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Business News
for 02/01/2010

(last updated 7:30am EST 02/01/2010)

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• Toyota Says It Start Fixing Recalled Car... Toyota Says It Start Fixing Recalled Cars This Week
02/01/2010
The company said engineers have developed and “rigorously tested” a remedy that involves reinforcing the pedal to eliminate excess friction. (4 h ago)

• Biggest Haul at Grammys Goes to Beyoncé Biggest Haul at Grammys Goes to Beyoncé
02/01/2010
Beyoncé was the top winner at the 52nd annual Grammy Awards with six prizes, including song of the year for “Single Ladies (Put a Ring on It).” (4 h ago)

• Data Points to Solid Growth in Asia, Alo... Data Points to Solid Growth in Asia, Along With Pitfalls
02/01/2010
Reports from China, South Korea and Australia on Monday underscored the Asia-Pacific region's rebound from the global turmoil of last year but also underlined the policy challenges that lie ahead. (5 h ago)

• E.U. Reviews New Oneworld Plan on Antitr... E.U. Reviews New Oneworld Plan on Antitrust Concerns
02/01/2010
The European antitrust regulator said Monday that it was reviewing an offer by British Airways, American Airlines and Iberia to preserve competition if their proposed joint venture is approved. (5 h ago)

• Britain Warned Businesses of Threat of C... Britain Warned Businesses of Threat of Chinese Spying
02/01/2010
The MI5 spy agency informed hundreds of British companies in 2008 of a wide-ranging effort by China to hack into computers and blackmail foreigners. (7 h ago)

• Germany Weighs Purchase of Swiss Bank Da... Germany Weighs Purchase of Swiss Bank Data by Informant
02/01/2010
An informant is offering to sell the German authorities details of 1,500 individuals who allegedly have untaxed income stashed away in Swiss bank accounts. (7 h ago)

• Toyota’s Slow Awakening to a Deadly Prob... Toyota’s Slow Awakening to a Deadly Problem
01/31/2010
A fatal accident in August led Toyota to step up its inquiry of unintended acceleration, yet only last week did it come to terms with the problem’s scope. (9 h ago)

• Incremental Steps in Iraq to Let Kurdist... Incremental Steps in Iraq to Let Kurdistan Oil Flow
01/31/2010
Multibillion-dollar deals are still mired in a bitter political dispute between the Kurdish region and the central government in Baghdad. (9 h ago)

• Disney Is Said to Be Seeking a Buyer for... Disney Is Said to Be Seeking a Buyer for Its Beleaguered Miramax Unit
01/31/2010
The Miramax name and 700-film library, including “Pulp Fiction” and “The Queen,” could fetch more than $700 million, a mergers expert said. (10 h ago)

• News Analysis: Is the Day of Tiny Ads Fi... News Analysis: Is the Day of Tiny Ads Finally Here?
01/31/2010
Maybe Apple’s iPad will tip the balance toward the perenially next big thing on the small screen. (10 h ago)

• An Electric Boost for Bicyclists An Electric Boost for Bicyclists
01/31/2010
The booming Chinese electric-bike industry is spurring impressive sales in India, Europe and the U.S. (10 h ago)

• Risky Trading Wasn’t Just on the Fringe ... Risky Trading Wasn’t Just on the Fringe at A.I.G.
01/31/2010
The conventional wisdom was that risky derivatives from a London unit brought down A.I.G. But a Delaware division was gambling as well. (10 h ago)

• Asian Stocks Slide Asian Stocks Slide
01/31/2010
Asian stocks dropped on Monday after suffering their worst monthly fall in a year, but South Korean automakers posted nearly 3 percent gains amid troubles at Toyota. (12 h ago)

• China Leading Global Race to Make Clean ... China Leading Global Race to Make Clean Energy
01/31/2010
A shift to sustainable energy could leave the West reliant on China, much as the world now depends on Mideast oil. (21 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. (1 d 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. (1 d 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. (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. (2 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. (2 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. (2 d ago)

• China shares close lower Monday China shares close lower Monday
02/01/2010
Shares in the Chinese mainland closed lower Monday, with the benchmark Shanghai Composite Index down 47.93 points or 1.60 percent to close at 2,941.36. The Shenzhen Component Index lower by 148.10 points or 1.22 percent to close at 11,989.11. &$ &$Source: Global Times&$ &$ ... (1 h ago)

• Wuhan issues policies to encourage low-c... Wuhan issues policies to encourage low-carbon transport
02/01/2010
The Wuhan E-card, a kind of watch or keychain-shaped IC card can be used to pay for buses, ferries and light rail trains, will be formally launched in Wuhan starting February 1. Meanwhile, card holders will be entitled to another reduction in bus fares. This is one of the new policies which have been adopted by the Wuhan municipal government to encourage more residents to choose low-carbon transportation. The standard fare for a card holder on ordinary buses will drop from 0.9 yuan to 0.8 yua ... (1 h ago)

• Tokyo stocks close mixed in directionles... Tokyo stocks close mixed in directionless trading
02/01/2010
Tokyo stocks ended mixed Monday after fluctuating narrowly in directionless trading. The 225-issue Nikkei Stock Average closed up 6.98 points, or 0. 07 percent, from Friday at 10,205.02. The broader Topix index of all First Section issues on the Tokyo Stock Exchange lost 2.51 points, or 0.28 percent, to 898.61. Trading volume on the main section came to 2,156.03 million shares, down from Friday's 2,258.50 million. The TSE's Second Section index was down 10.99 points, or 0.52 percent, ... (1 h ago)

• China established 96 special customs sup... China established 96 special customs supervision zones
02/01/2010
By the end of 2009, China had established 96 special customs supervision zones to adopt convenient customs clearance. As ideal destinations for foreign direct investment and China’s processing trade centers, these zones are full of enterprises specializing in electronic information, biopharmaceuticals and aerospace. At present, these special supervision zones include 13 bonded ports, 8 comprehensive bonded zones, 55 export processing zones, 6 bonded logistics parks, 12 bonded zones, the Zhu ... (1 h ago)

• Amazon surrenders to Macmillan on e-book... Amazon surrenders to Macmillan on e-book price hike
02/01/2010
Amazon.com said Sunday afternoon it will bow to publishing giant Macmillan and agree to raise prices on some e-books even at prices it considers too high. Amazon wants to tamp down prices as competitors such as Barnes & Noble Inc., Sony Corp. and Apple Inc. line up to challenge its dominant position in the rapidly expanding market. But Macmillan and other publishers have criticized Amazon for charging just 9.99 dollars for best-selling e-books on its Kindle e-reader. In a strongly worded m ... (1 h ago)

• CSRC: Margin trading not to cause plunge... CSRC: Margin trading not to cause plunge of A-share
02/01/2010
China Securities Regulatory Commission (CSRC) stated January 31, "Launching margin trading will not cause the market to plummet," elaborating on the hot topics related to margin trading for the first time. Last week, the Shanghai Composite Index dropped below the 3,000 mark, leading to various intensifying concerns about the A-share market. If margin trading is launched, the current unilateral A-share market in which investors can only make profits by buying low and selling high, will develop ... (1 h ago)

• S. Korea's CPI increases 3.1% in January... S. Korea's CPI increases 3.1% in January
02/01/2010
South Korea's consumer price index ( CPI) growth hit a nine-month high in January mainly due to a price hike in agricultural, dairy and fishery products, a report showed Monday. According to the report released by Statistics (South) Korea, the nation's CPI year-on-year rose 3.1 percent in January, accelerating from a 2.8 percent yearly advance tallied the previous month. The January gain marks the sharpest rise in CPI since April, 2009 when the price jump stood at 3.6 percent, the report ... (1 h ago)

• S Korea's trade account back in negative... S Korea's trade account back in negative territory in January
02/01/2010
South Korea posted a trade deficit of 470 million U.S. dollars in January, turning back to negative territory for the first time in a year, a government report showed Monday. According to data provided by the Ministry of Knowledge and Economy, the nation's trade account stood back in negative territory, sharply down from the 3.09 billion-U.S. dollar surplus of the previous month. The January balance was the first negative amount since January 2009 when it marked a 3.76 billion-U.S. dollar ... (1 h ago)

• Australian treasurer rejects further tar... Australian treasurer rejects further tariff cuts
02/01/2010
Australian Treasurer Wayne Swan on Monday rejected further cuts to tariffs or car industry subsidies. The federal government wants average productivity to increase from 1.4 percent at present to 2 percent a year during the next four decades. The last time Australia had 2 percent productivity growth was in the early 1990s, after the Hawke and Keating Labor governments cut manufacturing tariffs and introduced enterprise bargaining. However, Swan ruled out the option of further tariff cut ... (1 h ago)

• S Korea to expand investment in original... S Korea to expand investment in original tech R&D
02/01/2010
South Korea is expected to invest 1.6 trillion won (1.37 billion U.S. dollars) in research and development (R&D) to beef up its original technology and clean energy sector in 2010, the government said Monday. According to the Ministry of Knowledge Economy, it seeks to pour the planned fund into the original technology sector, including automobile, information technology (IT), robot, and material industries. Automobiles will get 98.14 billion won (83.9 million U.S. dollars) in support, with ... (1 h ago)

• Resource output capacity to be an import... Resource output capacity to be an important index of China's"12th Five-Year Plan"
02/01/2010
He Bingguang, an official with China's National Development and Reform Commission (NDRC) emphasized January 30, that China will regard developing a circular economy as a basic measure to adjust economic structure and change the economic growth mode, consider the resource output capacity an important index of the "12th Five-Year Plan," and evaluate the effect of a circular economy. Resource output capacity refers to the GDP based on the consumption of a certain amount of primary resources such ... (1 h ago)

• "First Document" urges more resources el... "First Document" urges more resources elements for rural areas (2)
02/01/2010
&$ &$Permanent residence permits in county seats and townships&$ &$ The country will ease the restrictions over permanent residence permits in county seats and townships so that more rural residents can move in and enjoy the same rights and public services as original urban residents, said the document. It also calls for the improvement of living standards for migrant workers in various ways, and encourages cities that have fair conditions to included migrant workers who are in regula ... (1 h ago)

• "First Document" urges more resources el... "First Document" urges more resources elements for rural areas (3)
02/01/2010
&$ &$The healthcare system&$ &$ Policies that encourage migrant workers to start their own businesses to promote employment will be completed. Migrant workers who start enterprises will receive support from the government. Migrant works who are in regular employment will be included in the urban employee healthcare system, and problems within the basic pension insurance transfer system will be solved soon. There will be policies addressing the problem of education for migrant work ... (1 h ago)

• "First Document" urges more resources el... "First Document" urges more resources elements for rural areas (4)
02/01/2010
&$ &$Expansion of domestic demand&$ &$ The price limits of "subsidized home appliances for rural residents" will be greatly raised, and each province is allowed to add one more kinds of appliances in the category of subsidized products. Farmers will get a rebate when buying building materials or building their own houses. More efforts will be made to strengthen financial services including micro-credit loans and insurance service in rural areas, according to the document. It called ... (1 h ago)

• Experts play down fears of a market cras... Experts play down fears of a market crash
02/01/2010
With leading shares trading at their lowest levels since November, analysts are starting to wonder if we're heading for a serious market correction. The FTSE 100 has now lost around 350 points since its recent peak of 5538 in mid-January, hit by a number of concerns including the financial problems in Greece, President Obama's banking reforms, and signs of China tightening its monetary policy, which could dampen demand at a time when the global economy is struggling to emerge from recession. But today come a couple of notes suggesting that - as things look at the moment - the recent falls might turn out to be just be a blip rather than a full blown crash. In a note entitled Is this the big one , strategists at UBS seem to conclude, er, not really. The UBS team say: We do not believe that this is the end of the bull market. Three disparate catalysts have triggered the current correction: Chinese monetary policy, US bank reforms and Greek fiscal concerns. Although risks have risen, we believe that each of these individual events will most likely turn out to be manageable and, in themselves, will not de-rail the global economic recovery. Equity market fundamentals are still intact. Falling equity prices and rising earnings have left European equities as cheap as they have been since the July 2009 correction (12 month forward PE of 11.5 times now versus 11.0 times at the low of last summer). European equities also look attractive relative to other European asset classes (2010 estimated dividend yield of 4.0% versus a 3.2% 10-year German bond yield). Meanwhile JP Morgan strategists - in a 67 page document - say: The last week's trading is showing how rapidly the sentiment is changing and how fragile the investor confidence was to begin with. In the fourth quarter the general desire was to add further to market exposure, but majority didn't want to chase into the year end, deciding to wait for a pullback, for better entry levels. It is interesting that now that correction is unfolding, instead of looking at this as the long awaited opportunity to add into, the overall sentiment today is that it is better to wait, that there is too much uncertainty and too many moving parts to consider. However,if it weren't for this poor news flow in the first place, the stocks wouldn'tbe trading at levels of last October again. The question is whether what we are witnessing over the past fewdays is a game changer? Is "buying the dips" going to fail as a winning strategy this time? Acknowledging the potential for markets to create their own future outcomes, we point out the following: In the background, the reporting season is so far delivering good results. Second, credit cycle is showing further signs of turning, as evidenced in the results of most banks. This is one of the key conditions for the sustainability of recovery. Third,despite the latest few prints which were higher than expected, the 4-week run-rate of jobless claims is consistent with outright positive payrolls right now. Fourth, while Greek debt situation remains precarious, and the market is starting to entertain contagion risk, we note that in the case of Romania, Latvia and Hungary the announcement of a financial assistance program managed to stabilise markets relatively swiftly. Fifth, the start of the Chinese policy tightening, while detrimental to the market sentiment and raising the potential for policy mistake, could ultimately be seen as a positive, as a sign that growth recovery appears robust enough to allow policymakers to refocus on asset bubble concerns. Sixth, the recent turn in the currency trends, with some Euro weakness, should remove one of the headwinds for European exporters. Lastly, while we are cognisant that the market can drive valuations to much lower levels than would be at first deemed reasonable, it is perhaps worth mentioning that stocks trade on 11.5 times this year's earnings, in addition to the EPS integer moving up. We advise adding to positions on weakness and would revisit this view if jobless claims were to move back towards 500,000, if Greek default becomes a reality or if manufacturing leading indicators roll over. Indeed the key US non-farm payroll figures are out on Friday, along with some other key moments including the Bank of England's latest interest rate and quantitative easing meeting. At the moment the FTSE 100 is pretty much unchanged - up 0.01 points at 5188.53. Joshua Raymond, market strategist at City Index said: European markets have started the week rather sluggishly with ongoing concerns over Chinese growth keeping investors from building on positions from Friday's gains. Data out of China early this morning indicated that rising inflationary pressures are unlikely to go away and this could force China into tightening rates, which could have an underlying affect on commodity demand. This is keeping investors a little apprehensive today and by and large, they have not built on positions made in last Friday's gains. Investors have been bit sluggish to come to the fore having also cited a big week ahead for economic data with US ISM manufacturing out later this afternoon, a Bank of England and ECB rate announcement and the all important Non Farm Payrolls on Friday. After the recent heavy equity losses, the trading week could be a volatile one if some of the figures surprise. Market turmoil Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Tory policies would strangle recovery at... Tory policies would strangle recovery at birth, says Mandelson
02/01/2010
Business secretary challenges David Cameron to reveal how much money the Conservatives would take out of the economy this year Lord Mandelson warned today that Tory plans to cut "billions of pounds" from government spending threatened to "strangle economic recovery at birth". The business secretary challenged David Cameron to level with the British people on how much money the Conservatives plan to take out of the economy this year as he accused the opposition of being in "disarray" over its economic policy. Labour today published a document, entitled "Conservative Party Risk to Recovery", which appeared to have been drawn up before Cameron seemed to soften his line on planned spending cuts over the coming year. The Tories previously stated they would move further and faster than Labour to tackle Britain's £178bn budget deficit in a bid to reassure international markets and stabilise the economy. However, Cameron said while an incoming Tory government would make an immediate "start", there was a limit to what could be done in the first 12 months when the spending plans for the financial year were already in place. The shadow chancellor, George Osborne, said some quick savings could be found by cutting government advertising, consultants and child trust funds for the better off. Mandelson challenged the Tory leader to "stop bobbing around like a cork in the water" and level with the British people. Cameron's recent tough talk on spending cuts would "pull the rug" from under the economy and "strangle recovery" at birth. "The Conservative leadership's plans for the economy are far from clear. In the coming financial year, starting two months from today, planned investment will rise by £31bn. David Cameron said this time last week we needed to 'tear up' these plans. But now the Tories seem to be on the move. "If Mr Cameron refuses to be clear, if he will not be honest, people will conclude that for electoral reasons he is hiding the truth," said Mandelson at a press conference at Labour party headquarters. "The impact on people's livelihoods and jobs could be riding on how the Tories make up their minds on their spending plans for this year. What we are witnessing from the Tories is either a dishonest rhetorical gloss to hide their true intentions or a remarkable intellectual collapse. Either way, it does not inspire confidence in this Laurel and Hardy duo." Mandelson said that, despite early signs of recovery, the road ahead will be "bumpy". "That is why we cannot take risks. The economy needs continued support until the recovery is fully locked in. That is why Labour are leaving government spending and investment in place for 2010-11. It can't be clearer." Economic policy Conservatives Peter Mandelson Green shoots Tax and spending Hélène Mulholland guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Barack Obama to drop Nasa moon mission i... Barack Obama to drop Nasa moon mission in budget cutbacks
02/01/2010
Reports say planned human flights to the moon and Mars likely to be ditched in effort to rein in US deficit Nasa's plans to send a manned mission to the moon and launch the US into a bold new era of space exploration are likely to remain on the ground today when Barack Obama unveils his budget. The president wants to cut back or abandon 120 government programmes to help rein in the US deficit – among them the funding of the US space administration – as part of the $3.8tn (£2.4tn) budget. According to the Washington Post, Obama will seek to shelve the $81bn Constellation programme , which called for a return to the moon by 2020 and human landings on Mars by the middle of the century. The plans were laid out by his predecessor, George Bush, in 2004. The budget could also spell the end for Nasa's successor to the space shuttle, the Ares 1 rocket, which has already cost billions of dollars to develop. The government will instead call for $6bn to be spent over five years to develop a commercial craft to transport astronauts into orbit. Such a move would mark a sea change in how Nasa works, forcing it to rely on a private company to design and manufacture a spacecraft. Michael Griffin, a former Nasa administrator who championed the Constellation programme, told the Post the budget would prevent the US from being "a significant player in human space flight for the foreseeable future". "The path that they're on with this budget is a path that can't work." While commercial firms such as SpaceX and Orbital Sciences had a role to play in space flight, they were not ready to take astronauts into orbit, he said. "One day it will be like commercial airline travel, just not yet. It's like 1920. Lindbergh hasn't flown the Atlantic, and they're trying to sell 747s to Pan Am." His remarks were dismissed by John Gedmark, executive director of the Commercial Spaceflight Federation. "The defence department began using commercial rockets a long time ago to launch priceless national security satellites that our troops' lives depend on," he said. "If the Pentagon can trust private industry with this responsibility, we think Nasa can too." Yesterday, a White House spokesman said the president's commitment to a "robust 21st century space programme" would be reflected in the budget. "Nasa is vital not only to spaceflight, but also for critical scientific and technological advancements," he said. "The expertise at Nasa is essential to developing innovative new opportunities, industries, and jobs. The president's budget will take steps in that direction." An expert panel appointed by the president last year concluded that Nasa would need another $3bn a year to conduct a functional human spaceflight programme – three times the amount they are to receive in the budget. The panel said the Constellation programme would not have the money to fulfil its aim of a moon landing in 2020, the first such mission since the last Apollo lunar mission in 1972. Space Space technology US economy United States Sam Jones guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Manufacturing growth at 15-year high Manufacturing growth at 15-year high
02/01/2010
• CIPS/Markit survey shows strong demand from home and abroad • Compilers suggest recovery will pick up in 2010 after last week's disappointing GDP figures Activity in Britain's manufacturing sector grew at its fastest pace in 15 years last month as factories reported strong demand from home and abroad, according to a survey this morning. Echoing other reports of strength returning to the economy, the PMI manufacturing survey from the Chartered Institute of Purchasing and Supply/Markit gave a main reading of 56.7 for January. That compared with 54.6 in December , was well above City analysts' expectations of 54.0 and was the highest reading since before Labour came to power. A figure above 50 denotes expansion and for much of last year the readings were firmly below that level, showing a contracting manufacturing sector. January's improvement came as new orders rose at their fastest pace since January 2004. Within that, export orders grew at their strongest pace since that series began in 1996, reflecting the ongoing weakness of the pound. The survey follows official data last week that showed Britain only just crawled out of recession with a meagre 0.1% quarterly growth rate at the end of 2009. But the PMI's compilers suggested 2010 would see growth picking up from there and highlighted that manufacturing jobs were on the up for the first time in almost two years. "January data point to a robust start to 2010 for the UK manufacturing sector. The headline PMI hit a 15-year high as growth of new orders and production accelerated and employment rose for the first time since April 2008," said Rob Dobson, senior economist at Markit. "The main driver of growth was a surge in new export orders, as improving global market conditions and the ongoing weakness of sterling led to the sharpest rise in foreign demand recorded in at least 14 years. "The survey therefore raises hopes that the sluggish recovery from recession signalled by GDP data in the final quarter of last year will have gained momentum as we move into 2010." The survey comes as the Bank of England's monetary policy committee prepares to meet on Wednesday and Thursday this week to make the critical decision on whether to suspend its £200bn programme of quantitative easing (QE). The BoE released its own monthly mortgage and consumer borrowing data this morning showing home loan approvals unexpectedly fell in December while consumer credit rose for the first time since last June. Economist James Knightley at ING Financial Markets described today's data as "encouraging" and said the rise in borrowing "offers further hope that credit access is improving and households are more prepared to take on debt". "This suggests that UK GDP can post a reasonably healthy growth figure for the first quarter of 2010 while supporting the view that the BoE will not choose to expand its asset purchase facility at this week's MPC meeting," he added. Manufacturing data Manufacturing sector Economic growth (GDP) Recession Bank of England Quantitative easing Mortgage lending figures Credit crunch Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Toyota to reveal number of UK cars affec... Toyota to reveal number of UK cars affected by pedal glitch
02/01/2010
• Fault means accelerator can get stuck in depressed position • Manufacturer to announce how many cars will be recalled Toyota will today announce how many of its UK customers may need repair work to their cars as part of worldwide recall of millions of vehicles because of problems with sticking accelerator pedals. The carmaker said this morning it was hoping to announce the exact number of its 1m UK customers whose cars will be recalled to check for the possible fault in which the accelerator can get stuck in a depressed position preventing the driver from slowing down. Anyone affected is unlikely to be able to claim a refund for their car. Rather, they will simply get their existing car repaired or possibly replaced. A Toyota spokesman said the company would carry out any "rectification work" free of charge. According to Toyota's own guidance to drivers, the fault is caused by accelerator pedal mechanisms becoming worn. "This progressive wear, combined with certain operating and environmental conditions, can cause friction in the mechanism to increase and intermittently result in the accelerator pedal being harder to depress, slow to return or, in the worst case, stick in a partially open position," it said. Toyota had already said last week that as many as 1.8m cars were probably affected in Europe as part of a rapidly widening recall that started in the US. The eight models affected include the Yaris, Auris and Corolla. Toyota insists, however, that "only a limited number of incidents have been reported in Europe, and Toyota Motor Europe is not aware of any accident resulting from this issue". The global recall has left Toyota battling for its once sound reputation as one of the safest and most reliable car brands. In January, the Japanese-based manufacturer suspended its American sales operation and production of eight models – including the Camry, the country's best-selling car. The US recall of more than 3m cars, which Toyota wants to inspect and modify as necessary, is on top of the 4.2m that had to be checked in late 2009 over a different problem, in that case floor mats which jammed accelerators . The net has now widened to China as well as Europe for the recall over the latest accelerator problem. Toyota Motoring Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Ryanair warns fares will rise Ryanair warns fares will rise
02/01/2010
• Low-cost airline Ryanair says fares have to rise to meet targets • Investors cheered by improved full-year outlook Low-cost airline Ryanair has warned that fares will have to rise in the future if it is to meet its targets. To achieve long-term profit targets, average fares would have to rise "somewhere down the line", chief financial officer Howard Millar told Reuters in an interview. He was speaking after Ryanair posted a loss of €11m (£9.6m) in its third quarter, compared with a loss of €102m a year earlier as it cheered investors with an improved full-year outlook. Chief executive Michael O'Leary highlighted growing market share following the demise of rival airlines such as Germany's Blue Wings and said Ryanair was making more progress on cutting costs. "Market conditions remain difficult, although the increasing pace of consolidation and closures among our competitors allied to Ryanair's continuing fleet expansion will lead to further market share gains this year in particular in Italy, Scandinavia Spain, and the UK," he added in a statement . Third-quarter passenger numbers rose 14% to 16m but that was largely offset by a 12% decline in average fare. O'Leary said Ryanair's yield performance was better than expected in the third quarter thanks to a better mix of new routes and bases. He predicted that trend was likely to continue into the final quarter, giving a better-than-expected performance for the year as a whole. As a result, the airline increased its full-year net profit guidance to €275m from the lower end of the range of €200m to €300m previously forecast. The news helped lift Ryanair's shares in Dublin, where they rose almost 5% to €3.50 shortly after the market opened. Ryanair Flights Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Tory plan for 'superfast' broadband Tory plan for 'superfast' broadband
02/01/2010
• 3.5% of BBC's licence fee to upgrade broadband network • BT says it aims to get fast broadband to 10m homes by 2012 The Conservatives today claimed they were willing to loosen BT's grip on the local telephone network and use parts of the BBC licence fee to deliver "superfast" broadband to the majority of Britain's homes by 2017. Using "market-based solutions" the party believes the UK can be the first leading European country to have speeds of "up to" 100 megabits per second (Mbps), the shadow chancellor George Osborne said. He said "the Conservatives would support changes to the regulatory framework", adding that private investors being allowed to pay for better cabling would encourage competition. If the market failed to deliver, then 3.5% of the licence fee currently used to pay for digital switchover could be diverted to pay for broadband expansion, Osborne said. That would raise between £750m and £1bn on the basis of 25m TV licences. But Labour hit back, noting that the proposal to tax the BBC would benefit Rupert Murdoch's BskyB and the Tory donor Carphone Warehouse. Labour has committed to extending broadband to 90% of homes by 2012 at 2 Mbps. Labour has also planned a 50p a month levy – a "broadband tax" – which will be used to fund "next generation broadband" for areas where the market is unlikely to deliver. This levy is expected to raise between £1-1.5bn by 2017 But Osborne claimed his plans were more ambitious than those of the government. "In the 19th century we built the railways," he said. "In the 20th century we built the motorways. In the 21st century let's build the superfast broadband network that will create hundreds of thousands of jobs for Britain." He said the Conservatives would end BT's "local loop monopoly" and allow other operators to move in with their own ducts and fibre cables, an approach that has proved successful in countries such as Singapore and South Korea. " I think the best way to deliver this is by breaking up the British Telecom monopoly at the moment, which holds back companies such as Carphone Warehouse or Virgin". He added:" if we find the market can't do that, then use the BBC licence fee, the digital switch over money in the BBC licence fee, to get Broadband out to the rest of the country. Shadow culture, media and sport secretary Jeremy Hunt said: "These regulatory changes will create the right conditions for sustainable growth and ensure that the digital sector plays a leading role in a competitive, balanced economy." But financial secretary to the Treasury Stephen Timms said: "On broadband it's not Britain but the Tories that are playing catch-up. Labour have already announced measures for rolling out broadband across the country – and the Tories have opposed the plans to make that happen." Other Labour sources pointed out that the founder of Carphone Warehouse has donated £150,000 to the Tories and is a friend of many senior Tories. Liberal Democrat culture, media and sport spokesman Don Foster said: "This announcement shows once again the fantasy world of Tory economics. Anyone can promise the earth – what matters is how you pay for it. All independent research shows that the market simply cannot provide high speed broadband in all parts of the country in the short term without investment. "Hints that the license fee payer will be hit are the closest the Tories come to explaining how they intend to pay for this." A spokesman for BT said: "The UK boasts one of the most competitive broadband markets in the world with BT having a 25% market share. Ninety nine percent of homes can access copper broadband, prices are low and close to 20m homes are already enjoying services. Technology is moving on and BT is at the forefront of that revolution. We are investing £1.5bn to get fibre to at least 10 million homes by mid 2012 and we want to go further." BT Broadband Telecommunications industry Telecoms George Osborne Conservatives Carphone Warehouse BBC licence fee BSkyB Patrick Wintour guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Amazon concedes defeat in ebook row Amazon concedes defeat in ebook row
02/01/2010
• Amazon to give in over publisher's price demands for book downloads • Row had seen Macmillan titles withdrawn from sale on Amazon Amazon has conceded that it will have to give in to Macmillan in a row over the pricing of ebooks that saw the publisher's titles removed from the retailer's virtual shelves this weekend . After a meeting between the two parties on Thursday ended in deadlock, Amazon stripped books from Macmillan – including Hilary Mantel's Man Booker prizewinner, Wolf Hall – from its website in the US. In a posting on its site , Amazon said the talks stumbled over Macmillan's push to switch to a pricing model where $12.99 to $14.99 is charged for e-book versions of bestsellers and most hardcover releases. Amazon, which has long been under fire from the publishing community for selling ebook bestsellers at $9.99, sought to paint Macmillan as the pricing tyrant. "We have expressed our strong disagreement and the seriousness of our disagreement by temporarily ceasing the sale of all Macmillan titles. We want you to know that ultimately, however, we will have to capitulate and accept Macmillan's terms because Macmillan has a monopoly over their own titles, and we will want to offer them to you even at prices we believe are needlessly high for ebooks," the online retailer added. "Amazon customers will at that point decide for themselves whether they believe it's reasonable to pay $14.99 for a bestselling ebook. We don't believe that all of the major publishers will take the same route as Macmillan. And we know for sure that many independent presses and self-published authors will see this as an opportunity to provide attractively priced ebooks as an alternative." Thursday's price spat with Amazon – home of the Kindle ebook store and reading device – followed the news that Macmillan was one of a handful of publishers to be the first in Apple's new iBookstore. Apple , which is potentially providing Amazon's biggest ebook challenge yet with the iPad, is expected to allow publishers more freedom to set their own prices. Macmillan's chief executive, John Sargent, said the row with Amazon was about the "long-term viability and stability of the digital book market". "Amazon and Macmillan both want a healthy and vibrant future for books. We clearly do not agree on how to get there," he said in a statement to authors, illustrators and literary agents, posted online. Visitors looking up Macmillan titles on Amazon's US site this morning saw a list entitled "available from these sellers", but no Amazon price or order button. The retailer is under pressure to stay competitive on price as digital books become a growing part of its business and rival sellers increase. Macmillan's description of Amazon as "a great innovator" reflects the retailer's development of the Kindle, which publishers such as Penguin have credited with invigorating the ebook market in the US. Amazon recently passed a milestone when on Christmas day it sold more ebooks than traditional books, as people who got Kindles for Christmas bought titles to download. But now it has a new challenger in the form of Apple. The iPad tablet brings with it the iBookstore and new pricing models for electronic publishing. Amazon.com Ebooks Retail industry Publishing Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• House price rise hides growing north-sou... House price rise hides growing north-south divide
01/31/2010
Home buyers in London and south-east drove January's 0.1% rise while elsewhere the housing market stagnated House prices increased by a modest 0.1% in January, but the rise was entirely driven by activity in London and the south while the market in the rest of the country stagnated, according to property research firm Hometrack. Hometrack's monthly survey, based on information from more than 1,800 agents, showed that while average house prices rose by 0.1% nationally, there was a growing north-south divide. Greater London, the south-east and the south-west all saw a 0.1% rise, while the market was flat in every other region. Richard Donnell, Hometrack's director of research, warned that with credit still tight, the recovery in 2009 was largely driven by buyers with little or no mortgage. "There is a danger that the resulting skew in transactions, towards higher-value property in better off areas, has led to the general health of the housing market being overstated," he said. Without a broader-based recovery in demand, he warned that the bounce-back could rapidly peter out. Hometrack's research showed that the proportion of the country with rising prices had been shrinking over the past six months, so that increases were concentrated in just 7% of postcodes in January. The health of the fragile housing market will be one of the key questions facing members of the Bank of England's Monetary Policy Committee when they meet this week to decide whether to extend the radical policy of "quantitative easing" – pumping money into the economy. Economist Andrew Sentance last week stressed the likely strength of housing in a speech in London, but Bank governor Mervyn King is known to be nervous about the impact of continued credit shortages as banks repair their balance sheets. Economists and housing market experts are divided about whether the recovery can be sustained . Estate agency Savills recently predicted a further 7% decline in prices in 2010 while Nationwide warned that the outlook was "clouded by fog". Hometrack said it is now taking agents nine weeks on average to sell a property, compared with more than 12 weeks in January 2009. Housing market House prices Recession Interest rates Mortgage rates Mortgage lending figures Banking Property 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)

• Supermarket fridges 'as polluting as the... Supermarket fridges 'as polluting as their plastic bags'
01/31/2010
The switch to refrigerants that do not damage the ozone layer brought in a generation of chemicals with a greenhouse effect thousands of times stronger than CO2 Greenhouse gases used in supermarket fridges and freezers pose as great a threat to the environment as plastic bags, according to a study by campaigning group the Environmental Investigation Agency. Chemicals released by fridges account for 30% of supermarkets' direct emissions, yet only 0.5% of stores have been fitted with greener equipment, according to the report, called Chilling Facts. The research points the finger at "ethical" grocer the Co-operative Group, which scored the lowest marks of the major grocery chains. The EIA has faced a struggle to raise awareness of the problem. "Fridges are not sexy," said Fionnuala Walravens. "The environmental impact of supermarket refrigeration is a big issue but little understood … it is a hell of a lot bigger than free plastic bags." The EIA is concerned about the widespread use of damaging HFC (hydrofluorocarbon) gases as coolants. Supermarkets are the biggest industrial emitters of HFCs, which were hurriedly introduced in the 1990s as a safer alternative to ozone-depleting chemicals such as CFCs (chlorofluorocarbons) and hydrochlorofluorocarbons (HCFCs). HFCs do not damage the ozone layer but their global warming potential is significant. One tonne of the widely used gas called R404a has a warming effect equal to 3,900 tonnes of CO 2 over a 100-year period. The level of leakage of the chemicals is equivalent to 1bn car journeys to the average local supermarket. The gases escape in normal use and maintenance. There are alternatives that can be used for refrigeration. More climate-friendly chemicals have been adopted in Sweden and Demark and by major multinationals including McDonalds and Coca-Cola. But British supermarkets have been slow to make the change. "Though some supermarkets have made a good effort over the last year, the survey results are disappointing," Walravens said. The Co-op scored just 19 out of a possible 100 because recent store refits included old HFC-based refrigeration. According to the EIA, there was also "heavy reliance" on ozone-depleting HCFCs in its distribution centres. The company said the report was based on "dated information" and ignored recent steps to reduce leakage, which was cut by almost 30% last year. "We are currently upgrading our entire distribution network and robustly progressing the removal of HCFCs," said a Co-op spokeswoman. "The main reason we have been rated badly is that the report falls into the trap of rewarding distant targets and not hard-won improvements in performance. The Co-op's commitment to reducing emissions is clear and, unlike some of the other retailers featured, we have openly disclosed our emissions data to the EIA." Sainsbury's, Morrisons and Aldi all refused to share emissions data with the researchers. But even without their figures the EIA said the "reported" industry tally was the equivalent of 1.13m tonnes of CO 2 , suggesting the total release of climate-damaging HFCs is significantly higher. Now in its second year, the survey asked supermarkets to supply details of the refrigeration used in their supply chain and stores. It found that 46 out of more than 8,300 stores used climate friendly systems, up from 14 in 2009. Asda, the UK's second largest grocer, was criticised by the EIA for reneging on previous promises, with no new HFC-free stores since the previous year's survey. The Wal-Mart owned grocer countered that the technology was "not ready" so it was concentrating on stemming leakage. Frozen food chain Iceland was also slammed for its failure to grapple with the issue. The EIA wants the supermarkets to promise to remove HFCs by 2015 and replace them in new stores with less damaging options, such as CO 2 , ammonia and hydrocarbons. Waitrose jumped from near the bottom of the league table in the 2009 survey to the top, scoring 60 out of 100, after promising to put greener systems in all new stores and major refurbishments. Tesco was second, reflecting its plans to install alternative systems in 120 stores. However, by virtue of being the country's biggest food retailer, Tesco is the biggest emitter and as yet has set no date to phase out HFCs. Sainsbury's was disappointed to rank fourth behind Marks & Spencer, arguing its work in the area was "industry-leading". "We are in the process of switching to CO 2 technology, which will be in 135 stores within four years and all new supermarkets from June," said Sainsbury's environmental affairs manager, Jack Cunningham. "We don't believe the EIA has taken into consideration the scale of our plans and the size of our estate when compared to some of our smaller competitors." The EIA campaign is backed by sustainability consultant Julia Hailes, author of The New Green Consumer Guide. She said getting supermarkets to switch to "green" refrigeration would be "vastly more significant than cutting back on carrier bags". Supermarket HFC emissions were on a par with the production of 5.6bn plastic bags, according to EIA figures. Amid concerns about the cost of replacing older systems and the energy efficiency of the systems being ushered in, the EIA wants the government to take the lead. Walravens said the response from supermarkets was "good" compared with the "inexcusable inaction" of the government. "Many organisations are looking for clear direction and deadlines for the elimination of HFCs." Chain Reaction How the supermarket groups scored on green refrigeration, according to the Environmental Investigation Agency Co-op 19/100 Good Adopting HFC-free freezers and tackling leakage rates. Bad Has recently refitted a number of its supermarkets with HFC-based fridges. Asda 32/100 Good Has focused on energy savings and consistent leakage reduction. Bad Has reneged on a previous commitment to phase out HFCs; no new HFC-free stores since last survey. Morrisons 32/100 Good CO 2 -based systems installed in 21 stores. Bad Lack of transparency in data reporting and unwilling to trial chiller doors. Sainsbury's 38/100 Good Committed to phasing out HFCs by 2030 and has introduced a target of 135 HFC-free stores by 2014. Bad Doesn't publish its own refrigerant emissions data and 25% of stores run on ozone-depleting HCFCs. Tesco 55/100 Good Aims to cut leakage and introduce HFC-free refrigeration in 150 stores by 2012. Bad As the UK's biggest retailer, Tesco is by far the biggest HFC emitter; the roll-out of HFC-free refrigeration is contingent on further trials. Marks & Spencer 46/100 Good Has installed CO 2 -based systems in 13 stores. Bad Needs to move away from "reduced" HFC to HFC-free. Waitrose 60/100 Good Will install HFC-free refrigeration in all new stores and is trying innovative ways to reduce leakage. Bad No deadline for phasing out HFCs – only three out of 197 stores have switched to completely HFC-free technology. Supermarkets Retail industry Green building Zoe Wood guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Farmers' protest deepens Greek woes Farmers' protest deepens Greek woes
01/31/2010
• Talks to resolve crippling three-week blockade by farmers have collapsed • Greek government insists it cannot meet subsidy demands Talks to resolve a crippling three-week tractor blockade of highways and border crossings in Greece by farmers collapsed today, increasing the pressure on a government grappling with the country's worst financial crisis in decades. The farmers refused to back down in the row, which is seen as a crucial test of Athens' determination to impose austerity measures that will salvage Europe's most indebted economy. Tonight, the Greek agriculture minister, Katerina Batzeli, signalled that while she remained "open to dialogue", the government was in no position to meet their demands for some €1bn (£867m) in extra subsidies and tax breaks. "The government is determined to get the country out of the crisis," she said. "It can't afford the money they are asking for." The blockade, which is believed to cost €25m a day, has disrupted transport, damaged commerce and strained relations with neighbouring Bulgaria, where exports have also been hard hit. The activist farmers, who have appealed to resume marathon negotiations with Batzeli today, have barricaded some 23 highway junctions across northern and central Greece with their tractors. Last week, they stepped up their "battle for survival" by marching in their thousands through Athens. Condemned by Greeks, tThe confrontation has put the socialists – traditionally an ally of farmers – on a war footing with the subsidy-dependent sector. The EU and markets are piling pressure on prime minister George Papandreou to rein in the country's €300bn debt, which has spawned fears of imminent bankruptcy for the country. But the government has little room for manoeuvre. "Should the government make the slightest concession to them, [it] will then lack the legitimacy to demand sacrifices of other social groups," said political analyst Stavros Lygeros. "Farmers would hate to leave empty-handed but if they manage to get something out of the government they will set an example for other groups." Athens has pledged to roll back its budget deficit from 12.7% to 2.8% by 2012 through reforms including spending cuts and increasing tax revenue. But Papandreou, elected last October on a pledge that the less privileged would not have to pay the price of fixing Greece's economy, has been widely criticised for delaying the implementation of painful fiscal policies. Under mounting international pressure in Davos last week, however, he appeared to relent, promising to push through measures to curb "wastefulness" by, among other things, slashing the salaries of civil servants. Such steps were unavoidable if the country's dire public finances were to be addressed and Greece "to become a competitive economy", he said. This week the EU is expected to pile on the pressure further by setting out further budget cuts and financial reforms that it will ask Athens to meet by May this year. The measures, already leaked to the press, leave even less room for the government to meet the farmers' demands. Global economy Global recession Greece Helena Smith guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• US bailouts 'failed to stop recklessness... US bailouts 'failed to stop recklessness'
01/31/2010
• Neil Barofsky warns government risks housing bubble • Troubled Asset Relief Program cost US taxpayers $700bn Washington's efforts to fix America's financial system have created a "heads I win, tails the government bails me out" mentality on Wall Street, according to a stinging report from the watchdog in charge of monitoring the government's bank rescues. As President Obama prepares to unveil his Budget tomorrow, amid growing voter anger about the costs of the crash, Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program, used his quarterly report to Congress to rebuke politicians for failing to tackle deep-seated problems in America's financial system. TARP was first announced by the then Treasury secretary Hank Paulson in autumn 2008, to stabilise the banking sector in the wake of Lehman Brothers' collapse . The Obama administration increased the size of the programme to $700bn and widened its scope from propping up failing banks, to boosting borrowing to small businesses and preventing mass foreclosures in the housing market. In his report, Barofsky warns that while many of Wall Street's largest players bought their way out of the TARP last year, returning some of the government's funds, the financial system is no safer than at the height of the credit crunch. "The substantial costs of TARP – in money, moral hazard effects on the market, and government credibility – will have been for naught if we do nothing to correct the fundamental problems in our financial system and end up in a similar or even greater crisis in two, five or even ten years time," he says. Barofsky says none of Wall Street's deep-seated faults, from excessive bonuses, to the "heads I win; tails, the government will bail me out" mentality of the big banks, have yet been tackled. "Even if TARP saved our financial system from driving off a cliff back in 2008, absent meaningful reform, we are still driving on the same mountain road, but this time in a faster car," he said. His warning about "moral hazard" echoes the concerns of Bank of England governor Mervyn King about the multibillion- pound bailouts of Britain's financial sector – that bankers would be left believing even if they brought the financial system crashing down around them, the government would be ready to step in. Obama's attacks on Wall Street intensified in the aftermath of the Democrats' defeat in the Massachusetts Senate race, and he has since announced plans to restrict the size of banks and prevent them from placing risky bets that put deposits at risk. But it is unclear what final legislation will emerge from a divided Congress. Barofsky also warns the government risks re-inflating a bubble in the US housing market – the source of the sub-prime turmoil that engulfed world financial markets. He points out that after the government-backed lenders Freddie Mac and Fannie Mae were taken into formal federal ownership, and with an "alphabet soup" of other measures to support homebuyers, the state is now underwriting almost all new mortgage lending. "The government has done more than simply support the mortgage market, in many ways it has become the mortgage market, with the taxpayer shouldering the risk that had once been borne by the private sector, he said. Investors will be scrutinising Obama's Budget plans for signs that he is serious about dealing with America's record budget deficit. He has already announced a freeze on several areas of spending. Banking US economy Obama administration Financial crisis Credit crunch Lehman Brothers Heather Stewart guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Crozier could earn £14m in five years Crozier could earn £14m in five years
01/31/2010
ITV's new chief Adam Crozier could earn incentives worth almost £3m a year over the next five years for turning around the ailing broadcaster ITV's new chief executive, Adam Crozier, is in line for a pay packet of more than £14m over the next five years if he can turn around the ailing broadcaster's fortunes. Crozier, whose move from Royal Mail was announced last week , is set to earn a smaller basic salary than ITV's previous boss, Michael Grade, but is still likely to get £750,000 a year. On top of that he can earn 150% of his salary again as a bonus for meeting certain targets and under a long-term incentive plan, yet to be finalised, he could enjoy another £5m over five years. That takes the total package for the former boss of the FA to £14.4m between now and 2014, or the equivalent of almost £3m a year. Details of the package have emerged since ITV chairman Archie Norman's comments that Crozier's pay will be "within the normal range for this type of role and challenge". "It is not in the Tony Ball league, very far from it," Norman added on a call to journalists last week. "He will have a strong incentive to make the business perform, as you would expect." Ball reportedly wanted a package worth £42m over five years and his pay demands were one of the sticking points that led to the ITV board scrapping negotiations with the former BSkyB chief executive in September. Though smaller than Ball's demands, Crozier's ITV package will swell a bank balance already beefed up by his old job at the head of Royal Mail. He is reportedly set to leave with £2m in bonuses and research by the TaxPayers' Alliance, which publishes an annual public sector rich list, found that Crozier was paid £1,142,000 at the postal service. He leaves behind industrial unrest and a business grappling with the need to modernise for a business where morale is similarly subdued and investor pressure is high. Crozier, who like Norman has no previous experience in broadcasting, will need to show shareholders he can deliver the results to revive a stock price that has halved since 2007. The home of Coronation Street and I'm a Celebrity … Get Me Out of Here! enjoyed rating success last year but terrestrial TV channels are struggling to sustain audience share as increasing numbers of households sign up to multichannel TV. Older media companies such as ITV also face stiff competition for viewer attention and advertiser money from new forms of entertainment such as websites, games consoles and mobile phones. Crozier will have to find new ways for ITV to make money beyond its free-to-air advertising model. He is likely to build on ITV's growing success at selling its in-house productions to other UK networks and overseas markets. Its Come Dine with Me show is already sold to Channel 4 in Britain and the format has been bought in more than 20 countries. The new boss, whose media experience includes a stint running advertising agency Saatchi & Saatchi and a sales and marketing role at Telegraph Newspapers, may also look into launching new digital channels to complement ITV2, ITV3 and ITV4. In a bid to find new revenue streams, ITV could start charging for some or all of those channels. Crozier's appointment to the chief executive role, which he is expected to take up at the end of March, ended almost a year of uncertainty around the management of the TV company. It had been looking for a new boss for 10 months since executive chairman Michael Grade said last March that he would step back from his day-to-day management role and become non-executive chairman by the end of the year. However, when ITV announced in September that it had broken off talks with Ball, it also emerged that the Grade would be leaving the company altogether, opening the way for Norman's appointment. On the regulatory front, Norman and Crozier will lead negotiations with the government about further reducing ITV's public service obligations. Norman has described ITV as "Britain's most highly regulated company". Crozier may also have to fend off takeover bids, especially given that 17.9% shareholder BSkyB has been ordered by competition authorities to sell most of its stake. It could be acquired by a rival broadcaster; there has also been plenty of speculation that non-industry suitors could emerge. ITV Executive pay and bonuses ITV Adam Crozier Archie Norman Royal Mail Television industry Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (22 h ago)

• Warning over commodity funds bubble Warning over commodity funds bubble
01/31/2010
• Commodity funds under increased scrutiny by regulators • Fears over collateral and complex financial engineering A growing number of funds that invest in commodities such as coffee, gold or even pigs, are coming under the scrutiny of regulators who fear they could be the next financial bubble to burst. Industry insiders have warned the Bank of England that some funds may not have enough collateral to return investors' money and some of the smaller operators might be committing a form of fraud. More than 300 Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs) are listed on the London Stock Exchange, with their shares owned by hundreds of retail and institutional investors. "We can be certain ETF frauds are developing now," said Jonathan Compton, managing director at London-based Bedlam Asset Management. "Even worse, the structure of the market makes the fraud easier. Often, for tax and stamp duty reasons, as well as cost and finding the right legal framework, many ETFs are listed in one country, the management resides in a second and the commodity or securities are held in a third." Bedlam said it found an ETF where the manager, trustee, custodian and listing were in the Indian sub-continent, the Gulf, Africa and Europe, and where "the verifiers are junior people from small firms with a limited track record," Compton said. "We started to twitch." The Bank of England and the Financial Services Authority declined to comment, although the central bank has been briefed about the funds, which track a product through a financial index, or invest directly in a commodity. The explosion of ETFs and ETCs has led to billion of pounds being poured into commodities. Financial investors now outweigh industrial buyers as the main purchasers of some products, inflating their prices. But the boom could soon reverse if one or two small funds failed to deliver the commodity or faced collateral problems. After any potential failures, "especially if in different sectors, there will be a rush to dump them all," Compton said. "The good and the bad will be forced sellers alike to meet redemptions. This will lead to an avalanche of physical gold, live hogs and cocoa being heavily sold into often thin markets, causing sharp price declines." Investors also fear that during a panic sale, derivatives contracts fall more than the commodity that they track, exacerbating their losses. "When that happens, run, including from related equities." Global ETF assets surpassed a record $1tn (£625bn) at the end of last year. ETFs were mostly created by investment banks to offer retail and other investors access to commodities markets for a fee. But the products have become more complex, with some, such as index trackers, backed by swap contracts with other financial institutions, not investing in the commodity directly. To some they now offer an uncomfortable reminder of the toxic mortgages that led to the credit crunch, when investors had little idea of what they actually owned. "Some have started using derivatives and other opaque financial instruments to offer an increase in value twice that of the price gain of the underlying gold or other commodity," Compton said. Low regulation has led to an explosion in the number of funds and their use of such complex financial structures.. "A few like to get rich very fast; a minority of these are simply crooks," Compton said. "ETFs offer crooks a wealth fast-track." Investors' concern has risen to the point that the US brokerage business of Swiss bank UBS has already stopped selling clients ETFs that use leverage, arguing that they're "generally inconsistent" with the bank's long-term view. The products that invest in financial indexes could also not have enough collateral to return investors their money. ETF Securities, one of the three issuers of ETCs in London, for example, says in its prospectus that bonds and stocks, whose price fluctuates, are part of its collateral. "The prospectus provides enough information for our investors to make their decision," said Nik Bienkowski, chief operating officer at ETF Securities, stressing that the firm values its collateral on a daily basis. "Every product has a risk. It's up to investors to look at the prospectus. We're transparent, we try to make our products as safe as possible." Commodities Investing Gold Bank of England Regulators Financial crisis Elena Moya guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• Glaxo tipped to cut 4,000 jobs Glaxo tipped to cut 4,000 jobs
01/31/2010
• GlaxoSmithKline expected to announce thousands of job cuts • Drug-maker likely to shrink workforce in Europe and US while continuing drive into Asia • Analysts predict firm will report pre-tax profits of £8.7bn Drug-maker GlaxoSmithKline is expected to announce thousands of job losses alongside its annual results this week, in the latest wave of a £1.7bn cost-cutting drive. Andrew Witty, who took over as chief executive from Jean-Pierre Garnier 18 months ago, has spearheaded a plan to switch the focus of the British-based company towards fast-growing emerging markets , including China. With several of its blockbuster drugs losing their patent protection in western countries in recent years, and US and European governments bearing down on medicine costs as they tackle deep budget deficits, Witty believes the best prospects for growth lie elsewhere. The firm's emerging markets business has been expanding at close to 20% a year , and this week's announcement is likely to continue the push to reduce the workforce in the US and Europe, while continuing to expand in Asia. The search for alternative sources of revenue is becoming increasingly pressing, with the US patent for asthma treatment Advair, which is one of GSK's best-selling drugs, accounting for 20% of sales, due to expire next year. GSK employs 99,000 people in more than 100 countries, but in 2007 it announced a major restructuring, aimed at reducing its costs by £1.7bn a year. GSK's rival AstraZeneca announced last week that it would be shedding 8,000 staff , and fresh job losses will raise fears about the future for the pharmaceuticals sector, historically an area of strength for British business. However, analysts expect GSK to announce relatively healthy pre-tax profits of £8.7bn on Thursday, up more than 11% on last year, with sales expected to have risen by 16%, to £28bn. GSK has profited from the swine flu pandemic in the past 12 months, as governments stocked up on its vaccine, Pandemix, and the drug Relenza, which helps relieve the symptoms of the disease. More than 400 million doses of the vaccine have been ordered worldwide, and Witty recently said: "It would be foolish to deny that events like these are good for business." As well as switching staff and investment towards emerging markets, GSK is increasingly relying on its over-the-counter medicines and consumer products, such as indigestion remedy Gaviscon and energy drink Lucozade, to drive revenue. Witty has also courted positive publicity by promising to sell its experimental malaria vaccine , part-funded by the charitable Bill and Melinda Gates Foundation, at just 5% above cost, and plough the profits back into researching new drugs for diseases in the developing world. He has also promised to throw open GSK's "library" of thousands of chemical compounds to outside researchers, to aid the international search for cures for the diseases that ravage poor countries. Job losses Pharmaceuticals industry GlaxoSmithKline AstraZeneca Health Flu pandemic Global recession Heather Stewart guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 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. Law Elena Moya guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d 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 (1 d ago)

• Haiti heads for debt crisis as emergency... Haiti heads for debt crisis as emergency loans pile up
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 (1 d 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 (2 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 (3 d ago)

• Obama's $3.8T Budget Heads to Congress Obama's $3.8T Budget Heads to Congress
02/01/2010
President's Proposal Includes $100B to Fight Unemployment; Would Bump Deficit to Record $1.6T (7 h ago)

• Video: Toyota's Plant Shut Down Video: Toyota's Plant Shut Down
01/31/2010
Toyota has temporarily shut down most of its U.S. plants as they rush to fix the sticky accelerator pedals. As Manuel Gallegus reports, Toyota is anxious to repair its image as well. (15 h ago)

• Video: Toyota's Test Video: Toyota's Test
01/31/2010
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. (15 h ago)

• Video: Blind Chef's Magic Touch Video: Blind Chef's Magic Touch
01/31/2010
One Chicago Chef can cook up a storm, even though she's been blind since birth. As Cynthia Bowers reports, this chef does it all while dazzling the best in the business. (16 h ago)

• Video: High-Speed Rail, the Future? Video: High-Speed Rail, the Future?
01/31/2010
President Obama has proposed billions put high-speed rail on the fast track to create future jobs. But as John Blackstone reports, will car-loving Americans get on board? (16 h ago)

• Video: Micro-Loans Helping Businesses Video: Micro-Loans Helping Businesses
01/31/2010
As small businesses continue to struggle, a new movement to support start-ups has borrowed a page from the developing world. As Kelly Wallace reports, 'micro-loans' could be the next big thing. (16 h ago)

• Video: America's Spending Diet Video: America's Spending Diet
01/31/2010
When it comes to the new federal budget, many wonder which programs will be on the chopping block. As Kimberly Dozier reports, Obama's plan puts America on a 3-year spending diet. (16 h ago)

• Back From the Brink Back From the Brink
01/31/2010
Henry Paulson Talks About His Tenure as Treasury Secretary, Bank Bailouts, and a Regulatory System That's "Still Very Sick" (20 h ago)

• Video: Calculated Risk Video: Calculated Risk
01/31/2010
Former Treasury Secretary Henry Paulson has taken much criticism for the way he handled the economic meltdown. Paulson spoke with Anthony Mason and looked back on his time in Washington. (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 (1 d 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. (1 d 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. (1 d 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 (1 d 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 (2 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 (2 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 (2 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. (2 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. (2 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 (2 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 (2 d ago)

• Accounts, People & Miscellany Accounts, People & Miscellany
02/01/2010
Accounts. (7 h ago)

• Mel Gibson Can’t Topple ‘Avatar’ Mel Gibson Can’t Topple ‘Avatar’
01/31/2010
The much-hyped return to the multiplex of Mel Gibson proved no threat to James Cameron’s “Avatar.” (8 h ago)

• Insuring Endorsements Against Athletes’ ... Insuring Endorsements Against Athletes’ Scandals
01/31/2010
A celebrity’s transgressions, as in Tiger Woods’s case, represent a loss of investment as well as embarrassment for companies paying for the previously good name. (9 h ago)

• News America Unit of News Corp. Settles ... News America Unit of News Corp. Settles Marketing Dispute
01/31/2010
News America Marketing, a division of the News Corporation that publishes coupon inserts for newspapers, settled lawsuits by Valassis, a competitor in Michigan. (9 h ago)

• F.D.A. Aims at Doctors’ Drug Pitches F.D.A. Aims at Doctors’ Drug Pitches
01/31/2010
Dr. Leslie Baumann’s comments in the media about an antiwrinkle drug violated restrictions on drug promotion, the agency said, in what is believed to be the first time an individual researcher was warned. (9 h ago)

• The Media Equation: To Deliver, iPad Nee... The Media Equation: To Deliver, iPad Needs Media Deals
01/31/2010
The iPad is a device for consuming media, not creating it. So are the media providers ready to do business? (9 h ago)

• Obama to Field Questions Posted by YouTu... Obama to Field Questions Posted by YouTube Users
01/31/2010
A White House official called the live Webcast “a way to give people access to the president that feels more participatory.” (9 h ago)

• Advertising: Pepsi Invites the Public to... Advertising: Pepsi Invites the Public to Do Good
01/31/2010
Abstaining from the Super Bowl commercial scrim this year, Pepsi is instead inviting the public to vote on worthy causes to which it will donate money. (10 h ago)

• IPad Can’t Play Flash Video, but It May ... IPad Can’t Play Flash Video, but It May Not Matter
01/31/2010
Many video sites have been experimenting with a new format, HTML5, that may reduce an attitude that devices failing to support Adobe’s Flash technology are wanting. (10 h ago)

• Haiti Added to ‘Most Dangerous Paper Rou... Haiti Added to ‘Most Dangerous Paper Routes in the World’
01/31/2010
The run-up to a war gives Stars and Stripes time to prepare for newspaper delivery, but a crisis like the Haiti earthquake has unique complications. (10 h ago)

• Bravo Works With Foursquare to Engage TV... Bravo Works With Foursquare to Engage TV Fans on Phones
01/31/2010
Foursquare’s chief executive sees the partnership as a way to enhance his service with additional tips about restaurants and other locations. (10 h ago)

• New Role Puts Anchor in Fox News Spotlig... New Role Puts Anchor in Fox News Spotlight
01/31/2010
Megyn Kelly, seen as a candidate for prime time, will anchor a two-hour afternoon newscast, “America Live.” (10 h ago)

• Crowley to Anchor Sunday Talk Show on CN... Crowley to Anchor Sunday Talk Show on CNN
01/31/2010
Candy Crowley is replacing John King on “State of the Union,” and he is taking over the time slot once held by Lou Dobbs. (10 h ago)

• Drilling Down: Bigger Cheer for Early Su... Drilling Down: Bigger Cheer for Early Super Bowl Ads
01/31/2010
No matter how close the game is, audience recall of ads always wanes. (10 h ago)

• Editorial Shake-Up as Harper’s Tries to ... Editorial Shake-Up as Harper’s Tries to Stabilize in a Downturn
01/31/2010
The publisher and main benefactor raises concerns that the magazine, a nonprofit supported by his foundation, is becoming irrelevant. (10 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. (1 d ago)

• Toyota to dealers: Parts to fix pedals o... Toyota to dealers: Parts to fix pedals on way
02/01/2010
Toyota Motor Corp. is telling dealers that they should get parts to fix sticky gas pedals, but the 4.2 million customers affected by a large recall may have to wait for repairs. (3 h ago)

• Toyota tries media blitz to soothe over ... Toyota tries media blitz to soothe over recall
01/31/2010
Toyota has launched a media campaign to bolster its reputation for quality as nervous customers confront dealers across the country about faulty gas pedal systems. (14 h ago)

• Obama wants company cell phone tax repea... Obama wants company cell phone tax repealed
01/31/2010
Ever make a personal call on your company cell phone? Did you record the value of that call as taxable income, as required by law? (17 h ago)

• ‘Bag Balm’ for cows proves to be a slick... ‘Bag Balm’ for cows proves to be a slick cure-all
01/31/2010
Winter is most definitely here. It must be. The phones are ringing at Bag Balm headquarters. (18 h ago)

• Pope urges ‘responsibility’ during tough... Pope urges ‘responsibility’ during tough times
01/31/2010
Pope Benedict XVI has urged sense of responsibility from governments, employers and workers as they deal with job losses from the economic crisis. (18 h ago)

• Bad reaction to good news could mean tro... Bad reaction to good news could mean trouble
01/31/2010
Dozens of companies this past month posted blow-out earnings but instead of being thankful, investors stomped their feet and sold. (19 h ago)

• Davos forum ends with no agreement on jo... Davos forum ends with no agreement on jobs
01/31/2010
The world's foremost gathering of business and government leaders wrapped up a five-day meeting Sunday with widespread agreement that a fragile recovery is under way. (21 h ago)

• Toyota is part of a list of issues for J... Toyota is part of a list of issues for Japan Inc.
01/31/2010
Toyota is the latest Japanese corporate icon making headlines for all the wrong reasons. (21 h ago)

• Obama wants a retirement plan for all Obama wants a retirement plan for all
01/31/2010
President Barack Obama is launching an effort to help Americans save more for retirement, hoping a government nudge or two can get them to do what many are unable to do on their own. (22 h ago)

• Duplicity in mother-of-all mortgage walk... Duplicity in mother-of-all mortgage walkaways
01/31/2010
Tishman Speyer Properties walks away from 11,232 Manhattan apartments because it can't pay its mortgage. That's good business. (22 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. (1 d 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. (2 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. (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. (3 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. (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. (1 d 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. (1 d ago)

• Jobless Turn to Family for Help Jobless Turn to Family for Help
01/29/2010
When unemployment leads to borrowing from family and friends, the experience can be stressful. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (2 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. (3 d ago)

• Super blunders Super blunders
02/01/2010
You'd think -- six days and counting from Super Sunday -- that now would be the time for the sports mags to strut their best stuff. Well, so much for what we think . . . Let's start with Sports Illustrated. The sports mag bible chooses this week of all weeks... (6 h ago)

• Miramax sale could fetch $700M Miramax sale could fetch $700M
02/01/2010
Walt Disney Co. is said to be fielding offers for independent Hollywood movie studio Miramax. The studio founded by brothers Harvey and Bob Weinstein more than three decades ago and later sold to Disney is now being auctioned to prospective bidders, including buyout shops as well as other studios, according... (6 h ago)

• Super Bowl advertisers in big gamble for... Super Bowl advertisers in big gamble for buzz
02/01/2010
Some companies cite the down economy as the reason for sitting out the Super Bowl, but another group of advertisers believes there has never been a better time to get in the game. These firms, which are paying between $2.5 million and $2.8 million per 30-second spot, don... (6 h ago)

• US deficit to hit $1.6T US deficit to hit $1.6T
02/01/2010
The White House predicts the US will post a record $1.6 trillion budget deficit for the year ending in September, a congressional source said. In a report to be released today, the deficit is predicted to fall to $700 billion by fiscal 2013 before gradually rising back to $1... (6 h ago)

• Amazon caves in Macmillan e-price war Amazon caves in Macmillan e-price war
02/01/2010
Amazon.com says it will give in to publishing giant Macmillan and agree to sell electronic versions of its books even at prices it considers too high. New copies of Hilary Mantel's "Wolf Hall," Andrew Young's "The Politician" and other books published by Macmillan were unavailable Saturday on... (6 h ago)

• Chill factor Chill factor
02/01/2010
Top music downloads 1. Down, Jay Sean 2. I Can Transform Ya, Chris Brown 3. Money to Blow, Birdman 4. Bad Romance, Lady Gaga 5. Paparazzi, Lady Gaga 6. Sweet Dreams, Beyoncé 7. Empire State of Mind, Jay-Z 8. Tie Me Down, New Boyz 9. TiK ToK, Kesha 10. I... (6 h ago)

• Business briefs Business briefs
02/01/2010
Bloomie's Bloomingdale's depart ment store opened yes terday in Dubai, marking the New York retail land mark's first foray outside the US market. The Macy's unit teamed up with the United Arab Emirates' Al Tayer Group in the $73.5 million venture.Dressing up Jones Apparel... (6 h ago)

• Prep work Prep work
01/31/2010
Today, Rachel Lansang-Hidalgo whips up crème brulée cookies at the gourmet bakery Ruby et Violette in Hell’s Kitchen. But when she enrolled at Park West High School more than a decade ago, she didn’t exactly envision becoming a professional pastry chef. And she might not have, if not... (9 h ago)

• Go to Greg Go to Greg
01/31/2010
Q I was fired from my last job after only three months. Prior to that I had a spotless work history. I’m afraid this one blemish is contributing to my difficulty in finding a new job, and was wondering if it would be OK to omit it from my... (9 h ago)

• Into the frying pan Into the frying pan
01/31/2010
Jerome Darby was a successful fashion designer whose clothing sold in Macy’s and Bloomingdale’s. But he never gave up his dream of working in a restaurant. So he enrolled at the French Culinary Institute in SoHo, and after graduating last June, he went to work as a pastry... (9 h ago)

• 60 seconds with Larry O'Donnell 60 seconds with Larry O'Donnell
01/31/2010
For the new CBS show “Undercover Boss,” which premieres Sunday, you posed as an employee at your own firm, working in a landfill, cleaning portable toilets, working on a residential garbage truck. Was any one task particularly challenging? The one that was most surprising was the recycling-line job [sorting items... (9 h ago)

• Steve Jobs lashes Google Steve Jobs lashes Google
01/31/2010
Back in August, I did a blog entry explaining why Google and Apple were on a collision course with Google moving into mobile phones. The other interesting part is the clash in cultures. Google is a relatively open company, Apple is anything but. And things have heated up with reports that Apple and Microsoft are in talks over the possibility of Redmond's Bing replacing Google as the default search engine on the iPhone. This will get ugly.Now Wired reports that Apple's Steve Jobs has ... (9 h ago)

• Trust, banks and Davos Trust, banks and Davos
01/31/2010
Another year passes and the powers that be meet in Davos. Lots of talk and as always, little result.The New York Times tells us that the meeting showed the financial crisis had eroded trust. Few trust governments, corporations and particularly banks.No kidding? They had to send a reporter to Davos to find that out? The Times let's us know that bankers, central bankers and politicians reached no consensus on the best way forward to regulate markets or banks. Which is a worry in light ... (9 h 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, ... (1 d 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 ... (1 d 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 ... (2 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 ... (2 d ago)

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

• An Unlikely Haven for Rock ’n’ Roll Entr... An Unlikely Haven for Rock ’n’ Roll Entrepreneurs
01/31/2010
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. (13 h 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. (2 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. New York - Vivendi - United States - Metro Areas - Business and Economy (2 d ago)

Business

Technology

Sports

Entertainment

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

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

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

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

out of control
staystrong :: 02/23/2009

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

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

• Your Career: Smart blogging can set you ... Your Career: Smart blogging can set you apart
01/31/2010
If you’re looking to land a job out of college, enhance your career or find a new one, maybe you’re thinking about jumping on the blogging bandwagon. Employment - Business - Careers - Changing Careers - Job Search (14 h ago)

• Wages, benefits rise weak 1.5 percent in... Wages, benefits rise weak 1.5 percent in 2009
01/29/2010
Wages and benefits paid to workers posted a modest gain in the fourth quarter, ending a year in which workers saw their compensation rise by the smallest amount on records. Wage - Workers' compensation - Law - United States - Legal Information (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 (2 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 (2 d ago)

• Bloomingdale’s in Dubai is first outside... Bloomingdale’s in Dubai is first outside U.S.
01/31/2010
The city with the world's tallest building now has one more claim to fame: the only Bloomingdale's outside the United States. Dubai - United States - List of tallest buildings and structures in the world - United Arab Emirates - Middle East (19 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, ... (2 d 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 ... "); //--> (1 d ago)

• The Future of Coal The Future of Coal
01/29/2010
© Robert Thomson NPR took a look this week at the dilemma many developed countries face over coal. It was a timely look because on February 1st many of the world's more developed countries will publish targets for limiting green house gas emissions.Coal is the biggest single source of greenhouse gases. China and India are now huge consumers of coal, and their appetite is growing. "As long as economic development is a priority," says Morse, "I think climate takes a back seat, and in that ... (2 d 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 ... (1 d ago)

• Cutting Startup Costs Cutting Startup Costs
01/31/2010
© jekert gwapo I sometimes joke that my favorite verse from the Bible is Ecclesiastes 10:19, which says that money is the answer to everything. It does actually say that (although you have to take it in the large context of the book). But I can come up with verses I like more... While money might really be the answer to everything in some cynical sense, hold down your costs can be the answer to a lot of things, especially if you're just getting ... "); //--> (12 h 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 ... (1 d ago)

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

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