include a telephone number. Do not enclose SAEs or original documents. Letters are selected for publication and we cannot give personal replies. The newspaper accepts no legal responsibility for advice. Insurance Consumer affairs Margaret Dibben guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• No capital service in Mexican restaurant No capital service in Mexican restaurant
01/30/2010
I was escorted by police from restaurant in Mexico thanks to Capital One's poor service On Christmas Eve in Mexico I tried to pay a restaurant bill with my Capital One card. The terminal rejected the card three times. I persuaded the manager to phone the bank. After 45 minutes answering security questions, he got irate. He accused me of wasting their time. At 1am he called the police, who took my passport and driving licence and escorted me to my hotel. I phoned Capital One. It said the card was fine and it was the restaurant's problem. Police took me to a cash machine to pay the bill. I moved on to Los Angeles where I discovered another restaurant bill in Mexico had been charged twice to my credit card. Capital One said I had to sort it out with the restaurant, even though I was now in the US. SK, Brighton Capital One has listened to your phone calls and apologises for poor service. It says the restaurant's card terminal was issuing invalid authorisation requests and blames the manager's poor English for failing to sort it out. It admits it should have accepted the language problem sooner, and told you to use a different method of paying. It also apologies for not being more helpful when you phoned about the duplicate charge. It has refunded the overpayment, refunded the cost of the international calls and offered you £100 compensation for the distress. • Email Margaret Dibben at your.problems@observer.co.uk or write to Margaret Dibben, Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU and include a telephone number. Do not enclose SAEs or original documents. Letters are selected for publication and we cannot give personal replies. The newspaper accepts no legal responsibility for advice. Credit cards Consumer affairs Margaret Dibben guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Motorists, brace yourself for the bigges... Motorists, brace yourself for the biggest insurance hike since indexes began
01/30/2010
Motor insurance premiums are up 20%, driven by increases in litigation, fraud and personal injury claims Motorists whose car insurance policies are due for renewal should prepare themselves for the biggest blow to their wallets in history. According to the AA British Insurance Premium Index published last week, the average quoted premium for comprehensive motor cover saw a 18.7% hike on this time last year. This is by far the steepest annual rise since the index began back in 1994. Separate data from market research company Consumer Intelligence showed that the cost of motor cover was up an even greater 19.6% on January last year. With premiums now standing at an average of £564.69, this also represents the largest increase on record. Things are looking no better for motorists in 2010. Last month, the insurer Zurich announced it is to increase motor premiums by 20% over the coming year. Steve Lewis, chief executive of Zurich general insurance, blames high inflation and a 30% rise in bodily injury claims. Will Thomas, head of motor at the comparison website Confused.com , warns: "This rise in personal injury claims is a result of a new and growing breed of litigation-savvy motorists – and it's widespread enough to see other insurers following suit with similar price hikes." An increase in fraudulent claims is also driving up premiums. Last year esure saw a 20% increase in the number of drivers making false or exaggerated claims on motor cover in a bid to try to improve their financial situation. Comparison websites, hailed as the consumer's friend, have failed to stop motor premiums rising across the board. According to Confused.com, more than 50% of motor insurance applications now come through online comparison channels. Ian Hughes, managing director at Consumer Intelligence, says: "The advent of price comparison websites had kept a lid on car insurance premiums for some time but our figures show the upward pressure on pricing has well and truly broken through." Younger motorists have been most affected by price hikes. Those aged between 17 and 24 have seen their annual insurance policy soar by nearly 25% from £1,276 in January 2009 to £1,489 by December, Consumer Intelligence has found. Men have also seen larger rises than women against like-for-like deals. But consumers still have legitimate measures at their disposal to drive down the cost of their motor cover, says Thomas. "Don't just renew your existing cover without shopping around first. Our figures show that 12% of our customers still save more than £200 on their annual premium." Overestimating your mileage will also load premiums unnecessarily. "The more you drive, the greater your chance of an accident in the insurer's eyes and the higher your premium will be," Thomas adds. But paying your premium upfront for the year should save you money, says Steve Sweeny, head of motor insurance at moneysupermarket.com . "Motorists who opt for monthly repayments can expect to pay an additional average 10.13% on the cost of the original premium." With an estimated 38 million drivers in the UK, some insurers are using price hikes as a market opportunity. Tomorrow, AXA insurance will start to offer cheaper premiums for safer drivers, giving up to 90% no-claims discount if drivers have remained claim-free for eight years. This compares with an average industry maximum of 65%. Motor insurance Insurance Motoring Family finances Saving money Insurance industry Consumer affairs Household bills Laura Howard guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Have new ITV and C4 bosses got the visio... Have new ITV and C4 bosses got the vision thing?
01/30/2010
The new chairmen and chief executives of Channel 4 and ITV have barely any television experience If you'd wandered into a bookie nine months ago to bet that, come February 2010, the four top executives – chairmen and CEOs – at ITV and Channel 4 would be a retired grocer and Tory MP, an ex-boss of Saatchi and Saatchi via the Royal Mail , a retired Treasury mandarin and another ad man, what odds would they have offered you? Astronomic, going on apoplectic. No disrespect to Archie Norman, Adam Crozier, Lord Burns or David Abraham. Maybe they'll reign in total triumph. But – Abraham apart – there isn't a flicker of hands-on TV experience here. For both ITV and C4, this is a totally new start, with the creative chaps who make or commission programmes parked far down the line. Good for rebuilding ad revenues and costs, perhaps, excellent for picking up a £2m golden goodbye in the post; but not a recovery clincher unless someone remembers to give us good reasons to switch on a set in the first place. Television industry Archie Norman Lord Burns Adam Crozier ITV Channel 4 Peter Preston guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Flight delayed? Make the most of the air... Flight delayed? Make the most of the airport, then
01/30/2010
Spending time at the airport needn't boring and expensive, especially if you plan ahead and do some savvy shopping Strikes, delays, cancellations and missed flights. Just four reasons you might end up stuck in an airport. With BA customers facing industrial action and some airlines looking at bankruptcy, there could be more of the same on the way. Yet British householders are apparently reluctant to give up their holidays. According to a recent YouGov survey for Hoseasons, only 5% of the 2,300 people surveyed said they would forgo a break this year. For travellers unlucky enough to find themselves stuck in possibly one of the most tedious environments in the world, it will feel like there is little that could alleviate the pain. However, believe it or not, there are ways you can improve the experience – and even save some money in the process. Parking Anyone who has ever parked at an airport without pre-booking will know how expensive it is. Gatwick, for example, charges £9 a day at its long-stay north terminal car park. There are dozens of websites that will quote advance prices for Gatwick's car parks – including its own website at gatwickairport.com . Cash asked it to quote for eight days' parking at the end of January to the beginning of February and was offered £34.60. Other websites take the data from various parking sites and come up with the cheapest deal. Cash tried holidayextras.com for the same week's parking and the cheapest price was £32, with a free car wash thrown in. Gosimply.com came back with a price of £29.60 for parking with a regular shuttle bus. "The main thing about airport parking is the sooner you book the cheaper it is," says Nina Montgomery, spokeswoman for essentialtravel.co.uk . "Over the February half-term, for example, someone wanting a week's parking at Heathrow could save £65 by booking now." An even cheaper, but potentially riskier, way to park is to find a privately rented parking space. Parkatmyhouse.co.uk is one of several websites that list such spaces. The cheapest we could find there for Gatwick was £11.50 a week plus an additional £5.50 to £7 on a cab journey to the terminal. If you have an early morning flight or live a long way from the airport, you could save money on parking by booking in at an airport hotel for one night. The website flypark.co.uk , for example, quotes a double room in the Marriott Courtyard hotel at £52.81 for the room only, or £65 including eight days' parking. Parking at Gatwick without pre-booking over the same period would cost you £72. Airport lounges Booking into an airport lounge could seem like a bit of an extravagance, but it could be the most comfortable place to wait for your flight to be called. "You typically pay £13.50 for an airport lounge, and when you consider you get complementary food, drinks, newspapers and Wi-Fi and how much you spend on these in departures, lounges can be worth it," Montgomery says. It is possible to save a little by booking before you go. Cash tried a number of websites for the Servisair lounge at Glasgow airport. Fhr-net.co.uk came back with £18.45, loungepass.com quoted £17.50 and Servisair itself returned the cheapest price at £13. Some paid-for current accounts and credit cards come with access to airport lounges. Lloyds TSB, for example, offers free access to 19 UK airport lounges for you and your travelling companions with its Platinum and Premier accounts. However, you have to book your holiday or flight through Lloyds TSB Travel Service, which may not offer the cheapest prices. Similarly, if you have a Barclays Premier account, you get access to lounges six times a year for nothing. It's worth checking with your airline when you book to see if it's doing any special offers. For example, easyJet is running a buy-one-get-one-free on airport lounges for people booking flights with the airline until 14 February. Currency Leaving buying your currency until you get to the airport is the one of the most expensive ways to buy it, but that doesn't mean you shouldn't pick it up there if you've ordered it in advance. At the time of writing, for £200 you could buy €224 with Travelex by ordering online and collecting it at the airport – where you would not be offered as good a rate (you can't check the rate before you get there). This compares with the €215 you could have got by visiting an HSBC branch, for example. You can find the best deal for your holiday money, including collection and delivery details and any charges, by using a tool on the moneysavingexpert website . Shopping Perhaps the best bit about any time spent in an airport, by choice or otherwise, is the shopping. You might not think of leaving the purchase of a high-spec camera to the last minute, but a recent survey by Which? Holiday found that buying a digital SLR camera from Dixons Travel shop at Heathrow Terminal 1 was cheaper than online or high street retailers for 70% of the models compared by its researchers. You can check prices at Dixons Travel stores before travelling to the airport. To find the phone number of your relevant airport branch, go online at dixonstaxfree.co.uk . At the moment, the website is claiming its airport stores will guarantee to beat prices at John Lewis, Amazon, Jessops, Tesco, Asda and Comet on all digital cameras, digital SLRs, laptops and iPods. Cosmetic and perfumes are also favourite to buy at the airport, as shops there often have exclusive offers as well as cheaper prices overall. For example, Stansted airport's website lists a Dior Homme Sport spray at £38.15 in its World Duty Free store. The same bottle on the Boots website is £58. Not everything is cheaper of course, and it's worth going with a list of prices you have seen on the high street or online before you buy a more expensive item in the airport. Consumer affairs Saving money Family finances Airline industry BAA Shopping trips Lisa Bachelor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• A paywall nobody will notice – because i... A paywall nobody will notice – because it comes bundled with your satellite TV
01/30/2010
Newsday's owner sold just 35 online subscriptions to its website. But it also offered its pay-TV viewers the same thing - and now it has 1.5m users IT LOOKS as though a giant brick knocked out a paywall. Three months ago, Newsday on Long Island, one of America's big dailies, started charging readers $5 a week to visit its website. This was the digital future, embraced by Rupert Murdoch and the New York Times , as announced last week , put to its sternest, most straightforward test. With the clearest result: humiliation. As of last week, 35 brave souls had signed up for newsday.com. Make that $4m spent by Newsday 's owners upgrading online and only $9,000 a year coming back. Last October's unique user figure for the site, 2.2 million, had shrivelled by 700,000 before the end of 2009. This looks like the can't-pay-won't-pay debate replayed as farce. Surely those who hate walls of all kinds can begin to rejoice? Or, at a second and more searching glance, start to shiver, for there's a hidden factor that turns the argument on its head – and maybe gives the legions of Rupert a flying start as they finalise their charging plans. For the family that owns Newsday also owns Optimum Cable, which reckons to supply 75% of Long Island homes with its TV services. When you buy your Optimum link (or a Newsday print subscription) you also get Newsday online as an added extra. That's why December's paywall-guarded unique figure was 1.5 million, not 35. That's where Newsday may make a killing out of charging. Look at the same scenario from where Rupert Murdoch sits. He's pledged to build a paywall around Wapping within months . His London team announced some concomitant appointments there last week. Guess what? The leader of the new pack is a senior vice-president at Star TV in Hong Kong and New Delhi. James Murdoch, who knows all about making money from satellite television, has summoned Gurtej Sandhu to mastermind the Times, Sunday Times, News of the World and Sun online. We know what the people at Newsday would think of that. Here's television itself in the midst of profound interactive change, about to become the main computer screen in your front parlour as well as purveyor of umpteen channels. Now watch closely as 12 million Sky subscribers get an offer they can't reasonably refuse. How about beyond-the-wall access to four big British papers (plus an array of tempting other goodies) for as little as 50p extra a month? £6m a month for that is £72m – in a trice the losses on Wapping's more upmarket offerings are turned to profit – with plenty more tugs on the Sky pay lever to come. So far much of the pay wall debate is ideological, almost theological: and that's great, because the future needs more than base calculation. But Murdoch doesn't do theological. Do the bloggers who swear they'll never pay for their digital news also watch TV? Of course. Same screen, same subs? Forget the iPad excitements for a second. Here's one more big bazooka rolling into play. Newspapers & magazines Rupert Murdoch News International New York Times Internet Peter Preston guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Bank levy wins global support as push fo... Bank levy wins global support as push for Tobin tax loses momentum
01/30/2010
Leaders at Davos economic summit appeared to be deserting the idea of a Tobin tax on banking industry The prospects of a global tax on financial transactions were receding fast this weekend amid signs that countries were swinging behind an alternative plan to impose an insurance levy on banks. Both David Cameron and Alistair Darling expressed support for Barack Obama's proposals to force banks to pay into a fund that would provide compensation in the event of the failure of a financial institution. Cameron said at the World Economic Forum summit at Davos that he thought a so-called Tobin tax was unworkable because of a lack of international support, but said he would back an insurance levy if he became prime minister in this spring's election. "We would work for a new international levy on banks – one of the ideas being considered by the IMF – to protect the taxpayer from footing the bill for banking crises," the Conservative leader said. The chancellor said he was working with the US on a permanent insurance levy, an idea the Treasury believes will win more support than a Tobin tax. "We are keen to work on a plan on this with other countries," Darling added. Obama has announced plans to force banks to pay $90bn (£56bn)over the next 10 years, to meet the costs of government bailouts. Global support for a transaction tax appears to be waning just as charities and churches in the UK prepare to launch a major, celebrity-backed campaign to back the idea. Max Lawson, senior policy advisor at Oxfam, insisted a levy would be too modest to fill the gaping hole in the public finances blown by the financial crisis. "The only thing that would raise enough money to prevent cuts to public services and help poor countries is a transaction tax." Gordon Brown has championed the idea of a financial transaction tax, often known as a Tobin tax after the economist who suggested it, but the government now accepts there is a risk that the proposal could fail to win sufficient backing. "We're going to keep both ideas up and running until it becomes clear that one of them is going to get international support behind it," a Number 10 insider said this weekend. John Lipsky, the deputy managing director at the IMF, said there was support for an insurance levy, but a draft report by the fund due out in April would look at a number of proposals. "The mandate is for a menu of options. That's exactly what we are going to provide. We are looking at all plausible options in a fair and objective way." He added that the fund was keen to avoid proposals that would distort financial markets. "One of the bases on which we will be judging the different measures is their potential distortive effects on the financial sector. One of the criteria would be whether a tax would diminish the efficiency and effectiveness of the financial system itself. "This is an area where uncoordinated action could create the conditions for legislative and regulatory arbitrage." Campaigners for a Tobin tax believe the fund will throw its weight behind an insurance levy, which has the advantage of support from the White House. However, with France and Germany openly supportive of a transaction tax, there is likely to be a fierce international argument on the rival proposals over the coming months. Tobin tax Davos Banking Financial crisis Larry Elliott Heather Stewart guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Bank of England fears new crisis when st... Bank of England fears new crisis when stimulus ends
01/30/2010
Bank may echo US warnings over future rise in rates The Bank of England is poised to follow the US by warning high street banks of the new risks they face from future rises in interest rates and the current upheaval in the bond markets. Deputy Bank of England governor Paul Tucker has admitted that UK authorities should consider emulating Donald Kohn, the vice-chairman of the US Federal Reserve, who issued a uncompromising warning on Friday about the "uncharted waters" the financial sector finds itself in following the recession. Tucker's comments come as the Bank of England's nine-member monetary policy committee prepares to meet this week to make the critical decision on whether to suspend its £200bn programme of quantitative easing (QE). Ending the policy of QE, under which the Bank has pumped money into the recession-hit economy, would be the first step towards withdrawing emergency support measures, and returning interest rates to a more normal level. But the historically low level of interest rates of 0.5% are helping to keep banks' losses on loan repayments lower than many experts had feared; when they report their results next month, the City will be closely scrutinising the trend in bad debts. Experts are also concerned that the instability in Greece, which is burdened by a huge budget deficit, could cause gyrations in the bond markets, which in turn could affect interest rates. Tucker told MPs on the Treasury select committee last week that the US alert to banks had been discussed recently at an influential central bankers' forum in Basel, Switzerland. "The sense was that the US had shown a useful lead here and [that] was something that supervisors elsewhere ought to think about," he said. The Bank of England does not have a supervisory role in this matter but could issue an alert in its financial stability report in June. The select committee heard both Tucker and Bank of England governor Mervyn King discuss the potential problems associated in withdrawing the series of stimulus packages put in place to help banks and in turn the economy. QE is the first of the measures to be up for debate by the MPC. Financial markets expect the Bank to decide £200bn is enough: "They're in a perfect position now to say, 'we're going to pause; we're going to wait and see how it feeds through'," said Karen Ward, chief UK economist at HSBC. She believes the MPC will push up interest rates to 2% by the end of the year. However, King has struck a very cautious tone in recent public statements, and some analysts believe the weak GDP figure for the end of 2009, with the economy scraping growth of just 0.1%, could prompt further supportive action. "I think the chances of there being an extension of quantitative easing are bigger than the markets think," said Shamik Dhar of City consultancy Fathom. There have been signs in recent weeks of diverging opinions among MPC members about how strongly the economy is recovering, and whether dangerous bubbles are developing in the markets for assets such as shares and commodities. Bank chief economist Spencer Dale, and independent MPC member Andrew Sentance have both made hawkish recent pronouncements. But King made clear in a recent speech that he believed the sharp rise in inflation to 2.9% in December, well above the Bank's 2% target, would be temporary, and consumers facing weak wage growth and a continuing credit squeeze would have their patience, "sorely tried over the next couple of years". Dhar said there was a risk these differing views would create tension at this week's meeting. "I think there's going to be a bit of a bunfight," he said. Interest rates Quantitative easing Economics Bank of England Mervyn King Banking Jill Treanor Heather Stewart guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Strife-torn British Airways tries to sta... Strife-torn British Airways tries to start all over again
01/30/2010
Squeezed by falling demand and rising fuel prices, the UK carrier has turned to radical plans to cut the cost of cabin crew staff. Can it succeed? A conference room in TUC headquarters is an underwhelming place to relaunch a blue-chip airline. But British Airways is steeped in aviation tradition and so are its staff, led by 13,500 cabin crew who are loath to submit to wholesale reform without a fight. So it was inevitable that this month a team of airline executives should find themselves arguing for fundamental change not in front of passengers or investors, but in the offices of a powerful trade union body. Facing a 15-strong delegation from the Unite union, the six-person BA team opened discussions over cost cuts with a radical proposal: to create a super-lean airline within BA's creaking 90-year-old frame. The presentation said, in effect, that if we can't alter the old loss-making model then we will build a new one alongside it. The first bullet point in the radical and potentially incendiary presentation called for "new crew recruited on new terms and conditions into a separate fleet". The BA team, led by human resources director Tony McCarthy, wanted to start from scratch. This "flatter organisation" would comprise crews no longer organised into separate groups dedicated to long-haul and short-haul service. According to BA, which is trying to shave £140m a year off cabin crew costs, this separation of roles is costly and inflexible. The current seniority system, where promotion is based on length of employment, would be dismantled so senior staff can be recruited from outside the airline into a cabin-crew structure comprised of three roles: cabin crew; the new onboard post of customer service manager; and the office-based crew-team manager. The presentation also hinted average pay would be brought in line with staff at Virgin Atlantic, who are paid half as much as their BA counterparts, according to the Civil Aviation Authority. BA is losing £1.6m per day and argues that, facing a fall in demand, costs must be taken out of a business that will otherwise struggle to make a profit. Over the last six months the disparity between operating costs and revenues at the airline was £111m, as income fell by 13.7% and the cost of flying planes, driven upwards by a buoyant fuel price, rose by 8.7%. If you make the assumption that revenues will remain anaemic, as many analysts and executives do, then costs have to be dragged closer to that diminished top line. Cue new fleet. Unite and its cabin crew branch, Bassa, will not discuss the new fleet proposal because pre-emptive strike action against it could be injuncted, as happened with BA pilots two years ago. Instead, Unite is balloting for industrial action on BA's unilateral decision to reduce cabin crew levels on all flights – a token cost-cutting move compared with the significance of a new fleet. Change will not come easily. Unite also refuses to discuss a new fleet with the Observer for fear that BA's lawyers will use it as a basis for legal action. A planned 12-day Christmas strike by cabin crew was ruled unlawful by the high court last month due to voting irregularities spotted by BA's eagle-eyed lawyers. With a new ballot underway, Len McCluskey, Unite's assistant general secretary and chief negotiator, will only say that the imposition of staff cuts is the main concern. "Change is not the issue. How it is implemented has been the difficulty from the beginning. BA has tried to impose radical changes on skilled, loyal and professional employees. This is no way to run a successful airline. Cabin crew are prepared for change – we have proposed savings in cabin crew operations," he says. A court hearing on the legality of the cabin crew cuts starts on Tuesday. Some cabin crew members see the new fleet as a Trojan horse to enable the introduction of lower-paid crew, working to a more demanding schedule, who will ultimately take over the most profitable routes. If that happens a strike by "old crew" could be ignored, because the strikers would be operating the least lucrative parts of the network. "It will be our death knell because BA will move all the work into the new fleet eventually," says a trade union source. However, it will take some time before the airline gets to the tipping point where new fleet employees are the dominant part of the workforce. The immediate fear is that while the new recruits will be allowed to join a trade union, they will be barred from collective bargaining with their old-crew colleagues – effectively dividing the workforce. BA is attempting to recast itself against the backdrop of a poor financial outlook for an industry whose corporate performance has never matched its glamorous image. Between 1999 and 2008, a period that included lavish expenditure on profitable business-class travel worldwide, the air industry's total operating profit was a mere £27.4bn – a margin of 1.1%. Even then, a quarter of that profit was generated by three low-budget carriers: easyJet, Ryanair and Southwest Airlines. The figures show that even in times of plenty, airlines have struggled to operate in a manner that justifies investment or faith in their long-term viability. A failure to change rapidly enough during the good times has exposed countless carriers during this recession. BA is among them. It is expected to lose about £600m at the pre-tax level this year, which would push it into a total loss of £1bn since 2008. BA says "thousands" of people within its 38,000-strong workforce have already made a contribution to reducing losses. "Our pilots have agreed a pay cut. Our engineers have agreed more efficient ways of working. A third of our managers have accepted voluntary redundancy. And nearly 7,000 colleagues volunteered for salary reductions. Our cabin crew are renowned for their professionalism and skills, but it is essential that Unite takes part in the cost reduction process in a meaningful way." BA has signalled recently that the decline in premium bookings, which account for the majority of profits in the good times, has reached a trough. Gerald Khoo, analyst at Arbuthnot Securities, says it does not justify toning down cost-saving plans. "In the face of revenues that may be starting to recover, but not recovering very quickly, action clearly needs to be taken on costs." Peers are faring just as badly: The International Air Transport Association (Iata) predicts a post-tax loss for the industry as a whole of £3.5bn this year. At the operating level it is heading back to a profit of £2.3bn in 2010, but the post-tax figure is instructive because it includes interest payments from the debts that many airlines, including BA, have taken on in order to stay afloat. Over the past year the industry's cumulative debt, sustained by fickle cash flow, has risen by about 14% to £128bn. Giovanni Bisignani, Iata chief executive, says declining revenues – 2010 sales will be 10% lower than 2008 – could combine with rising fuel prices, which account for a quarter of airline costs, to leave airlines "caught in a trap". He adds: "You have to fasten your seat belts, increase cost efficiency and speed up consolidation." With mergers and takeovers pegged back by ownership restrictions and bilateral treaties, Bisignani admits that once cost-cutting is exhausted, a new fleet-style transformation might be the only choice. "At a certain point you cannot cut 10% any more within the structure. You have to rethink completely. At that point the relationship between management, workers and the trade union is important. It is about which airline can be most flexible," says Bisignani, who knows something about thorny industrial relations, as the former chief executive of Alitalia. Iata's chief economist, Brian Pearce, says European and US airlines face a slow recovery. "What we are seeing is a much stronger recovery in Asia, particularly in emerging markets and also in Latin America, so airlines in those regions are likely to see stronger recoveries and, in some countries, a return to profit. But airlines serving the European, North Atlantic and North American markets are going to find that passenger numbers and revenues will return at a much lower rate." Airlines are also stubbornly adding seats to saturated routes. As well as bringing back planes that were mothballed last year, 1,400 new aircraft will be added to a global fleet of 24,000 planes this year, forcing airlines to cut fares as competition increases. Not that downwards pressure on airfares is a new phenomenon. The performance of Ryanair, easyJet and Southwest is something that investors would dearly love to see replicated at BA. Those upstarts, led by the colourful triumvirate of Michael O'Leary, Stelios Haji-Ioannou and their godfather, Southwest founder Herb Kelleher, posted a cumulative operating profit of £7.2bn between 1999 and 2008, averaging a 10% margin that embarrassed the business models of their veteran rivals. The average pay of an easyJet cabin crew member – £20,200 – is compared with BA's: £29,900. But Unite and BA are at least agreed on one point – easyJet and BA are very different airlines. BA flies long-haul routes and has first, business and premium-economy class cabins. Unite argues that this puts greater demands on cabin crew – in terms of skills and the amount of time spent away from home – which should be reflected in pay and conditions. Nonetheless, the game-changing arrival of the low-cost carriers has forced established airlines to move as close as possible to their model. The results are most evident in short-haul markets, where Ryanair is now the largest player in Europe. The Dublin-based carrier and easyJet added a combined total of 90 million passengers to their network between 2000 and 2008. Over the same period, the Association of European Airlines, whose 36 members include BA and Air-France KLM, gained just 32 million customers. At BA the average cost of flying a passenger one kilometre is 8p, according to analysts' estimates. At easyJet they estimate it is 5p – allowing it to charge lower fares. With those contrasts, a sea change in the short-haul market was inevitable. BMI, Heathrow's second-largest carrier and one of the UK market's longstanding players, dropped business class from domestic flights last week, while BA chief executive Willie Walsh has admitted that he does not expect the premium short-haul market to recover fully as business travellers switch, permanently, to cheaper alternatives for domestic and European trips. As a result, short-haul flying has become a commodity where price, or irritation at Ryanair surcharges, determines who you fly with. Faced with a loss of revenues and profits due to the ravaging of their short-haul networks, long-haul carriers such as BA are also being assailed by increased competition from liberalisation of the transatlantic airline market, the emergence of low-cost carriers travelling longer routes, a long-term depression in profitable business-class bookings and a resurgent oil price. Those daunting issues persuaded BA to go for broke at the TUC. Staff account for a quarter of airline industry costs, according to Iata. Fuel costs, a further 25% of the total, are beholden to the global oil price and have to be taken on the chin. This leaves labour costs as the main cost-saving outlet, which has made BA's employees and the largest part of that workforce, cabin crew, a battleground in the airline's quest for profitability. Chris Tarry, a respected consultant, does not see a trouble-free return to profit for carriers that, unlike easyJet, cannot start over. "You cannot affect fuel, so you have labour costs. But in a lot of cases labour and customer practices have been built up over a period of time. If you are trying to change the business it is very difficult because you have to move away from what is in place, and has been negotiated, to a new environment." Brendan Barber, the TUC general secretary, is attempting to find common ground between both sides after the talks descended into acrimony soon after the new fleet presentation. The announcement of a fresh strike ballot brought a recriminatory response from BA, including a threat to withdraw discounted travel for striking staff, many of whom use cheap fares to commute to their jobs from the continent. There is some hope of a deal amid the ritualistic flexing of industrial and corporate muscle. In the same new fleet document, BA mooted a "flexi approach" similar to Unite's own proposal that new crew on lower pay and different contractual terms should work alongside the existing workforce. But significant differences remain between both propositions, even if there are whispers that they could form the basis for a deal. BA's wish to start all over again is unlikely to be granted in an industry that, through a mixture of self-inflicted crises and external blows, has to spend most of the time surviving rather than dreaming. British Airways Easyjet Ryanair Airline industry Trade unions Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Consumers go sour on the commodity marke... Consumers go sour on the commodity market's sugar rush
01/30/2010
A combination of bad harvests and speculation has sent the price of cane soaring - and provoked protests and violence in Asia Will that be one lump or two? Or, perhaps, none. A sugar rush is gripping the global commodities market. The price of the world's favourite sweetener shot to its highest level for 29 years this week in a worrying surge that has sparked political strife and street protests in parts of southern and south-east Asia. A militant women's group staged a breakfast demonstration outside government offices in the Philippines on Tuesday, demanding intervention to bring down sugar prices. Protesters banged utensils at a rally in the Indian state of Bihar, and in Pakistan the authorities have rationed sugar, prompting violent confrontations as anger spills over at the perceived greed of producers. Raw sugar traded on New York's Intercontinental Exchange surged in price by 128% last year, while white sugar on London's Liffe trading floor jumped by 123%. In the US markets on Monday, the price of a pound of raw sugar touched 30 cents for the first time since 1981, far above the range of 12 to 15 cents prevalent between 2007 and early 2009. Toiling in a generally low-profile corner of the commodity markets, sugar traders are suddenly in the spotlight. But the immediate blame for this spike in prices lies in a factor indisputably beyond human control – the weather. A late monsoon disrupted sugar harvests in India, while too much rain disrupted supplies in the world's biggest sugarcane-growing nation, Brazil. "It was the wettest harvest season here for decades," says Andy Duff, a commodities analyst at Rabobank in São Paulo. "There was less cane harvested than previously anticipated and the quality was lower than anticipated." For the second consecutive year, global supply has fallen short of demand and many nations with sugar stockpiles are running short. The global financial crisis has not helped, making it harder for growers to finance outlay on fertiliser and equipment. In South America, environmental incentives have seen some sugarcane diverted into production of ethanol fuel. Meanwhile, demand is robust – fuelled by population growth and rising incomes in emerging markets such as China. In poorer nations, a good chunk of every extra dollar earned is directed at food. Population drift to the towns also adds to the appetite for sugar, according to Duff: "Increasing urbanisation drives changes in diet. It's associated with more consumption of sugary snacks and processed food." Analysts at Commerzbank describe the sugar situation as "the perfect storm". In a research note, the German bank suggests the price still has "immense upside potential" and could even reach 40 cents per pound – a level exceeded only twice, during sugar crises in 1975 and 1980. Tom Mikulski, a market strategist at commodities dealer Lind-Waldock in Chicago, says: "Unless we have a massive jump in production, I don't really see this market breaking any time soon." For consumers, the link between commodity prices and supermarket costs is complicated. Sugar, more than most traded products, occupies a financial niche in which Wall Street and the high street are worlds apart. To protect European sugar growers, the European Union routinely keeps sugar prices artificially high – so shoppers in Britain and on the continent are used to paying a premium anyway. The US has a similarly protectionist setup, limiting imports to safeguard its own farmers. But snack manufacturers such as Mars, Hershey and Krispy Kreme have been urging the Obama administration to raise import quotas, warning that a shortage of sugar could lead to job losses. But in developing countries, the price of sugar has historically been lower and the recent spike in cost has been a shock. A columnist in the Manila Standard Today newspaper complained this week that a kilo of white sugar in public markets in the Philippines had jumped in cost from 40 pesos to between 50 and 60 pesos since Christmas. And a kilo of sugar on the black market in Pakistan, where sugar consumption is among the highest per person in the world, can reportedly fetch more than a day's pay. "If you look at the impact, sugar comprises a greater share of the food basket in developing markets," says Sudakshina Unnikrishnan, an expert in agricultural commodities at Barclays Capital. "We don't really expect these problems to be a precedent set for developed countries, which have a kind of artificial system by which prices are set." Since sugar inflation began to take hold in mid-2009, the news from growers has been consistently bad. In addition to poor harvests in India and Brazil, smaller producers such as Mexico, Thailand and Vietnam have come up short. "It's not that demand has grown extraordinarily this year – it's been growing in line with long-term trends," says Unnikrishnan. "The problem has been underperformance on the production side – and the big surprise is that, in spite of price rises, demand has held up." In an unusual move from Brussels this week, farm commissioner Mariann Fischer Boel announced that the European Union intends to export 500,000 tonnes of sugar to the global markets above and beyond its usual quota to try to ease a squeeze in supply. This faced swift condemnation from other sugar producing nations, which complain that European farmers are unfairly subsidised. Brazil's sugarcane industry association, Unica, said it was a short-sighted breach of international trade rules. Sensing an opportunity, speculators have shown little mercy. Hedge funds have piled into sugar, aggravating lurches in the price. Blaming speculators, however, would be a cheap shot, according Jonathan Kingsman, founder of the specialist sugar broker Kingsman, based in Switzerland. "The speculators are involved and they'll always be involved, but there are fairly solid fundamentals to this market," says Kingsman. "There's not enough sugar to go around." A calming in prices, he believes, will ultimately happen once growers react to the prospect of higher income and plant more crops: "Price is the best possible fertiliser," he says. Commodities European Union Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Haiti heads for debt crisis as emergency... Haiti heads for debt crisis as emergency loans pile up after earthquake
01/30/2010
• IMF's new $102m loan is criticised by charities • UN trade and development body calls for debt write-off Haiti is sleepwalking towards a debt crisis because international help for the earthquake-hit country is being given in the form of new loans, anti-poverty campaigners are warning. Unctad, the United Nations' trade and development body, which is leading international calls for the island state's debts to be forgiven, said this weekend: "Considering the large direct costs of the earthquake, in the absence of further international action a new debt crisis is all but assured." Donors are agreed that the immediate priority is to get aid to Haiti's stricken capital of Port-au-Prince, where relief co-ordinators warned this weekend that supplies of food are still woefully short, and where the threat of violence and disease is increasing by the day. But in a new study, Unctad urged the international community not to forget that emergency funds lent to poor states at the height of a crisis can become a heavy burden for years afterwards. Unctad's researchers analysed the impact of 21 natural disasters – between 1980 and 2008 – on poor countries that were heavily in debt. They found that meeting the costs of rebuilding leaves long-term financial scars: on average, a natural disaster leads to a 24 percentage-point increase in a country's debt-to-GDP ratio, a widely-used measure of indebtedness. "Shocks on such a scale can lead to a vicious cycle of economic distress, more external borrowing, burdensome debt servicing, and insufficient investment to mitigate future shocks," it said. With pressing humanitarian needs on the ground, the International Monetary Fund last week agreed $102m (£62.9m) in new lending to help provide emergency assistance and rebuild Haiti's shattered infrastructure. Charities point out that this will bring Haiti's total debts close to the unmanageable $1.3bn level hit in 2005, when it qualified for debt relief from the international community as a "heavily-indebted poor country". "Much of this money was lent at a time when Haiti had massive, odious debts," said Nick Dearden, director of Jubilee Debt Campaign. Local left-wing campaign group, Plateforme Haïtienne de Plaidoyer pour un Développement (Papda), released a statement condemning the IMF's decision to extend new lending, saying: "We think that it's really a scandalous situation which we can't accept. The IMF is acting without taking any account of the dramatic situation in our country." Dominique Strauss-Kahn, the IMF's managing director, has made clear that in future he would like to see all the Fund's lending to Haiti cancelled. "Looking beyond the emergency phase, and as part of an international plan to rebuild the country, there will be a need to reassess Haiti's debt situation in light of the catastrophic damage to its economy." he said last week. "At that stage, the international community needs to be ready to provide comprehensive debt relief." However, there has so far been no agreement among member states. Haiti is not due to make any repayments to the IMF for two years, and there are fears that political momentum for debt forgiveness will have drained away by then. "What we're worried about is that once the spotlight is off, it will be forgotten," said Dearden. Before it was granted debt relief, Haiti was spending about $50m on repaying its creditors, with much of the debt having been contracted years ago. With much of the machinery of the Haitian state destroyed by the earthquake, just putting a functioning government back together is likely to be a formidable challenge, let alone raising the taxes to meet future debt repayments. Edmond Mulet, the acting head of the UN's mission in Haiti, said last week that the reconstruction effort was likely to take many years. "I think this is going to take many more decades than only 10 years and this is an enormous backwards step in Haiti's development," he said. "We will not have to start from zero but from below zero." The UN is assessing the scale of Haiti's financial needs in advance of a major donor conference to be held in New York in March — potentially a forum for debt relief plans to be formally discussed. Britain backs the IMF's view that the priority is to get cash to survivors, shelving the question of debt relief for later. Last week, Venezuela's president Hugo Chavez announced he would write off Haiti's $295m debts with his country, ratcheting up the pressure on rich western creditors to follow suit. Citing Haiti's support for Venezuela's 19th-century independence movement, Chavez said: "Haiti has no debt with Venezuela – on the contrary, it is Venezuela that has a historic debt with Haiti." Haiti's largest creditor is the Inter-American Development Bank, which said it would like to see a new debt relief programme, but, like the IMF, has so far made no concrete proposals. Charities are also concerned about the growing role of the IMF in the world's poorest countries, because its assistance tends to be in the form of concessional loans, rather than grants, and often comes with conditions attached. "We are concerned that the conditions of Haiti's current IMF debts continue to apply," said Nick Dearden of Jubilee. "These conditions undemocratically force Haiti, amongst other things, to raise electricity tariffs and freeze public-sector pay." Development Debt relief Haiti IMF Venezuela International aid and development Hugo Chávez Heather Stewart guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• New ITV boss faces break-up threat New ITV boss faces break-up threat
01/30/2010
Group wants the ITV network to demerge production arm and sell or float it ITV faces a break-up threat from rebel shareholders who want it to demerge its programme-making arm from its broadcasting business as part of an audacious bid to extract value for City investors. The rebels, which include American stakeholder Fidelity, have presented their proposals to new chairman Archie Norman and plan to push for an early meeting with Adam Crozier, who was named as ITV's new chief executive last week. ITV Productions has seen its share of network output fall over five years from about 65% to just over 40%. The broadcaster still owns Coronation Street and Emmerdale , but hit shows such as X Factor and Britain's Got Talent come from independent producers. Shareholders want ITV's new bosses to look at three options: a sale of the business for an estimated £700m to a rival such as Fox; a separate listing for ITV Productions on the stock market in which current ITV investors would hold shares; or a partial sale or flotation that would allow ITV broadcasting to retain a controlling stake. Norman and Crozier are expected to resist the idea of a sell-off and look instead at beefing up the operation by bringing in fresh creative talent lured, perhaps, by a new financial incentive scheme. The company knows that it must either revamp ITV Productions or spend more of its budget on the best independent shows. Norman's preference, though, is for ITV to create and own its own top programmes: only then can it hope to exploit international sales, merchandising and online and mobile distribution. But a City source said: "ITV is facing rampant competition, audience share has dwindled, so it should come as no surprise that investors are examining how the company could make itself more valuable." Shareholders contend that if ITV Productions were set free it would be able to widen its appeal and increase profitability by selling programmes to rivals such as Channel 4 and the BBC. Separately, Norman is trying to set up a creative coalition including Channel 4, Channel 5, content producers, performers and even BSkyB to lobby government to deregulate broadcast media. ITV Adam Crozier Archie Norman Television industry Richard Wachman 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 (1 d 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 (1 d 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 (2 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 (2 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 (3 d ago)

• Time arrives for reforming financial reg... Time arrives for reforming financial regulation system: HSBC chairman
01/31/2010
It is the right time for the authorities to start to think about the best ways of strengthening the financial markets when the global economy has stabilized, said Stephen Green, chairman of HSBC, the largest bank in Europe. Green made the comments in an exclusive interview with Xinhua on the sidelines of the annual meeting of the World Economic Forum in the Swiss skiing resort of Davos. TIME TO STRENGTHEN FINANCIAL REGULATION Green said that the reform of the global financial regulation ... (1 h ago)

• Shell, Dow Chemical CEOs hope to increas... Shell, Dow Chemical CEOs hope to increase investment in China
01/31/2010
The CEOs of Shell and Dow Chemical, two oil and chemical giants in the world, have said they are willing to expand investment in China as the country is increasingly important on the global stage. Peter Voser, chief executive office of Royal Dutch Shell, told Xinhua in an interview on the sidelines of the Annual Meeting of the World Economic Forum that Shell has significant investment plans in China, which is one of the company's key countries. "We are very optimistic that we will achieve ... (1 h ago)

• WTO ministers reaffirm commitment to fig... WTO ministers reaffirm commitment to fight protectionism
01/31/2010
Some 17 WTO trade ministers on Saturday reaffirmed their commitment to fight protectionism despite the world trade body's long-time deadlock in the Doha Round trade-opening negotiations. The ministers at an informal meeting in Davos said they would continue efforts "to resist protectionist pressures at home," and they recognized that "the opening-up of market is the best to do to fight the crisis," Swiss Economics Minister Doris Leuthard told a press conference. Leuthard, the host of the m ... (1 h ago)

• IMF chief calls for caution on pulling b... IMF chief calls for caution on pulling back economic stimulus
01/31/2010
&$ &$Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF) attends a session at the World Economic Forum (WEF) in Davos, January 30, 2010. (Xinhua/Reuters Photo)&$ &$ Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF), warned here on Saturday that world leaders should remain cautious on pulling back the various stimulus packages they have implemented in ... (1 h ago)

• China Unicom forecasts 2009 profit to pl... China Unicom forecasts 2009 profit to plunge by 50 pct
01/31/2010
China Unicom, the country's second largest telecom operator, said Saturday its net profit might have dropped by more than 50 percent in 2009, as the one-time gain from the sale of a mobile business laid a higher comparison basis for 2008. China Unicom, in October 2008, sold its Code Division Multiple Access (CDMA) business and related assets to China Telecom, the largest fixed line service provider of the country, which substantially increased the profits of the company in 2008. The compan ... (1 h ago)

• China Pacific Insurance expects 2009 pro... China Pacific Insurance expects 2009 profit to surge 400%
01/31/2010
China Pacific Insurance Group Co., the country's third largest insurer, said Saturday its net profit is estimated to grow at least 400 percent in 2009 from a year ago. The profit surge is boosted by the steady expansion in its insurance business and strong gains in investment, the company said in a preliminary report posted on the website of the Shanghai Stock Exchange before its annual report release. The insurer also attributed the sharp increase to a change in China's accounting standar ... (1 h ago)

• BoCom report: China to enter upward grow... BoCom report: China to enter upward growth period in 2010
01/31/2010
The Bank of Communications (BoCom) said on Saturday that China would enter a new round of upward economic growth cycle in 2010. But the lender warned the country to watch out assets bubbles, inflation risks and accelerated inflow of international capital in 2010, said a report issued by China's fifth largest bank in terms of assets. China's GDP growth was expected to top 10.4 percent in 2010 with sharp growth rate in the first half and relatively slow growth rate in the second half, accord ... (1 h ago)

• China's gold output grows 11 percent in ... China's gold output grows 11 percent in 2009
01/31/2010
China's gold output rose 11.34 percent to a record of 313.98 tonnes in 2009, according to latest statistics from China Gold Association. It is the third year in a row for China to rank the first in gold production in the world, according to the association. The domestic gold sector reported 137.53 billion yuan (20.14 billion U.S. dollars) of gross industrial output value in 2009, up 18.56 percent year on year. The top five production provinces were Shandong, Henan, Jiangxi, Fujian and Y ... (1 h ago)

• China Eastern to launch new air service ... China Eastern to launch new air service between Kunming, Dubai
01/31/2010
China Eastern Airlines will launch new air service from the southwestern Chinese city of Kunming, the capital of Yunnan Province, to Dubai on Feb. 22, the company said Saturday. China Eastern will operate three flights a week, including a direct one, between the two cities, a spokesman with the company's Yunnan branch said. The 260-seat Boeing 767-300 aircraft will be used for the service. MU755/6, a direct flight service, will depart from Kunming at 4 p.m. on Mondays and arrive in Dubai a ... (1 h ago)

• Massive recall likely to undermine Chine... Massive recall likely to undermine Chinese consumers' trust in Toyota brand
01/31/2010
Toyota is likely to face a trust crisis in China following a massive recall of several models over problems with sticking accelerators in the United States, Europe and China, industry analysts have said. Tianjin FAW Toyota Motor Co. Ltd. will recall 75,552 RAV4 sport-utility vehicles from Feb. 28 due to a potential flaw in their accelerator pedals, the Sino-Japanese joint venture announced Thursday. The recall follows similar announcements by Toyota in the United States and Europe, where s ... (1 h 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 ... (17 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 ... (21 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 ... (21 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 ... (21 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 ... (21 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 ... (21 h ago)

• Gov't OK's Toyota Gas Pedal Fix Gov't OK's Toyota Gas Pedal Fix
01/30/2010
Number of U.S. Recalls Now at 5.6M; Dealers Might Receive Parts for Repairs on Millions of Sticky Accelerators Next Week (14 h ago)

• Video: Where America Stands: Schools Video: Where America Stands: Schools
01/30/2010
Educators all across America are eager to turn schools around and change the system. Russ Mitchell reports "Where America Stands" on education and lays out the challenge ahead. (15 h ago)

• Video: Toyota's Test Video: Toyota's Test
01/30/2010
The federal government has approved Toyota's gas pedal fix, but as Manuel Gallegus reports, Toyota must overcome a loss of consumer confidence to restore its reputation for reliability. (16 h ago)

• Video: Where to Stash Cash Video: Where to Stash Cash
01/30/2010
For working Americans in this tough economy, everyone is working hard for their money, but interest rates are at all-time lows. "Money Magazine's" Amanda Gengler tells Erica Hill where to stash cash. (21 h ago)

• Top Economist: "Great Recession Is Over" Top Economist: "Great Recession Is Over"
01/30/2010
But Mark Zandi, of Moody's Analytics, Says Economy Not Totally Out of Woods Yet, and Backsliding Still Possible (22 h ago)

• Toyota Sending New Pedals to Factories Toyota Sending New Pedals to Factories
01/30/2010
Some Dealerships Criticize the Move, Saying the New Parts Should Have Been Sent to Them Instead (23 h ago)

• In Davos, Bankers Told Change Is Coming In Davos, Bankers Told Change Is Coming
01/30/2010
After Bailing Out Finance Industry, Governments Say They Will Push for Stricter Controls (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 (1 d 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 (1 d 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. (1 d 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. (1 d 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" (1 d 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 (1 d 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 (1 d 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 (1 d ago)

• Economic Growth Outpaces Expectations Economic Growth Outpaces Expectations
01/29/2010
Second Straight Quarter of Growth; Strongest Performance Since 2003 (1 d 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 (2 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 (2 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 (2 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. (2 d ago)

• Feds sign off on Toyota gas pedal remedy Feds sign off on Toyota gas pedal remedy
01/30/2010
Toyota plans to reveal details of the fix to stick gas pedals on Monday, according to two dealers. (10 h ago)

• NYT: China leads global race for clean e... NYT: China leads global race for clean energy
01/30/2010
China's efforts to dominate the manufacture of renewable energy technology raise the prospect that the West may someday depend on it rather than on Mideast oil. (13 h ago)

• For Toyota drivers, confusion and anger For Toyota drivers, confusion and anger
01/30/2010
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)

• Regulators to bankers: New rules coming Regulators to bankers: New rules coming
01/30/2010
Regulators from the world's major developed countries told bankers that greater regulation is on the way, a defensive move aimed at avoiding a repeat of last year's financial meltdown. (16 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 d ago)

• Excess Reigns at Super Bowl and That’s N... Excess Reigns at Super Bowl and That’s No Ballyhoo
01/30/2010
Since the Super Bowl began, the buildup has been interminable, the game sometimes anticlimactic, and the news media coverage ambivalent. (8 h ago)

• The Importance of Being Ernie The Importance of Being Ernie
01/30/2010
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)

• Steve Jobs and the Economics of Elitism Steve Jobs and the Economics of Elitism
01/30/2010
In the universe of Steve Jobs, personal vision trumps the wisdom of the crowd. He’s ready when he thinks we’re ready. (18 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. (1 d ago)

• Advertising: Using Humor in a Campaign S... Advertising: Using Humor in a Campaign Supporting Disabled People
01/28/2010
A national effort to encourage businesses to employ workers with disabilities is taking a lighthearted tack rather than a sober or earnest tone. (2 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. (2 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. (2 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. (3 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. (3 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. (3 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. (3 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. (3 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. (3 d ago)

• The Places They Go When Banks Say No The Places They Go When Banks Say No
01/30/2010
As traditional banks have spurned small businesses, many have turned to firms that provide a relatively expensive alternative: purchase-order financing. (10 h ago)

• Strategies: When a Portfolio Is Red or B... Strategies: When a Portfolio Is Red or Blue
01/30/2010
A study finds that investors alter their trading strategies based on whether their preferred political party is in power in Washington. (19 h 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d ago)

• Mortgages: F.H.A. Lending Standards Tigh... Mortgages: F.H.A. Lending Standards Tightened
01/29/2010
With F.H.A. mortgage defaults increasing, the government has tightened lending standards for those with the worst credit and increased fees across the board. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (2 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. (2 d ago)

• Obama gets hawkish on $pending, to our p... Obama gets hawkish on $pending, to our peril
01/31/2010
It was the first good week of the new year for President Obama. On Wednesday, his Treasury Secretary survived a grueling grilling on Capital Hill, while the next day Ben Bernanke, his nominee for Fed Chairman, was approved by the Senate -- in a squeaker of a vote. But the... (3 h ago)

• Underlying issues in rancid job market Underlying issues in rancid job market
01/31/2010
Dear John: Keep letting people know the real deal in the job market. The size of the labor force has been on a longterm decline as the number of people who have been falling into the “No Longer In Labor Force” category grows. These are people who have given up... (3 h ago)

• I would rather fight than switch homes I would rather fight than switch homes
01/31/2010
Our Harlem apartment has been our home for 18 years -- and we are the third generation to live here -- so when my husband and I fell behind on our mortgage payments it would have felt uncomfortable to give it back to the bank or do anything of that... (3 h ago)

• Investors rushing to safety Investors rushing to safety
01/31/2010
Powerful hedge funds and some banks rushed last week to slim down their leverage levels and to sell off riskier stock and bond assets, fearing an unavoidable rise in US interest rates, a stronger US dollar and the decreased ability of banks to take on leverage will hurt such risky... (6 h ago)

• Cuckoo for coconuts Cuckoo for coconuts
01/31/2010
Madonna has become so nuts for coconut water that she recently invested about $1.5 million in one of the leading makers of the drink, which has taken Hollywood and The Big Apple by storm, The Post has learned. Guy Oseary, the Material Girl's manager, told On the Money... (6 h ago)

• Foreclosure move tossed Foreclosure move tossed
01/31/2010
The flood of home foreclosures across the country -- three million expected in 2010 compared to 2.8 million last year -- is creating some interesting courtroom dramas. In Florida earlier this month, a judge dismissed a move by CitiMortgage to kick a family out of its home -- without... (6 h ago)

• Market dive chokes off IPO game Market dive chokes off IPO game
01/31/2010
This month's 3.5 percent drop in the Dow Jones industrial average is doing more than putting the squeeze on average investors -- it's also socking the country's wealthiest money mavens by slamming shut the window of opportunity for initial public offerings. Several of what was expected... (6 h ago)

• I'm walking from my underwater mortgage I'm walking from my underwater mortgage
01/31/2010
I stopped paying my $1,450-a-month mortgage on my 200-year-old, four-bedroom home in September 2008 -- after making the hard decision to walk away from my mortgage because it is hopelessly underwater. It is not an easy decision to walk away from your home, and in the beginning I actually... (6 h ago)

• The week's winners and losers The week's winners and losers
01/31/2010
Winners DONALD TRUMP The Donald may be able to snap up Stuyvesant Town and Peter Cooper Village on the cheap. ED WHITACRE Removes interim tag and becomes GM CEO; reiterates the company’s plans to repay Uncle Sam his $8.1B in loans by June. HENRY NICHOLAS III Broadcom founder... (6 h ago)

• Off of the Loews Off of the Loews
01/31/2010
Jonathan Tisch, CEO of Loews Hotels and chairman emeritus of the US Travel Association, has been dealing with a nearly $2 billion drop in corporate travel since President Obama chastised executives at a broke AIG for spending $400,000 on posh travel after pocketing an $85 billion taxpayer bailout. Tisch... (6 h ago)

• Calling Buffett on apparent flip-flip Calling Buffett on apparent flip-flip
01/31/2010
I have tremendous respect for Warren Buffett, but sometimes the billionaire Oracle of Omaha needs to be called onto the carpet for his seemingly contradictory statements. And this is one of those times. A couple of weeks ago, Buffett chastised the CEO of Kraft, Irene Rosenfeld, for trying to buy... (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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d ago)

• UN calls for cyber war treaty UN calls for cyber war treaty
01/30/2010
Last week at the Australian Open, I was taken on a tour of the IBM computers running the tournament. One of the displays showed a stream of threats to the IBM system in Melbourne, Australia. The attacks were coming from all over the world, mostly from Russia and China. It was only a simulation. As the IBM manager told me, a real threat would happen to fast to follow.It was a seriously scary revelation and coincides with a new study from McAfee, reported here, ... (13 h ago)

• Is US growth a mirage? Is US growth a mirage?
01/30/2010
Everyone seems to be getting very excited about the United States economy growing at 5.7%, the fastest in six years. Economists are saying people are beginning to spend again which means the recovery has kicked in.Don't hold your breath. It could be a mirage.Dr Doom, Nouriel Roubini has told Bloomberg that the 5.7% is an illusion. Most of it is related to the replenishing of inventories and that in any case, the US government is the one providing the spending money through its stimulus ... (13 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 ... (1 d 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 ... (1 d ago)

• Did Apple rip off the iPad name and desi... Did Apple rip off the iPad name and design?
01/29/2010
Just one day after launching the iPad, critics are claiming Apple stole the design and name.Wired blogger Brian Chen says the iBooks e-reader app on the IPad device was ripped off from an existing iPhone app, Classics. "The pages emulate the look of a printed book page. The 3D page-flipping effect looks almost exactly the same. The only major difference is iBooks has a tool to change font point and type. That and, of course, access to e-books in the iBooks store, which will ... (2 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 ... (2 d ago)

• LeBron James signs deal with McDonald’s... LeBron James signs deal with McDonald’s
01/28/2010
LeBron James is now shooting with a Golden Arch. LeBron James - McDonald - Cleveland Cavaliers - Business - NBA (2 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 (3 d ago)

• Rethinking how companies address social ... Rethinking how companies address social issues: McKinsey Global Survey results
01/29/2010
Many companies committed to addressing social issues in developing markets are overlooking a strategy for boosting their social impact—and perhaps their profits—a McKinsey survey suggests. Read more on the McKinsey Quarterly > Topics: Strategy Surveys (1 d ago)

• How helping women helps business How helping women helps business
01/29/2010
Companies whose social investments focus on women in developing economies help not only the recipients but also themselves. Read more on the McKinsey Quarterly > Topics: Economic Studies Strategy (1 d ago)

• Why don’t back-office efficiency drives ... Why don’t back-office efficiency drives stick?
01/28/2010
A granular look at back-office operations shows why across-the-board cuts make no sense. Read more on the McKinsey Quarterly > Topics: Operations (2 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. (1 d ago)

• An Unlikely Haven for Rock ’n’ Roll Entr... An Unlikely Haven for Rock ’n’ Roll Entrepreneurs
01/28/2010
A small town in Pennsylvania Dutch country is home to small businesses that support musicians’ tours, as well as makers of mousetraps, candy and pretzels. (2 d ago)

Business

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

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

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

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

out of control
staystrong :: 02/23/2009

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

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

• Wal-Mart 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 (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. (11 h ago)

• BPO Trends BPO Trends
01/30/2010
© Asthma HelperIn a recent article published on the Shared Services and Outsourcing Network, Susir Kumar and Suresh Ramani of Intelenet were asked about the trends that they are seeing in the BPO industry. Mssrs. Kumar and Ramani reported that they were seeking a number of significant changes in both the pace and manner of deal structure during the economic difficulties of 2009. These include a greater focus on near-term savings, more aggressive price negotiations, more "buy-outs" of entire departments and they are being ... (21 h 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 ... (1 d ago)

• Indian Premier League goes green Indian Premier League goes green
01/28/2010
© B. SandmanThis game attracts billions of dollars and is watched by millions of viewers across the world. One of the biggest cricket extravaganzas in the world, Indian Premier League or IPL has decided to go green and for this purpose has entered into a tie up with United Nation Environment Program to make it happen. As a result IPL has become the first sports body in India to go carbon neutral by 2011. During every match of the season 2010, IPL will be calculating ... (2 d 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 ... (2 d ago)

• Online Invoicing Apps for Your Business Online Invoicing Apps for Your Business
01/30/2010
© jekert gwapo Small Business Trends published a great piece this month on invoicing tools that you can access online. Let's face it: collecting what people owe you is a major key to business success. Especially if you provide business-to-business services, there's a good changce your accounts aren't done on a cash only basis. And if you deal with customers on a regular, repeated basis there's a good chance you bill them from time to time. This piece looks at 30 different invoicing ... (11 h ago)

• Information is Good, But It Can Also Ste... Information is Good, But It Can Also Steal Your Soul
01/30/2010
Seth Godin had a blog post a week or so ago about data - and how everyone wants more data, so they can prove their point. We live in the Information Age now. There's a common misconception that we entered the Informatin Age as a byproduct of computers. But we had an infatuation with data before computers were very common. It makes me think of the McNamara Fallacy, named for Secretary of Defense Robert McNamara. At a time when computers where not all ... (15 h ago)

• 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, ... (1 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 ... (2 d ago)

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