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Business News
for 02/18/2010

(last updated 7:30am EST 02/18/2010)

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• Car production surges by record amount Car production surges by record amount
02/18/2010
In the UK, about a third of cars made in Britain are sold to British drivers with the rest exported The numbers of cars produced in the UK increased by the biggest amount last month for more than 30 years as the UK pulled out of recession and car scrappage schemes around the world boosted demand. Car production soared by almost two-thirds in January, compared with the same month last year, to 101,190 cars, according to trade body the SMMT . It was the third consecutive month that production has increased. But the SMMT warned that the industry would only see modest growth this year, as government scrappage schemes came to an end. The UK scheme, which was introduced last May, expires next month, with most others, such as those in France and Germany also winding down. British motorists receive £2,000 off the price of a new model when they trade in their old car. The scheme is jointly funded by the government and the industry. About a third of cars made in Britain are sold to British drivers, and the rest exported. Automotive industry Car scrappage Manufacturing sector Tim Webb guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Public finances: what the economists say Public finances: what the economists say
02/18/2010
City experts have warned that January's public finances, the worst on record , show that whoever wins the next election faces a huge challenge in rebuilding the economy. Andrew Goodwin, economic adviser to the Ernst & Young Item Club "These are pretty ghastly figures and come as somewhat of a surprise given the smaller overshoots of the past couple of months. January usually yields a healthy surplus due to receipts from corporation tax and even in the current climate it is surprising to see the government rack up a deficit. Overall the chancellor should still just about achieve his full-year forecast, given that the tax on bank bonuses is likely to raise more than expected, but if this overshoot is replicated in February and March then the forecast will certainly be under threat. "We remain most concerned about the outlook for the next few years. In our view the current Treasury forecasts are far too optimistic, both in terms of the speed of recovery and the extent to which tax revenues will recover. Though the situation is not as serious as that in Greece, it is clear the major additional tightening will be required over the course of the next parliament. We estimate that a further £15bn of tightening will be needed just to comply with the terms of the fiscal responsibility bill and there is a strong case for looking to reduce the deficit even more aggressively, once the recovery has become entrenched. "The detail of today's release emphasises the scale of the fiscal challenge facing the next government. Debt interest payments are soaring and, given that government debt continues to grow, these payments are only going to get larger. And yesterday's softer labour market figures suggest that social benefit payments will remain high for some time to come. With these parts of public spending likely to remain high for the foreseeable future and the main parties promising to protect front-line services, this emphasises how difficult it will be to rein in spending after the election." Janet Henry at HSBC "January is typically a net tax receipt inflow month (January 2009 was £5.3bn) as the bulk of tax paid as a result of self-assessment comes through in January. As payments in January this year related to the 2008/09 tax year, when the economy and asset prices were particularly weak, both income tax and capital gains tax receipts were heavily affected. This should not be a big factor in the coming months and does not alter our outlook for the public finances in 2010. "We have been arguing that the chancellor is underestimating tax receipts. Borrowing in this fiscal year could even be less than the £160bn we had forecast. Of course, it is worth bearing in mind that 'could' is the operative word. In the pre-budget report, the chancellor used the extra receipts to increase government spending, rather than reduce the deficits." TUC general secretary Brendan Barber "These figures show just how much damage the recession has done to public finances, but trying to close the gap now when the economy is still so fragile would be a huge mistake and risk jobs and tax revenue in a double-dip recession. "As this was a recession made in the finance sector, it is only right that finance plays its part in putting the damage right, through a tiny Robin Hood tax on the millions of financial transactions that take place every day." Government Borrowing Government data Public finance guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Clipper confirms plans for wind turbine ... Clipper confirms plans for wind turbine factory
02/18/2010
Manufacturing of wind turbines set to return to England, with factory in Newcastle making world's largest blades Manufacturing of wind turbines is set to return to England after Clipper Windpower finally confirmed plans to build a factory in the north-east, providing a much-needed boost to a region that has suffered badly from the recession. The company said it would construct a testing facility in Newcastle for what it claims are the world's largest turbine blades. Each 'Britannia' turbine would be able to generate up to 10 megawatts of electricity, enough for 10,000 homes. If the blades work properly, Clipper will build a manufacturing facility on the same site, employing up to 500 people by 2020. Gordon Brown and the energy secretary, Ed Miliband, visited the site today after the government recently announced it was helping to fund the project. Clipper has been planning the project for some time, but it was delayed as it negotiated the sale of a 49% stake in the company to UTC for $270m (£172m), which was completed in December. The company hopes the turbines will be used in the giant offshore wind projects for which the Crown Estate recently awarded operating licences . Danish firm Vestas controversially closed its turbine plant on the Isle of Wight last year , blaming a slowdown in orders for wind farms worldwide and nimbyism to onshore projects in the UK which further constrained demand. Skykon in Scotland is currently the only factory making components for the wind industry in the UK. Energy industry Energy Wind power Tim Webb guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Upbeat broker outlook boost struggling J... Upbeat broker outlook boost struggling JJB Sports
02/18/2010
Shares in retailer JJB Sports are up more than 5% this morning after an upbeat research note from analysts at Panmure Gordon. Providing some welcome respite for JJB investors, who have seen the shares fall 28% since the start of the year, Panmure's note has prompted a rise this morning of 1p, or 5.3%, to 20p. It has resumed coverage of the shares with a "buy" recommendation and 26.5p price target noting October's rights issues and the company's plans to be fully stocked in time to benefit from this summer's world cup finals. Analyst Jean Roche comments: "Following a successful £100m capital raise, the company has the necessary balance sheet strength to sustain a full recovery. Even using prudent market share gain forecasts, our model suggests 18.7% top-line growth, compound, 2010E–2013E, as JJB recoups 180 basis points of market share. We think that execution risk has been excessively priced in to the shares' valuation." "Store improvements should drive like-for-like sales. JJB was the market leader in sports retail 5–6 years ago and remains in the top three. A recent consumer survey suggests that improvements at JJB are being noticed by customers. Online sales should also boost the top line and margins." JJB Sports Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Mandelson bids to save Corus steel jobs Mandelson bids to save Corus steel jobs
02/18/2010
Corus, owned by India's Tata, will start mothballing its Teesside Cast Products plant in Redcar tomorrow A last-minute rescue attempt is being put together to try and save more than 150 years of steelmaking on Teesside, as ministers prepare to hold their first cabinet meeting in the north east today. Corus, owned by India's Tata, will start mothballing its Teesside Cast Products plant in Redcar tomorrow, leading to the loss of 1,600 steel jobs and dealing a major blow to the local economy. But ministers, local politicians and union leaders are pushing for Corus to talk to potential bidders and sell the operation. The cabinet will meet in Durham this afternoon but before the meeting business secretary Peter Mandelson will visit the Teesside plant to try to persuade management to keep it open and consider offers. His deputy Pat McFadden, meanwhile, is currently touring India and is expected to hold talks with executives from Tata, which bought Corus three years ago, about the plant. Earlier this week, Middlesbrough's mayor, Ray Mallon, said he and chairman of Middlesbrough Football Club, Steve Gibson, had both been approached by a "credible" consortium that was looking for support for its bid. "I do not want to raise false hope and there is a long way to go before any deal would be complete, but this is a deal worth investigation," he said. "Both myself and Steve Gibson will continue to do all we can to save steel jobs in the area until we are satisfied that no more can be done." Gibson added: "It is now down to Tata and the Government to provide all possible assistance to this consortium." Today's cabinet meeting, the ninth since Gordon Brown introduced regional meetings two years ago, will focus on jobs and the regional economy in the north east and the future of the Corus plant is expected to be high on the agenda. Last night, the government was accused of using these meetings as an excuse to stage party events near key marginal seats . Tory MP Douglas Carswell claimed that Labour's deputy leader, Harriet Harman, had made plans to meet activists, officials and trade unionists in the south west when she visited the region for the cabinet's Exeter trip on 5 February. Corus Manufacturing sector Job losses Peter Mandelson Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• UK government posts first January borrow... UK government posts first January borrowing on record
02/18/2010
Sharp rise in government spending and drop in tax receipts means Britain borrowed another £4.3bn last month rather than repaying £2.8bn as economists expected The UK government posted its worst borrowing figures on record for a January this morning in another blow to Britain's attempts to reassure other countries it is not the next Greece or Spain. A sharp rise in government spending and a drop in tax receipts meant that Britain was unable to post the usual surplus enjoyed in a January, a month when income tax and corporation tax revenues typically pick up. In fact, by the government's preferred measure of the public coffers, there was a deficit last month – the first January shortfall since records began in 1993. The Office for National Statistics (ONS) said public sector net borrowing – the gap between the exchequer's tax take and its spending – was £4.34bn compared with a repayment of £5.27bn a year earlier. The figure was also much worse than the £2.8bn repayment forecast by City analysts in a Reuters poll. The news will be a blow to Gordon Brown's government as it seeks to convince voters the public finances are under control ahead of the upcoming election and that it can halve the public deficit within four years. The concerns about Greece and Spain's ability to cope with their budget black holes have reverberated through global markets in recent weeks. Britain's own relatively high deficit, its slow growth rate and high inflation has prompted some to speculate it could be the next country to alarm global markets. The ONS's other measure of public finances, the public sector net cash requirement, showed a net cash repayment of £11.77bn compared with £24.85bn a year earlier. It was the lowest repayment for a January since 2003 and almost half the £20bn forecast by economists. Some economists noted that for the financial year as a whole the deficit was on track to only slightly overshoot Alistair Darling's £178bn forecast but others disagreed and said the much-worse-than-expected January could put him well off target. "These are pretty ghastly figures and come as somewhat of a surprise given the smaller overshoots of the past couple of months," Andrew Goodwin at Ernst & Young told Reuters. "January usually yields a healthy surplus due to receipts from corporation tax and even in the current climate it is surprising to see the government rack up a deficit. If this overshoot is replicated in February and March then the chancellor's full-year forecast will certainly be under threat. "These figures emphasise the scale of the fiscal challenge facing the next government. The current Treasury forecasts are far too optimistic, both in terms of the speed of recovery and the extent to which tax revenues will recover, and it is clear major additional tightening will be required." Government Borrowing Public finance Economic policy Government data Katie Allen guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Mortgage lending falls to 10-year low Mortgage lending falls to 10-year low
02/18/2010
After a December rush due to the stamp duty holiday, January's gross lending was 21% down on the same time last year Mortgage lending fell to a 10-year low in January, figures from the Council of Mortgage Lenders (CML) showed today. Gross lending fell to an estimated £9.1bn during the month, a 32% fall on December's figure and 21% lower than in January last year. Although a drop is expected at the start of the year, January's fall brought lending to its lowest level since February 2000, and brings to an end months of rising interest from borrowers. The CML said the traditional post-Christmas lull in lending had been exacerbated by a rush by buyers to snap up properties before 31 December 2009, the end of the temporary stamp duty holiday on homes costing less than £175,000 and was likely to be the start of a quiet period in the housing market. Last week, the group revealed lenders had seen a surge in the number of mortgages advanced for house purchases in December, as buyers rushed to complete before the threshold reverted to £125,000 at the start of this year. Today the CML's economist, Paul Samter, said: "We remain in a period of uncertainty for the housing market and economy at large. The market certainly improved over the second half of last year and started 2010 in better shape than most would have predicted twelve months ago. "More recent developments have been influenced by the end of the stamp duty holiday, and are likely to foreshadow a larger than usual seasonal drop off in activity in the early part of this year." The fall comes despite a raft of new cheaper loans from lenders and the reintroduction of some good deals for borrowers with small deposits. Recent weeks have seen a flurry of launches , while some lenders have started to increase standard variable rates for existing borrowers. In coming months this could boost remortgaging figures, which have been falling since the Bank of England base rate was cut to 0.5% last spring. Brian Murphy of mortgage broker Mortgage Advice Bureau said overall the mortgage market was in a better state this time last year. "In the past three to four months a lot more products have become available, as lenders once again start fighting for market share. But while more competitive rates are starting to emerge at higher LTVs, you still need a faultless credit history if you are to secure a loan. "The CML believe it is likely the Bank of England will continue to keep rates low but it's important for borrowers not to take this for granted, especially in light of this week's inflation figures and lower than expected unemployment data." Mortgages Mortgage lending figures Stamp duty Property Consumer affairs Housing market Interest rates Hilary Osborne guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Asda pays £26m in bonuses Asda pays £26m in bonuses
02/18/2010
Asda workers will get a bonus payout of up to £437.50 Asda is creating 6,000 jobs across the country this year as the supermarket giant expands its retail empire. The news came as Asda announced its bonus payouts for 2009. It will share a record £26m – 18% higher than last year's payout – among staff at its 371 stores and 21 depots who have been with the firm for longer than six months. Asda workers will get a bonus payout of up to £437.50, paid on 26 February. The payout comes after another strong year for Asda which saw a million more customers walk through its doors compared with 2008. Its financial results will be announced later today when its America owner Wal-Mart announces its full-year results. In addition to the bonus payout, Asda said it will create more than 6,000 jobs, building on the 20,000 full and part-time posts that have been created in the last three years as the retailer has continued to expand. The jobs will be generated by 10 new store openings, with another 10 sites being expanded. Asda added that it plans to be an integral part of Wal-Mart's plans to cut costs through its new Global Merchandising Centres, using the company's worldwide reach in both general merchandising and food sourcing. Asda's fresh produce business – International Produce Limited (IPL) – will also play a key role in reducing prices on imported produce such as melons, stone fruit and grapes. Now a wholly owned subsidiary of Wal-Mart, it will also buy in greater volume for stores in the worldwide Wal-Mart family, helping to lower prices for Asda shoppers, the company said. The move is likely to raise concerns among campaigners for farmers in developing countries. Asda came in for criticism last year for its part in a banana price war with rival supermarkets which Fairtrade campaigners warned could destabalise the entire movement. "We're putting the right structure in place to generate significant savings to customers over the years ahead, powered by our unique relationship with Wal-Mart," said Asda president and chief executive Andy Bond ahead of the release of the group's financial results at noon. Asda Wal-Mart Supermarkets Retail industry Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• VT rejects new offer from Babcock VT rejects new offer from Babcock
02/18/2010
Takeover battle between two UK engineering firms intensifies VT Group has rejected a new offer from Babcock International as the takeover battle between the two UK engineering firms intensifies . Babcock raised its original indicative offer to as much as £1.29bn in cash and shares. Like the first approach of £1.14bn, this proposal has been unanimously rejected. "The revised proposal, which was between 680p and 715p per VT share, again funded through 0.701 new Babcock shares plus cash, was only a small improvement on Babcock's previous indicative offer and continued to significantly undervalue VT and its prospects," VT said. Shares in VT jumped 4.5% to 650p this morning, adding to the 25% rise seen since Monday when Babcock's approach was made public. VT reiterated that, in its view, merging two of Britain largest support services firms makes little sense for its shareholders. It pointed out that Babcock is already significantly leveraged and faces pension liabilities of £2bn, and argued that its rival will suffer more if the UK cuts back on defence spending after the election. VT also disputed Babcock's claim that a deal would boost profitability through efficiency savings, arguing that the Ministry of Defence will probably insist on sharing the benefits by paying less. VT also points out that the cash element of Babcock's offer largely comes from the sale of its own BVT shipbuilding arm. VT, which was once a major shipbuilder, now also provides a range of public services to government and local authorities . VT Group Babcock International Engineering Mergers and acquisitions Graeme Wearden guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Halfords to create 1,000 jobs as it move... Halfords to create 1,000 jobs as it moves into car servicing and repairs
02/18/2010
• Car-parts chain buys Nationwide Autocentres chain for £73.2m • Repairs market booming as recession means cars getting older Car-parts chain Halfords has snapped up Nationwide Autocentres for £73.2m and announced plans to create more than 1,000 jobs over the next five years as it looks to grab a lucrative slice of the UK's car servicing and repair market. Nationwide Autocentres, owned by Phoenix Equity Nominees since February 2006, has 224 outlets nationwide and Halfords plans to rebrand them as Halfords Autocentres. It will open a further 80 centres by 2013 and hopes to have opened more than 200 by 2015. The move will create the country's largest car parts, servicing and repair shop operator in the country as well as over 1,000 jobs. The UK market for providing vehicle servicing, MOTs and repairs is worth an estimated £9bn a year but is highly fragmented, being split between franchised car dealerships, nationwide garage chains and independent operators. "Our expansion into the adjacent car servicing and repair market is an exciting and logical move for Halfords," said chief executive David Wild. "Car maintenance is a large and highly attractive sector where there is increasing demand from motorists for reliable service at affordable prices. Nationwide is a high quality business and represents an opportunity for significant growth." Wild added that the decision to buy Nationwide had also been influenced by the change in the UK car market. With the recession leading more people to buy second-hand cars, the repairs and maintenance market is booming. "What we have seen in the market is that the number of cars on the UK roads is going up but the number of new car registrations is not, so the age of cars is getting older and that just makes the £9bn market more attractive." The deal actually marks a return to the repairs market for Halfords. Before the company was sold by Boots in 2002, it experimented with offering repairs and servicing, but the rents it was paying for space in retail parks made the venture unprofitable. Nationwide's current management team, led by chief executive Duncan Wilkes and chief operating officer Bill Duffy, will remain with the business. Management are understood to own a stake in the company but Halfords refused to say how much they have earned from the deal. Last year the business generated profit before tax of £7.5m on revenues of £97m. Halfords expects its re-branded Halfords Autocentre business to double profits before financial charges to about £20m in its third year of ownership and is expected to increase the group's earnings per share by about 6% in its first full financial year within the merged group. Halfords also announced that since its trading update on 14 January its performance has been "in line with internal forecasts" and it remains on track to deliver current year pre-tax profit, excluding results from Nationwide, in line with market expectations. Halfords Automotive industry Motoring Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Writedowns and fines push BAE into red Writedowns and fines push BAE into red
02/18/2010
• Failure to win US vehicle contract costs defence firm • 'Aggressive' cost-cutting measures promised • Shares rise in early trading BAE Systems has plunged into the red after agreeing to pay fines to US and UK authorities, and slashing the value of its military trucks division. The defence firm told the City this morning that it made a loss of £45m in 2009, down from a profit of £1,768m the previous year. This was mainly caused by £973m of impairment charges, along with the fines of almost £300m which were agreed two weeks ago . BAE said its failure to win a contract from the US government to supply 'Medium Tactical Vehicles' meant it has cut £592m off the value of the assets it acquired by buying Armor Holdings in 2007. The company also warned that conditions in the defence industry are tough: Defence budgets in both the UK and the US are expected to come under further pressure, and with expectations of a more challenging business environment ahead, the focus on driving performance and efficiency in the business will be key. Cost reduction measures are being aggressively implemented across the Group. Stripping out these writedowns and fines, BAE reported underlying earnings of £2,220m, up from £1,897m, and raised its dividend from 14.5p to 16p. The stock market welcomed the results, sending BAE shares up 5% in the first few minutes of trading. In other news today, VT Group has turned down a new takeover offer from Babcock , calling it "strategically unsound" and a "retrograde step" Halfords has announced the purchase of Nationwide Autocentres for £73m . Kingfisher has blamed a 3% drop in like-for-like sales in the last quarter on the bad weather , but predicted that its pre-tax profits for the last year will beat City expectations. Ladbrokes has reported a drop in pre-tax profits to £191.3m , from £265.6m a year ago. And insurance firm Pearl has said that it will exceed its target of generating £500m in the current financial year , and rename itself Phoenix Group Holdings. BAE Systems Kingfisher Halfords Reed Elsevier Graeme Wearden guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• Rowntree trust sells shares in Vedanta Rowntree trust sells shares in Vedanta
02/18/2010
• Rowntree Trust sells its entire £1.9m holding in Vedanta • Bianca Jagger urges other Vednata shareholders to reconsider Controversial mining company Vedanta Resources suffered another embarrassment today when the Joseph Rowntree Charitable Trust became the latest organisation to disinvest from the business. Weeks after the Church of England sold its shares and Amnesty International wrote a damning report, the trust sold its £1.9m stake over concerns about Vedanta's approach to human rights and the environment. Other investors which follow the trust's ethical policy, including the Marlborough Ethical Fund and Millfield House Foundation, have also sold their shares, taking the total amount divested to £2.2m. Vedanta has come under fire over its plans to construct an open-cast mine on Niyamgiri mountain in Orissa, India. Activists believe it will destroy the area's ecosystem and threaten the future of the 8,000-strong Dongria Kondh tribe, who depend on the hills for their crops and water and who believe the mountain and surrounding forest to be sacred. "The company has built a refinery at the foot of the mountain and the bauxite project is reported to be causing severe environmental damage at the expense of the local people," said the trust. Susan Seymour, chair of the investment committee at the trust, said: "As a responsible shareholder we have serious concerns about Vedanta. We have heard first-hand about Vedanta's environmental and human rights abuses in Orissa and believe Vedanta is pushing industrialisation to the detriment of the lives and lands of local people. This behaviour may be legal but is morally indefensible. We have therefore decided to sell our entire stock in Vedanta." The trust and the church follow other organisations which have disinvested. The Norwegian government sold its $13m (£8m) stake in 2007, Martin Currie Investment Management sold its £2.3m stake last year and BP's pension fund also reduced its holdings in Vedanta. Meredith Alexander, head of trade and corporates at ActionAid, said: "The Joseph Rowntree Charitable Trust's welcome decision to sell its shares in Vedanta is a principled stand against a company under fire for its ethics. The bad news for Vedanta just keeps coming as more investors realise the truth behind the company's plans to mine Niyamgiri." Human rights campaigner Bianca Jagger said: "The Kondh people's battle to save their livelihood illustrates the struggle for survival that indigenous peoples are facing in many parts of the world. The ecosystems on which they rely are being plundered by the reckless exploitation of many of the oil, gas, logging and mining companies. Their rights are being violated with impunity by some multinational corporations. "While the Joseph Rowntree Charitable Trust's recognition of these abuses is a hopeful sign, The matter is not over yet. I appeal to the remaining shareholders to consider the human rights and environmental consequences, and reconsider their investment." Vedanta had no immediate comment on the trust's decision. Vedanta Resources Ethical business Mining Mining India Human rights Kathryn Hopkins guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (1 h ago)

• New rules could force Britain's tax exil... New rules could force Britain's tax exiles to pay up
02/17/2010
Government crackdown on super-rich involves new 'statutory residency test' to establish UK ties The government is unleashing a tough crackdown on Britain's super-rich tax exiles in a move that will increase the pressure on dozens of the country's wealthiest business figures and celebrities. The Treasury has advanced plans to clarify tax rules by introducing a "statutory residency test" which could affect tax exiles such as the racing driver Lewis Hamilton and the Barclay brothers, owners of the Telegraph group, who live abroad but have substantial interests in the UK. Thousands of tax exiles have already been unnerved by a court of appeal judgement earlier this week which is expected to trigger a slew of investigations into whether the super-rich have truly severed their ties with Britain or are playing fast and loose with tax protocols. The court ruled that Rupert Gaines-Cooper, a Seychelles-based multi-millionaire, is now liable to pay £30m in back taxes because England remained "the centre of gravity of his life and interest" even though he adhered to existing rules by spending less than 91 days in the UK. The HMRC confirmed they began receiving calls from worried tax exiles demanding to know whether they face huge tax bills just hours after the judgement was made yesterdayon Tuesday. The Guardian has learnt that the Treasury is in talks with the country's top wealth advisers and accountants to introduce a new law on residency. The working party is soon to conclude its study and the law could be introduced next year if Labour retains power at the next election, according to a senior accounting professional. Despite less punitive tax than other European countries, many wealthy Britons have moved abroad. As well as Hamilton, who lives in Switzerland, high-profile tax exiles include the beleaguered boss of EMI owner Guy Hands and property moguls the Candy brothers, Nicholas and Christian. The pair, who are behind plans to redevelop a luxury residential complex in Knightsbridge, west London, are worth an estimated £330m and commute to London from Monaco. Thanks to the huge wealth generated by the city, an increasing number of leading business figures commute in and out of the country on private jets, thus blurring residency rules. Mike Warburton, tax director at Grant Thornton who was an expert witness in the Gaines-Cooper appeal, said: "If you want to be a tax exile we thought it was about 90 days. But now the first hurdle is: Is your house here? Is your family here? Are you a member of a club here. You have to demonstrate you have truly left the country." One of the country's most successful wealth advisers at a well-known London law firm said the drift of case law and the recent court of appeal ruling would make tax exiles swallow hard about whether they owe huge sums of cash to the Revenue. "Those who have left the UK particularly for tax reasons may want to look at what they do and whether their circumstances fall into government guidelines," he warned. A government source said: "The government is considering the feasibility of introducing a statutory residence test and is working with external stakeholders to explore options." An HMRC spokesman said: "We are pleased that the court of appeal has confirmed that HMRC's interpretation of its guidance on residency... It is also useful that the Court of Appeal has acknowledged that HMRC can increase compliance activity in an area so that it can ensure it catches those who may have previously not paid tax that is due." Tax avoidance Tax Tax and spending Nick Mathiason guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (2 h ago)

• Bankers must have pay lessons drilled in... Bankers must have pay lessons drilled into their heads, says trade minister
02/17/2010
Lord Davies says bankers must learn the lessons of the financial crisis Trade minister Lord Davies today waded into the row over City bonuses as he told bankers that the lessons from the financial crisis needed to be "drilled into their skulls". The former chairman of Standard Chartered, parachuted into the ministerial job by Gordon Brown a year ago , admitted that bankers needed more humility following the taxpayer bailout of the system 18 months ago. Saying he welcomed the move by Barclays's two most senior bankers to waive their bonuses , Davies said: "My message to the bankers in every speech has been the same, it is don't forget less than 18 months ago the western economies were brought to their knees through the actions of a few banks and that the lessons for the industry – on capital, liquidity and compensation – must be drilled into their skulls." Speaking at the Mobile World Congress show in Barcelona , where UK Trade & Investment is showcasing the best of British technology, Davies admitted bankers had paid themselves too much. "It is absolutely critical that the industry learns they got the pricing of risk wrong, they got the compensation wrong. The lifeblood of an economy is enterprise and innovation. We have that in Britain. We need the British banks to be there for businesses as they expand and as they take advantage of the recovery." But he warned against countries taking individual stances on regulation, by forcing through different demands on how bankers should be paid or how much capital or how many liquid assets banks should hold. "I think compensation in the industry is still an issue. I think we need a global agreement on compensation, on capital, on liquidity. We do not need a European solution. We do not need an American solution. We need a global solution because three of the top five banks in the world are Chinese. Let's get real," said Davies. The international plans being developed that would require banks to hold more capital are expected to have a wide impact on the sector, and on consumers who will have to pay more for financial services products. Analysts at US bank JP Morgan calculated that British banks would need $91bn (£58bn) more capital as a result of all the new proposals – some 41% of a global total of $221bn – which would force up prices charged to consumers. "In order to return to the same levels of profitability we estimate that pricing on all products [retail, commercial and investment banking] would have to go up by 33%," the JP Morgan analysts said. Mervyn Davies Banking Financial crisis JP Morgan Richard Wray 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)

• Unemployment casts doubt on recovery Unemployment casts doubt on recovery
02/17/2010
• Claimant count rises to 1.64m, highest since 1997 • Numbers of 'economically inactive' hit record level Labour's hopes that the "feelgood factor" would flood back as the economy recovers received a fresh blow today with news that the number of people claiming unemployment benefit has hit its highest level since 1997. After two successive months of falling claims, there had been hopes that the labour market was on the turn as the economy crawled out of recession. But the Office for National Statistics said there was a surprise 23,500 rise in the claimant count in January. The increase was the largest since last July, and took the total number of claimants to 1.64 million, the highest figure since April 1997, just before Labour swept into government. Howard Archer at IHS Global Insight said the rise was a "reality check". "The economy is just not strong enough at this stage to prevent further job losses and the fall in unemployment late in 2009 had masked the fact that full-time employment was still falling appreciably," he said. Unemployment on the wider Labour Force Survey measure, which also includes people who are out of work but not claiming benefits, fell by 3,000 in the three months to December to 2.46 million, taking the jobless rate to 7.8%. However, John Philpott, chief economist at the Chartered Institute of Personnel and Development (CIPD), said that the 3,000 fall was "minuscule" and was explained by the jump in the number of young people turning to study to avoid the dole. Philpott has previously warned that the UK could be facing a "jobless recovery", with firms continuing to lay off staff even as growth recovers. Yvette Cooper, the work and pensions secretary, said: "These figures show how important it is to keep increasing, not cutting back, the help for people to get work," adding that government action has helped to keep the unemployment total almost half a million lower than expected, given the severity of the recession. "Unemployment is much lower than [was] expected last year, reflecting the tough decisions families and businesses have taken to protect jobs, as well as the substantial extra investment in getting people back to work. But we know things are going to be tough for a while," she said. The ONS said there had also been a renewed increase in the number of people who are "economically inactive", which includes those who are no longer searching for work as well as the unemployed. There is now a total of 8 million economically inactive people of working age – the highest number on record. Shadow work and pensions secretary Theresa May said: "Behind the headlines, it's alarming that more and more people are giving up looking for a job altogether… We need to ensure these people don't fall into a trap of worklessness." The worrying news from the labour market echoed the concerns of policymakers at the Bank of England, who have expressed caution about the strength of the economic recovery, despite pausing their £200bn emergency programme of quantitative easing. Minutes from the latest meeting of the Bank's nine-member monetary policy committee, published today, showed that they voted unanimously to suspend QE, though analysts said the details of the discussion revealed deep-seated uncertainty about the economic outlook. Melissa Kidd of consultancy Lombard Street Research said the minutes suggested that the MPC was "unanimously unsure of itself". Today's news from the labour market added weight to Bank governor Mervyn King's argument that the sharp rise in inflation, to 3.5% last month, will prove short-lived. Official earnings figures showed little sign that workers are managing to win inflationary deals: average pay excluding bonuses in December was just 1.2% higher than a year earlier. When bonuses were included, wages were up by just 0.8%, reflecting smaller payouts for many professionals. Unemployment and employment statistics Recession Green shoots Bank of England Economics Quantitative easing Kathryn Hopkins Heather Stewart guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (4 h ago)

• Judge blocks Milford Haven port strike Judge blocks Milford Haven port strike
02/17/2010
A high court judge has blocked a strike in Wales as BA cabin crew brace themselves for a legal challenge to its strike ballot A high court judge has blocked a strike by workers at one of Britain's busiest ports, as British Airways cabin crew brace themselves for a legal challenge to next week's strike ballot result. Staff at Milford Haven Port Authority, in Pembrokeshire, west Wales, became the latest victims of the 1992 Trade Union Act when a two-day strike due to start tomorrow was injuncted. The ruling against the Unite trade union echoed a legal block brought against the same union over a planned 12-day Christmas strike by BA cabin crew in December last year. Disgruntled air stewards are holding a second ballot which closes on Monday and BA is braced for a yes vote, with some Unite members pushing for walkout lasting at least 12 days. A Unite official said the high court was now actively intervening in trade union disputes. "The fundamental issue here is the high court intervening yet again, as they did in the BA cabin crew dispute, to undermine our members' democratic decision to take industrial action," said Brendan Gold, Unite's national secretary for docks and waterways. "It is hugely frustrating going through the correct legal procedures to call this action then to have the courts intervene to block it." However, while both court rulings referred to the 1992 act, the Milford Haven injunction represents a temporary brake on industrial action that could still go ahead next week. Unlike the BA case, the Milford Haven strike vote, over a pensions dispute, has not been deemed unlawful. Instead, Mr Justice Sweeney found that notices of industrial action by 50 employees at Milford Haven did not comply with the act, which demands stringent accuracy when notifying employers of walkouts. Unite said that it will stage a 12-hour walkout at the Britain's sixth largest port next week, in line with the Trade Union Act which requires giving seven days notice before striking. In the case of the BA cabin crew, the ballot was ruled unlawful in its entirety, forcing the union to restage the ballot. Unite fell foul of the act last year when it balloted about 800 cabin crew who subsequently took voluntary redundancy. The act requires unions to give the company accurate voting information, including the number of voters and where they work in the company. Officials at Unite and its cabin crew branch, Bassa, have combed through membership details of more than 12,000 cabin crew to eradicate data glitches but it is understood that the union has received several legal letters from BA about the new ballot since January. The RMT, the rail industry's largest trade union, said industrial action at train operators London Midland, Virgin Trains, East Coast and London Underground had been delayed by challenges under the 1992 Act. "The arsenal of legal weapons ranged against the workforce by bosses seeking to wreck industrial action is growing by the day," said Bob Crow, RMT general secretary. The number of injunctions under the act has nearly trebled over the past year after a case in 2008 saw Metrobus, a London bus operator, win a case claiming that a strike ballot was unlawful due to polling irregularities. BA lawyers able to structure their case on similar principles secured an injunction that overturned a 92% majority on an 80% turnout. Talks between BA and Unite and Bassa officials are continuing. However, a yes vote on Monday could see a strike begin from 1 March although Unite has ruled out taking industrial action over Easter. The high court is also due to rule imminently on a legal case brought by Unite in which the union is arguing that cuts to staffing levels on all BA flights breach contractual law. Trade unions British Airways Wales Law Dan Milmo guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (8 h ago)

• Toyota to fit brake-override on all mode... Toyota to fit brake-override on all models
02/17/2010
• Japanese carmaker vows to improve quality control • Attention turns to reports of Corolla power-steering problems • Recall crisis has already affected 8.5m cars worldwide Toyota is to install a brake-override system in all its future models after the embattled carmaker vowed to improve quality control amid the global recall of millions of defective vehicles. The recall crisis also threatened to broaden after the firm said it was looking into possible power-steering problems with the Corolla, the world's best-selling car, and that it was considering a recall. The Japanese company said the nature and cause of the problem was unclear, but it had received dozens of complaints from owners in the US relating to Corollas manufactured in the past 12 months. The cars have not been sold in the UK since 2007. "If this is a defect, we will start recalls," said Shinichi Sasaki, who oversees quality at Toyota. "We are in the process of investigating, but the number of complaints is less than 100." It is thought the problem was possibly owing to a switch from a hydraulic steering system to an electric one, he added. The override system announced today is one of several new measures aimed at reassuring Toyota owners in the wake of the global recall of 8.5m cars, including more than 187,000 in the UK, over acceleration and braking problems. The new mechanism will allow the brakes to kick in first when drivers inadvertently depress the brake pedal at the same time as the accelerator. The recall, which has now spread to 437,000 of its market-leading hybrid car, the Prius , has tarnished the company's once vaunted reputation for quality. Toyota took out full-page adverts in major Japanese newspapers today to apologise for the recall crisis. "We apologise from the bottom of our hearts for the great inconvenience and worries that we have caused you all," the ads said. Toyota said it expected to complete 70% to 80% of its Prius repairs in Japan by the end of the month. The company's president, Akio Toyoda, who was appointed last summer after the carmaker suffered its first annual loss, has been broadly criticised for his handling of the recall, which has caused his firm at least $2bn (£1.3bn) in extra costs. He acknowledged today for the first time that the firm had expanded too fast in its quest to increase profits and overtake General Motors as the world's biggest carmaker, a feat it achieved two years ago. "The basic rule of the Toyota production system is to only build as many cars as there is demand for," he said. "And we broke that rule." Toyoda also put an end to speculation over whether he would appear before a US congressional committee next Wednesday in an attempt to salvage his firm's reputation in its most important market. Instead, other executives, including Toyota's North America head, Yoshimi Inaba, will testify. "I think there was some misunderstanding about my plans," Toyoda told reporters in Tokyo, in his third media briefing in 12 days. "I have full confidence in the management of Toyota Motor North America, led by Mr Inaba, and I believe he is the best placed to testify. I am sure they are well equipped to well respond to the questions and concerns of congressmen." The firm said it would address safety concerns with the appointment of a chief quality officer, under Toyoda's direct control, in each of its sale regions. A new committee will take the company's quality-improvement activities "on to a new and higher plane", Toyota said in a statement, adding that the first meeting would be on 30 March. The company said it had "taken to heart" customer feedback from around the world and remained committed to "unwavering quality in products and services and to the spirit of 'customer first'". The improvements came amid intensifying demands by US authorities for more information about Toyota's handling of the recalls and the announcement that two of its factories in America would close for at least 11 days to adjust to a slowdown in sales caused by the crisis. The US transport department has demanded that Toyota hand over documents related to the recalls so that it can establish how long the firm was aware of the acceleration problem before it started recalling defective vehicles. Toyoda denied his company had attempted to cover up the safety defects. "We are not covering up anything, and we are not running away from anything," he said. Toyota's US unit said that it "takes its responsibility to advance vehicle safety seriously and to alert government officials of any safety issue in a timely manner. "We are reviewing the [US national highway traffic safety administration's] request and will co-operate to provide all the information they have requested." Toyota Automotive industry Japan Motoring Justin McCurry guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (11 h ago)

• Google chief extends olive branch to mob... Google chief extends olive branch to mobile groups
02/17/2010
Eric Schmidt has stressed that Google's involvement in mobile is designed to make the operators money, not leave them out of pocket Google chief executive Eric Schmidt has extended an olive branch to the mobile phone industry saying he is "not trying to run roughshod" over the operators or turn them into "dumb pipes" in the air. Speaking for the first time at Mobile World Congress, the industry's largest trade show, Schmidt faced angry questioning from some in the industry who fear that Google is piggybacking on their massive investment in infrastructure, through ventures such as its Android mobile phone platform, but giving them no return. "I feel very, very strongly that we depend on successful businesses for the operators globally and I disagree that we are trying to turn the operators into dumb pipes," he said. "We need advanced sophisticated networks, we are not going to be investing in broad scale infrastructure, we are going to have the operators do it." After the meeting he stressed that Google's involvement in mobile is designed to make the operators money, not leave them out of pocket. "Almost all of the interesting growth in operators now is coming from mobile data, so both Google and the operators are growing because of this explosion in usage," he said. "From our perspective we recognise that the operators have large fixed costs and they have also purchased bandwidth, which is limited in its nature, and so we are not trying to run roughshod over that principle. On the other hand, most of the operators are telling us that we, Google, should build applications that will help them sell their new higher speed services they are spending so much money on." Schmidt added that he did not care whether the network operators tried to get back some of their investment by doing deals with content providers, taking a share of their revenues in return for proving a guaranteed connection for services such as HD video. But he invoked the concept of "net neutrality", which is currently being fiercely debated in the US – it calls for all web traffic to be treated equally. "Google defines net neutrality in the following way: if you have a content category like video we want to make sure that the operator does not favour one video [provider] over another because that would then allow the operator to pick winners in the category," he said. "Imagine a situation where the operator also owned a TV network and discriminated in favour of that TV programming against the other choices, that would not be seen as fair." Asked whether Google itself would pay, he replied: "The answer is, we wouldn't." His comments followed a warning from Vodafone chief executive Vittorio Colao earlier in the day that the current debate about net neutrality in the US could hamper any potential attempt to raise cash from content providers. Network companies should be allowed to do deals with content companies who want to ensure a certain quality of service for users. "The solution is to be able to freely deal up and down the value chain," Colao said. "So network operators, content owners, application owners should be able to freely deal and we should try and have competition in all segments." In Europe, the topic is likely to feature highly as the new telecoms commissioner Neelie Kroes, former EU head of competition, takes over from Viviane Reding. The Vodafone boss said: "It is important that the new [European] commission, and to some extent the federal communications commission in the US, take a holistic view of the whole value chain and ensure that the rules they put in place are rules that really enable competition at all levels. Mobile World Congress Google Eric Schmidt Mobile phones Richard Wray guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (23 h ago)

• Ryanair's hidden costs from currency con... Ryanair's hidden costs from currency conversion
02/15/2010
With its dynamic currency conversion system, Ryanair could charge as much as an extra £6-7 per £100 booking Ryanair has found yet another way to part its customers from their cash after introducing its own currency conversion for travellers booking single flights from other countries back to the UK. The practice, known in the trade as dynamic currency conversion (DCC), can add as much as £6-£7 to each £100 booking, but as with many of its other charges, the gives the impression that is in your best interests. British travellers who book start their journeys starting in Europe have long seen their fares on the Ryanair website quoted and charged in euros. As a result they have incurred the foreign exchange costs associated with buying goods abroad using a UK credit card. However, the airline has quietly introduced DCC in a bid to further increase its revenues. As the buyer goes through the payment process, the price quoted is automatically recalculated into a "guaranteed" price, which we have found is several pounds higher than that quoted by a leading credit card. When Guardian Money puchased a single flight from Ancona in Italy to London Stansted , the price quoted was €65.50. We were then offered a guaranteed price of £60.92. We declined this, but were still implored to accept it, accompanied with a warning "you will not receive a guaranteed rate from your bank". Some buyers would simply agree to the guarantee at this point. But the rate we were being offered was poor value: we asked Nationwide how much it would have charged in sterling that day to someone buying the flight at €65.50, and were told it would cost just £57.16. Ryanair was charging £3.76 more. It might not sound much but someone booking return flights for a family at a cost of £400 would pay an extra £24 by opting for Ryanair's "guaranteed" exchange rate. DCC started being foisted on an unsuspecting public a few years ago as a way for retailers, restaurants and particularly hotel groups to make money from those using foreign credit cards to pay for goods or services . It has been particularly prevalent in Spain where it has appeared at ATMs. Shops and hotels offering DCC are required to give customers the choice, and you should always opt to pay in the local currency for the lowest bills. Some customers have reported being given no option but you are entitled to insist on paying in local currency. Ryanair, which does offer an opt out, says it introduced DCC on its website 10 years ago but declined to say why it is now promoting it more heavily. This latest fee comes on top of other controversial charges, including a £5 online check-in charge even though the customer now has no option but to check-in online. Buyers using a credit card have to add a further £5 per person, per booking. The airline recently started charging those using Visa Electron cards. Now the only way to avoid credit card charges is to use a pre-paid Mastercard. The best one to get is Caxton FX's Global traveller. You'll pay £1.50 per booking with no other loading fees. Consumer affairs Ryanair Currencies Travel & leisure Air transport Airline industry Miles Brignall guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (2 d ago)

• Japan shrugs off Chinese challenge to re... Japan shrugs off Chinese challenge to remain world's second-largest economy
02/15/2010
• Japanese economy grew 1.1% in last quarter of 2009 • Fears remain over deflation and the waning impact of stimulus measures Japan held on to its status as the world's second biggest economy today as better-than-expected GDP data raised hopes of a sustained recovery from its deepest recession since the war. GDP grew at 1.1% between September and December, which corresponds to a yearly rate of 4.6%, the government said. The growth proved enough to stave off a challenge from China, due largely to government measures to stimulate Japanese spending on fuel-efficient cars and "green" consumer goods. But the growth data was tempered by continued anxiety over falling consumer prices and weak demand. The GDP deflator, the broadest measure of prices, fell 3% from a year earlier, its biggest drop since records began in 1955. The government, meanwhile, faces the tricky task of reining in huge public debt and honouring spending commitments in its record ¥92trn (£651bn) budget plans. In a sign of the impact of massive stimulus packages introduced last year, domestic demand helped boost GDP for the first time in seven quarters. Consumer spending, which accounts for about 60% of the economy, rose 0.7% from the previous quarter. The figures also pointed to growing confidence among firms, with corporate investment in plants and equipment rising by 1%, its first increase since the first quarter of 2008. The economy is showing signs of "brightness", the finance minister, Naoto Kan, told reporters, adding that he believed the risk of a double-dip recession was receding. But he warned: "Downside risks, such as unemployment and the situation of overseas economies, still exist. We can't be optimistic." Analysts predict that the impact of government stimulus measures will lessen in the coming months. "Japan's economy is expected to slow down in the first half of 2010 as the effects of the stimulus measures taken by the previous government will peter out, but the economy will likely return to a recovery trend in the latter half of this year," said Kyohei Morita, chief economist at Barclays Capital in Tokyo. Few believe any new initiatives will come from a Bank of Japan policy meeting this week. The central bank has already reduced interest rates to near zero and pumped billions of yen into the banking system in an effort to lift the economy. Despite the robust performance of the last quarter, 2009 was a miserable year for the Japanese economy. GDP fell a record 5% as falling wages and rising job insecurity blunted domestic consumption. Japan's fledgling recovery since it emerged from recession in mid-2009 is largely down to demand in China and other parts of Asia, where government stimulus measures helped lift Japan's exports by 5% in the three months to December. China, whose economy grew by 8.7% last year, is expected to overtake Japan as the world's second biggest economy this year. Japan's nominal GDP for the 2009 calendar year came to about $5.1trn, just ahead of China with $4.9trn. Economics Japan China Justin McCurry guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds (2 d ago)

• Toyota's Loss is U.S. Carmakers' Gain Toyota's Loss is U.S. Carmakers' Gain
02/18/2010
Ford, GM and Others Ringing Up Sales as Toyota Deals with 8.5 Million and Counting Recalls of Potentially Dangerous Vehicles (1 h ago)

• U.S. Opens Investigation on Toyota Corol... U.S. Opens Investigation on Toyota Corolla
02/18/2010
Dangerous Power Steering Problems Make Top-Selling Corolla the Latest Toyota Model to Face a Major Recall (1 h ago)

• Video: Obama Touts Stimulus Progress Video: Obama Touts Stimulus Progress
02/18/2010
One year since authorizing a massive stimulus, the Obama administration now claims that over 2 million jobs have been saved or created in the U.S. Chip Reid reports. (1 h ago)

• Video: Toyota Mulls Corolla Recall Video: Toyota Mulls Corolla Recall
02/18/2010
Federal safety regulators have opened an official investigation of complaints about Toyota Corolla's power-steering. As Dean Reynolds reports, another recall could be around the corner? (1 h ago)

• Video: Toyota's Loss, Detroit's Gain Video: Toyota's Loss, Detroit's Gain
02/18/2010
Domestic car dealers across the country say that Toyota's loss has been their gain. GM, Nissan and Ford's sales increased as Toyota attempts to regain the customer confidence. Nancy Cordes reports. (1 h ago)

• Rum Revival: New Interest in Old Spirit Rum Revival: New Interest in Old Spirit
02/17/2010
Premium Rums - Far Less Expensive Than Counterparts Like Scotch - Grab a Growing Share of the Liquor Market (4 h ago)

• Walgreen Buying NYC Competitor Duane Rea... Walgreen Buying NYC Competitor Duane Reade
02/17/2010
Deal Includes All 257 Duane Reade Stores in New York City, Worth Around $1.1 Billion (8 h ago)

• Housing Construction Up More than Expect... Housing Construction Up More than Expected
02/17/2010
2.8% Gain in January Raises Hopes that Construction Industry is Rebounding from Worst Slump in Decades (9 h ago)

• Should You Ditch Your House? Should You Ditch Your House?
02/17/2010
Jill Schlesinger: More and More Homeowners Who Can Afford to Stay Are Walking Away; She Explains Why, and Whether It?s Wise (11 h ago)

• Toyota Chief Won't Testify in Washington Toyota Chief Won't Testify in Washington
02/17/2010
Akio Toyoda says He'll Stay Focused on Quality Control; Company Mulls Corolla Recall (14 h ago)

• Video: Where America Stands: Manufacturi... Video: Where America Stands: Manufacturing
02/17/2010
A half-million manufacturing jobs were lost during the recession. In the CBS News series "Where America Stands," John Blackstone reports getting those essential jobs back may require a change in attitude. (22 h ago)

• Foreigners Reduce Stakes in U.S. Treasur... Foreigners Reduce Stakes in U.S. Treasury
02/17/2010
Record Drop in Foreign Holdings in December; Government Might Have to Pay Higher Interest to Attract Investors (23 h ago)

• White House Defends Year-Old Stimulus Pl... White House Defends Year-Old Stimulus Plan
02/16/2010
Biden, Cabinet Officials Seek to Highlight Success, Quell Anxiety about the Economy (1 d ago)

• Feds Demand Toyota Documents on Recalls Feds Demand Toyota Documents on Recalls
02/16/2010
Probing Timeliness of Recalls, Transportation Dept. Wants to Know When Automaker Knew of Safety Issues (1 d ago)

• Toyota to Idle 2 U.S. Plants Amid Recall... Toyota to Idle 2 U.S. Plants Amid Recalls
02/16/2010
Automaker Says It Wants to Prevent Excess Inventory, But Will Retain Workers, Increase Training (1 d ago)

• Video: Preview: Manufacturing in America Video: Preview: Manufacturing in America
02/16/2010
Steel Workers are a disappearing breed but were once considered the backbone of the country. Are there opportunities for them in the new economy? Where America Stands on Manufacturing. Tuesday on the The CBS Evening News. (1 d ago)

• State-Owned Banks a Blueprint for Future... State-Owned Banks a Blueprint for Future?
02/16/2010
Bank of North Dakota Draws National Attention amid State's Relatively Robust Economy (1 d ago)

• Miss. Lawyer: I Was Fired for Suing Toyo... Miss. Lawyer: I Was Fired for Suing Toyota
02/16/2010
City Attorney Says His Federal Lawsuit Against Automaker Ran Afoul of Town Officials Owing to Nearby Toyota Plant (1 d ago)

• EMI Records to Sell Abbey Road Studios EMI Records to Sell Abbey Road Studios
02/16/2010
Recording Label Hopes to Raise Millions With Sale of London Studio Where Beatles Recorded Much of Their Music (1 d ago)

• Video: Strategic Foreclosures Video: Strategic Foreclosures
02/16/2010
CBS MoneyWatch.com's Jill Schlesinger discussed the pros and cons of voluntary foreclosure. (1 d ago)

• Midwestern city tops list of miserable U... Midwestern city tops list of miserable U.S. cities
02/18/2010
Forbes: Cleveland takes the top spot in our third annual ranking of America's Most Miserable Cities. Cleveland won the position thanks partly to its high unemployment and lousy weather. (1 h ago)

• Ticketmaster to refund for Springsteen f... Ticketmaster to refund for Springsteen fiasco
02/18/2010
Live Nation Entertainment's Ticketmaster unit has agreed to refund money to some consumers who felt they were ripped off when they bought Bruce Springsteen concert tickets. (1 h ago)

• Feds to open formal investigation of Cor... Feds to open formal investigation of Corolla
02/18/2010
First it was gas pedals, then brakes. Now Toyota and the government are looking into complaints that the popular Corolla is difficult to steer straight. (1 h ago)

• Stocks end up as Fed sees modest recover... Stocks end up as Fed sees modest recovery
02/18/2010
A stream of good news has the stock market back on an upward path. (1 h ago)

• Rum revival sparks new interest in old s... Rum revival sparks new interest in old spirit
02/17/2010
If the anchor and float lights hanging from the ceiling of Martin Cate's Smuggler's Cove bar don't clue you in, the stacks of barrels and ship's figurehead mounted on the wall should. (1 h ago)

• Obama: Stimulus headed off depression Obama: Stimulus headed off depression
02/17/2010
President Barack Obama says the emergency legislation he signed a year ago to help the struggling economy has saved at least 2 million jobs and avoided a deeper recession. (2 h ago)

• Fed: Unemployment to stay high for years Fed: Unemployment to stay high for years
02/17/2010
With the economy healing, Federal Reserve officials debated last month when to reel in the extraordinary stimulus aid they injected into the economy. (2 h ago)

• Campbell lowers outlook, plans soup chan... Campbell lowers outlook, plans soup changes
02/17/2010
Campbell Soup Co. lowered its fiscal 2010 sales forecast as competition heats up in the soup business and said it will cut sodium and revamp the packaging for some of its soups. (2 h ago)

• Newsweek: A year later, is the stimulus ... Newsweek: A year later, is the stimulus working?
02/17/2010
After three hundred and sixty-five days and $787 billion, the economy is picking up. Kind of. (3 h ago)

• Economy needs stronger housing market Economy needs stronger housing market
02/17/2010
January's uptick in housing starts confirms that the housing market has bottomed out. But it’s going to have to do better than that to sustain a real economic recovery. (3 h ago)

• Q&A: Any bright spots in the economy? Q&A: Any bright spots in the economy?
02/17/2010
Answer Desk's John Schoen fielded readers' questions in a live chat on Wednesday, Feb. 17. Here are some of his answers about the housing crisis and the economic recovery. (5 h ago)

• Gold-medalist wants you to taste her vic... Gold-medalist wants you to taste her victory
02/17/2010
Gold medallist Hannah Kearney has won some potentially influential support in her bid to have a Ben & Jerry's flavor named after her — from no less than Ben and Jerry themselves. (5 h ago)

• Don’t risk an audit: Know tax rules on g... Don’t risk an audit: Know tax rules on gambling
02/17/2010
Clinching the office pool for March Madness entitles you to a pot of money and gloating rights. And nobody can take that away from you, except maybe the IRS. (6 h ago)

• Home building, industry output on the ri... Home building, industry output on the rise
02/17/2010
The latest evidence that manufacturers are helping lead the U.S. economic recovery emerged in a report that industrial production posted its seventh straight increase in January. (7 h ago)

• Toyota official says credibility is dama... Toyota official says credibility is damaged
02/17/2010
The man in charge of the Toyota brand in the U.S. admits the automaker's credibility has been marred, and that's leading others — including federal regulators — to probe for more problems. (9 h ago)

• Walgreen to buy drugstore operator Duane... Walgreen to buy drugstore operator Duane Reade
02/17/2010
Walgreen Co. said Wednesday it has agreed to buy the drugstore operator Duane Reade in a move to expand operations in the New York City metropolitan area. (9 h ago)

• Deere reports a 19 percent jump in 1Q pr... Deere reports a 19 percent jump in 1Q profit
02/17/2010
Deere & Co. boosted its outlook for 2010 Wednesday after reporting a 19 percent jump in first-quarter profit, and the heavy equipment maker's shares spiked before the market opened. (9 h ago)

• Unable to get jobs, freed inmates return... Unable to get jobs, freed inmates returning to jail
02/17/2010
Several states are pushing inmates out of prison in early release programs to save money. But inmates face a tough job market, increasing the likelihood of recidivism. (9 h ago)

• Study: Haiti quake may be costliest, dea... Study: Haiti quake may be costliest, deadliest
02/16/2010
The cost of rebuilding impoverished Haiti after last month's catastrophic earthquake could reach nearly $14 billion, making it proportionately the most destructive natural disaster in modern times. (1 d ago)

• States taking fresh look at socialist ba... States taking fresh look at socialist bank
02/16/2010
The Bank of North Dakota — the nation's only state-owned bank — might seem to be a relic. But now officials in other states are wondering if it is helping N.D. sail through the recession. (1 d ago)

• Japan's central bank holds key rate at 0... Japan's central bank holds key rate at 0.1%
02/18/2010
The Bank of Japan (BOJ) decided Thursday to keep its key interest rate unchanged at 0.1 percent as widely expected. At a two-day policy meeting, the BOJ also maintained its assessment on Japan's economy as "picking up". In December 2008, the BOJ lowered its target rate for unsecured overnight call money from 0.3 percent to 0.1 percent against the backdrop of the global financial crisis. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• Dollar extends gains after Fed minutes Dollar extends gains after Fed minutes
02/18/2010
The dollar extended gains against the euro and the sterling pound on Wednesday after latest Fed minutes and strong economic reports boosted the greenback. According to the latest minutes from the Federal Open Market Committee, some policymakers considered a sooner start of selling assets on the Fed's books and increasing overnight loans interest rates. The Fed expected the economy to grow between 2.8 percent to 3.5 percent this year. Meanwhile, a growth of 3.4 percent to 4.5 percent is exp ... (1 h ago)

• Bank of England's MPC unanimously suppor... Bank of England's MPC unanimously supports pause in QE program
02/18/2010
Minutes released on Wednesday of a meeting earlier this month of the Bank of England's (BoE) Monetary Policy Committee (MPC) showed the members unanimously rejecting the temptation to extend the quantitative easing (QE) program. The minutes said the members of the committee, which also sets interest rates, were firm on pausing the QE program at its previously agreed 200-billion-pound limit. The QE program saw the BoE, as Britain's central bank, buy financial assets, like gilts, from financ ... (1 h ago)

• Hong Kong stocks close 1.31% higher Hong Kong stocks close 1.31% higher
02/18/2010
Hong Kong stocks went up 265.32 points, or 1.31 percent, to close at 20,534.01 on Wednesday following overnight market rally on Wall Street. The benchmark Hang Seng Index stayed in the positive territory throughout the session after a 300-odd-points high opening. Attending the opening ceremony of the first trading day in the Year of the Tiger, chief executive of the HK Exchange Li Xiaojia described the high opening on the first trading day after the Lunar New Year holiday as a "good sign", ... (1 h ago)

• Tokyo stocks climb to 2-week high, resou... Tokyo stocks climb to 2-week high, resources gain
02/18/2010
Japan's Nikkei Stock Average surged 2.72 percent on Wednesday echoing overnight gains made on Wall Street and supported by Hong Kong's positive start after the Lunar New Year holiday. Resource-related issues buoyed the market after a rise in commodities prices lifted investor sentiment and spurred buying in shares such as Mitsubishi Corp. Japan's key benchmark Nikkei rose 272.58 points from Tuesday to 10,306.83, its highest close since Feb. 4 and the biggest daily percentage gain since Dec. 3 ... (1 h ago)

• Nikkei surges 2.72% on gains in Wall Str... Nikkei surges 2.72% on gains in Wall Street, Hong Kong
02/18/2010
Japan's key Nikkei index surged near 3 percent Wednesday to a two-week closing high on Wall Street's rise overnight and strong gains in the Hong Kong market after the Lunar New Year holiday. The benchmark Nikkei-225 index rose 272.58 points, or 2.72 percent, to 10,306.83, its highest close since Feb. 4 and the biggest percentage gain in a day since Dec. 3, 2009. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 19.46 points, or 2.2 percent, to 904.63, fin ... (1 h ago)

• Indonesia will no longer renew LNG expor... Indonesia will no longer renew LNG export contracts
02/18/2010
Indonesian government may no longer extend the existing liquefied natural gas (LNG) contracts in the future to meet the surge in the domestic demand, a local media reported here on Thursday. "It has been agreed (within the government) that the national interest is number one," Industry Minister Muhammad S. Hidayat was quoted by the Jakarta Post as saying on the sidelines of an industry ministry coordination meeting on Wednesday. "So (we) will stop (extending) international contracts that h ... (1 h ago)

• Wall Street advances for second day on r... Wall Street advances for second day on recovery optimism
02/18/2010
Wall Street advanced on Wednesday as robust economic data and better-than-expected corporate earnings signaled the global recovery is gaining momentum. The Dow Jones ended up 40.43, or 0.39 percent, to 10,309.24. The Standard & Poor's 500 index gained 4.64, or 0.42 percent, to 1, 099.51 and the Nasdaq rose 12.10, or 0.55 percent, to 2,226.29. Both the Dow Jones and S&P rallied for the second day in a row, while the Nasdaq gained for four straight sessions. Wednesday's move came after a ... (1 h ago)

• Oil edges up on recovery optimism Oil edges up on recovery optimism
02/18/2010
Oil prices increased on Wednesday as upbeat economic data and Fed's more confident tone in economic assessment offset a stronger dollar. Light, sweet crude for March delivery gained 32 cents to settle at 77.33 U.S. dollars a barrel on the New York Mercantile Exchange. &$ &$Source: Xinhua&$ &$ ... (1 h ago)

• Gold retreats from four-week high on ris... Gold retreats from four-week high on rising dollar
02/18/2010
Gold futures on the COMEX Division of the New York Mercantile Exchange ended almost unchanged after touching a fresh 4-week high, as dollar regained strength on encouraging economic data. Silver and platinum both went down. The most active gold contract for April delivery gained 30 cents to finish at 1,120.10 U.S. dollars an ounce, although hitting the strongest level of 1,128.70 since Jan. 20 earlier in the session. The dollar was buoyed by strong economic data of U.S. housing and manufactu ... (1 h ago)

• Apple’s Prices for E-Books May Be Lower ... Apple’s Prices for E-Books May Be Lower Than Expected
02/18/2010
Apple wanted publishers to discount best sellers, so its $12.99-to-$14.99 range is merely a ceiling, according to people familiar with talks with publishers. (1 h ago)

• Advertising: Toyota Uses Olympic Ads to ... Advertising: Toyota Uses Olympic Ads to Seek Redemption
02/18/2010
Toyota has been advertising heavily during the Olympics, offering an apology while seeking to repair its tarnished reputation. (1 h ago)

• ‘American Idol’ Beats Olympics and Endur... ‘American Idol’ Beats Olympics and Endures as Gold Standard
02/18/2010
The TV show “American Idol” again surpassed ratings for the Olympics on NBC on Tuesday night. (1 h ago)

• A Trickle of Live Streams on the Web A Trickle of Live Streams on the Web
02/18/2010
NBC is streaming fewer live events on its Web site than it did for the Summer Games in Beijing, marking a step backward in online access to marquee events. (1 h ago)

• Our Towns: It Won’t Line a Bird Cage, bu... Our Towns: It Won’t Line a Bird Cage, but It’s Still News
02/18/2010
Several Web sites, sometimes staffed by those who lost jobs at newspapers, offer local news, from city hall to the neighborhoods. (1 h ago)

• Record Number of Journalists Killed in 2... Record Number of Journalists Killed in 2009
02/17/2010
At least 71 journalists were killed across the globe in 2009, the Committee to Protect Journalists announced Tuesday. (6 h ago)

• Times Business Reporter Accused of Plagi... Times Business Reporter Accused of Plagiarism Is Said to Resign
02/17/2010
The reporter, Zachery Kouwe, is said to have resigned at a meeting called to discuss possible disciplinary action, including dismissal. (6 h ago)

• Advertising: Teaching Pet-Friendly Homes... Advertising: Teaching Pet-Friendly Homes New Cleaning Tricks
02/17/2010
Swiffer hopes Cesar Millan, from “Dog Whisperer,” can persuade pet owners to replace mops and brooms with its cleaning products. (7 h ago)

• Fox Business Hires Reporter From CNBC Fox Business Hires Reporter From CNBC
02/17/2010
Charlie Gasparino, who was central to CNBC’s coverage of the financial crisis, will be a senior correspondent for Fox Business on a range of programs. (17 h ago)

• Advertising: Candy Makers Cut the Calori... Advertising: Candy Makers Cut the Calories, by Cutting the Size
02/17/2010
The Hershey Company is offering small pieces as well as candy bars that may reduce the sugar and calorie intake. (17 h ago)

• Campaign Spotlight: Know Your Onions, Ca... Campaign Spotlight: Know Your Onions, Campaign Asks Consumers
02/17/2010
Arriving now is a campaign that declares French fried onions are not just for green bean casseroles anymore. (19 h ago)

• Forecasting a Snowfall: The Bigger the B... Forecasting a Snowfall: The Bigger the Better
02/17/2010
The weather, or the mere prospect of weather, has become the top story on local newscasts. (21 h ago)

• Frequent Flier: The Flight Is a Smooth O... Frequent Flier: The Flight Is a Smooth One? He Disagrees
02/16/2010
Jim Norton, a radio personality on the “Opie and Anthony Show” and an author, has a comedic take on his fear of flying. (1 d ago)

• Times Reporter Held by Taliban Is Among ... Times Reporter Held by Taliban Is Among Polk Award Winners
02/16/2010
The reporting prizes recognized work from the print and broadcast media and singled out video footage showing the death of a young protester in Iran. (1 d ago)

• Business Briefing | Media: Gawker Acquir... Business Briefing | Media: Gawker Acquires a Guide to Big Names in the City
02/16/2010
The online publishing heavyweight bought CityFile, the New York boldface name guide. (1 d ago)

• Mexican Broadcaster Buys 30% Stake in Te... Mexican Broadcaster Buys 30% Stake in Telecom Unit
02/16/2010
Grupo Televisa hopes to add wireless and broadband data services to its existing portfolio of pay TV offerings. (1 d ago)

• The Media Equation: Inviting In a Brash ... The Media Equation: Inviting In a Brash Outsider
02/15/2010
Vice magazine’s libertarianism and cultural literacy brings to mind Playboy in its prime, mixing nudity with in-depth reports from the world’s most troubled spots. (2 d ago)

• Livin' large Livin' large
02/18/2010
Not only is musician Desmond Child “Livin’ La Vida Loca,” he actually wrote the Ricky Martin smash. And now Child (whose other hits include Bon Jovi’s “Livin’ on a Prayer,” Aerosmith’s “Dude [Looks Like a Lady]” and Katy Perry’s “Waking Up in Vegas”) wants a lot more... (1 h ago)

• When even the good news is bad news When even the good news is bad news
02/18/2010
Is the stock market setting investors up for another 2007-style ambush, or worse? Since you've been inundated lately with giddy talk from the folks on Wall Street and their dupes in the media, please excuse me if I take the other side of this issue (like I did in... (1 h ago)

• Rocky road to funding for Benihana Rocky road to funding for Benihana
02/18/2010
Late hibachi honcho. A New York hedge fund with a nearly 10 percent stake in Japanese steakhouse chain Benihana is sending the company's CEO back to the kitchen to whip up a new recipe for raising money, saying current plans to sell 12.5 million shares will burn shareholders... (1 h ago)

• Drug deal nets NY icon Drug deal nets NY icon
02/18/2010
A Midwestern drug chain is paying a New York price for Duane Reade. That's what some industry watchers are saying about Walgreen's $1.08 billion purchase of Duane Reade from private-equity firm Oak Hill Capital Partners. Walgreen said the deal -- which will transfer ownership of the 50-year-old... (1 h ago)

• Microsoft, Yahoo! clear last deal hurdle... Microsoft, Yahoo! clear last deal hurdles
02/18/2010
Steve Ballmer and Carol Bartz are about to get the blessing of the Justice Department to get hitched. According to a person familiar with the matter, Justice officials are expected within the next 20 days to 30 days to approve without conditions the search pact between Ballmer's Microsoft and... (1 h ago)

• B&N Burkle bust B&N Burkle bust
02/18/2010
A proxy battle may be brewing between Barnes & Noble and billionaire Ronald Burkle. The New York-based book retailer said yesterday its board of directors had unanimously rejected Burkle's request for a change to company rules so he could amass a larger stake. With 18.7 percent of Barnes & Noble... (1 h ago)

• Goldman's Greek grab Goldman's Greek grab
02/18/2010
Global leaders are bearing down on Goldman Sachs, demanding to know whether the firm helped cover up Greece's cash crisis in order to peddle $15 billion in government IOU's to unsuspecting investors. Outrage swelled yesterday following new reports that Wall Street's most profitable bank concocted financial transactions... (1 h ago)

• Business briefs Business briefs
02/18/2010
Coming back US housing starts rose to a six-month high in Janu ary and industrial output increased, pointing to an economic recovery that was taking a firm hold and respectable first-quarter growth.Goldman sues Goldman Sachs Group sued seven former mem bers of its private-wealth management division who resigned this... (1 h ago)

• Bewkes getting Ginsberg Bewkes getting Ginsberg
02/18/2010
Time Warner plans to hire former News Corp. executive Gary Ginsberg to be a senior adviser to CEO Jeffrey Bewkes, The Post has learned. According to several sources with knowledge of the situation, Time Warner's board was expected to sign off on Ginsberg's hiring at a board meeting... (1 h ago)

• BofA-SEC deal waits for Cuomo BofA-SEC deal waits for Cuomo
02/18/2010
Bank of America will have to wait several more days to see if its $150 million settlement with the Securities and Exchange Commission passes muster with a tough judge. BofA agreed to the penalty to resolve accusations that it lied to shareholders about losses at Merrill Lynch and bonuses paid... (1 h ago)

• Simon says take $10B Simon says take $10B
02/18/2010
David Simon, head of the nation's largest mall owner, doesn't like the taste of rejection -- especially when it comes from a rival struggling to get out of bankruptcy. After seeing its $10 billion offer for Chicago-based General Growth Properties rebuffed, the CEO of Simon Property Group yesterday... (1 h ago)

• Tesla plane crash kills 3 employees Tesla plane crash kills 3 employees
02/18/2010
Three employees of Tesla Motors, a maker of battery-powered autos, died in a plane crash in California's Silicon Valley that knocked out electricity to companies including Hewlett-Packard and Facebook. The twin-engine Cessna 310 crashed about 8 a.m. yesterday in East Palo Alto, Calif., shortly after takeoff from Palo... (1 h ago)

• Stolen Goldman computer code is still MI... Stolen Goldman computer code is still MIA
02/18/2010
Prosecutors going after former Goldman Sachs computer whiz Sergey Aleynikov for theft say they haven't yet found the allegedly pilfered code on his new employers' computers -- potentially blowing a hole in their case. According to prosecutors, the 40-year-old New Jersey resident downloaded the software ahead of taking a... (1 h ago)

• Raj wins move for fall trial Raj wins move for fall trial
02/18/2010
The criminal fraud trial of Galleon Group LLC founder Raj Rajaratnam will begin on Oct. 25, a judge said yesterday after defense lawyers opposed a request by prosecutors to start the case in June or July. Prosecutors asked US District Judge Richard Holwell in New York to schedule the criminal... (1 h ago)

• Hot buys Hot buys
02/18/2010
Blizzards, bitter cold and more winter weather on the way — no surprise then that you’re thinking about heading to warmer climes. How about Miami? There, February temps average 77 degrees and condos can be easily found for around half a million bucks. Here are six bargains to get you... (1 h ago)

• Set the stage Set the stage
02/18/2010
Home staging — the art of making your home highly appealing in today’s volatile real estate market — is a smart way to spark buyer interest that can result in a quicker (and potentially more profitable) sale. When done well, staging can make your home look bigger, brighter, cleaner and, best... (1 h ago)

• Just sold! Just sold!
02/18/2010
Manhattan BATTERY PARK CITY $375,000 21 South End Ave. One-bedroom, one-bath condo, 560 square feet, with terrace, dishwasher, washer/dryer and central AC; building features roof deck, garden and storage. Common charges $918, taxes $651. Asking price $395,000, on market 20 weeks. Brokers: Bill Graizel and Gary Seiden... (1 h ago)

• Lessons from Europe's debt crisis Lessons from Europe's debt crisis
02/17/2010
Fears about the state of peripheral eurozone countries have been shaking the markets. Commentator David Frum says President Obama should be paying close attention to how European leaders are managing the crisis. (5 h ago)

• Cash for Work helps Haitians rebuild Cash for Work helps Haitians rebuild
02/17/2010
Haiti's unemployment rate was already above 50% before the earthquake hit. Now some organizations are investing in cash-for-work programs that give Haitians much-needed training and jobs. Sabri Ben-Achour reports. (5 h ago)

• A foreclosure of Olympic proportions A foreclosure of Olympic proportions
02/17/2010
The owners of Whistler Blackcomb ski resort, which is hosting many Olympic events, are behind in their debt payments. Creditors say they're going to foreclose. Nancy Marshall Genzer reports. (5 h ago)

• Value takes center stage in fashion Value takes center stage in fashion
02/17/2010
The Wall Street Journal's Ray Smith talks with Kai Ryssdal about the mix of luxury and affordability on display in the fashion world these days. (5 h ago)

• Co. Springs budget woes lead to cuts Co. Springs budget woes lead to cuts
02/17/2010
Colorado's state constitution makes it hard to raise taxes, so city officials in cash-strapped Colorado Springs have found some attention-getting ways to cut spending. Zachary Barr reports. (5 h ago)

• What can budget commission achieve? What can budget commission achieve?
02/17/2010
The Senate nixed a proposal to create a bipartisan commission suggesting ways to cut the budget deficit, so President Obama will create one by executive order. Brett Neely reports. (5 h ago)

• JPMorgan: Regulation increases costs JPMorgan: Regulation increases costs
02/17/2010
Tighter regulation is supposed to be the price of making the banks stable and taxpayers whole, but JPMorgan Chase is warning it will also bring a much higher cost of doing business. Bob Moon reports. (5 h ago)

• Walgreens buys Duane Reade for $1.1b Walgreens buys Duane Reade for $1.1b
02/17/2010
Walgreens is acquiring the Duane Reade drugstore chain, which dominates the New York market. But with so many drugstores out there, how do they make money? Alisa Roth reports. (5 h ago)

• Sponsored By: Sponsored By:
02/16/2010
(1 d ago)

• Obama renews commitment to nuclear energ... Obama renews commitment to nuclear energy
02/16/2010
President Barack Obama announced more than $8 billion in federal loan guarantees for the construction of the first nuclear power plant in the U.S. in nearly three decades. Barack Obama - Nuclear power - President of the United States - United States - Energy (1 d ago)

• Google Buzz: No more ‘automatic’ followi... Google Buzz: No more ‘automatic’ following
02/15/2010
For the second time in a week, Google announced major changes to Buzz, including those that will give users more control over Buzz than they had before, and apologized for "not getting everything quite right" with the program's release a week ago. Google - Searching - Search Engines - Buzz - Music and Audio (2 d ago)

• Tupperware, couture collide at Fashion W... Tupperware, couture collide at Fashion Week
02/15/2010
New York Fashion Week has a reputation for glamour and luxury. Yet it is increasingly attracting sponsors such as Maybelline that sell modestly priced goods. Fashion week - Fashion - Business - Arts and Entertainment - Designers (2 d ago)

• Tax Forms That Come Already Filled Out Tax Forms That Come Already Filled Out
02/17/2010
California's ReadyReturn program offers prefilled tax returns to taxpayers who meet certain qualifications, and other states are studying the program. (2 h ago)

• Are Store Brands Just as Good? Are Store Brands Just as Good?
02/17/2010
As in past recessions, consumers have been buying more generic store brands, which tend to be less expensive than their name-brand counterparts and are often just as good. What's your favorite product? (5 h ago)

• Wednesday Reading Wednesday Reading
02/17/2010
Possible limits on tuition increases, booking a flight frugally and other consumer-focused items from Wednesday's Times. (8 h ago)

• Shortcuts: Spending Less in a Recession,... Shortcuts: Spending Less in a Recession, and Talking About It, Too
02/16/2010
In tough times, people are more willing to discuss their finances even though the commiserating can have a downside. (1 d ago)

• Will You Be My Fiduciary? Will You Be My Fiduciary?
02/16/2010
In this post, we provide a fiduciary pledge, which asks your service providers to act in your best interest. (1 d ago)

• Struggling Over a Rule for Brokers Struggling Over a Rule for Brokers
02/16/2010
A piece of the financial overhaul legislation targets the responsibility of stock and insurance brokers to act in their customers’ best interest. (1 d ago)

• EU sets deadline for Greece to explain f... EU sets deadline for Greece to explain finances
02/16/2010
Greece has only days to explain its use of financial deals that it used to mask debt and just a month to prove that its drastic budget cuts go far enough to reassure markets and the EU. Greece - European Union - Finance - Government - Business (1 d ago)

• Beatles' Abbey Road studio on the block Beatles' Abbey Road studio on the block
02/16/2010
Cash-strapped music company EMI Group Ltd. is seeking a buyer for Abbey Road studios, where The Beatles recorded some of their most famous songs. Abbey Road Studios - EMI - Beatles - Financial Times - Music (1 d ago)

• Greece pleads for time at eurozone debt ... Greece pleads for time at eurozone debt talks
02/15/2010
European finance ministers have told Greece to prepare tougher spending cuts and impose new taxes, including a tax on luxury goods and cars, to fix its debt crisis. Greece - Finance - European Union - Business - Government (2 d ago)

• Sponsored By: Sponsored By:
02/15/2010
(2 d ago)

• China discovers doughnuts — with salmon... China discovers doughnuts — with salmon
02/15/2010
Although the Chinese love McDonald's and Starbucks , they have yet to develop a craving for doughnuts. But cracks are beginning to show, and one entrepreneur may have found the secret so it'll better fit a different cultural palette. McDonald - Starbucks - China - Chinese language - Entrepreneur (2 d ago)

• Burger King adds Seattle’s Best Coffee t... Burger King adds Seattle’s Best Coffee to menu
02/16/2010
Burger King plans to launch a massive new coffee line as it tries to overhaul its breakfast menu and boost its slumping business. Burger King - Coffee - seattles-best-coffee - Seattle - United States (1 d ago)

• Play on! Top 10 kids’ toys for 2010 Play on! Top 10 kids’ toys for 2010
02/16/2010
Does your child always like the latest and greatest toys? Before you rush out to buy them off the shelves, TODAY Moms toy expert Elizabeth Werner shares a list of the hottest items your kids will be asking for this year. Shopping - Toys and Games - Toys - Business and Economy - Educational (1 d ago)

• Zhu Zhu Pets to get a macho makeover Zhu Zhu Pets to get a macho makeover
02/15/2010
Zhu Zhu pets, last year's runaway holiday hit, are getting a makeover for boys, officials announced at the American International Toy Fair on Monday. Zhu Zhu Pets - American International Toy Fair - Recreation - New York City - Pets (2 d ago)

• New frontiers in pharma R&D investment New frontiers in pharma R&D investment
02/16/2010
By taking advantage of a range of innovative R&D financing and partnership models, pharmaceutical companies can place more bets with less money, less work, and less risk. Read more on the McKinsey Quarterly > Topics: Health Care (1 d ago)

• The microeconomics of personalized medic... The microeconomics of personalized medicine
02/16/2010
Personalized medicine promises to increase the quality of clinical care and, in some cases, to decrease health care costs. The biggest hurdles are economic, not scientific. Read more on the McKinsey Quarterly > Topics: Health Care (1 d ago)

• R&D in emerging markets: A new approach ... R&D in emerging markets: A new approach for a new era
02/16/2010
Gone is the time when R&D in developed markets could meet the pharmaceutical needs of emerging ones. A local presence is required. Read more on the McKinsey Quarterly > Topics: Health Care (1 d ago)

• The road to positive R&D returns The road to positive R&D returns
02/16/2010
Scientific innovation is not the only route to higher R&D productivity. Attention to the familiar management areas of cost, speed, and decision making can still reap rewards. Read more on the McKinsey Quarterly > Topics: Health Care (1 d ago)

• Greece: the worst is yet to come Greece: the worst is yet to come
02/17/2010
The Financial Times reports that Greece has been given just one month to explain to Europe's finance ministers that it's doing everything it can to stave off financial collapse. No doubt the Greek government will have to explain that there was nothing wrong with Wall Street helping Greece hide its debt, something I blogged about here.The Guardian reports that the European parliament wants EU authorities to investigate the role of Goldman Sachs and other investment banks in hiding the debt.The worrying part is that ... (18 h ago)

• EMI sells Abbey Road EMI sells Abbey Road
02/17/2010
Earlier this month, I looked at the possibility of EMI, the label behind artists like Robbie Williams and the Beatles, going bust. Terra Firma, the private equity firm that bought the world's most famous record label, is now struggling to pay billions of dollars in debt.Now we have the Financial Times reporting that EMI has put Abbey Road studios immortalized by the Beatles album of the same name, on the market.Of course, the Beatles weren't the only ones to use the studios. Pink Floyd ... (19 h ago)

• When will the China bubble burst? When will the China bubble burst?
02/16/2010
With concerns rising about the China bubble, Chinese officials are moving to restrain bank lending but will that be enough?Jack Rodman, who advises private equity and hedge funds on Chinese property and banking, says China is a disaster in the making. He has told Bloomberg that China is full of empty office buildings. "Beijing's office vacancy rate of 22.4 percent in the third quarter of last year was the ninth-highest of 103 markets tracked by CB Richard Ellis Group Inc., a real estate broker. ... (1 d ago)

• Hugh Hefner earns a lawsuit Hugh Hefner earns a lawsuit
02/16/2010
Hugh Hefner has never been shy about his libidinous lifestyle. The founder of Playboy famously said: "Picasso had his pink period and his blue period. I am in my blonde period right now."Unfortunately for him, it's landed him in legal hot water with an angry investor, David Brown, who is suing him, claiming the Hef sabotaged potential deals for the sale of Playboy Enterprises late last year because he wanted to cling to his fantasies. More details about that lawsuit here.While Playboy Enteprises is ... (1 d ago)

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• Got Flyers? Business Flyer Printing Stil... Got Flyers? Business Flyer Printing Still a Key Part of Marketing
02/18/2010
© thebigo It may be the 21st Century. Everyone you know may have a cell phone (or some other little electronic gadget) in their pocket. Your mother-in-law may print coupons for the grocery store off of the Internet. But the business flyer is still alive and well today. Business flyers serve a number of valuable purposes. In many ways, business flyers are a logical extension of the most tried and true method of viral marketing: word of mouth. They're there, laying on counters and ... (1 h ago)

• Bootstrapping the Olympics Bootstrapping the Olympics
02/15/2010
© adrian8_8 At the Olympics this week, you can't help but be impressed with the organization and scale of everything that the organizers are pulling off leading up to, during, and even after the Games. It's almost the opposite of bootstrapping. But then you have to think about how all of this actually gets to this point. The organizers have about seven years from the point they find out that they will be hosting the game until the time when the flame is lit. How ... (2 d ago)

• Small-Business Guide: How to Create an A... Small-Business Guide: How to Create an Advisory Board
02/18/2010
Advisory boards should be small and include people who are trusted and who offer complementary skills, experts say. (1 h ago)

• Conversations: Fire Your Relatives. Scar... Conversations: Fire Your Relatives. Scare Your Employees. And Stop Whining.
02/17/2010
An adviser to small businesses offers hard-edged solutions to problems faced by most entrepreneurs. (42 m ago)

• Green Entrepreneurship on the Sub-Contin... Green Entrepreneurship on the Sub-Continent
02/17/2010
Of late with a global recession obscuring business and the future, it is refreshing to see a major gathering of business leaders an entrepreneurs taking place New Delhi, India. The Entrepreneurship Summit-2010, Titled: E-summit 2010 began today at the Delhi Technological University (DTU) and one of the first speakers was the renowned actor and social activist Mr. Rahul Bose. The Summit will last two days with its key theme being "Green Entrepreneurship." This is a fast growing segment of the Venture Capital market and one ... (8 h ago)

• Seed Money: Getting Series A Financing Seed Money: Getting Series A Financing
02/16/2010
© _J_D_R_ It's never been, well, easy to get venture capital money to use as start-up funding. Over the past year or two, the venture capital industry has all but dried up as a source of start-up money. But now that the economy is rebounding, there's at least a little seed money out there to be had, if you're willing to beat the venture capital bushes. You're chances of getting the money are still slim. But they are better than the next guy's chances ... (1 d ago)

• Turning to video to help you land a drea... Turning to video to help you land a dream job
02/15/2010
Videos can set some job hunters apart, especially in a tight labor market. And a growing number of employers are actually turning to video to interview far-flung candidates. Labour economics - Employment - Business - Job Search - Business and Economy (2 d ago)

• New Credit Card Rules Don't Mean Squat f... New Credit Card Rules Don't Mean Squat for Businesses
02/16/2010
© Andres Rueda The Credit Card Accountability, Responsibility and Disclosure (CARD) Act passed last year aimed "...to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes." Overall, it was great news for consumers. But Adam Jusko pointed out recently that it doesn't do much for the business community.The Act only applies to consumer credit cards. If you have a small business credit card now or get one in the future, you'll still ... (1 d ago)

• Tips for Sticking to the Family Budget Tips for Sticking to the Family Budget
02/16/2010
© Jeff KeenWhen you are trying hard to maintain your budget and live within it, there will always be things that will come up that will put your determination to the test. If you let it, this can cause a meltdown of your finances rather quickly - especially if there is not a lot of leeway. Remember that the first thing to go when you go over budget will usually be the savings account money, and that means that it will be affecting you later ... (1 d ago)

• Seen that? - Ernst & Young: Indian Pharm... Seen that? - Ernst & Young: Indian Pharmaceutical Industry Holds a Competitive Advantage
02/18/2010
Ernst & Young: Indian Pharmaceutical Industry Holds a Competitive Advantage The Outsourcing Weblog Global consulting firm Ernst & Young said that India's pharmaceutical outsourcing sector has a solid competitive advantage in global pharmaceutical innovation, patenting, manufacturing and regulation. Ernst's & Young's ... (1 h ago)

• 8D World a Hit in China 8D World a Hit in China
02/16/2010
I came across an excellent example of marketing a product in China. The story interests me both as a a China geek and an educator. The product involved is virtual world software designed help Chinese school kids learn English. Educational gaming is, of course, big business. A company called 8D World is using the concept to teach English to kids in China. Their virtual world (Wiz World Online) requires participants to properly pronounce English words to get points in a virtual game. ... (1 d ago)

• Now its UK’s turn to cancel visa applica... Now its UK’s turn to cancel visa applications from India
02/17/2010
© ell brownAfter Australia, it's now UK which is getting harsher with its visa application for Indian students. UK's visa application centers in northern India have temporarily stopped accepting visa applications for student visas for now. When asked for clarification on this issue, Richard Stagg, UK High Commissioner stated that it doesn't mean that it wants to prevent Indians from studying in UK rather it intends to stop people who are not genuine from entering into the country. This step was taken after its application ... (16 h ago)

• Seen that? - Do You Wait To Talk Or Do Y... Seen that? - Do You Wait To Talk Or Do You Listen?
02/18/2010
Do You Wait To Talk Or Do You Listen? Bizinformer Sales people tend to talk too much. As a career sales and marketing professional, I feel I own the moral authority to say so :-) That being said, sales people should ... (1 h ago)

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