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for 02/03/2010

(last updated 7:30am EST 02/03/2010)

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• Hedge fund manager banned and fined for ... Hedge fund manager banned and fined for inflating trading positions
02/03/2010
• Treacher's alterations costs Bluebay $650k in compensation • FSA punishes actions which created $11.8m in overvaluations A senior hedge fund manager has been banned from working in the City and fined £140,000 by the Financial Services Authority for deliberately inflating the value of trading positions which caused his former employer Bluebay to pay $650,000 (£407,000) in compensation to customers. The City regulator said it regarded the conduct of Simon Treacher [pdf] as particularly serious because he was a "senior and experienced portfolio manager" and was levying the fine in an attempt to deter others. The fine is largest levied by the FSA for this particular misconduct which involved mispricing trading positions by cutting out and pasting different figures on to broker quotes used to value assets in the funds he managed. Treacher had deliberately altered documents on seven occasions and used them to justify positions he had misvalued, the regulator said. The FSA said the total impact of these actions was approximately $27m for the month-end valuations of his funds in July, August and September 2008. "The greatest impact was in August 2008, when the misconduct led to the relevant portfolios being overvalued by $11.8m," the FSA said. Bluebay has made payments in compensation to investors in the funds affected as a result of the misconduct totalling approximately $650,000 but the regulator stressed that was not criticising BlueBay in connection with this investigation. The regulator revealed that it had interviewed Treacher on two occasions – 7 July 2009 and 9 November 2009 – and during both of these interviews he gave misleading answers. Margaret Cole, director of enforcement and financial crime at the FSA, said: "Our actions in banning Simon Treacher and imposing a significant fine will send a powerful message of deterrence to others who might be tempted to behave in this way". "His conduct, both in mis-marking the funds and his dealings with us as the regulator, lacked integrity. Treacher's actions undermined BlueBay's independent valuation process and disadvantaged investors in the affected funds," Cole said. "By making effective use of our powers to prohibit and fine individuals who are not fit and proper to carry out regulated activities, we help achieve our regulatory objectives of maintaining market confidence and protecting consumers," she said. Teacher agreed to settle at an early stage of the FSA's investigation and qualified for a 30% reduction in the fine, which otherwise would have been £200,000. Hedge funds Financial Services Authority (FSA) Bluebay Asset Management Crime Investing Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Ofgem energy report: Reaction Ofgem energy report: Reaction
02/03/2010
Government concedes UK might need 'more interventionist' strategy as market experts endorse conclusions of regulator's Project Discovery review The government insisted today that the country could secure a robust energy supply in the years ahead despite calls by the regulator Ofgem for a radical overhaul of the system that could require central buying of energy. But as energy and climate change secretary Ed Miliband conceded that the UK might need a "more interventionist" strategy, market experts endorsed the conclusions of Ofgem's Project Discovery year-long review into the crisis. Energy suppliers also agreed that long-term change was necessary. Miliband said: "The government is confident that Britain will meet its security of supply needs in the years ahead. Our low-carbon transition plan has put in place a programme of action to deliver secure and increasingly low carbon energy supplies in the medium term through to 2020. "However, for the longer term, Britain will need a more interventionist energy policy. The scale and upfront nature of the low carbon investment needed is likely to require significant reform of our market arrangements to deliver security of supply in the most affordable way." He said Ofgem's report would contribute to any proposals contained in the budget, expected in the weeks ahead of a general election widely expected to be called on 6 May. EDF Energy chief executive Vincent de Rivaz "We agree with Ofgem that changes to the market are needed if we are to meet the challenge facing the UK to provide clean, secure and affordable energy." Nick Winser, National Grid's executive director for transmission Winser welcomed "this contribution to the debate as Britain undergoes an energy revolution in the coming decades". "The current market framework has served us well, but it makes simple, common sense that it will have to change to meet the big challenges ahead." David Porter, Association of Electricity Producers chief executive "We have a market that was reconstructed in 2001, specifically to favour reliable electricity production and deliver competitive prices, but, it is being asked to accommodate a huge amount of renewable energy, which is expensive and much of which is not 'reliable' compared with conventional power stations. "This is not simple and the investment challenge is huge. Energy companies, large and small, will have to spend up to £200bn. Make no mistake, the electricity industry wants to invest, but, in order to attract investment on that scale, we must have clear and stable policy, which investors have faith in. "Not only that, but, the UK's energy market must look at least as attractive as that of other countries. That's because there is competition for funds all over the world and investors will be careful where they put their cash." Steve Radley, director of policy at the EEF "Ofgem's report paints a candid picture of the major challenges facing the UK over the next decade and the threat they pose to the competitiveness of industry. The analysis clearly shows that energy security will be compromised unless far-reaching reforms are made. "We now urge government to head the regulator's timely call and initiate a transparent and open-minded review. This report is the final nail in the coffin for the view that we can continue to muddle along with our current approach to energy markets and policy. Doing nothing is simply not an option." John Cridland, deputy director general of the CBI "This report serves as a stark warning that existing policy will not deliver the balanced energy mix needed to provide security for the UK, help cut carbon emissions, and maintain competitive prices. "Achieving all of this is going to require massive private-sector investment. In light of this, future policy must take into account the benefits of a competitive market and also the need to give some certainty to investors who will be required to pay for new energy sources." Andrew Watkin, head of energy at property consultancy Carter Jonas "It's a crisis against which the credit crunch and recession could pale in comparison. Our security of supply is becoming less secure by the day but we have consistently failed to take decisive action. "Unless coordinated action is taken soon, the country and consumer could pay a huge financial price. Energy bills are rising all the time and only a concerted strategy will turn this around. A centralised renewables market might sound Stalinesque but it may be what is required to bring a structure and concerted strategy to the major campaign of the coming years – creating energy and protecting its supply." Ann Robinson, director of consumer policy at uSwitch.com "Today's report is one of many recent announcements from Ofgem, which have gradually lifted the lid on what household energy bills are expected to look like in the future. When you add the pieces together it's a big wake-up call and raises serious concerns about the ongoing affordability of our energy. "The £5,000-a-year energy bill may seem like an outside possibility, but we have to remember that energy bills doubled in the last five years alone and that the huge investment needed to keep the lights on in Britain will alone add £548 a year onto our bills. The fact is we are entering a new era of high-cost energy and households will have to adapt their behaviour accordingly by paying the lowest possible price for their energy and reducing the amount they use." Utilities Regulators Energy Energy bills Household bills Consumer affairs Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Why Warren Beatty's attack on Pauline Ka... Why Warren Beatty's attack on Pauline Kael failed
02/03/2010
Warren Beatty's disingenuous offer to employ the film critic Pauline Kael on his film Love and Money was motivated by neither love nor money – just spite for a powerful, critical woman I have opened Peter Biskind's new book, Star: The Life and Wild Times of Warren Beatty , about the movie actor who 40 or so years ago was pretty much top of the international stardom tree. And now ... well ... a younger generation shrugs or looks blank at the very mention of his name. He's not a famously hard-worker like Michael Caine, nor a towering directorial presence like Clint Eastwood, nor has he established a legacy institution like Robert Redford with Sundance. His last movie was the dull romantic comedy Town and Country, in 2001, and since then he appears to have been in semi-retirement. Biskind, although evidently exasperated by his subject's legendary secrecy, manipulation and control-freakery – Beatty appears to have given his biographer just as much of a run-around as everyone else – is still very much on his side. Part of his mission is to restore Beatty's reputation as a serious producer and actor, and to remind us of Bonnie and Clyde's sensational impact and of the boldness and ambition of his massive drama about John Reed and the Bolshevik revolution, Reds. He also makes a persuasive case for Shampoo as classic American comedy. But somehow I find the most riveting thing about this story is Beatty's extraordinary duel with the New Yorker's legendary film critic Pauline Kael. A whole book of Jamesian subtlety could be written on simply this episode – or maybe, in some years' time, a biopic or BBC4 drama. In 1979, Beatty made Kael a startling offer: to come and effectively work for him, producing a film called Love and Money, written by Beatty's friend James Toback. Perhaps dazzled, clearly flattered and possibly feeling stale, Kael accepted. She took a five-month leave of absence. Notoriously, nothing happened. The Toback project never got off the ground and Kael found herself in an office at Paramount, twiddling her thumbs, before eventually going back to the New Yorker feeling frustrated and sheepish. If Beatty had genuinely been committed to reinventing Kael as a creator rather than critic, then this remarkable experiment could have succeeded. Kael could conceivably have had a secondary "boutique" career in movie production, like Vanity Fair's Graydon Carter later did. But Biskind seems to accept the prevailing view that all Beatty wanted, in the inmost labyrinthine depths of his mind, was to take Kael down a peg or two, to humiliate her, to show the upstart reviewer who the real player was. Why? Was it because Kael was mean about him? She wasn't (though she was hardly a fan). In fact, it was her passionate support for Bonnie and Clyde that put Beatty on the map. And perhaps Beatty couldn't forgive her for that. Undoubtedly, his "producer" ploy drew blood, although it didn't silence her. Nowadays, it seems extraordinary that a critic could have so much power. (I'm not expecting James Cameron to play mind games with me by offering me a producing gig on Avatar 2.) But then, Kael had such brilliance and passion that – who knows? – she might hold precisely the same sway if she were writing now. There is something in Biskind's treatment of the episode that makes me uncomfortable: a persistent strain of anti-Kael propaganda, a sense that Beatty might have indirectly induced Biskind to disparage Kael all over again. Of her diminutive appearance, Biskind says she "could easily have passed for a small-town spinster"; he criticises her readiness to socialise with people in the business; he says she "was susceptible to the blandishments of stars, especially star-auteurs and glib writers who practised on her vanity". Most insultingly, he even claims Kael pinched other people's one-liners in conversation, quoting Robert Towne: "'She'd take out her notebook and say: "That's really good," and write it down. She'd be very bald about it.'" Well, OK, all I can say is that I'd like to hear Kael's side of this. I can't, because she died in 2001. Beatty and sources close to him are, however, very much alive. Biskind has spoken to Kael's friend Richard Albarino to elicit the view that she had a schoolgirlish crush on Toback. I get the definite sense that the picture of Kael is basically a spiteful one, coming largely from the alpha-male boys' club with their prickly and eternally insecure egos. Kael was a powerful, critical woman, and when Beatty was a power in Hollywood, such things were intolerable. It was a pretty nasty, sour episode. Beatty's reputation is lowered by it. Kael made a mistake in accepting his insincere job offer. But I think her reputation is undiminished. Warren Beatty Film industry Peter Bradshaw guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• What the economists say: Service sector ... What the economists say: Service sector slowdown
02/03/2010
With the PMI index falling to 54.5 in January, what reflection on the state of the recovery do economists think the figures show? Hetal Mehta, senior economic advisor to the Ernst & Young ITEM Club "Today's reading sees a reasonable slowdown in activity, and breaks the momentum of recent months. However, we think this is a blip due to the severe weather we had in January, and expect to see a bounce back next month. "Activity remains above the long-term average, and the reading itself suggests that the services sector is still expanding at a fairly robust pace. "However, given the divergence between official data and survey data, we would once again be cautious about seeing the apparent strength of the sector being reflected in the national accounts statistics. We maintain that the UK will struggle to hit 1% growth this year." Alan Clarke, UK economist at BNP Paribas "The services sector CIPS fell by 2.3 points in January to 54.5 – weaker than consensus expectations. The outcome was contrary to the manufacturing sector, which managed to shrug off the effects of the snow and post an increase in excess of 2 points. The commentary that accompanied this report confirmed that snow was a bigger factor for services than for manufacturing. "Despite this setback for the CIPS services, we are confident that this will be temporary. The fundamentals that have underpinned the impressive rebound in the CIPS surveys remain in place, ie equities have bounced back, monetary policy remains very loose and the GBP exchange rate has weakened over the last year or so. "At some point, these supports to activity will fade, but for now we expect them to continue pushing the CIPS surveys higher. "To be consistent with the latest BoE GDP projection, the composite of the two CIPS surveys will need to reach around 58 from 55.1 currently. We suspect that it can do so, but such a level will be short lived. "Thereafter, once stimulus measures fade, a lower survey reading and slower pace of GDP expansion are more likely." Vicky Redwood, senior UK economist at capital Economics "January's UK CIPS/Markit report on services suggests that the recovery in the biggest part of the economy took a big step back at the start of the year. The sharp fall in the headline business activity index from 56.8 in December to 54.5 took the index to its lowest level since last August. The new business index fell even more sharply. And even though the manufacturing and construction surveys strengthened in January, a weighted average of the three still fell. "Admittedly, they still point to a reasonable rate of quarterly GDP growth of just over 0.5%. But the official data failed to live up to the upbeat surveys in Q4 of last year. Of course, activity may have been pulled down only temporarily by the cold weather and "payback" for spending brought forward ahead of the VAT rise. But remember that the survey doesn't cover the retail sector itself. Overall, then, the economy is clearly struggling to maintain even the meagre expansion it saw at the end of last year." Howard Archer, chief UK economist at IHS Global Insight "The purchasing managers survey for the dominant services sector indicated a significant loss of momentum in January. Much of this was undoubtedly due to the extreme weather conditions and the survey is still clearly in expansion territory. Nevertheless, the marked relapse in both services activity and in incoming new business in January will reinforce concern that the economy still faces a major challenge to develop significant, sustainable recovery after only crawling out of recession in the fourth quarter of 2009 – particularly given that it will no longer have the growth props of lower VAT and the car scrappage scheme." Services sector Green shoots Recession guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Service sector slows prompting double-di... Service sector slows prompting double-dip recession fear
02/03/2010
• Purchasing managers index fell to 54.5 in January • Hopes that heavy snow caused a temporary blip Activity in Britain's dominant services sector slowed more than expected last month as the worst snowfall in 50 years paralysed the country. The Chartered Institute of Purchasing & Supply's purchasing managers' index (PMI) fell to 54.5 in January, from 56.8 the previous month. A mark above 50 signifies growth as opposed to contraction. Analysts had forecast a reading of 56.5. This is in sharp contrast to CIPS's manufacturing figures released earlier this week, which showed that the sector grew at its fastest pace in 15 years last month. David Noble, chief executive officer at CIPS, said: "This may be a temporary blip caused by one-off events rather than signs of a double-dip recession, but we can't dismiss the possibility. "The chaos caused by the snow hit this sector particularly hard, much more than manufacturing or construction, reducing the growth rates of activity and new business wins." However, he added that in spite of the snow, he is seeing a positive turnaround on a number of fronts. "At ground level, employment is moving closer to a level of stabilisation and there's even evidence of recruitment in the financial sub-sector. And, it seems the VAT increase coupled with growing confidence and demand has encouraged some firms to raise their output prices slightly." "Even with imminent tax increases and government spending cuts, confidence in the future is buoyant as wider economic pick-up is expected to offset any fiscal austerity to come." Philip Shaw, an economist at Investec, said that he is not at all surprised that the index has retraced in January. "Towards the end of last year, the series had entered V-shaped recovery territory, which we thought was too optimistic. The question this time is the extent to which January's decline has been due to the snow," he said. "Overall, whichever interpretation one uses, the debate surrounds how quickly services are expanding, not whether they are recovering or still retracting. Even today's number is still in fairly buoyant territory, well above the 50-breakeven level, implying fairly buoyant growth. "I think the policy implications are unchanged: certainly a rise in quantitative easing this week seems very unlikely and while we wouldn't totally rule out a further expansion of asset purchases, the likelihood is that £200bn will be the top." Services sector Green shoots Recession Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Honda profits accelerate Honda profits accelerate
02/03/2010
• Honda's net quarterly profit to December jumped to ¥135bn • Experts predict Honda could benefit from Toyota difficulties Honda today raised its full-year profit forecast for a third time as cost-cutting and stimulus measures helped the carmaker to a six-fold rise in quarterly profit from last year. Although it is still too early to gauge the size of a possible boost to Honda sales from the global recall of about 8m Toyota cars affected by acceleration problems , industry watchers expect Honda to benefit in the coming months. Honda is not without its own safety issues, however. Last week Japan's second-biggest carmaker announced the recall of 646,000 City, Fit and Jazz models due to a fault in the window switch that could short-circuit and cause fires. Toyota's recall woes threatened to widen today after Japan's transport ministry said it had received 14 complaints about temporary brake malfunction on bumpy or slippery roads affecting the firm's new Prius hybrid. More than 100 similar complaints have been made in the US, where the transportation secretary, Ray LaHood, warned that Toyota cars would come under closer scrutiny. "We're not finished with Toyota and are continuing to review possible defects and monitor the implementation of the recalls," he said in a statement. Honda said its net profit for the three months to December last year jumped to ¥135bn (£932m) from the previous year. Sales were down 11.5% to ¥2.24tn due to the strong yen, which eats into the profits of sales made overseas. Government tax breaks and subsidies to encourage owners to trade in old models for fuel-efficient cars have boosted sales of Honda's Civic and other hybrid models. The firm now expects its full year net income of ¥265bn, well above analysts' estimates. While Toyota conceded yesterday that its recall of cars affected by a sticking accelerator pedal was certain to hit sales , Honda stayed with its original sales forecast for the year of 3.4m vehicles. The firm has withstood the global slump in the auto industry better than its rivals thanks to strong sales of its motorcycles and vigorous courting of emerging markets such as China and India. It has also cut research and other costs. But figures released in the US showed that consumer concern about Japanese cars had benefited homegrown manufacturers. While American firms rebounded in January, Honda's US sales fell 5% and Toyota's by 16%. It was the first time since February 1998 that Toyota's monthly US sales had fallen below 100,000 vehicles, according to Ward's AutoInfoBank . Ford and Hyundai were the biggest beneficiaries, with sales rises for the month of 24%, while Nissan rose 16%, and GM 14%. Toyota has suspended production and sales in the US of eight models involved in the recent recall, including the popular Corolla and Camry models. Honda Automotive industry Toyota Japan Justin McCurry guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Ofgem: Energy bills will be unaffordable... Ofgem: Energy bills will be unaffordable without overhaul
02/03/2010
• Bills could rise by up to 25% by 2020 to fund investment • Nationalisation may be required to ensure supply • Reaction to Ofgem's Project Discovery report Energy regulator Ofgem today warned Britons may not be able to afford to heat their homes in the years ahead unless there is radical overhaul of the country's energy supplies. The regulator warned the country's current system may not be sufficient to ensure "secure and sustainable" power across the country beyond 2015. In announcing proposals for a radical range of options (pdf) , including setting up central buying of power, Ofgem's chief executive, Alistair Buchanan, admitted that maintaining the current free-market approach was no longer an option. Energy bills could rise between 14% and 25% by 2020 as the industry pays for the £200bn cost of investment needed to overhaul of the current system. He warned that increasing number of consumers would be unable to afford the cost of heating their homes. The proposals could force the government to undo the privatisation of the energy markets led by Margaret Thatcher and could force a form of nationalisation again if it decides to implement central buying of power. The regulator had previously warned that average household gas and electricity bills could reach nearly £2,000 a year without drastic action to shore up supply. Buchanan said: "Our evidence shows that Britain has a window of opportunity to put in place far-reaching reforms to meet the potential security of supply challenges we may face beyond the middle of this decade. We do not advocate change lightly, but all the facts point to the need for reforms now to provide resilient supply security. Acting earlier will also help keep costs as low as possible for consumers and business." The regulator has had more than 50 responses to a consultation it began in October and the most radical proposals in todays' "Project Discovery" conclusions is the need for a central buyer of energy. "The overwhelming majority of responses to Ofgem's October consultation show that there is an increasing consensus that leaving the present system of market arrangements and other incentives unchanged is not an option. Ofgem has therefore put forward a range of possible options to unlock the up to £200bn of investment Britain may need. We are keen to work with government to find the best way forward," Buchanan said. The regulator said reform was needed because of a confluence of events ranging from the global financial crisis, significant worldwide demand for investment in energy, tough EU emissions targets, the closure of ageing power stations and an increasing dependency on gas imports. "The outcome of Copenhagen, in terms of lower carbon prices, reinforces the climate of significant uncertainty just when an unprecedented level of investment is required," Ofgem said. John Cridland, deputy director-general of the employers' body the CBI., said: "This report serves as a stark warning that existing policy will not deliver the balanced energy mix needed to provide security for the UK, help cut carbon emissions, and maintain competitive prices." Ofgem said its analysis was consistent with the recent Energy Markets Outlook report, published jointly by the Department of Energy and Climate Change and Ofgem, that "our scenarios show supply to be relatively secure until around 2015". The regulator set out five key issues: • A need for unprecedented levels of investment over many years in difficult financial conditions and against a background of increased risk and uncertainty. • The uncertainty in future carbon prices is likely to delay or deter investment in low carbon technology and lead to greater decarbonisation costs in the future. • Short-term price signals at times of system stress do not fully reflect the value that customers place on supply security which may mean that the incentives to make additional peak energy supplies available and to invest in peaking capacity are not strong enough. • Interdependence with international markets exposes Britain to a range of additional risks that may undermine the country's security of supply. • The higher cost of gas and electricity may mean that increasing numbers of consumers are not able to afford adequate levels of energy to meet their requirements and that the competitiveness of industry and business is affected. The Liberal Democrats seized upon the call for change, saying all homes should be insulated and more investment made in renewable energy. Lib Dem energy spokesman Simon Hughes said: "We need to plan for maximum independence in energy for Britain and maximum independence in energy for Europe. In the meantime, the regulator needs to make sure fuel prices are fair prices and that the energy companies stop the regular exploitation of vulnerable customers." The more radical of the changes proposed by Ofgem would require legislation, particularly the idea that there should be a central buyer of energy. Andrew Watkin, head of energy at property consultancy, Carter Jonas, supported the call for radical action. "A centralised renewables market might sound Stalinesque but it may be what is required to bring a structure and concerted strategy to the major campaign of the coming years – creating energy and protecting its supply," Watkin said. The CBI also stressed that there would need to be "massive private-sector investment". "In light of this, future policy must take into account the benefits of a competitive market and also the need to give some certainty to investors who will be required to pay for new energy sources," Cridland said. He added: "Britain needs new nuclear plants, clean coal, gas generation, wind and other renewable sources to be developed quickly, as well as more gas storage facilities. Having a balanced range of energy sources will help avoid over-reliance on too few sources, and help ensure that energy prices are affordable for consumers and businesses alike". Utilities Energy bills Energy Energy efficiency Gas Carbon emissions Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Consumer groups back UK inquiry into Ora... Consumer groups back UK inquiry into Orange and T-Mobile merger
02/03/2010
Which? campaigned for the Office of Fair Trading to scrutinise the proposed tie-up, rather than authorities in Brussels, because it was a deal that affected British consumers Poll: Should Orange and T-Mobile merge? Consumer groups today welcomed confirmation that UK competition authorities have asked Brussels for permission to investigate the proposed merger of Orange and T-Mobile. A spokesman for Which? said this morning that it had campaigned for the Office of Fair Trading to scrutinise the proposed tie-up, rather than authorities in Brussels, because it was a deal that affected UK consumers. "We have been very keen to have this looked at because T-Mobile and Orange have networks here. This merger affects British consumers and we think it should be looked at," a Which? spokesman said. If T-Mobile and Orange merge they would have a 37% market share of retail customers in the UK, or 40% including the virtual mobile network operators such as Virgin Mobile that use the two companies' networks to run their services. In December Consumer Focus and the Communications Consumer Panel wrote a joint letter to Neelie Kroes , the Brussels competition commissioner, urging a UK review of the deal, which is originally under the scope of Europe because two thirds of the turnover of the parent companies – France Télécom and Deutsche Telekom respectively – is generated outside the UK. The OFT confirmed to the stock market this morning that it had made a request to the European commission to refer the UK aspects of the proposed joint venture between the two companies. "The OFT's initial view, following consultation, is that the joint venture threatens significantly to affect competition in mobile telecommunications in the UK," the OFT said in a brief statement. "If the request is granted, the OFT intends to examine the proposed joint venture with a view to deciding whether it should be referred to the Competition Commission for an in-depth investigation," the OFT said. If the OFT is handed the powers to investigate, it would delay the plans by the two mobile phone companies to consummate their deal, which was originally announced in September and slated for approval by the Brussels competition watchdogs as early as mid February. The OFT would conduct its own analysis of the situation before deciding whether to refer the tie-up to the Competition Commission for a detailed investigation that could last as long as six months. The OFT said it had petitioned Brussels under Article 9 of the EU merger regulations. Orange T-Mobile Mobile phones Mergers and acquisitions Regulators Consumer affairs Jill Treanor Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• News Corp posts $254m profit on the stre... News Corp posts $254m profit on the strength of film and TV business
02/02/2010
Rupert Murdoch says he is moving closer to charging for all News Corp's newspaper websites Sophisticated tablet computers, ereaders and smartphones would be unloved "empty vessels" without quality creative content, Rupert Murdoch said yesterday as his News Corporation empire opened a new front in its battle to get consumers to pay for journalism and entertainment. Enjoying a boost from Hollywood film-making success and from the popularity of its Fox television network, News Corp returned to financial health with profits of $254m for the three months to December, compared with a $6.4bn loss a year ago after huge asset write-downs. Murdoch said he was moving closer to imposing charges for access to all News Corp's newspaper websites, including the Times, the Sun and the News of the World, and he revealed the company was in "advanced discussions" with handheld device manufacturers about a subscription model allowing consumers to access media content "whenever and wherever they want it". "Content is not just king, it is the emperor of all things digital," said Murdoch. "We're on the cusp of a digital revolution from which our shareholders will profit handsomely." In a reference to hyped technology such as Apple's iPad and Amazon's Kindle, Murdoch said such "ingenious and fabulous devices" would be "unloved and unsold" without creativity from companies such as his own, adding that they were powered by content – not by batteries. "Instead of the existential debate about value, now we're merely arguing about valuation," he said. "Consumers want content delivered immediately and on a variety of devices. They're willing to be paid to be entertained and informed." Asked about a recent speech in which the Guardian's editor, Alan Rusbridger, argued that papers were "sleep-walking into oblivion" if they try to resist a trend towards free access, Murdoch said: "I think that sounds like BS to me." News Corp's profits were hit by a $500m one-off charge to settle litigation brought by a US firm, Valassis Communications, which accused Murdoch's empire of anti-competitive behaviour in its aggressive use of discount coupons for marketing. But the company's Twentieth Century Fox film studio, which made James Cameron's blockbuster hit Avatar, saw its profits surge from $112m to $324m, aided by DVD releases of movies such as Ice Age: Dawn of the Dinosaurs and Night at the Museum. News Corp is set to scoop a windfall in ticket receipts this year from Avatar, which recently passed Titanic to become the cinema box office draw of all time, and Murdoch said there had already been "very early talks" with Cameron about a sequel, although he added: "This being Jim Cameron, I certainly wouldn't hold your breath on the timing." News Corp's newspapers delivered a 29% increase in profits to $259m, aided by cost cuts at British titles and by a robust performance from the Wall Street Journal. Despite ongoing financial woes on much of Fleet Street, Murdoch singled out the Sun for praise, saying it had achieved record weeks of advertising revenue recently and that it had "left other papers far, far behind in the contest for readers". The group's television stations also turned in higher earnings and are the subject of an initiative by News Corp to get cable networks to pay more to transmit Fox programming. But News Corp's MySpace continues to struggle after losing a battle for dominance to Facebook. Murdoch admitted MySpace's is "still not where we want it" despite job cuts and a refocusing on entertainment. News Corporation Rupert Murdoch Fox News Internet The Times The Sun News of the World Wall Street Journal iPad Alan Rusbridger The Guardian United States Media business Charging for content Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Greece's Papandreou appeals for unity Greece's Papandreou appeals for unity
02/02/2010
• Greek leader calls for 'national consensus' • European Commission endorses three-year fiscal rescue plan Greece's embattled prime minister, George Papandreou, tonight appealed to the patriotism of his compatriots by pleading for "national consensus" in pulling the country out of its worst fiscal crisis in decades. In a rare televised address, the socialist leader said it was the duty of Greeks to help extract their homeland from an economic morass that has seen its debt balloon to a staggering €300bn (£262bn), with potentially disastrous effects for the eurozone. "The time has come to take brave decisions here in Greece just as other countries in Europe have also taken," he said. "We all have a debt and duty towards our homeland to work together at this difficult time to protect our economy." Speaking after the European commission's president, José Manuel Barroso, publicly confirmed that Brussels would endorse the three-year stability and growth plan that Athens has proposed, Papandreou insisted he had no other choice but to enact "difficult" measures to help redress the dire straits in which the public finances now found themselves. The socialists have pledged to cut the budget deficit from 12.7% of GDP to the EU's permitted level of 3% by 2012. The measures, Papandreou said, would come in the form of a broader austerity programme and would focus on broadening the tax base and cutting state expenditure by freezing public sector recruitment and slashing salaries. They had become unavoidable because the alarming state of the Greek economy had fast turned it into a prime target for speculators. "We know that times are difficult and painful … but this is an effort to stop the country heading for the abyss," he added in a speech that followed back-to-back meetings with rival political leaders to highlight the need for national agreement in tackling the crisis. "Today, Greece is at the centre of a wider speculative game which even has the euro as its target," he said. "Our country is being treated as the weak link in the Eurozone. As a result borrowing [to service] our big public debt becomes more burdensome by the day, threatening to strangle the economy and wipe out any effort of just change and necessary reform." Papandreou's pledge, and the gravity of his pronouncements, marked a discernible shift from his previous reluctance to forge ahead with policies that might hurt lower- or middle-income Greeks, many of whom voted his Pasok party into power last October. Tonight, however, even his main political opponent, the conservative New Democracy leader Antonis Samaras, pleaded with Papandreou to push ahead with "harsh measures as soon as possible" to appease international markets and soaring borrowing costs. Although many Greeks appear to have accepted the severity of the situation and the need for sacrifices to be made, after weeks of being bombarded by bad news, a backlash is already brewing among leftwingers and trade unions. In a taste of the gathering storm that Papandreou can expect, Communist party leader Alexandra Papariga emerged from her meeting with him saying her party would neither "consent nor support unpopular and anti-worker measures." "I call on everyone with their heads held high, with confidence and determination, to resist them," she said. Tonight, farmers who have set up tractor blockades vowed to intensify their action by extending protests across the country. "The government has shown that it doesn't even have saliva to give us," said Spyros Tsikiras among the activst farmers leading the blockade. "It clearly doesn't understand our terrible position which is why we will continue and intensify [our protests]." Greece Economics Financial crisis Global recession Euro European commission European Union Helena Smith guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (17 h ago)

• Risky banking activity is like pornograp... Risky banking activity is like pornography, Volcker tells Senate
02/02/2010
Barack Obama's financial guru, Paul Volcker, rejects Republican criticism of regulatory crackdown on banks Banning commercial banks from high-risk trading would cut down on "too-big-to-fail" institutions and help protect the economy from further financial crises according to Barack Obama's economic guru, Paul Volcker, who today rejected opposition from Wall Street over a wholesale regulatory crackdown. Battling criticism from Republican lawmakers, Volcker told the Senate's banking committee it was entirely possible to define banks' "proprietary trading", quipping that risky financial activity was "like pornography: you know it when you see it". Volcker told the committee: "Every banker I speak with knows very well what proprietary trading means and implies. "My understanding is that only a handful of large commercial banks – maybe four or five in the US and perhaps a couple of dozen worldwide – are now engaged in this activity in volume." Under plans set out earlier this month by Obama, the US government wants to stop any bank with a licence to take customers' deposits from operating hedge funds, private equity funds or from speculative trading with their own funds, rather than clients' funds. "What I want to get out of the system is taxpayer support for speculative activity," said Volcker. "If you don't bar that, it's going to become bigger and bigger." The proposal to limit banks' activities has been dubbed the 'Volcker rule' by Obama, named after the 82-year-old former Federal Reserve chairman who made his name as an inflation fighter in the 1980s. One Republican, Mike Johanns, argued the rule would not have averted the collapse of Bear Stearns or the demise of the insurer AIG, neither of which operated high street banks. He accused the White House of using the credit crunch as an excuse to bash banks, by adopting an attitude of "never let a good crisis go to waste". The top Republican on the committee, Richard Shelby, said he was "quite disturbed" by the way the radical new regulation had been "air dropped" into a debate on banking reform at short notice, although he added that he was open to any plan intended to prevent further "calamity". Banks have argued that proprietary trading is almost impossible to clearly define, as most of their trading activity has some connection to customers: for example, they sometimes make investments with their own money in partnership with clients' capital. The separation would reintroduce part of the formal division between commercial and investment banks, established under the Glass-Steagall act of the 1930s but repealed in the 1990s. Administration officials say they would seek to apply the rules to foreign banks operating in the US, potentially affecting British banks with major Wall Street arms such as Barclays. Invoking his status as an economic grandee, Volcker warned the committee that unless Congress consented to curbs on risk, further financial disasters would result. "I might not live long enough to see the crisis but my soul is going to come back and haunt you," he said. Banking Credit crunch US economy Republicans Barack Obama US Congress US domestic policy Barclays Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (17 h ago)

• Restraint, what restraint? Recession see... Restraint, what restraint? Recession sees the rise of the £15m chief executive
02/02/2010
Investors' anger grows as Marc Bolland at M&S and Adam Crozier at ITV secure huge deals Anger over the £15m signing-on package for new Marks & Spencer chief executive Marc Bolland is escalating and is expected to be top of the agenda for the upcoming meeting of the influential Association of British Insurers' investment committee. Emails were flying back and forth today between members of the committee, drawn from the City's major institutional investors, who were furious at the size of Bolland's package and the lack of prior consultation by the high-street retailer. One leading shareholder said: "I think it looks outrageous. M&S has a history of corporate governance faux pas. They just don't understand where investors are coming from. It flies in the face of the restraints shareholders have been asking for in terms of pay. It is business as usual, or worse." The furore surrounding Bolland's deal came after it was revealed that ITV's new boss, Adam Crozier, has also negotiated a near-£15m pay package , though he will have to wait longer to reap the full rewards of his deal. The main concerns of M&S investors centre on the £7.5m "golden hello" awarded to the Dutchman and the £4m of shares he has also been handed to entice him to leave supermarket group Morrisons. The golden hello is compensation for share awards that Bolland was due to receive if he had remained at Morrisons for another three years. Corporate governance experts Manifest calculate that on the day before Bolland's appointment was announced before Christmas, his 2010 share awards were worth £869,000, his 2011 awards £1.6m and his 2012 awards £2.5m. "I don't think he would have wanted to walk away from those," said Sarah Wilson, chief executive of Manifest. The share awards are a widely used incentive, known as a "retention package", designed to keep executives in their current jobs. But, as others have done before him, Bolland simply asked his new employer to buy them out. Wilson said: "It's a tournament. They are bidding ever higher for the best talent." She has some sympathy for the M&S board's behaviour in this case because of the market reaction the news of Bolland's appointment caused: shares in Morrisons fell while those in M&S rose. But another shareholder said that Bolland had benefited twice – first by being paid out for his Morrison shares and then by getting a separate award of £4m in M&S stock for joining. "It's a double bubble. Retention packages just ratchet up pay again. It should be one or other," said the investor, a fund manager. "I just don't think that golden hellos should exist and the ABI will certainly be looking at it". Bolland's pay deal is a masterclass in executive remuneration. The 50-year-old, who had been at Morrisons for three years and has no other retail experience, has a basic M&S salary of £975,000 – £125,000 more than he was earning at Morrisons, which is a larger company.But his salary is just the start of his earning power: like other FTSE 100 executives, he can also earn an annual bonus that dwarfs it. At M&S, it is 250% of his £975,000 salary compared with 100% at Morrisons. Most FTSE 100 executives also get a benefits package that can include a car and driver, health insurance and tax advice. As a foreign national, Bollandmay also get the cost of his accommodation paid or at least a relocation package. Such packages often bear little relation to the actual cost of moving and can run into hundreds of thousands of pounds. But the real earnings kick in from the awards of free or cheap shares in long-term incentive plans and share-option schemes that are supposedly linked to performance but which shareholders often consider to be too easy to achieve. Companies will also arrange generous pensions, far more than ordinary staff can expect to receive. In recent years there has been a trend for executives to receive cash payments of up to 40% of their salary in lieu of a pension contribution. Usually, companies consult investors over new pay plans in an attempt to avoid conflict when the details are made public. On this occasion, as M&S has done in the past, the retailer maintained radio silence. In recent months investors have been calling on companies to show restraint because of pressure from government minister Lord Myners, who blames investors for runaway bonuses and pay levels . M&S already has a difficult relationship with its shareholders because of the elevation of chief executive Sir Stuart Rose to the additional role of chairman in March 2008 – a move that contravened corporate governance standards by handing him more boardroom power. Wilson said: "M&S have shot themselves in the foot. The way they disclosed this was appalling." Several shareholders commented that the huge pay agreements for both Bolland and ITV's Crozier were largely the result of botched succession planning. Bolland was appointed after Rose failed to identify a successor from M&S's ranks, even though he had been there for five years and even though he had always insisted it was one of his key jobs. At ITV, Crozier was named to replace executive chairman Michael Grade after a succession saga that turned into a soap opera. Shareholders see this as a big lesson for boards. "This shows that poor succession planning can lead to an escalation in salaries," said Robert Talbut, chief investment officer of Royal London Asset Management. Executive pay and bonuses Marc Bolland Adam Crozier Marks & Spencer ITV Julia Finch Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Boris Johnson calls for Tube Lines to re... Boris Johnson calls for Tube Lines to reduce its fees
02/02/2010
• Mayor of London wants government to press Tube Lines for cut • Johnson says dropping management fee would save £400,000 Boris Johnson has urged the government to intervene in a funding dispute over the London Underground after alleging that the network's struggling contractor, Tube Lines, will pay out £1.1bn in secondment fees to its shareholders. The London mayor has asked the transport secretary, Lord Adonis, to approach Tube Lines's owners and pressure them to forgo their fees for the next seven-and-a-half years. Tube Lines, a public private partnership contractor, is owned by Bechtel, a US project management firm, and Amey a UK-based consultancy, who charge the company fees to use its employees. According to Johnson the co-owners are due to receive a profit of about £400m from these fees by 2017, out of a total of £1.1bn since the controversial PPP contract began in 2002. The mayor's transport authority, Transport for London, is facing a £400m funding shortfall in payments to Tube Lines over the next seven years and Johnson cited the management fees as an appropriate solution to a financial crisis at TfL. Alternatively, Johnson said, the government could provide the funds through the taxpayer. "You have an obligation to intervene immediately to make good the likely funding shortfall faced by London to ensure that the Tube upgrades are delivered in full, either by funding the shortfall from government resources or by persuading Tube Lines's shareholders to give up their extraordinary returns in the light of their abject failings," he wrote. TfL is claiming that the next seven-and-a-half-years' work on the Northern, Jubilee and Piccadilly lines – which are maintained by Tube Lines – should cost £4bn. However, an independent arbiter has priced the work at £4.4bn in a draft ruling, leaving TfL with a potential funding gap of £400m. Tube Lines's funding hole is even bigger, because it has argued that the work should cost £5.75bn – leaving the company with a potential shortfall of £1.35bn. The Department for Transport has refused to give more cash to TfL, which received a funding settlement of £40bn for 2010-2017, including TfL's contribution to the £16bn Crossrail project that will drive a new underground railway through central London. A source close to Tube Lines accused the mayor of "hypocrisy" because TfL also pays out secondment fees to private contractors after taking over the largest underground PPP contractor, Metronet, in 2007. According to Tube Lines, TfL has paid Canadian engineering firm Bombardier £88m in similar fees for upgrading the Victoria line. "It is hypocritical to attack us on this when they pay out such high fees for the Victoria Line." TfL has argued that the Bombardier fees are a legacy of a contract that it inherited after Metronet's collapse. Tube Lines Boris Johnson Transport policy Transport Andrew Adonis Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• Threatened Cadbury workers lobby MPs Threatened Cadbury workers lobby MPs
02/02/2010
• Cadbury staff seek assurances over jobs and foreign takeovers • Mandelson to meet Kraft chief executive Irene Rosenfeld • In pictures: Cadbury workers protest in Westminster US food company Kraft today won its five-month battle for control of Cadbury after shareholders threw their support behind the £11bn cash and shares bid. Investors holding 71.7% of the chocolate maker's shares have backed the takeover and the offer remains open until further notice for shareholders who have yet to accept. Kraft is expected shortly to reach the 75% threshold to take the 186-year-old company off the stock market. Kraft chairman and chief executive Irene Rosenfeld said the combined business had a "phenomenal future". "Together we have impressive global reach and an unrivalled portfolio of iconic brands, with tremendous growth potential. "I warmly welcome Cadbury employees into the Kraft Foods family and look forward to meeting many of them in the days and weeks ahead." The news came as Cadbury workers travelled from the company's home in Bournville, Birmingham, to London to lobby MPs about the takeover. "When we come to work tomorrow I reckon the Cadbury flag will be down and the Kraft one will be there instead," said Wendy Ehrenfried, one of the hundred-plus workers who made the journey. "It's a sad day for us." Ehrenfried, who has worked at Cadbury for 17 years, and her fellow workers were resigned to the idea that the Kraft takeover would go through. Today's trip to the capital was more about urging politicians to try to make sure they kept their jobs and that Kraft kept investing in this most famous of British brands. "It's a good place. I've got good friends there and the work is well paid and clean," said Ehrenfried. "If this closes you've got no British industry left. What have you got for your generations coming up? They've got nothing. Why can't the government buy it? It's a very profitable company. We could understand if it wasn't, but it is." Karen Leach, who has worked there for 13 years, said: "If they can't save us they should put something in place to stop it happening again. I don't think a company from abroad should be able to come over here and buy our companies up. They couldn't save Rover but they were supposed to do something so it couldn't happen again. But it's happening again for us just down the road from Rover." The trip to London, organised by the union Unite, got off to a stuttering start. Someone had cancelled the coaches last night. "Sabotage," muttered one worker. Two replacement coaches were quickly dispatched. Keith Taylor, 51, who has worked at Cadbury for 35 years, said today was only partly about trying to protect a "quality company and a quality workforce". It was also about making sure this did not happen again. "We want to say to the government this was a hostile takeover. This has happened to us. It looks as if we're not going to gain a lot from it but we're going to try to help people to make sure that this doesn't happen to other profitable British companies. "I think people are expecting the inevitable – that tomorrow we'll be working for Kraft." Roger Thompson, who works in unit five (Easter eggs) said he was angry. "It's all a done deal and the workers and small shareholders don't get a say." Thompson had a union flag draped around him and wore a red, white and blue hat. Another group were carrying a gorilla costume, a reminder of the advert for Cadbury Dairy Milk – CDM as it is known in Bournville. Deborah Matthews-Booth, who has been with the firm for 33 years, wore her company uniform. "We know it's gone to Kraft. We're very sad, of course we're very bitter. We're hoping that the government will get something in stone so we know that what was Cadbury and what George Cadbury made for the Cadbury workers will stand for the future." Matthews-Booth used to work in the Milk Tray department but production of that favourite has already moved to Poland. She said: "I don't think we've heard enough from the government so far. We've been promised that Lord Mandelson would be involved but we haven't heard enough from him. I'd like to get a word with him but, don't worry, I haven't got any eggs to throw at him, not even chocolate ones." Mandelson is due to meet Kraft's chief executive, Irene Rosenfeld, tonight to discuss the takeover and is expected to seek reassurances about jobs. Stephen Copeland, who has worked at Cadbury for 32 years, was taking his daughter Charlotte, 16, to Westminster. "There's a genuine fear the place could close within five or 10 years because of the heavy debt Kraft is in," he said. "This company is successful enough to run for the next 100 years, never mind five. The debt that Kraft is in, they will have to make radical changes. It will mean job losses and spending cuts. "Gordon Brown said British jobs for British workers but if he makes a statement like that and is not committed to it, then he's not fit for office. The government should have introduced some sort of legislation to stop British jobs being taken abroad. "This is a great British institution and it should be kept this way, not just for my generation but for my daughter's generation." Charlotte said she had taken a day off school because both her dad and mum worked there. "If there are changes they could lose both their jobs. There may not be anything for the next generation. Lots of people in my school would like a job there. "I've known Cadbury ever since I was born, it's always been here. It'd be sad if it all went." The news that the takeover had gone through filtered through to the coaches as they motored along the M40 on the way back to Bournville. It was hardly a surprise, but the reality was still difficult to take. John Flavin, a Unite convenor, told the workers: "I'm disappointed but the campaign continues in the same spirit. Now it's about preserving our jobs and terms and conditions and pensions. We will fight to keep production at Bournville and across the UK." Investors holding 71.7% of Cadburys shares had backed the takeover. Malcolm Lilly, who has worked at Bournville for 30 years, said: "I feel a bit sombre. My dad worked there in the 60s and I started in the 80s and my son's just finished his apprenticeship. We're a community, we'll all stick together. We knew this was going to happen but, still, it's a kick in the teeth to actually hear it's happened." Cadbury Kraft Rover Trade unions Peter Mandelson Manufacturing sector Steven Morris guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (22 h ago)

• Myners urges funds to act on bonuses Myners urges funds to act on bonuses
02/02/2010
City minister calls on fund managers to demand banks they have invested in show restraint Fifty of the City's biggest fund managers are being urged by Lord Myners to demand that the banks in which they own shares show restraint on bonus payments . The City minister fired off a strongly worded letter to the leading institutions today and urged them to "redress the balance" of the poor returns they have received on their investments at a time when bankers have walked away with multimillion-pound bonuses. Myners is stepping up his pressure on shareholders as banks prepare to publish their results for 2009 and tell staff the size of their bonuses. Barclays, which avoided taking taxpayers' cash by selling shares to Middle Eastern investors, kicks off the season on 16 February. While Myners has given the investors a month to answer his call to action, Royal Bank of Scotland, in which the taxpayer owns an 84% stake, claims it is heeding government demands by pledging that none of its top executives would receive pay rises this year. The Edinburgh-based bank is engaged in early negotiations with UK Financial Investments, the body that controls the government's stake in RBS, about the size of the bonus pot for the 22,000 investment bankers whom ministers have barred from receiving cash top-ups this year. UKFI can veto the size of the bonus pot, which RBS has already said will be subject to deferral for all staff, and is expected to pay out in shares rather than the complex debt structures used last year. The award of shares will be deferred over three years and, for the most junior staff, paid in three equal instalments. The first third will be received in June, when the bankers will be able to sell the shares on the stock market. In his letter, Myners said: "In a year in which the major banks have benefited, both directly and indirectly, from taxpayer and central bank support, public attention will therefore focus on the decisions that boards make about bonuses." He said that the large profits some banks have generated as a result of government intervention, largely in bond markets, should be used to bolster capital rather than pay bonuses. "Asymmetrical remuneration policies, tilted in favour of risk, might be good for traders. But they are not good for customers, employees, creditors and owners of banks – or the taxpayer," Myners said. "It is telling that institutions that have invested in baskets of bank shares have seen a net return over the last decade of near to zero, whilst over the same period the staff and executives of the same banks have enjoyed many tens of billions of pounds in rewards. It is time to redress this balance." Myners wants to know how investors have tried to intervene in bonus payments and the steps they will take in deciding how to vote on the banks' remuneration reports at the forthcoming annual meetings. Executive pay and bonuses Banking Barclays Royal Bank of Scotland UKFI (UK Financial Investments) Recession Credit crunch Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (22 h ago)

• Egyptian billionaire poised to join Lebe... Egyptian billionaire poised to join Lebedev in Independent deal
02/02/2010
London Evening Standard owner understood to be talking to Samih Sawiris about takeover of Independent titles Russian tycoon Alexander Lebedev is understood to be attempting to bring a wealthy Egyptian partner into his proposed takeover of the Independent newspapers, MediaGuardian can reveal. Sources close to the deal said the owner of the London Evening Standard was trying to persuade the Sawiris family to join him in his latest UK media venture. Lebedev, a former KGB spy, has told associates that he expects Egyptian billionaire Samih Sawiris to invest in the Independent and Independent on Sunday. The men are already partners in a chateau development in Switzerland, it is understood. "In addition to the Lucerne project, he will be involved in the Independent," said one source close to Lebedev today. The details of the proposed agreement with one of three billionaire sons from Egypt's wealthiest family are unknown. The Sawiris are Coptic Christians with a track record of opposing Muslim extremism. The source said today that Lebedev and Samih Sawiris had become close and were talking about other business projects in Russia and elsewhere, including a low-cost housing development. There was no immediate response from Lebedev today to inquiries from MediaGuardian, but a source close to the Russian dismissed the speculation. The billionaire, who in exclusive non-binding talks with Independent News & Media over the sale of the Independent and Independent on Sunday , has given few details of his offer for both titles. Negotiations are due to conclude by Monday, 15 February. INM's pension deficit and printing deals are understood to be the stumbling blocks. Lebedev indicated last week there was as yet no deal with INM for the Independent titles. Lebedev's surprise attempt to bring in a new partner will suggest to some that he lacks the available resources to buy and rescue the Independent and Independent on Sunday on his own. The negotiations with Samih Sawiris – the chairman and chief executive of Orascom Development Holding SA and one of three sons of Onsi Sawiris, who founded the Orascom group of companies in the 1950s – come despite Lebedev being quoted last week as saying he would "absolutely" fund his proposed Independent News & Media buyout from his own pocket. While Lebedev is currently involved in deals sanctioned by the Russian prime minister, Vladimir Putin, to sell his stake in Aeroflot and the Ilyushin Finance Corporation , which are expected to net him about £450m, he has ruled out using any of the cash for his newspaper deals. Lebedev said he would invest the money in other Russian projects, though sources in Moscow familiar with the agreements suggest he has been barred by the state from taking the money to the west. The sale of his Aeroflot shares to a state bank chaired by Putin has raised further questions about Lebedev's relationship with the Russian government. The tycoon describes himself as a "loyal oppositionist". His Russian newspaper, Novaya Gazeta, is bitterly critical of Putin. But some have wondered whether his attempt to build a British media empire is part of a Kremlin-approved project to project a more favourable image of Russia in the west. "Ideally, he would like to liquidate everything in Russia and move to London," said a well-placed source. "Yes, he is getting rid of his shares in Ilyushin and Aeroflot and other assets but he has been told not to expect to be able to move the proceeds out of Russia. He has to reinvest in Russia." The Sawiris family, whose fortune was valued at more than $20bn before the recession, are mainly involved in property, tourism and telecommunications. They have a reputation for operating successfully in tough foreign markets and in recent years have branched out from the Middle East to expand in the west and to break into North Korea. Tourism developments include the Taba Heights resort in Sinai and Tala Bay Aqaba Resort in Jordan. Additionally, the family has won rare permission in Switzerland to develop a new alpine village at Andermatt, a major long-term project fronted by Samih. The family has newspaper and television interests in Egypt with Naguib Sawiris, who heads the family's telecoms interests, owning a stake in Egypt's popular daily al-Masry al-Youm. He has been especially vocal in criticising the rise in Islamic fundamentalism in Egypt. "I am not against the head scarf because then I would be against personal freedoms," he said in 2007. "But when I walk in the street now I feel like I am in Iran ... I feel like a stranger." He also condemned the Brotherhood, which insists that non-Muslims and women are ineligible to run for the country's presidency. "To hell with them," he said. "Not a single Christian is waiting for their permission. God is just. God does not discriminate between people." Speaking to the Guardian last week, Lebedev dismissed any link between the sale of his Aeroflot shares and a possible purchase of the Independent and the Independent on Sunday. He joked, however: "With that kind of money I could probably buy all of the newspapers [in Britain]." Instead, Lebedev said he had reached a "gentleman's agreement with the Russian state to invest the money on various social projects". These included new low-cost housing, a British-style building society for ordinary savers, and factories for his agricultural businesses that grow high-quality, low-cost potatoes. • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". Alexander Lebedev The Independent Independent on Sunday Newspapers London Evening Standard Newspapers & magazines National newspapers Independent News & Media Egypt Russia Media business Luke Harding guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (22 h ago)

• SFO drops inquiry into Madoff's UK arm SFO drops inquiry into Madoff's UK arm
02/02/2010
• 12-month inquiry into Madoff Securities International shelved • SFO will continue investigation into 'wider aspects' of the fraud The Serious Fraud Office has shifted the focus of its investigation into the Bernie Madoff investment scandal from the UK arm of his empire to some of the feeder funds that channelled investments to the multibillion-pound fraudster. The anti-white-collar crime unit today said it had dropped a 12-month inquiry into the UK arm of the convicted US conman's operations, Madoff Securities International (MSI), admitting it had found insufficient evidence for a prosecution. Investigators had in the past described MSI as "an important cog in the washing machine" – a reference to Madoff's efforts to move cash around the world to help give the impression that profits were being generated. The SFO insisted a probe was continuing into "wider aspects of the fraud which may give rise to offending in the UK". This is believed to be a reference to considerable feeder fund activity in London. SFO director Richard Alderman's decision to launch an independent UK investigation into the Madoff scandal surprised many fraud experts as the case was already being pursued by prosecutors in the US, the primary jurisdiction in which the fraud had taken place. At the time Alderman said: "This is a good example of the SFO's new, faster, approach to tackling fraud. The public say they want us to take early action and this is what we are doing." The SFO will now focus on the feeder funds, which had placed the vast majority of the $50bn (£31bn) under management at Madoff's bogus investment operation. After Madoff's arrest in December, most of these funds told angry investors around the world that they too were unwitting victims, with many fund managers personally investing with Madoff. However, they remain under intense regulatory scrutiny and some have already been the target of class-action lawsuits in the US. Last March the Guardian revealed that SFO investigations into the London branches of feeder funds led investigators to believe certain feeder operations may have played a more actively dishonest role in the fraud, beyond simply failing to make sufficient checks that client money entrusted to Madoff was being properly invested. SFO investigators have spent months trying to work out which funds to treat as victims and which might be fraud suspects. The prosecuting agency had said it expected to bring charges by the end of last year but has yet to do so. Bernard Madoff Serious Fraud Office Investing Crime United States Simon Bowers guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• New Look to raise £650m in flotation New Look to raise £650m in flotation
02/02/2010
• Discount fashion chain has performed strongly during recession • Private equity owners to use cash to pay off debt and open new stores Young fashion chain New Look has revealed the first details of its return to the stock market, outlining a plan to raise £650m as part of a March float. The fashion chain said it would use the cash being raised to cut its debt to £450m. With a much lower interest bill, said chief executive Carl McPhail, the retailer would be able to plough more cash into expansion plans. The company, majority-owned by private equity groups Apax and Permira, is likely to be valued at £1.7bn. It was taken private in 2004 in a £700m deal and the retailer says £450m has been invested in the business since. New Look is among a number of companies queuing up to join the stock market after last year's share rally and its progress will be watched closely. Aside from the difficult economic backdrop the retailer could also be hampered by the "Debenhams factor" – a reference to the department store's return to the market in 2006 after a spell in private equity ownership had left it burdened with debt and with stores in need of refurbishment. A series of profits warnings followed and the shares dived. One fund manager told Reuters news agency yesterday he had "no interest whatsoever" in New Look's IPO. He said it was "a fantastic company, but coming in at totally the wrong price for the debt structure". McPhail's expansion plans include moving New Look stores into larger premises. His target is 6-7m sq ft of shop floor space in the UK. There are currently 601 stores and 3.6m sq ft of space. The expansion would make the chain second only to Marks & Spencer and bigger than Next and Primark. New Look also intends to open more stores in Europe, where it currently has 58 outlets, and more franchised outlets in locations like the Middle East and Russia, where there are currently 44 stores. McPhail said discount fashion was growing nearly four times as fast as the overall clothing market and New Look is growing far faster than its rival cheap chic retailers. Only 3% of sales come via the internet, said the New Look boss, and there was more opportunity online and in men's clothing and childrenswear, which could only be realised with more store space. The float will turn New Look's senior management into multimillionaires, on paper at least, as it is not yet known how many shares they might cash in. The senior executives own 16% of the group, shares which are likely to be worth nearly £300m. New Look's founder Tom Singh, who was part of the group which took the business private in 2004, owns a 22.5% stake, expected to be valued at some £400m. New Look has appointed retired Tesco executive John Gildersleeve as chairman , while former ITV finance director Henry Staunton, William Grant chief executive Stella Vine and Carolyn McCall have joined the board as non-executive directors. McCall is chief executive of GMG, publisher of The Guardian. New Look Retail industry Private equity Primark Katie Allen Julia Finch guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• BP profits fall by 45% BP profits fall by 45%
02/02/2010
• Oil company hit by cheaper energy prices and lower refining margins in 2009 • BP chief executive sees 'slow and gradual' economic recovery in US and Europe BP has reported a sharp drop in profits in 2009 as it grappled with cheaper energy prices and squeezed margins on refining. The oil company said underlying profits in the fourth quarter rose 70% on a year earlier to $4.4bn (£2.75bn), but that missed the City's forecasts. The year as a whole suffered a 45% fall in profits to $14bn. Still, BP sought to flag up a stronger-than-expected 4% rise in oil and gas production in 2009 thanks to the start-up of new projects, including the first full year of production from the Thunder Horse field in the US Gulf of Mexico. In a statement , Tony Hayward, the chief executive, said that BP had still exceeded many of the aims he had set out at the start of 2009 and described it as a "very good" year overall. He said BP expects recovery in the major economies of the US and Europe to be "slow and gradual". While oil markets look well supported by Opec, BP expects gas markets to remain volatile and refining margins to remain depressed for the foreseeable future. "2009 has been one of the best years for BP and its shareholders since the merger with Amoco [in 1998]. But we are not resting on our laurels. There's a lot more to be done," said Hayward. BP's results echo news on Monday from ExxonMobil , the world's largest publicly traded oil company, that profits slumped to $19bn in 2009 from $45bn as it too battled against declining margins at its refineries and weaker demand for fuel in recession-battered economies. BP Oil Oil and gas companies Recession Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Corporate bond launch boosts savers Corporate bond launch boosts savers
02/01/2010
London Stock Exchange unveils retail bond market for private investors with 'modest' sums of money Savers looking for a better return on their money will, for the first time, be able to invest in individual corporate bonds issued by major companies such as Tesco and BT, following today's launch of a trading service for private investors. The London Stock Exchange (LSE) has unveiled a " retail bond market " allowing private investors with modest sums to buy and sell bonds paying about 5%-8%. Corporate bonds are a form of debt issued by companies to raise money, which pay a fixed rate of interest for a set period. They are generally considered less risky than shares, but more so than putting your cash in a savings account. The main risk for the buyer of an individual corporate bond is that the issuing company might get into financial difficulty or even go bust. Traditionally, this type of investment has only really been an option for big institutional investors because the minimum amount needed to trade was typically £50,000 or more. But now, at a time when savings rates are at an all-time low and many people are nervous about the stockmarket, individual investors with as little as £1,000 to invest – and, in one case, just £100 – will be able to access the corporate bond market. Initially, 10 bonds are available for trading issued by companies including Tesco, BT, National Grid, GlaxoSmithKline, Morgan Stanley, GE Capital and Enterprise Inns. There is also a bond issued by Royal Bank of Scotland specifically for the new service, which matures in February 2020 and pays 5.1%. This has a minimum investment of £100. Typically, investors will be able to trade the bonds in £1,000 chunks in the same way they would buy and sell shares. A spokesman for the LSE said the bond market had been launched "in response to strong private investor demand for greater access to fixed income". Many savings accounts are currently offering very poor returns. David Buik at City broker BGC Partners said: "3% is about as good as the individual will get, whereas with a company such as Tesco the interest on a seven-year bond would be closer to 5%." But he added: "There is obviously a credit risk which investors have to take into account. Potential investors also need to be mindful of the fact that we may well be at the end of a low interest rate cycle, so they need to be comfortable in their own mind that, say, 5% is a decent rate and that they are not too worried about holding on to bonds for a lengthy period of time." Speaking at the launch, Paul Killik, senior partner at stockbroker Killik and Co, said there had been growing demand from its private investor customers to access the corporate bond market, but until now a centralised, transparent order book for trading in "individual retail friendly-sized bonds" had not existed. Bonds Investments London Stock Exchange Investing Rupert Jones guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (2 d ago)

• NYT: No help in sight, more homeowners w... NYT: No help in sight, more homeowners walk away
02/02/2010
By June, about 5.1 million people are projected own a home whose value is below 75 percent of what is owed, prompting many to walk away from their mortgages. (10 h ago)

• 10 best Super Bowl ads of all time 10 best Super Bowl ads of all time
02/02/2010
The best Super Bowl commercials tend to reflect happier times. Here is a celebration of the 10 best ads of all time, along with our guess of what each would look like if it filmed in 2010. (15 h ago)

• Transport secretary calls Toyota ‘safety... Transport secretary calls Toyota ‘safety deaf’
02/02/2010
Transportation Secretary Ray LaHood says Toyota was slow to realize safety problems with its gas pedals that has led to the recall of millions of popular Toyota brands. (15 h ago)

• GM, Ford may be benefiting from Toyota w... GM, Ford may be benefiting from Toyota woes
02/02/2010
Ford Motor Co. says sales rose 25 percent in January, buoyed by a stronger economy and Toyota's decision to halt U.S. sales because of a gas pedal system problem. (15 h ago)

• AIG plans to pay about $100 million in b... AIG plans to pay about $100 million in bonuses
02/02/2010
American International Group plans Wednesday to pay another round of employee bonuses worth about $100 million, said several people familiar with the matter. (16 h ago)

• Economics of Hollywood changed in 2009 Economics of Hollywood changed in 2009
02/02/2010
Last year was a game-changing year for Hollywood, and no one quite knows what the future holds for the movie industry. (16 h ago)

• Newsweek: Are 401(k)s making a comeback? Newsweek: Are 401(k)s making a comeback?
02/02/2010
Companies are starting to match employee contributions again. But will they be as generous as they were before the recession? (17 h ago)

• Unemployment rises in most metro areas Unemployment rises in most metro areas
02/02/2010
Unemployment rose in most cities and counties in December, signaling that companies remain reluctant to hire even as the economy recovers. (17 h ago)

• Government leaked Galleon wiretap record... Government leaked Galleon wiretap recordings
02/02/2010
U.S. prosecutors apparently made the mistake of giving wiretap recordings gathered against Galleon hedge fund insider trading defendants to securities regulators. (17 h ago)

• Volcker urges curbs on big banks’ risky ... Volcker urges curbs on big banks’ risky trades
02/02/2010
White House economic adviser Paul Volcker urged Congress on Tuesday to rein in risky investing by big banks to prevent them from becoming "too big to fail." (18 h ago)

• Upbeat housing news helps stocks end day... Upbeat housing news helps stocks end day up
02/02/2010
Better news from the U.S. housing industry sent stocks higher Tuesday, including an increase in the number of people with contracts to buy homes. (18 h ago)

• Obama blasts GOP, talks jobs in N.H. Obama blasts GOP, talks jobs in N.H.
02/02/2010
President Barack Obama blasted Republicans on Tuesday at a town hall in New Hampshire where he laid out his $30 billion plan for small businesses to help boost lending. (19 h ago)

• Tough economy spurs shift to cheaper liq... Tough economy spurs shift to cheaper liquor
02/02/2010
Americans' love affair with top-shelf booze cooled last year as the recession took a toll on high-priced drinks. (19 h ago)

• Cadbury-Kraft deal approved amid protest Cadbury-Kraft deal approved amid protest
02/02/2010
Cadbury PLC shareholders have voted to approve Kraft Foods Inc.'s roughly $19.5 billion offer to acquire the British candy maker. (20 h ago)

• Modest increase seen in home sales activ... Modest increase seen in home sales activity
02/02/2010
The number of people preparing to buy a home rose slightly in December, a sign that home sales could be stabilizing heading into the spring home buying season. (23 h ago)

• NYT: Russia’s evolution, seen through Mc... NYT: Russia’s evolution, seen through McDonald’s
02/02/2010
When McDonald’s entered the Soviet Union, it had to supply its own ingredients. Now the last one — burger buns — has been turned over to the private sector. (1 d ago)

• Toyota braces for big sales hit from rec... Toyota braces for big sales hit from recall
02/02/2010
Toyota Motor's unprecedented recall of millions of vehicles with accelerator problems is taking a toll on sales and may force the world's largest automaker to cut its 2010 forecasts. (1 d ago)

• Madoff’s ex-finance chief to give up hom... Madoff’s ex-finance chief to give up home
02/02/2010
The man who served as Bernard Madoff's finance chief has agreed to give up his New Jersey home so it can be sold for the benefit of those cheated by his jailed former boss. (1 d ago)

• The most dangerous vehicles of 2010 The most dangerous vehicles of 2010
02/02/2010
The Chevrolet Aveo and Chrysler PT Cruiser have the worst crash-test ratings in their class. They join the Cadillac STS and Mercury Grand Marquis as some of the most dangerous vehicles of 2010. (1 d ago)

• Complaints emerge over Toyota brakes wit... Complaints emerge over Toyota brakes within Japan
02/03/2010
The transport ministry in Japan said Wednesday that it had received 14 complaints over pedals in cars made by auto giant Toyota, as a crisis for the automaker that has already reached three continents looked set to widen. The complaints were over a fault with breaks on the Toyota cars. A different fault with the accelerator on some models has led to a recall of over 4 million vehicles across the globe, and threatens to put a huge dent in both the profits and reputation of the automaker. Th ... (1 h ago)

• Chinese shares rebound over 2% to regain... Chinese shares rebound over 2% to regain 3000-point level
02/03/2010
Chinese equities ended a three-day decline by surging 2.36 percent to climb above the 3000-point mark Wednesday, led by financial and energy shares. The benchmark Shanghai Composite Index went up 2.36 percent, or 69.13 points, to close at 3,003.84 points. The Shenzhen Component Index rose 2.93 percent, or 349.64 points, to close at 12,262.57 points. Combined turnover grew to 198.71 billion yuan (29.09 billion U.S. dollars), from 160.51 billion yuan on the previous trading day. &$ & ... (1 h ago)

• China's foreign trade of electronic info... China's foreign trade of electronic information products down in 2009
02/03/2010
China's foreign trade in electronic information products fell 12.8 percent last year, the first annual decline since 2000, the Ministry of Industry and Information Technology (MIIT) announced Wednesday. The combined import and export value stood at 771.9 billion U.S. dollars last year, about 34.9 percent of the country's overall foreign trade, said the MIIT in a statement on its website. Exports dropped 12.5 percent year on year to 457.2 billion U.S. dollars, accounting for 38 percent of t ... (1 h ago)

• NBS: Macro-economic policies should prio... NBS: Macro-economic policies should prioritize flexibility and target orientation
02/03/2010
"If the major issue facing China in 2009 was how to maintain a certain growth rate, more attention should be focused on how to enhance the quality and efficiency of economic growth in 2010," Yao Jingyuan, the National Bureau of Statistics (NBS) chief economist said February 2. Yao added that China achieved an 8.7 percent GDP growth in 2009. According to the forecast by the World Bank and International Monetary Fund, the U.S., Europe and Japan would all have a negative growth in 2009 and the ... (1 h ago)

• China shares close higher Wednesday China shares close higher Wednesday
02/03/2010
Shares in the Chinese mainland closed higher Wednesday, with the benchmark Shanghai Composite Index up 69.12 points or 2.36 percent to close at 3,003.84. The Shenzhen Component Index increased by 349.64 points or 2.93 percent to close at 12,262.57. &$ &$Source: Global Times&$ &$ ... (1 h ago)

• Rio claims a 40-percent price rise in ir... Rio claims a 40-percent price rise in iron ore negotiation
02/03/2010
The first round of iron ore pricing negotiations between Rio Tinto, Japan and S. Korea has finished, and Rio Tinto looked forward to a 40-percent price rise, today's 21st Century Business Herald cited an Australian businessman who is close to Rio Tinto and BHP Billiton. "Japanese and S. Korean steel producers acknowledged the up-going trend of iron ore prices," said the businessman. Chinese steel mills argue that they gain very little profit, but the iron ore producers believed that China' ... (1 h ago)

• S Korea to order recalls for Toyota vehi... S Korea to order recalls for Toyota vehicles with defects: gov't
02/03/2010
South Korea plans to issue recalls for 444 vehicles made by Toyota Motor Corp., as the world's biggest automaker faces massive global recalls of millions of cars with faulty accelerators, the government said Wednesday. Seoul's Ministry of Land, Transport and Maritime Affairs said it has wrapped up discussions with Toyota's South Korea unit on issuing recalls for parallel-imported Toyota vehicles sold here. Toyota vehicles here have different types of accelerators from the ones found to be ... (1 h ago)

• Nikkei closes higher on resource-linked ... Nikkei closes higher on resource-linked shares, Toyota weighs
02/03/2010
Nikkei rose Wednesday on resource- related shares because of higher commodity prices, but gains were capped by blue chips such as Toyota Motor, the sales of which was feared to be hit from global recalls. The Nikkei-225 index closed up 33.24 points, or 0.32 percent, from Tuesday to 10,404.33. The broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 2.86 points, or 0.31 percent, to 915. 68. Trading volume on the main section came to 2,064.42 million shares, ... (1 h ago)

• National housing prices likely to fall i... National housing prices likely to fall in 2nd quarter
02/03/2010
The transaction volume of nationwide newly-built commercial housing in 2010 will be about 15 percent lower than that in 2009, with a decline of about 30 percent in first-tier cities, according to the "2009-2010 annual national real estate market research report" recently issued by Shanghai-based E-House (China) R&D Institute. It also forecast that in terms of housing prices, the growth rate for the overall housing price index covering 70 medium and large cities will be lower quarter-on-quart ... (1 h ago)

• Brazil to regulate bank executives' bonu... Brazil to regulate bank executives' bonuses
02/03/2010
Brazilian Central Bank President Henrique Meirelles said Tuesday that a new legislation is being drafted to regulate bank executives' bonuses to prevent actions that may endanger the stability of the Brazilian financial system. "The idea is very simple. It is merely to prevent a sharp increase in short-term earnings of bank executives that may pose risks to the Brazilian economy, the country, the public sector and the financial sector itself," Meirelles said. There will be a public hearin ... (1 h ago)

• Australian trade deficit hits two-year h... Australian trade deficit hits two-year high
02/03/2010
New data released on Wednesday showed Australia's trade deficit had increased to its highest level in nearly two years. Australian Bureau of Statistics figures showed imports jumped 6 percent, as the international trade balance in goods and services grew to a seasonally adjusted 2.25 billion Australian dollars (1. 99 billion U.S. dollar) deficit in December last year. The result was less than economists' predictions of a 2.4 billion Australian dollars (2.1 billion U.S. dollar) deficit in D ... (1 h ago)

• Consumer prices in OECD zone up 1.9% in ... Consumer prices in OECD zone up 1.9% in December 2009
02/03/2010
The Paris-based Organization of Economic Cooperation and Development (OECD) announced Tuesday that consumer prices in the OECD zone had risen by 1.9 percent by December 2009. On a month-on-month basis, prices remained stable in December, compared with a rise of 0.1 percent in November 2009, the organization said in a report. By December 2009, consumer prices for energy had gone up by 8.5 percent, following a rise of 2.4 percent in November, while the prices of food had fallen by 1.0 percen ... (1 h ago)

• Honda recalls 3,240 cars over faulty pow... Honda recalls 3,240 cars over faulty power window switches
02/03/2010
The sole distributor of Honda vehicles in Indonesia, PT Honda Prospect Motor (HPM), announced on Tuesday a recall of 3,240 units of its City model over potentially faulty power window switches that could lead to driving hazards, a newspaper reported here Wednesday. The distributor said the recall in Indonesia applied to all City units sold between the start of 2007 and the end of November 2008 and no other models. The move followed a massive recall of 646,000 Honda cars in North America and t ... (1 h ago)

• E.U. Warns of Tough Supervision of Greec... E.U. Warns of Tough Supervision of Greece's Budget Plans
02/03/2010
In approving Greece’s plans to stave off financial ruin, the European Commission warned that the country’s progress would be subjected to unprecedented monitoring. (3 h ago)

• In Response to Iran’s Nuclear Program, G... In Response to Iran’s Nuclear Program, German Firms Are Slowly Pulling Out
02/03/2010
As the United States and Israel press to tighten sanctions against Iran, some German companies are winding down operations there or operating through third countries. (3 h ago)

• Toyota Ordered to Look at Prius Brakes C... Toyota Ordered to Look at Prius Brakes Complaints
02/03/2010
The Japanese government told Toyota to investigate a possible defect in its new Prius model after receiving 14 reports of brake trouble. (3 h ago)

• Dodd Calls Obama Plan Too Grand Dodd Calls Obama Plan Too Grand
02/03/2010
Paul A. Volcker, the former Federal Reserve chairman, was told that the Obama administration’s new proposals to rein in Wall Street firms could derail negotiations over financial regulations. (4 h ago)

• Chaos Eases in Effort to Help Feed Haiti... Chaos Eases in Effort to Help Feed Haiti’s Hungry
02/03/2010
Coupons for 55 pounds of rice under a new U.N. food program have become more valuable than Haitian money. (4 h ago)

• Strong Quarter Prompts Honda to Raise An... Strong Quarter Prompts Honda to Raise Annual Profit Forecast
02/03/2010
Honda said Wednesday that it expected sharply higher profits for the current fiscal year after earnings for the October-December quarter beat expectations. (5 h ago)

• No Help in Sight, More Homeowners Walk A... No Help in Sight, More Homeowners Walk Away
02/03/2010
By June, about 5.1 million people will own a home whose value is below 75 percent of what is owed. (6 h ago)

• $100 Million Bonus Plan at A.I.G. Draws ... $100 Million Bonus Plan at A.I.G. Draws Fire
02/03/2010
The giant insurer and recipient of the biggest government bailout in history agreed to cut its next round of bonuses by $20 million. (7 h ago)

• Some News Outlets Ready to Try Charging ... Some News Outlets Ready to Try Charging Online Readers
02/02/2010
A new Steven Brill endeavor enables news outlets to charge their online readers. The tattered news industry may be ready to give it a whirl. (8 h ago)

• In Court, Impassioned Challenges of Mado... In Court, Impassioned Challenges of Madoff Trustee’s Plans
02/02/2010
A bankruptcy judge is acting as King Solomon over an issue that will require him to hurt some victims of Bernard Madoff’s Ponzi scheme. (8 h ago)

• Gates Tries to Get F-35 Program Back on ... Gates Tries to Get F-35 Program Back on Course
02/02/2010
Rather than being the Chevrolet of the skies, the F-35 has turned into the Pentagon’s biggest budget-buster. (8 h ago)

• In Insider Trading Inquiry, Old and New ... In Insider Trading Inquiry, Old and New Cases Linked
02/02/2010
Federal prosecutors unsealed criminal charges against an informant who had secretly recorded conversations with people charged in the insider trading case involving the Galleon Group hedge fund. (8 h ago)

• Toyota’s Sales Fall as G.M. and Ford Gai... Toyota’s Sales Fall as G.M. and Ford Gain
02/02/2010
Toyota, struggling with two large recalls, said that its sales in the United States fell 16 percent in January, even as other carmakers reported higher sales. (8 h ago)

• Contracts to Buy Homes Rose Slightly Contracts to Buy Homes Rose Slightly
02/02/2010
The latest index on pending home sales could be an indication that the market is stabilizing heading into the spring buying season. (8 h ago)

• Lawmakers Ask Toyota to Prove Fix Solves... Lawmakers Ask Toyota to Prove Fix Solves Problem
02/02/2010
A House committee wants documents showing the electronic systems on cars were not at fault. (9 h ago)

• Spanish Jobless Total Tops 4 Million Spanish Jobless Total Tops 4 Million
02/02/2010
High unemployment is expected to make it difficult for the government to meet its promise to slash spending and reduce the budget deficit to 3 percent of G.D.P. in 2013. (10 h ago)

• China Urged to Run Budget Deficits, Free... China Urged to Run Budget Deficits, Free Yuan
02/02/2010
The Organisation for Economic Cooperation and Development said Tuesday that China needs to run a continued fiscal deficit and let its real exchange rate rise. (10 h ago)

• BP Profit Slips in Quarter but Productio... BP Profit Slips in Quarter but Production Is Up
02/02/2010
The British oil company reported a $4.3 billion fourth-quarter profit, down from the previous quarter, and said its production had outpaced expectations in 2009. (11 h ago)

• South Korea Fund Buys Stake in Gatwick A... South Korea Fund Buys Stake in Gatwick Airport
02/02/2010
South Korea’s National Pension Service said it would buy a small stake in Gatwick Airport in London as it seeks to increase its investments abroad. (11 h ago)

• Australia Unexpectedly Holds Interest Ra... Australia Unexpectedly Holds Interest Rates
02/02/2010
The Australian central bank kept the key interest rate at 3.75 percent on Tuesday, surprising analysts who expected another small increase to curb inflation. (11 h ago)

• Toyota Prius Drivers Voice Brake Concern... Toyota Prius Drivers Voice Brake Concerns
02/03/2010
U.S. Highway Agency Receives About 100 Complaints of Faulty Brakes in New Prius (5 h ago)

• Unemployment Rises in Most Metro Areas Unemployment Rises in Most Metro Areas
02/02/2010
Companies Remain Reluctant to Hire as Economy Recovers; Many Increases Due to Seasonal Factors (10 h ago)

• "Avatar" to Boost News Corp. Profits "Avatar" to Boost News Corp. Profits
02/02/2010
Blockbuster Movie Plus Recovery in Local TV Advertising Market Brightens Company's Financial Outlook (12 h ago)

• Video: Restaurant Discounts Baldness Video: Restaurant Discounts Baldness
02/02/2010
In a tough economy, folks are always looking for a price break if they can get it. One Oklahoma restaurant is offering discounts for bald customers. KOTV's Rick Wells reports. (14 h ago)

• Video: Toyota's Response Criticized Video: Toyota's Response Criticized
02/02/2010
The nation's top auto safety official harshly criticized Toyota, saying it took "an enormous effort" to get the car company to address a serious flaw in its cars. Dean Reynolds reports. (15 h ago)

• LaHood: Toyota Resisted Safety Fix LaHood: Toyota Resisted Safety Fix
02/02/2010
Transportation Secretary Says Company Was "Safety Deaf"; It Took Official Trip to Japan to Spur Action; Fine Pending (15 h ago)

• Video: Where America Stands: Homes Video: Where America Stands: Homes
02/02/2010
American retailers report that home sales are up, but sellers aren't getting the amounts they used to. Ben Tracy reports on the housing market for the CBS News series "Where America Stands." (15 h ago)

• Video: Fed Lagging on Air Safety? Video: Fed Lagging on Air Safety?
02/02/2010
NTSB pinned most of the blame for the plane crash in Buffalo, New York on the pilots and insufficient training. Federal regulators promised to take action but, as Nancy Cordes reports, little has been done. (15 h ago)

• GM, Ford Posts Strong January Sales GM, Ford Posts Strong January Sales
02/02/2010
General Motors Bolstered by Crossover Models; But Toyota Sales off 16 Percent amid Recall Troubles (19 h ago)

• Feds Probe Chevy Cobalt Complaints Feds Probe Chevy Cobalt Complaints
02/02/2010
Allegations that Power Steering Can Fail in 2005-2009 Models Sparks NHTSA Investigation (22 h ago)

• Lean Times Spur Shift to Cheaper Booze Lean Times Spur Shift to Cheaper Booze
02/02/2010
Recession-Weary Americans Drank More but Spurned Top-Shelf Liquor Last Year, Report Says (22 h ago)

• Analyst: Recall Costs Toyota $155M a Wee... Analyst: Recall Costs Toyota $155M a Week
02/02/2010
As Fix for Gas Pedal Problem Underway, Japanese Auto Giant Braces for Public Backlash (23 h ago)

• Sony Layoffs Blamed on Falling DVD Sales Sony Layoffs Blamed on Falling DVD Sales
02/02/2010
Sony Pictures To Lay Off 450 People, Close 100 Open Positions As DVD Sales Fall (1 d ago)

• Madoff Dodges Charges in U.K. Madoff Dodges Charges in U.K.
02/02/2010
Britain's Serious Fraud Office will not Take Action Against Convicted Swindler (1 d ago)

• Obama Seeks $30B Small Business Boost Obama Seeks $30B Small Business Boost
02/02/2010
Proposal Would Divert TARP Funds to Local Banks with Strong Incentives to Pass Money on to Business Owners (1 d ago)

• Does Toyota's Problem Go Beyond Pedals? Does Toyota's Problem Go Beyond Pedals?
02/01/2010
Parts on the Way to Dealers to Fix Sticky Accelerators, But Some Analysts Say Problem Has Multiple Causes and Will Continue (1 d ago)

• Sold Out: CBS Fills Super Bowl Ad Space Sold Out: CBS Fills Super Bowl Ad Space
02/01/2010
Network Says Average Prices Are Up from Last Year, with Some 30-Second Spots Topping $3 Million (1 d ago)

• Video: Toyota Repairs: A Quick Fix? Video: Toyota Repairs: A Quick Fix?
02/01/2010
Repairs for Toyota's problematic gas pedals are under way, but are they just a quick fix? Dean Reynolds reports on investigations that point to another potentially lethal problem for Toyota vehicles. (1 d ago)

• Video: Obama's 2011 Budget Video: Obama's 2011 Budget
02/01/2010
As the U.S. budget has surged upward, the deficit has also soared. As Chip Reid reports, President Obama's new budget is expected to get the economy moving by increasing education and defense funding. (1 d ago)

• Medical Device Cos. Reach $1.7B Settleme... Medical Device Cos. Reach $1.7B Settlement
02/01/2010
Boston Scientific to Pay Johnson and Johnson after Patent Dispute Involving Drug-Coated Stents (1 d ago)

• Time Warner Reverses Loss and Raises Div... Time Warner Reverses Loss and Raises Dividend
02/03/2010
The company said that Improving results at its movie studio and cable networks lifted fourth-quarter revenue, and smaller one-time expenses helped it reverse last year’s losses. (3 h ago)

• Advertising: A Clean Break With Staid De... Advertising: A Clean Break With Staid Detergent Ads
02/02/2010
A company called Method is taking a quirky stance as it tries to compete with detergent giants like Procter & Gamble. (8 h ago)

• ‘Avatar’ Bolsters News Corp.’s Earnings... ‘Avatar’ Bolsters News Corp.’s Earnings
02/02/2010
Buoyed by “Avatar,” the highest-grossing movie to date, News Corporation’s adjusted second-quarter earnings were 25 cents a share, a nickel above the average expectations of analysts. (8 h ago)

• Disney Is Said to Be Seeking a Buyer for... Disney Is Said to Be Seeking a Buyer for Its Beleaguered Miramax Unit
02/02/2010
The Miramax name and 700-film library, including “Pulp Fiction” and “The Queen,” could fetch more than $700 million, a mergers expert said. (12 h ago)

• Advertising: An Advocacy Ad Stirs a Nati... Advertising: An Advocacy Ad Stirs a National Debate
02/02/2010
The evangelical group, Focus on the Family, has purchased an ad for the Super Bowl that is expected to contain an anti-abortion message. (1 d ago)

• Yahoo Renews Deal to Use A.P. Material Yahoo Renews Deal to Use A.P. Material
02/02/2010
It was not clear whether The Associated Press won more money from the deal, or what it might mean for the company’s talks with Google and Microsoft. (1 d ago)

• Decline in One-Time Costs Lifts Gannett Decline in One-Time Costs Lifts Gannett
02/02/2010
The publishing company, which earned $133.6 million in the last quarter, said lower costs helped it beat estimates of Wall Street analysts. (1 d ago)

• Georgian TV Channel Says Russian Company... Georgian TV Channel Says Russian Company Elbowed It Off the Air
02/01/2010
The broadcaster accused a French satellite operator of caving into pressure by allowing the Russian company to buy out the spectrum on one of its television satellites. (1 d ago)

• On Winfrey’s Channel, a Show About Her S... On Winfrey’s Channel, a Show About Her Show
02/01/2010
OWN, jointly founded by Oprah Winfrey’s production company and Discovery Communications, is starting to reveal some details about its programming. (1 d ago)

• Webdenda: People and Accounts of Note Webdenda: People and Accounts of Note
02/01/2010
Webdenda. (1 d ago)

• Q & A With Stuart Elliott Q & A With Stuart Elliott
02/01/2010
Q & A With Stuart Elliott. (1 d ago)

• Haiti Added to ‘Most Dangerous Paper Rou... Haiti Added to ‘Most Dangerous Paper Routes in the World’
02/01/2010
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. (1 d 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.” (2 d 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. (2 d 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? (2 d 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. (2 d 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. (2 d 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. (2 d ago)

• Fraud crackdown shocks Condé Nasties Fraud crackdown shocks Condé Nasties
02/03/2010
CondÉ Nast is asking employees to rat out fellow staffers, using its new 24/7 fraud hotline. Insiders got a memo yesterday from Chief Financial Officer John Bellando, revealing that the company set up the hotline to stop the "release of proprietary information, accounting/audit irregularities, falsification of company records... (5 h ago)

• Eagle has landed SoHo space Eagle has landed SoHo space
02/03/2010
Popular teen clothier American Eagle is moving its nest in SoHo into a bigger and more prominent space. After company executives' eyes bulged at the numbers from the retailer's Times Square store, they decided location matters and signed for 20,000 square feet at 599 Broadway on the southeast... (5 h ago)

• AnnTaylor up on sales AnnTaylor up on sales
02/02/2010
Shares of AnnTaylor surged nearly 18 percent yesterday after the women's clothier said fourth-quarter results will be "substantially higher" than last year. The New York-based company -- which is revamping long-dowdy fashions in a bid to lure back customers -- didn't give a specific earnings forecast. But AnnTaylor... (9 h ago)

• Not guilty plea from ex-trader Not guilty plea from ex-trader
02/02/2010
A 33-year-old trader nicknamed "Octopussy" pleaded not guilty to charges of insider trading yesterday, setting the stage for him and at least six of his pals to battle the securities fraud allegations in court. Zvi Goffer, who got his James Bond-inspired nickname for his reputation of having lots of information... (9 h ago)

• AIG staff agree to le$$ AIG staff agree to le$$
02/02/2010
American International Group Inc.'s derivatives staff agreed to forgo about three-quarters of the $26 million in retention bonuses that the US paymaster asked be forfeited. Employees in the bailed-out insurer's Financial Products unit, which sold derivatives that drove the firm to the brink of collapse, agreed to cuts... (9 h ago)

• BofA's average bonus: $400G BofA's average bonus: $400G
02/02/2010
Bank of America Corp., the nation's largest lender, will pay investment-banking employees bonuses of about $4.4 billion for last year, or an average of $400,000 each, a person close to the bank said. As much as 95 percent will be paid in stock vesting over about three... (9 h ago)

• Digital dividend Digital dividend
02/02/2010
While big media is still grappling with the ad downturn and the digital transition, News Corp. Chairman Rupert Murdoch is feeling emboldened as the media giant's latest financial performance proves people are willing to pay for content in the digital era. "Content is not just king -- it is... (9 h ago)

• Madoff case is tossed Madoff case is tossed
02/02/2010
Uncle Sam's hot pursuit of Bernie Madoff's associates hit a roadblock yesterday when a federal judge dismissed civil fraud charges against the top officers of Cohmad Securities, a major promoter and moneymaker for the Ponzi king. "One who conducts normal business activities while ignorant that those activities are... (9 h ago)

• Ford is king of the road Ford is king of the road
02/02/2010
Ford and General Motors roared back from one of their worst years ever with surprising double-digit sales gains during a usually dull January while industry leader Toyota's showroom deals collapsed as a result of its tragic gas-pedal recall crisis. Toyota's sales, which normally might have led the pack... (9 h ago)

• Business briefs Business briefs
02/02/2010
Marts gain The S&P 500 gained 1.3 percent to 1,103.32 and jumped 2.7 percent over the past two days. The Dow Jones indus trial average climbed 111.32, or 1.1 percent, to 10,296.85. The Nasdaq rose 18.86 to 2,190.06... (9 h ago)

• Developers sued for $25M Developers sued for $25M
02/02/2010
The developers of luxury apartment building One Madison Park are the target of another lawsuit -- this time from a branding guru who claims he was never paid for work he did to create the condo's image and now wants $25 million for his trouble. David Lipman, whose clients... (9 h ago)

• Cerberus' SEC registry Cerberus' SEC registry
02/02/2010
Cerberus Capital Management has registered as an investment adviser with the Securities and Exchange Commission, sources told The Post. Some hedge and private equity funds are fighting reform measures that would require them to register... (9 h ago)

• Goldman to defer Brits' $ Goldman to defer Brits' $
02/02/2010
Don't worry -- we'll get you later. That's what Goldman Sachs is telling partners in London, who have had their bonuses capped at $1.6 million, sources said. Most of the partners, who are accustomed to bagging bonuses in the tens of millions, expect the gold-plated bank... (9 h ago)

• SEC staff monitors stocks & bond-age SEC staff monitors stocks & bond-age
02/02/2010
The Securities and Exchange Commission may have found the real reason it missed giant frauds such as Bernie Madoff's $65 billion Ponzi scheme: Its employees were too busy trying to access porn at their desks. About two dozen employees over the past two years have been caught using SEC... (9 h ago)

• PNC to pay back $7.6 billion in TARP loa... PNC to pay back $7.6 billion in TARP loans
02/02/2010
PNC Financial Services Group Inc. on Tuesday said it will pay back $7.6 billion in bailout funds to the U.S. Treasury, a sign of confidence in the financial system. Financial services - PNC Financial Services - Troubled Asset Relief Program - Business - United States Department of the Treasury (16 h ago)

• UPS profit nearly triples over year ago UPS profit nearly triples over year ago
02/02/2010
UPS 4Q profit nearly triples from year earlier Arts - Organizations - Organ - Music - Keyboard (1 d ago)

• AG says ‘Who Dat’ spat cleared up with N... AG says ‘Who Dat’ spat cleared up with NFL
02/01/2010
Louisiana's attorney general said Monday that shops can sell T-shirts with the phrase "Who Dat" and the fleur-de-lis symbol. NFL - Sports - Football - American - Fan Pages (1 d ago)

• Super Bowl ads sold out; some top $3 mil... Super Bowl ads sold out; some top $3 million
02/01/2010
CBS says it has sold out of ads for the Super Bowl at average prices that are better than last year, with some 30-second spots topping $3 million apiece. Super Bowl - CBS - Sport - Football - United States (1 d ago)

• Megachurch hopes to ‘crash’ Super Bowl... Megachurch hopes to ‘crash’ Super Bowl
02/01/2010
Pastors have long competed with the NFL on Sundays, but this season a megachurch hopes a 30-second ad could muscle its way into the holiest of sporting events: the Super Bowl. Sport - Super Bowl - NFL - National Football League - Football (1 d ago)

• Exxon posts lowest annual profit since 2... Exxon posts lowest annual profit since 2002
02/01/2010
Exxon Mobil Corp. said Monday its annual income of $19.3 billion was the smallest in seven years as higher oil prices squeezed profit margins in its refining business. ExxonMobil - Business - Energy - Oil and Gas - Oil (1 d ago)

• Proposals to Reduce Mortgage Principal Proposals to Reduce Mortgage Principal
02/02/2010
The government is simplifying the paperwork for its mortgage modification program. But consumer advocates said the changes didn't address reducing loan principals. Here's a look at some proposals to do just that. (17 h ago)

• Fidelity Cuts Trading Fees and Waives Co... Fidelity Cuts Trading Fees and Waives Commissions on 25 E.T.F.'s
02/02/2010
Fidelity said it would cut its online trading commissions and waive all trading fees on 25 exchange-traded funds. (21 h ago)

• Tuesday Reading Tuesday Reading
02/02/2010
Free airline upgrades will be in short supply this year, why older people sometimes end up needing more expensive hospital care and other consumer-focused items from Tuesday's Times. (23 h ago)

• Itineraries: Bonus Miles Expand, but Fli... Itineraries: Bonus Miles Expand, but Flight Upgrades Are Squeezed
02/02/2010
More elite fliers are competing for fewer seats in the front of the plane. (1 d ago)

• Citibank, in Settlement, Extends Free Ch... Citibank, in Settlement, Extends Free Checking
02/01/2010
The New York attorney general came to an agreement with Citibank that will allow its EZ checking account to remain free for another year. (1 d ago)

• Shortcuts: An Attempt to Revive the Lost... Shortcuts: An Attempt to Revive the Lost Art of Apology
02/01/2010
Apologies were never easy, but now, complicated by concerns about liability and self-esteem, they seem harder than ever to make. (1 d ago)

• Van Nest Journal: In a Slice of the Bron... Van Nest Journal: In a Slice of the Bronx, No Banks in Sight, for Now
01/31/2010
For businesses and residents, the lack of a bank is an inconvenience, but it is also a problem that officials say has stunted the business community there. (2 d ago)

• Taking on the job of a migrant worker Taking on the job of a migrant worker
02/02/2010
Author Gabriel Thompson talks with Kai Ryssdal about his new book, "Working In The Shadows," and his experiences being employed in jobs on the bottom rung of the economic ladder. (19 h ago)

• Cities take a spin with bike sharing Cities take a spin with bike sharing
02/02/2010
Cities like Boston, Minneapolis, and Denver are introducing a new way to get around: bike share. But these programs aren't just a ride in the park. Andrea Bernstein reports. (21 h ago)

• Letters: Housing, cameras, ink, politics Letters: Housing, cameras, ink, politics
02/02/2010
Kai Ryssdal reviews what listeners had to say about stories involving housing sales, digital cameras, ink cartridges for printers, and money in politics. (21 h ago)

• Test for consumer agency to come Test for consumer agency to come
02/02/2010
Almost everything about the coming financial reforms is still up for grabs, except the creation of a new Consumer Financial Protection Agency. Commentator David Skeel says we need to watch out for some impediments. (21 h ago)

• Study: 1 in 8 Americans use food banks Study: 1 in 8 Americans use food banks
02/02/2010
A new study by Feeding America says 37 million people receive emergency food assistance from soup kitchens each year. Jeff Tyler reports. (21 h ago)

• Film producers fight over Oscar credit Film producers fight over Oscar credit
02/02/2010
The biggest moment on Oscar night is when Best Picture is announced and all the producers file onto the stage. But when the nominations were unveiled, there was something missing. Stacey Vanek-Smith reports. (21 h ago)

• Greece's debt crisis tests the euro Greece's debt crisis tests the euro
02/02/2010
European Union officials will soon give their verdict on the perilous state of Greece's public finances. Stephen Beard reports markets around the world will be closely watching for an announcement. (21 h ago)

• Obama wants $30B to boost small biz Obama wants $30B to boost small biz
02/02/2010
The president proposes using bailout funds to help community banks lend more to small firms so they can start hiring again. Will it work? Mitchell Hartman reports. (21 h ago)

• Avatar saves Murdoch Avatar saves Murdoch
02/02/2010
Good news for Rupert Murdoch's News Corporation with the announcement that it has returned to profitability. But a closer examination of the numbers suggests there are some still some vulnerable spots.As reported here, film was the big contributor to the results with News Corp reaping the profits from DVD releases like Ice Age: Dawn of the Dinosaurs, X-Men Origins: Wolverine and Night at the Museum: Battle of the Smithsonian. Better still, the spectacular box office success of James Cameron's Avatar, which has now topped ... (10 h ago)

• Porn surfing at the SEC Porn surfing at the SEC
02/02/2010
Back at the end of 2008, I did a blog entry looking at revelations from the Office of Inspector General that Securities and Exchange Commission employees were using SEC computers to access porn. In light of the SEC's total ineptitude in investigating Bernard Madoff's crimes, it was hardly surprising.Now we have a Washington Times report showing that more than two dozen SEC employees and contractors over roughly the past two years have faced internal investigations after they were caught viewing pornography on government computers, ... (10 h ago)

• Spam and social networks Spam and social networks
02/01/2010
There has been a massive rise in spammers and hackers hunting for victims at online social networks, an explosion of spam messages and nefarious software targeting users of sites like Facebook and Twitter.A report by data protection firm Sophos found 57% of online social network users reported getting spam in their virtual communities. That amounted to a 70.6 percent jump from the prior year. About 36% of social network users said they had been sent software worms, viruses or other types of "malware". That's ... (1 d ago)

• Pepsi, Bill Gates and CSR Pepsi, Bill Gates and CSR
02/01/2010
The financial crisis might be creating a mind shift in business. Some companies seem to realize that the way to customers' hearts might lie in building connections with society.First out of the blocks is Pepsi which, according to the New York Times, has announced a $20 million cause related marketing campaign where it launched the Pepsi Refresh Project, using Twitter, Facebook and a web site refresheverything.com, to support local causes. As part of the deal, Pepsi has pledged $20 million for donations to local ... (1 d 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 ... (2 d 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 ... (2 d ago)

• Can China carry out threat of sanctions? Can China carry out threat of sanctions?
02/01/2010
China's threats to punish U.S. companies involved in an arms sale to Taiwan are raising questions over whether Beijing could pull it off without undermining its own industries. China - United States - People's Republic of China - Republic of China - Asia (1 d 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. Pope Benedict XVI - United States - Canada - Directories - Government (2 d 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. Business - Davos - Government - Employment - Central America (2 d 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. Japan - Toyota - Business - Asia - Automobile (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

• Stumping for Jobs Plan, Obama Pushes Hea... Stumping for Jobs Plan, Obama Pushes Health Bill
02/03/2010
Focusing on job creation in New Hampshire on Tuesday, President Obama promoted his $30 billion lending plan. (4 h ago)

• For Many Start-Ups, a Spot on the Nasdaq... For Many Start-Ups, a Spot on the Nasdaq Is No Longer the Goal
02/02/2010
There were 18 tech I.P.O.’s in the last two years, versus 143 in the two years prior. Is it more than the recession holding them back? (21 h ago)

• Small-Business Guide: How to Sell Your B... Small-Business Guide: How to Sell Your Business
02/02/2010
Preparing a business for sale has a lot in common with starting it in the first place: The more you prepare, the more successful the outcome is likely to be. (21 h 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. (2 d ago)

• How inflation can destroy shareholder va... How inflation can destroy shareholder value
02/02/2010
If inflation rises again, companies will have to do more than just match it to keep up—they’ll have to beat it. Multimedia bonus: An interactive exhibit allows you to see over time how much a company's earnings must increase in order to keep cash flow stable. Read more on the McKinsey Quarterly > Topics: Corporate Finance Economic Studies Interactive Strategy (23 h ago)

• This is the time to deliver on upstream ... This is the time to deliver on upstream operational excellence
02/01/2010
With oil prices squeezed, now is the time for oil and gas companies to focus on operational excellence. What lessons can managers draw from world-class operators in the business? Read more on the McKinsey Quarterly > Topics: Energy, Resources, Materials Operations (1 d ago)

• CO2 abatement: Exploring options for oil... CO2 abatement: Exploring options for oil and natural gas companies
02/01/2010
Oil and natural gas companies play a central role in CO2 emissions. How can the industry meet the challenge from climate change regulations? Read more on the McKinsey Quarterly > Topics: Climate Change Energy, Resources, Materials (1 d ago)

• Seed shortages may imperil home gardens Seed shortages may imperil home gardens
02/01/2010
A poor growing season last year and increased orders from Europe could make it difficult for home gardeners to get seeds for popular vegetables this spring. garden - Growing season - Seed - Plant - Home & Garden (1 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 (2 d ago)

• Hedge Funds Care Holds 12th Annual Open ... Hedge Funds Care Holds 12th Annual Open Your Heart to the Children New York Benefit
02/01/2010
Hedge Funds Care is holding its 12th Annual New York "Open Your Heart to the Children" benefit on Thursday, February 25, 2010 at Cipriani 42nd Street. A committee will award Michael E. Novogratz, President of Fortress Investment Group, with a Hedge Funds Care Award, among others. The first founder's award will be presented to Lee Daniels, director of Precious. Michelle Caruso-Cabrera of CNBC will serve as master of ceremonies for this year's event. The New York benefit is one of the key charity ... (1 d ago)

• Hedge Fund 'Oscar' Night Hedge Fund 'Oscar' Night
02/01/2010
Silk Invest's Luxembourg SICAV hedge fund, the Silk Road Income Fund, has been awarded the 2009 'Golden Bull' prize for innovation at the 'Finanzen Nacht' ceremony in Munich. Hailed by the German press as the "Oscar of the financial world", the award is sponsored by Euro, Germany's leading finance publication. The gala evening was attended by over 500 delegates. "We are proud to have been recognized in this way." Zin Bekkali, CEO of Silk Invest, said, "We launched the fund so that our ... (1 d 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. Shopping - Arts - Consumer Electronics - Communications - Wireless (2 d ago)

• Paper, and Business Flyers, Still Import... Paper, and Business Flyers, Still Important in Day-to-Day Reality
02/01/2010
© Penningtron I don't have an iPad yet. The new Apple gadget looks like something I'd have fun with, but the truth is that I probably wouldn't carry it to the grocery store with me. I go there now with a little slip of paper in my pocket (milk, eggs, whole wheat noodles, pork chops...) Tech mobility only extends so far for me, I guess. That's part of being a middle aged digital immigrant. I already have a Palm I could use to carry my ... "); //--> (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 ... (2 d ago)

• Virginia Wind Farm Looks Dead Virginia Wind Farm Looks Dead
02/02/2010
© vaxomatic The Tazewell County Board of Supervisors voted in favor of a Ridgeline Protection Ordinance tonight that will probably prevent Dominion Power and BP from building a wind farm on East River Mountain, overlooking the city of Bluefield on the Virginia-West Virginia state line. The wind farm issue has been around in the Virginia county for over a year now. The predictable forces have marshalled up against each other. On the one side property rights groups and business interests have pushed for the ... (11 h ago)

• Startup Confidential Startup Confidential
02/01/2010
© Randy Son Of RobertIf there is anything that bootstrappers like to do more than think about and talk about their own startup businesses, it is listening to other bootstrappers talking about their startup businesses. So the new series of guest posts on Seattle's TechFlash technology news website called "Startup Confidential" should be right up your alley. Following Seattle entrepreneurs Damon Cortesi and Aviel Ginsburg as they launch their own startup, the series promises to unveil many of the normally obscured process of ... (1 d ago)

• 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 (2 d ago)

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