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Business News
for 02/06/2010

(last updated 7:30am EST 02/06/2010)

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• Greece Needs Tougher Measures, Former E.... Greece Needs Tougher Measures, Former E.U. Central Banker Asserts
02/06/2010
Otmar Issing, former chief economist of the European Central Bank, said the International Monetary Fund would be a better rescuer, if needed, than Brussels. (5 h ago)

• Labor Market Shows Signs of Rebirth in N... Labor Market Shows Signs of Rebirth in New Data
02/06/2010
Growth in manufacturing and part-time employment raised hopes despite the loss of 20,000 more nonfarm jobs in January. The jobless rate fell to 9.7 percent. (7 h ago)

• Debt Problems Chip Away at Fortress Euro... Debt Problems Chip Away at Fortress Europe
02/06/2010
For the 16 countries that use the euro, a question about whether a single central bank can manage the divergent economic and financial conditions of its members. (7 h ago)

• Toyota’s Top Executive Under Rising Pres... Toyota’s Top Executive Under Rising Pressure
02/05/2010
Experts say Akio Toyoda is relying too heavily on lieutenants to deal with Toyota’s safety issues. (8 h ago)

• Debt Crisis in Euro Zone Is Severe Polit... Debt Crisis in Euro Zone Is Severe Political Test for Bloc
02/05/2010
Anxieties about the health of the euro go to the central dilemma of the European Union: the grip of states over economic policy makes it hard to deal collectively with a crisis. (8 h ago)

• Stocks & Bonds: Wall Street Takes a Dip ... Stocks & Bonds: Wall Street Takes a Dip and Then Comes Back
02/05/2010
Shares were mixed in the last hour, with Wall Street indexes bouncing back after being down more than 1.5 percent. (8 h ago)

• First Profit in Year for Airline in Brit... First Profit in Year for Airline in Britain
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. (8 h ago)

• A Broad U.S. Push to Ease Credit for Sma... A Broad U.S. Push to Ease Credit for Small Businesses
02/05/2010
The statement comes after lawmakers urged the Fed chairman during his reconfirmation vote to do something to help small businesses. (9 h ago)

• BAE Settles Corruption Charges BAE Settles Corruption Charges
02/05/2010
The military contractor BAE Systems has reached a settlement of about $450 million with Britain and the U.S., ending a long-running corruption investigation. (9 h ago)

• Talks With G.O.P. on Financial Bill at ‘... Talks With G.O.P. on Financial Bill at ‘Impasse,’ Dodd Says
02/05/2010
Senator Christopher J. Dodd said that Democrats would forge ahead with their own bill, after months of talks aimed at reaching a bipartisan consensus. (9 h ago)

• Air Products Offers $5.1 Billion for Riv... Air Products Offers $5.1 Billion for Rival Airgas
02/05/2010
If Air Products’ latest offer is rejected, the company is said to be prepared to wage a hostile bid, including by staging a proxy fight. (11 h ago)

• Blankfein Gets Bonus of $9 Million in St... Blankfein Gets Bonus of $9 Million in Stock
02/05/2010
Lloyd C. Blankfein, the chief executive of Goldman Sachs, received a bonus of stock currently valued at $9 million, the firm disclosed in a regulatory filing on Friday afternoon. (15 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. (21 h ago)

• Answers to Questions About Prius and the... Answers to Questions About Prius and the Toyota Recalls
02/05/2010
Details about the investigations into the brake problems on the 2010 Toyota Prius. (22 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d 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. (1 d ago)

• Bernard Madoff family members agree to a... Bernard Madoff family members agree to asset freeze
02/06/2010
Relatives of US fraudster not allowed to sell property worth more than $1,000 as trustee tries to claw back money for victims The brother, sons and a niece of the convicted US fraudster Bernard Madoff have agreed to an asset freeze in a deal with the trustee liquidating his firm. Madoff's brother, Peter, his sons, Mark and Andrew, and a niece, Shana Madoff, can no longer sell any property or run up debts of more than $1,000 (£640) in the freeze agreed with Irving Picard, who is unwinding Madoff's defunct investment firm and gathering assets to help pay customers fleeced in the multi-billion dollar scam. Picard sued the four Madoff family members in October, claiming they spent $198.7m (£127.2m) of victims' money and treated the investment firm like a "piggy bank". In court papers filed yesterday in the US bankruptcy court in Manhattan, the four Madoffs, who helped run the firm, denied Picard's allegations and disputed his right to restrict their assets. However, they agreed to the freeze to avoid "the potential costs and expenses of the instant dispute". which could prove "substantial", according to the papers. The restrictions prevent the Madoffs and their representatives from selling, leveraging, wasting or moving all their property that is worth more than $1,000, "except for wearing personal clothing and jewellery in the normal course". They must also take "reasonable" steps to preserve the value of their possessions, according to the court papers. The deal requires them to provide a monthly listing of all expenses of more than $500, unless it results from a list of exemptions such as legal or medical fees and "reasonable living expenses". Bernard Madoff, 71, is serving a 150-year prison sentence after pleading guilty last March to masterminding a $65bn fraud that wrecked the lives of thousands of investors. So far he is the only member of the family to have faced criminal charges in the case. Bernard Madoff United States David Batty guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Can philosophy save us? | Darragh McManu... Can philosophy save us? | Darragh McManus
02/06/2010
In our obsession with the economy and celebrity gossip, we are forgetting the deeper questions of human existence Our culture – the media and the broader populace – is obsessed with the economy. And since Lehman Brothers went kablooey in September 2008, our fascination has gone to a deeper level. Googling the word "business" gets a scarcely feasible 1.6 billion hits. "Economics" gets 92 million. (Weirdly, " Gordon Brown is a moron " returns almost 60 million. I don't know what that signifies.) And this is fine: money is important, we all need jobs; redundancy is awful. I wouldn't dismiss that in any way. But should economic and attendant political matters be given so much weight? Is this the highest ambition of human beings, to attain or hold on to material wealth and power? Should we not have matured beyond that after four billion years of slow evolution from simple-celled prokaryotes to homo sapiens? Should we not have reached the point where higher matters concern us? Matters such as pondering the mysteries of life. The nature of the self. Dreams and consciousness. Language and thought. The search for a fundamental truth to it all. Why is there virtually no mainstream news or debate about the deeper questions of existence? Will we ever see Anna Botting announcing that 72% of people suffer from an existential malaise? Jeremy Paxman aggressively asking a stuttering minister why, shockingly, three-quarters of us have never sought to attain enlightenment. A News at Ten report on new research suggesting life is a collective dream out of which we "wake" at the moment of death. The odd contemplative gem sparkles in the dull firmament of mass culture – Radio 4's wonderful In Our Time and Moral Maze, Alain de Botton 's lively, accessible primers – but they are few. Surely there is more to the only self-aware creature in existence than jobs and money, and even other important matters such as healthcare, education and the social fabric. We need to reverse the Cartesian maxim and create a society defined by "I am, therefore I think." Besides, most people say they're sick of hearing about the recession/economy. So why not ease back on that (and lay off the vacuous celebrity rubbish while we're at it) and discuss philosophical matters instead? I'd even introduce it to schools. Perhaps not to exam level – indeed, part of the point of philosophy is that it makes exams somewhat redundant – but it should be taught to children each day, from an early age. I don't mean religion, folklore, mythology or eastern esoterica, valid subjects of study though these are. I mean the western tradition of philosophical enquiry, defined as "the rational investigation of the truths and principles of being, knowledge or conduct". A good grounding in philosophy can impart an immeasurable gift: the ability to think clearly, rationally, precisely and imaginatively. More than that: it imbues you with a profound instinct to think. Contemplation becomes reflexive, like breathing. Philosophy makes you question everything, mull it over and come to your own conclusions. It cautions that those conclusions may not be valid, and to always be open to amendment. It provides the intellectual building blocks of reason, patience, divergence, dialectic and curiosity. And it instils a sense of wonder at just about everything: from great existential questions about the nature of reality and our place in it, to ethics and aesthetics, to something as simple but fundamental as: who am I? For both adults and children, philosophy is a balm, a consolation, an instrument and an inspiration. And who knows, it may even give all our economic woes the perspective they sorely need. Philosophy Global recession Darragh McManus guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• BAE admits guilt over corrupt arms deals BAE admits guilt over corrupt arms deals
02/05/2010
Arms firm pays out £300m after long-running Guardian investigation The arms giant BAE yesterday agreed to pay out almost £300m in penalties, as it finally admitted guilt over its worldwide conduct, in the face of long-running corruption investigations. For 20 years, the firm refused to accept any wrongdoing, despite mounting evidence of alleged bribes and kickbacks, much of it uncovered by the Guardian. But BAE yesterday said it would plead guilty to charges of false accounting and making misleading statements, in simultaneous settlement deals with the Serious Fraud Office in the UK and the department of justice in Washington. The admissions in the US covered BAE's huge £43bn al-Yamamah fighter plane sales to Saudi Arabia and smaller deals in the Czech Republic and elsewhere in central Europe. In the UK, the admissions cover a highly controversial sale of a military radar to poverty-stricken Tanzania, which the development secretary Clare Short said at the time "stank" of corruption, but which the then prime minister, Tony Blair, forced through the cabinet. The Serious Fraud Office said in its announcement yesterday that some of the £30m penalty BAE was to hand over in the UK would be "an ex gratia payment for the benefit of the people of Tanzania". Another $400m (£257m) would be paid in penalties to the US authorities. BAE will not face international blacklisting from future contracts, because it has only admitted false accounting, not bribery. MPs admitted to mixed feelings about BAE's admission and are still furious that the SFO's own extensive inquiry into the al-Yamamah deal was shut down in 2006, following pressure from the firm and from Saudi officials, who reportedly threatened to withdraw co-operation over security matters. The then attorney general, Lord Goldsmith, cited national security when he announced the inquiry was being abandoned. Blair said he took full responsibility for the decision. The Liberal Democrats' deputy leader, Vince Cable, said last night that BAE Systems had succeeded in ensuring that key details of its arms deals would remain hidden. "The one positive thing is we have now had an acknowledgement from BAE Systems that unacceptable practices were being conducted. But nobody has been brought to account." He added: "The British government was up to its neck in this whole business. Government ministers were almost certainly fully aware of what was happening." The former Labour minister Peter Kilfoyle said: "I certainly think there is now an argument to be made for an independent judicial inquiry into the whole affair. This raises serious questions on what [Blair's] motivation was in intervening in the [al-Yamamah investigation in the UK] and what influences were brought to bear on him." Richard Alderman, director of the SFO, called the pioneering deal "pragmatic". It later emerged that the only prosecution of an individual by the SFO – Count Alfons Mensdorff-Pouilly – was being dropped. Alderman added: "This brings to an end the SFO's investigations into BAE's defence contracts." In Washington, the deputy attorney general, Larry Grindler, was more pointed. "Any company conducting business with the US that profits through false statements will be held accountable," he said. "The alleged illegal conduct undermined US efforts to ensure that corruption has no place in international trade." Britain had previously been subject to condemnation at the OECD after Blair intervened to halt the British investigation into allegations of Saudi corruption. Yesterday's announcement in Washington focused on BAE's acceptance of guilt of the Saudi deals, and described secret shell offshore companies for making covert payments, and specific payments into a Saudi intermediary's Swiss account. It also identified £19m secretly paid to lubricate Czech and Hungarian weapons deals. BAE admitted writing an untrue letter to US authorities in 2000, denying it was paying any secret commissions. Yesterday's statement said BAE was now free of threats of corporate prosecution. BAE said the deal "draws a line under the past", and it regretted what it called "the lack of rigor in the past". A government spokesman said last night: "It's right that these historical allegations have been addressed." But two anti-corruption campaigners – Sue Hawley of the Cornerhouse NGO, and the former South African ANC MP Andrew Feinstein – said they reacted to the deal, under which no trials will take place, with "dismay". They said it "betrays the people of Tanzania, South Africa, the Czech Republic and Romania, who have the right to know the truth about corruption in their countries perpetrated by British and other companies. It … sends the message that large enough corporations are able to pay their way out of trouble." The BAE files BAE Systems Arms trade Serious Fraud Office Clare Short Labour United States Tanzania South Africa Czech Republic David Leigh Rob Evans guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (14 h ago)

• From the archive: Taste of the future pu... From the archive: Taste of the future put to the test
02/05/2010
Originally published on 6 February 1996 With an open mind and a refined palate Mariano Casotti brought the spoonful of genetically modified Californian tomato puree to his mouth and tasted the future. "Not much difference," he said of the puree, on sale for the first time in Sainsbury and Safeway stores yesterday. He smacked his lips and went back to his traditionally grown Italian puree for further comparison. What Mr Casotti does not know about pasta and sauces is probably not worth knowing. For 35 years the assistant executive chef to Spaghetti House has been up and making pasta by the tubful while the rest of the country has scarcely thought of breakfast. But taste, he says, isn't everything. "The colour is very rich and dark which could deaden the colour of meat in a bolognese sauce. And the texture is slightly rougher … more starchy," he said, absent-mindedly patting both dishes of red goo smooth with the bottom of his spoon. He conferred in Italian with Riccardo Lavarini to ensure the two connoisseurs spoke with one, satiated, tongue. "Without comparing actual dishes it is a little difficult to say but usually we use puree just for colouring the sauces," said Mr Lavarini, the director of Spaghetti House. "I must say I'm a little uncomfortable with the name. People like to think that they are getting freshly prepared food. This sounds a little too scientific." It took 21 years of research to produce the 29p can of puree in question. The big breakthrough came in 1986 when they isolated the enzyme which accelerates the rotting process in tomatoes, allowing growers to produce longer-lasting, firmer-textured fruit. The benefits are that firmer tomatoes will not go squashy when they are handled; more tomatoes are harvested; more arrive at shops intact and once there they do not deteriorate as quickly. The Sainsbury's version comes with a special leaflet reassuring customers that all ethical considerations have been taken into account. It has even earned the approval of their advisory committee on genetic modification. "We treat the ethical issues relating to genetically modified products on a case by case basis. With tomatoes there did not seem to be a problem," said a Sainsbury's spokesman last night, insisting that demand will determine how long it remains on the shelves. For the sceptics there is [a] freefone number for further explanation. For those who just want something cheap and tasty to put on their pizza bases most of the information is on the tin. But for Mr Casotti the proof of the puree, genetically modified or not, will always be in the eating. GM J Sainsbury Gary Younge guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• BAE deal with Tanzania: Military air tra... BAE deal with Tanzania: Military air traffic control – for country with no airforce
02/05/2010
Claire Short and Robin Cook had tried to stop the sale of a hugely expensive radar to the poverty- stricken Tanzanians Tony Blair was at the centre of controversy over BAE's arms deal with Tanzania, just as he was in the Saudi contracts. Cabinet ministers Claire Short and Robin Cook had tried to stop the sale of the hugely expensive radar to the poverty- stricken Tanzanians. But, as prime minister, he overruled them and insisted that the deal had to go through. It left Cook ruefully muttering that it seemed that Dick Evans, BAE's then chairman, seemed to have "the key to the garden door of No 10". The World Bank and the International Civil Aviation Organisation judged that the 2001 purchase was unnecessary and overpriced. But the £28m deal started to look even worse when the SFO discovered that a third of the contract's price had been diverted into secret offshore bank accounts. The SFO believed that this money was used to pay bribes to Tanzanian politicians and officials. Yesterday Short, who resigned from the government , said : "Every way you looked at it, it [the deal] was outrageous and disgraceful. And guess who absolutely insisted on it going through? My dear friend Tony Blair, who absolutely, adamantly, favoured all proposals for arms deals. "It was an obviously corrupt project. Tanzania didn't need a new military air traffic control, it was out-of-date technology, they didn't have any military aircraft – they needed a civilian air traffic control system and there was a modern, much cheaper one. Everyone talks about good governance in Africa as though it is an African problem, and often the roots of the 'badness' is companies in Europe." In Yesterday's agreement with the SFO, BAE admitted one offence under the 1985 Companies Act relating to the Tanzanian contract. Dick Olver, the chairman, admitted that BAE "made commission payments to a marketing adviser and failed to accurately record such payments in its accounting records ... The company failed to scrutinise these records adequately to ensure that they were reasonably accurate and permitted them to remain uncorrected." The SFO discovered that the money had gone into a Swiss bank account controlled by Sailesh Vithlani, a middleman of Indian extraction with a British passport. He left Tanzania after the country's anti-corruption unit accused of lying to investigators. He is listed as wanted by Interpol. One Tanzanian politician, Andrew Chenge, was forced to resign in 2008 after investigators discovered more than £500,000 in a Jersey bank account he controlled. He denied the money had come from BAE. The BAE files BAE Systems Arms trade Clare Short Tony Blair Tanzania Serious Fraud Office guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Tesco bonds with retail investors Tesco bonds with retail investors
02/05/2010
Supermarkets group is among 10 companies on a new debt-trading platform, report Rupert Jones and Patrick Collinson Savers looking for a better return on their money will, for the first time, be able to invest in individual corporate bonds issued by major companies such as Tesco and BT following this week's launch of a trading service for private investors. The London Stock Exchange (LSE) has unveiled a "retail bond market" allowing private investors with modest sums to buy and sell bonds paying an interest rate of between 5% and 8%. Corporate bonds are debt issued by companies to raise money, which pay a fixed rate of interest for a set period. They are generally considered less risky than shares, but more so than putting your cash in a savings account. The main risk for the buyer of an individual corporate bond is that the issuing company might go bust. Traditionally, this type of investment has only really been an option for big institutional investors because the minimum amount needed to trade was typically £50,000 or more. But now, with savings rates at a record low and many people nervous about the stockmarket, individuals with as little as £1,000 – and, in one case, £100 – will be able to access the corporate bond market. Initially, 10 bonds are available for trading issued by companies including Tesco, BT, National Grid and GlaxoSmithKline. There is also a bond from Royal Bank of Scotland specifically for the new service. It matures in February 2020, pays 5.1% and carries a minimum investment of £100. Typically, investors will be able to trade bonds in £1,000 chunks in the same way they buy and sell shares. A spokesman for the LSE said the market had been launched "in response to strong private investor demand for greater access to fixed income". Many savings accounts now offer low returns. David Buik at City broker BGC Partners said 3% "is about as good as the individual will get [on short-term savings], whereas with a company such as Tesco the interest on a seven-year bond would be nearer 5%". But he added: "There is obviously a credit risk which investors have to take into account. "Potential investors also need to be mindful of the fact that we may well be at the end of a low interest-rate cycle, so they need to be comfortable in their own mind that, say, 5% is a decent rate, and that they are not too worried about holding on to the bonds for a lengthy period." Speaking at the launch, Paul Killik, senior partner at stockbroker Killik and Co, said there had been growing demand from its private investor customers to access the corporate bond market, but until now a centralised, transparent order book for trading in "individual retail-friendly sized bonds" had not existed. Are they a good buy? Yield figures of between 5% and 8% look appealing, but once you factor in the risk of the company going bust, the lack of any compensation scheme and the safer alternatives on offer, these corporate bonds start to look distinctly less tempting. If you park your money in the best savings account for five years (a fixed-rate account), you can earn more than 5% interest and benefit from the £50,000 guarantee under the Financial Services Compensation Scheme. So savers in individual corporate bonds are only earning 1% or so extra interest for taking on a lot of risk. For example, Saga, the AA and Birmingham Midshires are offering five-year savings bonds paying 5.1% gross. Birmingham Midshires, operator of all three accounts, is itself owned by Lloyds Bank. Why then, would you prefer the company bonds from RBS (5.1%) or Tesco (5.2%) with all the risks attached? Professional investors such as Chris Bowie, who runs £10bn for Ignis Asset Management, welcomes the development of a direct retail market for corporate bonds, but reckons that on current prices, small investors are not being rewarded enough for the risks. "In the European market, you get a lot of spivvy retail bond issues where the coupon is too low for the risk," he says, worried the same might happen here. Where individual company bonds trump fixed-rate savings bonds is the fact you can move your money in and out without any penalty. If you take your money out of the Birmingham Midshires fixed-rate bonds before the end of the five-year period, you lose a significant amount of the interest. Corporate bonds don't work that way: you get the market price whenever you want to cash in the bond. That might be higher or lower than the price at which you first invested. Corporate bonds may work better as a shorter-term home for cash rather than longer term. For example, the best interest rate on a short-notice savings account is around 3.25% gross while BT's 2020 bond is at 7.3%. Yes, there's a risk of BT defaulting (it has a big pension deficit and heavy debts), but it still has a credit rating of Baa2/BBB which puts it, just, above 'junk' status. Let's say you hold the bond for a year, then sell it. You paid 118p per unit. Let's say it moves to 110p. If that happens, you'll lose 7% of your capital (plus dealing charges, typically 1%) so you'll look pretty stupid for chasing a 7.3% yield. But the price of the BT bond might rise – perhaps to 120p a unit – in which case you'll get the interest payout and a small capital gain, and be pretty pleased with yourself. Which way will the bonds trade? That's another drawback for small investors. It's infuriatingly difficult to find trading information. The London Stock Exchange website fails to give price history, running yields or yield-to-redemption figures. In reality, the secondary market price of corporate bonds swing a lot, as they did during the peak of the financial crisis when Lehman Brothers collapsed, so you are always putting your capital at much greater risk than in a traditional savings account. You can, of course, spread your risk by buying bonds from several different companies, but if you are prepared to go to those lengths then you may as well choose a corporate bond fund offered by a fund management company instead. But the principal reason why investors should be cautious about buying corporate bonds is the future direction of interest rates. The LSE's own booklet accompanying the launch, says: "If interest rates rise, the price of [a] bond will generally fall," And which way are interest rates heading? With base rate at 0.5%, it's probably not going to be downwards. Patrick Collinson The small print What is the risk to capital? High. Bonds used to be considered a halfway house between equities and deposit accounts, but no more. Prices were volatile at the time of the collapse of investment bank Lehman. Some bank bonds crashed from 100p to 20p. Defaults were low in the pre-2007 era of cheap money, but won't be in future. How much income will I really get? Don't be misled by the running yield. That's a snapshot of payments now. A lot are trading above "par" (above 100p) which means there will be a capital loss when the term expires. Factoring in this loss gives you the gross redemption yield (GRY), a better indicator of the real return. Trouble is, the GRY is fiendishly complicated to work out. On that Tesco bond, it's around 4.8%, but will change depending on the price at which you buy. How much will I pay in charges? We asked Killik's stockbroking arm for a quote. It said the commission on a £10,000 bond purchase would be 1% (£100), or 1.65% (£165) if purchased within an Isa. Custody charge per client is a further £25 every year. What happens if the Bank of England raises interest rates? Bond prices tend to fall when interest rates rise, so the capital value of your holding drops. This won't affect you if you hold the bond to maturity. Where am I in the queue of creditors if the company goes bust? It depends on the type of bond. "Senior" debt gets first dibs on any money left over. "Subordinated" debt is further down the line. When Bradford & Bingley went under, its "Tier 2 Subordinated Debt" became virtually worthless. Is there a compensation scheme? No. Buying individual bonds is like buying individual shares – the risk is yours. You can lose every penny you put in. So I should be steering clear? It all depends on the price you pay compared with the risk. A lot of professionals think yields of 5% aren't worth it. But in a year, the picture may be different. Bonds Investments London Stock Exchange Rupert Jones Patrick Collinson guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Hands: I save tax by not seeing my famil... Hands: I save tax by not seeing my family
02/05/2010
• Hands would face 64% tax rate plus 18% in capital gains tax • EMI's losses topped £1.75bn last year The multi-millionaire private equity boss at the centre of the debt crisis at music group EMI has spelled out the lengths to which he is going to avoid UK tax. Guy Hands, who moved from Kent to Guernsey last April in protest at higher income and capital gains tax rates, says he has "never visited" his school age children since he left the country. They have remained with his wife at their former family home in Kent and they now have to travel to Guernsey to see him. Neither has he visited his mother and father – and wouldn't unless there was a family crisis: "I do not visit my parents in the United Kingdom and would not do so except in an emergency." The details of the sacrifices Hands – a close friend of shadow foreign secretary William Hague – is prepared to make to avoid tax are revealed in court papers filed in New York on Thursday. He is opposing a move by US bank Citigroup to shift a court case from New York to London. In a personal statement lodged in New York's southern district court Hands says he faces a top tax rate of 64% on earnings from employment from April, plus 18% CGT. He says he has been an "outspoken" critic of UK tax levels and fears that the Revenue will be watching him closely to ensure he does nothing that could threaten his move to obtain non-resident tax status. Hands says he does not use any UK airports, even for transfers. "I have not set foot in the United Kingdom since I left permanently… and have no intention of doing so until I have been out of the United Kingdom for at least three years". The move to Guernsey is described as "burdensome" but Hands insists the move "is real, not a sham or a mere moniker for an otherwise unvisited location". He says he has spent 1450 days in Guernsey since last April, and 170 in other countries. The financier is locked in a legal dispute with Citigroup, claiming the bank tricked him into paying too much when he took over EMI – home to artists ranging from the Beatles to Katy Perry – in a £4.2bn deal just as the credit crunch set in. Citigroup also provided £2.6bn of debt for Hands to finance the deal. On Thursday accounts lodged at Companies House showed that EMI stacked up losses of more than £1.75bn last year. Hands's Terra Firma private equity group needs to inject emergency funds of £105m to avoid breaching Citigroup's lending covenants. If they are breached the bank could seize control of EMI. The court case underlines the chasm that has opened up between the two parties. Hands has tried to thrash out a deal with Citi, and has now turned to a New York courtroom to claim he was duped into over-paying for the music group. Citi's response was to ask for the case to be moved to London, where any damages would be lower. However, a London court date could trigger big tax problems for Hands. Having to appear in London, he said, might wreck his tax plans and leave him with a bill for the months he has so far been out of the country. Hands had pinpointed David Wormsley, a senior UK investment banker at Citi, as responsible for duping him into overpaying for the music group, accusing him of "fraudulent misrepresentation". The new court documents say Hands did the deal with the backing of former Citigroup chief executive Chuck Prince and the bank's then global head of investment banking, Michael Klein, and they will be key witnesses in the case. He says he "did not talk with the litany of lower-level London personnel" that Citi claims. The Terra Firma boss also accuses the bank of organising "a targeted press campaign to create the appearance that EMI is headed towards bankruptcy" . Citi has until 13 February to respond. EMI Citigroup Guy Hands Tax avoidance Private equity Mergers and acquisitions Julia Finch guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Toyota under fire for its handling of sa... Toyota under fire for its handling of safety recall
02/05/2010
• Fault was not classed as a safety issue one year ago • Car firm did not inform government until asked Toyota's response to the potentially lethal accelerator fault which has caused cars to career out of control came under renewed attack tonight following an investigation which cast fresh doubt on the way this week's crisis was handled. The Guardian has established that: • Government officials said Toyota did not tell them about the problem until prompted. • Toyota decided the fault was not a safety issue when it received the first reports over a year ago. • A senior executive in charge of product quality drove a Toyota with a faulty accelerator to a meeting with government safety officials after the company had announced a recall. The revelations came as the company's president, Akio Toyoda, finally apologised to customers for a recall that could affect 8.1m vehicles worldwide. He confirmed the company is investigating a further problem with the brakes on Prius cars in Japan and North America which could lead to a recall of another 270,000 cars. "We are facing a crisis," he said in a statement in Tokyo. "I offer my apologies for the worries. Many customers are wondering whether their cars are OK." In Britain, where more than 180,000 vehicles have been recalled, it emerged the government demanded information from Toyota at the beginning of January after government safety officials were alerted to the scale of the risk by their US counterparts. Toyota knew about the problem from the winter of 2008/09, but only provided detailed information to the Vehicle and Operator Services Agency (Vosa), which registers recalls on faulty cars, on 22 January this year, according to the government. Toyota executives have also admitted that they treated 26 cases across Europe in the winter of 2008/09 as "a quality issue". Only when the problem recurred this winter did they treat it as a safety issue. In the meantime drivers of models left on the road reported their cars speeding dangerously out of control. One driver reported that his Avensis accelerator became stuck last August while overtaking at 65mph. But in perhaps the most astonishing twist, Neal Standen, Toyota's general manager of product quality, admitted he drove his company Avensis with a stiff accelerator to a meeting on Monday with government officials to formally register the recall, despite Toyota's own advice that customers experiencing any accelerator pedal problems should "drive to the nearest safe location, shut off the engine and contact a Toyota centre for assistance". He said he had driven the car with the stiff pedal fault for six months and had not yet taken it for repair. He said: "I choose to drive that car every day." A spokeswoman for the Royal Society for the Prevention of Accidents said: "Somebody in his position should have known better. He should have stopped driving the car and had it checked immediately. If this is a company car we would hope the employer would provide a replacement." Toyota denied it has put customers' lives at risk and insisted it had responded as quickly as possible to the problem. "There were so few cases and no accidents [last winter], we didn't think it was a safety issue," a spokeswoman said. "We now have a larger number of cases and we are now treating it as a safety issue. That is how we value our customers." The company also defended its decision not to inform the authorities about the problem last winter. "During this winter period, we started to see the cases increase," said Steve Settle, Toyota's director of after-sales. "We lodged 20 reports from November to January and compared to the previous year that was a significant difference." The RAC, which represents motorists in the UK, said the revelations about Toyota's handling of the situation were "worrying" and called for a review of how car safety recalls are handled. "Motorists would hope that governments are not forced to request information about these problems," said its spokesman, Adrian Tink. "From a motorists' perspective, these are worrying concerns." A spokeswoman for the Department for Transport said: "We expect them to come and tell Vosa about problems when they see a pattern emerging about an issue with design and construction. They need to see it as a pattern. At that point we expect them to tell us about it." The US government has also had to push Toyota to act on the problem. "While Toyota is taking responsible action now, it unfortunately took an enormous effort to get to this point," Ray LaHood, the US trasportation secretary said this week. "We have been pushing Toyota to take measures to protect consumers." Toyota Automotive industry Japan Robert Booth guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• JP Morgan's Dimon gets $17m pay deal JP Morgan's Dimon gets $17m pay deal
02/05/2010
Package for JP Morgan boss 'reflects some restraint' after steering his bank through the financial crisis The chief executive of JP Morgan Chase, Jamie Dimon, has been granted a pay packet of $17m (£11m) after steering his bank through the financial crisis in relatively robust health and rescuing several failed rivals from oblivion. Dimon, 53, received about $8m in stock and 563,562 share options expiring in 2020 which carry an estimated value of a further $8m, plus a salary of $1m. In a change from previous policy, he will not receive any of his bonus in cash and shareholders will get a consultative "say on pay" vote at JP Morgan's annual meeting. Revealed in a regulatory filing, the payout is likely to be carefully scrutinised by JP Morgan's rivals, including Goldman Sachs and Morgan Stanley, which are due to reveal compensation imminently for their top executives. Investors, pundits and politicians are particularly keenly awaiting the pay package of Goldman's boss, Lloyd Blankfein, who earned a record-breaking $67.9m in 2007. JP Morgan has been roundly hailed as a winner from the credit crunch. Under Dimon's leadership, the bank remained profitable throughout the crisis and, with backing from the US government, it bought the remnants of two collapsing rivals — the Wall Street brokerage Bear Stearns and the Seattle-based high street bank Washington Mutual. An outspoken figure, Dimon has been a staunch defender of his industry and has criticised aspects of the Obama administration's approach to Wall Street – he complained last month about a special government levy on banks, protesting that Wall Street was being required to pay for bailouts of car companies and insurance firms. In evidence last month to the US financial crisis inquiry commission, Dimon accepted that there were ‚"quite legitimate" concerns over pay on Wall Street but added: "I believe our compensation policies have been and remain appropriate." JP Morgan made a profit in 2009 of $11.6bn, more than double its profit of $5.6bn in 2008. Dimon's payout was revealed just two days after he acquired $10m in JP Morgan stock by exercising options already in his portfolio. Alan Johnson, a Wall Street compensation consultant, said Dimon's bonus was about half the amount he received at the height of the boom. "It reflects the returns of the bank and it does reflect some restraint," said Johnson. "People are looking at this very carefully. He's a guy who's an absolutely crucial data point for the rest of the industry." Executive pay and bonuses JP Morgan Goldman Sachs Credit crunch Financial crisis United States Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (22 h ago)

• Walsh upbeat as BA posts surprise profit Walsh upbeat as BA posts surprise profit
02/05/2010
Chief executive optimistic over staffing deal and hails turning point in British Airways' fortunes despite likely full-year loss British Airways chief executive, Willie Walsh, has expressed cautious optimism that a cabin crew strike can be averted after the airline surprised investors with its first operating profit in more than a year. Walsh said he was "sure" that an agreement would be reached with the Unite union over a cost-cutting drive including cuts in staffing levels on flights. The BA boss said the airline appeared to have turned the corner after it reported an operating profit of £25m in the three months to 31 December – its first in 15 months. "We will reach an agreement at some point," said Walsh. BA confirmed this morning that it was on track for a record full-year loss after a nine-month pre-tax deficit of £342m in the nine months up to 31 December, close to last year's record annual loss of £401m with the least profitable quarter of BA's financial year still to come. However, there was better news at the operating level, where revenues exceeded operating costs by £25m in the third quarter. The profit is modest – the same period in 2007 yielded an operating profit of £178m – and at the pre-tax level there was a £50m third-quarter loss once interest charges and pension costs were added. Nonetheless, the result stunned analysts, who expected a third-quarter operating loss of up to £120m. "Saying it all points to turning a corner is a fair comment," said Walsh. Len McCluskey, assistant general secretary of Unite, which represents most of BA cabin crew, said the results augured well for a peace deal. A strike ballot of more than 12,000 cabin crew ends on 22 February and a walkout could begin in March. "This ought to make it more flexible in reaching a negotiated settlement with its cabin crew," said McCluskey. However, Walsh tempered the optimism with warnings that BA's recovery would be slow and that he remained determined to push ahead with potentially inflammatory cost-cutting. The BA chief executive said he would not repeal the unilateral decision to remove at least one cabin crew member from flights – part of a cost-cutting drive that yielded higher than expected savings of £300m in the nine months to Christmas. "We have been in talks for a year now and we have not made any progress that I would consider to be significant. We are prepared to talk with them for as long as it takes but that does not mean we will stand back from making changes," he said. Unite is demanding the repeal of the staffing cuts but asked if he would consider such a move, Walsh said: "Absolutely not." His refusal to reverse the moves and Unite's insistence on the issue indicate the distance between both sides. BA has presented two proposals to Unite. The first, which dominated the BA negotiating team's presentation, is dubbed "new fleet" and would put new recruits on lower pay and different work practices onto a separate fleet. While the proposal is anathema to Unite, the union refuses to discuss it publicly because BA could ask for an injunction against any strike over the plan following a court ruling that blocked a strike by the pilots' union, Balpa, over a similar issue in 2008. The second proposal is dubbed "integrated/flexi approach" and echoes Unite's negotiating document, Way Forward. Sources say these proposals could be the basis for a deal but Unite believes that significant differences remain. Both proposals envisage lower paid crew with different working conditions, working with existing crew. However, BA insists on changes for existing crew, including shorter gaps between trips. British Airways Airline industry Transport Travel & leisure Trade unions Willie Walsh Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• Browne reveals plan for BP-Shell merger Browne reveals plan for BP-Shell merger
02/05/2010
• BP board in Williamsburg squashed proposals in 2004 • Ex chief claims merger could have been worth $9bn a year • Tie-up with Yukos rejected after 'untoward' encounter with Khodorkovsky Lord Browne took BP to the brink of a mega-merger with Royal Dutch Shell six years ago only to be thwarted at the last minute by opposition from a handful of his own board members, the former chief executive has claimed. "We missed the boat" argues Browne in his autobiography, which is published on Monday. The Shell deal would have involved selling off the whole of BP's downstream refining business – an operation that is currently struggling to make money . "We estimated that a merger could create synergies of around $9bn [£5.8bn] a year in three to five years' time. It also would have been a significant boost to the oil industry outside of the US," he argues in Beyond Business, published by Weidenfeld & Nicolson. There was much speculation at the time that BP and Shell had held casual talks but the oil companies denied it had been anything other than early soundings that quickly led nowhere. But Browne, who stepped down in 2007 in favour of his head of exploration Tony Hayward , planned to put detailed proposals to the BP board at a meeting in Williamsburg, Virginia. Browne claims he had the support of his own executive team, which would have included Hayward. "On the plane there I knew the answer even before the meeting started. The sentiment was 'why rock the boat'. The Shell merger was not discussed. It was not going to be done and that was that... In the end we did not rock the boat; we missed it," he says. Browne also revealed how he also thought about buying into Yukos rather than TNK as his entrance point to Russia . But he claims a meeting at his house in Cambridge with the now-imprisoned Yukos boss Mikhail Khodorkovsky put him off because the Russian talked about his political influence in that country. Browne said: "It is easy to say this in hindsight but there was something untoward about his approach." BP Royal Dutch Shell Oil and gas companies Oil Russia Terry Macalister guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• Ex-HBOS directors resign from Lloyds Ex-HBOS directors resign from Lloyds
02/05/2010
The only two members of the HBOS board to have been offered jobs within Lloyds Banking Group are understood to have resigned today. Jo Dawson and Dan Watkins, who were both executive members of the HBOS board, are abruptly leaving Lloyds 15 months after the takeover was first announced . The pair are the only two HBOS board members to have been offered jobs by Eric Daniels, Lloyds' chief executive, when he put together his management team after the controversial merger. Neither was on the main board at Lloyds. At HBOS, Dawson was head of investment and insurance, while Watkins was head of retail products. At Lloyds, Watkins had a senior role in the mortgage business. Dawson was originally appointed as a director of a newly created wealth and international division. Lloyds is 43% owned by the taxpayer through UK Financial Investments, the body that controls the taxpayer stakes in the bailed-out banks. HBOS Lloyds Banking Group Eric Daniels Banking Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Church of England sells Vedanta stake ov... Church of England sells Vedanta stake over human rights concerns
02/05/2010
Controversial plans for open-cast mine on Niyamgiri mountain in Orissa, India, force church to abandon shares worth £3.8m The Church of England said today that it has sold its £3.8m stake in Vedanta Resources, the controversial mining company, over concerns about its human rights record. The church has been under mounting pressure over the past year to disinvest in the FTSE 100 company after it continually refused to back down on its plans to construct an open-cast mine on Niyamgiri mountain in Orissa, India . Activists believe it will destroy the area's ecosystem and threaten the future of the 8,000-strong Dongria Kondh tribe, who depend on the hills for their crops and water and who believe the mountain and surrounding forest to be a sacred place. "We are not satisfied that Vedanta has shown, or is likely in future to show, the level of respect for human rights and local communities that we expect," said the church in a statement, adding that maintaining investments in Vedanta "would be inconsistent with the church investing bodies' joint ethical investment policy". Although Vedanta was the second biggest riser on the FTSE 100 index last year, it has been hit by a succession of public relations problems. In June, an environmental award was withheld at the last minute when details of the mine in the eastern state of Orissa were brought to the jury's attention. The following month, protesters including celebrities such as Bianca Jagger picketed the annual meeting in London over the Orissa project and the campaign to force the church to disinvest began in earnest. In August, India's environment minister admitted the project should never have been approved. Stephen Corry, director of the charity Survival International, said: "The church's unprecedented and very welcome decision sends a strong signal to companies that trample on tribal peoples' rights: we will not bankroll your abuses. Anybody that has shares in Vedanta should sell them today if they care about human rights." Meredith Alexander, head of trade and corporates at ActionAid, said the church's announcement was a "massive setback" for Vedanta. "Vedanta's planned bauxite mine in the holy mountain of Niyamgiri is a social and environmental disaster. It will destroy the sacred homeland of the Kondh tribes and ruin a pristine environment forever. "The Kondh tribes who live around the mountain have been doing everything they can to stop the mine, but it hasn't been enough. They have now found a powerful ally in the Church of England. I hope that the Church's decision helps Vedanta to make the right choice and drop plans to mine." The church is not the first organisation to disinvest from Vedanta on ethical grounds. In 2007 the Norwegian government sold its $13m stake, saying: "There is little reason to believe that the company's unacceptable practice will change in the future." In addition, Martin Currie Investment Management sold its £2.3m stake last year, and BP's pension fund reduced its holdings in Vedanta because of "concerns about the way the company operates". A Vedanta spokesperson said: "We are disappointed by the Church of England's decision to sell their holding in Vedanta. Vedanta remains fully committed to pursuing its investments in a responsible manner, respecting the environment and human rights. We work with a number of NGOs and with the authorities in India, the world's largest democracy, ensuring all our projects are conducted in compliance with the law and international best practice. "We will continue to engage closely with the Church of England to address the concerns they have raised." Vedanta Resources Anglicanism India Mining Ethical business Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Spain seeks to calm fears it is 'next Gr... Spain seeks to calm fears it is 'next Greece' as European markets plunge
02/05/2010
• Government says it aims to cut deficit to 3% of GDP by 2013 • Madrid's Ibex index falls for second day as investor anxiety spreads throughout Europe • Warning of potential for debt 'domino effect' to hit EU Spain's government will seek to reassure investors over the country's rising debts today, in a bid to calm the turmoil in financial markets that has seen a heavy sell-off in Spanish shares continue for a second day. As stock markets continue to fall around the world on fears over European deficits, Spanish economy minister Elena Salgado will reiterate that the government is focused on cutting the budget deficit to 3% of gross domestic product by 2013, from more than 11% now, her deputy, economy secretary José Manuel Campa, told guardian.co.uk. "Spain is in a solid position and we've had low deficits for 10 years – the deficit has grown now but we will be cutting it," said Campa. The wave of investor anxiety throughout global markets over the last 24 hours has hit Spain particularly hard. Campa was speaking as the Ibex index of Madrid's most traded stocks plunged for a second day and the cost of protecting investors against a default of Spanish debt reached a record high. Campa said Spain cannot be compared to Greece, whose debt levels are bigger than its own economy , whereas in Spain they are about half – although forecast to grow to 75% of GDP. Comparing the two countries is like comparing Real Madrid to Alcoyano (a lower division team), Banco Santander 's chairman, Emilio Botín, said yesterday. "Our economy is also much bigger [than Greece], more diversified and, with all the investments that we've made for years, it's more competitive," Campa said. Despite European officials' attempts at reassurance, stock indices fell sharply in Europe this morning. The FTSE 100 was down more than 1.5% at 5062 by lunchtime , while Spain lost more than 2%, following yesterday's 6% plunge. Banco Santander lost 3.5% in early trade, extending yesterday's 9% drop. Shares in the bank sank despite its reporting a full-year profit of €8.9bn (£7.8bn) yesterday, making it one of the most profitable banks in the world. In currency markets, the euro hit its weakest level against the dollar in more than eight months as fears persisted among investors over rising government deficits in southern Europe. "They are looking for the next Greece," said Gary Jenkins, a credit analyst at Evolution Securities. "When it comes to panic, the markets sell first and raise questions later." Concerned about Greece's ability to pay its debts, investors are looking for other countries that might be in a similar position, analysing their figures rather than listening to their politicians, Jenkins said. "To think that things are OK just because politicians say they are OK, it's laughable," he said. "This is extremely serious – the politicians need to do something to stop this domino effect. If things get worse, the whole of the EU could implode." The cost of insuring $1m (£600,000) of Spain's sovereign debt has escalated to a record $183,000, about twice as much as Britain's and four times more than Germany's. Global economy Market turmoil Europe Banco Santander Spain Greece European Union Elena Moya guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• 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 (1 d 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 (1 d 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 (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 (2 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 (2 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 (2 d ago)

• Jobless Rate Drops Unexpectedly to 9.7% Jobless Rate Drops Unexpectedly to 9.7%
02/05/2010
January Unemployment Rate Down .3% as Number of Employed Americans Rose by 541,000 (14 h ago)

• Video: Toyota's Tough Times Video: Toyota's Tough Times
02/05/2010
Akio Toyoda, the chief of troubled automaker Toyota, offered an apology to customers as the number of consumer complaints continue to grow. Dean Reynolds reports. (14 h ago)

• Video: Unexpected Unemployment Drop Video: Unexpected Unemployment Drop
02/05/2010
The national unemployment rate has fallen to 9.7 percent, as economists say that this could signal a potential rebound for the jobs market and the overall economy. Anthony Mason reports. (14 h ago)

• Goldman CEO Blankfein Gets $9M Stock Bon... Goldman CEO Blankfein Gets $9M Stock Bonus
02/05/2010
News of Bonus Eagerly Awaited by Wall Street; Blankfein Can't Cash Shares for Five Years (15 h ago)

• Wall Street Limps to End of Worrisome We... Wall Street Limps to End of Worrisome Week
02/05/2010
Stock Market Ends Week With Slight Gain Friday Amid Mixed Jobs Report, Debt Worries (17 h ago)

• Vote for Most Memorable Super Bowl Ad Vote for Most Memorable Super Bowl Ad
02/05/2010
Check Out These Ten Classic Commercials and Take Our Poll! (18 h ago)

• Toyota's Chief Apologizes for Recalls Toyota's Chief Apologizes for Recalls
02/05/2010
President Announces Quality Control Committee as Pressure Mounts, But Still No Confirmation of Possible Prius Recall (19 h ago)

• Census Spends $2.5M on Super Bowl Ads Census Spends $2.5M on Super Bowl Ads
02/05/2010
McCain, Others Call for U.S. Government to Justify Census Bureau Spending on Advertising (19 h ago)

• Obama: Jobs Report Is "Cause for Hope" Obama: Jobs Report Is "Cause for Hope"
02/05/2010
But President Says Unexpected Drop in Unemployment Rate is Not Cause for Celebration (20 h ago)

• Stocks Slide on Mixed Jobs News Stocks Slide on Mixed Jobs News
02/05/2010
Day after Wall Street Dive, Investors Still Wary Despite Report that Unemployment Unexpectedly Dropped in Jan. (20 h ago)

• Bankers Put on Better Face Before Congre... Bankers Put on Better Face Before Congress
02/05/2010
To Be "Relevant" in Drafting of Financial Overhaul Bill, Execs Sell Banking Industry, Lobby Against Regulations (23 h ago)

• Fed to Banks: Lend to Small Businesses Fed to Banks: Lend to Small Businesses
02/05/2010
Federal Reserve, other Regulators Cite Small Firms' "Important Role" in Economy and "Difficulty" They're Having Getting Loans (1 d ago)

• Are Bikini Baristas Getting Too Steamy? Are Bikini Baristas Getting Too Steamy?
02/05/2010
Allegations of Prostitution, Erotic Shows Leveled at Some "Sexpresso" Stands (1 d ago)

• Recession Job Loss Estimate Set to Rise Recession Job Loss Estimate Set to Rise
02/05/2010
Labor Department Expected to Bump Up Unemployment Figure for Year Ending March 2009 to about 8 Million (1 d 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 (1 d 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 (1 d 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. (1 d 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. (1 d 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. (1 d 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 (1 d ago)

• European debt concerns drive dollar high... European debt concerns drive dollar higher during past week
02/06/2010
The dollar rose against most major currencies during the past week as concerns over European sovereign debt problems boosted safety haven demand for the greenback. Investors worried that the debt crisis may spread from Greece to other countries, threatening major economies of the eurozone. This is the toughest test for the euro since the single currency was launched in 1999, analysts said. The Greek public deficit is tipped to reach 12.7 percent of gross domestic product (GDP) in 2009, far ... (1 h ago)

• Petrobras loses 6.84% of market value in... Petrobras loses 6.84% of market value in one day
02/06/2010
Brazil's state-run oil and gas giant Petrobras has lost 6.84 percent of its market value when Ibovespa, the index of the Sao Paulo Stock Exchange, experienced its severest fall in four months. Petrobras' market value shrank by 11.9 billion U.S. dollars, the biggest loss of all companies in Latin America and the United States, to 162.7 billion U.S. dollars on Thursday, said Economatica, a large consulting company. Petrobras' preferential stocks fell by 5.11 percent during the day, closing a ... (1 h ago)

• IDB offers financial support for social ... IDB offers financial support for social projects in L. America
02/06/2010
The Inter-American Development Bank (IDB) has offered financial support to social projects in the Dominican Republic, Venezuela and Argentina, said the bank on Thursday. The IDB said it will provide a conditional credit of 100 million U.S. dollars to the Dominican Republic to build schools, lengthen school day and improve reading, writing and math skills of students. Under the program, 34 secondary schools will be built, each with an average of 14 classrooms. The funds will also be used to ... (1 h ago)

• SAIC posts soaring sales in January SAIC posts soaring sales in January
02/06/2010
SAIC Motor, the listed arm of China's auto giant Shanghai Automotive Industry Corporation (SAIC), said Saturday its car sales totaled 307,384 units in January, up 89.8 percent from a year earlier. January's output stood at 296,685 units, up 90.2 percent year on year, said the automaker in a statement filed to the Shanghai Stock Exchange website. Its subsidiary Iveco Hongyan Commercial Vehicle Co. posted the strongest sales gain in January, up 548.5 percent from a year ago to 2,088 units wh ... (1 h ago)

• China passenger car sales up 84% in Janu... China passenger car sales up 84% in January
02/06/2010
China's passenger car sales rose 84 percent in January from a year earlier, heavily boosted by minivans, China Passenger Car Association said on Friday. A total of 1,218,722 cars, sport-utility vehicles, multi-purpose vehicles and minivans were sold in January, an increase of 84.2 percent year on year and 5.1 percent from December, Saturday's China Daily quoted Rao Da, the association's secretary-general, as saying. The sales boost was largely driven by the minivan segment, which jumped 88 ... (1 h ago)

• U.S. consumer credit falls for 11th mont... U.S. consumer credit falls for 11th month in December 2009
02/06/2010
U.S. consumer credit dropped for the 11th month in a row in December 2009 as Americans cut their borrowing in the economic uncertainty, reported the Federal Reserve on Friday. The Fed said that total borrowing in December dropped by 1.8 billion dollars from 2,458.6 billion dollars in November to 2,456. 8 billion dollars. It is far less than the revised 10.6 billion dollars decline for November. It also was well below the 9 billion dollars drop analysts had expected. The previous record of ... (1 h ago)

• OECD posts stronger recovery signals OECD posts stronger recovery signals
02/06/2010
The Organization for Economic Cooperation and Development's (OECD's) composite leading indicators (CLIs) for December 2009 gave out Friday stronger recovery signals than last month. CLIs for 29 developed countries rose to 103.1 in December, 1.1 point higher than the previous month and 10.1 points higher than a year ago, OECD said in a newly released report. CLIs for the G7 economies, namely Canada, France, Japan, Germany, Italy, United States and United Kingdom, as well as China, India, Ru ... (1 h ago)

• Canada's unemployment rate down to 8.3 p... Canada's unemployment rate down to 8.3 percent in January
02/06/2010
The Labour Force Survey released by Statistics Canada on Friday showed that Canada's unemployment rate was down 0.1 percentage points to 8.3 percent in January, with jobs increased by 43,000. This was the fourth employment gain in six months. However, employment still remained 280,000 below the level of October 2008. Employment gains in January were driven by women aged 25 to 54 and youths. This was the first notable increase for youths since the start of the employment downturn in the fall o ... (1 h ago)

• U.S. unemployment drops to 9.7% in Janua... U.S. unemployment drops to 9.7% in January
02/06/2010
The U.S. unemployment rate in January fell unexpectedly to 9.7 percent from 10 percent, a Labor Department report said on Friday. The report says a survey of employers found they cut 20,000 jobs last month, the same figure as in December 2009. However, a separate survey of households found the number of employed Americans rose by 541,000. In January, employment fell in construction, transportation and warehousing, while temporary help services and retail trade added jobs. The departm ... (1 h ago)

• Asia has big shift of role in rebuilding... Asia has big shift of role in rebuilding global economy: Indian economist
02/06/2010
A leading Indian economist and government official said on Friday Asia's Gross Domestic Product (GDP) will become a significant contributor to the world GDP in a span of few years. In a speech on global economic situation, Indian Deputy Chairman of Planning Commission Montek Singh Ahluwalia said here that there was a "big shift in the last 12 months in the role played by Asia in rebuilding the global economy." "While the world contracted, the Asian economies grew. Asia has to take over the ... (1 h ago)

• S&P may downgrade Toyota's rating S&P may downgrade Toyota's rating
02/06/2010
Rating agency Standard & Poor's warned Friday in Washington it may downgrade Toyota Motor Corp., as the company has lost about 30 billion U.S. dollars of its market capitalization in recent weeks. Toyota continues to face fallout from its global recall of more than 9 million vehicles in two campaigns linked to questions of sudden unintended acceleration, Detroit News reported. S&P said its new warning stemmed from "increased concern over the potential negative impact on Toyota's business r ... (1 h ago)

• Toyota recall spurs questions on auto ra... Toyota recall spurs questions on auto ratings
02/06/2010
Massive recall of Toyotas shows that even trusted car testers can fail to spot serious safety issues. (5 h ago)

• Debt crisis unsettles European economy Debt crisis unsettles European economy
02/06/2010
Leaders across continent vow fiscal austerity in response to loss of confidence that is pummeling the euro and rippling across global markets. (6 h ago)

• Toyota's chief apologizes for global rec... Toyota's chief apologizes for global recalls
02/05/2010
Toyota's president apologized for the automaker's global recalls and promised to beef up quality control by setting up a special committee he would head himself. (16 h ago)

• Stocks pull out of slump but end week lo... Stocks pull out of slump but end week lower
02/05/2010
A battered stock market recovered from a sharp drop in late trading Friday but still posted its fourth straight weekly drop. (17 h ago)

• JPMorgan CEO gets $16 million pay packag... JPMorgan CEO gets $16 million pay package
02/05/2010
JPMorgan Chase & Co., which reported $11.7 billion in profit in 2009, awarded Chief Executive Jamie Dimon a compensation package worth about $16 million. (17 h ago)

• Ray of hope clouded by 8.4 million joble... Ray of hope clouded by 8.4 million jobless
02/05/2010
The government’s report on the January job market offered fresh hope that the economy is pulling out of its worst downturn since the Great Depression. But it will be a long climb. (19 h ago)

• Consumer credit down for 11th month Consumer credit down for 11th month
02/05/2010
Americans borrowed less for an 11th consecutive month in December, paying off credit cards while increasing borrowing for cars and other products. (19 h ago)

• Senator: Financial reform is at an ‘impa... Senator: Financial reform is at an ‘impasse’
02/05/2010
Efforts to tighten financial regulation ground to a halt in the Senate on Friday, casting one of the top domestic policy priorities of the Obama administration in a stark political light. (19 h ago)

• Banker in supermodel blunder keeps job Banker in supermodel blunder keeps job
02/05/2010
An Australian banker who became an internet sensation after he was caught on live television viewing images of a scantily clad supermodel on his computer will keep his job. (20 h ago)

• Europe’s financial crisis intensifies Europe’s financial crisis intensifies
02/05/2010
Fears of another crisis spiral for the world economy deepened after a Portuguese austerity plan was defeated, triggering concern that the crisis in that country and in Greece could worsen. (20 h ago)

• U.S., Canada to end ‘Buy American’ dispu... U.S., Canada to end ‘Buy American’ dispute
02/05/2010
Canada has reached a tentative deal with the United States to end a dispute over "Buy American" provisions in U.S. legislation, the two trading partners announced Friday. (20 h ago)

• Unemployment rate falls to 9.7 percent Unemployment rate falls to 9.7 percent
02/05/2010
The outlook for jobs became a bit less bleak with January's unexpected decline in the unemployment rate, which fell to 9.7 percent from 10 percent as more people said they had jobs. (20 h ago)

• Obama urges more loans for small busines... Obama urges more loans for small businesses
02/05/2010
Seeking to create more jobs, President Barack Obama on Friday asked Congress to temporarily expand two lending programs for the owners of small businesses. (21 h ago)

• Weight Watchers, Jenny Craig settle over... Weight Watchers, Jenny Craig settle over ad
02/05/2010
Weight Watchers International Inc. said Friday that rival Jenny Craig will end a controversial advertisement campaign as part of a legal settlement between the two weight-loss companies. (21 h ago)

• Running a business despite a chronic ill... Running a business despite a chronic illness
02/05/2010
Lisa Disbrow's doctors urged her to slow down. Could the entrepreneur find a way to manage her illness and her business? (22 h ago)

• Newsweek: Crisis will only make the euro... Newsweek: Crisis will only make the euro stronger
02/05/2010
Speculators have begun betting on an early euro-zone exit by Greece, and the European Commission has warned that it could risk the very existence of the euro itself. That's wrong: Currency unions don't collapse because weaker members leave them. (22 h 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. (1 d ago)

• Palin, Visible and Vocal, Is Positioned ... Palin, Visible and Vocal, Is Positioned for Variety of Roles
02/06/2010
Sarah Palin, who headlines a national Tea Party convention on Saturday, represents a new breed of unelected public figure in an environment where politics, news and celebrity are fused as never before. (3 h ago)

• In Visit to Fox News, Jon Stewart Faults... In Visit to Fox News, Jon Stewart Faults Fox News
02/06/2010
This week on “The O’Reilly Factor,” the comedian delivered one of the most sustained criticisms of the cable channel ever heard on one of its programs. (6 h ago)

• Advertising: An Advocacy Ad Elevates Int... Advertising: An Advocacy Ad Elevates Interest in All the Ads
02/05/2010
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. (22 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. (1 d ago)

• Paperback Business Best Sellers Paperback Business Best Sellers
02/04/2010
Rankings are based on January figures. (1 d ago)

• Hardcover Business Best Sellers Hardcover Business Best Sellers
02/04/2010
Rankings are based on January figures. (1 d 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. (1 d ago)

• White House Memo: Few News Conferences, ... White House Memo: Few News Conferences, but Still Taking Questions
02/03/2010
The president’s effort to use alternative avenues including blogs, Internet videos and Facebook has altered the way a president deals with the news media. (2 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. (2 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. (2 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.” (2 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. (2 d 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. Merrill Lynch - Bank of America - Ken Lewis - Attorney general - United States (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 (1 d 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. Tax - Democratic Party - Company - United States - Accounting (1 d 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? Super Bowl - Advertising - George Clooney - Web Design and Development - Promotion (2 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. Florida - State Farm Insurance - Weather Phenomena - Meteorology - Earth Sciences (2 d 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 (2 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 (2 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 (2 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 (3 d ago)

• Patient Money: Fighting Denied Claims Re... Patient Money: Fighting Denied Claims Requires Perseverance
02/06/2010
Following a few steps can make the process of appealing insurance denials easier and increase the likelihood of success. (6 h ago)

• Wealth Matters: Index Funds, Dowdy to So... Wealth Matters: Index Funds, Dowdy to Some, Get a Notable Endorsement
02/05/2010
Burton G. Malkiel sees them as a way for the wealthy to avoid much of the volatility and high fees of other investments. (8 h ago)

• Your Money: The Odds of a Disability Are... Your Money: The Odds of a Disability Are Themselves Odd
02/05/2010
The disability insurance industry would love for you to buy a policy and has the scary numbers to sway you. (9 h ago)

• Questions to Ask Before Buying Disabilit... Questions to Ask Before Buying Disability Insurance
02/05/2010
A reader annotated guide to the questions you should ask before buying disability insurance coverage. (16 h ago)

• Describe Your Experience with Disability... Describe Your Experience with Disability Insurance
02/05/2010
Bucks readers describe their experiences with buying and using disability insurance and comment on the "Your Money" column on the odds of becoming disabled. (16 h ago)

• The Challenge of Pricing Surgery Ahead o... The Challenge of Pricing Surgery Ahead of Time
02/05/2010
According to a new paper, it's challenging and often impossible to get prices for surgeries before going into the hospital. (20 h ago)

• One More Reason for Denials of Loan Modi... One More Reason for Denials of Loan Modifications
02/05/2010
Some troubled homeowners are being denied loan modifications for reasons that violate the Treasury Department's rules, a new report says. (22 h ago)

• Lobbying Imperils Overhaul of Student Lo... Lobbying Imperils Overhaul of Student Loans
02/05/2010
An aggressive lobbying by large student lenders has imperiled a plan to end subsidies to private lenders. (23 h ago)

• Doctor and Patient: When the Patient Can... Doctor and Patient: When the Patient Can’t Afford the Care
02/04/2010
Medical schools are strong in teaching biology and pharmacology, while areas like the costs of health care are often neglected. (1 d 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. (2 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. (3 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. European Union - World Trade Organization - People's Republic of China - China - Government (2 d ago)

• Sponsored By: Sponsored By:
02/03/2010
(2 d ago)

• Toyota posts $1.7 billion quarterly prof... Toyota posts $1.7 billion quarterly profit
02/03/2010
Toyota Motor Corp., grappling with spreading safety problems that are battering its image, returned to profit in the October-December quarter and raised its annual earnings forecast. Toyota - Autos - Recreation - Makes and Models - Toyota Motor Corp (2 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 (2 d ago)

• Goldman CEO 'settles' for a $9 million b... Goldman CEO 'settles' for a $9 million bonus
02/06/2010
The price tag for Goldman Sachs CEO Lloyd Blankfein getting some peace of mind: nearly $60 million -- and the distinction of being paid less than JPMorgan Chase's Jamie Dimon. Despite guiding Goldman Sachs through its most profitable year ever, Blankfein will get a bonus of just $9 million... (7 h ago)

• Markets eke out gain after tumble Markets eke out gain after tumble
02/06/2010
While markets in Europe continued to tremble over possible debt defaults among its weakest nations, Wall Street pulled out of a nerve-wracking dive yesterday on hopes that more jobs are ahead. The Dow Jones industrial average took a steep decline during most of the session, recovering to gain 10 points... (7 h ago)

• Intrawest nears Olympic win Intrawest nears Olympic win
02/06/2010
Fortress Investment Group's resort company Intrawest is close to getting a part of a $40 million guarantee from the Winter Olympic Committee in connection with hosting the alpine events of this year's games at Intrawest's Whistler/Blackcomb ski resort, according to a person familiar with the matter... (7 h ago)

• Madoffs' gravy drain Madoffs' gravy drain
02/06/2010
The Madoff family is on a financial leash -- and a short one, at that. Bernard Madoff's sons, brother and niece yesterday agreed to a court-ordered freeze on their assets. They can't sell, leverage, waste or move any property worth more than $1,000, or rack up more... (7 h ago)

• Facebook's challenge Facebook's challenge
02/06/2010
Talk about multitasking. Facebook CEO Mark Zuckerberg is gearing up to take on Google's popular e-mail service at the same time the social-networking site struck a new deal with Microsoft that will give it back its display ad sales in exchange for giving Microsoft's Bing a bigger search... (7 h ago)

• Business briefs Business briefs
02/06/2010
Mets lose Moody's Investors Serv ice downgraded the un derlying ratings on more than $600 million of bonds that paid for the New York Mets' new stadium into junk territory, and said a reserve fund is par tially backed by an insurer with a junk rating -- Ambac Financial... (7 h ago)

• Senate impasse over fiscal rules Senate impasse over fiscal rules
02/06/2010
Bipartisan efforts to tighten US financial regulation ground to a halt in the Senate yesterday, leaving Democrats to proceed on their own and painting Republicans into an uncomfortable political corner. After months of public debate and closed-door talks, Senate Banking Committee Chairman Christopher Dodd, chief negotiator for the Democrats, said... (7 h ago)

• Macmillan books return to Amazon Macmillan books return to Amazon
02/06/2010
Amazon.com, the largest Internet retailer, resumed selling Macmillan books on its Web site, ending a week-long fight with the publisher over the price of electronic books. Macmillan titles such as "Sarah's Key," by Tatiana de Rosnay, and "Plum Spooky," by Janet Evanovich, were available in print versions yesterday... (7 h ago)

• Stanford loot stuck overseas Stanford loot stuck overseas
02/06/2010
A dispute over control of $370 million in assets traced to accused Ponzi schemer Allen Stanford is holding up disbursement of the funds, but the liquidators and the receiver in the case are in talks to settle the matter, liquidators for Stanford's Antigua bank said yesterday. Nigel Hamilton-Smith and... (7 h ago)

• Execs go incognito to review workplace Execs go incognito to review workplace
02/05/2010
A new reality TV series features bosses from the likes of 7-Eleven and Churchill Downs working entry-level jobs to find out what really goes on in their companies. Amy Scott reports. (22 h ago)

• In New Orleans, Saints vs. candidates In New Orleans, Saints vs. candidates
02/05/2010
David Hammer, a reporter for the New Orleans Times-Picayune and life-long Saints fan, talks with Kai Ryssdal about how the Super Bowl is overshadowing The Big Easy's mayoral election. (22 h ago)

• Will oil field pump up Dubai's economy? Will oil field pump up Dubai's economy?
02/05/2010
Officials in Dubai say they've found a fresh oil field. But some experts find the timing of the announcement a little curious. Bob Moon reports. (22 h ago)

• PIGS spells problems for euro PIGS spells problems for euro
02/05/2010
The acronym for Portugal, Ireland, Greece and Spain is being used to designate those countries, whose weak economies and debt are causing concern around the globe --- but especially in Europe. Stephen Beard reports. (22 h ago)

• Who's applying for census jobs? Who's applying for census jobs?
02/05/2010
A massive campaign is now underway to hire more than a million census workers. Jeff Tyler reports on the head-counting campaign in Los Angeles. (22 h ago)

• Weekly Wrap: Economic indicators Weekly Wrap: Economic indicators
02/05/2010
Fortune Magazine's Leigh Gallagher and Clusterstock's John Carney talk with Kai Ryssdal about what's happening with the U.S. labor market and Europe's debt problems. (22 h ago)

• What do the jobless numbers mean? What do the jobless numbers mean?
02/05/2010
The January unemployment rate dropped from 10% to 9.7%, yet 20,000 jobs were lost. What do the latest numbers say about where we are headed with this economy? John Dimsdale reports. (22 h ago)

• Will EMI survive? Will EMI survive?
02/05/2010
Nearly three years after EMI, whose artists include Robbie Williams and the Beatles, was bought by private equity firm Terra Firm for £4.2 billion ($US6.5 billion) including debt, it looks like the company is about to go bust, the first high profile casualty of the music industry shakeout.The Financial Times reports that EMI's auditors have expressed concern about the company's ability to continue as a going concern because of the enormous debt load. Guy Hands, Terra Firma's founder and chairman,has to go cap in ... (10 h ago)

• More big bonuses on Wall Street More big bonuses on Wall Street
02/05/2010
Those US bankers just don't get it. Goldman Sachs has stunned everyone by giving its chief executive Lloyd Blankfein a $9 million year end bonus. It's no cash, just stock. But with the Goldman Sachs share price sitting at over $154, he's really raking it in.All this is in contrast to the pay for ordinary workers with BusinessWeek reporting their wages have been flat for nearly 20 years, rising only 0.1% from 1979 to 2007. And that was before the economic crisis hit.Now Goldman ... (10 h 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 ... (1 d 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 ... (1 d ago)

• Carbon and credit derivatives link Carbon and credit derivatives link
02/04/2010
Get ready for subprime carbon.Last year, I did a blog entry asking whether carbon was going to be the next subprime. As I said at the time, cap and trade is just another derivatives market.We have further proof of that with revelations about Blyth Masters from JP Morgan. As The Guardian reported a few years ago, British-born Masters was one of the financial engineers who invented credit derivatives. As we know now, credit derivatives were designed to remove risk from a company's balance by ... (2 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 ... (2 d 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. H. J. Heinz Company - Ketchup - United States - Supplies - Recreation (1 d 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. Andrew Cuomo - Attorney general - Law - United States - Law Enforcement (1 d ago)

• Sponsored By: Sponsored By:
02/04/2010
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• 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. Business - Retailing - Shopping - Business and Economy - Salesmanship (1 d ago)

• Wal-Mart laying off 300 workers at HQ Wal-Mart laying off 300 workers at HQ
02/03/2010
Wal-Mart announced it will lay off 300 people at its headquarters, calling the cut the "last major" step in a yearlong effort to streamline its operations and eliminate duplication. Wal-Mart - Business - Layoff - Allegedly Unethical Firms - retail (2 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 (3 d ago)

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John gogs :: 12/28/2009

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out of control
staystrong :: 02/23/2009

The poor thing! Once so high and mighty and far ab...
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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. (2 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. (2 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. (2 d 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 (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 ... (1 d 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 ... (1 d ago)

• Investors Launch Football Fund Investors Launch Football Fund
02/03/2010
The London Nominees Football Fund launched on Feb 1, 2010, with approximately $40 million in assets under management. The investment panel includes ex international players, coaches and leading industry experts offering investment in clubs, players, related brands and franchises, at a low minimum investment. Up until now, the football industry has been highly specialized and is difficult for the average investor to participate in. "I am thrilled to contribute my experience with Football teams and clubs to The Football Fund. Our team, while ... (3 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 (1 d 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 (2 d ago)

• Marketing Your Home Business in Print Marketing Your Home Business in Print
02/03/2010
© L. Marie When it comes to designing printed materials for your company, you have plenty of options. Depending on your business you may do some things on paper and others electronically. But there should be a basic number of printed items you will need to get started. Business Cards: These are a must have. You need something that has your name, your logo, your basic contact information and at least a hint of what you do on it. Basic cards are cheap to ... (2 d ago)

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

• Sponsored By: Sponsored By:
02/04/2010
(1 d 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. Politics - Campaigns and Elections - Products and Services - United States - Environment (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 ... (2 d ago)

• Stocks fall for the week on concerns ove... Stocks fall for the week on concerns over euro-zone economies
02/06/2010
U.S. stocks fell for a fourth straight week, the longest streak since July, as concern grew that widening budget deficits in Europe will slow the economic recovery. A 167-point rally in the Dow Jones industrial average during the final hour of trading Friday failed to erase losses. (1 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 ... (1 d 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 ... (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 ... (1 d ago)

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