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Business News
for 02/05/2010

(last updated 7:30am EST 02/05/2010)

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• Malaysia eyes 40% domestic investment th... Malaysia eyes 40% domestic investment this year
02/05/2010
Domestic investments in Malaysia are expected to make up 40 percent of the country's total investments this year, up from 30 percent in 2009, according to a government official on Friday. Malaysian International Trade and Industry Minister Mustapa Mohamed said here on Friday morning at his ministry's monthly assembly that frequent promotions and attractive packages would be rolled out to lure domestic investments. The Malaysian government was also committed to building conducive business ... (1 h ago)

• Myanmar privatization move gets momentum... Myanmar privatization move gets momentum
02/05/2010
Myanmar's privatization move has been getting momentum with the Privatization Commission announcing auctioning of 110 more state enterprises this year under its privatization plan laid down 15 years ago. The sale includes factories, warehouses and cinemas owned by 11 ministries and government departments. These state enterprises to be sold out are scattered mainly in Yangon, Mandalay, Ayeyawaddy and Bago divisions and Rakhine state. Closing date for the auction is set for Feb. 26 this y ... (1 h ago)

• S Korea to create more jobs through tax ... S Korea to create more jobs through tax deductions
02/05/2010
The South Korean government said on Friday that it will offer tax deductions to small and medium enterprises (SMEs) that increase their full-time employees, as part of an effort to boost its stagnant job market. The new plan will give SMEs in 33 different business sectors, including manufacturing, retail and construction, a tax credit of 3 million won (2,550 U.S. dollars) per additional new hire each year, the Ministry of Strategy and Finance said in a press release. Also, if someone who h ... (1 h ago)

• Lenovo reports 80 mln USD quarterly prof... Lenovo reports 80 mln USD quarterly profit on strong sales
02/05/2010
Lenovo Group., the world's fourth largest personal computer manufacturer, posted a net profit of 80 million U.S. dollars in its third fiscal quarter from Oct. 1 to Dec. 31, compared with a 97 million loss in the same period of 2008. The company attributed the growth to strong sales revenue, which increased 33 percent year on year to 4.8 billion U.S. dollars during the quarter, prompting its global market share to stand at 9 percent, according to its business report filed to the Hong Kong Stoc ... (1 h ago)

• Australian mining giant concerns over in... Australian mining giant concerns over industrial unrest
02/05/2010
Australian mining giant Rio Tinto has warned that growing industrial unrest in Australia's resource sector could spread to its iron ore mine. The Australian newspaper reported Friday Rio Tinto Iron Ore chief executive Sam Walsh warned staff in an internal memo that the ramp-up in industrial activity under the Rudd government's new workplace laws could serve as an omen for Rio Tinto and other companies in the Pilbara. Walsh said last week's strike by 1600 Pluto workers over accommodation wa ... (1 h ago)

• Heat wave pushes up Brazil's power consu... Heat wave pushes up Brazil's power consumption: ONS
02/05/2010
The Operator of the National Electricity System (ONS) of Brazil announced that the power consumption in the country hit a record-high 70,600 megawatts on Thursday afternoon. It was the fourth consecutive energy consumption peak registered this week: on Monday, the consumption reached 67,700 megawatts, rising to 68,000 megawatts on Tuesday and 70,421 megawatts on Wednesday. According to the ONS, the heat wave caused the demand for more power, especially in the southeastern region where the ... (1 h ago)

• Chinese shares close down 1.78% midday F... Chinese shares close down 1.78% midday Friday
02/05/2010
Chinese shares closed down midday Friday, tracking lost in peripheral markets. The benchmark Shanghai Composite Index fell 1.78 percent, or 53.42 points, to 2,941.89 points. The Shenzhen Component Index dropped 1.87 percent, or 227.94 points, to 11,941.54 points. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• China's current account balance falls 35... China's current account balance falls 35% in 2009
02/05/2010
China's current account balance dropped 35 percent in 2009 to 284.1 billion U.S. dollars, preliminary data released by the State Administration of Foreign Exchange (SAFE) showed Friday. According to SAFE, China recorded a goods trade surplus of 249.3 billion dollars, and a yearly deficit of 28.7 billion dollars on the trade in services. In 2009, the country also posted surplus in income and current transfers at 28.7 billion dollars and 34.8 billion dollars, respectively. The current acc ... (1 h ago)

• Retail sales at World Expo site expected... Retail sales at World Expo site expected to reach 2.1 bln yuan
02/05/2010
The Shanghai 2010 World Expo will be staged from May 1 to October 31 and the retail sales at the World Expo site during this period are expected to reach 2.1 billion yuan. Recently, the signing ceremony for retail stores at the World Expo sites public areas was held at the Bureau of Shanghai World Expo Coordination. A total of 48 retail stores and 2 convenience stores have been chosen as the licensed retail stores which will be allowed to sell licensed products to satisfy visitors' needs in d ... (1 h ago)

• CISA: Iron ore negotiation goes on norma... CISA: Iron ore negotiation goes on normally
02/05/2010
The 2010 iron ore pricing negotiation between Chinese steel producers and ore giants are going on in a "normal and natural" manner, today's Beijing Morning Post cited Deng Qilin, vice chairman of China Iron and Steel Association (CISA) and general manager of Wuhan Iron & Steel Group (Wugang). Deng's words scotched rumors that the ore giants set aside China in the negotiation. CISA Vice Chairman Luo Bingsheng said yesterday that he would meet the press at the quarterly press conference ne ... (1 h ago)

• World's largest off-shore wind power sta... World's largest off-shore wind power station to be built in Jiangsu
02/05/2010
Construction of the world's largest off-shore wind power station will begin in the coastal waters of Dongtai, Jiangsu province. With a coastline of 85 kilometers, Dongtai has many mud flats, intertidal zones and sandy underwater beaches which need to be exploited. A 4 MkW ultra-large wind power station will be built in coastal waters. It is estimated that the total installed capacity of the wind power station will reach 1 MkW by 2016, with annual power generation standing at 2 billion kWh. I ... (1 h ago)

• Hong Kong tops China's urban real estate... Hong Kong tops China's urban real estate competitiveness list
02/05/2010
Hong Kong's overall performance has been rated the highest in real estate competitiveness, real estate price index and other aspects, according to the "2009 China Urban Competitiveness top 100 List" jointly issued by China Urban Competitiveness Study and China Real Estate Chamber of Commerce on February 4, 2010. According to Hong Kong's Wen Wei Po, this report summarizes 2009 data to conduct a comprehensive analysis of China's real estate including Hong Kong, Macao and Taiwan. The study cove ... (1 h ago)

• China imposes anti-dumping measure on U.... China imposes anti-dumping measure on U.S. chicken products
02/05/2010
China's Ministry of Commerce (MOFCOM) today published the initial ruling on the anti-dumping case against broiler products and chicken products imported from the U.S. on its website. The dumping caused material damage to relevant industry in China, said the statement. On September 27, 2009, the MOFCOM initiated anti-dumping and countervailing investigations into U.S. broiler products and chicken products. In accordance with Article 24 of Anti-dumping Regulations of People's Republic of Chi ... (1 h ago)

• Capital inflows to China may increase: f... Capital inflows to China may increase: forex regulator
02/05/2010
A growing trend of global recovery, expectations for Renminbi appreciation, interest margin between Renminbi and foreign currency and rapidly rising asset prices will lead to an increase in cross-border capital inflow, said Yi Gang, head of the State Administration of Foreign Exchange (SAFE). Yi also predicted that China's international payment surplus may be higher in 2010. The more stable trend of global recovery has led to the warm-up of overseas demand. The "Go Out" strategy has helped ... (1 h ago)

• $0.30: yes, that's how much Coca-cola co... $0.30: yes, that's how much Coca-cola compensates for bug in Sprite
02/05/2010
Mr Gao will get 2.05 yuan ($0.30) as compensation from Coca-Cola. Gao claimed to have found a three-centimeter bug in an unopened bottle of Sprite which he bought in June 2007, he then filed a law suit against Coca Cola in 2008 to Daxing district court. But Mr Gao was unsatisfied with the decision and lodged an appeal, asking for the company to give him 4.10 yuan ($0.60) compensation together with a written apology. Chen Yi, director of Coca-Cola's public relations department, told local m ... (1 h ago)

• Views on the news: Marc Bolland's pay de... Views on the news: Marc Bolland's pay deal and goodbye to quantitative easing
02/05/2010
Readers ask how the new boss of Marks & Spencer will justify his £15m package, and wonder what happened to £200bn pumped into the economy by the Bank of England The widening gulf between the haves and have nots loomed large this week as bloggers grappled with multimillion pay deals versus the real prospect that the lights could soon go out for all but the very rich. Marks & Spencer's £15m package for new boss Marc Bolland caused instant outrage. "OK, can someone just explain to me how his contribution to the running of M&S will be 77 times greater than the average poor soul working on the shop floor?" asked gothictemplar . "Without reference to the share price, that is. Just what, exactly, will he actually do each day to earn this amount (not to mention the bonuses, which make his actual salary look insignificant)? What time will he get to the office? Will he travel in by public transport, or a company limo? How long will he take for lunch? Will he have to do any of his own typing and filing? Will his feet ache at the end of the day?" Benjine added: "The only reason they can afford to pay this bloke such an obscene amount of money is because M&S – and thousands of others like them – have outsourced their production to slave wage countries, halved the quality, doubled the prices, quadrupled their profits and thrown a bunch of decent, hard-working Brits on the dole for much of the rest of their lives. "That's capitalism for you. It's great, innit?" The sense of injustice was then fuelled by energy regulator Ofgem, which said that Britons may not be able to afford to heat their homes in the years ahead unless there is a radical system overhaul. Harmonyfuture was unimpressed: "When asked why there is a large disparity between costs of oil and gas versus how much suppliers are charging consumers, we are reassured by Ofgem that suppliers are investing large amounts in infrastructure – now they are saying suppliers need to invest even larger amounts in infrastructure. Meanwhile our suppliers, mostly foreign owned, are making huge profits. "I smell a rat." UKJohn took it as a sign of worse to come: "Between water shortages, gas and electric shortages, climate change and the next generation of leaders being yesterday's children who were never allowed out, never allowed to take risks and socialised very little, meaning little social conscious, no empathy and a 'me first' mentality, I don't think Western Civilisation has very long." "The trains and the utilities, what a shambles they're in," observed Tehillim . "These are public services and, as such, should have been kept in public ownership and funded properly: apparently there's plenty of money (10s or 100s of billions) for white elephants such as Trident replacements, aircraft carriers, ID cards and massive databases, but when it comes to the mundane stuff which people need to use on a daily basis it's far too expensive for the state to finance. Madness." Funnily enough, the story about which bloggers were most dismissive this week, was the on-going woes of Toyota and its sticky accelerators. Wagram summed up for many: "Years ago cable-operated accelerators used to routinely fray and jam open the throttle. No mass hysteria then, just dealt with it at the time and then installed a new cable." No mass hysteria either on the news that US food company Kraft had officially won its five-month battle for control of Cadbury, coinciding with the day workers were in London lobbying MPs for assurances over jobs. In fact there was just grim resignation. "The government haven't got the power or the inclination to save any jobs except for themselves, it seems," said stevetyphoon . "The workers would be better drinking tea and eating biscuits than going to parliament. What MPs could give a monkeys?" added republican05 . Clearly Westminster has other things on its mind right now, as was evidenced by Lord Mandelson's impassioned warnings that Tory plans to cut billions from government spending threatened to "strangle economic recovery at birth". "How do you strangle 0.1%?" queried teganjovanka . "I wish someone would explain how spending your way out of debt works," said DMT2 . "If I had a huge credit card bill I wouldn't spend more on it. Yet all Gordon goes on about is spend spend spend. "It's like he's printing money or something..." Ah, but not any more. On Thursday the Bank of England put its £200bn quantitative easing programme on hold, and it was not a moment too soon for most people. "This money has either been stockpiled by banks depositing it back with the BoE to earn interest, or used in speculating in the stock market or commodities market," said Chris Woods . "So overall, QE is a disaster if its aim was to help the wider economy. The banks got some more slush money for a while though." "They have goosed the economy with all this free money, screwing savers and the solvent in the process," said Demonfreaker . "Inflation is roaring away, house prices are soaring again: there is no need to keep pumping money into the economy. The neo-liberal order has been restored." "I'm glad they stopped dishing out £200bn because I never saw a penny of it!" mused mirameguay . "Or maybe it just hasn't reached me yet as my surname is late on in the alphabet." Ah, but if you own a house in the south-east, mirameguay, you are sorted anyhow. Although, news of another hike in house prices in London and the south-east got greatdivide thinking: "If British house prices continue rising at this rate, in 100 years' time the average mid-terrace will cost £247 trillion." "Yes, perhaps it will, but what you don't understand is that this will be perfectly affordable to the average couple of 100 years in the future," was the droll reply from Danny263 . "A combination of 'savvy investing', painting the walls of their previous property beige to make it more attractive to buy-to-letters and some sort of magic-based mortgage deal will have them eagerly clambering up the property ladder. The payments on a £247 trillion loan will be easily manageable and every inhabitant of Britain will end up at the top of the ladder, in a great big mansion somewhere. Let the good times roll!" That is, good times for some people at least. Keep them coming. Marks & Spencer Kraft Cadbury Recession Quantitative easing Toyota House prices Teena Lyons guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Macquarie Bank says trader will not lose... Macquarie Bank says trader will not lose job over near-nude photos
02/05/2010
David Kiely was seen in the background of a TV interview viewing revealing pictures of supermodel Miranda Kerr • TV interview catches banker looking at near-nude photos The Macquarie Bank trader who gained worldwide notoriety when he was caught out viewing racy pictures in the background during a TV interview will keep his job, the bank said today. A banal interview about Australia's interest rates on the 7 News channel became a worldwide viral hit when David Kiely returned to his desk while cameras were rolling and opened a computer file containing revealing photos of supermodel Miranda Kerr. Kiely clicked through various scantily clad Kerr poses, unaware that behind his shoulder Macquarie's private wealth adviser, Martin Lakos, was being interviewed. Macquarie said that Kiely, the subject of a "Save Dave" web campaign , had been spared the chop despite appearing to breach company policy on the use of computers. "He will remain an employee of Macquarie," the bank said in a statement. "Macquarie and the employee apologise for any offence that may have been caused." The 26-year-old Kerr, who is engaged to British film star Orlando Bloom, reportedly gave Kiely her backing too, saying that she was willing to jump on the "Save Dave" bandwagon. "I am told there is a petition to save his job, and of course I would sign it," Kerr said in a news.com.au report. Banking Internet The news on TV Australia Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Forget MPs' expenses – bankers took us f... Forget MPs' expenses – bankers took us for far more money | Michael White
02/05/2010
Did none of the masters of the universe engage in a deceptive fraud or charge a duck house or flagpole improperly against the shareholders or the taxpayer? Good news this morning. No, nothing to do with those pitiful MPs who milked their expenses. I'm talking about the real masters of the universe. Several papers ( it's the lead story in the FT ) report that Andrew Cuomo, the New York attorney general, is suing Bank of America and two of its top executives – Ken Lewis and Joe Price – for duping shareholders about mounting losses at Merrill Lynch before the great crash of 2008. In the process they seem to have manipulated the federal US government into handing over $20bn (£12.7bn) of American taxpayers' money to finance the merger of the two banks, BofA's takeover of stricken Merrill. Cuomo wants the money the bank and the bankers made back – for shareholders and taxpayers. Good. The US regulatory regime has always been tougher than ours, even since they started seriously tackling the golden age plutocracy 100 years ago. The Securities and Exchange Commission (SEC) announced a $150m settlement this week. Cuomo is after scalps. Yet it remains one of the startling features of the crisis that so few people anywhere have been charged with offences of any kind, apart from obvious fraudsters like Bernie Madoff. It's been equally obvious that newspapers here, the dear daft BBC, and voters have been much happier throwing bricks at MPs than even Fred "The Shred" Goodwin. He's had a couple of stones through his windows, but still keeps the swag – no Legg review for him – and is back in business. Why so? It's easier to understand and folk think it's their money the MPs took. They're right, but the bankers took far larger quantities. Did no one engage in a deceptive fraud or charge a duck house or flagpole improperly against the shareholders or the taxpayer? The "banksters" – as Tory PM Harold Macmillan used to call them – left behind a problem that may bedevil the public finances for decades to come as the borrowing is reduced; along with – from yesterday – the monetary "quantative easing" that kept the system's wheels turning. Compared with all this, the odd moat scrub and other examples of egregious misjudgment and greed are very irritating, shameful even, but pretty small beer. MPs have been rightly traduced either for what they did or what they failed to stop others doing. One way or another, they are being punished. But the masters of the universe are neither contrite nor punished. Reports from the bigwig MoU summit at Davos this past week confirm that impression that the masters are anxious, though less so than last year. We are still in deep collective trouble, the future uncertain. Emerging Asia has seen the shortcomings of the west's arrogant assumptions that it knows how to run the global financial system – and drawn prudent conclusions. That showed at Davos too. In the circumstances it seems appropriate – but full of symbolism for the future — that Barack Obama should announce this week that the US can no longer afford to continue with its plans to go back to the moon . At least he gets it: times have changed. But it signals another profound shift from west back to east. As the Guardian and others sensibly concluded, what Obama's decision means is that the next human footfall on the moon will almost certainly be Chinese. China also knows what to do with financial fraudsters and people who poison the kids' powdered baby milk. Perhaps there is a connection. MPs' expenses Banking Banks and building societies Michael White guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Taiwanese military orders German helicop... Taiwanese military orders German helicopters
02/05/2010
Purchase of up to 20 search-and-rescue helicopters could fray already strained European ties with China Taiwan's military will buy up to 20 helicopters from a German manufacturer, it was confirmed today, days after Beijing lashed out at a multibillion-dollar US arms deal with the island . China has yet to respond to news of the agreement, thought to be the first European sale to Taiwan's armed forces since the early 90s. Taiwan's defence ministry spokesman Martin Yu said the island would buy EC-225 search-and-rescue helicopters. The $111m contract with Eurocopter, a subsidiary of EADS, is for three helicopters, with an option to buy up to 17 more. The move could fray Sino-European ties, already under strain over trade and currency issues. Yesterday China filed a complaint to the World Trade Organisation over the EU's anti-dumping tariffs on shoes. The arms deal could also affect Beijing's relations with Taipei, which have improved markedly since President Ma Ying-jeou took office on a platform of improving ties two years ago. However, others believe that China could remain silent or issue only a muted response if it is satisfied that the helicopters are not for military tasks. "If it's for a pure civic purpose that would be no problem, but if it belongs to the defence ministry then I think it could be," said Jin Canrong, professor of international studies at Renmin University. The Taiwanese defence ministry said it was not an arms order and the EC-225 is a civilian model. But the Taiwanese armed forces have bought non-military helicopters in the past and customised them with equipment suited to military models. Jing Huang, an expert on Asian security and visiting fellow at the Lee Kuan Yew School of Public Policy in Singapore, said China's response was likely to depend on the exact nature of the order. "I would be surprised if China makes a big fuss and if Eurocopter had not considered China's interests in its sales to Taiwan," he added, pointing out that the mainland was a much bigger client. "China may think it's better not to fight on two fronts [given its anger at the US deal]. It's also talking with Europeans about lifting the arms embargo. So I believe it will be more constrained; it doesn't make sense to make a fuss before the deal is even finalised." Defense News, which first reported the sale, said the contract would be signed within a few days. China's foreign ministry did not immediately respond to questions on the helicopter sale. Calls to the Taiwan Affairs Office rang unanswered. China hit back unusually hard following last week's announcement of the US's $6.4bn arms package, which includes Patriot missiles, naval minesweepers and Black Hawk helicopters. It warned of plans to impose sanctions on US firms that sell weapons to Taiwan and said it was "unavoidable" that co-operation on wider issues would be affected . Taiwan China Germany Europe EADS Tania Branigan guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Bank of America charged with fraud Bank of America charged with fraud
02/05/2010
New York attorney general files civil charges against the bank and its former chief executive, Ken Lewis, over last year's acquisition of Merrill Lynch Bank of America and two of its former bosses have been charged with fraud for allegedly misleading shareholders during the takeover of Merrill Lynch . The New York attorney general's office said last night it had filed civil charges against the bank and its former chief executive, Ken Lewis, claiming the bank misled investors about Merrill Lynch before it acquired the Wall Street bank in early 2009. Civil charges were also being filed against Joe Price, the bank's former chief financial officer. Bank of America has been accused of failing to properly disclose losses at Merrill and bonuses paid to investment bank employees before the deal closed. Attorney general Andrew Cuomo called Bank of America's actions "egregious and reprehensible" in deceiving not only shareholders but also the federal government. The bank received an additional $20bn (£12.7bn) in government bailout funds in January 2009 to help offset losses it absorbed as part of the Merrill Lynch acquisition. In December, Bank of America repaid the $20bn , plus the initial $25bn it received in government bailout money. Lewis stepped down as chief executive on 31 December after almost a year of strife that followed the bank's purchase of Merrill Lynch. Bank of America was quick to rebuff the accusations and said that the company and its executives would vigorously defend themselves against the attorney general's charges. Spokesman Robert Stickler highlighted the fact that the Securities and Exchange Commission (SEC), the US financial regulator, had reached a settlement to resolve separate federal charges it brought against the bank. "We are disappointed and find it regrettable that the NYAG has chosen to file these charges, which we believe are totally without merit," he said. "The evidence demonstrates that Bank of America and its executives, including Ken Lewis and Joe Price, at all times acted in good faith and consistent with their legal and fiduciary obligations," Stickler added. "In fact, the SEC had access to the same evidence as the NYAG and concluded that there was no basis to enter either a charge of fraud or to charge individuals." Bank of America agreed to pay $150m to shareholders to settle the SEC charges. The agreement must still be approved by US district judge Jed Rakoff. In September, the bank and the government agreed to a $33m settlement only to have Rakoff reject the agreement. He called the first deal a breach of "justice and morality" and ordered the case to go to trial. A hearing about the new settlement is scheduled for Monday afternoon. Bank of America Merrill Lynch Credit crunch Banking United States guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Insolvency figures hit record high Insolvency figures hit record high
02/05/2010
A total of 134,142 people were declared insolvent in 2009 as the continued credit squeeze drove the figure above the previous record set in 2006 The number of people entering into insolvency in England and Wales rose to a record total of 134,142 last year, official figures from the Insolvency Service showed today, and experts say the figure is likely to rise further in 2010. Rising unemployment and the ongoing impact of the credit squeeze drove the figure beyond the previous record of 107,288 personal insolvencies set in 2006, and meant that over the course of the year one in every 320 adults entered into formal arrangements with their creditors. Today's figures show a total of 74,670 individuals were declared bankrupt last year, a rise of 10.7% on 2008's figure. The number of individual voluntary arrangements (IVAs) – where borrowers arrange to pay off a proportion of their debt over a set period of time – leapt by 21.8% over the year to 47,641. A total of 11,831 of the insolvencies were in the form of debt relief orders (DROs), which were introduced in April last year and allow consumers with debts of less than £15,000 and minimal assets to write off their borrowing without entering into a full-blown bankruptcy, and have proved more popular than expected. Insolvency experts at KPMG said they believed more than 223 people a day were choosing to petition for bankruptcy. The firm's director of personal insolvency, Chris Nutting, said: "The figures show that there are still many people experiencing serious financial difficulties, despite record low interest rates. "Whilst the UK is technically out of recession, the harsh reality is that many people are still living beyond their means. Lessons from history show that personal insolvencies will continue to rise after the recession finally ends, and for some time to come." Some experts had suggested the number of insolvencies would have fallen over the last quarter of last year as consumers deferred dealing with their debts until after Christmas. But the figure increased from 35,242 to 35,574. The number of bankruptcies was down by 5.5% on the same period of the previous year, at 17,007, but the number of IVAs leapt by 26.3% to 13,219. On top of these, 5,348 DROs were granted. Louise Brittain, partner in Deloitte's Contentious Insolvency Group , said the figures bucked a trend. "This is unexpected, as traditionally people tend to hold off addressing financial issues during the festive season, rather saving them for the new year," she said. "It is surprising to see the dramatic rise in the number of IVAs – up 26%. This is a result of increased creditor pressure which is unlikely to let up any time soon, and highlights the desperate financial difficulties facing individuals." Insolvency experts said they expected there to be even more insolvencies in 2010, with Brittain predicting the number could reach 145,000. Most agree that historically low interest rates have allowed some borrowers to keep up repayments on debts which would otherwise have been unmanageable, and that any rare rise could push many more people into difficulty. On top of this, rising awareness of DROs is likely to lead to more borrowers signing up for the orders. Meanwhile, the number of companies going into liquidation also increased in 2009, rising to 19,077 – the highest figure since 1993. But the quarterly breakdown suggested the picture was improving for businesses as the year ended. During the last three months of last year 4,372 firms were wound up, a 4% fall on the previous quarter and down 3% year-on-year. There was also a significant decline in the number of companies going into administration, which is often a more representative measure of corporate failures. Between October and December 849 companies entered into administration, a fall of 58% year-on-year and the lowest number since the fourth quarter of 2007. Howard Archer, chief UK economist at his IHS Global Insight, said the outlook for companies currently struggling would depend on how easy it became for them to access credit. "Despite the economy staggering out of recession in the fourth quarter of 2009, economic activity is unlikely to be strong enough for some time to come to stop many more companies from going out of business, although hopefully the number failing will moderate further. "Much will depend on to what extent credit conditions ease over the coming months, as an inability to access credit continues to plague a number of companies, particularly smaller ones." Bankruptcy and IVAs Borrowing & debt Family finances Credit cards Personal loans Banks and building societies Consumer affairs Credit crunch Hilary Osborne guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• British Airways on track for record full... British Airways on track for record full-year loss
02/05/2010
BA chief executive Willie Walsh says further cost-cutting and 'permanent structural change' are needed to combat high fuel costs and low revenues British Airways warned cabin crew that permanent change is needed this morning as the airline confirmed that it is on track for a record full-year loss after announcing a nine-month deficit of £342m. The airline's boss, Willie Walsh, said further cost-cutting was vital as fuel costs and low revenues continue to trouble the industry. However, BA surprised the City by reporting a third-quarter operating profit of £25m in the run-up to Christmas – its first quarterly profit at an operating level in more than a year. Embroiled in a dispute with cabin crew over staffing levels , BA nonetheless highlighted its poor performance in the financial year so far. The UK's largest long-haul carrier reported a pre-tax loss of £342m in the nine months to 31 December, bringing the airline close to last year's record annual loss of £401m with a further three months of the financial year to come. "While we are on the right track, we still expect to make record losses this year. Permanent structural change is being introduced in all areas and will return us to sustained profitability," Walsh said in a statement . BA is attempting to head off a strike by the largest section of its workforce, cabin crew, who are threatening to stage a walk-out over the unilateral decision to take at least one air steward off all flights. A strike ballot by around 12,600 cabin crew is under way and could result in industrial action from 1 March onwards. A senior official at the Unite union, which represents the majority of BA cabin crew, said yesterday that an agreement was within reach, despite the dispute taking an increasingly bitter tone in recent weeks. "There are proposals on the table now that are quite close to finding a settlement," said Steve Turner, Unite's national officer for aviation. However, both sides still hold contrasting visions of BA's future: the airline wants to recruit new cabin crew on lower pay and different working practices to staff an entirely separate fleet of planes, while Unite wants those fresh recruits to work alongside the existing workforce. The third-quarter numbers showed that deep cost cuts across the company and among BA's 38,000 staff are reaping benefits. BA said management cuts, a reduction in pilots' pay and lower staffing levels on flights had produced £300m worth of cost savings in the year to December. Overall, operating costs fell 10.5%, driven by a 19.2% reduction in fuel costs – the largest and most volatile element of an airline's budget. BA also announced this morning that it is reopening talks with staff about cutting its £3.7bn pension deficit , including the options of reducing accrual rates or increased contributions. The discussions follow a deal three years ago that saw BA make a cash payment of £800m into its pensions schemes, whose combined deficit was then £2.1bn. The funding hole has deepened since and could endanger the airline's proposed tie-up with Iberia, Spain's national carrier. A BA spokesman said: "We believe that if we work together with our staff and unions to tackle the deficit and revise future benefits, it may be possible to avoid closing our final salary schemes. Our initial discussions will identify a range of possible future benefit changes, focusing on reduced accrual rates or increased member contributions. At this stage, nothing has been ruled in or out." British Airways Airline industry Transport Travel & leisure Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• FTSE falls again amid US jobs fears FTSE falls again amid US jobs fears
02/05/2010
FTSE is down in early trading as investors worry over US unemployment and rising government deficits in southern Europe The FTSE sell-off continued this morning, tracking losses in Asian stock markets overnight on European economic worries, while US jobs data due later today has investors bracing for more bad news. The FTSE was down more than 1% at 5083 in early trading after a 2.2% decline yesterday. British Airways was one of the strongest climbers, however, as a surprise third-quarter operating profit pushed its shares up by 1.5% to 214.5p. The overall tone was gloomy across Europe. The FTSEurofirst 300, an index of top European shares, fell 1.6% to 977.33 as risk-averse investors made banks among the heaviest losers. Standard Chartered, Barclays, Lloyds and Royal Bank of Scotland all posted declines. Rising government deficits in southern Europe, alongside fears concerning the looming announcement about non-farm payrolls data in the US, due at 1.30pm UK time, have sent investors into a fresh wave of anxiety about the global economy. Economists expect that US employers probably added 5,000 payrolls in January, only the second monthly jobs rise since the recession began in December 2007, according to a poll by Reuters . The unemployment rate, however, was expected to edge up to 10.1% in January from 10% in December. Europe's major indices joined the FTSE in its sombre mood. Spain's Ibex index fell 1.4% this morning, with Germany's Dax down 0.3% and France's CAC 40 slipping 0.4%. Doubts over Greece's ability to pay its debts have extended to Spain, Portugal and eastern European countries, all labouring under high budget deficits. Yesterday, the cost of insuring $1m of Spain's sovereign debt rocketed to $162,000 (£103,000), twice as much as for UK bonds and about four times the cost of insuring Germany's bonds, according to Markit, the credit data provider. Portugal raised only €300m (£260m) of the €500m it was expecting in a bond sale, further fuelling the uncertainty. Yesterday saw an across-the-board decline in major markets. In line with other leading European indexes, the FTSE 100 shed 2.2%, or 114 points, to close at 5139.31, its lowest in three months, with banks leading the way and shares in miners and oil companies under pressure from lower oil and commodity prices. In New York, the Dow Jones slipped below the 10,000 mark at one stage before closing 268 points lower at 10,002, a fall of 2.61%, after figures unexpectedly showed a rise in new claims for jobless benefits, raising fears that today's key non-farm payrolls data could be worse than expected. The Dow Jones has now fallen by more than 6.5% during the past two weeks. The US data also hit commodity and currency markets, amid investors' concerns about a double-dip recession. "There is a renewed bout of risk aversion. There were expectations that the [US jobs] number would trend lower," said Tim Rees, a fund manager at Insight Investment. "Although some company results were pretty good, the market is finding reasons to be bearish." Volatility on European markets was "mainly driven by Portugal's disappointing bond auction", said Gavan Nolan, an analyst at Markit. "And there's plenty of negative sentiment around Spain, after it raised its forecast for deficits." Spain's economy minister, Elena Salgado, this week announced €50bn of budget cuts aimed at reducing the budget deficit to 3% of GDP – the European target – from a revised 11.4% at present. Pressure from the international financial community will force the Spanish government to pay more for its debt. FTSE Dow Jones US economy Market turmoil Barclays Lloyds Banking Group Royal Bank of Scotland Dan Milmo Elena Moya Ashley Seager guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• Gummer backs count's plea for bail in BA... Gummer backs count's plea for bail in BAE case
02/04/2010
Former Tory minister gives character reference for Austrian accused of paying bribes for arms giant An Austrian count accused of paying bribes for the arms giant BAE was granted bail today after he was given a character reference by a former Tory minister. John Gummer, MP for Suffolk Coastal, delivered a handwritten letter to the judge saying he had known Alfons Mensdorff-Pouilly, a one-time BAE secret agent, for some years and he believed he was unlikely to abscond. Mensdorff-Pouilly is accused of conspiring with BAE to pay bribes to obtain fighter jet deals in Austria, the Czech Republic and Hungary between 2002 and 2008. He had been on remand in Pentonville prison since last Friday, when he was charged by the Serious Fraud Office. It is the first prosecution brought by the SFO since it began investigating BAE more than five years ago. Judge Timothy Workman adjourned the hearing at Westminster magistrates court until Wednesday to consider further legal arguments. Patrick Gibbs, QC for Mensdorff-Pouilly, argued that the prosecution should be dropped as the attorney general, Lady Scotland, has yet to give her consent. When Gibbs applied for bail, he handed up the letter from Gummer to the judge saying that the author, whom he did not name, was willing to give evidence in support of the count. Gummer, who was in court, was not called to the stand. The judge said the letter had had no bearing on his decision to grant bail which was granted provided Mensdorff-Pouilly deposited £500,000 with the court and found a £500,000 surety. He is allowed to live in a flat in Belgravia subject to an electronic tag and a curfew between midnight and 6am. He is required to surrender his three passports. BAE Systems Conservatives Crime Rob Evans David Leigh guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (17 h ago)

• EMI crashes £1.5bn into the red EMI crashes £1.5bn into the red
02/04/2010
• Label of Coldplay and Kylie announces huge loss • Investors to be asked for cash injection of £105m EMI, the music group behind artists ranging from Pink Floyd to Katy Perry and country and western band Lady Antebellum, crashed £1.75bn into the red last year, according to figures released by the company tonight. The loss is one of the biggest black holes ever seen in a private equity-backed business and threatens to shred the reputation of Guy Hands, the outspoken City financier whose Terra Firma group paid out more than £4bn for EMI just before the credit crunch took hold in the summer of 2007. It could ultimately, push the famous record label into the control of US bankers. EMI Group operates two divisions – recorded music and music publishing – but its financial problems are concentrated in the recorded-music operation, whose assets include Coldplay and Kylie Minogue, and an extensive and much-lauded back catalogue that encompasses albums such as David Bowie's Aladdin Sane, the Beatles hit Sgt Pepper, and Pink Floyd's Dark Side of the Moon. Hands must now persuade Terra Firma investors to inject a further £105m into Maltby Capital, the vehicle he set up to acquire EMI, by the end of March, to prevent the record company from breaching its loan agreements. Such breaches could allow lender Citigroup, which is owed some £2.6bn, to seize control of EMI. Maltby says in its accounts that it is not certain it can persuade the required 75% of investors to back the fund raising. This cash injection will only provide Hands with a year's breathing space while he tries to find a longer-term solution to EMI's debt problems. In the Maltby accounts the directors say they expect to breach covenants next year too unless they find more cash. They reveal that the pensions regulator has been called in as a result of a disagreement between the company and the EMI pensions trustee on how to fund a pension scheme deficit of up to £200m. It adds there is "no certainty" funds will be available. EMI's music business – which has a heritage stretching back over 100 years – has actually performed well: with profit before financial charges up 81% to £298m as its chief executive, Elio Leoni-Sceti, has cut costs and grown market share by finding and promoting new musical talent. EMI's Capitol Nashville label has the number one album in the US this week, with country and western band Lady Antebellum. But Maltby – whose chairman is Lord Birt, former director general of the BBC – has plunged £1.75bn into the red as a result of a £1bn financial writedown, a vast interest bill, derivative and foreign exchange losses and restructuring costs. The crisis is centred on the £4.2bn price tag Hands agreed when he acquired the business. With hindsight it is apparent that he paid out far too much, and he has admitted as much, launching a legal battle in the US and claiming that his adviser, Citigroup, tricked him into offering too much for the business by failing to tell him that other potential buyers had pulled out. The bank also provided some £2.6bn of debt to Hands for him to do the deal. Hands attempted to thrash out an agreement during last year, offering to inject another £1bn into EMI if the bank would, in turn, write off £1bn of its debt. Citigroup rejected that deal. In order to persuade Terra Firma investors to stump up another £105m, Leoni-Sceti has now been asked to produce a new business plan to show that they would not be throwing good money after bad. However, a source close to the company said that the new strategy was "more of the same really, with more emphasis on digital and less on physical [music products]". The cash injection would protect EMI only until next spring. In that time, Hands must either win his legal case against Citigroup, reach a settlement or come up with a new refinancing plan. Citigroup is now attempting to get the legal dispute moved from New York to London – a move that threatens a potential double blow to Hands. Hands wants the case to be heard in New York, arguing that that is where Citi is based. If the case is transferred to London, any potential damages for Terra Firma would be far lower. A London legal dispute could also wreck Hands's personal tax planning. He moved to Guernsey last year in what he claimed was a protest at higher capital gains and income taxes – and for him to appear in a London court as a witness could endanger his non-resident tax status. EMI Music industry Private equity Citigroup Credit crunch Guy Hands Julia Finch guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (17 h ago)

• Toyota crisis as Prius admission leads t... Toyota crisis as Prius admission leads to threat of second recall
02/04/2010
Braking problems reported after alert over accelerators Toyota's reputation was in danger of plunging into freefall tonight when it admitted investigating reports of brake faults in Prius hybrid cars in the US and Japan in a move that could trigger another recall. The possibility that an estimated 270,000 of the latest model of the Japanese company's flagship vehicles could be withdrawn because of safety fears follows 77 reported cases of braking problems among cars sold in Japan and 100 similar complaints in the US. Prius owners have reported momentary loss of braking ability at low speeds on bumpy roads. Two of the incidents reportedly ended in crashes that resulted in injuries. US safety regulators opened a formal investigation today. The company is already reeling from a recall of 8.1m cars worldwide because of accelerator pedals that stick down causing vehicles to speed out of control. Today Toyota executives in the UK said 250 owners had reported problems with accelerator pedals and Toyota had been able to confirm 20 cases, a far higher number than previously known. The UK government withdrew from service a fleet of 10 Avensis cars used by junior ministers. Worldwide the accelerator problem is likely to cost the company £1.3bn in repairs and lost sales, it said. Since its launch in 1997 the Prius – which uses a combination of a petrol engine and electric motor and is the world's best-selling hybrid car – has been held up by Toyota as a shining example of cutting-edge green technology. Global sales have reached 1.6m and the car has received endorsements from celebrities, including the actors Thandie Newton and Miley Cyrus. A spokeswoman for Toyota confirmed that a Prius recall was an option in the US and Japan, but said no decision had yet been made. "Toyota Motor Group in Japan can confirm an investigation [into the brake problem] but no other action regarding a recall campaign has been taken," she said. The Reuters news agency reported the Nikkei newspaper in Japan stating the recall would be announced in conjunction with Japan's transport ministry and the US department of transportation. "We have no information that such a decision has been made," said a spokesman for Toyota in the US. "We are working with the national highway traffic safety administration on a preliminary evaluation of the issues raised in owner complaints." There are thought to be no plans to extend any recall of the Prius to the UK, where the company said there had been no complaints about the affected third-generation model, which went on sale to British customers last summer. Toyota said US and Japanese customers had reported "inconsistent brake feel when the brakes are slowly applied and the anti-lock system was activated while driving over potholes, bumps, or slippery road surfaces". Toyota made a change to the software in the braking control on the current Prius in late January. "We can assure Prius owners [in the UK] that no safety issue has been identified with the braking system fitted to their cars, and that no problems have been reported by customers in the UK or Europe," said Miguel Fonseca, managing director of Toyota GB. "With safety as our main concern, Toyota will continue to investigate thoroughly any problems that are reported." Ryoichi Saito, a car industry analyst at Mizuho Investors Securities, said: "The latest Prius troubles have really damaged Toyota's brand. "Uncertainty over the Prius trouble will only prompt more consumers to dump Toyota. Since the Prius is among Toyota's top-selling vehicles, its quality troubles could certainly hurt hybrid sales and Toyota's overall earnings." Toyota Automotive industry Japan Consumer affairs Robert Booth Justin McCurry guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (18 h ago)

• Symbian makes its smartphone software op... Symbian makes its smartphone software open source
02/04/2010
Mobile phone operating system can now be modified by anyone as Nokia's platform struggles to compete with Apple and Google Symbian, the operating system used in the majority of the world's smartphones, is now available as an open source platform four months ahead of schedule as it looks to compete with Apple and Google's Android. In a move widely seen as a desperate attempt to prevent Google and Apple from grabbing an ever-larger slice of the smartphone pie, Nokia took control of the UK-based Symbian in the summer of 2008 , announcing plans to make its mobile phone software free of charge. Nokia helped create Symbian with the UK-based Psion more than a decade ago and it is installed in some 330m mobile phones across the world. But its share of the smartphone market has come under attack. Two years ago, Symbian devices accounted for almost 60% of the market, but now account for less than 50%. Industry experts Ovum reckon that figure will fall to below a third by 2015, in part because of the influence of Android, which is also open source. The Symbian Foundation, which runs the platform, said the switch from a paid-for proprietary model, where developers had to pay a licence fee to create devices using the software, to a free open source model is the largest in software history. Any individual or organization can now take, use and modify the code for any purpose, whether for a mobile device or another piece of kit. Lee Williams, executive director of the Symbian Foundation, said: "The development community is now empowered to shape the future of the mobile industry, and rapid innovation on a global scale will be the result. "When the Symbian Foundation was created, we set the target of completing the open source release of the platform by mid-2010 and it's because of the extraordinary commitment and dedication from our staff and our member companies that we've reached it well ahead of schedule." The hope is that allowing any developer to use Symbian will speed up the development of new and innovative devices, which will help the platform to see off the threat of Apple and Android. But it is competing in an increasingly crowded market. Handset manufacturers from LG and Samsung to Sony Ericsson have their own proprietary operating systems, as do RIM, maker of the BlackBerry, Palm and Apple. Microsoft is still trying to gain traction for its Windows phone operating system, while a slew of handsets with Android installed will be launched this year. All 108 packages containing the source code of the Symbian platform can now be downloaded from Symbian's developer website under a public licence. Also available for download are the complete development kits for creating applications and mobile devices. Mobile phones Open source Software Nokia Google Apple Android BlackBerry Microsoft Telecommunications industry Nokia Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (19 h ago)

• New unemployment fears as Shell and GSK ... New unemployment fears as Shell and GSK cut jobs
02/04/2010
• Drug maker will shed 4,000 posts worldwide, while oil firm drops 1,000 staff • Analysts predict flight of manufacturers to Asia Royal Dutch Shell and drug maker GlaxoSmithKline fuelled fears of a downturn in the jobs market today after both signalled significant cuts over the next year in Europe and the US. Shell said it would shed 1,000 posts – mainly corporate staff and those involved in "downstream" activities such as refining – to add to the 5,000 it cut last year, while GSK warned that 4,000 staff would disappear from its worldwide operations. The cuts follow warnings that Britain and other western nations could expect further rises in unemployment as businesses struggle to cope with a slow recovery from recession. UK unemployment appeared to bottom out last month. Official figures showed the number of unemployed people fell for the first time in almost two years by 7,000 over the previous quarter to 2.46 million. But several economists have predicted a further surge in jobs cuts as employers seek to drive up profits. And analysts argue that many of the cuts, especially in the pharmaceuticals industry, reflect a wider move to shift manufacturing away from stagnant western markets to fast-growing Asian economies. Last week, AstraZeneca signalled it would make 8,000 jobs cuts over the next year. That followed an announcement by US oil firm Chevron that it planned sweeping redundancies, which unions warned jeopardised the future of 1,400 jobs at a refinery in Pembroke in Wales. GSK said government tax breaks for firms that win patents, announced in last year's pre-budget report, had persuaded the company to commit a further £500m to research in the UK. Chief executive Andrew Witty indicated that as a result of the subsidy, job cuts in the UK would be "in the hundreds and not thousands". GSK employs 99,000 people in more than 100 countries. In 2007, it announced a major restructuring, aimed at reducing its costs by £1.7bn a year. Former Bank of England monetary policy committee member David Blanchflower warned the jobs market remained fragile and unemployment could rise steeply over the next year. Blanchflower has argued for an extension of the Bank of England's policy of low interest rates and quantitative easing to boost the economy, which he believes is in poor health. "In the US we've seen unemployment rates go up one month and plummet the next. The question is how quickly the Bank of England takes away the stimulus, which is crucial to keeping the economy afloat," he said. The Chartered Institute of Personnel Development (CIPD) has predicted a rise in unemployment this year to 2.8 million. Chief economist John Philpott said the latest job figures were a temporary blip and were explained by factors such as school leavers opting to stay at college rather than seek employment. "We expect a further rise because employers have been hanging on to staff in the expectation of a recovery. That recovery is only muted and so they will be forced to let staff go," he said. Vicky Redwood, a labour market analyst at Capital Economics, argued the jobs market was likely to deteriorate rapidly and unemployment would reach 3 million. "In the short term things have improved a little. But we are quite pessimistic and think unemployment will rise quickly and steeply over the next year," she said. Britain's banks have continued to shed jobs in recent months. Lloyds announced a further 585 posts last month to add to the 15,000 it shed last year. And the government is expected to cut thousands of Whitehall jobs over the next year. Redwood said manufacturers would also find life tough, despite the low pound and a pick up in export orders. She said stiff competition in overseas markets would keep profit margins wafer-thin and prevent a growing part of the economy from employing extra staff. Manufacturers have also allowed thousands of staff to shift to part-time working over the last 18 months and a pick-up in orders is expected to result in a switch back to full-time work rather than the creation of extra jobs. Job losses Royal Dutch Shell GlaxoSmithKline Unemployment and employment statistics Recession Phillip Inman guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Burger King sales fall again Burger King sales fall again
02/04/2010
• Third quarterly sales drop in a row worries Wall Street • Firm seen as focusing on existing customers as rival McDonald's seeks new markets The Whopper is having a shocker. The world's second-largest hamburger chain, Burger King, is struggling to arrest a seemingly unstoppable erosion in sales and is under fire over an unimaginative menu, conflicts with franchisees and a "narrow philosophy" of sticking to flame-grilled meat sandwiches and fries. The Miami-based multinational today trumpeted a 13% rise in quarterly profits to $50.2m (£31.7m). But Wall Street is worried about a dismal underlying trend – for the third consecutive quarter, like-for-like sales in Burger King's 12,078 restaurants were down with a drop of 2% globally and 3.3% in north America. While its larger rival, McDonald's, has prospered from families "trading down" in the recession, Burger King has been floundering. Its customers, particularly in the US, tend to skew heavily towards poorer economic groups, including a large proportion of black or Hispanic diners, who have been hit particularly badly by unemployment. Burger King's shares have slumped by 19% over the last year, while McDonald's stock has surged by 12%. Chief executive John Chidsey conceded: "The industry and our brand continued to experience weak consumer spending as global unemployment levels remained high." Faced with tough economic conditions, Burger King has opted for value. In Britain, it offers cheeseburger meals for £1.99 while in the US, it has been selling double cheeseburgers for $1 each – a strategy that has infuriated independent restaurant franchisees who are suing the corporation for forcing them to sell burgers at a loss. The National Franchisee Association, which represents 80% of the firm's 850 US restaurant owners, accused it of forcing price cuts "down the system's throat". And while McDonald's has diversified into salads, paninis and cappuccinos in the hope of satisfying so-called "soccer mums", the Burger King menu remains firmly rooted in burgers, fries and fizzy drinks. Rather than broadening Burger King's customer base, Chidsey has focused on squeezing more out of the chain's so-called "superfans" who visit outlets more than nine times each month. "Burger King has adopted a narrow philosophy while McDonald's is going after everyone," says Ron Paul, president of a food industry consultancy, Technomic. "I don't think they've been as strong at launching new products. They haven't been able to leverage breakfast – McDonald's kind of owns the breakfast space." The picture is better in Britain, which has been among the few bright spots for Burger King. Faced with weak sales back in 2006, Burger King invested $3m to "fortify" its UK operation and a marketing push has since paid off. A spokesman said new products such as Angus Burgers and the spiced up Angry Whopper have played well: "Comparable sales trends have been favourable even amidst these difficult economic times as consumers continue to seek our quality affordable food offerings." But on Wall Street, Burger King has been losing support from investors since a profits warning last April. "There's a lot of discontent, a lot of sceptical investors out there," said Steve West, a restaurants analyst at stockbroker Stifel Nicolaus, who points out that the US ought to be a fertile market. "Americans, at the peak of the boom in 2006, spent almost half of their food dollars in restaurants. We're lazy, we don't know how to cook. We eat out a lot." In an effort to kick-start momentum, Burger King has used a grinning, crowned character called "the king" in its adverts. But the Wall Street Journal remarked this week that while some people found this "cool", others thought it "creepy". It is rolling out a bold "industrial look" for its stores with corrugated metal, brick, wood and concrete, flame chandeliers and liquid crystal menus. As part of an effort to tap emerging markets, the first Burger King in Russia opened last month. In a few locations, such as Miami's South Beach, Burger King has gone into the bar business by offering beer alongside burgers. And it has made some modest moves to provide healthier items – Burger King added apple chunks to its US children's menu last year and introduced chicken tenders with lower sodium. But critics say the chain is coming late to this game. "Burger King aren't really doing anything wrong," says Paul. "It's more a matter that McDonald's, in particular, seems to be doing everything right." Food & drink industry Retail industry Recession US economy Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (21 h ago)

• Bank of England halts QE Bank of England halts QE
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 said it was putting its £200bn quantitative easing programme on hold, but warned the economy remained sluggish and said it would start buying assets again if need be. The move, widely expected in the City , came with the jury 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 support. The MPC also, as expected, left its key interest rate 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 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." Economists said it was notable that the committee was now talking about a gradual recovery, whereas previously it had been predicting a V-shaped one. "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, said: "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." Economists said the MPC's next quarterly inflation report, to be published next week, would probably be more downbeat than the November one, given that the UK seemed to be having a harder time than other big economies emerging from its deepest recession in decades. George Buckley, UK economist at Deutsche Bank, said he thought the MPC was unlikely, although only just, to resume QE in the future. "While we think today's pause marks the end of the QE programme, the risk of a double-dip in economic activity – in the near-term due to higher VAT, the imminent end of the car scrappage scheme and inclement weather; in the longer term due to the need to reduce public and household sector debt – means that we can't fully write off the chance of further stimulus just yet." Separate data from the Halifax showed another rise in house prices last month, while the Society of Motor Manufacturers and Traders reported a strong rise in car sales thanks to the scrappage scheme. 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 (21 h ago)

• Santander issues half of UK mortgages Santander issues half of UK mortgages
02/04/2010
Spanish bank considers purchase of 300 former RBS branches as profits from British operations rise 30% Santander is planning to accelerate its expansion in Britain after reporting bumper profits in a market where it is now issuing 50% of all new mortgages. The Spanish bank saw its share of new and existing mortgage lending peak at 20.4% over the last three months of last year, as its red flame logo began to replace the brands it has bought on Britain's high streets. Santander's UK net lending – which strips out remortgaging – reached £7.6bn in 2009, estimated to be half the net lending of the entire market. Gross mortgage lending of £26.4bn gave the bank an overall market share for the year of 18.6%, a level it believes is its highest ever. After acquiring Bradford & Bingley and Alliance & Leicester in the depths of the financial crisis, Santander is now Britain's third-largest bank, in terms of deposits, after RBS and Lloyds Banking Group. The UK market now provides 16% of the group's profits. Chairman Emilio Botín said in Madrid today that the bank made profits of £1.5bn in Britain last year, up 30%, and planned to continue expanding. "We will grow organically in the UK, and we will study any potential opportunities as they come," he said during Santander's annual profits presentation, adding that the bank would now also target the small and medium-sized business sector. Santander is understood to be one of the parties interested in buying the 300-strong former Williams & Glyn's branch network that RBS will put up for sale next year, which focuses on small business banking. Chief executive Alfredo Sáenz added: "There's still much to be done in Britain." The bank also appears to have benefited from the recent spate of withdrawals of savings from building societies by taking in new savings of £14.9bn. The UK and Brazilian market helped Santander hold full-year profits at €8.9bn (£7.7bn), compared with last year's €8.8bn, and in line with the bank's own estimates. Santander also reported a €1.4bn one-off gain after floating a stake in its Brazilian arm, which offset a rise in bad loans, mostly in Spain. The bank is also in talks to expand in China, although these discussions are preliminary, Botín said, declining to give more details. Santander has benefited from the near collapse of its rivals in Britain, which are suffering for past forays into the riskier activities of investment banking. Unlike many European banks, Santander has avoided heavy losses as it did not invest in "toxic assets" such as mortgage backed securities, Botín said. The bank's investment banking unit, not created until 1985, only accounts for about 15% of the group's profits. Santander's business model is based on its more than 13,000 branches, directed from the company's headquarters in a bleak central area of Spain. "We have to differentiate between retail and investment banks: some banks created the crisis, and others didn't. We need to get back to basics – we've always been there," Botín said. The veteran banker called for better supervision as the key towards a stable financial system. He said President Obama's proposals to clamp down on investment banking and bankers' bonuses should not be emulated in Europe as they take the focus away from regulatory reform. "They penalise, indiscriminately, a sector that's very important for economic growth," he said. The chairman backed the Spanish government's move to cut its budget deficit and restore financial confidence. Unemployment in Spain's shrinking economy now exceeds 4 million people, or almost 19% of the population, and has pushed the bank's bad loan ratio in its home market up to 3.4%. Spain accounts for 25% of the company's profits. Concerns about the capacity of southern European countries to pay their debts in the wake of the Greece crisis have pushed debt and equity markets lower in Spain and Portugal. Santander shares fell as much as 4.4% during the day. "This shall pass," Botín said. Banco Santander Banking Mortgages Alliance & Leicester Bradford & Bingley Spain Property Banks and building societies Elena Moya guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (22 h ago)

• Vodafone eager to become iPad wireless p... Vodafone eager to become iPad wireless provider
02/04/2010
• Chief executive "very interested" but refuses to say whether talks have taken place • Vodafone reports better-than-expected third-quarter profits Vodafone has set its sights on selling the Apple iPad in the UK after its success with the iPhone, which it started selling in the UK last month. Speaking after the world's largest mobile phone company by sales announced better-than-expected third-quarter results, chief executive Vittorio Colao said he was "very interested" in the iPad, which Apple boss Steve Jobs unveiled in San Francisco last week . "I have not, personally, touched one but I really look forward to it. I believe it is going to be another important piece of the [mobile] data experience.I think anything that improves the customer experience with mobile data is welcome and as such I would be very interested in having it." He refused to say whether any talks have actually taken place, but Apple is understood to be scouting for UK wireless partners for the device. Earlier this week O2 UK chief executive Ronan Dunne said he is also interested in the iPad, but it is unclear exactly how it will be sold this side of the Atlantic. There is speculation that O2 and Orange have already put in an order for the micro-SIMs needed to provide 3G wireless connectivity in the iPad. Orange has already started talks with Apple to sell the iPad in the UK . The company, owned by France Telecom, was also the first British network to break O2's exclusive hold on the iPhone. It started selling the handset last November and is understood to have sold over 200,000 by Christmas. Vodafone's third-quarter results yesterday were boosted by sales of smartphones, which pushed the company's revenues from mobile data services – such as internet browsing – over £1bn in the quarter for the first time in the firm's history. In the three months to end December, 25% of all new phones sold by Vodafone across the world were smartphones, up from 20% in the second quarter of the year, with the bulk of those sales in Europe. Colao said he expects smartphones to make up between 30% and 40% of all the phones the company sells in its next financial year to end March 2011. The figures were warmly welcomed by the City as showing signs of recovery in some key European markets such as the UK and Germany, where the company has lost ground to rivals and been battling against the tough economic climate, while its cost-cutting programme is also bearing fruit. Shares in the company were up almost 5% after the company raised its forecast for free cash flow for this year by £500m to between £6.5bn and £7bn and forecast annual operating profits of £11.4bn to £11.8bn, rather than its initial forecast of £11bn to £11.8bn. On a like-for-like basis, revenues fell slightly in the quarter but the decline was far less than in previous quarters. Overall third-quarter revenues were up more than 10% to £11.5bn as the company benefited from currency fluctuations. Colao said he was conditionally optimistic about the group's prospects. "I keep my feet on the ground; I see what I see. I see a few things going in the right direction. I see mobile data continuing to grow. I see a good performance in [fixed-line telecoms]. I see in some markets like the UK and Italy a good performance, but I still see a lot of price pressure in voice and I still see unemployment being a concern in Europe." There had been some speculation, ahead of the results, that shareholders were pushing for a break-up of the company as it has consistently underperformed its publicly quoted peers. Colao, however, said the size of the company – which has operations from western and central Europe through to Turkey, India and South Africa as well its Verizon Wireless joint venture in the US – not only gives it scale in purchasing, but also an advantage in international roaming rates and helps it to attract business customers"There is a full set of opinions on how to structure Vodafone and we take due notice of all of them," he said. "The board regularly reviews our corporate structure but there is unanimous consent now that in our opinion the current structure serves shareholders well." Vodafone iPad Apple Telecommunications industry Orange Telecoms Mobile phones Tablet computers Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d 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 (1 d 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 (1 d 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 (1 d ago)

• Toyota Considers Prius Recall for Brake ... Toyota Considers Prius Recall for Brake Problem
02/05/2010
Company officials in Japan were considering a recall of the 2010 Prius hybrid because of a flaw in the car’s braking system. The company is to hold a news conference at 7 AM ET. (4 h ago)

• Markets Sag in Europe After Sharp Sell-O... Markets Sag in Europe After Sharp Sell-Off in Asia
02/05/2010
European markets slipped after a sharp sell-off in Asia, amid continued worries about government debt in several European countries and the state of the U.S. labor market. (4 h ago)

• British Airways Posts Surprise Quarterly... British Airways Posts Surprise Quarterly Profit
02/05/2010
Cost-cutting at British Airways helped the carrier to achieve its first quarterly operating profit in more than a year. But the airline is still expecting an annual loss. (5 h ago)

• Cuomo Sues Bank of America, Even as It S... Cuomo Sues Bank of America, Even as It Settles With S.E.C.
02/05/2010
The attorney general accused the bank and two executives of securities fraud. Meanwhile, the bank settled an S.E.C. claim for $150 million. (7 h ago)

• In California, a Rebuke to Toyota In California, a Rebuke to Toyota
02/05/2010
The California State Assembly adopted a “Buy American” policy for all future vehicles bought for its fleet. (7 h ago)

• Answers to Questions About Prius and the... Answers to Questions About Prius and the Toyota Recalls
02/04/2010
Details about the investigations into the brake problems on the 2010 Toyota Prius. (8 h ago)

• China Escalates Trade Fight Over Europea... China Escalates Trade Fight Over European Shoe Tariff
02/04/2010
Beijing complained to the World Trade Organization about anti-dumping duties imposed by the European Union on Chinese-made shoes. (8 h ago)

• White House Unveils Plan to Double U.S. ... White House Unveils Plan to Double U.S. Exports
02/04/2010
Commerce Secretary Gary Locke outlined a strategy to double exports by 2014 that includes strong government advocacy. (8 h ago)

• Sony Returns to a Profit and Raises Its ... Sony Returns to a Profit and Raises Its Outlook
02/04/2010
The consumer products and devices division, which has products like LCD televisions, camcorders and broadcasting equipment, did far better than analysts had expected. (8 h ago)

• Dodd Denounces Pace of Banking Overhaul Dodd Denounces Pace of Banking Overhaul
02/04/2010
At a Senate hearing, Senator Christopher J. Dodd said he was frustrated that nearly two years after the collapse of Bear Stearns, the rules of Wall Street hadn’t changed. (8 h ago)

• Retailers Report Modest Sales Gains in J... Retailers Report Modest Sales Gains in January
02/04/2010
According to Thomson Reuters, the retail sector collectively posted a 3.3 percent sales increase at stores open at least a year. (8 h ago)

• Air Products Said to Offer $5.1 Billion ... Air Products Said to Offer $5.1 Billion for Its Rival Airgas
02/04/2010
The anticipated offer, worth about $60 a share, is a 60 percent premium to Airgas’s closing price Thursday. (8 h ago)

• Lawsuit Over a Crash Adds to Toyota’s Di... Lawsuit Over a Crash Adds to Toyota’s Difficulties
02/04/2010
The family of Guadalupe Alberto has filed a lawsuit against Toyota in her death.A fatal crash not explained by brakes or mats is adding to the push for a broader inquiry into problems with sudden, unintended acceleration in Toyotas. (8 h ago)

• Justice Dept. Criticizes Latest Google B... Justice Dept. Criticizes Latest Google Book Deal
02/04/2010
While the Justice Department did not explicitly urge a rejection of the deal, its opposition on copyright, class action and antitrust grounds is a setback for Google. (8 h ago)

• World Briefing | Asia: Japan: 3 Charged ... World Briefing | Asia: Japan: 3 Charged in Campaign Finance Investigation
02/04/2010
Prosecutors on Thursday charged three former aides of a top ruling party official with misreporting $4.4 million in political funds. (8 h ago)

• Google Asks Spy Agency for Help With Inq... Google Asks Spy Agency for Help With Inquiry Into Cyberattacks
02/04/2010
The collaboration with the N.S.A. raises questions about how much Google knew when it said it might end its operations in China. (8 h ago)

• EADS Under Pressure to Settle A400M Disp... EADS Under Pressure to Settle A400M Dispute
02/04/2010
Negotiations aimed at rescuing the A400M military transport made incremental progress, but EADS is under increasing pressure to resolve the matter. (9 h ago)

• 'Behave Properly,' Trichet Warns Bloc 'Behave Properly,' Trichet Warns Bloc
02/04/2010
European countries must get their budgets under control to set the stage for lasting growth, the European Central Bank president said. (10 h ago)

• China Rejects U.S. Complaints on Its Cur... China Rejects U.S. Complaints on Its Currency
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. (10 h ago)

• Two European Banks Post Strong Profits Two European Banks Post Strong Profits
02/04/2010
Deutsche Bank was profitable for a fourth quarter in a row, and Banco Santander had its second-best year ever. (10 h ago)

• Toyota CEO Apologizes for Safety Concern... Toyota CEO Apologizes for Safety Concerns
02/05/2010
Boss Announces Quality Control Committee as Pressure Mounts Over Malfunctioning Brakes, Accelerator Pedals (5 h ago)

• Recession Job Loss Estimate Set to Rise Recession Job Loss Estimate Set to Rise
02/04/2010
Labor Department Expected to Bump Up Unemployment Figure for Year Ending March 2009 to about 8 Million (9 h ago)

• Add Lexus Model to Potential Recall List Add Lexus Model to Potential Recall List
02/04/2010
Toyota Investigating Brake Problem in Lexus Hybrids, Following Problems with Priuses, Corollas, Camrys and Other Models (13 h ago)

• Toyota Resists Calls for Prius Recall Toyota Resists Calls for Prius Recall
02/04/2010
Government Opens Probe of Brake Problems; Officials Criticize Carmaker of Responding too Slowly (13 h ago)

• Dow Plummets to 10,000 Mark Dow Plummets to 10,000 Mark
02/04/2010
Job Worries, European Debt Spur 268-Point Drop, Putting Psychological Barrier Back on Investors' Radar (13 h ago)

• Video: Stocks Sink amid New Worries Video: Stocks Sink amid New Worries
02/04/2010
U.S. stock prices slid dramatically, as the Dow closed near 10,000 points for the first time in three months. Anthony Mason reports that high unemployment and European markets may be the cause. (14 h ago)

• Video: Toyota's Rising Legal Problems Video: Toyota's Rising Legal Problems
02/04/2010
Toyota is not only facing daunting mechanical problems, but mounting legal ones. Across the United States and Canada, many family members of victims are building a class action lawsuit. Ben Tracy reports. (14 h ago)

• Video: Problems with Prius Video: Problems with Prius
02/04/2010
Already faced with major setbacks, automaker Toyota now says that the 2010 version of the hybrid Prius may not have properly functioning brakes. Dean Reynolds reports. (14 h ago)

• Ford to Fix Brake Issue on Hybrids Ford to Fix Brake Issue on Hybrids
02/04/2010
Automaker Announced that Software Can Cause Breaking Issues that Can Be Confused with Brake Failure (14 h ago)

• Heinz Ketchup Packets Get Redesign Heinz Ketchup Packets Get Redesign
02/04/2010
40-Year-Old Model Called Too Small and Messy to Open Aims to Become the To-Go Condiment (16 h ago)

• New York AG Goes After Bank of America New York AG Goes After Bank of America
02/04/2010
Civil Charges Filed Against Bank, Former CEO Ken Lewis Over Merrill Lynch Deal (16 h ago)

• Report: Toyota to Recall 270,000 Prius Report: Toyota to Recall 270,000 Prius
02/04/2010
Recall Would Apply to Third-Generation Models Sold From May to end of 2009; 100,000 U.S. Cars Expected to be Recalled (16 h ago)

• White House Seeks to Double Exports White House Seeks to Double Exports
02/04/2010
Commerce Secretary Gary Locke Set to Unveil Five Year Plan Which Administration Says Will Create Jobs (16 h ago)

• House Dems Challenge Comcast, NBC on Dea... House Dems Challenge Comcast, NBC on Deal
02/04/2010
Lawmakers Want Evidence That Cable Operator's Takeover of NBC Universal Won't Hurt Competition (16 h ago)

• Retailers Report Small Gains for January Retailers Report Small Gains for January
02/04/2010
Shoppers Remain Cautious Even When Lured with Deep Discounts, Data Suggests (16 h ago)

• New Jobless Claims Rise to 480K New Jobless Claims Rise to 480K
02/04/2010
Unexpected Increase Is 4th in 5 Weeks; Continuing Claims Hover at 4.6M (16 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 (16 h ago)

• 2007 Toyota Probe Resolved Nothing 2007 Toyota Probe Resolved Nothing
02/04/2010
Federal Regulators Had Evidence of Acceleration Defects More Than 2 Years Ago, But Scope of Problem Went Unrecognized (16 h ago)

• Video: Heinz's Unveils New Ketchup Packe... Video: Heinz's Unveils New Ketchup Packets
02/04/2010
H.J. Heinz Co. is unveiling the first major packaging change to the to-go ketchup packets in 40 years. The new design has a base that is like a cup for dipping and also a tear-off end for squeezing. (23 h ago)

• Video: Toyota Admits Prius Brake Problem Video: Toyota Admits Prius Brake Problem
02/04/2010
Toyota dealerships were flooded with calls after the company admitted problems with their Prius model's anti-lock brakes system. Dean Reynolds reports. (1 d ago)

• NYT: World markets fall on Europe fears NYT: World markets fall on Europe fears
02/05/2010
Just as America’s recession begins to ebb, trouble is brewing in Europe that may prolong a downturn and ricochet through the global economy as it struggles toward a recovery. (6 h ago)

• Toyota: ‘Too soon’ to decide about Prius... Toyota: ‘Too soon’ to decide about Prius recall
02/04/2010
Toyota faced mounting pressure Thursday as the government opened a probe of brake problems with the Prius, a crown jewel of its lineup. (13 h ago)

• Toyota’s actions raising credibility iss... Toyota’s actions raising credibility issues
02/04/2010
Toyota’s frequent revisions of the story behind its safety problems are giving pause to critics and raising questions about what the company executives knew and when they knew it. (15 h ago)

• As Toyota stumbles, a hint of glee As Toyota stumbles, a hint of glee
02/04/2010
As Toyota stumbles through its biggest recall ever, some U.S. automakers could be feeling a bit of glee after a disastrous year for the industry. (15 h ago)

• After 40 years, Heinz revamps ketchup pa... After 40 years, Heinz revamps ketchup packets
02/04/2010
The ketchup packet has been around for more than 40 years, and complaints about it for nearly as long: too messy, too small, too hard to open. (15 h ago)

• BofA, ex-CEO charged in fraud suit BofA, ex-CEO charged in fraud suit
02/04/2010
New York Attorney General Andrew Cuomo sued Bank of America and its former CEO Ken Lewis, saying they misled investors about their acquisition of Merrill Lynch. (15 h ago)

• Ford to fix brake problem on 2 hybrid mo... Ford to fix brake problem on 2 hybrid models
02/04/2010
Ford plans to fix 17,600 Mercury Milan and Ford Fusion gas-electric hybrids because of a software problem that can give drivers the impression that the brakes have failed. (16 h ago)

• Dow tumbles nearly 270 on recovery worri... Dow tumbles nearly 270 on recovery worries
02/04/2010
Stocks buckled under the growing belief that the global economy is weaker than many investors expected. The Dow briefly traded below 10,000 for the first time in three months. (16 h ago)

• Feds go after counterfeiters at Super Bo... Feds go after counterfeiters at Super Bowl
02/04/2010
Randal Hill spent seven years in the NFL catching passes and scoring touchdowns. (17 h ago)

• House Dems challenge Comcast, NBC deal House Dems challenge Comcast, NBC deal
02/04/2010
House Democrats have challenged executives from Comcast and NBC Universal to show the cable TV operator's plan to take control of the NBC media empire won't hurt consumers and rivals. (19 h ago)

• Senators: Tax bonuses at bailed-out firm... Senators: Tax bonuses at bailed-out firms
02/04/2010
Two Democratic senators on Thursday proposed legislation that would impose a one-time tax on bonuses paid to executives of companies bailed out with taxpayer money. (20 h ago)

• ConsumerMan: 'Unfair' piggybacking tacti... ConsumerMan: 'Unfair' piggybacking tactics
02/04/2010
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 offers. (21 h ago)

• Senate leaders near deal on jobs bill Senate leaders near deal on jobs bill
02/04/2010
Senate leaders plan to pass a jobs bill next week as key Democrats and Republicans neared agreement on a proposal to give businesses a tax break for hiring unemployed workers. (22 h ago)

• Mortgage rates edge up slightly Mortgage rates edge up slightly
02/04/2010
Rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent, Freddie Mac said Thursday. (22 h ago)

• Reports: Fewer workers doing more work Reports: Fewer workers doing more work
02/04/2010
More workers unexpectedly filed for jobless benefits last week, but another gain in productivity in the fourth quarter offered hope companies were getting close to hiring. (22 h ago)

• Campaign to save Dave the libidinous ban... Campaign to save Dave the libidinous banker
02/04/2010
An online campaign has started to save the job of an Australian banker who became an Internet sensation after he was caught viewing images of a scantily clad supermodel. (23 h ago)

• Stores report modest sales gains in Janu... Stores report modest sales gains in January
02/04/2010
Stores received a pleasant surprise in January as shoppers bought a little more clothing at mall stores, providing more hope that a spending recovery is being sustained. (23 h ago)

• Super Bowl advertising’s best animal pit... Super Bowl advertising’s best animal pitchmen
02/04/2010
Why pay millions of dollars for George Clooney, when a talking frog puppet that croaks one word will work for free? (1 d ago)

• China accuses EU of shoe protectionism China accuses EU of shoe protectionism
02/04/2010
China launched an unfair trade case against the European Union, accusing the 27-nation bloc of imposing illegal duties on Chinese shoes, the World Trade Organization said. (1 d ago)

• State Farm cancels thousands of Fla. pol... State Farm cancels thousands of Fla. policies
02/03/2010
The largest property insurer in Florida is canceling the policies of 125,000 of its most vulnerable customers beginning Aug. 1, halfway through the 2010 hurricane season. (1 d ago)

• Feds go after counterfeiters at Super Bo... Feds go after counterfeiters at Super Bowl
02/04/2010
Randal Hill spent seven years in the NFL catching passes and scoring touchdowns. Super Bowl - NFL - sport - National Football League - Football (17 h ago)

• Sponsored By: Sponsored By:
02/04/2010
(19 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." American International Group - White House - Business - United States - AIG (1 d 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. Wall Street - New York City - New York - Steakhouse - Smith & Wollensky (1 d 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. Movie Gallery - Chapter 11 Title 11 United States Code - Hollywood Video - Renting - Bankruptcy (1 d 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. Barack Obama - United States Secretary of the Treasury - United States - Politics - Business (1 d 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 (2 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 (2 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 (2 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 (2 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 (2 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 (2 d ago)

• Advertising: An Advocacy Ad Elevates Int... Advertising: An Advocacy Ad Elevates Interest in All the Ads
02/04/2010
The spot, featuring the college football star Tim Tebow and his mother, Pam, has been the subject of one of the most intense tugs of war over an ad in many years. (8 h ago)

• Democrats Question Comcast on NBC Deal Democrats Question Comcast on NBC Deal
02/04/2010
Lawmakers are concerned that Comcast’s plan to take control of the NBC media empire would hurt consumers and rivals. (8 h ago)

• Paperback Business Best Sellers Paperback Business Best Sellers
02/04/2010
Rankings are based on January figures. (18 h ago)

• CBS News Lays Off Dozens in New Round of... CBS News Lays Off Dozens in New Round of Staff Cuts
02/04/2010
The job cuts affect programs like “The Early Show” and “60 Minutes,” and the network’s news-gathering bureaus. (22 h 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. (1 d 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. (1 d 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. (1 d 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.” (1 d 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. (1 d 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. (2 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. (2 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. (3 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. (3 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. (3 d ago)

• Las Vegas Observed Las Vegas Observed
02/05/2010
J ared Kushner, publisher of the New York Observer, is invading Sin City. His Observer Media Group is part of the joint venture behind Vegas Seven, a new weekly that debuted yesterday with 60,000 copies distributed across the city. Vegas Seven is being put out with Wendoh Media, run... (5 h ago)

• Epix picks up Charter Epix picks up Charter
02/05/2010
Epix, the fledgling premium movie channel jointly owned by three of Hollywood's biggest studios, is gradually getting traction among television distributors. The channel inked its latest distribution deal with Charter Communications, the St. Louis-based company founded by Microsoft's Paul Allen that ranks as the nation's fourth-largest cable... (6 h ago)

• Tweet not sweet for Sun boss Tweet not sweet for Sun boss
02/05/2010
Tech titan Jonathan Schwartz has lived by the Internet and checked out with the Internet. Hailed as the only Fortune 500 CEO to maintain a blog, the CEO of Sun Microsystems publicly announced his resignation yesterday not through traditional, corporate media pipelines but on Twitter. The 44-year-old executive tickled --... (6 h ago)

• New BofA boss Moynihan escapes Cuomo's n... New BofA boss Moynihan escapes Cuomo's net
02/05/2010
Talk about being at the wrong place at just the right time. While Bank of America, its ex-CEO Ken Lewis and former CFO Joe Price were all the targets of civil fraud charges filed yesterday by New York Attorney General Andrew Cuomo in connection with BofA's shotgun marriage to... (6 h ago)

• GMAC lender Ditech stops advertising GMAC lender Ditech stops advertising
02/05/2010
Absence may make the heart grow fonder, but in the case of GMAC's lending unit Ditech, it's made some people worry. Ditech, which for years has been an active advertiser across many media platforms, has suddenly clammed up as government-controlled GMAC slashes costs across the board. "They have... (6 h ago)

• Foreigners' debt woes, US job worries jo... Foreigners' debt woes, US job worries jolt stocks
02/05/2010
On Wall Street yesterday, Greece was most certainly the word. The European country, whose financial woes have put the investment community on tenterhooks for weeks, yesterday triggered a near panic as the threat of a possible debt default sent investors scrambling for safe but elusive havens. Stocks dived worldwide, with... (6 h ago)

• Business briefs Business briefs
02/05/2010
Deutsche IPO Deutsche Telekom AG is preparing for a possible initial public offering or spinoff of its US wireless arm, T- Mobile USA, The Wall Street Jounal reported on its Web site.MasterCard MasterCard said fourth- quarter profit jumped 23 percent as the company raised its fees to offset fading... (7 h ago)

• AOL boss raids former company AOL boss raids former company
02/05/2010
AOL boss Tim Armstrong continued to raid his former company Google, snagging perhaps his highest-profile plunder to date. David Eun was hired as president of AOL Media and Studios, effective March 1. He was a major player at Google, overseeing Google and YouTube's partnerships with the major record labels... (7 h ago)

• First Data having hard time paying its d... First Data having hard time paying its debt
02/05/2010
First Data, the world's largest processor of credit card payments, is having problems processing the loans used to take the company private, and has forced out key executives in order to lower costs, The Post has learned. According to an executive within First Data, Randy Roumillat, senior vice president... (7 h ago)

• No Google deal yet No Google deal yet
02/05/2010
The US Justice Department urged a federal judge to revise an agreement between Google and copyright owners over creation of a digital book library. Justice Department lawyers, calling an amended settlement an improvement over an earlier deal, said it still "suffers from the same core problem as the original agreement... (7 h ago)

• SL Green sued over 485 Lex. SL Green sued over 485 Lex.
02/05/2010
The buyer of a 49.5 percent stake in 485 Lexington Ave. is suing SL Green Realty Corp., claiming the commercial real estate giant stymied the completion of the deal and wriggled out of its agreement in order to sell the building for more money. Mazal claims the stall tactics... (7 h ago)

• Gains for chains Gains for chains
02/05/2010
Retailers delivered better-than-expected January sales reports, reversing the declines that were suffered in the depths of the Wall Street crisis a year ago. Renewed luxury demand helped drive the rebound, with Saks, Neiman Marcus and Nordstrom posting solid gains as shoppers snapped up pricey shoes and handbags. Collectively, major chains... (7 h ago)

• Berkshire cut down by S&P Berkshire cut down by S&P
02/05/2010
Warren Buffett's Berkshire Hathaway Inc. was stripped of its last AAA credit rating by Standard & Poor's after the billionaire investor agreed to buy railroad Burlington Northern Santa Fe Corp. Berkshire, which is taking on debt to fund the $26 billion takeover, was cut one level to AA+ from... (7 h ago)

• Hackers go green Hackers go green
02/05/2010
Even computer hackers are trying to get in on the green movement. In a sign that credit-card scams are so last year, a team of hackers last month managed to dupe companies in Europe, Japan and New Zealand into turning over around 250,000 carbon credits worth a total of... (7 h ago)

• Sponsored By: Sponsored By:
02/03/2010
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• 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. Toyota - Autos - Recreation - Makes and Models - Toyota Motor Corp (1 d 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. Pope - Catholic Church - Catholicism - Religion and Spirituality - Christianity (1 d 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 (2 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 (3 d ago)

• Lobbying Imperils Overhaul of Student Lo... Lobbying Imperils Overhaul of Student Loans
02/04/2010
An aggressive lobbying by large student lenders has imperiled a plan to end subsidies to private lenders. (8 h ago)

• Answers About Roth I.R.A. Conversions: P... Answers About Roth I.R.A. Conversions: Part 8
02/04/2010
Ed Slott, an I.R.A. expert, answers reader questions about Roth I.R.A. conversions. (16 h ago)

• Thursday Reading Thursday Reading
02/04/2010
Toyota's problems may have spread to the Prius, cameras for $300 or less and other consumer-focused items from Thursday's Times. (23 h ago)

• Think Twice About Unlimited Calling Plan... Think Twice About Unlimited Calling Plans
02/04/2010
Despite price cuts, unlimited calling plans may not be the best cellphone deal for most consumers, according to new study. (23 h ago)

• On the Cheap: A Pesky Bedroom, Tamed by ... On the Cheap: A Pesky Bedroom, Tamed by Pattern
02/03/2010
After frustrating attempts at fixing up the bedroom in their Brooklyn apartment, a couple turned the room over to a pair of designers who remade it on a budget of $1,500. (1 d 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. (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. (2 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. (3 d ago)

• Final note: Trading stock for food Final note: Trading stock for food
02/04/2010
In this final note, Kai Ryssdal reviews a new practice a New York restaurant is undertaking: trading stock certificates for food. But not all shares will you buy a steak. (15 h ago)

• More Americans face underemployment More Americans face underemployment
02/04/2010
Nearly nine million Americans are underemployed -- people who have had their hours reduced, work part time or are on contract. Thanks to the recession, this group has never been bigger. Dan Bobkoff reports. (20 h ago)

• A storyteller's take on finance A storyteller's take on finance
02/04/2010
Fiction writer John Lanchester talks with Kai Ryssdal about his book, "I.O.U.," and the true-life story about what has happened to the global banking system over the past few years. (20 h ago)

• Apple looks ahead by ditching Flash Apple looks ahead by ditching Flash
02/04/2010
Apple's hugely popular devices don't run Adobe Flash, which is causing tension between the two companies. Why would apple shun Flash? Commentator Farhad Manjoo offers a few ideas. (20 h ago)

• A friend request from the U.S. gov't A friend request from the U.S. gov't
02/04/2010
The government is delving into social networking sites like Facebook and Twitter to solve crimes and recruit soldiers. But it's not clear what guidelines government agencies have to follow. Nancy Marshall Genzer reports. (20 h ago)

• Heinz squeezes out new ketchup packet Heinz squeezes out new ketchup packet
02/04/2010
Heinz is replacing the little foil squeeze packets you find at fast-food restaurants with a new packet they call "Dip & Squeeze." Mitchell Hartman reports. (20 h ago)

• Health spending continues to soar Health spending continues to soar
02/04/2010
U.S. spending on health care hit an estimated $2.5 trillion in 2009, and taxpayers are footing more of that bill than anyone thought. Gregory Warner reports. (20 h ago)

• Toyota's woes filter down to dealer Toyota's woes filter down to dealer
02/04/2010
As Toyota's problems continue, dealers are stuck with inventory hanging around and having to fix customers' cars. Brett Neely reports on how the automaker's issues are affecting one dealership. (20 h ago)

• Sponsored By: Sponsored By:
02/04/2010
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• 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. Wal-Mart - Business - Layoff - Allegedly Unethical Firms - retail (1 d 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. burgerking - Fast food - Business - Pennsylvania - Hospitality (2 d 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 (2 d ago)

• US to lose Aaa rating? US to lose Aaa rating?
02/05/2010
US debt is running out of control with the Us House of Representative voting to increase the US government's borrowing limit by $1.9 trillion, taking the debt load up to a mind-boggling $14.3 trillion.With the US economy going nowhere fast, how the hell will this be repaid? It's unsustainable.Which is alarming because we now have reports that ratings agency Moody's is on the verge of downgrading the USA's credit rating from the perfect Aaa ranking.Steven Hess, senior credit officer in the sovereign risk group ... (5 h ago)

• How do we feed 9 billion? How do we feed 9 billion?
02/04/2010
Several weeks ago I did a blog entry looking at the prospect of a food crisis. Experts warn that a shortage of food means higher prices which will rise to 50% of household budgets. With the world population pushing 9 billion, it's important to ask how we are going to feed so many people.It's a question raised in Science magazine and, as reported in the New Republic, a scientific paper argues that it will require some radical changes.It means we will need to boost ... (9 h 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 ... (1 d 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 ... (1 d 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 ... (2 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, ... (2 d ago)

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John gogs :: 12/28/2009

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

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out of control
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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

• 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. (1 d 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. (1 d 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. (1 d 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. (2 d ago)

• Risk roundup 2010 Risk roundup 2010
02/04/2010
Top risk forecasters highlight their picks for this year's economic and political hot spots. Read more on the McKinsey Quarterly > Topics: Strategy (23 h ago)

• Video interview: Wedding innovation with... Video interview: Wedding innovation with business value
02/03/2010
Prith Banerjee, director of HP Labs, discusses managing innovation and the new mission of corporate research labs. Read more on the McKinsey Quarterly > Topics: High Tech Video (1 d ago)

• How inflation can destroy shareholder va... How inflation can destroy shareholder value
02/02/2010
If inflation rises again, companies will have to do more than just match it to keep up—they’ll have to beat it. Multimedia bonus: An interactive exhibit allows you to see over time how much a company's earnings must increase in order to keep cash flow stable. Read more on the McKinsey Quarterly > Topics: Corporate Finance Economic Studies Interactive Strategy (2 d ago)

• LGBT Capital Launch LGBT Capital Launch
02/04/2010
Galileo Capital Management has launched LGBT Capital, a specialist Corporate Advisory and Investment Management Unit focused on the lesbian, gay, bisexual and transgender (LGBT) consumer market. LGBT Capital provides corporate advisory and business development services for companies that serve the LGBT consumer sector. In addition, LGBT Capital is preparing to launch a fund that will invest in companies worldwide that provide products and services to the LGBT community. The power of the 'pink dollar' is now well understood by mainstream global marketers. LGBT ... (22 h ago)

• Upcoming New York/San Francisco Hedge Fu... Upcoming New York/San Francisco Hedge Funds Benefits
02/04/2010
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 ... (22 h 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 ... (2 d ago)

• Sponsored By: Sponsored By:
02/04/2010
(23 h ago)

• Microfinance is not good for teens Microfinance is not good for teens
02/04/2010
© Sukanto DebnathIt gives us a good feeling that microfinance is reaching out to poor women but some say that the same may not apply in case of teens. A number of those related to this field feel that microfinance to teenage girls could make them more vulnerable. Since the eighties when microfinance started spreading its wings it has helped many people come out of the shadows of poverty. Ninety percent of the loans are given to women where interest rate for income generation activity ... (9 h ago)

• Immigration reforms for curbing falling ... Immigration reforms for curbing falling birthrate
02/04/2010
© markhillaryThis is what Koreans feel. Korean parliamentary think tanks are of the opinion that policymakers of the country should give eye and ear to immigration reforms when preparing a strategy to curb falling birthrate in the country. They are of the opinion that government should amend its immigration policy for attracting highly skilled workers. Survey conducted has shown that Koreans have no problems with foreigners landing on their soil as they feel that they are hardworking and would contribute towards cultural diversity. Experts ... (9 h 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 ... (1 d ago)

• Have You Checked Your Credit Card Bills ... Have You Checked Your Credit Card Bills Lately?
02/04/2010
© TheTruthAbout...Many credit card companies have made a lot of changes lately. Some of these were not made openly - at least not in a way that you may be aware of. This means that you may be paying more in interest or charges each month than you think you are. If you have a lot of money on those credit cards it could mean that you are paying more than may be necessary. In order to save money on those cards, you will ... (1 d ago)

• Seen that? - Intel Capital and China Pol... Seen that? - Intel Capital and China Policy Roadmap
02/04/2010
Intel Capital and China Policy Roadmap China Venture News With no Abatement in the gold rush of US VCs into China, I continue my conversation with author and researcher, Jonsson Yinya Li, on his observations in his new book, Investing in ... "); //--> (13 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. Small business - Presidency of Barack Obama - Business - United States - Barack Obama (1 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 ... (2 d ago)

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