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Business News
for 02/04/2010

(last updated 7:30am EST 02/04/2010)

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• Brazil, Argentina to discuss trade rift Brazil, Argentina to discuss trade rift
02/04/2010
Ministers from Brazil and Argentina will gather Friday in Buenos Aires to discuss a licensing disagreement that reduced trade between the two countries last year. The ministers also were to discuss such issues as protectionism, exports of services, and the use of local currencies in bilateral transactions. Since 2004, when former President Nestor Kirchner was in office, Agentina has required licenses for imported products such as home appliances, toys and shoes. As Argentina's economy s ... (1 h ago)

• Argentine gov't approves purchase of Chi... Argentine gov't approves purchase of Chinese subway trains
02/04/2010
The Argentine government on Wednesday approved the purchase of 279 train cars from China to upgrade Buenos Aires' subway trains. The Chinese train cars are valued at 650 million U.S. dollars, said the Argentine government in a statement. The Argentine government has approved a loan agreement between the Economy Ministry and China's CITIC Bank and China Construction Bank for 85 million dollars for the first stage purchase. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• France bans bluefin tuna trade for 18 mo... France bans bluefin tuna trade for 18 months
02/04/2010
France agreed to adopt a global ban on bluefin tuna trade but with a suspended period of 18 months, the Ecology Minister Jean-Louis Borloo said Wednesday at a news conference. In a bid to protect the endangered specie, France decided to join the ban, but the fishing committee need time to conduct a scientific study and make a withdrawal plan, so the prohibiting order will come into effect in September 2011, Borloo explained. However, environmental organization Greenpeace called the governm ... (1 h ago)

• Turkish workers stage one-day strike to ... Turkish workers stage one-day strike to support Tekel employees
02/04/2010
Workers and civil servants across Turkey went on a one-day strike Thursday to support workers of the former state alcohol and tobacco monopoly Tekel who have been protesting for 52 days over their employee rights, Turkish media reported. The strike, which began at 8 a.m. (0600 GMT) and will end at 5 p.m. (0300 GMT) Thursday, was supported by Turkey's labor organizations, namely the Confederation of Turkish Labor Unions ( Turk-Is), Hak-Is, DISK, Memur-Sen, Turkiye Kamu-Sen and KESK, the semi-o ... (1 h ago)

• Toyota says Prius had brake design probl... Toyota says Prius had brake design problems
02/04/2010
&$ &$This photo taken on Feb. 4, 2009 at an exhibition hall in Japan's capital Tokyo shows the logo on the side of a Toyota Prius hybrid. Toyota Motor Corp. spokeswoman Ririko Takeuchi said Thursday that Toyota discovered there were design problems with the antilock brake system and corrected them for Prius models sold since late January, including those being shipped overseas.(Xinhua/AFP photo)&$ &$ &$ <center ... (1 h ago)

• Toyota says Prius had brake design probl... Toyota says Prius had brake design problems (2)
02/04/2010
&$ &$This photo taken on Feb. 4, 2009 at an exhibition hall in Japan's capital Tokyo shows a Toyota Prius hybrid. Toyota Motor Corp. spokeswoman Ririko Takeuchi said Thursday that Toyota discovered there were design problems with the antilock brake system and corrected them for Prius models sold since late January, including those being shipped overseas.(Xinhua/AFP photo)&$ &$&$ <a href="/cms/template/New ... (1 h ago)

• Canada remains committed to NATO and int... Canada remains committed to NATO and int'l peace: defense minister
02/04/2010
Canada remains committed to NATO and its contribution to international peace and stability, the country's defense minister says. "Obviously the mission in Afghanistan remains Canada's top international security priority and we will continue to help Afghans rebuild their country as a nation that is better governed, more peaceful and secure, and more prosperous," Defense Minister Peter MacKay said Wednesday in a statement from Istanbul, Turkey, where he was attending the NATO Informal Meeting o ... (1 h ago)

• Int'l migration organization begins dist... Int'l migration organization begins distribution of housing material
02/04/2010
The International Organization for Migration (IOM) has begun the distribution of homebuilding material in quake-hit Haiti. The IOM said it is encouraging the estimated 1.5 million citizens living on the streets and in makeshift camps to use tarpaulins rather than tents in order to make longer lasting and more adaptable dwellings "Tents have a shelf life of around six months, and if they rip the whole structure can collapse," Mark Turner, IOM spokesman told a press conference at the base of ... (1 h ago)

• Thailand, U.S., S Korea hold amphibious ... Thailand, U.S., S Korea hold amphibious assault exercise
02/04/2010
Thailand, the United States and South Korea jointly participated in a mock amphibious assault demonstration, as part of the annual Cobra Gold military exercise on Thursday in central Thailand's province of Chonburi. The drill started 10:00 a.m., was held at a Royal Thai Navy's seaside drill field at Sattahip County in Chonburi province, some 190 kilometers southeast of capital Bangkok. amphibious assault, the highlight of Cobra Gold exercise, has attracted some 6,000 troops, six warships a ... (1 h ago)

• Sony books first profit in five quarters... Sony books first profit in five quarters, raises earnings outlook
02/04/2010
Sony Corporation reported its first profit in five quarters on Thursday, citing reduced costs and increased consumer demand for electronics over the holiday shopping season. The company posted an operating profit of 146.1 billion yen (1. 6 billion U.S. dollars) in the October to December period of fiscal 2009, against a loss of 17.96 billion yen (197.36 million dollars) a year earlier, Sony said in a statement. For the April to December period of fiscal 2009, the electronics giant reported ... (1 h ago)

• Chinese shares close slightly lower on T... Chinese shares close slightly lower on Thursday
02/04/2010
Chinese equities closed slightly lower Thursday as heavyweights weakened in the afternoon trade. The benchmark Shanghai Composite Index went down 0.28 percent, or 8.53 points, to close at 2,995.31 points. The Shenzhen Component Index dropped 0.76 percent, or 93.09 points, to close at 12,169.48 points. Combined turnover grew to 199.5 billion yuan (28.62 billion U.S. dollars), from 198.71 billion yuan on the previous trading day. Gainers outnumbered losers by 557 to 303 in Shanghai and ... (1 h ago)

• Bank of England Calls Halt to Bond Purch... Bank of England Calls Halt to Bond Purchase Program
02/04/2010
Facing rising inflation and evidence that Britain has emerged from recession, the central bank said that it would end its buying spree of government bonds. (3 h ago)

• China Shows Little Patience for U.S. Cur... China Shows Little Patience for U.S. Currency Pressure
02/04/2010
Beijing signaled Thursday that it had no sympathy for the American complaint that China’s devalued currency is fueling a persistent trade gap. (3 h ago)

• Sony Returns to a Quarterly Profit Sony Returns to a Quarterly Profit
02/04/2010
Tjhe company also projected a smaller full-year loss, providing the latest evidence of how the global economic recovery is filtering through to corporate earnings. (3 h ago)

• Toyota Says Prius Brakes Had Design Prob... Toyota Says Prius Brakes Had Design Problems
02/04/2010
Toyota said Thursday that it had identified the problem with the hybrid’s braking system and designed a fix, but did not rule out a recall. (3 h ago)

• China Escalates Trade Fight With Europe ... China Escalates Trade Fight With Europe Over Shoes
02/04/2010
Beijing complained to the World Trade Organization about anti-dumping duties imposed by the European Union on Chinese-made shoes. (3 h ago)

• Turnaround at U.S. Unit Helps Lift Banco... Turnaround at U.S. Unit Helps Lift Banco Santander Profits
02/04/2010
The biggest Spanish bank said year-end profits were aided by growth in Brazil and Britain as well as its U.S. unit, Sovereign. (3 h ago)

• Currency Dispute Likely to Further Fray ... Currency Dispute Likely to Further Fray U.S.-China Ties
02/04/2010
The Obama administration wants China to stop artificially depressing its currency, a policy that fuels its persistent trade gap with the United States. (6 h ago)

• Deutsche Bank Reaffirms Rebound With Ano... Deutsche Bank Reaffirms Rebound With Another Profit
02/04/2010
Deutsche Bank reinforced its position as one of the survivors of the global financial crisis Thursday, posting its fourth straight quarterly profit after a record loss a year earlier. (6 h ago)

• Europeans Revitalize Plants to Save Jobs Europeans Revitalize Plants to Save Jobs
02/04/2010
Europeans are making old plants more modern and effective rather than watching workers or companies deemed uncompetitive fall by the wayside. (7 h ago)

• Argentine Bank President Is Formally Dis... Argentine Bank President Is Formally Dismissed
02/03/2010
President Cristina Fernández de Kirchner vowed to tap $6.59 billion of the country’s reserves to pay down foreign debt, a demand that the bank president had refused. (8 h ago)

• Bank Data May Unveil German Tax Evaders,... Bank Data May Unveil German Tax Evaders, Finance Official Says
02/03/2010
Germany’s finance minister warned tax evaders that they risk punishment if their names are on a CD that contains information about Swiss accounts. (8 h ago)

• Europe Leans Toward Bluefin Trade Ban Europe Leans Toward Bluefin Trade Ban
02/03/2010
European officials are increasing pressure for an international ban on bluefin tuna, a threatened fish whose fatty belly is prized for sushi. (8 h ago)

• Economic Measures by North Korea Prompt ... Economic Measures by North Korea Prompt New Hardships and Unrest
02/03/2010
North Korea is reported to have dismissed the official who oversaw a sweeping monetary conversion last year that led to price increases and social unrest. (8 h ago)

• Rivals Await Blankfein’s Bonus at Goldma... Rivals Await Blankfein’s Bonus at Goldman Sachs
02/03/2010
The compensation for Lloyd C. Blankfein will set a new benchmark for pay throughout the industry. (8 h ago)

• Advertising: Time Warner’s Movies Help I... Advertising: Time Warner’s Movies Help It Swing to a Profit
02/03/2010
Time Warner’s chief executive, Jeffrey L. Bewkes, said the results suggested that “industry trends are going our way.” (9 h ago)

• Russia Plans to Promote Technology Innov... Russia Plans to Promote Technology Innovations
02/03/2010
The Russian finance minister floated a new approach to catching up with the West in technology. (9 h ago)

• U.S. Report Details Money Laundering U.S. Report Details Money Laundering
02/03/2010
An investigation has shed new light on how major banks unwittingly shifted hundreds of millions of dollars on behalf of politicians, their relatives and associates. (9 h ago)

• Sports Business: A Manufacturer’s Debt t... Sports Business: A Manufacturer’s Debt to Haiti
02/03/2010
Two decades after it stopped making baseballs in Haiti, the sporting goods manufacturer Rawlings could help the devastated nation by reopening its assembly plant. (9 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. (10 h ago)

• E.U. Warns of Tough Supervision of Greec... E.U. Warns of Tough Supervision of Greece’s Budget
02/03/2010
The European commission approved Greece’s plan to curb its rampant deficit but said it would monitor the plan and ask for more measures if necessary. (11 h ago)

• Toyota Reports $1.7B Quarterly Profit Toyota Reports $1.7B Quarterly Profit
02/04/2010
But October-December Gains Don't Reflect Recent Spate of Recalls, New Concerns Over Prius Brakes (7 h ago)

• Toyota Admits Prius Brake Problem Toyota Admits Prius Brake Problem
02/03/2010
Japanese Automaker Concedes Design Flaw in World's Most Popular Hybrid; Japan Transport Chief Suggests Recall (8 h ago)

• Salmonella Outbreak Tied to Ground Peppe... Salmonella Outbreak Tied to Ground Pepper
02/03/2010
R.I. Company Recalled 1 Million Lbs. of Salami Coated with the Pepper; May Have Been Sold Elsewhere (14 h ago)

• Video: Consumer Uproar over Car Pedals Video: Consumer Uproar over Car Pedals
02/03/2010
After the U.S. Transportation Secretary briefly warned drivers to bench their Toyotas, the automaker giant is now trying to offer a fix for faulty pedals. Dean Reynolds reports. (15 h ago)

• AIG Bonuses Deemed "Outrageous" but Lega... AIG Bonuses Deemed "Outrageous" but Legal
02/03/2010
Pay Czar Kenneth Feinberg Criticizes Insurance Giant's $100M Compensation but Says It's Part of Contract (16 h ago)

• Toyota Dealers Get $75K to Win Back Buye... Toyota Dealers Get $75K to Win Back Buyers
02/03/2010
Payments Based on Number of Cars Sold in 2009, Intended to Help Regain Drivers' Trust in Recall Wake (21 h ago)

• Freed from Time Warner, AOL Posts a Prof... Freed from Time Warner, AOL Posts a Profit
02/03/2010
Fisrt Time Reporting its Numbers Since Ending its Fizzled Marriage (21 h ago)

• Super Bowl XLIV: Adding Up the Numbers Super Bowl XLIV: Adding Up the Numbers
02/03/2010
MoneyWatch.com Looks at the Stats, Financial and Otherwise, Associated with the Big Game (22 h ago)

• Wal-Mart Laying Off 300 Workers at Ark. ... Wal-Mart Laying Off 300 Workers at Ark. HQ
02/03/2010
Positions Mainly in Corporate Support, Company Says (22 h ago)

• AIG: New Year, Same $100M Bonuses AIG: New Year, Same $100M Bonuses
02/03/2010
Insurance Giant to Pay Big Rewards to Division that Sparked $180B Bailout, Reports Say (1 d 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 (1 d 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 (1 d 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 (1 d 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. (1 d 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. (1 d 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 (1 d 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." (1 d 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. (1 d 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 (1 d 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 (1 d ago)

• Bank of England halts quantitative easin... Bank of England halts quantitative easing
02/04/2010
UK's £200bn programme of asset purchases – known as quantitative easing – on hold, Bank of England announces The Bank of England's monetary policy committee today announced that it was putting its 11-month, £200bn programme of asset purchases, known as quantitative easing , on hold. The move, widely expected in the City , comes as the jury is still out as to whether the British economy – which grew by a meagre 0.1% in the fourth quarter of 2009 – has entered a self-sustaining recovery or is still dependent on official life support. The MPC also, as expected, left its key interest rate steady at a record low of 0.5%. Few analysts expect any change in rates until later this year at the earliest, with whoever wins the spring election likely to start tightening fiscal policy. The MPC began its QE experiment in March last year when the world economy was teetering on the brink of collapse and after it had slashed interest rates to nearly zero. It only completed the purchases, which were mainly of government bonds, or gilts, last week. Many other central banks around the world adopted similar policies. In a downbeat statement accompanying its announcement, the MPC said that while the economy was likely to continue its gradual recovery, the committee was concerned that credit conditions in the economy were likely to remain "restrictive". And it stressed that it was pausing, not stopping, QE: "The committee will continue to monitor the appropriate scale of the asset purchase programme and further purchases would be made should the outlook warrant them." Financial markets took the news broadly in their stride. The FTSE 100 remained around 5214, down 39 points on the day. The 10-year gilt future remained in positive territory. The pound, however, nudged slightly higher against both the dollar and euro to $1.585 and €1.145. "Even if this really is the end of quantitative easing, any policy tightening still looks a long way off given that the recovery is likely to remain fragile for some time to come," said Howard Archer, economist at IHS Global Insight. Ian McCafferty, CBI chief economic adviser, added: "It is unsurprising that the Bank has kept interest rates and its quantitative easing policy at the same levels. The situation is finely balanced. "The economy is stabilising but still faces some serious headwinds, and recovery remains shallow-rooted. However, near-zero interest rates, the existing £200bn QE package and the sharp fall in sterling are already extremely expansionary and inflation has exceeded expectations consistently in recent months." Quantitative easing Bank of England Recession Economic policy Economics Ashley Seager guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Shell to axe another 1,000 jobs and clos... Shell to axe another 1,000 jobs and close last UK refinery
02/04/2010
Oil firm will sell 15% of refinery operations and slow down tar sands projects as fourth-quarter profits fall by 75% Shell is to sell off 15% of its refinery capacity in Europe and the Americas and cut a further 1,000 jobs after reporting a 75% collapse in final-quarter profits and a slump in annual results. Peter Voser, the chief executive, said four previous years of increased profits had allowed the company to "to eat too much and get fat". Shell, which had previously unveiled plans to axe 5,000 jobs worldwide, said it was looking at $3bn (£1.89bn) worth of divestments and was slowing down investment in higher-cost oil production, such as the tar sands of Canada. As the share price fell 2% to £16.76, Voser denied there was a fire sale going on. "We are not selling for the sake of selling. We are selling for the sake of value. If the value is not right we will not sell," he explained, after reporting that fourth-quarter earnings fell by 75% to $1.2bn, compared with a 33% increase at arch-rival BP which has replaced it as Europe's largest oil group by stock market value. Shell's last remaining UK refinery, Stanlow in Cheshire, which produces a sixth of the country's petrol, is one of the facilities being disposed of as Shell shifts its focus in this "downstream" part of the business to China and Asia. Shell also aims to sell refining plants in Montreal, Canada and Heide and Harburg in Germany as it cuts 560,000 barrels a day of capacity in the light of a $1.8bn loss from downstream operations over the last three months. "There is a significant overhang of industry refining capacity, exacerbated by the economic downturn. That's why we have initiatives in place to refocus Shell's downstream footprint to fewer, more profitable markets with potential growth," it said. But the Anglo-Dutch group said it had no intention of following the lead of Norway's Statoil, which earlier this week announced plans to sell off its entire petrol forecourt operations. Shell, which unveiled a 69% fall in 2009 full-year earnings to $9.8bn, has started to dispose of some "upstream" exploration and production assets in troubled Nigeria and has scaled back planned expansion in the controversial tar sands of Canada. Voser said this was a move triggered by lower oil prices and higher costs and left the door open to expansion at some future date. He downplayed the influence of environmental campaigners – and some of Shell's own shareholders – opposed to the carbon-heavy operations, boasting the firm had made "remarkable" progress on reducing its carbon footprint. The company yesterday reported a 5% increase in the final-quarter dividend but said there would be no increase in the next three-monthly payout, which would be held steady at $0.42 per share. Analysts at Evolution Securities said this was unwelcome but not "a major surprise" as the company had hinted heavily in the third-quarter results that this would be a risk. They said: "The [oil] group continues to make progress on cost savings, $1bn in 2009 to be repeated in 2010, and the growth projects remain on track. At this point in time though we see no reason to rush into the Shell shares and stick with our preference for BP." Royal Dutch Shell Oil and gas companies Oil Job losses BP Oil Terry Macalister guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Toyota Q&A: Does pedal glitch affect you... Toyota Q&A: Does pedal glitch affect you?
02/04/2010
More than 8m Toyota cars made over the past five years might have an accelerator fault, including seven British models What is the problem? More than 8m cars manufactured over the past five years might be affected by an accelerator fault, potentially leading to loss of control of the vehicle. How many cars are affected in Britain? The company believes 180,865 vehicles in Britain might suffer from the defect. Across Europe, 1.8m cars across have been recalled, while another 5m are affected in the US. Which British models are affected? There a seven UK models subject to a recall: AYGO (February 2005 – August 2009, only MMT version is affected) iQ (November 2008 – November 2009) Yaris (November 2005 – September 2009) Auris (October 2006 – 5 January 2010) Corolla (October 2006 – December 2009) Verso (February 2009 – 5 January 2010) Avensis (November 2008 – December 2009) How many injuries have been attributed to the problem? There are no confirmed cases of injury in the UK. In the US, up to 19 US crash deaths over the past decade may be linked to accelerator-related problems at Toyota, congressional officials have said. What should owners do? Toyota says British owners should contact the company and warns people not to get the problem fixed independently. Are there any other defects? In the US, Toyota has confirmed that the accelerator could get stuck in the floor mats. The National Highway Traffic Safety Administration believes five people have died in crashes in such circumstances. A British driver was told by a Toyota dealer that supply of the mats in the UK was "frozen" and the company was improving the product. The Japanese government has also ordered Toyota to investigate a possible defect in its new Prius model. Toyota admitted it was looking into around 180 complaints about brake problems. Should owners stop driving recalled vehicles? Toyota insists the cars are safe to drive. However, Nick Freeman, a UK lawyer who has made his name defending famous footballers in speeding cases, says owners could be sued if they drive affected cars . "The recall puts you on notice that there could be a fault which means you assume responsibility. In the case of a fatal accident you could be charged with causing death by dangerous driving." The Association of Motor Offence Lawyers describes it as "a grey area". It said manufacturers could be held liable for "failing to ensure the recall was administered sufficiently quickly and efficiently to place individual owners on notice of the need to stop driving their vehicles". Can drivers tell if their vehicle is developing a problem? Yes, according to Miguel Fonseca, the managing director of Toyota GB. "This is not a problem that develops suddenly. There are warning signs such as the accelerator pedal becoming harder to depress or slow to return to its normal position." How much is it costing the company? Toyota officials expect the recall to cost the firm $2bn (£1.26bn) including up to £560m in lost sales. What does it mean for Toyota? The firm admits it will need to rebuild trust. It lost 16% of sales last month in the US, and was overtaken in sales by Ford and GM. However, the world's biggest carmaker expects to make a £550m profit this year. Toyota Automotive industry Japan United States Consumer affairs James Sturcke guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Chloride slips as City plays down takeov... Chloride slips as City plays down takeover talks
02/04/2010
Chloride , the power protection group, has been lifted recently by renewed bid speculation but the City is starting to question whether that is justified. And after a positive move in the shares yesterday following a trading update, they are now down 3.1p at 184.1p. In a report today analyst Ian Robertson at Seymour Pierce was lukewarm on the prospects of a takeover bid, and listed the possible predators and the obstacles to any move on Chloride. He said: We are changing our recommendation from hold to underperform – noting that the bid premium seems to have returned to the shares. We remain of the view that the bid is only a possibility and not a probability. Our view is that [France's] Schneider does not really need Chloride and would face competition issues if it did try and undertake a deal. Eaton [of the US] remains somewhat constrained by the performance of its automotive, truck and aerospace businesses and its balance sheet. Emerson [also of the US] is clearly looking forward to a recovery in the network power business but the purchase of a European focused operation such as Chloride does not sit entirely comfortably with its recent purchases. In the Emerson first quarter results conference call earlier this week management stated that the 'probable' M&A spend over the rest of Emerson's financial year will probably be in the region of $500m to $600m. Although Chloride's £537m ($860m) enterprise value does seem to rule this out we note that this $500m-$600m figure is a net figure taking into account the disposal proceeds from the sale of LANDesk (approx $150m annual revenues) – a software business that Emerson gained as part of its acquisition of Avocent last year. Chloride investors seeking their next hit of Emerson news don't have to wait long; the Emerson annual analyst event is on Friday 5 February 2010. Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Tech boss quits with haiku tweet Tech boss quits with haiku tweet
02/04/2010
Departing chief of Sun Microsystems Jonathan Schwartz transmits news of departure after Oracle takeover with a poem on the social networking site What do you get if you cross a multi-billion-dollar technology deal, a departing chief executive and social networking site Twitter? A Haiku tweet goodbye, of course. In an ultra-modern farewell, Jonathan Schwartz, chief executive of Sun Microsytems, used Twitter to confirm his departure following the company's takeover by Oracle. The pony-tailed tech boss tweeted : "Today's my last day at Sun. I'll miss it. Seems only fitting to end on a #haiku. Financial crisis/Stalled too many customers/CEO no more". His succinct announcement followed recent speculation he would leave following the $7.4bn (£5.1bn) takeover. Schwartz appeared to confirm the speculation last week when he entitled a blogpost "Where Life Takes Me Next ... " First announced last April , the Silicon Valley tie-up ends almost three decades of independence for Sun. The time-consuming Twitter recently lost one of its most profilic members when actor Stephen Fry said he was taking a break from the micro-blogging site to write his latest book. But it remains a popular place for celebrities to announce news – or to at least hint at it. Jonathan Ross recently prefaced an official statement unveiling he was quitting the BBC with a teaser tweet "My day is turning out to be far more interesting then I had anticipated!" X-Factor judge and singer Dannii Minogue used Twitter to announce she was pregnant, while Demi Moore and her husband Ashton Kutcher have used it to post holiday pictures to their millions of "followers". Technology sector Sun Microsystems Twitter Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Price cuts lift Unilever sales but share... Price cuts lift Unilever sales but shares slip on competition fears
02/04/2010
Cutting prices and spending more on marketing seems to be doing the trick for consumer goods group Unilever . The company - whose brands encompass everything from Persil to Ben & Jerry's ice cream and Knorr soup and which serves 2bn consumers a day - said full year sales grew 3.5%, with advertising and promotional (A&P) spend up by 80 basis points and a 3% fall in prices in the fourth quarter. But Unilever's shares slipped 86p to £18.48 on concerns about weakness in Europe, and comments about increased competition, which could keep prices low for some while. Chief executive Paul Polman said: We expect continued pressure on consumer spending power and heightened levels of competitive activity in 2010. We will continue to focus on volume growth as the main driver of long term value creation. Analysts pointed to Procter & Gamble as one source of "heightened competitive activity." Warren Ackerman of Evolution Securities - who has a neutral recommendation and £18 price target on the company - said: Unilever's continued volume momentum is positive - however some may suggest this is only due to a huge level of re-investment. Pricing was weaker than expected especially in the Americas (-4.1%). Pricing will continue to be negative for the next two quarters as per previous guidance but should pick up in the second half of 2010. The market might be worried about the comment about increased competition (P&G) in 2010. Panmure Gordon was more positive, with analyst Graham Jones raising his price target from £18.70 to £20. He said: Volume group of 5% in the fourth quarter was ahead of the most bullish forecast, and although this was assisted by deeper than expected price cuts and higher than expected A&P spend, the fact that Unilever could deliver margins in-line with expectations suggests Unilever's efforts to become more competitive are affordable. The cash performance was also better than we had expected. The most important, and difficult, piece of the jigsaw remains a better flow of innovation...which was always going to take time. Over at Investec, Martin Deboo said: Unilever have posted what we view as strong fourth quarter figures, beating median consensus on top line and matching it on the bottom, despite significant incremental A&P. Further good progress has also been made on working capital reduction, which was well ahead of our forecasts. We anticipate a modest upgrade to our 2010 numbers, but will look at the soft guidance in more detail. We are happy to remain buyers this morning with a target price of £22. Viewed in the round, we see this as a further strong quarter for Unilever, consistent with the evolving story of a volume-led turnaround. We are inclined to upgrade our 2010 forecasts modestly, but think that our new forecasts are capturing directionally the soft 2010 guidance of 'volume growth plus steady and sustainable year on year improvement in operating margin and strong cashflow.' Unilever Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Halifax: House prices rise for seventh m... Halifax: House prices rise for seventh month in row
02/04/2010
Halifax figures show a 0.6% rise in house prices in January, but the rate of increase is smaller than in previous months House prices rose by 0.6% in January, the seventh monthly increase in a row, according to figures published by the Halifax today. Although the rise takes the average house price to 9.9% above last April's trough, and prices were up by 3.6% over the past 12 months (the comparable rate last January was -17.2%), Halifax said it was smaller than any of the previous six increases. The bank said the "marked reduction" in interest rates during the past 15 months had boosted housing demand from those with big enough deposits to enter the market. Its figures show that nationally, typical mortgage payments for a new borrower have fallen from a peak of 48% of average disposable earnings in the third quarter of 2007 to 32% in the fourth quarter of last year. Increased demand has combined with a small supply of properties for sale to push prices up by an average of £15,287 to £167,777. But Martin Ellis, housing economist for Halifax, said: "There are some signs that more people are putting their homes on the market. "A further increase in the supply of property is possible over the coming months, which would help to curb upward pressure on prices. Overall, our current view is that house prices will be flat during 2010." The number of homes coming on to the market increased for the seventh successive month in December, according to the Royal Institution of Chartered Surveyors , while figures published last week by the Land Registry showed that house sales in England and Wales in October were 34% higher than a year earlier. Halifax's figures, although slightly lower, support house price statistics published by Nationwide building society last week. It said prices rose by 1.2% in January to an average of £163,481. Sceptical forecasts Nationwide's chief economist, Martin Gahbauer, also predicted a slow down in the rate of increase, saying that low earnings growth, a reduction in employee work hours and low inflation were likely to limit "the upside potential for the current recovery in house prices". Howard Archer, chief UK economist at IHS Global Insight , goes further, predicting a small fall in house prices during 2010. "We are sceptical that the marked rises in house prices seen since early 2009 can be sustained given a still far from favourable economic environment and still relatively tight credit conditions," he said. "We believe that a modest relapse in house prices is likely at some point in 2010, and they may well be essentially flat over the year as a whole. A relapse in house prices is even more likely to occur if more properties come on to the market as a result of the recent firming in prices, given that a shortage of properties has been a key factor supporting house prices since early 2009." He added that Bank of England data show that mortgage approvals dipped in December , and at 59,023 were well below the average 92,400 a month seen between 1993 and 2009. "It is considered that under normal supply conditions, monthly mortgage approvals of 70,000-80,000 are consistent with stable house prices," Archer said. House prices Property Housing market Jill Insley guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Yell buoyed by better than expected figu... Yell buoyed by better than expected figures
02/04/2010
Investors in Yell had something to cheer about today, with shares in the struggling directories group topping the FTSE 250 after its third quarter figures. The company reported a 13% decline in third quarter revenues to £540m, but at least that was better than the 16% drop the City had been expecting. Pretax profit of £86m was ahead of the £56m forecast, helped by lower interest payments as it made moves to tackle its hefty debt mountain, cutting it by about £1bn to £3bn. The company said it was seeing early signs that the rate of revenue decline as stabilising, and it expected adjusted earnings of at least £600m for the full year. The news has lifted the company's shares 3.35p to 40.15p. But Lorna Tilbian at Numis still has a sell recommendation on the shares: We expect to leave our EBITDA forecasts broadly unchanged though our pretax profit and earnings forecasts of £230m and 12p for March 2010 and £240m and 7p for March 2011 are likely to nudge up due to lower interest. We remain concerned by the structural pressures facing Yell's print business (80% of revenues) and its still high debt levels. With excessive gearing, exposure to vulnerable sectors and geographies and structural pressure in the core print business we remain of the view that Yell is a high risk investment. We retain our reduce recommendation. But Simon Whittington at UBS was more positive, keeping his buy recommendation: Overall, this looks to be a very good set of results for a stock where the mere absence of bad news often comes as a relief. Guidance is for fourth quarter revenue to be down 16% given the historically weaker [final three months], but this is stronger than expected (UBS estimate was a 17% decline) and suggests we are likely to have past the inflexion point in revenue declines and we believe the first quarter of 2011 will show a further improvement. Management tone is cautiously optimistic, citing improving sentiment amongst the customer base, and ongoing stabilisation in declines. However, the bears may pick up on internet growth which, while still strong, has continued to slow. Yell Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Toyota takes $2bn hit from safety recall Toyota takes $2bn hit from safety recall
02/04/2010
• Japanese carmaker raises annual forecast to £550m profit • Carmaker investigating reports of brake problems on Prius Toyota will suffer $2bn (£1.26bn) in extra costs as a result of a global safety recall affecting millions of cars, and faces a bruising few months ahead as it attempts to address safety concerns that could result in civil action by authorities in the US. In the only glimmer of good news at the end of a disastrous week, the world's biggest carmaker raised its annual forecast to an ¥80bn profit (£550m), a dramatic reversal from its previous estimates of a ¥200bn loss . Last year the company suffered a ¥436bn loss as it fell victim to a global slump in demand sparked by the recession. The firm said it had recorded a net profit of ¥153bn in the third quarter, a reversal from its ¥164bn loss a year earlier. It raised its global sales forecast to 7.18m vehicles from 7.03m vehicles for the full year. Toyota officials said the projected $2bn cost of the recall includes an estimated ¥70bn to ¥80bn in lost sales. The cost of the recall has been taken into account in the company's new forecasts. The quarterly results do not reflect the dent in Toyota sales expected to follow the recall of millions of cars with potentially lethal acceleration faults. The firm said it had not factored in the potential costs of a new defect reported in its Prius hybrid model that could result in yet another recall. Toyota's battle to repair its battered reputation suffered another setback after it admitted it was looking into around 180 complaints about brake problems in its flagship green hybrid. It has already recalled more than 8m other vehicles worldwide to repair defective accelerator pedals and floor mats. The most recent recall, of 4.45m vehicles, includes 2.3m in the US and 180,000 in the UK. Today the Japanese government urged the carmaker to look into 77 reported cases of braking problems among new Prius models sold in Japan. Yesterday US authorities said they were investigating 100 similar complaints, with Prius owners reporting momentary loss of braking ability at low speeds on bumpy roads. Two of the incidents ended in crashes that resulted in injuries. Confusion The US transport secretary, Ray LaHood, said he planned to call Toyota's president, Akio Toyoda, this week to discuss the crisis. "This is serious," he said in Washington. "After I talk with him, they'll get it. We're going to keep the pressure on. "We will continue our investigation into all aspects of these vehicles, including the electronics. We're going to hold Toyota's feet to the fire." Yesterday LaHood created confusion when he urged US Toyota owners not to drive their cars, advice he later called a "misstatement" before advising them to take their vehicles to a Toyota dealer. US authorities are also considering imposing civil penalties on Toyota if it determines that the firm's response to the glitch was inadequate. Japan's transport minister, Masayuki Naoshima, said he believed an immediate Prius recall was unnecessary. "It is still not clear whether [the faulty brakes] will lead to safety problems," he told reporters. Toyota's executive in charge of quality control, Shinichi Sasaki, however, refused to rule out a Prius recall. Such a move could prove disastrous for Toyota; the Prius is the world's best-selling hybrid car, held up by Toyota as a shining example of cutting-edge green technology with global sales of 1.6m since its launch in 1997. "The latest Prius troubles have really damaged Toyota's brand. Uncertainty over the Prius trouble will only prompt more consumers to dump Toyota," said Ryoichi Saito, a car industry analyst at Mizuho Investors Securities. "Since the Prius is among Toyota's top-selling vehicles, its quality troubles could certainly hurt hybrid sales and Toyota's overall earnings." Inadequate Safety fears over eight other Toyota models, and anger over the firm's inadequate response sent its shares down by 3.5% to their lowest level in 10 months in early trading in Tokyo today. The firm has lost 22%, or $30bn, of its market value since the latest recall was announced on 21 January. Sasaki said the government had asked the firm to look into faulty brakes on the Prius petrol-electric last August. "Our dealers have received a lot more complaints, but we are pursuing the root cause and we will be considering what measures we will take for our customers," he said on Japanese TV last night. News that the company had already started carrying out emergency fixes for Japanese Prius owners fuelled suspicions that the firm may have attempted to keep the latest glitch under wraps. Analysts were encouraged by today's financial results but said sales could yet suffer from the impact of the safety recalls. "My first impression of the results is very good," said Kazutaka Oshima at Rakuten Investment Management. "But we are more concerned about how a series of recalls will affect the company's earnings from the January-March quarter onwards. "The problem with its Prius is also very worrying. We are not certain about how Toyota's damaged reputation will affect its earnings in the future. There are simply too many uncertainties surrounding Toyota at the moment. The best thing to do now is not to hold Toyota shares." Toyota Automotive industry Japan United States Consumer affairs 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)

• Men at Work stole Down Under riff from G... Men at Work stole Down Under riff from Guides
02/04/2010
Band may owe campfire songwriter millions in royalties after court rules they plundered flute melody on 80s hit Australian band Men at Work copied a well-known children's campfire song for the flute melody in its 1980s hit Down Under and owes the owner years of royalties, a court ruled today. Kookaburra Sits in the Old Gum Tree was written more than 70 years ago by Australian teacher Marion Sinclair for a Guides competition – the song has since been a favourite around campfires from New Zealand to Canada. The teacher died in 1988, and publishing company Larrikin Music owns the copyright to her song about the native Australian bird. Larrikin filed the copyright suit last year. "I have come to the view that the flute riff in Down Under ... infringes on the copyright of Kookaburra because it replicates in material form a substantial part of Ms Sinclair's 1935 work," the federal court Justice Peter Jacobson said. He ordered the parties back in court on 25 February to discuss the compensation Larrikin should receive from songwriters Colin Hay and Ron Strykert, and Men at Work's record companies Sony BMG Music Entertainment and EMI Songs Australia. Outside the court, Adam Simpson, Larrikin Music's lawyer said the company might seek up to 60% of the royalties that Down Under has earned since its release, an amount that could total millions. The songwriters and their record companies did not immediately comment. Down Under and the album Business As Usual topped the Australian, US and British charts in early 1983. The song remains an unofficial anthem for Australia and was ranked fourth in a 2001 music industry survey of the best Australian songs. Men at Work won the 1983 Grammy award for best new artist. Pop and rock Australia Music industry guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• British Gas cuts gas prices by 7% British Gas cuts gas prices by 7%
02/04/2010
British Gas says the immediate cuts will save the average household £55 a year British Gas today announced it was cutting residential gas prices by an average of 7% with immediate effect, in a move that will put pressure on other suppliers to follow suit. The company, which is the UK's biggest provider, said the price cut would benefit 8 million customers and save the average household £55 a year. This is the third time the energy giant has cut prices in the past 12 months, and it claimed it was now the country's cheapest major supplier of gas and dual fuel packages. At the same time, it said it was removing the premium it charges customers on pre-payment gas meters so they will now pay, on average, the same for their energy as those who pay by cash or cheque. Customers who have recently signed up to British Gas's fixed-rate Price Guarantee March 2011 tariff will also see prices fall. Higher pricing for pre-payment customers, typically poorer households, has long been criticised by charities and consumer groups for aggrevating the problem of fuel poverty . • Ofgem proposals could send energy bills spiralling • Template letters: Energy overpayment rebate • Compare and switch gas and electricity suppliers British Gas's managing director, Phil Bentley, said: "We know household budgets are stretched, and that our customers are concerned about the effect the recent cold weather will have on their winter fuel bills. "I am pleased we are able to offer our customers some extra help with this gas price cut, and that we are able to do this while it is still winter, allowing our customers to really feel the benefit." The move comes just a day after the energy regulator Ofgem warned that energy bills could break the £2,000-a-year mark by 2020, and at the end of a particularly cold winter which was expected to add around £70 to average winter fuel bills . Ann Robinson, director of consumer policy at price comparison website uSwitch.com , said other energy providers would now be under pressure to cut their tariffs, but consumers should not expect prices to return to 2008 levels. "Energy prices increased by 42%, or £381, in 2008 and suppliers cut prices by 4%, or £54, last year. "If today's move is an indication of what can be expected from other suppliers, consumers can still expect their household energy bills to be around £270 higher than just a couple of years ago, even after price cuts. "This means that the overall trend in household energy prices is upwards, and consumers must start looking out for themselves ." Figures from uSwitch show the average household bill for a dual fuel British Gas customer will now drop from £1,202 to £1,147, which is £235 or 26% higher than its average bill of £912 in January 2008. The actual level of the price cuts will depend on where a customer lives and how they pay, but a spokesman for British Gas said they would not vary widely and most customers would see gas bills fall by around 7%. Energy bills Household bills Family finances Consumer affairs Utilities Hilary Osborne guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Smartphones brighten Vodafone's year Smartphones brighten Vodafone's year
02/04/2010
Vodafone has kicked off a busy day for company news on the FTSE 100 with an improved outlook for profits and free cash flow thanks to a boost from a growing smartphone customer base and more broadband sign-ups. The mobile phone company now expects 2010 adjusted operating profit to be in the range of £11.4bn to £11.8bn, it said in a third-quarter results statement that showed group revenue increased by 10.3% to £11.5bn. Chief executive Vittorio Colao comments: "Service revenue trends have improved with continuing growth in our data and fixed line revenue. Free cash flow guidance has been raised, reflecting the impact of our cost and working capital reduction programmes. We are on track to deliver on our strategic priorities in the current financial year." Vodafone noted a boost from the growing trend for smartphones – handsets with multimedia functions, web browsers and high-specification cameras. The company said group data revenue had exceeded £1bn for the first time, up 17.7% year-on-year, "with increased take-up of data-enabled smartphones across Europe where active data users now exceed 30 million". Data as a percentage of service revenue in Europe was 11%, increasing for the sixth consecutive quarter. The shares are the top performers in a largely unchanged FTSE 100, up more than 3% at 139.3p at 8.10am. Elsewhere on the FTSE 100, soup to shampoo company Unilever has beaten expectations with full-year underlying sales growth of 3.5%. Chief executive Paul Polman said in a statement : "We made good progress in challenging market conditions. Our market share improvements were broad-based and improved throughout the year. Our brands are stronger, driven by better quality innovation and a step-change in advertising and promotional expenditure. "We have further strengthened our leading positions in developing and emerging markets and made encouraging progress in re-establishing volume growth in western Europe. "We expect continued pressure on consumer spending power and heightened levels of competitive activity in 2010." In the energy sector, Shell follows up Exxon Mobil and BP's results earlier this week with a 75% slump in fourth quarter profits. As it slashes costs, Shell said a further 1,000 employees will lose their jobs , on top of 5,000 announced last year. The company said that fourth quarter 2009 earnings were $1.2bn compared with $4.8bn a year earlier as it blamed the weak global economy and a sharp drop in gas prices and refining margins on weaker demand and high industry inventory levels. The oil company's outlook was downbeat: "We are not assuming that there will be a quick recovery, and the outlook for 2010 is uncertain." National Grid was more upbeat with an interim management statement that said it was "well positioned for another year of strong performance, in line with our expectations". It said the board expects to recommend an 8% increase in the full-year dividend. In the financial sector, insurer Aviva is counting the cost of the harsh winter in the UK and Ireland. It reports exceptional weather claims of around £100m in the final quarter of 2009 "which will impact the combined operating ratio for the full year". The group said that activity across the UK market had also been dented by "exceptional economic conditions" hitting consumer confidence with new business in both life insurance and pensions falling last year. Worldwide total sales for the year were £36bn, compared with £40bn in 2008. Finally, sticking with the sector, banking group Santander – owner of the now renamed Abbey in the UK – said that despite a "difficult backdrop" its 2009 earnings were the best in the bank's history. Vodafone Unilever Royal Dutch Shell National Grid Aviva Banco Santander Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Shell to axe 1,000 more jobs Shell to axe 1,000 more jobs
02/04/2010
Royal Dutch Shell announces it will cut another 1,000 jobs this year after reporting a 69% slide in annual profits to $9.8bn Royal Dutch Shell today said it would cut another 1,000 jobs this year after reporting a 69% slide in annual profits to $9.8bn (£6.1bn). The Anglo-Dutch firm also reported a steep drop in fourth quarter earnings – down 75% to $1.18bn – after pressure on margins in refining offset a year-on-year increase in oil prices. Shell has cut 5,000 jobs in the past year and said it will remove another 1,000 in 2010 – mainly in downstream and corporate functions – to make it more competitive against rivals such as BP. On Tuesday BP reported a 45% fall in profits for 2009 , to $14bn, figures which fell short of City expectations. The results echoed 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. Royal Dutch Shell Job losses Recession Oil Oil and gas companies guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Only state intervention can keep UK's li... Only state intervention can keep UK's lights on, says Ofgem
02/03/2010
Regulator says free market approach will leave UK short of energy supplies by 2015 Gas and electricity could be sold to consumers via a state-controlled body under radical reforms, proposed by the regulator Ofgem , which acknowledge that the decade-old free market approach to energy is no longer working. Ofgem has also proposed setting minimum supply obligations on energy companies to make sure the lights don't go out, in moves reminiscent of the new capital requirements that have been placed on banks to stop them going bust following the financial crisis. Energy experts said that the regulator's proposals represented an "extraordinary volte-face". Ofgem has been one of the biggest advocates of a liberalised energy market, arguing that companies could be left to build enough new power stations and low-carbon forms of generation to guarantee energy supplies and reduce carbon emissions. But only a fraction of the estimated £200bn investment needed by 2020 has been made, because volatile energy prices, and the short-term supply contracts that have characterised liberalisation, have made spending such huge sums too risky. Now Ofgem is recommending that energy companies receive guaranteed rates of return on the new plants they build. It also wants to increase the financial penalties that gas suppliers incur if they cut off customers. Alistair Buchanan, Ofgem's chief executive, conceded to the Guardian: "We live in a different energy world." It is understood he has revised his view on the market's ability to deliver the investment required, following the financial crisis. Ofgem also added to growing calls for a carbon tax, which would make building new reactors economic, for example. The government, which last month indicated it was open to the idea, will provide more detail on a carbon tax and other energy reforms in next month's budget. Professor Dieter Helm, an expert in the economics of energy at the University of Oxford, said: "It's an extraordinary volte-face to admit that a liberalised market won't achieve its objectives. They have argued against intervention and said markets would engage with the issue of security of supply. The irony is incredible." Ofgem warned that the UK could start to see a shortage of power plants and gas supplies by 2015 unless the way energy companies operate is overhauled. Huge investment is needed to replace old coal and nuclear plants that will be closing soon, and to meet a target of generating a third of the country's electricity from renewables by 2020. North Sea gas reserves are also dwindling, making the UK more dependent on unreliable imports. "For the next two to three years with gas supplies and power station availability, we are in a plentiful position," Buchanan said. "The problem is the speed at which it deteriorates. To wait a few more years [without doing anything] could cause us trouble. We would get down to historically low levels of margins of plant, to when you are starting to ask if you have enough power stations." Buchanan said there was a "two-year" window in which to act, otherwise consumer bills would have to rise steeply to pay for the last-minute investment needed to maintain energy supplies. "Crisis tactics will be paid for by the consumer," he warned. The regulator's most radical proposal was to set up a central energy buyer, on similar lines to the old Central Electricity Generating Board, which was abolished after privatisation. At present, the "Big Six" energy companies – Centrica, E.ON, npower, Scottish and Southern, Scottish Power and EDF – own most of the UK's power plants, which they use to supply most of the country's consumers. Critics have argued that the current system is not transparent and guarantees the companies excessive profits. A central government-controlled body would smash this dominance, by requiring power plants to sell it electricity at fixed rates, which it would sell on to customers. The Big Six are resisting such radical changes, though they want more regulation and certainty over future energy prices in order, they say, to make building new power plants viable. One of the companies accused Ofgem of trying to curry favour with the Conservatives, who have indicated they may abolish or slim down the regulator if they win the election. One source said: "Ofgem wants to be seen to be carrying a big stick for Mr Cameron and Mr Clarke. There is no doubt about that. We all know they are stating the bleeding obvious, and it's also a little bit of scare-mongering. We all know that the market needs to be fixed." Ofgem is also at odds with the government over its estimates of how much consumer bills will have to rise to pay for the investment needed. The department of energy and climate change, run by Ed Miliband, has estimated that bills will only have to rise by 8% by 2020. Ofgem forecasts the rise will be at least 20%, which energy analysts believe is much more realistic. Utilities Regulators Gas Energy Energy bills Gas Nuclear power Carbon emissions Economic policy Household bills Consumer affairs Tim Webb guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• Charities defend record on debt inquirie... Charities defend record on debt inquiries
02/03/2010
• NAO praises government-backed free debt advice service • Consumers had personal borrowings of £1.46tn last year Debt advice charities today denied they were turning away people with debt problems despite claims by MPs they were unable to cope with a 28% jump in demand. Citizens Advice said demands that debt advice groups switch away from face-to-face meetings to telephone and internet-based advice sessions were out of date following a huge increase in government funding that allowed them to offer a wide ranging service to thousands of people. The row surfaced after a report by the National Audit Office praised the government-backed free advice service for helping more people at a lower cost per person than planned, with 270,000 people seen from its launch in April 2006to September last year. It added that 81% of people who used the service said it had helped them, compared with 69% of people who paid for advice and 59% who approached a bank. Consumers carried £1.46tn in debt at the end of last year, with personal borrowings representing 160% of household annual pre-tax income. The government, as part of its "over-indebtedness strategy" offered £130m to several debt advice charities to increase the capacity for face-to-face meetings. Citizens Advice won the largest share of the funds. Officials at the NAO warned that demand for the service was outstripping capacity, and it called on Lord Mandelson's Business Innovation & Skills department to see how advice could be delivered more efficiently. MPs on the public accounts committee leapt on the criticism, which they said showed the government's approach to advising people in debt as a "triumph of bureaucracy over practicality", and urged it to "shake up" its strategy to meet the increasing demand for help in the current economic climate. Tory MP Edward Leigh, chairman of the committee, said: "The whole thing is undermined by poor co-ordination and a lack of clarity about who is in control of it all." Richard Bacon, Tory MP for south Norfolk, said more people could use the service if they were offered advice over the telephone or through the internet. However, Citizens Advice chief executive David Harker said alternative methods were already being deployed. He said: "Whilst the recession has seen demand for debt advice appointments increase, bureaux are using new ways of assisting clients to make sure everyone can receive help in the shortest time and that the service is as efficient as possible. The Consumer Credit Counselling Service said its internet operation was able to advise an unlimited number of people with debt issues, while it also offered a telephone service and face-to-face advice for complex cases. Contact – www.cccs.co.uk, 0800 138 1111 Citizens Advice at local offices or www.adviceguide.org.uk Nationaldebtline.co.uk or 0808 808 4000 Borrowing & debt Credit crunch Recession Consumer affairs Family finances Phillip Inman guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• Finance ministers are promised a meal of... Finance ministers are promised a meal of seal at G7 summit in Iqaluit
02/03/2010
Seal meat, an Inuit delicacy still legally hunted, and a traditional meat pie made with caribou are both on the menu for the Canadian gathering of the world's leading economic ministers Woolly jumpers, strong stomachs and a crash course in the politics of seal hunting will be prerequisites for Alistair Darling and the Bank of England's governor, Mervyn King, who set off on Friday for an international summit eccentrically located in Canada's northern tundra. In a decision described by one European official as "crazy", the Canadian government has chosen the city of Iqaluit, home to 7,000 in an icy landscape 200 miles south of the arctic circle, as the venue for a gathering of G7 finance ministers. With patchy phone coverage and February temperatures dipping to -20C, Iqaluit has only 300 hotel rooms, obliging some visiting officials to sleep in dormitories. Canada's finance minister, Jim Flaherty, said he wanted an opportunity to show off his country's Arctic wilderness: "I thought there's a beautiful pristine winter place called Iqaluit where I've been in the winter time and it's absolutely gorgeous and the Inuit people are very welcoming." Attendees have been urged to wear warm sweaters, rather than suits and ties. During plenary sessions, they will sit on chairs upholstered with seal skin in the parliament building of Nunavut, a vast, sparsely populated territory of 770,000 square miles. Items on the agenda include tackling "too big to fail" financial institutions, the hazards of credit default swaps and aid for earthquake-ravaged Haiti. To wind down, the VIPs will get the chance to go dog sledding on Friday afternoon. They will graze on a lunch of tourtière (a Québécois meat pie) made from caribou, and will enjoy an evening display of Inuit art and folklore. And for those who stay until Saturday evening, the community is laying on a feast at which guests will be encouraged to sample a culinary delicacy: seal meat. For European visitors, seal is an awkward issue. The EU recently banned imports of commercially hunted seal, although animals caught by traditional Inuit hunters were exempted. Arlene McCarthy, a Labour MEP who was involved in agreeing the ban, accused the Canadians of using the summit to put seal hunting back onto the agenda: "This is quite a callous way to manipulate an indigenous community which we've already given exemption to on this issue." The Treasury is steering a safe course. A spokesman said Darling would be too busy to go dog sledding. And the chancellor has opted to leave before the Inuit feast: "He won't be eating whatever delicacies are being put before them. He's flying home to get on with some work." Local people say the summit's success depends heavily on the weather. Jim Bell, editor of the Nunatsiaq News, said mild temperatures would allow visitors to glimpse spectacular scenery - but "if the weather's bad, they're not going to see much of a showcase. They'll see a lot of ugly, boxy metal-clad buildings and not very many people walking around". Economics Canada Alistair Darling Mervyn King Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Ethical fashion retailer Adili suspends ... Ethical fashion retailer Adili suspends shares
02/03/2010
• Talks to secure ethical retailer Adili's future are terminated • Directors at Adili say financial position is uncertain The future of online ethical fashion specialist Adili was unclear tonight after the group asked for its shares to be suspended "pending clarification of the company's financial position". Adili, which trades under the Ascension brand from shops in London and Dorchester and online, said it had been in talks to secure additional working capital, but had failed to come up with a cash injection. The website sells clothing and accessories from a wide range of ethical brands, including People Tree and Patagonia, as well as under its own Ascension label. In a statement to the stock exchange the retailer said: "Unfortunately, the active discussions to secure the future of the business have now terminated without agreement having been reached." The directors said they were continuing to explore options for raising cash, but "the uncertainty of the company's financial position at this stage means that a temporary suspension is considered to be appropriate." Adili – the Swahili word for "ethical" – was founded in 2006 by a group of online, retail, fashion and environmental specialists. Among them were Adam Smith, a former online specialist at Dixons and Quentin Griffiths, who was also a founder of Asos.com, one of the most successful online fashion groups. Smith is Adili's chief executive, while veteran fashion executive and former Hobbs boss Nick Samuel is chairman. Griffiths retains a small stake. Other big retail names also backed the business, including Luke Mayhew, a former chief executive of John Lewis who is currently chairman of Pets at Home and Peter Davies, the multi-millionaire former boss of Warehouse. A year after start-up the group joined the Aim market, raising cash to expand. It has since raised more cash through additional share placings. But the shares have dwindled from 16.5p to 1.25p today, ahead of the suspension. In 2008 Jersey-based entrepreneur Bob Morton took a 48% stake via his Hawk Investment Holdings, after receiving special permission from the Takeover Panel to waive the rule requiring him to make a full bid for the company. Morton's other investments range from 7% of marketing group Media Square to 19% of consumer electronics specialist Armour Group. The Adili cash crunch was flagged to investors in a trading update in December and again last month, when the company reported half-year figures for the six months to the end of October. At that time it had revenues of £299,000 and recorded a loss of £886,000. The results carried a warning that its cash would run out within 12 months unless it could raise more cash. Adili said it was trying to raise money "without recourse to existing shareholders, but cannot rule this option out". Adili executives did not return calls. Retail industry Ethical business Fashion Recession Ethical and green living Julia Finch guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• EC puts Greece under intense scrutiny EC puts Greece under intense scrutiny
02/03/2010
European commissioner says eurozone can handle Greek debt crisis but must have quarterly reports from Athens The European Commission unveiled plans for the most intrusive scrutiny of an EU member state's fiscal and economic policies and book-keeping ever attempted, when it ruled out calling in the International Monetary Fund to bail out Greece and backed Athens' austerity programme aimed at stopping the country "falling off a cliff". Following the announcement of swingeing spending cuts by the Greek prime minister, George Papandreou, on Tuesday, Joaquín Almunia, the outgoing commissioner for monetary and economic affairs, outlined Brussels' response, dictating a stiff regime of quarterly reports from the Greeks on progress towards fiscal probity and reserving the right to order extra action if required. "This is the first time we have established such an intense and quasi-permanent system of monitoring," said Almunia. Despite the perceived threat to Europe's single currency from Greece's ballooning debt and deficit crisis, and fears in the markets that Athens could default, Almunia insisted the eurozone of 16 countries could handle the problem without recourse to the IMF. "I am fully convinced that the European Union and the Economic and Monetary Union have instruments enough to deal with the challenge and solve this problem," he said. The announcement of qualified EU support for the embattled Greek government, coupled with the policing of the Greek programme, went some way to settling the markets and strengthening a single currency in the midst of the toughest test of its 11-year life. The euro has fallen by 8% in three months but strengthened over the past three days. "The call for the government to stand ready with further measures, as well as the legal requirements for better public finance data, is designed to reassure markets that the euro area will not let one of its members slide toward default. Markets appear to have generally welcomed the move, with Greek debt yields falling back again," said Colin Ellis, European economist at Daiwa Capital Markets. He described the commission's response as "a landmark event". Almunia invoked the EU's new rulebook, the Lisbon treaty, to outline an untried system of detailed surveillance of the Greek austerity programme. The budget deficit is nudging towards 13%, more than quadruple the ceiling for single currency countries, and Papandreou's programme is supposed to shave 4% off the deficit this year alone. The Greek prime minister was told to report to Brussels by mid-March on the details of how this is to be accomplished, to report again in May, and then at quarterly intervals. The Lisbon treaty empowers EU governments to overrule a fiscal miscreant and "recommend" budget policies to a European government if "the economic policies of a member state ... risk jeopardising the proper functioning of economic and monetary union". Almunia also disclosed that the commission had taken a "political decision" to initiate legislation giving Eurostat, the EU's statistical arm, interventionist powers to audit the data of European governments. This proposal could run into trouble in national capitals. He also announced disciplinary action against Greece, aimed at ensuring accurate and reputable economic data collection following years of statistical manipulation and cover-ups. Almunia emphasised that Brussels was demanding reforms of the Greek health service, labour market and pension systems, as well as cuts in public sector wages. Papandreou has announced a public sector pay freeze and staff cuts through the non-replacement of civil service retirees. While insisting that the single currency was stable and successful, Almunia singled out Portugal, Spain and Greece, as well as "some other countries", as weak links in the eurozone. The announcement on deploying the mechanisms in the Lisbon treaty for the first time to police a member state's accounts and policy-making suggest that Greece may not be the last such case. "On top of that, we have the markets. The markets are putting on pressure. This pressure cannot be ignored." Europe Currencies European monetary union Greece European Union European commission Euro Ian Traynor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• UK 'needs another £13bn of cuts' UK 'needs another £13bn of cuts'
02/03/2010
• Additional cuts and tax rises required to fix public finances • £57bn tightening already planned for next parliament Britain's leading tax and spending experts today warned of the need for a fresh £13bn squeeze in the next parliament to repair the damage to the public finances caused by the deepest recession of the post-war era. The Institute for Fiscal Studies said that the additional spending cuts and tax increases would have to come on top of a £57bn tightening already planned in the next parliament – and the pain would be even more intense if the economy continued to struggle. In a report prepared jointly with Barclays Capital and Barclays Wealth, the IFS said the squeeze on public spending already in the pipeline was the toughest since the four years after 1976, when the International Monetary Fund demanded deep cuts from Jim Callaghan's Labour government. But while insisting investors needed to be reassured that the legacy of debt left by the recession would be tackled, the study said the economy was too fragile to withstand a drastic tightening in policy during 2010. With the economy only just about returning to growth in late 2009, the IFS/Barclays Green Budget said the Treasury should avoid "putting the recovery at undue risk with significant extra tax increases or spending cuts in the coming year". Earlier this week, the Conservative leader David Cameron backtracked on plans for an emergency austerity budget in the event of a Conservative election victory this spring, saying that cuts need not be extensive. Robert Chote, the IFS director, said the possible savings identified by the Conservatives – around £1.5bn – were small in comparison to the size of the fiscal tightening that needed to take place, adding that a credible medium-term plan was more important than "symbolic" measures. "Tightening is more a marathon than a sprint," Chote said. "It is more important to show that you can last the course rather than be leading off the first bend." The IFS said its assumption that the Treasury would have to tighten policy by a total of £70bn through spending restraint and tax increases was based on Alistair Darling's forecast that the recession had shaved 5% off the economy's productive capacity and that it would return to growth at 2.75% a year over the medium term. But Michael Dicks, economist at Barclays Wealth, said the outlook was gloomier than the Treasury believed. He said the experience of previous recessions showed that the hit to the economy from the recession was at least 7.5% of GDP and could be as high as 10% of GDP. "More worryingly still, the growth rate of potential GDP will probably also be significantly reduced. Rather than the 2.75% a year that the 2009 pre-budget report suggests as a central estimate, it is more likely that potential GDP growth will run at something close to 1.75% a year. Gemma Tetlow, researcher at the IFS, said that if the more pessimistic Barclays' forecasts were right, the government would need to raise a further £66bn through spending cuts and tax increases that would continue for the duration of two parliaments. "If a future government became convinced that the necessary tightening was indeed much larger than the Treasury currently estimates, it is far from clear that concentrating the pain into a single parliament would be politically feasible without the spur of severe market pressure such as that experienced in Ireland," the Green Budget said. Darling announced plans in the PBR to shave more than £45bn off the deficit in the next four years whilst protecting spending on the NHS, education and aid. The IFS said spending on public services and administration would have to be cut by 11% over four years under the Treasury's plans and that the pledge to freeze NHS spending in real (inflation-adjusted) terms in 2011-12 and 2012-13 would not spare the health service from its biggest two-year squeeze since it was set up in 1948. Economics Barclays Economic policy Conservatives Alistair Darling Larry Elliott guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• 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 (3 d ago)

• Toyota cites design flaw with Prius brak... Toyota cites design flaw with Prius brakes
02/04/2010
Toyota admitted design problems with the brakes in its prized Prius, adding to the catalog of woes for the automaker still reeling from a massive U.S. recall involving faulty gas pedals. (6 h ago)

• Toyota posts $1.7 billion quarterly prof... Toyota posts $1.7 billion quarterly profit
02/03/2010
Toyota Motor Corp., grappling with spreading safety problems that are battering its image, returned to profit in the October-December quarter and raised its annual earnings forecast. (8 h ago)

• Federal Toyota probe in ’07 resolved not... Federal Toyota probe in ’07 resolved nothing
02/03/2010
Regulators uncovered evidence that some Toyotas accelerated unexpectedly more than two years ago. But neither the government nor the firm apparently recognized the significance. (10 h ago)

• Toyota dealers trying to calm, keep cust... Toyota dealers trying to calm, keep customers
02/03/2010
Toyota's dealers, who have started to repair defective gas pedals in millions of vehicles, are extending hours, making house calls and offering other services for customers. (14 h ago)

• Obama officials step up pressure on Toyo... Obama officials step up pressure on Toyota
02/03/2010
The Obama administration stepped up the pressure on Toyota Wednesday to address a range of safety issues as consumers reacted to the deepening crisis for the largest automaker. (14 h ago)

• Wal-Mart laying off 300 workers at HQ Wal-Mart laying off 300 workers at HQ
02/03/2010
Wal-Mart announced it will lay off 300 people at its headquarters, calling the cut the "last major" step in a yearlong effort to streamline its operations and eliminate duplication. (15 h ago)

• Pay czar: AIG bonuses ‘outrageous’ but l... Pay czar: AIG bonuses ‘outrageous’ but legal
02/03/2010
Executives in AIG's financial products division are getting $100 million richer, and the White House pay czar calls the bonuses "outrageous." (17 h ago)

• Stocks slide as growth in services falls... Stocks slide as growth in services falls short
02/03/2010
A disappointing report on services industries halted a two-day advance in the stock market. The Dow fell 26 points after jumping a total of 230 points in the first two days of the week. (18 h ago)

• Smith & Wollensky to barter steaks for s... Smith & Wollensky to barter steaks for stakes
02/03/2010
New York steakhouse chain Smith & Wollensky has come to the rescue of Wall Street bankers trying to cope with the shock of receiving their bonuses in shares rather than cash. (18 h ago)

• Hollywood Video owner files for bankrupt... Hollywood Video owner files for bankruptcy
02/03/2010
Movie Gallery Inc., owner of the Hollywood Video movie rental chain, has filed for Chapter 11 protection and plans to close 805 stores — about a third of its total. (19 h ago)

• Treasury to make $1B available to small ... Treasury to make $1B available to small banks
02/03/2010
The Treasury says it will invest up to $1 billion in small banks that serve poor communities as part of the Obama administration's efforts to spur more lending to small businesses. (19 h ago)

• More moving mortgage bill to bottom of p... More moving mortgage bill to bottom of pile
02/03/2010
More and more consumers are giving greater priority to paying credit card debt than making a mortgage payment, showing increased financial duress, according to a report. (19 h ago)

• Newsweek: How Toyota has mishandled the ... Newsweek: How Toyota has mishandled the recall
02/03/2010
A crisis management expert talks about why Toyota's current recall has been the worst-handled auto recall in history. (19 h ago)

• Geithner: Bank fee would recoup AIG bonu... Geithner: Bank fee would recoup AIG bonuses
02/03/2010
Treasury Secretary Tim Geithner says Congress can recoup "outrageous" bonuses for AIG employees through a new bank fee in President Barack Obama's proposed budget. (19 h ago)

• Bernanke opens second term with a warnin... Bernanke opens second term with a warning
02/03/2010
Federal Reserve Chairman Ben Bernanke expressed concerns Wednesday about the economic recovery during a ceremonial swearing-in for another four-year term. (20 h ago)

• In Europe, presidents, Pope chides autom... In Europe, presidents, Pope chides automakers
02/03/2010
These days, it seems beleaguered Italian automaking could use a little divine intervention. (20 h ago)

• Service sector growing at fastest pace s... Service sector growing at fastest pace since ’08
02/03/2010
The economy's service sector grew slightly in January, while the pace of job losses slowed, signaling a recovery still struggling to gain strength. (22 h ago)

• Burger King probes spitting-in-food comp... Burger King probes spitting-in-food complaint
02/03/2010
A Burger King spokeswoman says the fast-food chain is investigating allegations that a white employee in a northwestern Pennsylvania restaurant spat on a black man's food. (1 d ago)

• Filing tax return early may not be best ... Filing tax return early may not be best move
02/03/2010
Investopedia: It's often possible to file your tax return as early as February. But this is one situation where the early bird doesn't always get the worm. (1 d ago)

• Recall may push Toyota to tipping point Recall may push Toyota to tipping point
02/03/2010
With Toyota’s reputation for building safe, reliable vehicles in tatters, competitors including General Motors and Ford have moved in, hoping to regain lost ground. (1 d ago)

• White House Memo: Few News Conferences, ... White House Memo: Few News Conferences, but Still Taking Questions
02/03/2010
The president’s effort to use alternative avenues including blogs, Internet videos and Facebook has altered the way a president deals with the news media. (8 h ago)

• Parted From Time Warner, AOL Posts a Sma... Parted From Time Warner, AOL Posts a Small Profit
02/03/2010
The chief executive, Tim Armstrong, said AOL had become a “leaner and more nimble organization,” having cut costs sharply. (9 h ago)

• CBS News Lays Off Dozens in New Round of... CBS News Lays Off Dozens in New Round of Staff Cuts
02/03/2010
The job cuts affect programs like “The Early Show” and “60 Minutes,” and the network’s news-gathering bureaus. (9 h ago)

• Comcast Profit Rises Sharply on Web and ... Comcast Profit Rises Sharply on Web and Phone Revenue
02/03/2010
The company said it would change the brand name of its cable TV, Internet and phone service to XFinity. (9 h 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. (9 h ago)

• Some News Outlets Ready to Try Charging ... Some News Outlets Ready to Try Charging Online Readers
02/03/2010
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. (20 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. (1 d 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. (1 d 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. (2 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. (2 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. (2 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. (2 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. (2 d ago)

• Webdenda: People and Accounts of Note Webdenda: People and Accounts of Note
02/01/2010
Webdenda. (2 d ago)

• Q & A With Stuart Elliott Q & A With Stuart Elliott
02/01/2010
Q & A With Stuart Elliott. (2 d ago)

• Bad feelings grow about employment repor... Bad feelings grow about employment report
02/04/2010
When the Labor Department released its employment figures for January 2009, it subtracted an astounding 356,000 jobs from the overall count because it felt that small companies were quietly going out of business. It couldn't prove this was really happening. But the department's computers made that adjustment... (4 h ago)

• Act now Act now
02/04/2010
Hugh Grant and Gerard Butler might be duking it out for the $15.45 million penthouse triplex at 54 Bond St. in NoHo. Both actors have checked out this grand, three-bedroom, 4,862-square-foot bachelor pad on a charming cobblestoned block. Developer Adam Gordon says the entire building is also for... (4 h ago)

• AOL dials up results AOL dials up results
02/04/2010
It appears that being taken off the Time Warner life support is doing AOL some good. Though investors will still have to wait for a real turnaround, the ailing online giant showed signs of improvement in its first report as a stand-alone company, eking out a small fourth-quarter profit, despite... (6 h ago)

• Randy's hit list Randy's hit list
02/04/2010
As Comcast CEO Brian Roberts prepares to take over NBC Universal, his No. 2, COO Stephen Burke, has met several times with ex-NBCU executive Randy Falco for advice on integrating the companies, including which NBC bosses should stay, The Post has learned. "Comcast wants to be equipped to move quickly... (6 h ago)

• Bezos aims to keep in 'Touch' Bezos aims to keep in 'Touch'
02/04/2010
That didn't take long. Exactly a week after Apple CEO Steve Jobs upended Amazon.com's e-book business model with the unveiling of the iPad, Amazon boss Jeff Bezos is scrambling to beef up its popular e-reader, the Kindle, reportedly buying a New York company that makes low-cost touch... (6 h ago)

• Gift 'certificates' Gift 'certificates'
02/04/2010
Venerable steak house Smith & Wollensky has a solution for all those Wall Street titans grumbling about getting their bonuses mostly in stock instead of cash: Swap those shares for sirloins. The upscale East Side restaurant yesterday announced that customers can now pay their tabs with authentic stock certificates instead of... (6 h ago)

• No book burning No book burning
02/04/2010
Bill Ackman boosted the share price of Borders by nearly 40 percent yesterday when he said a bankruptcy filing wasn't likely for the struggling book retailer. The New York hedge-fund tycoon -- whose 18-percent stake in Borders is deeply underwater as a bet on a company turnaround has failed... (6 h ago)

• Profits to fall on Polo plans Profits to fall on Polo plans
02/04/2010
Shares of Polo Ralph Lauren got horsewhipped yesterday as the clothier warned that costs related to its expansion into Asia will hurt profits. The iconic fashion house, whose namesake designer has long been inspired by the rugged cowboy looks of the Old West, saw its recently highflying shares plunge $7... (6 h ago)

• Jay-Z's rap in Chelsea Jay-Z's rap in Chelsea
02/04/2010
He's in a courtroom state of mind. Legendary rapper Jay-Z filed a $3.7 million suit yesterday against an investment firm and a boutique bank he claims are trying to "bleed" him over a loan on his failed Chelsea hotel project. The hip-hop mogul -- whose real name is... (6 h ago)

• Business briefs Business briefs
02/04/2010
Ben again Federal Reserve Chair man Ben S. Bernanke told his staff that the US cen tral bank faces "enor mous challenges" as he was sworn in for a sec ond four-year term.Lazard loss Lazard reported an un expected loss on higher compensation costs. The fourth-quarter loss was $54... (6 h ago)

• Trumps test Icahn Trumps test Icahn
02/04/2010
Donald Trump and daughter Ivanka Trump have asked a bankruptcy court for help in making sure billionaire rival Carl Icahn doesn't shut them out of the voting on his plan for the New Jersey casinos that bear the Trump name. Having filed $100 million worth of claims against Trump... (6 h ago)

• Films lift TW profit to $627M Films lift TW profit to $627M
02/04/2010
Time Warner, owner of the Warner Bros. studio and the HBO cable channel, increased its dividend and stock-repurchase program after fourth-quarter earnings swung to a profit on film-revenue growth. Chief Executive Jeff Bewkes also completed the spinoff of AOL in December, shedding the Internet unit that had been a drag... (6 h ago)

• Kaplan sees Parade pass by Kaplan sees Parade pass by
02/04/2010
Parade Editor-in-Chief Janice Kaplan is out, after only two years running the magazine that is inserted into more than 500 Sunday newspapers. Kaplan was handed her walking papers last Thursday by Parade CEO Jack Haire, who was hired last April. She sent a long farewell memo to staffers on Friday... (6 h ago)

• Deadbeat developers cited Deadbeat developers cited
02/04/2010
The Toy Building owes a pile of back taxes. According to the city's Department of Finance, the building that owes the most in water charges and property taxes this year is Yitzchak Tessler's former Toy Building at 1 W. 24th St. -- aka 1107 Broadway. The stalled condo... (6 h ago)

• Just sold! Just sold!
02/03/2010
Manhattan CHELSEA $680,000 555 W. 23rd St. One-bedroom, one-bath condo, 670 square feet, with open island kitchen, dishwasher and central AC; building features doorman, gym, courtyard and roof deck. Common charges $485, taxes $125. Asking price $699,000, on market 28 weeks. Broker: Annette Jankowski, Citi Habitats SUTTON $335... (9 h ago)

• Reef-er madness Reef-er madness
02/03/2010
Bermuda, just a two-hour flight from New York, is an island with rocky cliffs sweeping down to peaceful, pink-sand beaches and turquoise waves lapping the shore. It’s where you can snorkel, fish and golf pretty much year-round in temperatures that average in the mid-70s. And although this destination is... (9 h ago)

• With Oscar nods come a potential payoff With Oscar nods come a potential payoff
02/03/2010
Sony Pictures was the biggest winner of Oscar nominations this year, reaping 18, the most it has scored in many years, if not ever. Academy Award - Movies - Awards - Arts - Oscar (1 d 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. Super Bowl - Television advertisement - Sport - Super Bowl XLIV - Football (1 d 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 (1 d 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. Paranormal Activity - Hollywood Los Angeles California - Paranormal - Film industry - Ghosts (1 d 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. Hedge fund - Insider trading - Business - Galleon Group - Raj Rajaratnam (1 d 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. New Hampshire - Barack Obama - United States - Republican Party - Politics (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. New Jersey - Bernard Madoff - United States - Business - History (2 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 (2 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 (2 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 (2 d ago)

• Obama hits oil slick in energy debate Obama hits oil slick in energy debate
02/03/2010
President Obama met with 11 governors to try to get support for his energy policies, which would shift the nation away from fossil fuels. He's still got come convincing to do. Sarah Gardner reports. (21 h ago)

• Super Bowl snub lifts gay site's profile Super Bowl snub lifts gay site's profile
02/03/2010
Right after CBS agreed to run an anti-abortion spot during the Super Bowl, it rejected a submission from gay dating Web site Man Crunch. That move is generating a lot of publicity. Sean Cole reports. (21 h ago)

• Misplaced blame for Venezuela's woes Misplaced blame for Venezuela's woes
02/03/2010
Commentator David Frum just came back from a State Department-sponsored trip to Venezuela and sends along his observations about the curious state of its economy. (21 h ago)

• Firms adopt clawback rules to stem risk Firms adopt clawback rules to stem risk
02/03/2010
Some Wall Street banks are putting so-called clawbacks into their employees' bonuses this year. Jeremy Hobson reports on whether the compensation provisions will work to avert excessive risk. (21 h ago)

• How to get Haiti's economy going again How to get Haiti's economy going again
02/03/2010
George Mason University Economist Tyler Cowen talks with Kai Ryssdal about what the old Haitian economy used to be and what it will take to build a new economy. (21 h ago)

• Rules for modifying loans may ease Rules for modifying loans may ease
02/03/2010
The Obama administration's program to help homeowners stay in their homes by reducing monthly payments has been slow to make progress. Now there's talk the Treasury Department may tweak formulas to make loan modifications easier. Mitchell Hartman explains. (21 h ago)

• The fallout from Toyota's troubles The fallout from Toyota's troubles
02/03/2010
It's turning into another rough week for Toyota. Reporter Alisa Roth talks with Kai Ryssdal about how much the carmaker's problems will cost and whether people will still be willing to buy its cars. (21 h ago)

• Answers About Roth I.R.A. Conversions: P... Answers About Roth I.R.A. Conversions: Part 7
02/03/2010
Ed Slott, an I.R.A. expert, answers reader questions about Roth I.R.A. conversions. (18 h ago)

• The Least-Trusted Banks in America The Least-Trusted Banks in America
02/03/2010
Customers of the biggest banks in the United States are the least likely to believe their financial institution does what's best for them as opposed to what's best for the institution's bottom line. (20 h ago)

• Wednesday Reading Wednesday Reading
02/03/2010
More homeowners are considering walking away, condos with occupancy catches and other consumer-focused items from Wednesday's Times. (1 d 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. (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. (1 d 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. (2 d ago)

• Carbon and credit derivatives link Carbon and credit derivatives link
02/04/2010
Get ready for subprime carbon.Last year, I did a blog entry asking whether carbon was going to be the next subprime. As I said at the time, cap and trade is just another derivatives market.We have further proof of that with revelations about Blyth Masters from JP Morgan. As The Guardian reported a few years ago, British-born Masters was one of the financial engineers who invented credit derivatives. As we know now, credit derivatives were designed to remove risk from a company's balance by ... (5 h ago)

• Geting stuck into Bono Geting stuck into Bono
02/04/2010
Criticisms of Bono are fairly common. He is self-centered, self-righteous and preachy. Indeed, he's probably the most painful interview subject I've ever had to deal with. But now it seems to be getting worse with AC/DC singer Brian Johnson getting stuck into him.As reported by the Herald Sun, Johnson says Bono says Bono should help people in private without telling the world about it. ""I don't tell everybody they should give money - they can't afford it,'' Johnson says. "When I was a working ... (5 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 ... (1 d 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, ... (1 d 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 ... (2 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 ... (2 d ago)

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

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

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

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

out of control
staystrong :: 02/23/2009

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

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

• Sponsored By: Sponsored By:
02/03/2010
(8 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. Kraft Foods - CadburyPlc - Confectionery - Food - Shopping (1 d 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. McDonald - Russia - Soviet Union - Business - Hospitality (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 (2 d ago)

• ConsumerMan: 'Unfair' piggybacking tacti... ConsumerMan: 'Unfair' piggybacking tactics
02/03/2010
N.Y. Attorney General Andrew Cuomo is probing 22 retailers he claims tricked customers into accepting offers from another companies via pop-up ads that looked like discount off ers. Andrew Cuomo - Attorney general - Law - United States - Law Enforcement (14 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. United States - Business - Marriage - Relationships - Poetry (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 (2 d ago)

• U.S. to Help Banks in Distressed Areas U.S. to Help Banks in Distressed Areas
02/03/2010
The government has made changes in the Troubled Asset Relief Program to get more small-business lenders to sign up. (9 h ago)

• A Small-Business Owner Takes His Case to... A Small-Business Owner Takes His Case to the Top
02/03/2010
A Florida-based entrepreneur had the opportunity to ask President Obama a question that many others have wanted to ask. (11 h ago)

• 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. (20 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. (1 d ago)

• Investors Launch Football Fund Investors Launch Football Fund
02/03/2010
The London Nominees Football Fund launched on Feb 1, 2010, with approximately $40 million in assets under management. The investment panel includes ex international players, coaches and leading industry experts offering investment in clubs, players, related brands and franchises, at a low minimum investment. Up until now, the football industry has been highly specialized and is difficult for the average investor to participate in. "I am thrilled to contribute my experience with Football teams and clubs to The Football Fund. Our team, while ... (1 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 ... (2 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 ... (2 d ago)

• Seen that? - Casual and Business Shirt S... Seen that? - Casual and Business Shirt Supplier
02/03/2010
Casual and Business Shirt Supplier Home Based Business Since the textile quotas for China has been lifted, most of the shirts you see today are probably made in some factory in China. Even brand name shirts have been outsourcing their production ... (13 h 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 ... (2 d 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 ... (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 ... (1 d ago)

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