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Business News
for 02/09/2010

(last updated 7:30am EST 02/09/2010)

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• E.C.B. Chief Cuts Short Trip to Attend S... E.C.B. Chief Cuts Short Trip to Attend Summit on Debt Crisis
02/09/2010
Jean-Claude Trichet is returning early from Australia to attend a meeting of European leaders, amid speculation over possible action to ease the debt crisis in several countries. (3 h ago)

• Toyota Details Recall of 2010 Prius for ... Toyota Details Recall of 2010 Prius for Brake Problems
02/09/2010
The worldwide recall will affect about 437,000 units of the 2010 Prius and other hybrid models, according to the company’s filing. (3 h ago)

• UBS Returns to Profit but Clouds Linger UBS Returns to Profit but Clouds Linger
02/09/2010
UBS posted its first quarterly profit in over a year Tuesday, but customers continued to pull money out of the bank, sending its shares down. (4 h ago)

• Japan Airlines Decides to Stick With Ame... Japan Airlines Decides to Stick With American Airlines
02/09/2010
The Japanese carrier said Tuesday that it will stay in the Oneworld alliance, rejecting an overture by Delta Air Lines of the rival SkyTeam group. (4 h ago)

• European Stocks Up Cautiously on Hopes f... European Stocks Up Cautiously on Hopes for Greece
02/09/2010
Stocks climbed on hopes that E.U. officials will provide Greece with support to handle its debt and keep the market crisis from spreading to other vulnerable countries. (4 h ago)

• Britain's Top Financial Regulator to Ste... Britain's Top Financial Regulator to Step Down
02/09/2010
Hector Sants announced Tuesday that he planned to step down, surprising the markets and casting doubt over the future of the Financial Services Authority as well as broader banking reform. (5 h ago)

• As Data Flows In, the Dollars Flow Out As Data Flows In, the Dollars Flow Out
02/08/2010
The average American is expected to spend nearly $1,000 this year on services like cable, Internet and video games. (8 h ago)

• A Move to Expand Falters as Kirin Ends T... A Move to Expand Falters as Kirin Ends Talks With Suntory
02/08/2010
Kirin, the Japanese brewing giant, cited differences over management independence and transparency in a merged company as the reason for ending the talks. (8 h ago)

• E.U. Slow to React to Toyota Safety Prob... E.U. Slow to React to Toyota Safety Problems
02/08/2010
The system for monitoring car safety across the European Union has appeared, like Toyota, opaque and slow to react. (10 h ago)

• Optimism Persists in a Kentucky Town Whe... Optimism Persists in a Kentucky Town Where a Carmaker Brought Jobs
02/08/2010
As production resumes this week in Georgetown, Ky., and other American cities where Toyota builds cars, people are eager to see its recall problems blow over. (10 h ago)

• China Lists $9.6 Billion in Shares of U.... China Lists $9.6 Billion in Shares of U.S. Companies
02/08/2010
The China Investment Corporation bought more than $9 billion worth of shares in companies like Bank of America and Apple. (10 h ago)

• On the Road: A List No Hotel Wants to Be... On the Road: A List No Hotel Wants to Be On
02/08/2010
This year’s lists singled out the 10 "dirtiest" hotels in each of six regions — the United States, Asia, Canada, France, Italy and Britain. (10 h ago)

• Google to Add Social Features to Gmail Google to Add Social Features to Gmail
02/08/2010
Google will unveil add-ons to Gmail that let people post and view messages about their day-to-day activities. (10 h ago)

• With Shake-Up, SAP Seeks Better Customer... With Shake-Up, SAP Seeks Better Customer Relations
02/08/2010
The chairman of SAP, the German software company, said a decision to raise maintenance fees was wrong and acknowledged that he had been partly responsible for the move. (10 h ago)

• Maker to Fix Airline Seats After Faking ... Maker to Fix Airline Seats After Faking Safety Test Results
02/08/2010
Koito Industries, whose parent is affiliated with Toyota, will fix about 150,000 seats in planes operated by 32 airlines after saying that it falsified test results. (11 h ago)

• Media Cache: Free vs. Paid, Murdoch vs. ... Media Cache: Free vs. Paid, Murdoch vs. Rusbridger
02/08/2010
The head of News Corporation and the editor of The Guardian are facing off over whether newspapers should charge for content on the Web. (16 h ago)

• In Secret, Nations Work Toward Crackdown... In Secret, Nations Work Toward Crackdown on Piracy
02/08/2010
Negotiators, under intense pressure from media companies, luxury brands and other corporate victims of piracy to complete a deal, are facing criticism over the process. (1 d ago)

• European Central Bank in a Squeeze European Central Bank in a Squeeze
02/08/2010
As alarm about Greek debt increases, a weakness of the European monetary union has been exposed: its lack of a strong political arm. (1 d ago)

• The Caucus: Obama’s Balancing Act on U.S... The Caucus: Obama’s Balancing Act on U.S. Trade Policies
02/07/2010
Facing pressure from Democrats and Republicans, not to mention labor unions, the administration’s message is one of ambivalence. (1 d ago)

• Asia Sails Smoothly Through Debt Waters Asia Sails Smoothly Through Debt Waters
02/07/2010
The Asian financial crisis of 1997 led many countries to be more conservative about borrowing and spending than Western nations. (1 d ago)

• Prius recall case may severely damage re... Prius recall case may severely damage reputation of Toyota (2)
02/07/2010
&$ &$Photo taken on Feb. 5, 2010 shows a Toyota Motor Corp.'s Prius hybrid car at a car dealer in New York, the United States.(Xinhua/Liu Xin)&$ &$ &$ 【1】【2】【3】 <a href="/cms/template/NewsView.jsp?i ... (1 d ago)

• Prius recall case may severely damage re... Prius recall case may severely damage reputation of Toyota (3)
02/07/2010
&$ &$Customers sit beside a Toyota Motor Corp.'s Prius hybrid car at a car dealer in New York, the United States, on Feb. 5, 2010. (Xinhua/Liu Xin)&$ &$ &$ 【1】【2】【3】 <a href="/cms/template/NewsView. ... (1 d ago)

• Prius recall case may severely damage re... Prius recall case may severely damage reputation of Toyota (4)
02/07/2010
&$ &$Photo taken on Feb. 5, 2010 shows the logo of the Toyota Motor Corp.'s Prius hybrid car at a car dealer in New York, the United States. (Xinhua/Liu Xin)&$ &$&$ 【1】【2】【3】 <a href="/cms/template/ ... (1 d ago)

• Prius recall case may severely damage re... Prius recall case may severely damage reputation of Toyota
02/07/2010
&$ &$People walk past a car dealer of Toyota Motor Corp. in New York, the United States, on Feb. 5, 2010. The Japanese automaker Toyota has decided a mandatory recall of 270,000 units of its third-generation Prius hybrid car, which some consumers have reported has a brake problem, local media reported on Friday. Toyota, which has had a reputation for safety for many years, is likely to see a huge dent in its sales as media ... (1 d ago)

• Australian mining magnate secures coal e... Australian mining magnate secures coal export deal with China
02/07/2010
Queensland mining magnate Clive Palmer said Saturday his company has secured Australia's largest coal export deal with China. The Resourcehouse chairman said the company had reached a 20-year agreement with one of China's largest power companies, China Power International Development, the flagship company of China Power Investment Corporation (CPI). "This deal with CPI is Australia's biggest ever export contract," Palmer said in a statement. "This is Australia's largest single, non-syn ... (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 ... (2 d 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 ... (2 d 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 ... (2 d 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 ... (2 d 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 ... (2 d 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 ... (2 d 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 ... (2 d 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 ... (2 d 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 ... (2 d ago)

• UK's trade deficit widens UK's trade deficit widens
02/09/2010
• New figures reveal £7.3bn deficit for last December • 7.6% increase in non-EU imports helps widen trade gap Britain's trade deficit with the rest of the world widened to its highest level in nearly a year, in December, as imports rose more than exports, according to official figures published today. The Office for National Statistics (ONS) said the deficit on trade in goods was £7.3bn in December, compared with a deficit of £6.8bn in November. December's figure was the highest since January 2009, while analysts had forecast a deficit of £6.63bn. The widening in the deficit was driven by a 7.6% month-on-month increase in non-EU imports, which was the biggest since March 2005. The figures also revealed that Britain's trade deficit for 2009 as a whole narrowed for the first year since 1997 after the global recession caused both imports and exports to fall at their fastest rate in over 50 years. Howard Archer, chief UK economist at IHS Global Insight, said: "The total trade deficit disappointingly and unexpectedly widened in December as imports rose more than exports. This suggests that net trade was negative in the fourth quarter of 2009 and dilutes hopes that GDP growth could be revised up from the preliminary estimate of just 0.1% quarter-on-quarter. Net trade made a negative contribution of 0.2 percentage points to third-quarter GDP, thereby preventing the economy from at least stabilizing." Economic growth (GDP) Recession Office for National Statistics Economics Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Google tells creators of Chinese website... Google tells creators of Chinese website to drop logo
02/09/2010
• Lookalike infringes trademark rights, says US search firm • Goojje launches after row with Beijing over censoring Google has warned the creators of a lookalike Chinese site to scrap their logo because it infringes trademark rights. Goojje appeared shortly after the US internet company said it was no longer willing to censor its Chinese service and its home page included what appeared to be a plea to the firm to remain in China. The Chinese doppelganger offers search and social networking services. Today one of its college student creators said Google had sent them a letter from its lawyers warning them to stop using its current logo or anything that might mislead the public into thinking there was a connection with the American firm. A Google spokeswoman told Reuters it had asked Goojje to stop copying its trademarked logo. The Chinese website's logo also incorporates the paw-print motif of Baidu, the domestic company that dominates the search market in China. In an email to the Guardian one of the site's founders, who uses the pseudonym Xiao Xuan, said: "We will continue the site; we will insist on our own path; we will not give up; we won't abandon it. Anyone who knows Chinese knows the difference between the two." The site's name is a pun because the second half of Google's Chinese name, Guge, sounds like the word for older brother, gege. The latter part of Goojje sounds like "jiejie" or "older sister". The homepage of the website originally bore the slogan: "Brother is leaving ... sister will miss him." That appeared to be a reference to Google's acknowledgement that its decision to stop self-censoring could lead to its departure from China. After executives stressed they hoped to keep doing business on the mainland, Goojje changed the statement to express happiness that "brother stayed for sister". Xiao told China's Global Times newspaper the site had 60,000 registered users and had repeatedly suffered cyber attacks. Fang Xingdong, founder and CEO of Chinese blog portal Bokee, told the paper: "I don't believe Goojje will survive long. It's likely that these college students set up the site for fun. If they mean to be serious, it would cost a lot of cash and need advanced technology to support the website." Google China United States Freedom of speech Tania Branigan guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Barclays's John Varley: 'Obama reforms w... Barclays's John Varley: 'Obama reforms won't prevent banking crisis'
02/09/2010
• Barclays chief tells Treasury select committee that proprietary trading ban is 'completely irrelevant' • Rules to increase capital ratios will increase cost of credit to customers, says Varley Barack Obama's plans to stop banks engaging in risky trading activities will not stop another banking crisis, John Varley chief executive of Barclays said today. Speaking before the Treasury select committee, Varley also tried to calm concerns that the crack down on proprietary trading, known as the Volcker rule , will knock Barclays' profits. "This initiative [Volcker] on its own will not lead to a safer system," Varley said. "It is inconsequential. It is completely irrelevant [to Barclays]." Obama stunned markets with plans to stop banks using savers' money to take bets on markets through proprietary trading, run hedge funds or make investments in private equity through a plan devised by former Federal Reserve chairman Paul Volcker. Varley insisted that none of the money deposited by savers at Barclays was used to support the investment banking arm, known as Barclays Capital, which has grown rapidly since the acquisition of the Wall Street operations of the collapsed Lehman Brothers in October 2008. Varley expressed gratitude for taxpayer support for the banking system as he revealed that Barclays was one of the Financial Services Authority's guinea pigs for the "living wills" being created to ensure that no bank is too big to fail. The FSA is demanding banks create the living wills, which would allow them to be broken up without the need for taxpayer bailouts, instead of adopting rules that would force banks to split themselves into deposit-taking banks and "casino" investment banks. As he made a staunch defence of big banks like Barclays not being broken up by regulators, Varley warned MPs on the committee that the implications of demands that banks hold more capital and more liquid assets such as government bonds was that they would increase interest rates charged to customers. "The cost of credit is going in one direction only – it's going higher," said Varley. Varley argued that the size of banks was itself not a cause for potential failure in the financial system. "Size is irrelevant," he said, adding that risk is more important. "The system would not be served by making big banks smaller but making big banks safer," said Varley. He told the committee, which has met Volcker, that he understood why the respected US banking expert had chosen to crack down on proprietary trading risk. But, he said: "I wouldn't regard it as silver bullet". John Varley Barclays Barack Obama Banks and building societies Hedge funds Market turmoil Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (3 h ago)

• Ofgem green energy label to prove eco-fr... Ofgem green energy label to prove eco-friendly electricity tariffs really delivering
02/09/2010
Green certified energy label promotes electricity suppliers that take extra steps to reduce emissions A labelling scheme to show consumers if "green" electricity tariffs from energy suppliers are really delivering environmental benefits was launched today. The "green energy certified" label aims to cut through the confusion over environmentally friendly power tariffs and allow customers to support companies taking extra steps to cut emissions. The certification scheme will implement guidelines from energy regulator Ofgem about what green tariffs should include and the evidence needed to back them up. It aims to reassure householders and small businesses that paying for green energy is actually reducing greenhouse gas emissions. In the past, consumers paying for the green tariffs may have been simply supporting suppliers in meeting their existing government requirements to boost renewable energy and improve energy efficiency. Energy companies are required to source increasing amounts of energy from renewable sources under the renewables obligation and provide energy efficiency programmes - requirements that were being repackaged as green tariffs for which customers pay more . Now, to be certified under the new scheme suppliers will have to demonstrate to an independent panel of experts that their schemes are in addition to their existing obligations. They will have to show their tariffs result in a reduction of a minimum amount of carbon dioxide emissions, for example through schemes such as community renewables projects which they might not have otherwise supported. Sarah Harrison, of Ofgem, said: "Ofgem's guidelines and the new independently applied label will help give consumers peace of mind that when they buy a green electricity deal it will bring an additional benefit. This is good news for consumers and for green tariffs. The independent panel's chairwoman, Solitaire Townsend, said: "Only 2% of Britons buy green energy but I hope that a trustworthy label will convince many more to go green." She said the decisions by the panel would be based on evidence, not marketing, to restore consumer trust in green energy. Juliet Davenport, chief executive of Good Energy, said the scheme should put an end to "greenwash" in the electricity market and boost demand for renewables in the UK. But not all utilities were happy with the new scheme. Dale Vince, founder of green energy company Ecotricity, said: "Ofgem's new 'rules' set an artificial standard of what green electricity really is. If suppliers want to plant trees or look after birds, I'm all for that but not under the guise of green electricity. Consumers just want to be sure of two things: where is my green energy coming from, and what good will my bill bring? And both of these are quick and simple to verify." Renewable energy Energy Energy efficiency Energy bills Household bills Consumer affairs Utilities guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Vauxhall announces that jobs will go at ... Vauxhall announces that jobs will go at its Luton van plant
02/09/2010
• 500 UK jobs will be lost in restructuring • Opel/Vauxhall to cut 8,300 jobs across Europe More than 500 jobs in the UK will be cut as part of the restructuring plan announced today by Opel/Vauxhall, that will see 8,300 job losses across Europe. Most of the UK cuts will be at its Luton van plant where 369 posts will be lost. In addition, a further 154 sales and admin jobs will go. Opel/Vauxhall also formally applied for €2.7bn (£2.4bn) of loan guarantees from European governments to fund the plan. The company said that in total €11bn will be invested in the business over the next five years, including €1.25bn from US parent company GM, and that it would launch eight new models this year. In order to break even next year, it said that 8,300 jobs would be cut in total in Europe as the company reduced capacity by a fifth. Around half the jobs will be lost in Germany. Last year, when GM came close to selling Opel/Vauxhall to Magna , a Russian backed consortium, the new owners were planning to make more than 10,000 job cuts. Because the German government had promised to bankroll the Magna plan, unions and politicians feared that the cuts would be deeper in other countries such as the UK. Today's announcement also offered hope for the Luton van plant's future. The Vauxhall factory makes Vivaro vans in a joint venture with Renault which expires in 2013 and its future beyond that date is uncertain. Opel/Vauxhall had previously said it was looking at the viability of making new van models at the plant. This morning the company said it would "make a strong push in the light commercial vehicle business". Vauxhall GM Automotive industry Germany Tim Webb guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Nissan returns to profit thanks to China Nissan returns to profit thanks to China
02/09/2010
• Cost cuts and focus on emerging markets help carmaker return to black • Firm predicts full-year profits of ¥35bn after huge losses last year While its rival Toyota struggles to contain the fallout from the recall of millions of defective cars, Nissan today reported a return to profit in the last quarter and said it expected to end the full year in the black thanks to strong sales in China. Japan's third biggest carmaker said its net profit totalled ¥44.9bn (£322m) between October and December, compared with an ¥83.1bn loss a year earlier. It now expects profits of ¥35bn for the year to the end of March, having earlier projected losses of ¥40bn. Last year Nissan, which is 44% owned by Renault, suffered losses of ¥233.7bn, but has clawed its way back to profit by cutting costs and focusing on emerging markets such as India and China. It is also preparing for the launch this year of the Leaf, the first all-electric, zero-emission car designed for the mass market. Nissan and other carmakers have seen sales boosted by government programmes to encourage drivers to trade in their old cars for new, fuel-efficient models. Honda and Toyota have also raised their full-year forecasts, although the latter will be saddled with a bill of at least $2bn (£1.3bn) to cover the cost of recalling more than 8m cars with potential acceleration problems. "For Nissan, I am placing my hope on China, whose contribution has become clear to the automaker's recovery," Takeshi Osawa, a senior fund manager at Norinchukin Zenkyoren Asset Management, told Reuters. Nissan also raised its annual global output target to 3.29m vehicles, up 6.6% from last year. While Toyota's recall woes have wiped 22%, or $30bn, from its market value since the middle of last month, Nissan shares have risen 8.7% in the past three months, easily outperforming the Nikkei stock average's 1.7% gain. Toshiyuki Shiga, Nissan's chief operating officer, told reporters his firm placed a premium on customer trust, but refused to speculate on how much the firm stood to gain from Toyota's woes. Nissan Toyota China Japan India Honda Automotive industry Justin McCurry guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Boots signs Mothercare deal Boots signs Mothercare deal
02/09/2010
Pharmacy chain to offer children's clothes and accessories after agreement with baby retailer A range of children's clothing and accessories is to be sold in Boots after the pharmacy chain signed a strategic partnership with mother and baby retailer Mothercare. The two already have an agreement through which Boots sells toys from the Early Learning Centre, the chain bought by Mothercare in June 2007 for £85m. Ben Gordon, Mothercare's chief executive, said: "We are delighted with this latest addition to our existing successful partnership with Boots. We expect this agreement to be a substantial development in our recently announced wholesale strategy. Work has already commenced on what will be a distinctive and quality product range for customers." Gordon has big ambitions for the mother and baby chain. Last year he outlined plans to open 12 sites with landmark stores inside major shopping centres. Alliance Boots, which is owned by private equity group KKR, said it hoped the arrangement would help expand its business. Alex Gourlay, chief executive of the health and beauty division at Alliance Boots, said: "We believe this move will further strengthen our baby and child range and build on our reputation for offering great value children's wear. This agreement demonstrates our commitment to developing strategic partnerships to grow and expand our business." Alliance Boots Mothercare Retail industry Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Hector Sants resigns as head of Financia... Hector Sants resigns as head of Financial Services Authority
02/09/2010
• City regulator thrown into chaos as chief executive quits • Conservatives have said they will close the watchdog The City regulator faced further uncertainty this morning as chief executive Hector Sants announced his resignation just months before a general election that could result in the disbandment of the Financial Services Authority. Sants, a former banker, is stepping down from the FSA in the summer. He has tendered his resignation ahead of the election, which has cast uncertainty over the FSA's future because the Conservatives have a policy to close down the watchdog. Concerns will now be mounting about the willingness of chairman Lord Turner to remain in his post during a radical overhaul of financial regulation following the taxpayer bailout of the banking system. While Sants had told friends that he intended to stay as chief executive for only three years, the timing of his departure will raise speculation that he decided to make his announcement now because of the uncertainty facing the FSA. The Conservatives have announced plans to disband the FSA and hand its powers for supervising banks to the Bank of England, effectively tearing up the system of regulation introduced by Labour when it was swept to power in 1997. The opposition has blamed the current tripartite system – involving the FSA, the Bank of England and the Treasury – for the financial crisis. Lord Oakeshott, Liberal Democrat Treasury spokesman, hit out at Osborne's plans. "Obsorne's half-baked plans to half-merge the FSA and Bank of England are already causing confusion and instability at the heart of financial regulation. His credit rating among City professionals is now BBB at best, with a serious risk of a downgrade to junk bond status," Oakeshott said. He added: "Hector was an old City pro, with vast experience but too slow to spot the dangers of hedge funds and gambling banks. The FSA needs a strong new broom now as chief executive to help Adair Turner sweep the stables clean." Sants said: "When I was appointed I told the board that I planned to serve as chief executive for three years, and I intend to stick to that timetable. Of course, those three years have encompassed the most extraordinary circumstances for a financial regulator, and I am very proud of the manner in which the FSA rose to the challenge of dealing with such unprecedented turbulence across global financial markets. "Moreover, I believe the FSA candidly examined the failings in financial regulation that contributed to the onset of the crisis, learned the lessons and has gone on to reform itself into a much stronger and better equipped organisation. "I believe the FSA has made great strides in ensuring that such individuals are in place in the UK and I am sure that after I leave they will continue to do invaluable work to ensure financial stability and protect the interests of consumers." He joined the regulator in May 2004 as the managing director responsible for wholesale and institutional markets which allowed him to avoid direct criticism over the supervision of Northern Rock, the first bank to endure a crisis of confidence in living memory . The banking crisis erupted just as he became chief executive in July 2007, from which point he was embroiled in overseeing the nationalisation of Northern Rock and the bailout of Royal Bank of Scotland and HBOS. Turner tried to present a picture of business as usual at the FSA and paid tribute to Sants. "Hector has given outstanding service and leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation. He will leave behind an organisation with strong purpose and a clear strategy," said Turner. "We will be immensely sorry to lose him, but understand his decision to move on in the summer and wish him well in whatever he chooses to do after his departure. In the meantime, we will continue to work together to deliver the FSA's reformed and intensive supervisory approach and drive forward the global regulatory reform agenda." Financial Services Authority (FSA) Banking Conservatives Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Guardian Media Group sells regional busi... Guardian Media Group sells regional business to Trinity Mirror
02/09/2010
Historic newspaper link to Manchester severed in deal worth £44.8m, £7.4m of it in cash, but excluding Channel M local TV The Guardian severed its historic newspaper link to Manchester today with the sale of its regional media business to Trinity Mirror. The deal is worth £44.8m to Guardian Media Group, with £7.4m in cash and Trinity Mirror releasing GMG from a £37.4m print contract. GMG Regional Media publishes 32 newspapers, including the Manchester Evening News and 21 other titles in the north-west of England, plus 10 titles in the south of England, including the Reading Post and the Surrey Advertiser. Its Greater Manchester TV station, Channel M, and the local newspapers in Woking are not included in the deal. Mark Dodson, the chief executive of GMG Regional Media, and Ruth Spratt, the managing director of MEN Media, are to leave the company. David Sharrock, the chief operating officer of GMG Regional Media, has been made managing director of MEN Media. S&B Media, which publishes the 10 south of England titles, will be managed as part of Trinity Mirror's existing business in the region. Carolyn McCall, the chief executive of Guardian Media Group, said: "The Manchester Evening News and its sister titles have made a huge contribution to the fortunes of the group for the best part of a century. "GMG is mandated to secure the future of the Guardian in perpetuity, and we have a strong portfolio which has to be in the right shape to achieve that goal. The group board and the Scott Trust have made the decision to sell in light of these strategic objectives. "GMG Regional Media is a good business and a publisher of important newspapers. However, we believe Trinity Mirror, as one of the UK's biggest regional publishers, is best placed to develop this business in a market that is likely to consolidate further. We are therefore confident that this decision is in the best long-term interests of the regional business and its staff, as well as delivering real value for the group." Sly Bailey, the chief executive of Trinity Mirror, said: "GMG Regional Media is a perfect strategic fit for our group. This acquisition, which includes the Manchester Evening News with its proud and rich journalistic heritage, together with the weekly titles and associated websites, extends our reach across print and online and is a further step towards our strategic goal of creating a multimedia business of real scale." The deal is due to be completed by 28 March. The Guardian newspaper was previously known as the Manchester Guardian, before moving its main office to London in the early 1960s. Guardian Media Group is wholly owned by the Scott Trust, which was created in 1936 and exists to secure the financial and editorial independence of the Guardian in perpetuity. • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". Guardian Media Group Trinity Mirror Manchester Evening News Regional & local newspapers Newspapers Newspapers & magazines Media business Trinity Mirror Steve Busfield guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• Toyota recalls Prius over brake problems Toyota recalls Prius over brake problems
02/09/2010
Around 8,500 British Prius owners affected in recall of almost half a million vehicles by carmaker hit by recent safety scares Toyota is to recall almost half a million hybrid cars worldwide, including 8,500 of its Prius model in the UK, in the latest blow to the carmaker's reputation following a string of safety scares. The recall will begin immediately in Japan and similar measures are being prepared overseas, the firm said today. Toyota GB announced that the recall will apply to 8,500 owners of the third-generation Prius in the UK . It will send individual letters to all those owners explaining details of the recalls, which will involve a 40-minute software update to the car's braking system. Today's announcement follows about 200 complaints in Japan and the US over a software glitch in its best-selling Prius petrol-electric hybrid that can cause temporary brake failure at low speeds on bumpy or icy roads. "I apologise for causing trouble and worries for many customers over the quality and safety of Toyota," its embattled president, Akio Toyoda, told reporters in Tokyo today, his second public apology in less than a week. "We sincerely acknowledge safety concerns from our customers. We have decided to recall as we regard safety for our customers as our foremost priority. We will redouble our commitment to quality as a lifeline of our company. We will do everything in our power to regain the confidence of our customers." Toyota GB pointed out that so far there had been no reports of accidents linked to the problem in Europe. Toyota's Japanese headquarters informed the country's transport ministry of the recall of 223,000 hybrid cars in Japan across four models: about 200,000 of the 2010 Prius model and much smaller numbers of the Prius plug-in hybrid, the SAI and the Lexus HS250h. It said it would take remedial measures concerning a further 213,000 hybrid cars outside Japan, including the US and Europe, taking the total number of vehicles affected to around 437,000. The new Prius is sold in about 60 countries, with sales totalling more than 300,000 vehicles since the first models were rolled out last spring. Toyota, the world's biggest carmaker, is already faces criticism following the recent recall of more than 8m cars worldwide affected by potentially dangerous acceleration problems. The Prius, the world's most popular hybrid, was Japan's top-selling car last year and hailed as the ultimate in green auto technology. But mounting fears over its safety could unravel Toyota's attempts to dominate the growing market in fuel-efficient vehicles. In the US Toyota is battling to save its reputation in the face of lawsuits linked to accidents, an investigation by highway authorities and mounting criticism of its handling of the crisis by the Obama administration. The brake defect has been responsible for four crashes in which two people were injured, according to the National Highway Traffic Safety Administration, which has launched an investigation. There have been no reports of similar accidents in the UK. The recall of the Prius represents a worst-case scenario for Toyota now that safety doubts surrounding its cars have spread to its hitherto fiercely loyal customers in Japan. "Toyota has been, beyond any doubts, the top player in hybrid car segment, and the fact that Prius and other hybrid models will be part of this massive recall significantly dents its image," said Suh Sung-moon, an analyst at Korea Investment and Securities in Seoul. Toyoda, the grandson of the company's founder, promised to work closely with US regulators following criticism that the company had only recalled cars with faulty accelerators under pressure from the US government. "I have spoken with US transportation secretary, Ray LaHood, and given him my personal assurance that lines of communications with safety agencies and regulators will be kept open, that we will communicate more frequently and that we will be more vigilant in responding to those officials on all matters," Toyoda wrote in today's Washington Post. He said the firm was working around the clock to fix the problem, but conceded that it needed to do more to regain the trust of American drivers. "We are taking responsibility for our mistakes, learning from them and acting immediately to address the concerns of consumers and independent government regulators." Toyota said it had fixed the software glitch responsible for the braking problem in Prius models that went on sale from late last month, but had yet to repair models sold before then. The admission that it had started fixing the brake glitch about a week before it went public with the problem has prompted allegations of a cover-up. The firm will start informing Japan dealers immediately about the glitch, which takes about 40 minutes to repair. Industry watchers said Toyota's handling of the recalls had seriously damaged its brand image. "Until the recent crisis, Toyota was the best performing and most valuable car brand in the world," said David Haigh, the chief executive of Brand Finance, a UK consultancy, adding that the Prius had "put Toyota right at the leading edge of the green car movement". He added: "Sadly, the inept way Akio Toyoda and his management team have handled the recent crisis has massively damaged the brand." The firm has been widely criticised for failing to deal more quickly with the defects. It took almost two weeks for Toyoda, who was made president last summer, to comment publicly after the accelerator recall was announced last month. The company is also anticipating a flurry of lawsuits in the US over the brake problem, in addition to those already filed in connection with "sticky" accelerators. Today it was reported that the owner of a 2010 Prius has sued Toyota in Los Angeles, claiming that the company had failed to fix the brake defect. Toyota's North America chief executive, Yoshimi Inaba, is due to come under pressure to explain his firm's poor handling of the recall when he testifies in front of a congressional committee in Washington tomorrow. Toyota Japan Automotive industry Road transport United States Motoring Justin McCurry guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• UBS returns to profit but outflows still... UBS returns to profit but outflows still a concern
02/09/2010
• Cost-cutting helps push UBS into fourth-quarter profit • Swiss bank to pay bonuses a third higher than in 2008 Bonuses at UBS are a third higher than in 2008 after the Swiss bank, mainland Europe's biggest casualty of the financial crisis, returned to quarterly profit for the first time in more than a year. The SFr2.9bn (£1.75bn) bonus pool can be compared with the SFr2bn paid out in 2008 when UBS reported the biggest loss in Swiss corporate history of SFr21bn. The bank, which has since repaid SFr6bn of support from the Swiss government, has undergone a radical overhaul but is still suffering an outflow of funds, in part because of a tax scandal under which the US authorities are demanding details of more than 4,000 rich Americans who bank with UBS . The bank has cut 16% of its workforce during the year, taking its head count to 65,233, in an attempt to reduce costs. All business lines reported a profit in the fourth quarter, largely because of the action to cut costs, a SFr480m tax credit and a benefit from the cost of servicing its own debt. The net profit was SFr1.21bn in the fourth quarter and compares with a SFr9.5bn loss a year ago. Full-year pre-tax losses were SFr2.5bn compared with SFr27.5bn in 2008. Chief executive Oswald Grübel, who was brought out of retirement a year ago , said: "UBS is delivering on its plan for a new UBS, as demonstrated by its return to profitability and strengthened capitalisation." His priority is to stem the outflow of funds from the bank and he expressed confidence that the reputation of the bank could be restored. In the fourth quarter, SFr33bn was withdrawn from wealth management and its Swiss bank, SFr12bn from the US and SFr11bn from asset management. Grübel said: "We entered 2009 at the height of the crisis. By the end of 2009 UBS has returned to profitability, delivering on its priorities. We have taken decisive action to transform UBS and it is now a focused, efficient and resilient firm. We expect that our return to profitability will increase clients' confidence in UBS and restore our reputation." The investment bank, a big employer in the City, made a pre-tax profit of SFr297m as revenues increased on the previous quarter. The bank said: "The investment bank's results always depend heavily on market vitality, and client activity levels have been high in January. Although UBS cannot predict how long this attractive trading environment will continue, it expects that the investment bank's performance for 2010 as a whole will improve, in part because its residual-risk positions should have a much reduced impact on results." UBS has devised a novel "bonus-malus" system under which bonuses for the top executives can be claimed back which is intended to discourage risk taking. The bank did not immediately reveal whether it had taken a charge to cover the cost of Alistair Darling's one-off 50% tax on bonuses over £25,000 . UBS Banking Executive pay and bonuses Financial crisis Switzerland Alistair Darling Jill Treanor guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (5 h ago)

• British Land lifts property sector British Land lifts property sector
02/09/2010
British Land and the banks have helped leading shares in London get off to a bright start despite Wall Street falling below 10,000 overnight for the first time since early November. British Land shares added 9.5p to 447.6p after reporting an 18% rise in third quarter net asset value to 438p a share, giving investors a glimmer of hope that the property sector is recovering from its recent problems and somewhat mitigating fears of a double dip in values. The value of the company's total investment portfolio grew by 8.2% to £7.9bn. In a buy note KBC Peel Hunt said: We upgrade our net asset value per share forecasts for full year to March 2010 to 479p, and March 2010 to 527p. This assumes a further 4% increase in property values over the fourth quarter, i.e. not at the same rate as the second half 2009 bounce. British Land has office space to let in a City office market with increasingly scarce new space. 250,000 square feet is under offer, and at least a further 500,000 square feet of supply. Even after the partial sale of Broadgate in November, the company has significant exposure to City office space and we expect the flow of positive news in 2010 to be driven in this sector. The quality of the retail portfolio is unsurpassed, and it is now 99% let. The marginal fall in rental values was offset by inward yield shift. Retail will of course be exposed to consumer weakness but for British Land quality will mitigate much of this. The British Land figures have also lifted Land Securities 20p to 642p and Liberty International 3.4p to 450.1p. It has also helped the banks, which of course are heavy lenders to the property sector, despite a mixed picture from Swiss bank UBS which posted its first quarterly profit for a year but saw customers withdraw more cash than expected. So Lloyds Banking Group has been lifted 1.65p to 48.85p while Royal Bank of Scotland has risen 1.11p to 33.26p. Overall the FTSE 100 is up 24.70 points at 5117.03. Owen Ireland at ODL Securities said: We are now facing up to a psychological battle. Another triple digit loss on the Dow, taking it below the 10,000 level will now test the strength of the move down. Will we see buyers coming in at these lower levels, or do we need to admit to ourselves that this is part of a serious move lower? Despite the magnificent returns since March 2009, the losses of 2008 are still fresh in the mind. Will market bulls be able to hold their nerve?" The growing hope of a bailout for Greece is helping sentiment, and pushing the euro higher after the currency's recent hammering on fears of spreading debt problems across the continent. British Land Land Securities Royal Bank of Scotland Lloyds Banking Group Liberty International Nick Fletcher guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (6 h ago)

• BSkyB sells 10% stake in ITV after court... BSkyB sells 10% stake in ITV after court ruling
02/09/2010
Satellite broadcaster offloads majority of 17.9% stake following two-year legal battle to retain shares in ITV BSkyB has sold the majority of its controversial stake in ITV for £196m, representing a loss of around £350m. The broadcaster placed 404m shares – representing a 10.4% stake in the company – with Morgan Stanley at 48.5p a share. Sky said it would retain its remaining shareholding of just under 7.5% for the medium term and remained a "committed shareholder". Morgan Stanley sold the shares to institutions, for 49.5p. The sale represented the end of a two-year legal battle by Sky to hang on to the shares, which it bought in a surprise raid in November 2006 to block a potential takeover of ITV by cable company NTL , now part of Virgin Media. In a statement, the company said: "Sky intends to retain its residual 7.5% investment in ITV for the medium term and to remain a committed shareholder of ITV." Sky acquired 696m shares for £940m at 135p a share. Since then ITV's share price plunged to a low of less than 20p, but has since recovered. The satellite broadcaster has already factored in the loss in value of the past 18 months, writing down the worth of the stake to 20p a share for accounting purposes. In July 2008 the company wrote down the value of the stake by £616m in a non-cash accounting impairment charge. Last year BSkyB made a £191m writedown. James Murdoch was the Sky chief executive who made the audacious swoop for the ITV stake in late 2006. He is now Sky's chairman, and chairman and chief executive for Europe and Asia of its largest shareholder, News Corporation. Jeremy Darroch replaced Murdoch as Sky chief executive in December 2007. • To contact the MediaGuardian news desk email editor@mediaguardian.co.uk or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication". BSkyB BSkyB ITV ITV Media business Television industry John Plunkett guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (7 h ago)

• Amnesty report slams alumina mine run by... Amnesty report slams alumina mine run by Vedanta subsidiary in India
02/08/2010
Mine in Orissa state is causing air and water pollution that threatens the health of local people and their access to water, report finds A report by Amnesty International out today found that an alumina refinery in eastern India operated by a subsidiary of mining company Vedanta is causing air and water pollution that threatens the health of local people and their access to water. Amnesty International UK director Kate Allen said: "People have a right to water and to a healthy environment but Vedanta has failed to respect these rights in Orissa. Villagers were given scant and misleading information about the potential impact of the alumina refinery and mining project. "They are living in the shadow of a massive refinery, breathing polluted air and afraid to drink from and bathe in a river that is one of the main sources of water in the region." One local woman told Amnesty International that she used to bathe in the river but is now scared of taking her children there. "Both my sons have had rashes and blisters," she said. Amnesty recorded many similar accounts from people living around the Lanjigarh refinery. Vedanta wants to expand the refinery sixfold but Allen said that the FTSE 100 company must ensure that its existing operations respect human rights before considering any expansion. The Dongria Kondh tribe yesterday appealed to Avatar director James Cameron to help them stop Vedanta from opening a nearby bauxite mine on their sacred land. Amnesty is also calling on the Indian authorities to set up a process to seek the free, prior and informed consent of the Dongria Kondh before allowing mining to proceed. The report also discovered that Vedanta has failed to act upon the findings of the British government regarding its proposed bauxite mine. In October, a government agency charged with promoting guidelines on ethical corporate behaviour for multinational companies adopted by the Organisation for Economic Co-operation and Development (OECD) found that Vedanta had "failed to engage the Dongria Kondh in adequate and timely consultations about construction of the mine". The government said it "could not find any record of the views of the Dongria Kondh about the construction of the bauxite mine in the Niyamgiri Hills ever having been collected and/or taken into consideration by the company". The Church of England last week said it had sold its £3.8m stake in Vedanta after mounting pressure to disinvest. "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." Vedanta Resources Mining Mining India Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (12 h ago)

• Darling criticised over hidden £18bn ind... Darling criticised over hidden £18bn indemnity plan
02/08/2010
Treasury flouted rules to conceal underwriting plan at the height of the banking crisis, according to report by MPs The Treasury flouted parliamentary rules to conceal an £18bn plan to underwrite loans made by the Bank of England to failing banks at the height of the banking crisis, according to a report by MPs today. The chancellor, Alistair Darling, refused to inform parliament of the plans to indemnify the rescue packages for RBS and HBOS – using public money – for fear it would start a run on the banks, plunging the financial system into deeper crisis, the public accounts committee says. MPs on the committee said there was "no excuse for flouting parliamentary procedure". The committee's report into the Treasury's handling of the banking crisis, which saw £850bn in public money used to rescue the system, also condemns the lack of accountability of banks that are now partly government owned and the lack of leverage ministers have to ensure they live up to their legal commitments to lend to businesses in order to kickstart the economy. The decision to grant City-style bonus deals without clearly defined objectives to external consultants employed by the Treasury's financial stability unit was "wholly unacceptable" in the public sector, it says. Edward Leigh, the committee chairman, said the £850bn package maintained stability and protected businesses, but it was not certain what the long-term cost to the taxpayer would be. Hundreds of billions were still at risk, depending on the price the government ultimately gets when it sells its stake in the banks. He said: "The poor performance of the bailed-out banks, most notably RBS and the Lloyd's Banking Group, in meeting commitments to lend to struggling businesses has occasioned widespread dismay. The Treasury does not seem to know why the banks are not lending and has few sanctions available to make them change their minds. "To those of us who attach the highest importance to adhering to parliamentary procedure, it was of significant constitutional importance that the chancellor failed for 13 months to notify parliament of an £18bn indemnity his department had granted to the Bank of England …" Sir Nick Macpherson, the permanent secretary to the Treasury, told the committee that Darling had rejected his advice to disclose the loans to the chairs of parliamentary committees, in contravention of procedure. In October 2008 the Treasury authorised a £60bn loan from the Bank of England to HBOS and RBS, indemnified by £18bn. That loan was not made public for another year to avoid panic on the high street, but, the report says, "to reduce the risk of leak", the chancellor also vetoed informing parliament via the committee chairs, who in exceptional circumstances can agree to keep sensitive matters confidential. The Treasury said: "At all times the Treasury worked to make sure taxpayer money was used wisely. The potential losses we may face as a result of our emergency actions are less than those expected in a number of other countries, including the US." Although success fees were written into consultants' contracts, none were ever paid. Economic policy Financial crisis Bank of England Alistair Darling Banking Polly Curtis guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Post office closure consultations 'a sha... Post office closure consultations 'a sham'
02/08/2010
Post Office Ltd 'missed opportunities' to discover how closures would effect local communities The national consultation that led to the government's controversial post office closure programme was deeply flawed and so ineffective that it was regarded by many consumers as "a sham", a hard-hitting report will claim today. Research carried out by the consumer champion Consumer Focus reveals that although record numbers of people responded to the exercise, the Post Office failed to engage with them and missed the opportunity to understand how the planned cutbacks would destroy local communities . Consumer Focus says its report, Seen and Heard? Consumer Engagement in the Post Office Closure Programme, identifies lessons for providers of other essential but vulnerable local services such as libraries and community transport. The closure programme and consultation were overseen by the Department for Business, Innovation and Skills, which in May 2007 announced that Post Office Ltd would close 2,500 branches and set up 500 new outreach services. Post Office Ltd consulted on each of its closure and outreach proposals for a six-week period, to determine which post offices would shut. Public consultations followed an 11-week period in which local authorities and the then industry watchdog, Postwatch, could seek changes to the proposals. While Post Office Ltd reportedly received 190,000 formal responses to its consultation, Postwatch received a further 15,000 submissions. Consumer Focus's research suggests wider consumer engagement with the programme was significantly higher, with an estimated 2.7 million consumers making their views known through signed petitions, public meetings, responses to newspaper campaigns and letters to MPs and other elected officials – as well as formal responses to the consultation through Post Office Ltd. However, only about one in 13 directly contributed to the formal decision-making process. The report warns: "As a result Post Office Ltd missed opportunities to obtain valuable local knowledge of how cutbacks would affect communities, and many consumers were left feeling that the consultation process was a sham." Andy Burrows, public services expert for Consumer Focus, said: "With difficult times ahead, Consumer Focus urges public service providers who may face cuts, such as local authorities responsible for social care, community transport and libraries, to engage with consumers to ensure service changes meet their needs." Lord Young, minister for postal affairs, commented: "The post office closures which took place were difficult but necessary to ensure the viability of the rest of the network and stop it losing half a million pounds a day. Post Office Ltd is now on a more sound financial footing and the government has made it clear that it will not support another round of closures. Robust consultations took place across the country with 2.7 million people making their views known. This led to 353 closure proposals being withdrawn." But the criticism mirrors that of the public accounts committee , which late last year accused the government of showing a "real lack of concern" for people affected by the thousands of post office closures in recent years. Postal service Rural affairs Consumer affairs Local politics Rebecca Smithers guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (15 h ago)

• Cost of insuring Europe's debt at new hi... Cost of insuring Europe's debt at new high
02/08/2010
Worries after G7 failed to produce plan for Greece as Spanish ministers meet investors in London The cost of insuring against a potential default on western Europe's debt hit a new record as officials failed for a third consecutive day to reassure investors about the ability of southern European countries to pay their bills. European Central Bank president Jean-Claude Trichet said at the weekend he was confident Greece was able to cut its deficit below 3% by 2012. But that did not stop the Markit Itraxx SovX index of western European sovereign debt reaching a record of 112.5 basis points – meaning investors have to pay €112,500 (£98,000) to insure €10m of debt. Greece's credit default swaps, which are used by investors to protect against a default, are now trading at 428 basis points, a level more associated with a small, emerging market than a large European economy, while Spain's rose to a record of 173. "Many were disappointed that the weekend G7 meeting didn't produce a firm plan on how to tackle the Greece situation," said Gavan Nolan, a credit analyst at Markit. "Fears of a contagion effect haven't abated, and Portugal, Spain and Ireland all gave up ground." The Spanish government is now on a mission to reassure investors it can cut its budget deficit to 3% by 2013, from more than 11% this year. Governments are keen to convince the markets that they have their deficits under control as the higher the risk perceived by investors, the more it costs in interest payments. "Spain is a solid economy – we will make the adjustments that are necessary, we're fully committed," Spain's secretary of state José Manuel Campa told a packed room of investors and credit rating agency analysts in London . Elsewhere in town, the economy minister and the country's vice president, Elena Salgado, was lobbying influential leaders to persuade them that Spain's troubles could not be compared to Greece, as the economy was much larger and less vulnerable. The Spanish road-show will continue in Paris tomorrow. Economy officials of José Luis Rodríguez Zapatero's socialist government have been forced to come to London more often to meet investors, although some of them are blaming speculators and hedge funds for triggering the recent turmoil. More detail about how the country plans to cut its deficit, and the announcement that net borrowing will fall by a third this year to €76.8bn added credibility to Spain's cause. "This was an excellent presentation, it's a good start," said Neil Williams, fixed income chief economist at Hermes Fund Managers. "But the situation needs more action, and not just for Spain." The bond market could tag Spain as "damned if they do, and damned if they don't", where attempts at reform are resisted by social unrest, but investors punish inaction, leading to higher yields and fiscal strains. "The credit rating agencies will be breathing down their necks," Williams said. Despite the continued volatility in the derivatives market (where the credit protection instruments are traded) bond and stock markets calmed down today. Spain's stock market Ibex index gained 1% and the interest rate premium that investors demand on Spanish bonds, over German bonds, remained at about 1%. "The markets overreacted completely, they got carried away and they got tired of themselves," another investor said. Bankers at the presentation said Spain would have no problem raising funds as most of its debt is held in Europe, with the French government the largest client. Asked whether a contingency plan was being prepared in case the market deteriorated, Treasury director Soledad Núñez declined to comment, but said she was "working on" keeping her investors. European Union Greece Spain Euro Financial crisis European Central Bank Elena Moya guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (20 h ago)

• Merrill's John Thain lands new job Merrill's John Thain lands new job
02/08/2010
• Thain was criticised over expensive office refurbishment • Role as head of the troubled US lender could net him $6m The former Merrill Lynch boss John Thain, who was ousted a year ago amid a furore over lavish office expenditure, has won a chance to rehabilitate his career by landing a $6m-a-year (£3.8m) job as chief executive of a struggling US lender to small businesses, CIT. Thain will seek to turn around the fortunes of CIT – one of America's biggest providers of credit to shops, restaurants and clothing companies – which recently emerged from bankruptcy protection after negotiations to shed more than $10.5bn of debt. The position amounts to a return to corporate life for Thain, 54, who was one of Wall Street's top names until he negotiated the sale of Merrill Lynch to Bank of America and became embroiled in a conspicuous bust-up with the brokerage's new owner. Unhappy about mounting losses, Bank of America accused him of profligate spending and cried foul over a $1.2m bill for refurbishing his office, including a $35,000 antique commode . CIT's lead non-executive director, vice admiral John Ryan, described Thain as "a well-respected financial services executive and proven leader who is uniquely qualified to lead CIT at this critical stage". He faces a tough challenge in getting CIT back on track. The 102-year-old lender provides short-term working capital to thousands of high-street names, ranging from Dunkin' Donuts to vendors of Dell computers. But it came close to collapse as the credit crunch wreaked havoc in the debt markets last year. Thain will get a cash salary of $500,000, plus $5.5m of stock vesting over periods of one to three years, according to a regulatory filing by CIT. He will head a much smaller organisation than he did at Merrill Lynch, or in his earlier position as chief executive of the New York Stock Exchange. CIT employs just 4,480 people but Thain told Bloomberg News that the firm plays an important role: "If we're going to get the US economy to continue to grow, if we're going to create jobs, then we need to have this kind of a company do well." A year on, the deal negotiated by Thain to sell Merrill Lynch to Bank of America continues to cause controversy. New York's attorney general, Andrew Cuomo, has accused Bank of America of keeping investors in the dark about Merrill's losses and about $3.6bn of bonuses paid to staff. After his departure in January last year, Thain insisted he had been transparent about Merrill's difficulties, although he admitted it had been a mistake to spend so much on his office refurbishment. In his new job, Thain today said he would resist the temptation to redecorate: "I think I'll keep my office exactly the way it is." Merrill Lynch Bank of America Credit crunch US economy Executive pay and bonuses Banking Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• Google spends $5m on Super Bowl ad Google spends $5m on Super Bowl ad
02/07/2010
Google's aversion to advertising its search engine on TV ended with a bang on Sunday night as the company paid an estimated $5m to run a commercial during the Super Bowl. The minute-long spot marks the biggest venture into mainstream advertising for a company that has become notorious growing almost exclusively through word of mouth and online exposure. Indeed, the move is such a remarkable turnaround for the internet giant that it even moved chief executive Eric Schmidt to publish a rare message on Twitter , in which he claimed "someone said 'Hell has indeed frozen over'". Google's "Parisian Love" commercial, which featured a variety of plugs for the company's search engine played out as a virtual love story, was aired during the game's third quarter and lasted a full minute. As one of the world's most-viewed TV events, the Super Bowl is a opportunity for advertisers to reach huge audiences in one swoop - and a notorious cash cow for the NFL. With companies charged around $2.5m for a 30 second spot last year's game, which lasted just over three and a half hours, made $213m from advertising alone. But experts said the decision to spend millions on a highly-visible ad betrays how Google is feeling the heat from competitors - in particular Microsoft's Bing search engine. Danny Sullivan, the editor of SearchEngineLand , said that Microsoft's was almost certainly behind the decision to try and advertise to such a large audience. "This pretty much confirms that Google is absolutely feeling the pressure from Bing," he wrote . "The company has never, ever seriously advertised its core search offerings before in this manner." Running an advert of this magnitude marks a significant turnaround for Google, which has regularly turned its nose up at offline advertising. While is not the first time that Google has ventured into mainstream ads – in recent months the company has promoted its web browser, Chrome and run an international campaign to publicise its web-based software - it has done little or no external marketing of its search engine for most of its life. Indeed, such has been the antipathy towards promoting its basic products through traditional channels that senior executives have even launched attacks on the company's rivals for using advertising. In an interview on Fox Business News last summer, Schmidt railed against Microsoft for trying to spend their way to a market-leading position. "You don't buy it with ads," he said. "You earn it, and you earn it customer by customer, search for search, answer by answer." According to advertising experts, Google's Super Bowl debut was a hit: Tim Calkins, a professor of marketing with the Kellogg School of Management at Northwestern University in Illinois, said Google's advert proved the most successful during this year's event, according to their tests. "The Google spot laddered up to the emotion but maintained function," Calkins said . Google Advertising Internet Bobbie Johnson guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Merv the swerve? King goes dog sledding ... Merv the swerve? King goes dog sledding at G7 summit in Canada
02/07/2010
Hats off to the Bank of England's governor, Mervyn King, who found the time to go for a ride on a dog sled during the weekend's summit of G7 finance ministers, which Canada hosted in the remote Arctic city of Iqaluit. Above is a picture of Merv, who's tucked up nice and warm and looks like he's having a whale of a time. He declared the experience "wonderful". Ministers at the summit agreed to forgive Haiti's debts, following the Caribbean country's devastating earthquake. And they pledged to continue working together on co-ordinated economic stimulus packages to fight the impact of the recession. But as I reported earlier in the week , the summit's Arctic location meant that the ministers present, including Britain's Alistair Darling, the US treasury minister Timothy Geithner and France's Christine Lagarde, faced a tricky diplomatic challenge on issue of seal hunting, which would be somewhat peripheral to their portfolios in other circumstances. The European Union has banned commercially hunted seal and, although hunting by indigenous communities was exempt from the prohibition, it's a delicate topic. None of the visiting ministers chose to attend a feast on Saturday night, laid on by the local Inuit community, at which raw seal was on the menu. Canada's Jim Flaherty was left to chow down on some seal meat alone. And when a local reporter asked the European ministers about seal hunting at a closing press conference, there was a deafening silence. Canada's Globe and Mail reports that there was a five second silence as Darling and his colleagues avoided everybody's eye. "Don't all go at once," prompted the reporter. A further five second silence ensued according to this transcript, before Flaherty came to the rescue of his visitors: "Listen, you know, the European Union makes a specific exception with respect to the Inuit people who for thousands of years have relied on the seal as part of their survival and that is the view of the European Union and its certainly our view in Canada." Incidentally, Darling was the only one at the press conference who appeared to be wearing a suit. Everyone else kept warm in woolly jumpers, including a particularly attractive snowflake design sported by Flaherty, and a rather startling orange number worn by Japan's finance minister. There's a video clip here . Canada Alistair Darling Mervyn King Bank of England Timothy Geithner Andrew Clark guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 d ago)

• Loan guarantees recharge nuclear debate Loan guarantees recharge nuclear debate
02/09/2010
President Obama’s push to triple federal loan guarantees for new nuclear power plants has recharged the debate over the viability of nuclear energy. Msnbc.com's Mike Stuckey reports. (4 h ago)

• Toyota recalling Prius worldwide Toyota recalling Prius worldwide
02/09/2010
Toyota announced that it is recalling about 400,000 of its signature Prius green cars and other hybrids worldwide for braking problems. (5 h ago)

• Doritos’ ‘House Rules’ ad is tops with u... Doritos’ ‘House Rules’ ad is tops with users
02/08/2010
For a second straight year Doritos let the public create its Super Bowl ads. And evidently the public knows what the public wants. (15 h ago)

• Early Priuses may have braking issues Early Priuses may have braking issues
02/08/2010
How far back do potential braking problems with the Toyota Prius go? The answer may be much further than believed, and could involve vehicles dating back to the 2005 model-year. (16 h ago)

• Dow industrials close below 10,000 Dow industrials close below 10,000
02/08/2010
Concern about mounting debt in Europe has pushed the Dow Jones industrials below 10,000. The Dow closed below the psychological barrier for the first time in three months. (16 h ago)

• McItaly burger controversial in home cou... McItaly burger controversial in home country
02/08/2010
Italy's agriculture minister defended his sponsorship of McDonald's new all-Italian burger Monday amid criticism that he is selling out to a multinational corporation. (17 h ago)

• Super Bowl goes into overtime, with the ... Super Bowl goes into overtime, with the ads
02/08/2010
Think Sunday night's Super Bowl seemed like it had a lot of ads? You're right. Commercials took up nearly 48 minutes of the game — the most for any Super Bowl. (18 h ago)

• Toyota resale value, reputation take a f... Toyota resale value, reputation take a fall
02/08/2010
Recalls and a slow response to safety questions have put a dent in the market value of cars long seen as money in the bank for their owners. (18 h ago)

• Magazine circulation falls 9 percent in ... Magazine circulation falls 9 percent in U.S.
02/08/2010
Purchases of magazines at newsstands fell 9 percent in the second half of 2009, a slight improvement from the 12 percent year-over-year decline in the first half of the year. (19 h ago)

• Interactive: Five famous tax cheats Interactive: Five famous tax cheats
02/08/2010
Investopedia: These five famous tax evaders found ingenious (and illegal) ways to avoid paying up. Read to find out how much they owed, and how they were caught. (20 h ago)

• Newsweek: The case against layoffs Newsweek: The case against layoffs
02/08/2010
Our overreliance on downsizing is killing workers, the economy—and even the bottom line. (22 h ago)

• The best and worst of Super Bowl ads The best and worst of Super Bowl ads
02/08/2010
Let the record show that 2010 was the year of older women being viciously tackled in Super Bowl commercials. (1 d ago)

• China patents surge as U.S. filings plun... China patents surge as U.S. filings plunge
02/08/2010
China bucked an unprecedented decline in global patent filings last year, boosting its total by 29.7 percent, while the United States saw a fall of 11.4 percent. (1 d ago)

• Toyota’s powerful friends in Washington... Toyota’s powerful friends in Washington
02/08/2010
Toyota has friends in high places in Washington, including some of the very people now investigating the Japanese automaker. (1 d ago)

• Rate & watch: Super Bowl ad showdown Rate & watch: Super Bowl ad showdown
02/08/2010
Watch and rate all of the spots from Super Bowl XLIV. Find out which ad is so far our readers' favorite. (1 d ago)

• Super Bowl spot unites Leno, Letterman Super Bowl spot unites Leno, Letterman
02/07/2010
Super Bowl viewers were rubbing their eyes at the sight of a TV spot pairing CBS late-night host David Letterman with longtime NBC archrival Jay Leno, plus media magnate Oprah Winfrey. (1 d ago)

• Risk of double-dip recession low, Geithn... Risk of double-dip recession low, Geithner says
02/07/2010
The risk the U.S. economy will slip back into recession is lower now than at any time in the past year, Treasury Secretary Timothy Geithner said on Sunday. (1 d ago)

• Cost of gas off nearly six cents in last... Cost of gas off nearly six cents in last two weeks
02/07/2010
The average price of regular gasoline in the United States fell 5.76 cents over a two-week period to $2.67. (1 d ago)

• N.C.A.A. Fails to Stop Licensing Lawsuit N.C.A.A. Fails to Stop Licensing Lawsuit
02/08/2010
A district court judge denied a motion to dismiss a lawsuit headed by Ed O’Bannon and arguing that athletes should be compensated when their images are used. (8 h ago)

• Advertising: Do-It-Yourself Super Ads Advertising: Do-It-Yourself Super Ads
02/08/2010
Some of the most-talked-about ads during the Super Bowl broadcast were those created or suggested by consumers, not advertising agencies. (10 h ago)

• Publishers Win a Bout in E-Book Price Fi... Publishers Win a Bout in E-Book Price Fight
02/08/2010
Publishers have managed to take some control — at least temporarily — of how much consumers pay for their content. (10 h ago)

• Findings: Will You Be E-Mailing This Col... Findings: Will You Be E-Mailing This Column? It’s Awesome
02/08/2010
A University of Pennsylvania study found that readers of news in print and online had more exalted tastes than might be expected. (10 h ago)

• Newsstand Sales and Circulation Fall for... Newsstand Sales and Circulation Fall for Magazines
02/08/2010
Newsstand sales of magazines plummeted in the last half of 2009, helping to send total circulation lower. (10 h ago)

• Campaign Spotlight: This Campaign Is Wet... Campaign Spotlight: This Campaign Is Wet (and Wild)
02/08/2010
The feats of Casanova were formidable, especially when you consider that he was bereft of Facebook, Twitter, YouTube and the rest of the social media by which to pursue his conquests. Now, a campaign for a line of personal products seeks to make up for that. (11 h ago)

• Media Talk: For New and Healthy Recipes,... Media Talk: For New and Healthy Recipes, a Magazine Turns to Leftovers
02/08/2010
The editor of Health said cost concerns did not drive the decision to recycle recipes from Real Simple. (11 h ago)

• Advertising: In Super Bowl Commercials, ... Advertising: In Super Bowl Commercials, the Nostalgia Bowl
02/08/2010
Madison Avenue played it safe, dusting off characters like Sock Monkey and calling in stars of yore like Abe Vigoda. (11 h ago)

• Media Talk: Kindle Books in Snack Sizes Media Talk: Kindle Books in Snack Sizes
02/08/2010
FT Press is selling stripped-down, 1,000- to 2,000-word versions of books, for $1.99, and a new series of essays of about 5,000 words, for $2.99. (18 h ago)

• Link by Link: Super Bowl Merchandise and... Link by Link: Super Bowl Merchandise and the Bets Behind It
02/08/2010
A Web site selling licensed Super Bowl merchandise mines the Web -- and maybe a sports bar -- and finds greater interest in the Saints. (19 h ago)

• The Media Equation: Plentiful Content, S... The Media Equation: Plentiful Content, So Cheap
02/08/2010
Demand Media pays $15 to $20 on average for an article -- videos are about $30 -- but the company has no trouble finding steady contributors. (19 h ago)

• Accounts, People & Miscellany Accounts, People & Miscellany
02/08/2010
Accounts, people and miscellany in advertising. (1 d ago)

• Sports Business: Not Quite Saying ‘Super... Sports Business: Not Quite Saying ‘Super Bowl,’ but Cashing In on It
02/07/2010
Advertisers who are not among the authorized Super Bowl sponsors have long relied on euphemisms to link themselves to the “Big Game.” (1 d ago)

• Off the Shelf: Terrorism and the Pocketb... Off the Shelf: Terrorism and the Pocketbook
02/06/2010
To fight terrorism effectively, a new book says, governments must understand its economics — and cut off its revenue streams. (2 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 figures in an environment where politics, news and celebrity are fused as never before. (3 d 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. (3 d ago)

• Toyota Prius Recall Extended Worldwide Toyota Prius Recall Extended Worldwide
02/08/2010
Japanese Auto-Giant Extends Recall Over Brake Problem to All Countries; Total of About 400,000 Vehicles (9 h ago)

• Toyota to Recall Prius in Japan for Brak... Toyota to Recall Prius in Japan for Brakes
02/08/2010
Carmaker Filed Papers to Recall 223,000 Hybrid Cars in Japan; Plans for Possible Recall in U.S. (10 h ago)

• Video: Toyota Prius May Be Recalled Video: Toyota Prius May Be Recalled
02/08/2010
Toyota Prius drivers await whether the company is planning a recall that could involve 37,000 hybrids in the U.S. There are also reports that used Toyotas are losing their value. Celia Hatton reports. (15 h ago)

• Video: From Mud Hut to Mansion Video: From Mud Hut to Mansion
02/08/2010
In the Mideast country of Oman, one poor man became rich from organizing a labor strike at an oil company. Now a father of 10, he tells Steve Hartman his incredible story. (15 h ago)

• Stocks Down Sharply; Dow Back Below 10,0... Stocks Down Sharply; Dow Back Below 10,000
02/08/2010
Selloff in Financial Sector Leads Key Index to Close at 9,908, Its Lowest Level in Months (16 h ago)

• Toyota Resale Values Plummet amid Recall... Toyota Resale Values Plummet amid Recalls
02/08/2010
Once Revered for Safety, Toyotas Now Seen as Unsafe and Unreliable by Many Buyers (17 h ago)

• Super Bowl Most Watched TV Show Ever Super Bowl Most Watched TV Show Ever
02/08/2010
More than 106 Million People Watched Saints Beat Colts, Surpassing the 1983 Finale of "M-A-S-H" (19 h ago)

• Toyota Counts D.C. Powerbrokers as Frien... Toyota Counts D.C. Powerbrokers as Friends
02/08/2010
Automaker Has Relationships with Some of the Same Lawmakers Investigating Safety Issues (1 d ago)

• Toyota Prius Recall Expected in Japan Toyota Prius Recall Expected in Japan
02/07/2010
Unconfirmed Reports of Pending Recall Over Brake Trouble, But Still No Indication What will Happen in U.S. (1 d ago)

• CIT Group Taps Ex-Merrill Head for CEO CIT Group Taps Ex-Merrill Head for CEO
02/07/2010
CIT Entered Bankruptcy Protection in November, 2009 (1 d ago)

• CEO of Software Maker SAP Resigns CEO of Software Maker SAP Resigns
02/07/2010
Germany's SAP Says CEO Apotheker Has Resigned, Will Be Replaced By 2 Co-chief Executives (1 d ago)

• Video: Chinese Matchmaking Market Video: Chinese Matchmaking Market
02/07/2010
"CBS News RAW": Beijing's "I'm looking for you" supermarket is giving the city's singles a new way to look for love. In their few months of operation, the market has attracted more than 1,000 clients. (1 d ago)

• Toyota Expected to Announce Brake Fix Toyota Expected to Announce Brake Fix
02/06/2010
In Letter to Dealers Automaker Says Plan to Repair Brakes on 270,000 Prius Cars Will Be Announced in Coming Week (2 d ago)

• Video: Fans Create Super Bowl Ads Video: Fans Create Super Bowl Ads
02/06/2010
During the Super Bowl, some viewers actually find the commercials almost as exciting as the game. Now, some ad companies are looking to their fans for creative help. Anthony Mason reports. (2 d ago)

• Video: Prius Hybrid's Faulty Bakes Video: Prius Hybrid's Faulty Bakes
02/06/2010
Toyota is already trying to solve a gas pedal problem in millions of cars, but soon the Japanese automaker will address a new issue, bad brakes on thousands of Prius hybrids. Manuel Gallegus reports. (2 d ago)

• Obama Pushes for Small Business Loans Obama Pushes for Small Business Loans
02/06/2010
Wants Congress to Fund Job Creation Effort, as GOP Chides President on Budget and Debt (2 d ago)

• Confident Chiesi breaks silence Confident Chiesi breaks silence
02/09/2010
As one associate of accused insider trading mastermind Raj Rajaratnam pleaded guilty yesterday, a key figure in the alleged scheme was professing her innocence and lamenting her portrayal as a foul-mouthed flirt who used her wiles to extract information. "There is not even a chance we will do one day... (3 h ago)

• Big 6 bid on part of 1 WTC Big 6 bid on part of 1 WTC
02/09/2010
Port Authority Execu tive Director Chris Ward wasn't exaggerating when he said recently the PA would act swiftly to find a development partner for 1 World Trade Center. Although a deal might be months off, six major real estate companies put in offers to the PA last Friday --... (3 h ago)

• Google searches for friend requests vs. ... Google searches for friend requests vs. Facebook
02/08/2010
The rivalry between Facebook and Google is turning into a full-blown battle for Web domination. The two tech giants are squaring off over more areas, including e-mail, advertising, search and social media, as they compete for the hearts and minds of Internet users. Google is planning to add a new... (9 h ago)

• For mags, less is less For mags, less is less
02/08/2010
The struggling magazine industry got another dose of grim news yesterday, reporting a more than 9 percent drop in newsstand sales, led by declines at the newsweeklies and celebrity titles. While both Time and Newsweek each recorded sharp declines, it was the latter that suffered the most, booking a 41... (9 h ago)

• Euro debt spooks US marts Euro debt spooks US marts
02/08/2010
Stocks slid and the Dow Jones industrial average closed below 10,000 for the first time since November amid concern that deteriorating European government finances will derail the economic recovery. The S&P 500 decreased 0.9 percent to 1,056.74, its biggest Monday drop since October. The Dow... (9 h ago)

• Billionaire brats Billionaire brats
02/08/2010
Two quarreling billionaires, who have spent the past 30 months whining that the other won't play fair, are threatening to sink one of the oldest playthings envied by the rich -- the America's Cup race. Tech titan Larry Ellison and Swiss pharmaceutical heir Ernesto Bertarelli have dug in... (9 h ago)

• Business briefs Business briefs
02/08/2010
CITdebt CIT Group said securi ties given to investors in cluding the Treasury De partment as part of the lender's bankruptcy were worthless when they expired when terms for payment weren't met by yesterday's deadline, wiping out the last ves tige of $2.3 billion in tax... (9 h ago)

• Stuytown tenants lawyer up Stuytown tenants lawyer up
02/08/2010
Tenants of Stuyvesant Town-Peter Cooper Village, Manhattan's biggest apartment complex, retained the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP to advise them on a possible bid for the developments. The firm is handling the case pro bono, according to a statement released yesterday by the Tenants Association. "We... (9 h ago)

• Electronic Arts hit on weaker forecast Electronic Arts hit on weaker forecast
02/08/2010
Electronic Arts, the world's second-largest video-game publisher, tumbled in extended trading yesterday after its full-year forecast trailed some analysts' estimates. Fiscal 2011 profit, excluding some items, will be 50 cents a share to 70 cents a share, the Redwood City, Calif.-based company said yesterday in a statement. The... (9 h ago)

• Man U bonds hit sour note Man U bonds hit sour note
02/08/2010
The world's most valuable sports franchise has missed the net for investors. Bonds issued by British soccer team Manchester United have dropped nearly 10 percent in value over the first two weeks of trading. Man U borrowed about $800 million to repay loans it took on to finance a... (9 h ago)

• Cablevision's plan for Garden party Cablevision's plan for Garden party
02/08/2010
Investors will get a chance to bet directly on the fortunes of the New York Knicks and Rangers and their home arena, Madison Square Garden, beginning today. Cablevision Systems is splitting into two, returning the company to its roots as mainly a provider of subscription TV. The newly separate Madison... (9 h ago)

• BofA deal date set BofA deal date set
02/08/2010
The judge overseeing the Securities and Exchange Commission's lawsuit against Bank of America over its Merrill Lynch purchase said he'll decide whether to approve a $150 million settlement by Feb. 19. US District Judge Jed Rakoff in New York, who rejected a $33 million settlement in September, told... (9 h ago)

• A Bronx cheer for the unemployment rate ... A Bronx cheer for the unemployment rate drop
02/08/2010
Whoopee! There was a big drop in the unemployment rate for January. But if you look at the numbers closely the sound you'd hear is more Whoopee Cushion than cheering. According to the official Labor Department numbers, the jobless rate in the US dipped impressively from 10.0 percent... (9 h ago)

• Red Tape: Online flower prices still gro... Red Tape: Online flower prices still growing
02/09/2010
Flower - Shopping - Gardens - Business and Economy - Home and Garden (4 h ago)

• Winter athletes fight to get day in sun Winter athletes fight to get day in sun
02/08/2010
When it comes to endorsements, summer Olympic stars outshine, outlast and outearn their chilly-weather brothers and sisters. Will this year's winter crop get a moment in the sun? Sport - Summer Olympic Games - Olympic Games - Olympics - Events (16 h ago)

• Restructuring CIT taps ex-Merrill chief ... Restructuring CIT taps ex-Merrill chief as CEO
02/08/2010
Former Merrill Lynch CEO John Thain is taking over as chairman and CEO of CIT Group as the commercial lender continues to restructure following a time in bankruptcy protection. Sponsored By: Comcast Business Class Look at your bill and find out how much your business can save with Comcast Business Class. Internet, Phone & TV for $99. Learn More Ads by Pheedo Merrill Lynch - John Thain - CIT Group - Business - United States (23 h ago)

• Tebow Super Bowl ad strikes light-hearte... Tebow Super Bowl ad strikes light-hearted tone
02/07/2010
Even the long-awaited Super Bowl ad from conservative group Focus on the Family came with a punchline Sunday night. Super Bowl - Focus on Family - Tim Tebow - Politics - Focus (1 d ago)

• Patient Money: Fighting Denied Claims Re... Patient Money: Fighting Denied Claims Requires Perseverance
02/08/2010
Following a few steps can make the process of appealing insurance denials easier and increase the likelihood of success. (18 h ago)

• Paying People Not to Walk Away Paying People Not to Walk Away
02/08/2010
A company called Loan Value Group is working with mortgage providers to offer rewards for staying put to home owners likely to strategically default on their loans. (18 h ago)

• Will Your Employer Restore Its 401(k) Ma... Will Your Employer Restore Its 401(k) Match?
02/08/2010
About 80 percent of employers who reduced or suspended their matching contributions said they planned to restore them in 2010, according to a recent study by Hewitt. We ask Bucks readers to discuss their employers' plans. (21 h ago)

• Investing Is Not Entertainment Investing Is Not Entertainment
02/08/2010
If you're having fun playing the stock market, it had better be with money that you can afford to lose. (21 h ago)

• Monday Reading Monday Reading
02/08/2010
Why price tags are missing online, another Toyota recall and other consumer-focused items from Monday's Times. (23 h ago)

• Wealth Matters: Index Funds, Dowdy to So... Wealth Matters: Index Funds, Dowdy to Some, Get a Notable Endorsement
02/08/2010
Burton G. Malkiel sees index funds as a way for the wealthy to avoid much of the volatility and high fees of other investments. (23 h ago)

• Fundamentally: Is the Market ‘Priced for... Fundamentally: Is the Market ‘Priced for Perfection’?
02/06/2010
It may be unrealistic to expect stocks to repeat the kind of advance seen in the last 10 months of last year. (2 d ago)

• Education crisis helps private colleges Education crisis helps private colleges
02/08/2010
Public universities and community colleges are reeling from the impact of state budget cuts as enrollment on their campuses surges. But private colleges have welcomed the excess students with open arms. Caitlan Carroll reports. (21 h ago)

• How U.S. feels about wealth gap How U.S. feels about wealth gap
02/08/2010
Most everybody has lost economic ground the past few years, but some people are still wealthy while others are getting by on less. Monthly contributor Dan Ariely talks with Kai Ryssdal about wealth distribution. (21 h ago)

• Kia ad spotlights another product Kia ad spotlights another product
02/08/2010
Any Super Bowl broadcast is as much about the commercials as the game. One Super Bowl ad, for the car manufacturer Kia, stood out. Rico Gagliano explains. (21 h ago)

• Best way to spread Haiti relief funds Best way to spread Haiti relief funds
02/08/2010
More than $640 million has been raised for Haiti so far, and the biggest agencies have gotten the most of it. The Chronicle of Philanthropy's Stacey Palmer talks with Kai Ryssdal about some ways money might be distributed more widely. (21 h ago)

• MGM bets on Macau over Atlantic City MGM bets on Macau over Atlantic City
02/08/2010
MGM Mirage is under pressure from New Jersey gaming regulators for alleged links its partner may have to Chinese organized crime syndicates. So MGM is divesting its stake in Atlantic City and holding onto its casino venture in China. Mitchell Hartman reports. (21 h ago)

• Debt crisis puts pressure on eurozone Debt crisis puts pressure on eurozone
02/08/2010
The debt of some eurozone countries, like Greece, is leading to market anxieties. Stephen Beard reports on whether the euro can hold together. (21 h ago)

• Fed puts focus on plan to tighten credit Fed puts focus on plan to tighten credit
02/08/2010
Federal Reserve Chairman Ben Bernanke is set to testify on Capitol Hill about how the Fed plans to prevent inflation once the economy recovers. Nancy Marshall Genzer reports the Fed has a new tool at its disposal. (21 h ago)

• Facebook versus Google Facebook versus Google
02/08/2010
The battle between Google and Facebook is brewing. It will be ruthless, take no prisoners stuff.First, look at the deal between Microsoft's Bing and Facebook where Bing will Bing will power Web search functions from Facebook and then merge information on the Web with the information on Facebook. If it manages to pull this off, it will give Bing a massive boost. Mind you, it has a long way to go because Google still dominate the search market.In response, Google is moving further into ... (10 h ago)

• Italians turn to wizards in financial cr... Italians turn to wizards in financial crisis
02/08/2010
If you're looking for work and if you can read Tarot cards, move to Italy.Italy, emerging from its worst recession since World War Two and confronted by galloping inflation, has its own unique way of dealing with its problems.Now we have reports that Italians are spending billions of dollars a year on fortune tellers and astrologers to come up with solutions for their financial woes.Bloomberg reports that most Italians who turn to the occult do it for financial help or to fix up what's ... (12 h ago)

• Is Europe headed for a Depression? Is Europe headed for a Depression?
02/08/2010
With the the debt load of the PIGS (Portugal, Italy, Greece and Spain) out of control, Europe is on the brink of financial catastrophe, writes Simon Johnson. He makes the point that the stronger European powers like Germany and France, the ones that can pay their debts, can call in the International Monetary Fund but they're unlikely to do so and in any case, the IMF might not have enough cash to back stop the PIGS (actually, it's PIIGs if you include Ireland). And ... (1 d ago)

• Will Toyota recover? Will Toyota recover?
02/07/2010
If you own Toyota shares, sell now. These problems are long term.So Toyota is about to recall 270,000 Prius models. According to Japanese newspapers, it has told dealers it will bow to pressure and inspect the braking systems of these cars after owners complained that the brakes were failing on bumpy roads.The recall follows Toyota already recalling cars after accelerator problems. A pattern has been established. And Toyota's reputation has been shot.As Frank Ahrens writes in the Washington Post, Toyota's fortress like reputation has ... (1 d ago)

• Record demand for food stamps Record demand for food stamps
02/06/2010
At the end of January, I looked at how one in five Americans were now saying they were going hungry. It's inevitable with one in four American children on food stamps.Now we have reports that a record 38.2 million Americans were enrolled in the food stamp program at latest count. That's up 246,000 on the previous month and happening right now in the richest country in the world.All this should put the so-called recovery in perspective. Don't believe it. While the last reports have US ... (2 d ago)

• How long will it take to restore trust? How long will it take to restore trust?
02/06/2010
Earlier this month, I did a blog entry on how trust in banks has eroded completely.Now, columnist Jason Zweig from The Wall Street Journal says it might take some time before that trust comes back.Most of us have the delusion that good guys finish first and the system isn't rigged. It's a delusion that helps make short term set backs bearable. But a meltdown of this proportion destroys that illusion.As Zweig says, it might have an impact that lasts well after the market recovers. ... (2 d ago)

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out of control
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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

• PayPal halts Indian ‘personal payments’... PayPal halts Indian ‘personal payments’
02/07/2010
The online payments service PayPal has taken the unusual step of suspending many transactions in India for more than a week. Sponsored By: Comcast Business Class Look at your bill and find out how much your business can save with Comcast Business Class. Internet, Phone & TV for $99. Learn More Ads by Pheedo PayPal - India - Business - Asia - Financial Services (2 d 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. International finance - Economy of Europe - European Union - Government - Financial Services (3 d ago)

• Our Towns: To Survive, Dairy Farmers Go ... Our Towns: To Survive, Dairy Farmers Go Co-op
02/07/2010
A former doctor’s effort to help small family farms in the Northeast stay in business by marketing and distributing their milk on their own. (1 d ago)

• Preoccupations: When She’s Ready to Reti... Preoccupations: When She’s Ready to Retire, She’ll Know
02/06/2010
Dianne Fuller Doherty, who advises entrepreneurs and works to create jobs, says that “as long as I am doing something of value, why not continue doing it?” (2 d ago)

• Why You Must Budget to Save Money Why You Must Budget to Save Money
02/07/2010
© alancleaver_2000Many people find that if they do not have a specific plan for budgeting, then not a lot of money will actually get put away. Setting up a specific amount of money in your family budget for savings is essential in order to build up a sizable amount. Another thing that is important is to ensure that you do put it into some form of savings account. If you keep your savings under the mattress or in a jar at home, it becomes ... (1 d ago)

• Saving Money with Bank Accounts Saving Money with Bank Accounts
02/06/2010
© Philippe PutLately, these articles have mentioned much about saving money. Some of you have started saving money - which is good. Hopefully, though, you have also thought about how to save money and get the best interest rates. Banks right now are very competitive on their interest rates. In order for you to get the best, you will need to keep an eye on the rates in your area. Face it, if you have had a savings account at a bank for a ... (3 d ago)

• States weigh getting out of the liquor b... States weigh getting out of the liquor business
02/07/2010
Thousands of cases of whiskey, vodka and rum zip along three miles of conveyor belts inside a massive distribution center in industrial south Seattle, the sole location for shipping booze to liquor stores across Washington state. Washington - Seattle - United States - Conveyor belt - Business (1 d ago)

• Being The Boss Being The Boss
02/08/2010
© fotographix.ca What's the difference between being your own boss and having a boss? Well, actually there are a lot of differences. You probably let yourself sleep in or have snacks at your desk. Also, you don't have to ask yourself permission to go to lunch. However, there are certain boss stereotypes that might be worth copying. Responsibility: You can't let your boss take the blame any more. If deadlines aren't met, if you don't perform like you should, that's your problem. ... (17 h ago)

• Seen that? - Why Many Businesses Fail Seen that? - Why Many Businesses Fail
02/08/2010
Why Many Businesses Fail Bizinformer I've been thinking today about business, life, and both professional and personal achievement. Why do some people continually succeed and others seem to continually fail? Is it their background, upbringing, socio-economic status, quality of friends and ... (13 h 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. (2 d ago)

• Seen that? - Navy is Outsourcing, Wal-Ma... Seen that? - Navy is Outsourcing, Wal-Mart?
02/08/2010
Navy is Outsourcing, Wal-Mart? The Outsourcing Weblog According to Bob Cringley, the U.S. navy is busy outsourcing its IT offshore. He also compared it with Wal-Mart, which is three times larger. Source: Wal-Mart.com [...] Read More ... (13 h ago)

• Can your vendors scale with you? Can your vendors scale with you?
02/08/2010
© squarepants2004j/auntyhuiaScaling is on the minds of most bootstrappers at least some of the time; you have dreams, you're working hard on them, what happens when the inevitable wild success strikes you and your company? Surely you have given some consideration not just to how you would spend the piles of money you will be raking in but to how you will serve the demands of all those customers shoveling that money toward you? Working with small businesses that are finding success lately has ... (1 d ago)

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